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 811-07702
Value Line Asset Allocation Fund, Inc.
(Exact name of registrant as specified in charter)
7 Times Square, Suite 1606, New York, NY 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: March 31, 2022
Date of reporting period: March 31, 2022
Explanatory Note
The Registrant is filing this amendment to its Form N-CSR for the period ended March 31, 2022, originally filed with the Securities and Exchange Commission on May 27, 2022 (Accession Number 0001104659-22-065706). The purpose of this amendment is to update Items 4(e)(1), 11(b) and Item 4(d) of the registrant’s certifications required by Item 13(a)(2).
Items 11(b) and 4(d) are amended to reflect the correct full period covered by the report. Item 4(e)(1) is amended to reflect the correct response of “Not Applicable” related to this disclosure.
Item I. Reports to Stockholders.
(a) | A copy of the Annual Report to Stockholders for the period ended 3/31/22 is included with this Form. |
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| Value Line Small Cap Opportunities Fund, Inc.: | | | | | | | |
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| Value Line Asset Allocation Fund, Inc.: | | | | | | | |
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President of the Value Line Funds
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Exponent, Inc. | | | | | 163,700 | | | | | $ | 17,687,785 | | | | | | 3.9% | | |
Churchill Downs, Inc. | | | | | 76,200 | | | | | | 16,899,636 | | | | | | 3.7% | | |
RLI Corp. | | | | | 131,900 | | | | | | 14,592,097 | | | | | | 3.2% | | |
SPS Commerce, Inc. | | | | | 104,500 | | | | | | 13,710,400 | | | | | | 3.0% | | |
Stifel Financial Corp. | | | | | 187,650 | | | | | | 12,741,435 | | | | | | 2.8% | | |
Woodward, Inc. | | | | | 102,000 | | | | | | 12,740,820 | | | | | | 2.8% | | |
ExlService Holdings, Inc. | | | | | 86,200 | | | | | | 12,349,874 | | | | | | 2.7% | | |
J&J Snack Foods Corp. | | | | | 69,900 | | | | | | 10,841,490 | | | | | | 2.4% | | |
ePlus, Inc. | | | | | 187,800 | | | | | | 10,528,068 | | | | | | 2.3% | | |
RBC Bearings, Inc. | | | | | 52,500 | | | | | | 10,178,700 | | | | | | 2.2% | | |
Portfolio Highlights at March 31, 2022 (unaudited) (continued)
Investor Class | | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 6/23/1993 | | ||||||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | | (3.34)% | | | | | | 11.78% | | | | | | 12.47% | | | | | | 11.59% | | |
Russell 2000® Index* | | | | | (5.79)% | | | | | | 9.74% | | | | | | 11.04% | | | | | | 9.43% | | |
Institutional Class | | | 1 Yr | | | 5 Yrs | | | | | | Since Inception 11/2/2015 | | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | | (3.10)% | | | | | | 12.06% | | | | | | | | | 11.75% | | |
Russell 2000® Index* | | | | | (5.79)% | | | | | | 9.74% | | | | | | | | | 10.54% | | |
Schedule of Investments | March 31, 2022 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 99.1% | | ||||||||||||
| COMMUNICATION SERVICES 0.8% | | ||||||||||||
| | | | | | | SOFTWARE 0.8% | | ||||||
| | | 39,300 | | | | Ziff Davis, Inc.(1) | | | | $ | 3,803,454 | | |
| CONSUMER DISCRETIONARY 13.8% | | ||||||||||||
| | | | | | | APPAREL 1.2% | | ||||||
| | | 71,700 | | | | Crocs, Inc.(1) | | | | | 5,477,880 | | |
| | | | | | | AUTO PARTS & EQUIPMENT 0.8% | | ||||||
| | | 46,000 | | | | Adient PLC(1) | | | | | 1,875,420 | | |
| | | 16,500 | | | | Visteon Corp.(1) | | | | | 1,800,645 | | |
| | | | | | | | | | | | 3,676,065 | | |
| | | | | | | COMMERCIAL SERVICES 0.9% | | ||||||
| | | 89,900 | | | | Monro, Inc. | | | | | 3,986,166 | | |
| | | | | | | ENGINEERING & CONSTRUCTION 1.0% | | ||||||
| | | 24,400 | | | | TopBuild Corp.(1) | | | | | 4,425,916 | | |
| | | | | | | ENTERTAINMENT 3.9% | | ||||||
| | | 76,200 | | | | Churchill Downs, Inc. | | | | | 16,899,636 | | |
| | | 26,900 | | | | Penn National Gaming, Inc.(1) | | | | | 1,141,098 | | |
| | | | | | | | | | | | 18,040,734 | | |
| | | | | | | HOME BUILDERS 2.0% | | ||||||
| | | 20,800 | | | | Cavco Industries, Inc.(1) | | | | | 5,009,680 | | |
| | | 38,000 | | | | LCI Industries | | | | | 3,944,780 | | |
| | | | | | | | | | | | 8,954,460 | | |
| | | | | | | HOUSEHOLD PRODUCTS 1.0% | | ||||||
| | | 23,000 | | | | Helen of Troy Ltd.(1)(2) | | | | | 4,504,320 | | |
| | | | | | | LEISURE TIME 0.5% | | ||||||
| | | 26,700 | | | | Planet Fitness, Inc. Class A(1) | | | | | 2,255,616 | | |
| | | | | | | RETAIL 2.5% | | ||||||
| | | 21,900 | | | | Asbury Automotive Group, Inc.(1)(2) | | | | | 3,508,380 | | |
| | | 9,500 | | | | Lithia Motors, Inc. | | | | | 2,851,140 | | |
| | | 12,500 | | | | Signet Jewelers Ltd. | | | | | 908,750 | | |
| | | 19,800 | | | | Texas Roadhouse, Inc. | | | | | 1,657,854 | | |
| | | 21,800 | | | | Wingstop, Inc. | | | | | 2,558,230 | | |
| | | | | | | | | | | | 11,484,354 | | |
| | | | | | | | | | | | 62,805,511 | | |
| CONSUMER STAPLES 3.3% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 0.2% | | ||||||
| | | 6,400 | | | | Medifast, Inc. | | | | | 1,092,992 | | |
| | | | | | | FOOD 3.1% | | ||||||
| | | 59,200 | | | | Calavo Growers, Inc. | | | | | 2,157,840 | | |
| | | 69,900 | | | | J&J Snack Foods Corp. | | | | | 10,841,490 | | |
| | | 5,600 | | | | Lancaster Colony Corp. | | | | | 835,240 | | |
| | | | | | | | | | | | 13,834,570 | | |
| | | | | | | | | | | | 14,927,562 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 99.1% (continued) | | ||||||||||||
| FINANCIALS 11.0% | | ||||||||||||
| | | | | | | BANKS 3.1% | | ||||||
| | | 206,496 | | | | First Financial Bankshares, Inc. | | | | $ | 9,110,603 | | |
| | | 38,900 | | | | Walker & Dunlop, Inc. | | | | | 5,034,438 | | |
| | | | | | | | | | | | 14,145,041 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 3.6% | | ||||||
| | | 34,700 | | | | Enova International, Inc.(1) | | | | | 1,317,559 | | |
| | | 19,400 | | | | LendingTree, Inc.(1) | | | | | 2,321,598 | | |
| | | 187,650 | | | | Stifel Financial Corp. | | | | | 12,741,435 | | |
| | | | | | | | | | | | 16,380,592 | | |
| | | | | | | INSURANCE 4.3% | | ||||||
| | | 18,200 | | | | Primerica, Inc. | | | | | 2,490,124 | | |
| | | 131,900 | | | | RLI Corp. | | | | | 14,592,097 | | |
| | | 27,300 | | | | Selective Insurance Group, Inc. | | | | | 2,439,528 | | |
| | | | | | | | | | | | 19,521,749 | | |
| | | | | | | | | | | | 50,047,382 | | |
| HEALTHCARE 13.5% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 0.9% | | ||||||
| | | 40,651 | | | | AMN Healthcare Services, Inc.(1) | | | | | 4,241,119 | | |
| | | | | | | HEALTHCARE PRODUCTS 6.3% | | ||||||
| | | 22,700 | | | | CONMED Corp.(2) | | | | | 3,372,085 | | |
| | | 28,900 | | | | ICU Medical, Inc.(1) | | | | | 6,434,296 | | |
| | | 20,300 | | | | iRhythm Technologies, Inc.(1) | | | | | 3,196,641 | | |
| | | 220,462 | | | | Neogen Corp.(1) | | | | | 6,799,048 | | |
| | | 56,200 | | | | Omnicell, Inc.(1) | | | | | 7,277,338 | | |
| | | 5,574 | | | | STERIS PLC | | | | | 1,347,626 | | |
| | | | | | | | | | | | 28,427,034 | | |
| | | | | | | HEALTHCARE SERVICES 6.3% | | ||||||
| | | 19,000 | | | | Chemed Corp. | | | | | 9,624,450 | | |
| | | 71,300 | | | | Ensign Group, Inc. | | | | | 6,417,713 | | |
| | | 8,100 | | | | LHC Group, Inc.(1) | | | | | 1,365,660 | | |
| | | 15,900 | | | | Medpace Holdings, Inc.(1) | | | | | 2,601,081 | | |
| | | 38,000 | | | | Select Medical Holdings Corp. | | | | | 911,620 | | |
| | | 77,800 | | | | US Physical Therapy, Inc. | | | | | 7,737,210 | | |
| | | | | | | | | | | | 28,657,734 | | |
| | | | | | | | | | | | 61,325,887 | | |
| INDUSTRIALS 30.6% | | ||||||||||||
| | | | | | | AEROSPACE/DEFENSE 1.0% | | ||||||
| | | 31,000 | | | | Aerojet Rocketdyne Holdings, Inc.(1) | | | | | 1,219,850 | | |
| | | 50,300 | | | | Mercury Systems, Inc.(1) | | | | | 3,241,835 | | |
| | | | | | | | | | | | 4,461,685 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 99.1% (continued) | | ||||||||||||
| INDUSTRIALS 30.6% (continued) | | ||||||||||||
| | | | | | | BUILDING MATERIALS 3.9% | | ||||||
| | | 123,700 | | | | AAON, Inc. | | | | $ | 6,893,801 | | |
| | | 26,500 | | | | Lennox International, Inc. | | | | | 6,833,290 | | |
| | | 64,000 | | | | Trex Co., Inc.(1) | | | | | 4,181,120 | | |
| | | | | | | | | | | | 17,908,211 | | |
| | | | | | | COMMERCIAL SERVICES 3.2% | | ||||||
| | | 15,100 | | | | ASGN, Inc.(1) | | | | | 1,762,321 | | |
| | | 36,200 | | | | FTI Consulting, Inc.(1)(2) | | | | | 5,691,364 | | |
| | | 21,200 | | | | Insperity, Inc. | | | | | 2,128,904 | | |
| | | 48,700 | | | | TriNet Group, Inc.(1) | | | | | 4,790,132 | | |
| | | | | | | | | | | | 14,372,721 | | |
| | | | | | | COMPUTERS 1.2% | | ||||||
| | | 5,300 | | | | CACI International, Inc. Class A(1) | | | | | 1,596,678 | | |
| | | 41,700 | | | | Science Applications International Corp. | | | | | 3,843,489 | | |
| | | | | | | | | | | | 5,440,167 | | |
| | | | | | | DISTRIBUTION/WHOLESALE 0.6% | | ||||||
| | | 16,500 | | | | SiteOne Landscape Supply, Inc.(1) | | | | | 2,667,885 | | |
| | | | | | | ELECTRICAL EQUIPMENT 1.4% | | ||||||
| | | 85,700 | | | | EnerSys | | | | | 6,390,649 | | |
| | | | | | | ELECTRONICS 2.8% | | ||||||
| | | 102,000 | | | | Woodward, Inc. | | | | | 12,740,820 | | |
| | | | | | | ENGINEERING & CONSTRUCTION 4.4% | | ||||||
| | | 24,900 | | | | Dycom Industries, Inc.(1) | | | | | 2,371,974 | | |
| | | 163,700 | | | | Exponent, Inc. | | | | | 17,687,785 | | |
| | | | | | | | | | | | 20,059,759 | | |
| | | | | | | FOOD SERVICE 0.8% | | ||||||
| | | 198,800 | | | | Healthcare Services Group, Inc. | | | | | 3,691,716 | | |
| | | | | | | HAND/MACHINE TOOLS 0.3% | | ||||||
| | | 9,141 | | | | Regal Rexnord Corp. | | | | | 1,359,998 | | |
| | | | | | | MACHINERY — DIVERSIFIED 3.8% | | ||||||
| | | 23,300 | | | | Applied Industrial Technologies, Inc. | | | | | 2,391,978 | | |
| | | 13,500 | | | | Kadant, Inc. | | | | | 2,621,565 | | |
| | | 37,600 | | | | Toro Co. | | | | | 3,214,424 | | |
| | | 53,147 | | | | Watts Water Technologies, Inc. Class A | | | | | 7,418,790 | | |
| | | 41,000 | | | | Zurn Water Solutions Corp. | | | | | 1,451,400 | | |
| | | | | | | | | | | | 17,098,157 | | |
| | | | | | | METAL FABRICATE/HARDWARE 2.2% | | ||||||
| | | 52,500 | | | | RBC Bearings, Inc.(1) | | | | | 10,178,700 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 99.1% (continued) | | ||||||||||||
| INDUSTRIALS 30.6% (continued) | | ||||||||||||
| | | | | | | MISCELLANEOUS MANUFACTURERS 2.3% | | ||||||
| | | 19,400 | | | | Carlisle Cos., Inc. | | | | $ | 4,770,848 | | |
| | | 26,400 | | | | EnPro Industries, Inc. | | | | | 2,580,072 | | |
| | | 27,600 | | | | John Bean Technologies Corp. | | | | | 3,269,772 | | |
| | | | | | | | | | | | 10,620,692 | | |
| | | | | | | RETAIL 0.6% | | ||||||
| | | 57,900 | | | | Rush Enterprises, Inc. Class A | | | | | 2,947,689 | | |
| | | | | | | TEXTILES 0.7% | | ||||||
| | | 16,200 | | | | Unifirst Corp. | | | | | 2,985,336 | | |
| | | | | | | TRANSPORTATION 1.1% | | ||||||
| | | 33,800 | | | | Landstar System, Inc. | | | | | 5,098,054 | | |
| | | | | | | TRUCKING & LEASING 0.3% | | ||||||
| | | 11,500 | | | | GATX Corp. | | | | | 1,418,295 | | |
| | | | | | | | | | | | 139,440,534 | | |
| INFORMATION TECHNOLOGY 21.3% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 0.5% | | ||||||
| | | 36,600 | | | | Alarm.com Holdings, Inc.(1) | | | | | 2,432,436 | | |
| | | | | | | COMPUTERS 5.7% | | ||||||
| | | 86,200 | | | | ExlService Holdings, Inc.(1) | | | | | 12,349,874 | | |
| | | 47,900 | | | | MAXIMUS, Inc. | | | | | 3,590,105 | | |
| | | 30,500 | | | | Qualys, Inc.(1) | | | | | 4,343,505 | | |
| | | 51,400 | | | | Rapid7, Inc.(1)(2) | | | | | 5,717,736 | | |
| | | | | | | | | | | | 26,001,220 | | |
| | | | | | | ELECTRICAL EQUIPMENT 0.5% | | ||||||
| | | 9,200 | | | | Littelfuse, Inc. | | | | | 2,294,572 | | |
| | | | | | | ELECTRONICS 1.3% | | ||||||
| | | 60,000 | | | | Itron, Inc.(1) | | | | | 3,160,800 | | |
| | | 28,500 | | | | TD SYNNEX Corp. | | | | | 2,941,485 | | |
| | | | | | | | | | | | 6,102,285 | | |
| | | | | | | INTERNET 2.3% | | ||||||
| | | 187,800 | | | | ePlus, Inc.(1) | | | | | 10,528,068 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS 0.6% | | ||||||
| | | 26,200 | | | | Fabrinet(1) | | | | | 2,754,406 | | |
| | | | | | | SEMICONDUCTORS 0.8% | | ||||||
| | | 17,000 | | | | Synaptics, Inc.(1) | | | | | 3,391,500 | | |
| | | | | | | SOFTWARE 9.6% | | ||||||
| | | 79,300 | | | | ACI Worldwide, Inc.(1) | | | | | 2,497,157 | | |
| | | 28,500 | | | | Concentrix Corp. | | | | | 4,746,960 | | |
| | | 13,100 | | | | Consensus Cloud Solutions, Inc.(1) | | | | | 787,703 | | |
| | | 54,700 | | | | Everbridge, Inc.(1) | | | | | 2,387,108 | | |
| | | 83,900 | | | | Five9, Inc.(1) | | | | | 9,262,560 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 99.1% (continued) | | ||||||||||||
| INFORMATION TECHNOLOGY 21.3% (continued) | | ||||||||||||
| | | | | | | SOFTWARE 9.6% (continued) | | ||||||
| | | 47,100 | | | | LivePerson, Inc.(1)(2) | | | | $ | 1,150,182 | | |
| | | 104,500 | | | | SPS Commerce, Inc.(1) | | | | | 13,710,400 | | |
| | | 76,400 | | | | Workiva, Inc.(1) | | | | | 9,015,200 | | |
| | | | | | | | | | | | 43,557,270 | | |
| | | | | | | | | | | | 97,061,757 | | |
| MATERIALS 4.8% | | ||||||||||||
| | | | | | | CHEMICALS 2.1% | | ||||||
| | | 29,900 | | | | Balchem Corp. | | | | | 4,087,330 | | |
| | | 26,700 | | | | Quaker Chemical Corp.(2) | | | | | 4,614,027 | | |
| | | 6,800 | | | | Sensient Technologies Corp. | | | | | 570,860 | | |
| | | | | | | | | | | | 9,272,217 | | |
| | | | | | | PACKAGING & CONTAINERS 2.7% | | ||||||
| | | 30,200 | | | | AptarGroup, Inc. | | | | | 3,548,500 | | |
| | | 190,600 | | | | Silgan Holdings, Inc. | | | | | 8,811,438 | | |
| | | | | | | | | | | | 12,359,938 | | |
| | | | | | | | | | | | 21,632,155 | | |
| TOTAL COMMON STOCKS (Cost $245,867,844) | | | | | 451,044,242 | | | ||||||
| SHORT-TERM INVESTMENTS 2.4% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 2.4% | | ||||||
| | | 4,182,189 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.25%(3) | | | | | 4,182,189 | | |
| | | 6,483,239 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | | 6,483,239 | | |
| | | | | | | | | | | | 10,665,428 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $10,665,428) | | | | | 10,665,428 | | | ||||||
| TOTAL INVESTMENTS IN SECURITIES 101.5% (Cost $256,533,272) | | | | $ | 461,709,670 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (1.5)% | | | | | (6,661,263) | | | ||||||
| NET ASSETS 100% | | | | $ | 455,048,407 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 451,044,242 | | | | | $ | — | | | | | $ | — | | | | | $ | 451,044,242 | | |
Short-Term Investments | | | | | 10,665,428 | | | | | | — | | | | | | — | | | | | | 10,665,428 | | |
Total Investments in Securities | | | | $ | 461,709,670 | | | | | $ | — | | | | | $ | — | | | | | $ | 461,709,670 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
S&P Global, Inc. | | | | | 99,719 | | | | | $ | 40,902,739 | | | | | | 2.9% | | |
Danaher Corp. | | | | | 136,737 | | | | | | 40,109,064 | | | | | | 2.8% | | |
Intercontinental Exchange, Inc. | | | | | 289,913 | | | | | | 38,303,306 | | | | | | 2.7% | | |
Thermo Fisher Scientific, Inc. | | | | | 60,000 | | | | | | 35,439,000 | | | | | | 2.5% | | |
Cintas Corp. | | | | | 82,900 | | | | | | 35,264,831 | | | | | | 2.5% | | |
Intuit, Inc. | | | | | 72,810 | | | | | | 35,009,960 | | | | | | 2.5% | | |
Teledyne Technologies, Inc. | | | | | 69,900 | | | | | | 33,036,837 | | | | | | 2.3% | | |
MasterCard, Inc. | | | | | 80,000 | | | | | | 28,590,400 | | | | | | 2.0% | | |
Roper Technologies, Inc. | | | | | 59,100 | | | | | | 27,908,793 | | | | | | 2.0% | | |
Adobe, Inc. | | | | | 59,900 | | | | | | 27,291,638 | | | | | | 1.9% | | |
Portfolio Highlights at March 31, 2022 (unaudited) (continued)
Investor Class | | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 8/24/1993 | | ||||||||||||
Value Line Asset Allocation Fund, Inc. | | | | | 5.70% | | | | | | 10.84% | | | | | | 9.68% | | | | | | 9.73% | | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index** | | | | | 7.73% | | | | | | 10.45% | | | | | | 9.68% | | | | | | 8.20% | | |
S&P 500® Index* | | | | | 15.65% | | | | | | 15.99% | | | | | | 14.64% | | | | | | 10.49% | | |
Institutional Class | | | 1 Yr | | | 5 Yrs | | | | | | Since Inception 11/2/2015 | | |||||||||
Value Line Asset Allocation Fund, Inc. | | | | | 5.98% | | | | | | 11.11% | | | | | | | | | 10.12% | | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index** | | | | | 7.73% | | | | | | 10.45% | | | | | | | | | 9.90% | | |
S&P 500® Index* | | | | | 15.65% | | | | | | 15.99% | | | | | | | | | 15.08% | | |
Schedule of Investments | March 31, 2022 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 67.3% | | ||||||||||||
| CONSUMER DISCRETIONARY 2.1% | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE 1.0% | | ||||||
| | | 34,800 | | | | Pool Corp. | | | | $ | 14,715,180 | | |
| | | | | | | RETAIL 1.1% | | ||||||
| | | 4,200 | | | | Domino’s Pizza, Inc. | | | | | 1,709,442 | | |
| | | 234,394 | | | | TJX Cos., Inc. | | | | | 14,199,589 | | |
| | | | | | | | | | | | 15,909,031 | | |
| | | | | | | | | | | | 30,624,211 | | |
| CONSUMER STAPLES 1.2% | | ||||||||||||
| | | | | | | RETAIL 1.2% | | ||||||
| | | 30,000 | | | | Costco Wholesale Corp. | | | | | 17,275,500 | | |
| FINANCIALS 10.9% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 2.9% | | ||||||
| | | 99,719 | | | | S&P Global, Inc. | | | | | 40,902,739 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 2.7% | | ||||||
| | | 289,913 | | | | Intercontinental Exchange, Inc. | | | | | 38,303,306 | | |
| | | | | | | INSURANCE 5.3% | | ||||||
| | | 70,100 | | | | American Financial Group, Inc. | | | | | 10,207,962 | | |
| | | 83,700 | | | | Aon PLC Class A | | | | | 27,255,231 | | |
| | | 234,400 | | | | Arch Capital Group Ltd.(1) | | | | | 11,349,648 | | |
| | | 332,256 | | | | Berkley (W.R.) Corp. | | | | | 22,124,927 | | |
| | | 43,100 | | | | RLI Corp. | | | | | 4,768,153 | | |
| | | | | | | | | | | | 75,705,921 | | |
| | | | | | | | | | | | 154,911,966 | | |
| HEALTHCARE 10.3% | | ||||||||||||
| | | | | | | BIOTECHNOLOGY 0.5% | | ||||||
| | | 13,600 | | | | Bio-Rad Laboratories, Inc. Class A(1) | | | | | 7,659,928 | | |
| | | | | | | ELECTRONICS 0.5% | | ||||||
| | | 5,300 | | | | Mettler-Toledo International, Inc.(1) | | | | | 7,277,907 | | |
| | | | | | | HEALTHCARE PRODUCTS 7.3% | | ||||||
| | | 4,900 | | | | Cooper Cos., Inc. | | | | | 2,046,191 | | |
| | | 136,737 | | | | Danaher Corp. | | | | | 40,109,064 | | |
| | | 36,800 | | | | IDEXX Laboratories, Inc.(1) | | | | | 20,131,808 | | |
| | | 19,371 | | | | Stryker Corp. | | | | | 5,178,837 | | |
| | | 60,000 | | | | Thermo Fisher Scientific, Inc. | | | | | 35,439,000 | | |
| | | | | | | | | | | | 102,904,900 | | |
| | | | | | | HEALTHCARE SERVICES 2.0% | | ||||||
| | | 17,000 | | | | Charles River Laboratories International, Inc.(1) | | | | | 4,827,490 | | |
| | | 33,700 | | | | Chemed Corp. | | | | | 17,070,735 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 67.3% (continued) | | ||||||||||||
| HEALTHCARE 10.3% (continued) | | ||||||||||||
| | | | | | | HEALTHCARE SERVICES 2.0% (continued) | | ||||||
| | | 26,900 | | | | IQVIA Holdings, Inc.(1) | | | | $ | 6,219,549 | | |
| | | | | | | | | | | | 28,117,774 | | |
| | | | | | | | | | | | 145,960,509 | | |
| INDUSTRIALS 12.2% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 1.7% | | ||||||
| | | 38,400 | | | | TransDigm Group, Inc.(1) | | | | | 25,019,136 | | |
| | | | | | | BUILDING MATERIALS 0.2% | | ||||||
| | | 9,500 | | | | Lennox International, Inc. | | | | | 2,449,670 | | |
| | | | | | | COMMERCIAL SERVICES 4.0% | | ||||||
| | | 82,900 | | | | Cintas Corp. | | | | | 35,264,831 | | |
| | | 103,000 | | | | CoStar Group, Inc.(1) | | | | | 6,860,830 | | |
| | | 130,874 | | | | Rollins, Inc. | | | | | 4,587,134 | | |
| | | 45,600 | | | | Verisk Analytics, Inc. | | | | | 9,787,128 | | |
| | | | | | | | | | | | 56,499,923 | | |
| | | | | | | DISTRIBUTION & WHOLESALE 0.5% | | ||||||
| | | 56,500 | | | | Copart, Inc.(1) | | | | | 7,089,055 | | |
| | | | | | | ENGINEERING & CONSTRUCTION 0.3% | | ||||||
| | | 36,000 | | | | Exponent, Inc. | | | | | 3,889,800 | | |
| | | | | | | ENVIRONMENTAL CONTROL 1.8% | | ||||||
| | | 192,627 | | | | Republic Services, Inc. | | | | | 25,523,077 | | |
| | | | | | | SOFTWARE 2.0% | | ||||||
| | | 59,100 | | | | Roper Technologies, Inc. | | | | | 27,908,793 | | |
| | | | | | | TRANSPORTATION 1.7% | | ||||||
| | | 91,300 | | | | Union Pacific Corp. | | | | | 24,944,073 | | |
| | | | | | | | | | | | 173,323,527 | | |
| INFORMATION TECHNOLOGY 26.5% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 2.3% | | ||||||
| | | 69,900 | | | | Teledyne Technologies, Inc.(1) | | | | | 33,036,837 | | |
| | | | | | | COMMERCIAL SERVICES 0.8% | | ||||||
| | | 18,700 | | | | Gartner, Inc.(1) | | | | | 5,562,502 | | |
| | | 45,887 | | | | Global Payments, Inc. | | | | | 6,279,177 | | |
| | | | | | | | | | | | 11,841,679 | | |
| | | | | | | COMPUTERS 3.2% | | ||||||
| | | 72,751 | | | | Accenture PLC Class A | | | | | 24,533,820 | | |
| | | 155,100 | | | | CGI, Inc.(1) | | | | | 12,381,633 | | |
| | | 29,000 | | | | EPAM Systems, Inc.(1) | | | | | 8,601,690 | | |
| | | | | | | | | | | | 45,517,143 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 67.3% (continued) | | ||||||||||||
| INFORMATION TECHNOLOGY 26.5% (continued) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 2.0% | | ||||||
| | | 80,000 | | | | MasterCard, Inc. Class A | | | | $ | 28,590,400 | | |
| | | | | | | SEMICONDUCTORS 0.8% | | ||||||
| | | 21,565 | | | | Monolithic Power Systems, Inc. | | | | | 10,473,689 | | |
| | | | | | | SOFTWARE 16.8% | | ||||||
| | | 59,900 | | | | Adobe, Inc.(1) | | | | | 27,291,638 | | |
| | | 24,700 | | | | ANSYS, Inc.(1) | | | | | 7,845,955 | | |
| | | 147,600 | | | | Cadence Design Systems, Inc.(1) | | | | | 24,274,296 | | |
| | | 51,600 | | | | Fair Isaac Corp.(1) | | | | | 24,069,336 | | |
| | | 106,787 | | | | Fidelity National Information Services, Inc. | | | | | 10,723,551 | | |
| | | 177,000 | | | | Fiserv, Inc.(1) | | | | | 17,947,800 | | |
| | | 72,810 | | | | Intuit, Inc. | | | | | 35,009,960 | | |
| | | 13,400 | | | | Paycom Software, Inc.(1) | | | | | 4,641,492 | | |
| | | 81,000 | | | | Salesforce.com, Inc.(1) | | | | | 17,197,920 | | |
| | | 45,925 | | | | ServiceNow, Inc.(1) | | | | | 25,575,173 | | |
| | | 59,800 | | | | Synopsys, Inc.(1) | | | | | 19,929,546 | | |
| | | 52,737 | | | | Tyler Technologies, Inc.(1) | | | | | 23,462,164 | | |
| | | | | | | | | | | | 237,968,831 | | |
| | | | | | | TELECOMMUNICATIONS 0.6% | | ||||||
| | | 34,100 | | | | Motorola Solutions, Inc. | | | | | 8,259,020 | | |
| | | | | | | | | | | | 375,687,599 | | |
| MATERIALS 1.3% | | ||||||||||||
| | | | | | | CHEMICALS 1.0% | | ||||||
| | | 81,000 | | | | Ecolab, Inc. | | | | | 14,301,360 | | |
| | | | | | | PACKAGING & CONTAINERS 0.3% | | ||||||
| | | 31,800 | | | | AptarGroup, Inc. | | | | | 3,736,500 | | |
| | | | | | | | | | | | 18,037,860 | | |
| REAL ESTATE 1.3% | | ||||||||||||
| | | | | | | REITS 1.3% | | ||||||
| | | 6,600 | | | | Equinix, Inc. REIT | | | | | 4,894,692 | | |
| | | 174,700 | | | | Equity LifeStyle Properties, Inc. | | | | | 13,361,056 | | |
| | | | | | | | | | | | 18,255,748 | | |
| UTILITIES 1.5% | | ||||||||||||
| | | | | | | ELECTRIC 1.5% | | ||||||
| | | 253,776 | | | | NextEra Energy, Inc. | | | | | 21,497,365 | | |
| TOTAL COMMON STOCKS (Cost $582,298,995) | | | | | 955,574,285 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES 0.7% | | ||||||||||||
| | $ | 1,500,000 | | | | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(2) | | | | $ | 1,495,825 | | |
| | | 1,000,000 | | | | Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 4/15/33(2) | | | | | 928,306 | | |
| | | 1,500,000 | | | | Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47%, 1/15/30(2) | | | | | 1,516,234 | | |
| | | 142,137 | | | | GM Financial Consumer Automobile Receivables Trust, Series 2019-4, Class A3, 1.75%, 7/16/24 | | | | | 142,240 | | |
| | | 1,500,000 | | | | GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25 | | | | | 1,494,272 | | |
| | | 120,557 | | | | Nissan Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.90%, 10/16/23 | | | | | 121,032 | | |
| | | 1,000,000 | | | | Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31(2) | | | | | 993,395 | | |
| | | 3,250,000 | | | | Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(2) | | | | | 3,082,673 | | |
| | | 336,962 | | | | Toyota Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.91%, 7/17/23 | | | | | 338,011 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $10,838,515) | | | | | 10,111,988 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 2.5% | | ||||||||||||
| | | 1,640,000 | | | | BANK, Series 2019-BN16, Class A4, 4.01%, 2/15/52 | | | | | 1,702,392 | | |
| | | 950,000 | | | | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | | | | | 970,778 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 2.5% (continued) | | ||||||||||||
| | $ | 700,000 | | | | BANK, Series 2021-BN33, Class A3, 2.02%, 5/15/64 | | | | $ | 647,167 | | |
| | | 1,500,000 | | | | BANK, Series 2021-BN37, Class A5, 2.62%, 11/15/64(3) | | | | | 1,412,542 | | |
| | | 1,500,000 | | | | BANK, Series 2021-BN38, Class A4, 2.28%, 12/15/64 | | | | | 1,372,448 | | |
| | | 1,800,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K037, Class A2, 3.49%, 1/25/24 | | | | | 1,823,818 | | |
| | | 1,580,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K040, Class A2, 3.24%, 9/25/24 | | | | | 1,599,895 | | |
| | | 1,450,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K733, Class A2, 3.75%, 8/25/25 | | | | | 1,486,680 | | |
| | | 1,240,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | | | | | 1,236,808 | | |
| | | 1,000,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K056, Class A2, 2.53%, 5/25/26 | | | | | 991,753 | | |
| | | 1,320,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | | | | | 1,315,512 | | |
| | | 875,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(3) | | | | | 899,359 | | |
| | | 1,580,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | | | | | 1,612,577 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 2.5% (continued) | | ||||||||||||
| | $ | 1,750,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | | | | $ | 1,788,991 | | |
| | | 1,825,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K067, Class A2, 3.19%, 7/25/27 | | | | | 1,862,894 | | |
| | | 750,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K068, Class A2, 3.24%, 8/25/27 | | | | | 767,708 | | |
| | | 825,378 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K072, Class A1, 3.25%, 11/25/27 | | | | | 839,018 | | |
| | | 1,650,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K073, Class A2, 3.35%, 1/25/28 | | | | | 1,700,451 | | |
| | | 1,000,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K076, Class A2, 3.90%, 4/25/28 | | | | | 1,060,035 | | |
| | | 1,775,326 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A1, 3.34%, 10/25/28 | | | | | 1,824,268 | | |
| | | 750,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(3) | | | | | 786,050 | | |
| | | 1,400,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29 | | | | | 1,463,441 | | |
| | | 1,903,741 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 | | | | | 1,870,047 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 2.5% (continued) | | ||||||||||||
| | $ | 1,000,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K102, Class A2, 2.54%, 10/25/29 | | | | $ | 982,683 | | |
| | | 231,257 | | | | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.73%, 2/25/48(2)(3) | | | | | 231,171 | | |
| | | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.05%, 11/16/52(3) | | | | | 143,329 | | |
| | | 1,000,000 | | | | Morgan Stanley Capital I Trust, Series 2021-L7, Class A4, 2.32%, 10/15/54 | | | | | 916,662 | | |
| | | 1,600,000 | | | | UBS Commercial Mortgage Trust, Series 2018-C10, Class A2, 3.56%, 5/15/51 | | | | | 1,606,646 | | |
| | | 390,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 391,020 | | |
| | | 13,244 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 13,234 | | |
| | | 336,516 | | | | WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A4, 3.65%, 10/15/57 | | | | | 339,393 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $38,186,599) | | | | | 35,658,770 | | | ||||||
| CORPORATE BONDS & NOTES 9.6% | | ||||||||||||
| | | | | | | BASIC MATERIALS 0.6% | | ||||||
| | | 1,090,000 | | | | ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29(4) | | | | | 1,106,931 | | |
| | | 1,000,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 1,015,032 | | |
| | | 1,205,000 | | | | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30 | | | | | 1,232,112 | | |
| | | 1,175,000 | | | | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | | | | | 1,227,954 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | BASIC MATERIALS 0.6% (continued) | | ||||||
| | $ | 770,000 | | | | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42 | | | | $ | 826,695 | | |
| | | 1,200,000 | | | | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | | | | | 1,163,531 | | |
| | | 1,135,000 | | | | Teck Resources Ltd., Senior Unsecured Notes, 6.13%, 10/1/35 | | | | | 1,340,242 | | |
| | | 1,050,000 | | | | Westlake Corp., Senior Unsecured Notes, 3.60%, 8/15/26 | | | | | 1,064,157 | | |
| | | | | | | | | | | | 8,976,654 | | |
| | | | | | | COMMUNICATIONS 0.7% | | ||||||
| | | 1,155,000 | | | | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | | | | | 1,025,198 | | |
| | | 1,250,000 | | | | Charter Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | | 1,297,697 | | |
| | | 1,325,000 | | | | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | | | | | 1,393,635 | | |
| | | 1,150,000 | | | | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | | | | | 1,096,050 | | |
| | | 1,100,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | | 1,143,994 | | |
| | | 1,275,000 | | | | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | | | | | 1,337,163 | | |
| | | 1,200,000 | | | | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | | | | | 1,131,000 | | |
| | | 1,225,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | | | | | 1,220,281 | | |
| | | | | | | | | | | | 9,645,018 | | |
| | | | | | | CONSUMER, CYCLICAL 1.0% | | ||||||
| | | 1,275,000 | | | | American Honda Finance Corp., Senior Unsecured Notes, 1.00%, 9/10/25 | | | | | 1,188,632 | | |
| | | 1,250,000 | | | | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | | | | | 1,279,406 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | CONSUMER, CYCLICAL 1.0% (continued) | | ||||||
| | $ | 1,300,000 | | | | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(4) | | | | $ | 1,151,478 | | |
| | | 1,300,000 | | | | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | | | | | 1,127,475 | | |
| | | 1,000,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24 | | | | | 986,933 | | |
| | | 1,100,000 | | | | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | | | | | 1,094,369 | | |
| | | 1,125,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | | | | | 1,091,250 | | |
| | | 1,061,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | | | | | 1,071,966 | | |
| | | 800,000 | | | | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | | | | | 822,190 | | |
| | | 1,250,000 | | | | Lowe’s Cos., Inc., Senior Unsecured Notes, 1.70%, 10/15/30 | | | | | 1,091,292 | | |
| | | 1,125,000 | | | | Newell Brands, Inc., Senior Unsecured Notes, 4.45%, 4/1/26 | | | | | 1,130,276 | | |
| | | 850,000 | | | | O’Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | | | | | 860,426 | | |
| | | 733,000 | | | | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(4) | | | | | 773,307 | | |
| | | 1,200,000 | | | | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 | | | | | 1,282,595 | | |
| | | | | | | | | | | | 14,951,595 | | |
| | | | | | | CONSUMER, NON-CYCLICAL 2.0% | | ||||||
| | | 1,126,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 1,170,094 | | |
| | | 1,310,000 | | | | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | | | | | 1,301,367 | | |
| | | 1,200,000 | | | | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | | | | | 1,157,269 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | CONSUMER, NON-CYCLICAL 2.0% (continued) | | ||||||
| | $ | 1,200,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | | | | $ | 1,332,311 | | |
| | | 1,250,000 | | | | Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | | | | | 1,260,668 | | |
| | | 1,300,000 | | | | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | | | | | 1,133,267 | | |
| | | 1,375,000 | | | | Baxter International, Inc., Senior Unsecured Notes, 1.73%, 4/1/31 | | | | | 1,186,098 | | |
| | | 1,400,000 | | | | Becton Dickinson & Co., Senior Unsecured Notes, 3.70%, 6/6/27 | | | | | 1,422,407 | | |
| | | 1,075,000 | | | | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | | | | | 1,071,106 | | |
| | | 1,350,000 | | | | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | | | | | 1,366,200 | | |
| | | 1,200,000 | | | | Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27 | | | | | 1,066,766 | | |
| | | 1,075,000 | | | | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | | | | | 942,257 | | |
| | | 1,500,000 | | | | Diageo Capital PLC, Guaranteed Notes, 2.00%, 4/29/30 | | | | | 1,367,958 | | |
| | | 1,150,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 2.90%, 5/15/30 | | | | | 1,061,521 | | |
| | | 1,050,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 1,093,365 | | |
| | | 1,300,000 | | | | Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26 | | | | | 1,269,077 | | |
| | | 1,125,000 | | | | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | | | | | 1,082,325 | | |
| | | 1,250,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | | | | | 1,329,260 | | |
| | | 1,175,000 | | | | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(4) | | | | | 1,051,252 | | |
| Principal Amount | | | | | ��� | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | CONSUMER, NON-CYCLICAL 2.0% (continued) | | ||||||
| | $ | 1,150,000 | | | | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | | | | $ | 1,133,138 | | |
| | | 1,225,000 | | | | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | | | | | 1,063,175 | | |
| | | 800,000 | | | | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | | | | | 713,230 | | |
| | | 1,200,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 1,364,451 | | |
| | | 1,100,000 | | | | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | | | | | 1,092,869 | | |
| | | | | | | | | | | | 28,031,431 | | |
| | | | | | | ENERGY 0.8% | | ||||||
| | | 1,275,000 | | | | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | | | | | 1,317,596 | | |
| | | 1,100,000 | | | | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | | | | | 1,056,040 | | |
| | | 1,400,000 | | | | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | | | | | 1,244,946 | | |
| | | 1,125,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 1,192,226 | | |
| | | 1,100,000 | | | | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(4) | | | | | 1,191,120 | | |
| | | 1,000,000 | | | | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | | | | | 1,028,472 | | |
| | | 720,000 | | | | Magellan Midstream Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 709,930 | | |
| | | 1,025,000 | | | | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | | | | | 1,078,607 | | |
| | | 1,275,000 | | | | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(4) | | | | | 1,211,687 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | ENERGY 0.8% (continued) | | ||||||
| | $ | 850,000 | | | | Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 | | | | $ | 805,782 | | |
| | | | | | | | | | | | 10,836,406 | | |
| | | | | | | FINANCIAL 2.9% | | ||||||
| | | 1,275,000 | | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | | | | | 1,167,093 | | |
| | | 1,375,000 | | | | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30(4) | | | | | 1,419,325 | | |
| | | 1,350,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | | | | | 1,326,301 | | |
| | | 1,400,000 | | | | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | | | | | 1,210,439 | | |
| | | 1,125,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 5.13%, 9/30/24 | | | | | 1,175,253 | | |
| | | 1,375,000 | | | | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | | | | | 1,293,599 | | |
| | | 1,025,000 | | | | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | | | | | 1,043,174 | | |
| | | 1,300,000 | | | | BlackRock, Inc., Senior Unsecured Notes, 2.40%, 4/30/30 | | | | | 1,234,444 | | |
| | | 903,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 1,028,476 | | |
| | | 1,000,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | | 1,016,224 | | |
| | | 1,150,000 | | | | Crown Castle International Corp., Senior Unsecured Notes, 3.80%, 2/15/28 | | | | | 1,150,232 | | |
| | | 1,000,000 | | | | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29(4) | | | | | 995,583 | | |
| | | 1,100,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 1,120,236 | | |
| | | 1,150,000 | | | | Duke Realty LP, Senior Unsecured Notes, 4.00%, 9/15/28 | | | | | 1,175,943 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | FINANCIAL 2.9% (continued) | | ||||||
| | $ | 1,150,000 | | | | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | | | | $ | 1,033,131 | | |
| | | 1,150,000 | | | | Essex Portfolio LP, Guaranteed Notes, 3.00%, 1/15/30 | | | | | 1,101,189 | | |
| | | 1,000,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | | | | | 1,012,970 | | |
| | | 1,100,000 | | | | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26(4) | | | | | 1,118,597 | | |
| | | 1,250,000 | | | | Hartford Financial Services Group, Inc., Senior Unsecured Notes, 2.80%, 8/19/29(4) | | | | | 1,189,096 | | |
| | | 1,100,000 | | | | HSBC Holdings PLC, Senior Unsecured Notes, 3.90%, 5/25/26 | | | | | 1,111,905 | | |
| | | 1,200,000 | | | | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27 | | | | | 1,216,433 | | |
| | | 1,320,000 | | | | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | | | | | 1,367,820 | | |
| | | 1,100,000 | | | | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(3) | | | | | 1,124,970 | | |
| | | 1,350,000 | | | | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29 | | | | | 1,276,603 | | |
| | | 1,500,000 | | | | Kimco Realty Corp., Senior Unsecured Notes, 2.25%, 12/1/31 | | | | | 1,343,598 | | |
| | | 1,125,000 | | | | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | | | | | 995,365 | | |
| | | 1,100,000 | | | | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | | | | | 1,117,589 | | |
| | | 1,475,000 | | | | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | | | | | 1,505,560 | | |
| | | 1,300,000 | | | | Northern Trust Corp., Senior Unsecured Notes, 1.95%, 5/1/30(4) | | | | | 1,191,064 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | FINANCIAL 2.9% (continued) | | ||||||
| | $ | 1,000,000 | | | | PNC Bank NA, Subordinated Notes, 2.95%, 1/30/23 | | | | $ | 1,008,137 | | |
| | | 1,100,000 | | | | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | | | | | 1,022,088 | | |
| | | 1,175,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(3)(4) | | | | | 1,198,712 | | |
| | | 1,250,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28(4) | | | | | 1,298,160 | | |
| | | 1,150,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 4.00%, 11/15/29 | | | | | 1,182,917 | | |
| | | 1,250,000 | | | | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | | | | | 1,194,688 | | |
| | | | | | | | | | | | 40,966,914 | | |
| | | | | | | INDUSTRIAL 0.7% | | ||||||
| | | 1,315,000 | | | | Amphenol Corp., Senior Unsecured Notes, 2.20%, 9/15/31 | | | | | 1,169,600 | | |
| | | 1,250,000 | | | | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | | | | | 1,162,845 | | |
| | | 1,200,000 | | | | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | | | | | 1,239,502 | | |
| | | 1,000,000 | | | | Jabil, Inc., Senior Unsecured Notes, 3.60%, 1/15/30 | | | | | 968,893 | | |
| | | 1,075,000 | | | | John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30 | | | | | 1,027,601 | | |
| | | 1,200,000 | | | | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 1,250,064 | | |
| | | 1,025,000 | | | | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | | | | | 887,895 | | |
| | | 1,150,000 | | | | Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | | | | | 1,204,299 | | |
| | | 1,200,000 | | | | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | | | | | 1,190,325 | | |
| | | | | | | | | | | | 10,101,024 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 9.6% (continued) | | ||||||||||||
| | | | | | | TECHNOLOGY 0.9% | | ||||||
| | $ | 1,250,000 | | | | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | | | | $ | 1,182,812 | | |
| | | 1,300,000 | | | | Advanced Micro Devices, Inc., Senior Unsecured Notes, 2.38%, 6/1/30(4) | | | | | 1,207,968 | | |
| | | 1,500,000 | | | | Analog Devices, Inc., Senior Unsecured Notes, 2.80%, 10/1/41(4) | | | | | 1,347,304 | | |
| | | 1,125,000 | | | | Dell International LLC / EMC Corp., Senior Unsecured Notes, 4.90%, 10/1/26 | | | | | 1,181,509 | | |
| | | 1,150,000 | | | | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | | | | | 1,214,821 | | |
| | | 1,350,000 | | | | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | | | | | 1,417,003 | | |
| | | 1,350,000 | | | | NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25 | | | | | 1,292,436 | | |
| | | 1,000,000 | | | | NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30 | | | | | 984,733 | | |
| | | 1,100,000 | | | | Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30 | | | | | 976,665 | | |
| | | 1,210,000 | | | | salesforce.com, Inc., Senior Unsecured Notes, 2.70%, 7/15/41(4) | | | | | 1,072,892 | | |
| | | 1,300,000 | | | | Western Digital Corp., Senior Unsecured Notes, 3.10%, 2/1/32 | | | | | 1,163,981 | | |
| | | | | | | | | | | | 13,042,124 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $146,081,253) | | | | | 136,551,166 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES 0.6% | | ||||||||||||
| | | | | | | CALIFORNIA 0.2% | | ||||||
| | | 500,000 | | | | City & County of San Francisco CA, GO, 2.60%, 6/15/37 | | | | | 474,304 | | |
| | | 500,000 | | | | City of Pasadena CA, Refunding Revenue Bonds, Ser. B, 2.77%, 5/1/34 | | | | | 471,050 | | |
| | | 1,500,000 | | | | San Diego Unified School District, GO, 2.61%, 7/1/36 | | | | | 1,356,069 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES 0.6% (continued) | | ||||||||||||
| | | | | | | CALIFORNIA 0.2% (continued) | | ||||||
| | $ | 450,000 | | | | San Marcos California Unified School District, Refunding Revenue Bonds, GO, 3.17%, 8/1/38 | | | | $ | 416,228 | | |
| | | | | | | | | | | | 2,717,651 | | |
| | | | | | | CONNECTICUT 0.1% | | ||||||
| | | 1,375,000 | | | | Hartford County Metropolitan District Clean Water Project Revenue, 2.17%, 4/1/34 | | | | | 1,201,313 | | |
| | | | | | | HAWAII 0.1% | | ||||||
| | | 1,300,000 | | | | State of Hawaii, GO, 1.71%, 8/1/28 | | | | | 1,206,832 | | |
| | | | | | | OREGON 0.1% | | ||||||
| | | 1,100,000 | | | | State of Oregon, GO, 2.38%, 5/1/36 | | | | | 1,021,536 | | |
| | | 1,085,000 | | | | Tri-County Metropolitan Transportation District of Oregon, Refunding Revenue Bonds, 2.50%, 9/1/30 | | | | | 1,051,121 | | |
| | | 500,000 | | | | Tri-County Metropolitan Transportation District of Oregon, Refunding Revenue Bonds, 2.86%, 9/1/41 | | | | | 455,634 | | |
| | | | | | | | | | | | 2,528,291 | | |
| | | | | | | VIRGINIA 0.1% | | ||||||
| | | 1,300,000 | | | | Fairfax County Economic Development Authority, Refunding Revenue Bonds, Series C, 2.43%, 10/1/34 | | | | | 1,171,627 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $9,632,027) | | | | | 8,825,714 | | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8% | | ||||||||||||
| | | 897,673 | | | | FHLMC Pool #RA6817, MBS, 2.50%, 2/1/52 | | | | | 858,818 | | |
| | | 5,306 | | | | FHLMC Gold PC Pool #G08488, 3.50%, 4/1/42 | | | | | 5,420 | | |
| | | 1,212,764 | | | | FHLMC Pool #QB2462, 3.00%, 8/1/50 | | | | | 1,193,248 | | |
| | | 2,429,347 | | | | FHLMC Pool #QB2958, 3.00%, 9/1/50 | | | | | 2,381,866 | | |
| | | 639,638 | | | | FHLMC Pool #QN6443, 1.50%, 5/1/36 | | | | | 607,401 | | |
| Principal Amount | | | | | | Value | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8% (continued) | | ||||||||||||
| | $ | 967,986 | | | | FHLMC Pool #RB5022, 3.00%, 11/1/39 | | | | $ | 956,127 | | |
| | | 1,057,620 | | | | FHLMC Pool #RD5024, 2.00%, 5/1/30 | | | | | 1,032,438 | | |
| | | 1,580,789 | | | | FHLMC Pool #SB8010, 2.50%, 10/1/34 | | | | | 1,565,031 | | |
| | | 167,767 | | | | FHLMC Pool #SB8026, 2.50%, 1/1/35 | | | | | 166,095 | | |
| | | 1,595,429 | | | | FHLMC Pool #SB8044, 2.00%, 5/1/35 | | | | | 1,551,682 | | |
| | | 2,163,946 | | | | FHLMC Pool #SB8078, 1.50%, 12/1/35 | | | | | 2,055,136 | | |
| | | 863,207 | | | | FHLMC Pool #SD7514, 3.50%, 4/1/50 | | | | | 871,609 | | |
| | | 562,462 | | | | FHLMC Pool #SD8093, 3.50%, 9/1/50 | | | | | 564,852 | | |
| | | 4,991,811 | | | | FHLMC Pool #SD8106, 2.00%, 11/1/50 | | | | | 4,651,506 | | |
| | | 2,533,520 | | | | FHLMC Pool #SD8108, 3.00%, 11/1/50 | | | | | 2,484,223 | | |
| | | 1,572,303 | | | | FHLMC Pool #SD8128, 2.00%, 2/1/51 | | | | | 1,464,812 | | |
| | | 1,876,687 | | | | FHLMC Pool #SD8134, 2.00%, 3/1/51 | | | | | 1,747,755 | | |
| | | 569,762 | | | | FHLMC Pool #SD8163, 3.50%, 8/1/51 | | | | | 571,763 | | |
| | | 986,430 | | | | FHLMC Pool #SD8196, MBS, 3.50%, 2/1/52 | | | | | 990,523 | | |
| | | 1,402 | | | | FHLMC Pool #ZK4078, 2.50%, 4/1/22 | | | | | 1,386 | | |
| | | 5,728 | | | | FHLMC Pool #ZN1699, 4.50%, 12/1/48 | | | | | 5,955 | | |
| | | 1,083,548 | | | | FHLMC Pool #ZS4647, 3.50%, 1/1/46 | | | | | 1,102,019 | | |
| | | 8,602 | | | | FHLMC Pool #ZS6516, 2.50%, 6/1/22 | | | | | 8,557 | | |
| | | 79,276 | | | | FHLMC Pool #ZS6632, 2.50%, 11/1/22 | | | | | 78,596 | | |
| | | 4,442 | | | | FHLMC Pool #ZT2090, 3.00%, 6/1/49 | | | | | 4,362 | | |
| | | 55,068 | | | | FHLMC REMIC Trust Series 4151, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 53,624 | | |
| | | 102 | | | | FNMA Pool #255132, 4.50%, 2/1/24 | | | | | 106 | | |
| | | 74,390 | | | | FNMA Pool #AB6344, 2.50%, 10/1/22 | | | | | 73,757 | | |
| | | 123,226 | | | | FNMA Pool #AQ3960, 3.00%, 8/1/28 | | | | | 124,530 | | |
| | | 69,959 | | | | FNMA Pool #AR0930, 2.50%, 1/1/28 | | | | | 69,332 | | |
| | | 1,623,824 | | | | FNMA Pool #AS0516, 3.00%, 9/1/43 | | | | | 1,625,404 | | |
| | | 690,844 | | | | FNMA Pool #AX9528, 3.50%, 2/1/45 | | | | | 702,881 | | |
| Principal Amount | | | | | | Value | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8% (continued) | | ||||||||||||
| | $ | 36,340 | | | | FNMA Pool #AZ6194, 3.50%, 10/1/45 | | | | $ | 36,989 | | |
| | | 49,277 | | | | FNMA Pool #AZ9703, 3.00%, 10/1/45 | | | | | 48,685 | | |
| | | 2,762 | | | | FNMA Pool #BK4970, 3.50%, 5/1/48 | | | | | 2,791 | | |
| | | 6,067 | | | | FNMA Pool #BK4987, 3.50%, 6/1/48 | | | | | 6,123 | | |
| | | 3,627 | | | | FNMA Pool #BK7396, 3.50%, 7/1/48 | | | | | 3,649 | | |
| | | 8,882 | | | | FNMA Pool #BK9639, 3.50%, 11/1/48 | | | | | 8,929 | | |
| | | 1,544,590 | | | | FNMA Pool #BM3634, 3.50%, 5/1/47 | | | | | 1,568,284 | | |
| | | 47,028 | | | | FNMA Pool #BM5689, 2.50%, 3/1/24 | | | | | 46,610 | | |
| | | 5,350 | | | | FNMA Pool #BN4309, 4.50%, 1/1/49 | | | | | 5,564 | | |
| | | 21,409 | | | | FNMA Pool #BN6305, 3.00%, 5/1/49 | | | | | 21,054 | | |
| | | 1,227,872 | | | | FNMA Pool #BP5709, 2.50%, 5/1/50 | | | | | 1,176,319 | | |
| | | 849,361 | | | | FNMA Pool #BQ9091, 2.00%, 12/1/50 | | | | | 791,484 | | |
| | | 1,550,537 | | | | FNMA Pool #BU8388, 3.00%, 11/1/51 | | | | | 1,520,079 | | |
| | | 964,193 | | | | FNMA Pool #CA5540, 3.00%, 4/1/50 | | | | | 948,046 | | |
| | | 269,132 | | | | FNMA Pool #CB0310, 1.50%, 4/1/36 | | | | | 255,652 | | |
| | | 1,775,585 | | | | FNMA Pool #CB2391, 2.50%, 12/1/51 | | | | | 1,698,704 | | |
| | | 4,107 | | | | FNMA Pool #FM1238, 4.00%, 3/1/49 | | | | | 4,201 | | |
| | | 354,379 | | | | FNMA Pool #FM1581, 2.50%, 2/1/26 | | | | | 350,906 | | |
| | | 3,282,914 | | | | FNMA Pool #FM2202, 4.00%, 12/1/48 | | | | | 3,365,168 | | |
| | | 1,299,427 | | | | FNMA Pool #FM3254, 3.50%, 5/1/49 | | | | | 1,322,773 | | |
| | | 1,188,321 | | | | FNMA Pool #FM4140, 2.50%, 9/1/50 | | | | | 1,139,098 | | |
| | | 899,784 | | | | FNMA Pool #FM4635, 2.00%, 11/1/50 | | | | | 838,687 | | |
| | | 912,914 | | | | FNMA Pool #FM5091, 1.50%, 12/1/50 | | | | | 816,876 | | |
| | | 751,548 | | | | FNMA Pool #FM6468, 4.00%, 6/1/49 | | | | | 768,262 | | |
| | | 1,335,140 | | | | FNMA Pool #FM9509, 3.00%, 11/1/36 | | | | | 1,351,614 | | |
| | | 2,213,229 | | | | FNMA Pool #FM9760, 3.50%, 11/1/51 | | | | | 2,223,957 | | |
| | | 2,421,335 | | | | FNMA Pool #FM9834, 3.50%, 6/1/49 | | | | | 2,442,670 | | |
| | | 2,428,368 | | | | FNMA Pool #FM9939, 4.00%, 1/1/52 | | | | | 2,482,235 | | |
| Principal Amount | | | | | | Value | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8% (continued) | | ||||||||||||
| | $ | 50,332 | | | | FNMA Pool #MA0073, 4.50%, 5/1/29 | | | | $ | 52,232 | | |
| | | 12,176 | | | | FNMA Pool #MA1212, 2.50%, 10/1/22 | | | | | 12,072 | | |
| | | 61,466 | | | | FNMA Pool #MA2641, 3.00%, 6/1/46 | | | | | 61,176 | | |
| | | 97,137 | | | | FNMA Pool #MA3114, 2.50%, 8/1/32 | | | | | 96,169 | | |
| | | 122,125 | | | | FNMA Pool #MA3331, 3.00%, 4/1/48 | | | | | 120,498 | | |
| | | 468,899 | | | | FNMA Pool #MA3674, 2.50%, 5/1/34 | | | | | 464,225 | | |
| | | 505,554 | | | | FNMA Pool #MA3692, 3.50%, 7/1/49 | | | | | 508,702 | | |
| | | 239,111 | | | | FNMA Pool #MA3709, 2.50%, 6/1/34 | | | | | 236,728 | | |
| | | 158,196 | | | | FNMA Pool #MA3729, 2.50%, 7/1/34 | | | | | 156,619 | | |
| | | 486,991 | | | | FNMA Pool #MA3744, 3.00%, 8/1/49 | | | | | 477,969 | | |
| | | 488,890 | | | | FNMA Pool #MA3832, 3.50%, 11/1/39 | | | | | 492,487 | | |
| | | 1,168,570 | | | | FNMA Pool #MA4042, 2.00%, 6/1/35 | | | | | 1,136,504 | | |
| | | 1,075,811 | | | | FNMA Pool #MA4055, 2.50%, 6/1/50 | | | | | 1,031,250 | | |
| | | 1,795,732 | | | | FNMA Pool #MA4077, 2.00%, 7/1/50 | | | | | 1,674,085 | | |
| | | 3,414,000 | | | | FNMA Pool #MA4078, 2.50%, 7/1/50 | | | | | 3,268,495 | | |
| | | 2,727,495 | | | | FNMA Pool #MA4100, 2.00%, 8/1/50 | | | | | 2,542,676 | | |
| | | 1,076,580 | | | | FNMA Pool #MA4119, 2.00%, 9/1/50 | | | | | 1,003,576 | | |
| | | 808,278 | | | | FNMA Pool #MA4158, 2.00%, 10/1/50 | | | | | 753,414 | | |
| | | 5,150,301 | | | | FNMA Pool #MA4208, 2.00%, 12/1/50 | | | | | 4,799,925 | | |
| | | 1,576,766 | | | | FNMA Pool #MA4222, 3.50%, 12/1/50 | | | | | 1,584,273 | | |
| | | 887,774 | | | | FNMA Pool #MA4328, 1.50%, 5/1/36 | | | | | 843,072 | | |
| | | 984,078 | | | | FNMA Pool #MA4355, 2.00%, 6/1/51 | | | | | 915,815 | | |
| | | 903,152 | | | | FNMA Pool #MA4359, 1.50%, 6/1/36 | | | | | 857,409 | | |
| | | 1,971,348 | | | | FNMA Pool #MA4492, 2.00%, 12/1/51 | | | | | 1,835,879 | | |
| | | 1,747,335 | | | | FNMA Pool #MA4494, 3.00%, 12/1/51 | | | | | 1,713,090 | | |
| | | 2,966,559 | | | | FNMA Pool #MA4495, 3.50%, 12/1/51 | | | | | 2,977,243 | | |
| | | 1,584,248 | | | | FNMA Pool #MA4511, 2.00%, 1/1/52 | | | | | 1,472,443 | | |
| Principal Amount | | | | | | Value | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8% (continued) | | ||||||||||||
| | $ | 34,780 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | $ | 34,183 | | |
| | | 48,663 | | | | FNMA REMIC Trust Series 2013-41, Class WD, 2.00%, 11/25/42 | | | | | 46,434 | | |
| | | 62,756 | | | | GNMA II Pool #MA1090, 3.50%, 6/20/43 | | | | | 64,484 | | |
| | | 32,124 | | | | GNMA II Pool #MA1448, 3.50%, 11/20/43 | | | | | 33,006 | | |
| | | 52,464 | | | | GNMA II Pool #MA2149, 4.00%, 8/20/44 | | | | | 55,159 | | |
| | | 48,077 | | | | GNMA II Pool #MA3803, 3.50%, 7/20/46 | | | | | 48,966 | | |
| | | 1,456,041 | | | | GNMA II Pool #MA3937, 3.50%, 9/20/46 | | | | | 1,481,775 | | |
| | | 464,873 | | | | GNMA II Pool #MA4836, 3.00%, 11/20/47 | | | | | 463,339 | | |
| | | 118,612 | | | | GNMA II Pool #MA5191, 3.50%, 5/20/48 | | | | | 120,410 | | |
| | | 135,487 | | | | GNMA II Pool #MA5527, 3.50%, 10/20/48 | | | | | 137,297 | | |
| | | 215,300 | | | | GNMA II Pool #MA5594, 3.50%, 11/20/48 | | | | | 217,793 | | |
| | | 62,554 | | | | GNMA II Pool #MA5650, 3.50%, 12/20/48 | | | | | 63,426 | | |
| | | 576,194 | | | | GNMA II Pool #MA5762, 3.50%, 2/20/49 | | | | | 585,018 | | |
| | | 593,040 | | | | GNMA II Pool #MA5815, 3.00%, 3/20/49 | | | | | 590,822 | | |
| | | 612,826 | | | | GNMA II Pool #MA6409, 3.00%, 1/20/50 | | | | | 608,821 | | |
| | | 544,316 | | | | GNMA II Pool #MA6866, 3.00%, 9/20/50 | | | | | 540,750 | | |
| | | 953,642 | | | | GNMA II Pool #MA7054, 3.50%, 12/20/50 | | | | | 961,913 | | |
| | | 703,644 | | | | GNMA II Pool #MA7256, 3.00%, 3/20/51 | | | | | 699,031 | | |
| | | 4,162,009 | | | | GNMA II Pool #MA7651, 3.50%, 10/20/51 | | | | | 4,196,774 | | |
| | | | | | | | | | | | 96,853,650 | | |
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $103,480,799) | | | | | 96,853,650 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS 7.4% | | ||||||||||||
| | | | | | | U.S. TREASURY NOTES & BONDS 7.4% | | ||||||
| | $ | 3,170,000 | | | | U.S. Treasury Bonds, 5.38%, 2/15/31 | | | | $ | 3,942,192 | | |
| | | 3,320,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 4,198,373 | | |
| | | 12,725,000 | | | | U.S. Treasury Bonds, 1.13%, 5/15/40 | | | | | 10,037,341 | | |
| | | 6,612,000 | | | | U.S. Treasury Bonds, 2.88%, 5/15/43 | | | | | 6,854,784 | | |
| | | 6,319,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 6,889,191 | | |
| | | 9,000,000 | | | | U.S. Treasury Notes, 0.25%, 4/15/23 | | | | | 8,863,945 | | |
| | | 2,000,000 | | | | U.S. Treasury Notes, 0.38%, 7/15/24(4) | | | | | 1,910,391 | | |
| | | 7,805,000 | | | | U.S. Treasury Notes, 2.38%, 8/15/24 | | | | | 7,793,719 | | |
| | | 5,615,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 5,584,512 | | |
| | | 9,400,000 | | | | U.S. Treasury Notes, 0.38%, 11/30/25 | | | | | 8,700,141 | | |
| | | 3,000,000 | | | | U.S. Treasury Notes, 2.63%, 12/31/25 | | | | | 3,013,945 | | |
| | | 7,075,000 | | | | U.S. Treasury Notes, 1.63%, 5/15/26 | | | | | 6,834,837 | | |
| | | 5,000,000 | | | | U.S. Treasury Notes, 0.63%, 3/31/27 | | | | | 4,577,930 | | |
| | | 9,400,000 | | | | U.S. Treasury Notes, 0.63%, 11/30/27 | | | | | 8,497,086 | | |
| | | 5,750,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 5,845,684 | | |
| | | 10,000,000 | | | | U.S. Treasury Notes, 1.63%, 8/15/29 | | | | | 9,492,969 | | |
| | | 1,100,000 | | | | U.S. Treasury Notes, 1.13%, 2/15/31 | | | | | 993,738 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $111,706,339) | | | | | 104,030,778 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS 5.2% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 5.2% | | ||||||
| | $ | 66,577,859 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.25%(5) | | | | $ | 66,577,859 | | |
| | | 7,338,595 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(6) | | | | | 7,338,595 | | |
| | | | | | | | | | | | 73,916,454 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $73,916,454) | | | | | 73,916,454 | | | ||||||
| TOTAL INVESTMENTS IN SECURITIES 100.1% (Cost $1,076,140,981) | | | | $ | 1,421,522,805 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.1)% | | | | | (1,816,325) | | | ||||||
| NET ASSETS 100% | | | | $ | 1,419,706,480 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 955,574,285 | | | | | $ | — | | | | | $ | — | | | | | $ | 955,574,285 | | |
Asset-Backed Securities | | | | | — | | | | | | 10,111,988 | | | | | | — | | | | | | 10,111,988 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 35,658,770 | | | | | | — | | | | | | 35,658,770 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 136,551,166 | | | | | | — | | | | | | 136,551,166 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 8,825,714 | | | | | | — | | | | | | 8,825,714 | | |
Residential Mortgage-Backed Securities | | | | | — | | | | | | 96,853,650 | | | | | | — | | | | | | 96,853,650 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 104,030,778 | | | | | | — | | | | | | 104,030,778 | | |
Short-Term Investments | | | | | 73,916,454 | | | | | | — | | | | | | — | | | | | | 73,916,454 | | |
Total Investments in Securities | | | | $ | 1,029,490,739 | | | | | $ | 392,032,066 | | | | | $ | — | | | | | $ | 1,421,522,805 | | |
at March 31, 2022
| | | Value Line Small Cap Opportunities Fund, Inc. | | | Value Line Asset Allocation Fund, Inc. | | ||||||
Assets: | | | | | | | | | | | | | |
Investments in securities, at value* | | | | $ | 461,709,670 | | | | | $ | 1,421,522,805 | | |
Receivable for capital shares sold | | | | | 293,327 | | | | | | 614,628 | | |
Dividends and interest receivable | | | | | 241,171 | | | | | | 2,451,964 | | |
Prepaid expenses | | | | | 37,513 | | | | | | 90,280 | | |
Receivable for securities lending income | | | | | 991 | | | | | | 1,730 | | |
Receivable for securities sold | | | | | — | | | | | | 6,740,498 | | |
Total Assets | | | | | 462,282,672 | | | | | | 1,431,421,905 | | |
Liabilities: | | | | | | | | | | | | | |
Payable upon return of securities on loan (See Note 1(K)) | | | | | 6,483,239 | | | | | | 7,338,595 | | |
Payable for capital shares redeemed | | | | | 240,713 | | | | | | 2,470,801 | | |
Payable for securities purchased | | | | | — | | | | | | 584,105 | | |
Accrued expenses: | | | | | | | | | | | | | |
Advisory fee | | | | | 274,981 | | | | | | 727,882 | | |
Service and distribution plan fees | | | | | 69,659 | | | | | | 105,510 | | |
Sub-transfer agent fees | | | | | 24,189 | | | | | | 71,507 | | |
Directors’ fees and expenses | | | | | 4,190 | | | | | | 2,234 | | |
Other | | | | | 137,294 | | | | | | 414,791 | | |
Total Liabilities | | | | | 7,234,265 | | | | | | 11,715,425 | | |
Net Assets | | | | $ | 455,048,407 | | | | | $ | 1,419,706,480 | | |
Net assets consist of: | | | | | | | | | | | | | |
Capital stock, at $0.001 par value (authorized 300,000,000 shares and 300,000,000 shares, respectively) | | | | $ | 9,349 | | | | | $ | 33,127 | | |
Additional paid-in capital | | | | | 251,453,526 | | | | | | 1,037,377,876 | | |
Distributable Earnings/(Loss) | | | | | 203,585,532 | | | | | | 382,295,477 | | |
Net Assets | | | | $ | 455,048,407 | | | | | $ | 1,419,706,480 | | |
Net Asset Value Per Share | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | |
Net Assets | | | | $ | 328,455,354 | | | | | $ | 499,219,557 | | |
Shares Outstanding | | | | | 6,792,075 | | | | | | 11,666,468 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 48.36 | | | | | $ | 42.79 | | |
Institutional Class | | | | | | | | | | | | | |
Net Assets | | | | $ | 126,593,053 | | | | | $ | 920,486,923 | | |
Shares Outstanding | | | | | 2,556,497 | | | | | | 21,460,738 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 49.52 | | | | | $ | 42.89 | | |
* Includes securities on loan of | | | | $ | 12,309,656 | | | | | $ | 14,035,508 | | |
Cost of investments | | | | $ | 256,533,272 | | | | | $ | 1,076,140,981 | | |
| | | Value Line Small Cap Opportunities Fund, Inc. | | | Value Line Asset Allocation Fund, Inc. | | ||||||
Investment Income: | | | | | | | | | | | | | |
Dividends (net of foreign withholding tax of $0 and $14,874, respectively) | | | | $ | 3,244,177 | | | | | $ | 8,669,334 | | |
Interest | | | | | — | | | | | | 10,315,536 | | |
Securities lending income (Net) | | | | | 11,700 | | | | | | 17,647 | | |
Total Income | | | | | 3,255,877 | | | | | | 19,002,517 | | |
Expenses: | | | | | | | | | | | | | |
Advisory fees | | | | | 3,744,753 | | | | | | 10,788,128 | | |
Service and distribution plan fees | | | | | 934,585 | | | | | | 1,517,266 | | |
Sub-transfer agent fees | | | | | 291,688 | | | | | | 884,864 | | |
Auditing and legal fees | | | | | 136,403 | | | | | | 429,316 | | |
Registration and filing fees | | | | | 108,544 | | | | | | 106,416 | | |
Custody and accounting fees | | | | | 78,975 | | | | | | 272,989 | | |
Transfer agent fees | | | | | 61,184 | | | | | | 318,380 | | |
Directors’ fees and expenses | | | | | 54,719 | | | | | | 177,676 | | |
Printing and postage fees | | | | | 50,977 | | | | | | 232,888 | | |
Fund administration fees | | | | | 33,399 | | | | | | 31,000 | | |
Compliance and tax service fees | | | | | 25,254 | | | | | | 64,079 | | |
Insurance fees | | | | | 16,013 | | | | | | 67,662 | | |
Other | | | | | 33,141 | | | | | | 54,062 | | |
Recoupment (See Note 5) | | | | | 4,119 | | | | | | 44,117 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 5,573,754 | | | | | | 14,988,843 | | |
Less: Advisory Fees Waived | | | | | (59,591) | | | | | | (75,103) | | |
Net Expenses | | | | | 5,514,163 | | | | | | 14,913,740 | | |
Net Investment Income/(Loss) | | | | | (2,258,286) | | | | | | 4,088,777 | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | | | | | | | |
Investments in securities | | | | | 19,499,476 | | | | | | 100,796,623 | | |
Foreign currency transactions | | | | | — | | | | | | 108 | | |
| | | | | 19,499,476 | | | | | | 100,796,731 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | | | | | | | |
Investments in securities | | | | | (31,182,773) | | | | | | (5,767,838) | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | (11,683,297) | | | | | | 95,028,893 | | |
Net Increase/(Decrease) in Net Assets from Operations | | | | $ | (13,941,583) | | | | | $ | 99,117,670 | | |
| | | Value Line Small Cap Opportunities Fund, Inc. | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (2,258,286) | | | | | $ | (1,855,354) | | |
Net realized gain/(loss) on investments | | | | | 19,499,476 | | | | | | 33,419,795 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | (31,182,773) | | | | | | 175,151,252 | | |
Net increase/(decrease) in net assets from operations | | | | | (13,941,583) | | | | | | 206,715,693 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Investor Class | | | | | (21,858,560) | | | | | | (28,345,129) | | |
Institutional Class | | | | | (7,681,925) | | | | | | (7,140,153) | | |
| | | | | (29,540,485) | | | | | | (35,485,282) | | |
Share Transactions: | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | |
Investor Class | | | | | 12,595,498 | | | | | | 21,645,736 | | |
Institutional Class | | | | | 42,828,529 | | | | | | 66,713,652 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | |
Investor Class | | | | | 21,567,199 | | | | | | 27,953,375 | | |
Institutional Class | | | | | 7,626,154 | | | | | | 7,078,152 | | |
Cost of shares redeemed | | | | | | | | | | | | | |
Investor Class | | | | | (60,555,544) | | | | | | (105,369,156) | | |
Institutional Class | | | | | (31,534,058) | | | | | | (22,780,842) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (7,472,222) | | | | | | (4,759,083) | | |
Total increase/(decrease) in net assets | | | | | (50,954,290) | | | | | | 166,471,328 | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of year | | | | | 506,002,697 | | | | | | 339,531,369 | | |
End of year | | | | $ | 455,048,407 | | | | | $ | 506,002,697 | | |
Capital Share Transactions: | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Investor Class | | | | | 234,434 | | | | | | 469,015 | | |
Institutional Class | | | | | 791,942 | | | | | | 1,347,984 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | |
Investor Class | | | | | 406,698 | | | | | | 579,105 | | |
Institutional Class | | | | | 140,548 | | | | | | 143,865 | | |
Shares redeemed | | | | | | | | | | | | | |
Investor Class | | | | | (1,129,530) | | | | | | (2,335,052) | | |
Institutional Class | | | | | (576,331) | | | | | | (491,075) | | |
| | | Value Line Asset Allocation Fund, Inc. | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
| | | | ||||||||||
Operations: | | | | ||||||||||
Net investment income/(loss) | | | | $ | 4,088,777 | | | | | $ | 2,679,167 | | |
Net realized gain/(loss) on investments and foreign currency | | | | | 100,796,731 | | | | | | 50,014,581 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | (5,767,838) | | | | | | 276,713,547 | | |
Net increase/(decrease) in net assets from operations | | | | | 99,117,670 | | | | | | 329,407,295 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Investor Class | | | | | (36,991,741) | | | | | | (3,732,902) | | |
Institutional Class | | | | | (78,180,633) | | | | | | (10,865,809) | | |
| | | | | (115,172,374) | | | | | | (14,598,711) | | |
Share Transactions: | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | |
Investor Class | | | | | 74,629,812 | | | | | | 329,926,335 | | |
Institutional Class | | | | | 255,362,228 | | | | | | 914,837,092 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | |
Investor Class | | | | | 35,510,337 | | | | | | 3,514,074 | | |
Institutional Class | | | | | 76,064,513 | | | | | | 10,601,974 | | |
Cost of shares redeemed | | | | | | | | | | | | | |
Investor Class | | | | | (232,929,799) | | | | | | (468,183,225) | | |
Institutional Class | | | | | (559,927,173) | | | | | | (418,658,111) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (351,290,082) | | | | | | 372,038,139 | | |
Total increase/(decrease) in net assets | | | | | (367,344,786) | | | | | | 686,846,723 | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of year | | | | | 1,787,051,266 | | | | | | 1,100,204,543 | | |
End of year | | | | $ | 1,419,706,480 | | | | | $ | 1,787,051,266 | | |
Capital Share Transactions: | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Investor Class | | | | | 1,628,720 | | | | | | 8,221,048 | | |
Institutional Class | | | | | 5,536,165 | | | | | | 22,177,562 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | |
Investor Class | | | | | 783,720 | | | | | | 81,514 | | |
Institutional Class | | | | | 1,676,134 | | | | | | 245,473 | | |
Shares redeemed | | | | | | | | | | | | | |
Investor Class | | | | | (5,153,267) | | | | | | (11,177,926) | | |
Institutional Class | | | | | (12,705,212) | | | | | | (9,830,184) | | |
| | | Value Line Small Cap Opportunities Fund, Inc. Investor Class | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 53.12 | | | | | $ | 34.69 | | | | | $ | 48.31 | | | | | $ | 51.99 | | | | | $ | 47.38 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.28)(1) | | | | | | (0.22)(1) | | | | | | (0.12)(1) | | | | | | (0.02) | | | | | | 0.03 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (1.21) | | | | | | 22.68 | | | | | | (3.34) | | | | | | 3.09 | | | | | | 6.46 | | |
Total from investment operations | | | | | (1.49) | | | | | | 22.46 | | | | | | (3.46) | | | | | | 3.07 | | | | | | 6.49 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | | | | | (1.88) | | |
Total distributions | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | | | | | (1.88) | | |
Net asset value, end of year | | | | $ | 48.36 | | | | | $ | 53.12 | | | | | $ | 34.69 | | | | | $ | 48.31 | | | | | $ | 51.99 | | |
Total return | | | | | (3.34)% | | | | | | 65.92% | | | | | | (11.25)% | | | | | | 7.80% | | | | | | 13.70% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 328,455 | | | | | $ | 386,766 | | | | | $ | 297,244 | | | | | $ | 400,688 | | | | | $ | 449,737 | | |
Ratio of gross expenses to average net assets | | | | | 1.16% | | | | | | 1.18% | | | | | | 1.19% | | | | | | 1.21% | | | | | | 1.21% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.52)% | | | | | | (0.48)% | | | | | | (0.25)% | | | | | | (0.24)% | | | | | | (0.22)% | | |
Portfolio turnover rate | | | | | 3% | | | | | | 4% | | | | | | 18% | | | | | | 20% | | | | | | 11% | | |
| | | Value Line Small Cap Opportunities Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 54.19 | | | | | $ | 35.25 | | | | | $ | 48.83 | | | | | $ | 52.34 | | | | | $ | 47.56 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.14)(1) | | | | | | (0.10)(1) | | | | | | 0.00(1)(2) | | | | | | (0.02) | | | | | | 0.03 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (1.26) | | | | | | 23.07 | | | | | | (3.42) | | | | | | 3.26 | | | | | | 6.63 | | |
Total from investment operations | | | | | (1.40) | | | | | | 22.97 | | | | | | (3.42) | | | | | | 3.24 | | | | | | 6.66 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | | | | | (1.88) | | |
Total distributions | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | | | | | (1.88) | | |
Net asset value, end of year | | | | $ | 49.52 | | | | | $ | 54.19 | | | | | $ | 35.25 | | | | | $ | 48.83 | | | | | $ | 52.34 | | |
Total return | | | | | (3.10)% | | | | | | 66.33% | | | | | | (11.03)% | | | | | | 8.09% | | | | | | 14.01% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 126,593 | | | | | $ | 119,237 | | | | | $ | 42,287 | | | | | $ | 48,783 | | | | | $ | 39,582 | | |
Ratio of gross expenses to average net assets | | | | | 0.95% | | | | | | 0.96% | | | | | | 1.00% | | | | | | 1.02% | | | | | | 1.01% | | |
Ratio of net expenses to average net assets | | | | | 0.91% | | | | | | 0.93% | | | | | | 0.94% | | | | | | 0.96% | | | | | | 0.96% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.25)% | | | | | | (0.21)% | | | | | | 0.00%(2) | | | | | | 0.02% | | | | | | 0.05% | | |
Portfolio turnover rate | | | | | 3% | | | | | | 4% | | | | | | 18% | | | | | | 20% | | | | | | 11% | | |
| | | Value Line Asset Allocation Fund, Inc. Investor Class | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 43.14 | | | | | $ | 34.72 | | | | | $ | 35.07 | | | | | $ | 31.95 | | | | | $ | 30.01 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.03(1) | | | | | | 0.00(1)(2) | | | | | | 0.20(1) | | | | | | 0.14 | | | | | | 0.15 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 2.59 | | | | | | 8.65 | | | | | | 0.12 | | | | | | 3.95 | | | | | | 3.16 | | |
Total from investment operations | | | | | 2.62 | | | | | | 8.65 | | | | | | 0.32 | | | | | | 4.09 | | | | | | 3.31 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.01) | | | | | | (0.01) | | | | | | (0.16) | | | | | | (0.13) | | | | | | (0.14) | | |
Distributions from net realized gains | | | | | (2.96) | | | | | | (0.22) | | | | | | (0.51) | | | | | | (0.84) | | | | | | (1.23) | | |
Total distributions | | | | | (2.97) | | | | | | (0.23) | | | | | | (0.67) | | | | | | (0.97) | | | | | | (1.37) | | |
Net asset value, end of year | | | | $ | 42.79 | | | | | $ | 43.14 | | | | | $ | 34.72 | | | | | $ | 35.07 | | | | | $ | 31.95 | | |
Total return | | | | | 5.70% | | | | | | 24.93% | | | | | | 0.75% | | | | | | 13.17% | | | | | | 11.11% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 499,220 | | | | | $ | 621,482 | | | | | $ | 600,102 | | | | | $ | 384,222 | | | | | $ | 285,753 | | |
Ratio of gross expenses to average net assets | | | | | 1.02% | | | | | | 1.03% | | | | | | 1.08% | | | | | | 1.12% | | | | | | 1.12% | | |
Ratio of net investment income/(loss) to average net assets | | | | | 0.07% | | | | | | 0.01% | | | | | | 0.54% | | | | | | 0.46% | | | | | | 0.43% | | |
Portfolio turnover rate | | | | | 14% | | | | | | 19% | | | | | | 16% | | | | | | 19% | | | | | | 19% | | |
| | | Value Line Asset Allocation Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 43.24 | | | | | $ | 34.82 | | | | | $ | 35.16 | | | | | $ | 32.03 | | | | | $ | 30.08 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.15(1) | | | | | | 0.11(1) | | | | | | 0.30(1) | | | | | | 0.19 | | | | | | 0.24 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 2.61 | | | | | | 8.68 | | | | | | 0.11 | | | | | | 4.00 | | | | | | 3.17 | | |
Total from investment operations | | | | | 2.76 | | | | | | 8.79 | | | | | | 0.41 | | | | | | 4.19 | | | | | | 3.41 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.15) | | | | | | (0.15) | | | | | | (0.24) | | | | | | (0.22) | | | | | | (0.23) | | |
Distributions from net realized gains | | | | | (2.96) | | | | | | (0.22) | | | | | | (0.51) | | | | | | (0.84) | | | | | | (1.23) | | |
Total distributions | | | | | (3.11) | | | | | | (0.37) | | | | | | (0.75) | | | | | | (1.06) | | | | | | (1.46) | | |
Net asset value, end of year | | | | $ | 42.89 | | | | | $ | 43.24 | | | | | $ | 34.82 | | | | | $ | 35.16 | | | | | $ | 32.03 | | |
Total return | | | | | 5.98% | | | | | | 25.24% | | | | | | 0.99% | | | | | | 13.49% | | | | | | 11.33% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 920,487 | | | | | $ | 1,165,569 | | | | | $ | 500,103 | | | | | $ | 160,075 | | | | | $ | 32,668 | | |
Ratio of gross expenses to average net assets | | | | | 0.77% | | | | | | 0.78% | | | | | | 0.84% | | | | | | 0.88% | | | | | | 0.94% | | |
Ratio of net expenses to average net assets | | | | | 0.77% | | | | | | 0.78% | | | | | | 0.83% | | | | | | 0.87% | | | | | | 0.87% | | |
Ratio of net investment income/(loss) to average net assets | | | | | 0.32% | | | | | | 0.26% | | | | | | 0.80% | | | | | | 0.74% | | | | | | 0.68% | | |
Portfolio turnover rate | | | | | 14% | | | | | | 19% | | | | | | 16% | | | | | | 19% | | | | | | 19% | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 45,259 | | | | | $ | 15,925 | | | | | $ | 61,184 | | |
Sub-transfer agent fees | | | | | 208,108 | | | | | | 83,580 | | | | | | 291,688 | | |
Registration and filing fees | | | | | 48,477 | | | | | | 60,067 | | | | | | 108,544 | | |
Other | | | | | 24,167 | | | | | | 8,974 | | | | | | 33,141 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Asset Allocation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 89,656 | | | | | $ | 228,724 | | | | | $ | 318,380 | | |
Sub-transfer agent fees | | | | | 306,626 | | | | | | 578,238 | | | | | | 884,864 | | |
Registration and filing fees | | | | | 47,289 | | | | | | 59,127 | | | | | | 106,416 | | |
Other | | | | | 19,068 | | | | | | 34,994 | | | | | | 54,062 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | ||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | 12,309,656 | | | | | $ | 12,722,976 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 14,035,508 | | | | | | 14,301,565 | | |
Fund | | | 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 | | ||||||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | 16,368,895 | | | | | $ | 37,821,451 | | | | | $ | — | | | | | $ | — | | |
Value Line Asset Allocation Fund, Inc. | | | | | 141,504,971 | | | | | | 458,348,498 | | | | | | 98,747,695 | | | | | | 191,955,146 | | |
Fund | | | Cost of Investments for Tax purposes | | | Gross Tax Unrealized Appreciation | | | Gross Tax Unrealized Depreciation | | | Net Tax Unrealized Appreciation (Depreciation) on Investments | | ||||||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | 256,390,383 | | | | | $ | 217,590,466 | | | | | $ | (12,271,179) | | | | | $ | 205,319,287 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 1,076,353,775 | | | | | | 376,877,633 | | | | | | (31,708,603) | | | | | | 345,169,030 | | |
Fund | | | Undistributed ordinary income | | | Undistributed long-term gain | | | Other Timing Differences | | | Unrealized Appreciation | | | Capital Loss Carryforwards | | | Late Year Deferrals | | | Distributable Earnings (Loss) | | |||||||||||||||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 205,319,287 | | | | | $ | — | | | | | $ | (1,733,755) | | | | | $ | 203,585,532 | | |
Value Line Asset Allocation Fund, Inc | | | | | 4,147,539 | | | | | | 32,978,908 | | | | | | — | | | | | | 345,169,030 | | | | | | — | | | | | | — | | | | | | 382,295,477 | | |
| | | Total Distributable Earnings/(Loss) | | | ||||||||||||||
Fund | | | Undistributed Net Investment Income/(Loss) | | | Accumulated Net Realized Gains/(Losses) | | | Additional Paid-In Capital | | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | 2,471,832 | | | | | $ | 548,632 | | | | | $ | (3,020,464) | | |
Value Line Asset Allocation Fund, Inc. | | | | | 2,380,014 | | | | | | (2,380,014) | | | | | | — | | |
| | | Year Ended March 31, 2022 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | — | | | | | $ | 29,540,485 | | | | | $ | 29,540,485 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 5,820,859 | | | | | | 109,351,515 | | | | | | 115,172,374 | | |
| | | Year Ended March 31, 2021 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | — | | | | | $ | 35,485,282 | | | | | $ | 35,485,282 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 4,707,510 | | | | | | 9,891,201 | | | | | | 14,598,711 | | |
Fund | | | Advisory Fees | | |||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | 3,744,753 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 10,788,128 | | |
Fund | | | Distribution & Service Fees | | |||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | 934,585 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 1,517,266 | | |
Fund | | | Sub TA Fees | | |||
Value Line Small Cap Opportunities Fund, Inc. | | | | $ | 291,688 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 884,864 | | |
Fund | | | Expiration for the 12 months ended | | | Fees Waived and Reimbursed by the Adviser | | |||
Value Line Small Cap Opportunities Fund, Inc. | | | March 31, 2023 | | | | $ | 15,622 | | |
Value Line Small Cap Opportunities Fund, Inc. | | | March 31, 2024 | | | | | 12,694 | | |
Value Line Small Cap Opportunities Fund, Inc. | | | March 31, 2025 | | | | | 59,591 | | |
Value Line Asset Allocation Fund, Inc. | | | March 31, 2023 | | | | | — | | |
Value Line Asset Allocation Fund, Inc. | | | March 31, 2024 | | | | | — | | |
Value Line Asset Allocation Fund, Inc. | | | March 31, 2025 | | | | | 30,986 | | |
New York, New York
May 19, 2022
| | | Beginning Account Value October 1, 2021 | | | Ending Account Value March 31, 2022 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | ||||||||||||||||||||
Value Line Small Cap Opportunities Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 924.00 | | | | | $ | 5.56 | | | | | | 1.16% | | |
Value Line Small Cap Opportunities Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 925.30 | | | | | | 4.37 | | | | | | 0.91 | | |
Value Line Asset Allocation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 984.00 | | | | | | 5.09 | | | | | | 1.03 | | |
Value Line Asset Allocation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 985.30 | | | | | | 3.86 | | | | | | 0.78 | | |
Hypothetical (5% return before expenses) | | | | | | ||||||||||||||||||||
Value Line Small Cap Opportunities Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,019.15 | | | | | $ | 5.84 | | | | | | 1.16% | | |
Value Line Small Cap Opportunities Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.39 | | | | | | 4.58 | | | | | | 0.91 | | |
Value Line Asset Allocation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.80 | | | | | | 5.19 | | | | | | 1.03 | | |
Value Line Asset Allocation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,021.04 | | | | | | 3.93 | | | | | | 0.78 | | |
Fund | | | % of Qualifying Dividend Income | | | % of Dividends Eligible for the Corporate Dividends Received Deduction | | | Long-Term Capital Gains | | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | | | | | 0% | | | | | | 0% | | | | | $ | 29,540,485 | | |
Value Line Asset Allocation Fund, Inc. | | | | | 96% | | | | | | 96% | | | | | | 109,351,515 | | |
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: 51 | | | Director | | | 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. | | | 9 | | | Forethought Variable Insurance Trust | |
Non-Interested Directors | | | | | | |||||||||||
Joyce E. Heinzerling Age: 66 | | | Director | | | Since 2008 | | | Retired. Managing Member, Meridian Fund Advisers LLC (consultants) until 2020. | | | 9 | | | KOP Therapeutics Corp (biotechnology) | |
James E. Hillman Age: 65 | | | Director (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. | | | 9 | | | Miller/Howard High Income Equity Fund | |
Paul Craig Roberts Age: 82 | | | Director | | | Since 2000 | | | Chairman, Institute for Political Economy | | | 9 | | | None | |
Nancy-Beth Sheerr Age: 72 | | | Director | | | Since 2000 | | | Independent Trustee and Managing Member, NBS Consulting LLC since 2014; Senior Financial Adviser, Veritable, L.P. (investment advisor) until 2013. | | | 9 | | | None | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | |
Officers | | | | | | | | | | |
Mitchell E. Appel Age: 51 | | | 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: 50 | | | Treasurer and Chief Financial Officer | | | Since 2020 | | | Treasurer and Chief Financial Officer (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: 71 | | | Chief Compliance Officer | | | Since 2009 | | | Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC 2006 – 2019. | |
Emily D. Washington Age: 43 | | | Vice President and Secretary | | | Since 2008 | | | Vice President of each of the Value Line Funds since 2020 and Secretary since 2010; Treasurer and Chief Financial Officer of each of the Value Line Funds, 2008 – 2020. | |
Robert Scagnelli Age: 60 | | | Vice President | | | Since 2020 | | | Vice President of each of the Value Line Funds since 2020; Vice President of the Distributor and the Adviser since 2011. | |
(b) Not applicable
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 2022 - $111,567 |
Audit Fees 2021 - $102,159
(b) | Audit-Related fees – None. |
(c) | Tax Preparation Fees 2022 - None |
Tax Preparation Fees 2021 - None
(d) | All Other Fees – None |
(e) | (1) | Not Applicable |
(e) | (2) | Not applicable. |
(f) | Not applicable. |
(g) | Aggregate Non-Audit Fees 2022 -$0 |
Aggregate Non-Audit Fees 2021 -$0
(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 during the period covered by this report 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: | June 10, 2022 |
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/ Jim Gallo | |
Jim Gallo, Treasurer, Principal Financial Officer | ||
Date: | June 10, 2022 |