UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file Number _811- 05276
Value Line Funds Variable Trust
(Exact name of registrant as specified in charter)
7 Times Square, Suite 1606, New York, N.Y. 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31, 2020
Date of reporting period: December 31, 2020
Item I | Reports to Stockholders |
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
a series of Value Line Funds Variable Trust
To Contractowners
Portfolio Manager
Portfolio Manager
Portfolio Manager
return consistent with
reasonable risk
October 1, 1987
December 31, 2020:
Composition at
December 31, 2020:
Net Assets)
a series of Value Line Funds Variable Trust
To Contractowners
a series of Value Line Funds Variable Trust
To Contractowners
a series of Value Line Funds Variable Trust
To Contractowners
President of the Value Line Funds
a series of Value Line Funds Variable Trust
To Contractowners
a series of Value Line Funds Variable Trust
To Contractowners
a series of Value Line Funds Variable Trust
To Contractowners
a series of Value Line Funds Variable Trust
To Contractowners
| | Issue | | | Shares | | | Value | | | Percentage of Net Assets | | | |||||||||
| | Roper Technologies, Inc. | | | | | 22,800 | | | | | $ | 9,828,852 | | | | | | 3.7% | | | |
| | Danaher Corp. | | | | | 43,200 | | | | | | 9,596,448 | | | | | | 3.6% | | | |
| | Thermo Fisher Scientific, Inc. | | | | | 20,000 | | | | | | 9,315,600 | | | | | | 3.5% | | | |
| | Teledyne Technologies, Inc. | | | | | 23,700 | | | | | | 9,289,926 | | | | | | 3.5% | | | |
| | Mettler-Toledo International, Inc. | | | | | 7,700 | | | | | | 8,775,536 | | | | | | 3.3% | | | |
| | Waste Connections, Inc. | | | | | 85,250 | | | | | | 8,744,092 | | | | | | 3.3% | | | |
| | Salesforce.com, Inc. | | | | | 35,600 | | | | | | 7,922,068 | | | | | | 3.0% | | | |
| | IDEXX Laboratories, Inc. | | | | | 15,500 | | | | | | 7,747,985 | | | | | | 2.9% | | | |
| | AutoZone, Inc. | | | | | 6,400 | | | | | | 7,586,816 | | | | | | 2.9% | | | |
| | Rollins, Inc. | | | | | 193,500 | | | | | | 7,560,045 | | | | | | 2.9% | | | |
(Percentage of Common Stocks)
(Percentage of All Bonds & Notes)
a series of Value Line Funds Variable Trust
To Contractowners
| | | | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | |||||||||
| | Value Line Strategic Asset Management Trust | | | | | 17.98% | | | | | | 13.20% | | | | | | 11.47% | | | |
| | 60/40 S&P 500® Index/Bloomberg Barclays US Aggregate Bond Index | | | | | 14.04% | | | | | | 10.91% | | | | | | 9.86% | | | |
| | S&P 500® Index | | | | | 18.40% | | | | | | 15.22% | | | | | | 13.88% | | | |
To Contractowners
| | | | | Beginning Account Value July 1, 2020 | | | Ending Account Value December 31, 2020 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | | ||||||||||||
| | Actual | | | | $ | 1,000.00 | | | | | $ | 1,152.40 | | | | | $ | 4.71 | | | | | | 0.87% | | | |
| | Hypothetical (5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,020.76 | | | | | $ | 4.42 | | | | | | 0.87% | | | |
| Shares | | | | | | Value | | ||||||
| Common Stocks 73.0% | | ||||||||||||
| Consumer Discretionary 6.6% | | ||||||||||||
| Retail 6.6% | | ||||||||||||
| | | 6,400 | | | | AutoZone, Inc.(1) | | | | $ | 7,586,816 | | |
| | | 12,000 | | | | Domino’s Pizza, Inc. | | | | | 4,601,520 | | |
| | | 75,600 | | | | TJX Companies, Inc. (The) | | | | | 5,162,724 | | |
| | | | | | | | | | | | 17,351,060 | | |
| Consumer Staples 4.5% | | ||||||||||||
| Household Products 2.2% | | ||||||||||||
| | | 67,000 | | | | Church & Dwight Co., Inc. | | | | | 5,844,410 | | |
| Retail 2.3% | | ||||||||||||
| | | 16,000 | | | | Costco Wholesale Corp. | | | | | 6,028,480 | | |
| | | | | | | | | | | | 11,872,890 | | |
| Financials 1.8% | | ||||||||||||
| Commercial Services 1.0% | | ||||||||||||
| | | 8,000 | | | | S&P Global, Inc. | | | | | 2,629,840 | | |
| Insurance 0.8% | | ||||||||||||
| | | 60,500 | | | | Arch Capital Group, Ltd.(1) | | | | | 2,182,235 | | |
| | | | | | | | | | | | 4,812,075 | | |
| Healthcare 14.3% | | ||||||||||||
| Electronics 3.3% | | ||||||||||||
| | | 7,700 | | | | Mettler-Toledo International, Inc.(1) | | | | | 8,775,536 | | |
| Healthcare Products 10.1% | | ||||||||||||
| | | 43,200 | | | | Danaher Corp. | | | | | 9,596,448 | | |
| | | 15,500 | | | | IDEXX Laboratories, Inc.(1) | | | | | 7,747,985 | | |
| | | 20,000 | | | | Thermo Fisher Scientific, Inc. | | | | | 9,315,600 | | |
| | | | | | | | | | | | 26,660,033 | | |
| Healthcare Services 0.9% | | ||||||||||||
| | | 5,600 | | | | IQVIA Holdings, Inc.(1) | | | | | 1,003,352 | | |
| | | 4,000 | | | | UnitedHealth Group, Inc. | | | | | 1,402,720 | | |
| | | | | | | | | | | | 2,406,072 | | |
| | | | | | | | | | | | 37,841,641 | | |
| Industrials 24.8% | | ||||||||||||
| Aerospace/Defense 8.2% | | ||||||||||||
| | | 55,000 | | | | HEICO Corp. | | | | | 7,282,000 | | |
| | | 23,700 | | | | Teledyne Technologies, Inc.(1) | | | | | 9,289,926 | | |
| | | 8,000 | | | | TransDigm Group, Inc.(1) | | | | | 4,950,800 | | |
| | | | | | | | | | | | 21,522,726 | | |
| Commercial Services 4.5% | | ||||||||||||
| | | 48,369 | | | | IHS Markit, Ltd. | | | | | 4,344,987 | | |
| | | 193,500 | | | | Rollins, Inc. | | | | | 7,560,045 | | |
| | | | | | | | | | | | 11,905,032 | | |
| Shares | | | | | | Value | | | ||||||||
| Industrials 24.8% (Continued) | | | ||||||||||||||
| Electrical Equipment 1.0% | | | ||||||||||||||
| | | 20,575 | | | | AMETEK, Inc. | | | | $ | 2,488,341 | | | | ||
| Electronics 3.7% | | | ||||||||||||||
| | | 22,800 | | | | Roper Technologies, Inc. | | | | | 9,828,852 | | | | ||
| Environmental Control 3.3% | | | ||||||||||||||
| | | 85,250 | | | | Waste Connections, Inc. | | | | | 8,744,092 | | | | ||
| Machinery Diversified 2.4% | | | ||||||||||||||
| | | 10,500 | | | | IDEX Corp. | | | | | 2,091,600 | | | | ||
| | | 45,300 | | | | Toro Co. (The) | | | | | 4,296,252 | | | | ||
| | | | | | | | | | | | 6,387,852 | | | | ||
| Transportation 1.7% | | | ||||||||||||||
| | | 22,000 | | | | Union Pacific Corp. | | | | | 4,580,840 | | | | ||
| | | | | | | | | | | | 65,457,735 | | | | ||
| Information Technology 12.2% | | | ||||||||||||||
| Diversified Financials 2.7% | | | ||||||||||||||
| | | 20,000 | | | | MasterCard, Inc. Class A | | | | | 7,138,800 | | | | ||
| Software 9.5% | | | ||||||||||||||
| | | 2,000 | | | | Adobe, Inc.(1) | | | | | 1,000,240 | | | | ||
| | | 19,000 | | | | ANSYS, Inc.(1) | | | | | 6,912,200 | | | | ||
| | | 25,000 | | | | Cadence Design Systems, Inc.(1) | | | | | 3,410,750 | | | | ||
| | | 10,000 | | | | Fidelity National Information Services, Inc. | | | | | 1,414,600 | | | | ||
| | | 38,000 | | | | Fiserv, Inc.(1) | | | | | 4,326,680 | | | | ||
| | | 35,600 | | | | Salesforce.com, Inc.(1) | | | | | 7,922,068 | | | | ||
| | | | | | | | | | | | 24,986,538 | | | | | |
| | | | | | | | | | | | 32,125,338 | | | | ||
| Materials 3.5% | | | ||||||||||||||
| Chemicals 2.8% | | | ||||||||||||||
| | | 33,400 | | | | Ecolab, Inc. | | | | | 7,226,424 | | | | ||
| Packaging & Containers 0.7% | | | ||||||||||||||
| | | 9,500 | | | | AptarGroup, Inc. | | | | | 1,300,455 | | | | ||
| | | 6,000 | | | | Ball Corp. | | | | | 559,080 | | | | ||
| | | | | | | | | | | | 1,859,535 | | | | ||
| | | | | | | | | | | | 9,085,959 | | | | ||
| Real Estate 3.9% | | | ||||||||||||||
| REITS 3.9% | | | ||||||||||||||
| | | 23,000 | | | | American Tower Corp. REIT | | | | | 5,162,580 | | | | ||
| | | 18,500 | | | | SBA Communications Corp. REIT | | | | | 5,219,405 | | | | ||
| | | | | | | | | | | | 10,381,985 | | | | ||
| Utilities 1.4% | | | ||||||||||||||
| Electric 1.4% | | | ||||||||||||||
| | | 48,000 | | | | NextEra Energy, Inc. | | | | | 3,703,200 | | | | ||
| Total Common Stocks (Cost $49,272,859) | | | | | 192,631,883 | | | |
| Principal Amount | | | | | | Value | | ||||||
| Asset-Backed Securities 0.8% | | ||||||||||||
| | $ | 150,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | $ | 154,976 | | |
| | | 230,000 | | | | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(2) | | | | | 252,731 | | |
| | | 350,000 | | | | GM Financial Automobile Leasing Trust, Series 2019-2, Class A4, 2.72%, 3/20/23 | | | | | 354,797 | | |
| | | 150,000 | | | | Honda Auto Receivables Owner Trust, Series 2019-2, Class A4, 2.54%, 3/21/25 | | | | | 155,914 | | |
| | | 250,000 | | | | Hyundai Auto Lease Securitization Trust, Series 2019-A, Class A4, 3.05%, 12/15/22(2) | | | | | 253,916 | | |
| | | 81,516 | | | | Mercedes-Benz Auto Lease Trust, Series 2019-B, Class A2, 2.01%, 12/15/21 | | | | | 81,680 | | |
| | | 141,252 | | | | Nissan Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.11%, 5/15/23 | | | | | 141,735 | | |
| | | 92,581 | | | | Toyota Auto Receivables Owner Trust, Series 2018-D, Class A3, 3.18%, 3/15/23 | | | | | 94,090 | | |
| | | 200,000 | | | | Toyota Auto Receivables Owner Trust, Series 2018-A, Class A4, 2.52%, 5/15/23 | | | | | 203,659 | | |
| | | 300,000 | | | | Verizon Owner Trust, Series 2019-B, Class A1A, 2.33%, 12/20/23 | | | | | 305,938 | | |
| Total Asset-Backed Securities (Cost $1,985,401) | | | | | 1,999,436 | | | ||||||
| Commercial Mortgage-Backed Securities 3.0% | | ||||||||||||
| | | 250,000 | | | | BANK, Series 2017-BNK8, Class A4, 3.49%, 11/15/50 | | | | | 285,274 | | |
| | | 387,242 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 405,083 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2013-CR6, Class A4, 3.10%, 3/10/46 | | | | | 103,679 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 108,888 | | |
| | | 203,514 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K726, Class A2, 2.91%, 4/25/24 | | | | | 217,514 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(3) | | | | | 270,524 | | |
| | | 200,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K731, Class A2, 3.60%, 2/25/25(3) | | | | | 219,656 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 550,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K733, Class A2, 3.75%, 8/25/25 | | | | $ | 617,017 | | |
| | | 168,439 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A1, 2.34%, 7/25/26 | | | | | 178,551 | | |
| | | 200,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | | | | | 220,814 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | | | | | 286,632 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | | | | | 285,490 | | |
| | | 222,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K067, Class A2, 3.19%, 7/25/27 | | | | | 253,931 | | |
| | | 160,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27(3) | | | | | 183,258 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K071, Class A2, 3.29%, 11/25/27 | | | | | 288,305 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29 | | | | | 295,980 | | |
| | | 196,425 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 | | | | | 210,290 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.51%, 11/25/45(2)(3) | | | | | 261,899 | | |
| | | 100,000 | | | | FREMF Mortgage Trust, Series 2013-K34, Class B, 3.73%, 9/25/46(2)(3) | | | | | 106,747 | | |
| | | 300,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.63%, 11/25/47(2)(3) | | | | | 304,471 | | |
| | | 225,000 | | | | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.73%, 2/25/48(2)(3) | | | | | 245,746 | | |
| | | 200,000 | | | | GNMA, Series 2013-12, Class B, 2.11%, 11/16/52(3) | | | | | 206,490 | | |
| | | 61,328 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 62,081 | | |
| Principal Amount | | | | | | Value | | ||||||
| Commercial Mortgage-Backed Securities 3.0% (Continued) | | ||||||||||||
| | $ | 250,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class A4, 3.18%, 8/15/45 | | | | $ | 257,710 | | |
| | | 160,358 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4, 2.86%, 11/15/45 | | | | | 165,133 | | |
| | | 183,473 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/15/48 | | | | | 195,647 | | |
| | | 150,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A5, 3.53%, 10/15/48 | | | | | 166,519 | | |
| | | 200,000 | | | | Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52 | | | | | 226,270 | | |
| | | 250,000 | | | | Morgan Stanley Capital I Trust, Series 2019-L3, Class ASB, 3.07%, 11/15/52 | | | | | 280,711 | | |
| | | 250,000 | | | | Morgan Stanley Capital I Trust, Series 2019-L3, Class A4, 3.13%, 11/15/52 | | | | | 278,890 | | |
| | | 89,141 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 89,740 | | |
| | | 100,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | | | | | 114,122 | | |
| | | 128,671 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 | | | | | 135,867 | | |
| | | 298,097 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A3, 3.41%, 9/15/58 | | | | | 330,854 | | |
| | | 192,393 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 194,706 | | |
| Total Commercial Mortgage-Backed Securities (Cost $7,641,475) | | | | | 8,054,489 | | | ||||||
| Corporate Bonds & Notes 9.1% | | ||||||||||||
| Basic Materials 0.4% | | ||||||||||||
| Chemicals 0.3% | | ||||||||||||
| | | 100,000 | | | | Air Products and Chemicals, Inc., Senior Unsecured Notes, 2.05%, 5/15/30 | | | | | 106,675 | | |
| | | 230,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 246,841 | | |
| | | 100,000 | | | | FMC Corp., Senior Unsecured Notes, 3.45%, 10/1/29 | | | | | 113,843 | | |
| Principal Amount | | | | | | Value | | ||||||
| Basic Materials 0.4% (Continued) | | ||||||||||||
| | $ | 200,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23(4) | | | | $ | 216,905 | | |
| | | 125,000 | | | | NOVA Chemicals Corp., Senior Unsecured Notes, 5.25%, 6/1/27(2) | | | | | 133,190 | | |
| | | | | | | | | | | | 817,454 | | |
| Iron/Steel 0.1% | | ||||||||||||
| | | 125,000 | | | | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31(4) | | | | | 139,781 | | |
| Mining 0.0% | | ||||||||||||
| | | 100,000 | | | | Teck Resources, Ltd., Senior Unsecured Notes, 6.13%, 10/1/35 | | | | | 128,949 | | |
| | | | | | | | | | | | 1,086,184 | | |
| Communications 0.9% | | ||||||||||||
| Advertising 0.0% | | ||||||||||||
| | | 100,000 | | | | Omnicom Group, Inc., Senior Unsecured Notes, 2.45%, 4/30/30(4) | | | | | 106,209 | | |
| Internet 0.2% | | ||||||||||||
| | | 100,000 | | | | Alphabet, Inc., Senior Unsecured Notes, 1.90%, 8/15/40 | | | | | 98,146 | | |
| | | 150,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 205,817 | | |
| | | 175,000 | | | | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28(4) | | | | | 197,348 | | |
| | | | | | | | | | | | 501,311 | | |
| Media 0.3% | | ||||||||||||
| | | 200,000 | | | | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25(4) | | | | | 232,290 | | |
| | | 200,000 | | | | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | | | | | 229,776 | | |
| | | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | | | | | 176,893 | | |
| | | 125,000 | | | | Walt Disney Co. (The), Guaranteed Notes, 2.65%, 1/13/31(4) | | | | | 137,039 | | |
| | | | | | | | | | | | 775,998 | | |
| Telecommunications 0.4% | | ||||||||||||
| | | 228,000 | | | | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33(2) | | | | | 233,731 | | |
| | | 200,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | | 239,603 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 315,453 | | |
| | | 125,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50(4) | | | | | 154,820 | | |
| | | | | | | | | | | | 943,607 | | |
| | | | | | | | | | | | 2,327,125 | | |
| Principal Amount | | | | | | Value | | ||||||
| Corporate Bonds & Notes 9.1% (Continued) | | ||||||||||||
| Consumer, Cyclical 0.6% | | ||||||||||||
| Auto Manufacturers 0.2% | | ||||||||||||
| | $ | 150,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25(4) | | | | $ | 154,104 | | |
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | | | | | 211,983 | | |
| | | 150,000 | | | | Toyota Motor Credit Corp. GMTN, Senior Unsecured Notes, 3.45%, 9/20/23 | | | | | 162,524 | | |
| | | | | | | | | | | | 528,611 | | |
| Auto Parts & Equipment 0.1% | | ||||||||||||
| | | 150,000 | | | | Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24 | | | | | 153,000 | | |
| Home Builders 0.1% | | ||||||||||||
| | | 175,000 | | | | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23(4) | | | | | 193,375 | | |
| | | 125,000 | | | | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | | | | | 140,312 | | |
| | | | | | | | | | | | 333,687 | | |
| Home Furnishings 0.1% | | ||||||||||||
| | | 100,000 | | | | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29(4) | | | | | 121,942 | | |
| Retail 0.1% | | ||||||||||||
| | | 100,000 | | | | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | | | | | 114,801 | | |
| | | 100,000 | | | | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(4) | | | | | 103,933 | | |
| | | 125,000 | | | | O’Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27(4) | | | | | 142,322 | | |
| | | | | | | | | | | | 361,056 | | |
| | | | | | | | | | | | 1,498,296 | | |
| Consumer, Non-cyclical 1.8% | | ||||||||||||
| Agriculture 0.1% | | ||||||||||||
| | | 175,000 | | | | Bunge, Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | | | | | 194,506 | | |
| Beverages 0.3% | | ||||||||||||
| | | 125,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(4) | | | | | 159,222 | | |
| | | 175,000 | | | | Coca-Cola Femsa S.A.B. de C.V., Guaranteed Notes, 2.75%, 1/22/30(4) | | | | | 188,220 | | |
| | | 150,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | | | | | 211,054 | | |
| | | 175,000 | | | | Keurig Dr. Pepper, Inc., Guaranteed Notes, 3.20%, 5/1/30(4) | | | | | 198,139 | | |
| Principal Amount | | | | | | Value | | ||||||
| Consumer, Non-cyclical 1.8% (Continued) | | ||||||||||||
| | $ | 125,000 | | | | PepsiCo, Inc., Senior Unsecured Notes, 2.88%, 10/15/49 | | | | $ | 139,944 | | |
| | | | | | | | | | | | 896,579 | | |
| Biotechnology 0.1% | | ||||||||||||
| | | 125,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 3.25%, 9/1/22(4) | | | | | 130,539 | | |
| | | 100,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 2.60%, 10/1/40 | | | | | 100,964 | | |
| | | | | | | | | | | | 231,503 | | |
| Commercial Services 0.1% | | ||||||||||||
| | | 150,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 178,008 | | |
| | | 100,000 | | | | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | | | | | 109,920 | | |
| | | | | | | | | | | | 287,928 | | |
| Food 0.1% | | ||||||||||||
| | | 100,000 | | | | Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27 | | | | | 100,923 | | |
| | | 150,000 | | | | Sysco Corp., Guaranteed Notes, 5.65%, 4/1/25 | | | | | 178,350 | | |
| | | | | | | | | | | | 279,273 | | |
| Healthcare Products 0.2% | | ||||||||||||
| | | 250,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 292,861 | | |
| | | 150,000 | | | | Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26 | | | | | 170,226 | | |
| | | | | | | | | | | | 463,087 | | |
| Healthcare Services 0.4% | | ||||||||||||
| | | 150,000 | | | | Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24(4) | | | | | 165,274 | | |
| | | 125,000 | | | | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | | | | | 138,776 | | |
| | | 200,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 224,906 | | |
| | | 250,000 | | | | Humana, Inc., Senior Unsecured Notes, 3.13%, 8/15/29(4) | | | | | 276,030 | | |
| | | 125,000 | | | | Quest Diagnostics, Inc., Senior Unsecured Notes, 2.80%, 6/30/31 | | | | | 137,061 | | |
| | | 150,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 205,089 | | |
| | | | | | | | | | | | 1,147,136 | | |
| Household Products 0.1% | | ||||||||||||
| | | 125,000 | | | | Clorox Co. (The), Senior Unsecured Notes, 3.05%, 9/15/22 | | | | | 130,006 | | |
| | | 100,000 | | | | Clorox Co. (The), Senior Unsecured Notes, 1.80%, 5/15/30 | | | | | 103,199 | | |
| | | | | | | | | | | | 233,205 | | |
| Pharmaceuticals 0.4% | | ||||||||||||
| | | 125,000 | | | | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | | | | | 138,231 | | |
| | | 150,000 | | | | Bristol-Myers Squibb Co., Senior Unsecured Notes, 5.25%, 8/15/43 | | | | | 215,035 | | |
| | | 125,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 2.75%, 2/10/25 | | | | | 135,790 | | |
| Principal Amount | | | | | | Value | | ||||||
| Corporate Bonds & Notes 9.1% (Continued) | | ||||||||||||
| Consumer, Non-cyclical 1.8% (Continued) | | ||||||||||||
| | $ | 100,000 | | | | Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | | | | $ | 105,531 | | |
| | | 100,000 | | | | Teva Pharmaceutical Finance Netherlands III BV, Guaranteed Notes, 2.80%, 7/21/23 | | | | | 99,010 | | |
| | | 100,000 | | | | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26(4) | | | | | 114,413 | | |
| | | 200,000 | | | | Zoetis, Inc., Senior Unsecured Notes, 3.25%, 2/1/23 | | | | | 210,377 | | |
| | | | | | | | | | | | 1,018,387 | | |
| | | | | | | | | | | | 4,751,604 | | |
| Energy 0.7% | | ||||||||||||
| Oil & Gas 0.5% | | ||||||||||||
| | | 150,000 | | | | Canadian Natural Resources, Ltd., Senior Unsecured Notes, 2.05%, 7/15/25(4) | | | | | 157,348 | | |
| | | 21,000 | | | | Continental Resources, Inc., Guaranteed Notes, 4.50%, 4/15/23 | | | | | 21,653 | | |
| | | 125,000 | | | | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(4) | | | | | 151,920 | | |
| | | 150,000 | | | | Marathon Oil Corp., Senior Unsecured Notes, 3.85%, 6/1/25 | | | | | 160,793 | | |
| | | 250,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26 | | | | | 297,994 | | |
| | | 125,000 | | | | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | | | | | 130,326 | | |
| | | 150,000 | | | | Phillips 66, Guaranteed Notes, 1.30%, 2/15/26(4) | | | | | 152,009 | | |
| | | 100,000 | | | | Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 | | | | | 107,656 | | |
| | | | | | | | | | | | 1,179,699 | | |
| Oil & Gas Services 0.0% | | ||||||||||||
| | | 100,000 | | | | Schlumberger Finance Canada, Ltd., Guaranteed Notes, 1.40%, 9/17/25(4) | | | | | 102,836 | | |
| Pipelines 0.2% | | ||||||||||||
| | | 100,000 | | | | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | | | | | 117,276 | | |
| | | 150,000 | | | | Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 172,775 | | |
| | | 150,000 | | | | Spectra Energy Partners L.P., Guaranteed Notes, 4.75%, 3/15/24(4) | | | | | 167,459 | | |
| | | 150,000 | | | | TransCanada PipeLines, Ltd., Senior Unsecured Notes, 4.88%, 5/15/48 | | | | | 193,967 | | |
| | | | | | | | | | | | 651,477 | | |
| | | | | | | | | | | | 1,934,012 | | |
| Principal Amount | | | | | | Value | | ||||||
| Financial 3.0% | | ||||||||||||
| Banks 1.7% | | ||||||||||||
| | $ | 200,000 | | | | Australia & New Zealand Banking Group, Ltd., Subordinated Notes, 4.50%, 3/19/24(2) | | | | $ | 220,477 | | |
| | | 100,000 | | | | Bank of Nova Scotia (The), Senior Unsecured Notes, 2.70%, 8/3/26 | | | | | 110,255 | | |
| | | 200,000 | | | | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | | | | | 229,758 | | |
| | | 250,000 | | | | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 2.25%, 1/28/25 | | | | | 265,554 | | |
| | | 151,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 213,048 | | |
| | | 200,000 | | | | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(3)(4) | | | | | 217,435 | | |
| | | 200,000 | | | | Cooperatieve Rabobank UA MTN, Senior Unsecured Notes, 3.38%, 5/21/25 | | | | | 224,442 | | |
| | | 125,000 | | | | Credit Suisse AG, Senior Unsecured Notes, 2.95%, 4/9/25 | | | | | 137,124 | | |
| | | 100,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24(4) | | | | | 109,063 | | |
| | | 125,000 | | | | Goldman Sachs Group, Inc. (The), Senior Unsecured Notes, 3.75%, 2/25/26 | | | | | 141,994 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 153,016 | | |
| | | 150,000 | | | | HSBC Holdings PLC, Senior Unsecured Notes, 3.90%, 5/25/26 | | | | | 171,217 | | |
| | | 150,000 | | | | Huntington Bancshares, Inc., Senior Unsecured Notes, 2.63%, 8/6/24(4) | | | | | 160,295 | | |
| | | 150,000 | | | | ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23(4) | | | | | 164,793 | | |
| | | 500,000 | | | | JPMorgan Chase & Co., Senior Unsecured Notes, 3.20%, 1/25/23 | | | | | 529,306 | | |
| | | 100,000 | | | | KeyCorp MTN, Senior Unsecured Notes, 2.55%, 10/1/29(4) | | | | | 108,308 | | |
| | | 250,000 | | | | Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21 | | | | | 251,652 | | |
| | | 200,000 | | | | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24(4) | | | | | 219,839 | | |
| | | 100,000 | | | | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | | | | | 110,782 | | |
| | | 100,000 | | | | Royal Bank of Canada GMTN, Subordinated Notes, 4.65%, 1/27/26 | | | | | 118,053 | | |
| | | 125,000 | | | | State Street Corp., Senior Unsecured Notes, 2.40%, 1/24/30(4) | | | | | 136,597 | | |
| | | 250,000 | | | | Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21 | | | | | 253,078 | | |
| Principal Amount | | | | | | Value | | ||||||
| Corporate Bonds & Notes 9.1% (Continued) | | ||||||||||||
| Financial 3.0% (Continued) | | ||||||||||||
| | $ | 125,000 | | | | Truist Bank, Subordinated Notes, (5-year Treasury Constant Maturity Rate + 1.15%), 2.64%, 9/17/29(3) | | | | $ | 132,267 | | |
| | | | | | | | | | | | 4,378,353 | | |
| Diversified Financial Services 0.3% | | ||||||||||||
| | | 150,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | | | | | 160,754 | | |
| | | 150,000 | | | | American Express Co., Senior Unsecured Notes, 3.13%, 5/20/26(4) | | | | | 167,982 | | |
| | | 100,000 | | | | BlackRock, Inc., Senior Unsecured Notes, 2.40%, 4/30/30(4) | | | | | 109,333 | | |
| | | 150,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24(4) | | | | | 166,565 | | |
| | | 100,000 | | | | ORIX Corp., Senior Unsecured Notes, 3.25%, 12/4/24 | | | | | 109,317 | | |
| | | 100,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | | | | | 112,351 | | |
| | | | | | | | | | | | 826,302 | | |
| Insurance 0.5% | | ||||||||||||
| | | 100,000 | | | | Allstate Corp. (The), Senior Unsecured Notes, 1.45%, 12/15/30(4) | | | | | 99,811 | | |
| | | 125,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22(4) | | | | | 132,620 | | |
| | | 100,000 | | | | Aon Corp., Guaranteed Notes, 3.75%, 5/2/29 | | | | | 116,660 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(4) | | | | | 255,328 | | |
| | | 250,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | | 276,395 | | |
| | | 175,000 | | | | PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29 | | | | | 200,944 | | |
| | | 200,000 | | | | Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29 | | | | | 233,985 | | |
| | | 100,000 | | | | Willis North America, Inc., Guaranteed Notes, 2.95%, 9/15/29 | | | | | 109,412 | | |
| | | | | | | | | | | | 1,425,155 | | |
| REITS 0.5% | | ||||||||||||
| | | 150,000 | | | | American Tower Corp., Senior Unsecured Notes, 3.70%, 10/15/49 | | | | | 170,439 | | |
| | | 125,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 139,141 | | |
| | | 100,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 3.60%, 7/1/29 | | | | | 114,649 | | |
| | | 200,000 | | | | Duke Realty L.P., Senior Unsecured Notes, 4.00%, 9/15/28 | | | | | 235,714 | | |
| | | 125,000 | | | | Prologis L.P., Senior Unsecured Notes, 2.25%, 4/15/30(4) | | | | | 133,948 | | |
| | | 125,000 | | | | Sabra Health Care L.P., Guaranteed Notes, 3.90%, 10/15/29 | | | | | 131,486 | | |
| Principal Amount | | | | | | Value | | ||||||
| Financial 3.0% (Continued) | | ||||||||||||
| | $ | 225,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | $ | 262,996 | | |
| | | 150,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | | 195,325 | | |
| | | | | | | | | | | | 1,383,698 | | |
| | | | | | | | | | | | 8,013,508 | | |
| Industrial 0.7% | | ||||||||||||
| Aerospace/Defense 0.2% | | ||||||||||||
| | | 250,000 | | | | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 299,770 | | |
| | | 175,000 | | | | United Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28(4) | | | | | 208,629 | | |
| | | | | | | | | | | | 508,399 | | |
| Building Materials 0.1% | | ||||||||||||
| | | 125,000 | | | | Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29 | | | | | 144,160 | | |
| Electronics 0.1% | | ||||||||||||
| | | 100,000 | | | | Agilent Technologies, Inc., Senior Unsecured Notes, 2.10%, 6/4/30(4) | | | | | 103,507 | | |
| | | 100,000 | | | | Flex, Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | | | | | 113,503 | | |
| | | 100,000 | | | | Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30 | | | | | 102,211 | | |
| | | | | | | | | | | | 319,221 | | |
| Miscellaneous Manufacturers 0.1% | | ||||||||||||
| | | 170,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 186,781 | | |
| Packaging & Containers 0.1% | | ||||||||||||
| | | 145,000 | | | | Ball Corp., Guaranteed Notes, 4.00%, 11/15/23 | | | | | 154,425 | | |
| | | 150,000 | | | | WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28(4) | | | | | 173,918 | | |
| | | | | | | | | | | | 328,343 | | |
| Transportation 0.1% | | ||||||||||||
| | | 250,000 | | | | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49(4) | | | | | 284,417 | | |
| | | | | | | | | | | | 1,771,321 | | |
| Technology 0.5% | | ||||||||||||
| Computers 0.0% | | ||||||||||||
| | | 100,000 | | | | HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27 | | | | | 110,341 | | |
| Semiconductors 0.3% | | ||||||||||||
| | | 100,000 | | | | Applied Materials, Inc., Senior Unsecured Notes, 1.75%, 6/1/30 | | | | | 103,776 | | |
| | | 175,000 | | | | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | | | | | 209,731 | | |
| | | 100,000 | | | | Micron Technology, Inc., Senior Unsecured Notes, 2.50%, 4/24/23 | | | | | 104,202 | | |
| | | 125,000 | | | | NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30(4) | | | | | 140,617 | | |
| Principal Amount | | | | | | Value | | ||||||
| Corporate Bonds & Notes 9.1% (Continued) | | ||||||||||||
| Technology 0.5% (Continued) | | ||||||||||||
| | $ | 125,000 | | | | Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30 | | | | $ | 131,221 | | |
| | | | | | | | | | | | 689,547 | | |
| Software 0.2% | | ||||||||||||
| | | 100,000 | | | | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | | | | | 108,238 | | |
| | | 100,000 | | | | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | | | | | 118,956 | | |
| | | 100,000 | | | | Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29(4) | | | | | 114,186 | | |
| | | 100,000 | | | | Intuit, Inc., Senior Unsecured Notes, 1.65%, 7/15/30(4) | | | | | 102,680 | | |
| | | | | | | | | | | | 444,060 | | |
| | | | | | | | | | | | 1,243,948 | | |
| Utilities 0.5% | | ||||||||||||
| Electric 0.4% | | ||||||||||||
| | | 100,000 | | | | CenterPoint Energy, Inc., Senior Unsecured Notes, 2.95%, 3/1/30 | | | | | 108,843 | | |
| | | 150,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 194,414 | | |
| | | 150,000 | | | | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | | | | | 179,912 | | |
| | | 100,000 | | | | Eversource Energy, Series R, Senior Unsecured Notes, 1.65%, 8/15/30 | | | | | 99,595 | | |
| | | 125,000 | | | | Georgia Power Co., Series B, Senior Unsecured Notes, 2.65%, 9/15/29 | | | | | 137,127 | | |
| | | 100,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 111,265 | | |
| | | 125,000 | | | | Pinnacle West Capital Corp., Senior Unsecured Notes, 1.30%, 6/15/25 | | | | | 126,984 | | |
| | | 125,000 | | | | Public Service Enterprise Group, Inc., Senior Unsecured Notes, 1.60%, 8/15/30(4) | | | | | 123,247 | | |
| | | 125,000 | | | | Sempra Energy, Senior Unsecured Notes, 4.00%, 2/1/48 | | | | | 148,942 | | |
| | | | | | | | | | | | 1,230,329 | | |
| Gas 0.1% | | ||||||||||||
| | | 175,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 196,357 | | |
| | | | | | | | | | | | 1,426,686 | | |
| Total Corporate Bonds & Notes (Cost $22,148,679) | | | | | 24,052,684 | | | ||||||
| Foreign Government Obligations 0.3% | | ||||||||||||
| | | 300,000 | | | | European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | | 316,560 | | |
| | | 250,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22(4) | | | | | 261,458 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24(4) | | | | $ | 165,939 | | |
| | | 100,000 | | | | Peruvian Government International Bond, Senior Unsecured Notes, 1.86%, 12/1/32(4) | | | | | 100,800 | | |
| Total Foreign Government Obligations (Cost $800,335) | | | | | 844,757 | | | ||||||
| Long-Term Municipal Securities 0.7% | | ||||||||||||
| California 0.0% | | ||||||||||||
| | | 100,000 | | | | University of California, Taxable General Revenue Bonds, Series AC, 4.80%, 5/15/31 | | | | | 119,616 | | |
| District of Columbia 0.1% | | ||||||||||||
| | | 300,000 | | | | District of Columbia Income Tax Secured Revenue Bonds, Build America Bonds, 4.91%, 12/1/23 | | | | | 339,105 | | |
| Michigan 0.1% | | ||||||||||||
| | | 150,000 | | | | Lincoln Consolidated School District, General Obligation Limited, Series B, 4.32%, 5/1/37 | | | | | 172,548 | | |
| New Mexico 0.0% | | ||||||||||||
| | | 100,000 | | | | New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Revenue Bonds, Series B, 4.41%, 8/1/46 | | | | | 122,560 | | |
| New York 0.2% | | ||||||||||||
| | | 150,000 | | | | City of New York, Build America Bonds, General Obligation Unlimited, Series F1, 5.89%, 12/1/24 | | | | | 179,490 | | |
| | | 125,000 | | | | City of New York, General Obligation Limited, Series F, Subseries F3, 3.63%, 4/1/32 | | | | | 140,131 | | |
| | | 150,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 162,678 | | |
| | | | | | | | | | | | 482,299 | | |
| North Dakota 0.1% | | ||||||||||||
| | | 150,000 | | | | City of Fargo, North Dakota, Improvement Refunding Bonds, General Obligation Unlimited, Series B, 2.70%, 5/1/32 | | | | | 162,201 | | |
| Texas 0.1% | | ||||||||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 276,985 | | |
| | | 150,000 | | | | Texas A&M University Board, Revenue Bonds, Series B, 3.48%, 5/15/49 | | | | | 162,168 | | |
| | | | | | | | | | | | 439,153 | | |
| Principal Amount | | | | | | Value | | ||||||
| Long-Term Municipal Securities 0.7% (Continued) | | ||||||||||||
| Washington 0.1% | | ||||||||||||
| | $ | 125,000 | | | | Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project, Revenue Bonds, 3.31%, 1/1/43 | | | | $ | 132,109 | | |
| Total Long-Term Municipal Securities (Cost $1,822,703) | | | | | 1,969,591 | | | ||||||
| U.S. Government Agency Obligations# 3.9% | | ||||||||||||
| | | 250,000 | | | | FHLB, 3.00%, 10/12/21 | | | | | 255,545 | | |
| | | 120,000 | | | | FHLB, 3.25%, 6/9/23 | | | | | 128,884 | | |
| | | 250,000 | | | | FHLB, 3.25%, 3/8/24 | | | | | 274,121 | | |
| | | 49,592 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 51,855 | | |
| | | 54,597 | | | | FHLMC Gold PC Pool #G05447, 4.50%, 5/1/39 | | | | | 60,592 | | |
| | | 365,983 | | | | FHLMC Gold PC Pool #G08732, 3.00%, 11/1/46 | | | | | 386,960 | | |
| | | 68,068 | | | | FHLMC Gold PC Pool #J13885, 3.50%, 12/1/25 | | | | | 72,254 | | |
| | | 105,075 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 110,488 | | |
| | | 151,880 | | | | FHLMC Gold PC Pool #Q23725, 4.00%, 12/1/43 | | | | | 167,380 | | |
| | | 62,195 | | | | FHLMC Pool #A96409, 3.50%, 1/1/41 | | | | | 67,178 | | |
| | | 196,936 | | | | FHLMC Pool #AG08748, 3.50%, 2/1/47 | | | | | 209,935 | | |
| | | 245,219 | | | | FHLMC Pool #QB3856, 2.00%, 9/1/50 | | | | | 254,755 | | |
| | | 255,453 | | | | FHLMC Pool #SD8023, 2.50%, 11/1/49 | | | | | 269,520 | | |
| | | 167,548 | | | | FHLMC Pool #SD8098, 2.00%, 10/1/50 | | | | | 174,063 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 261,450 | | |
| | | 20,612 | | | | FNMA Pool #254733, 5.00%, 4/1/23 | | | | | 22,757 | | |
| | | 76,156 | | | | FNMA Pool #255667, 5.00%, 3/1/25 | | | | | 84,146 | | |
| | | 68,136 | | | | FNMA Pool #890236, 4.50%, 8/1/40 | | | | | 76,213 | | |
| | | 128,515 | | | | FNMA Pool #995245, 5.00%, 1/1/39 | | | | | 149,277 | | |
| | | 103,042 | | | | FNMA Pool #AA7720, 4.00%, 8/1/39 | | | | | 113,049 | | |
| | | 46,598 | | | | FNMA Pool #AB1259, 5.00%, 7/1/40 | | | | | 54,183 | | |
| | | 152,884 | | | | FNMA Pool #AB4449, 4.00%, 2/1/42 | | | | | 168,529 | | |
| | | 163,475 | | | | FNMA Pool #AB5472, 3.50%, 6/1/42 | | | | | 175,880 | | |
| | | 95,521 | | | | FNMA Pool #AB6286, 2.50%, 9/1/27 | | | | | 99,846 | | |
| | | 125,893 | | | | FNMA Pool #AB8144, 5.00%, 4/1/37 | | | | | 144,384 | | |
| | | 35,395 | | | | FNMA Pool #AD2351, 4.00%, 3/1/25 | | | | | 37,561 | | |
| | | 168,948 | | | | FNMA Pool #AD6374, 5.00%, 5/1/40 | | | | | 196,141 | | |
| | | 126,184 | | | | FNMA Pool #AH4865, 4.50%, 2/1/41 | | | | | 137,294 | | |
| | | 32,373 | | | | FNMA Pool #AH5434, 4.50%, 4/1/41 | | | | | 35,082 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 77,350 | | | | FNMA Pool #AH8932, 4.50%, 4/1/41 | | | | $ | 85,941 | | |
| | | 46,559 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 52,132 | | |
| | | 52,682 | | | | FNMA Pool #AI1105, 4.50%, 4/1/41 | | | | | 58,432 | | |
| | | 138,625 | | | | FNMA Pool #AI3052, 3.50%, 7/1/26 | | | | | 147,142 | | |
| | | 72,043 | | | | FNMA Pool #AJ6932, 3.00%, 11/1/26 | | | | | 75,725 | | |
| | | 148,615 | | | | FNMA Pool #AO2961, 4.00%, 5/1/42 | | | | | 163,811 | | |
| | | 679,859 | | | | FNMA Pool #AP1340, 3.50%, 7/1/42 | | | | | 737,310 | | |
| | | 330,983 | | | | FNMA Pool #AS9459, 4.50%, 4/1/47 | | | | | 362,029 | | |
| | | 215,600 | | | | FNMA Pool #AT0969, 3.00%, 4/1/43 | | | | | 229,788 | | |
| | | 396,995 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 436,881 | | |
| | | 100,661 | | | | FNMA Pool #AU6043, 3.00%, 9/1/43 | | | | | 106,928 | | |
| | | 157,822 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 168,054 | | |
| | | 109,268 | | | | FNMA Pool #AU8070, 3.50%, 9/1/43 | | | | | 117,979 | | |
| | | 141,740 | | | | FNMA Pool #AU8846, 3.00%, 11/1/43 | | | | | 151,111 | | |
| | | 70,927 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 74,151 | | |
| | | 50,970 | | | | FNMA Pool #AY5005, 4.00%, 3/1/45 | | | | | 55,649 | | |
| | | 73,161 | | | | FNMA Pool #BD8211, 4.00%, 4/1/47 | | | | | 78,578 | | |
| | | 357,296 | | | | FNMA Pool #CA5540, 3.00%, 4/1/50 | | | | | 380,391 | | |
| | | 199,554 | | | | FNMA Pool #FM5091, 1.50%, 12/1/50 | | | | | 201,687 | | |
| | | 33,960 | | | | FNMA Pool #MA0799, 4.00%, 7/1/26 | | | | | 36,150 | | |
| | | 191,054 | | | | FNMA Pool #MA4077, 2.00%, 7/1/50 | | | | | 198,483 | | |
| | | 242,391 | | | | FNMA Pool #MA4100, 2.00%, 8/1/50 | | | | | 251,816 | | |
| | | 98,126 | | | | FNMA Pool #MA4119, 2.00%, 9/1/50 | | | | | 101,942 | | |
| | | 500,000 | | | | FNMA Pool #MA4237, 2.00%, 1/1/51 | | | | | 519,442 | | |
| | | 55,531 | | | | GNMA, 3.00%, 4/16/39 | | | | | 57,761 | | |
| | | 111,518 | | | | GNMA I Pool #650494, 5.50%, 1/15/36 | | | | | 130,014 | | |
| | | 169,347 | | | | GNMA II Pool #MA1090, 3.50%, 6/20/43 | | | | | 184,419 | | |
| | | 82,070 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 87,594 | | |
| | | 31,988 | | | | GNMA II Pool #MA2445, 3.50%, 12/20/44 | | | | | 34,526 | | |
| | | 126,227 | | | | GNMA II Pool #MA5076, 3.00%, 3/20/48 | | | | | 132,230 | | |
| | | 393,968 | | | | GNMA Pool #4016, 5.50%, 8/20/37 | | | | | 461,231 | | |
| | | 60,110 | | | | GNMA Pool #MA1375, 3.50%, 10/20/43 | | | | | 65,460 | | |
| Total U.S. Government Agency Obligations (Cost $9,710,824) | | | | | 10,184,109 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. Treasury Obligations 4.7% | | ||||||||||||
| | $ | 200,000 | | | | U.S. Treasury Bonds, 5.38%, 2/15/31(4) | | | | $ | 287,516 | | |
| | | 840,000 | | | | U.S. Treasury Bonds, 4.50%, 5/15/38 | | | | | 1,268,597 | | |
| | | 540,000 | | | | U.S. Treasury Bonds, 3.00%, 5/15/42 | | | | | 694,512 | | |
| | | 1,169,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 1,534,586 | | |
| | | 1,600,000 | | | | U.S. Treasury Notes, 0.25%, 4/15/23 | | | | | 1,603,937 | | |
| | | 1,060,000 | | | | U.S. Treasury Notes, 2.00%, 4/30/24 | | | | | 1,123,517 | | |
| | | 595,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 640,973 | | |
| | | 620,000 | | | | U.S. Treasury Notes, 0.50%, 3/31/25 | | | | | 625,716 | | |
| | | 1,700,000 | | | | U.S. Treasury Notes, 0.38%, 11/30/25 | | | | | 1,702,391 | | |
| | | 50,000 | | | | U.S. Treasury Notes, 2.63%, 12/31/25 | | | | | 55,603 | | |
| | | 350,000 | | | | U.S. Treasury Notes, 2.13%, 5/31/26 | | | | | 382,088 | | |
| | | 800,000 | | | | U.S. Treasury Notes, 2.88%, 5/15/28 | | | | | 926,875 | | |
| | | 1,200,000 | | | | U.S. Treasury Notes, 2.63%, 2/15/29 | | | | | 1,377,562 | | |
| | | 125,000 | | | | U.S. Treasury Notes, 1.75%, 11/15/29 | | | | | 135,093 | | |
| Total U.S. Treasury Obligations (Cost $11,506,902) | | | | | 12,358,966 | | |
| Shares | | | | | | Value | | ||||||
| Short-Term Investments 7.2% | | ||||||||||||
| Money Market Funds 7.2% | | ||||||||||||
| | | 12,758,352 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(5) | | | | | 12,758,352 | | |
| | | 6,244,178 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(6) | | | | | 6,244,178 | | |
| | | | | | | | | | | | 19,002,530 | | |
| Total Short-Term Investments (Cost $19,002,530) | | | | | 19,002,530 | | | ||||||
| Total Investments In Securities 102.7% (Cost $123,891,708) | | | | | 271,098,445 | | | ||||||
| Excess Of Liabilities Over Cash And Other Assets (2.7)% | | | | | (7,060,225) | | | ||||||
| Net Assets 100.0% | | | | | 264,038,220 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | ||||||||||||||||||||||||
Common Stocks* | | | | $ | 192,631,883 | | | | | $ | — | | | | | $ | — | | | | | $ | 192,631,883 | | |
Asset-Backed Securities | | | | | — | | | | | | 1,999,436 | | | | | | — | | | | | | 1,999,436 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 8,054,489 | | | | | | — | | | | | | 8,054,489 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 24,052,684 | | | | | | — | | | | | | 24,052,684 | | |
Foreign Government Obligations | | | | | — | | | | | | 844,757 | | | | | | — | | | | | | 844,757 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,969,591 | | | | | | — | | | | | | 1,969,591 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 10,184,109 | | | | | | — | | | | | | 10,184,109 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 12,358,966 | | | | | | — | | | | | | 12,358,966 | | |
Short-Term Investments | | | | | 19,002,530 | | | | | | — | | | | | | — | | | | | | 19,002,530 | | |
Total Investments in Securities | | | | $ | 211,634,413 | | | | | $ | 59,464,032 | | | | | $ | — | | | | | $ | 271,098,445 | | |
December 31, 2020 | | ||||||
ASSETS: | | ||||||
Investments in securities, at value (Cost — $123,891,708) (securities on loan, at value, $6,122,048) | | | | $ | 271,098,445 | | |
Dividends and interest receivable | | | | | 393,996 | | |
Receivable for capital shares sold | | | | | 6,980 | | |
Prepaid expenses | | | | | 2,750 | | |
Receivable for securities lending income | | | | | 503 | | |
Total Assets | | | | | 271,502,674 | | |
LIABILITIES: | | | |||||
Payable upon return of securities on loan (See Note 1J) | | | | | 6,244,178 | | |
Payable for securities purchased | | | | | 718,918 | | |
Payable for capital shares redeemed | | | | | 237,265 | | |
Accrued expenses: | | | | | | | |
Advisory fee | | | | | 104,036 | | |
Service and distribution plan fees | | | | | 59,957 | | |
Directors’ fees and expenses | | | | | 499 | | |
Other | | | | | 99,601 | | |
Total Liabilities | | | | | 7,464,454 | | |
Net Assets | | | | $ | 264,038,220 | | |
NET ASSETS CONSIST OF: | | | | | | | |
Shares of beneficial interest, at $0.01 par value (authorized unlimited, outstanding 11,352,800 shares) | | | | $ | 113,528 | | |
Additional paid-in capital | | | | | 77,618,718 | | |
Distributable Earnings (Loss) | | | | | 186,305,974 | | |
Net Assets | | | | $ | 264,038,220 | | |
Net Asset Value Per Outstanding Share ($264,038,220 ÷ 11,352,800 shares outstanding) | | | | $ | 23.26 | | |
For the Year Ended December 31, 2020 | | ||||||
INVESTMENT INCOME: | | ||||||
Dividends (net of foreign withholding tax of $12,473) | | | | $ | 1,328,494 | | |
Interest | | | | | 1,541,623 | | |
Securities lending income (Net) | | | | | 13,710 | | |
Total Income | | | | | 2,883,827 | | |
Expenses: | | | | | | | |
Advisory fees | | | | | 1,170,874 | | |
Service and distribution plan fees | | | | | 994,420 | | |
Custody and accounting fees | | | | | 94,899 | | |
Auditing and legal fees | | | | | 90,180 | | |
Fund administration fees | | | | | 32,000 | | |
Directors’ fees and expenses | | | | | 27,602 | | |
Printing and postage fees | | | | | 23,221 | | |
Compliance and tax service fees | | | | | 17,670 | | |
Insurance fees | | | | | 10,916 | | |
Registration and filing fees | | | | | 3,248 | | |
Other | | | | | 20,045 | | |
Total Expenses Before Fees Waived (See Note 6) | | | | | 2,485,075 | | |
Less: Service and Distribution Plan Fees Waived | | | | | (330,281) | | |
Net Expenses | | | | | 2,154,794 | | |
Net Investment Income/(Loss) | | | | | 729,033 | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | |
Investments in securities | | | | | 38,377,808 | | |
Foreign currency transactions | | | | | (662) | | |
| | | | | 38,377,146 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | |||||
Investments in securities | | | | | 2,596,129 | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 40,973,275 | | |
Net Increase/(Decrease) in Net Assets from Operations | | | | $ | 41,702,308 | | |
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 729,033 | | | | | $ | 1,155,111 | | |
Net realized gain/(loss) on investments and foreign currency | | | | | 38,377,146 | | | | | | 19,313,084 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | 2,596,129 | | | | | | 38,987,048 | | |
Net increase in net assets from operations | | | | | 41,702,308 | | | | | | 59,455,243 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Distributable Earnings | | | | | (20,460,126) | | | | | | (25,221,943) | | |
Share Transactions: | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | 1,983,567 | | | | | | 1,755,916 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | 20,460,126 | | | | | | 25,221,943 | | |
Cost of shares redeemed | | | | | (29,508,261) | | | | | | (35,808,938) | | |
Net increase/(decrease) in net assets from fund share transactions | | | | | (7,064,568) | | | | | | (8,831,079) | | |
Total increase/(decrease) in net assets | | | | | 14,177,614 | | | | | | 25,402,221 | | |
NET ASSETS: | | | | | | | | | | | | | |
Beginning of year | | | | | 249,860,606 | | | | | | 224,458,385 | | |
End of year | | | | $ | 264,038,220 | | | | | $ | 249,860,606 | | |
| | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 21.47 | | | | | $ | 18.63 | | | | | $ | 21.08 | | | | | $ | 19.76 | | | | | $ | 20.87 | | |
Income/(loss) from investment operations: | | | | | | | |||||||||||||||||||||||||
Net investment income/(loss) | | | | | 0.06(1) | | | | | | 0.11 | | | | | | 0.14 | | | | | | 0.14 | | | | | | 0.12 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 3.59 | | | | | | 4.98 | | | | | | (0.03) | | | | | | 3.09 | | | | | | 1.05 | | |
Total from investment operations | | | | | 3.65 | | | | | | 5.09 | | | | | | 0.11 | | | | | | 3.23 | | | | | | 1.17 | | |
Less distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.11) | | | | | | (0.15) | | | | | | (0.16) | | | | | | (0.12) | | | | | | (0.13) | | |
Distributions from net realized gains | | | | | (1.75) | | | | | | (2.10) | | | | | | (2.40) | | | | | | (1.79) | | | | | | (2.15) | | |
Total distributions | | | | | (1.86) | | | | | | (2.25) | | | | | | (2.56) | | | | | | (1.91) | | | | | | (2.28) | | |
Net asset value, end of year | | | | $ | 23.26 | | | | | $ | 21.47 | | | | | $ | 18.63 | | | | | $ | 21.08 | | | | | $ | 19.76 | | |
Total return* | | | | | 17.98% | | | | | | 27.71%(2) | | | | | | 0.05% | | | | | | 16.88% | | | | | | 5.51% | | |
Ratios/Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Net assets, end of year (in thousands) | | | | $ | 264,038 | | | | | $ | 249,861 | | | | | $ | 224,458 | | | | | $ | 257,175 | | | | | $ | 254,836 | | |
Ratio of gross expenses to average net assets(3) | | | | | 1.00% | | | | | | 1.01% | | | | | | 1.03% | | | | | | 1.02% | | | | | | 1.05% | | |
Ratio of net expenses to average net assets(4) | | | | | 0.87% | | | | | | 0.88% | | | | | | 0.89% | | | | | | 0.89% | | | | | | 0.92% | | |
Ratio of net investment income to average net assets | | | | | 0.29% | | | | | | 0.47% | | | | | | 0.63% | | | | | | 0.63% | | | | | | 0.54% | | |
Portfolio turnover rate | | | | | 17% | | | | | | 6% | | | | | | 22% | | | | | | 7% | | | | | | 10% | | |
December 31, 2020
December 31, 2020
December 31, 2020
December 31, 2020
| Value of Securities Loaned | | | Value of Collateral* | |
| $6,122,048 | | | $6,244,178 | |
December 31, 2020
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
Shares sold | | | | | 93,500 | | | | | | 82,382 | | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | 980,831 | | | | | | 1,211,428 | | |
Shares redeemed | | | | | (1,361,592) | | | | | | (1,699,388) | | |
Net decrease | | | | | (287,261) | | | | | | (405,578) | | |
| Purchases of Investment Securities excluding U.S. Government Obligations | | | Sales of Investment Securities excluding U.S. Government Obligations | | | Purchases of U.S. Government Obligations | | | Sales of U.S. Government Obligations | |
| $26,586,142 | | | $61,838,407 | | | $12,977,594 | | | $8,308,430 | |
| Cost of Investments for Tax Purposes | | | Gross Tax Unrealized Appreciation | | | Gross Tax Unrealized Depreciation | | | Net Tax Unrealized Appreciation (Depreciation) on Investments | |
| $123,891,243 | | | $147,355,183 | | | $(147,981) | | | $147,207,202 | |
| Undistributed ordinary income | | | Undistributed long-term gain | | | Other Timing Differences | | | Unrealized Appreciation | | | Capital Loss Carryforwards | | | Late Year Deferrals | | | Distributable Earnings (Loss) | |
| $1,492,079 | | | $37,606,693 | | | $— | | | $147,207,202 | | | $— | | | $— | | | $186,305,974 | |
| | | 2020 | | | 2019 | | ||||||
Ordinary income | | | | $ | 1,313,664 | | | | | $ | 1,634,948 | | |
Long-term capital gain | | | | | 19,146,462 | | | | | | 23,586,995 | | |
| | | | $ | 20,460,126 | | | | | $ | 25,221,943 | | |
December 31, 2020
Report of Independent Registered Public Accounting Firm |
New York, New York
February 12, 2021
Board Approval of Liquidity Risk Management Program |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director | | | Other Directorships Held by Director During the Past 5 Years | |
Interested Director* | | | | | | | | | | | | | | | | |
Mitchell E. Appel Age: 50 | | | Trustee | | | Since 2010 | | | President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor. | | | 10 | | | Forethought Variable Insurance Trust | |
| | | | | | | | | | | | | | | | |
Non-Interested Directors | | | | | | |||||||||||
Joyce E. Heinzerling Age: 64 | | | Trustee | | | Since 2008 | | | Retired. Managing Member, Meridian Fund Advisers LLC (consultants) until 2019. | | | 10 | | | None | |
James E. Hillman Age: 64 | | | Trustee (Chair of the Board of the Value Line Funds since April 2016) | | | Since 2015 | | | Chief Financial Officer, Notre Dame School of Manhattan since 2011; Director and Principal Financial Officer, Merrill Lynch Global Wealth Management, 2006-2011. | | | 10 | | | Miller/Howard High Income Equity Fund | |
Paul Craig Roberts Age: 82 | | | Trustee | | | Since 1987 | | | Chairman, Institute for Political Economy | | | 10 | | | None | |
Nancy-Beth Sheerr Age: 72 | | | Trustee | | | Since 1996 | | | Independent Trustee and Managing Member, NBS Consulting LLC since November 2014; Senior Financial Adviser, Veritable, L.P. (investment advisor) until December 2013. | | | 10 | | | None | |
| Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | |
| Officers | | | | | | | | | | |
| Mitchell E. Appel Age: 50 | | | President | | | Since 2008 | | | President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor. | |
| Christopher W. Roleke Age: 48 | | | Treasurer and Chief Financial Officer | | | Since 2020 | | | Treasurer (Principal Financial and Accounting Officer) of each of the Value Line Funds since April 2020; Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC, since 2011. | |
| Michael J. Wagner Age: 70 | | | Chief Compliance Officer | | | Since 2009 | | | Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC (formerly Fund Compliance Services, Officer LLC) 2006-2019. | |
| Emily D. Washington Age: 42 | | | Vice President and Secretary | | | Since 2008 | | | Vice President of each of the Value Line Funds since April 2020 and Secretary since 2010; Treasurer and Chief Financial Officer of each of the Value Line Funds, 2008-2020. | |
| Robert Scagnelli Age: 59 | | | Vice President | | | Since 2020 | | | Vice President of each of the Value Line Funds since April 2020; Vice President of the Distributor and the Adviser since 2011. | |
Item 2 | Code of Ethics |
(a) The Registrant has adopted a Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
(f) Pursuant to item 12(a), the Registrant is attaching as an exhibit a copy of its Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
Item 3 | Audit Committee Financial Expert |
((a)(1) | The Registrant has an Audit Committee Financial Expert serving on its Audit Committee. | |
(2) | The Registrant’s Board has designated James Hillman, member of the Registrant’s Audit Committee, as the Registrant’s Audit Committee Financial Expert. Mr. Hillman is an independent director. Mr. Hillman currently serves as the Chief Financial Officer at Notre Dame School of Manhattan since 2011. |
A person who is designated as an “audit committee financial expert” shall not make such person an "expert" for any purpose, including without limitation under Section 11 of the Securities Act of 1933 or under applicable fiduciary laws, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4 | Principal Accountant Fees and Services |
(a) Audit Fees 2020 - $30,439
Audit Fees 2019 - $54,313
(b) Audit-Related fees – None.
(c) Tax Preparation Fees 2020 - $6,897
Tax Preparation Fees 2019 - $7,471
(d) All Other Fees – None
(e) (1) Audit Committee Pre-Approval Policy. All services to be performed for the Registrant by PricewaterhouseCoopers LLP must be pre-approved by the audit committee. All services performed were pre-approved by the committee.
(e) (2) Not applicable.
(f) Not applicable.
(g) Aggregate Non-Audit Fees 2020 - None
Aggregate Non-Audit Fees 2019 - None
(h) Not applicable.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable.
Item 6. | Investments |
Not Applicable
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10 | Submission of Matters to a Vote of Security Holders |
Not Applicable
Item 11 | Controls and Procedures |
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c) ) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits. |
(a) | Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers attached hereto as Exhibit 100.COE |
(b) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President |
Date: | March 8, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President, Principal Executive Officer |
By: | /s/ Christopher W. Roleke | |
Christopher W. Roleke, Treasurer, Principal Financial Officer |
Date: | March 8, 2021 |