<Page>
-----------------------------
OMB APPROVAL
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OMB Number: 3235-0570
Expires: October 31, 2006
Estimated average burden
hours per response.......19.3
-----------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08253
---------------------------------------------
Boyar Value Fund, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
590 Madison Avenue New York, New York 10022
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
BISYS Fund Services, 3435 Stelzer Road, Columbus, OH 43219
- -------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 614-470-8000
----------------------------
Date of fiscal year end: December 31, 2004
--------------------------
Date of reporting period: June 30, 2004
-------------------------
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street,
NW, Washington, DC 20549-0609. The OMB has reviewed this collection of
information under the clearance requirements of 44 U.S.C. Section 3507.
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1
under the Act (17 CFR 270.30e-1).
<Page>
[GRAPHIC]
BOYAR VALUE FUND, INC.
SEMI-ANNUAL REPORT
JUNE 30, 2004
[BOYAR VALUE FUND LOGO] [CLAYMORE LOGO]
MUTUAL FUNDS: - ARE NOT FDIC INSURED - HAVE NO BANK GUARANTEE - MAY LOSE VALUE
<Page>
[BOYAR VALUE FUND LOGO]
August 16, 2004
Dear Boyar Value Fund Shareholder:
A LOOK BACK AT THE FIRST SIX MONTHS OF 2004.
- - After enduring a three-year bear market, shareholders were rewarded with
robust double-digit gains in 2003, and the first two months of this year
promised more of the same. In fact, in the first quarter of 2004 a record
$135 billion poured into U.S. equity and balanced funds according to
Strategic Insight, more than what flowed in during the height of the tech
bubble in early 2000. But the breezy optimism most investors shared a few
months back has all but dissipated amid the violence in Iraq, $40+/barrel
price of oil, the prospect of higher interest rates, and a slowing economy.
- - The major indices ended the first six months with very modest gains.
Small-cap stocks outperformed their larger brethren, a trend that began
last year. Some of the best stock market performers thus far in 2004 have
been companies that carry very lofty multiples such as eBay,
Research-in-Motion, Ltd., makers of the ubiquitous Blackberry handheld
communication devices, and Imclone Systems (the Fund has never owned these
securities), the company Martha Stewart made famous because of her insider
trading activities. Conversely, larger-cap stocks with relatively modest
valuations and attractive yields have been lackluster performers. For
example, with rising interest rates you would expect financial stocks to be
laggards. However, companies like Citigroup, J.P. Morgan Chase and Bank of
America all trade at around 10.5X next year's profit estimates and each
yields in excess of 3.5%. The U.S. equity market has an enviable record of
discounting future events; therefore, it would not surprise us if financial
stocks performed much better in the year ahead.
- - One last thought, this abrupt change in investor sentiment might actually
prove to be the elixir necessary to cure an anemic stock market. More often
than not, investors have this uncanny ability at major inflection points in
the stock market to do precisely the wrong things. There is often a
widespread tendency for most people to become more bullish and optimistic
as the market climbs and to be progressively more bearish as it sinks. It
follows that the extreme levels of bullishness will be registered at market
tops and most of the gloom and doom will be found at market bottoms.
SIX MONTHS 2004 RESULTS
<Table>
<Caption>
BOYAR VALUE FUND RUSSELL 2000 INDEX DJIA S&P 500 NASDAQ COMP.
---------------- ------------------ ---- ------- ------------
0.76%* 6.80% 0.80% 3.44% 2.43%
</Table>
* Calculated without maximum sales charge.
1
<Page>
COMPETITIVE RETURNS
AVERAGE ANNUAL RETURNS
<Table>
<Caption>
SINCE
INCEPTION
(AS OF 6/30/04) 1 YEAR 3 YEAR 5 YEAR (5/5/98)
-----------------------------------------------------------------------
At NAV 11.92% 4.51% 7.02% 7.53%
With Sales Charge* 6.34% 2.74% 5.93% 6.63%
After taxes on
distribution* 5.90% 2.48% 5.65% 6.38%
After taxes on distribution
and the sale of shares* 4.59% 2.27% 5.03% 5.67%
S&P 500 Index 19.05% -0.69% -2.20% 1.85%
Russell 2000 Index 33.32% 6.31% 6.72% 4.82%
</Table>
* Net of maximum sales charge of 5.00%.
[CHART]
CUMULATIVE RETURNS SINCE INCEPTION
At NAV (5/5/98 through 6/30/04)
<Table>
S&P 500 Index 11.94%
Russell 2000 Index 33.61%
Boyar Value Fund** 56.35%
</Table>
** Calculated without maximum sales charge.
Past performance is not indicative of future results. Current performance may be
lower or higher than quarterly performance. For current performance, go to
www.claymoresecurities.com. The Boyar Value Fund has a maximum sales charge of
5.00%. After-tax returns are calculated using the highest historical individual
Federal income tax rate and do not reflect the additional impact of state and
local taxes. Actual after-tax returns depend on a shareholder's tax situation
and may differ from those shown. After-tax returns are not relevant for
shareholders who hold Fund shares in tax-deferred accounts or to shares held by
non-taxable entities. It is important to note that the Fund is currently waiving
a portion of fees and at such time as the fee waiver is no longer in place,
future returns may be lower than past returns. The S&P 500 Index is an unmanaged
index of stocks trading in the United States. Index performance illustrated is
hypothetical and is not indicative of any mutual fund investment. The Russell
2000 Index measures the performance of the 2,000 smallest companies in the
Russell 3000 Index, which represents approximately 8% of the total market
capitalization of the Russell 3000 Index. Index performance illustrated is
hypothetical and is not indicative of any mutual fund investment. The value of
the portfolio will fluctuate as the underlying securities move in response to
overall market movements and other factors beyond the control of the adviser,
and investments in the Fund may result in the loss of principal. The Fund may
invest in stocks of several different capitalization levels and it is important
to note that historically, small- and mid-cap stocks have experienced greater
volatility than stocks of larger, more established companies.
- - Our cash position on June 30, 2004 was 33.3%. Although we are having a
difficult time finding new companies to purchase, most of the businesses we
evaluate are not terribly overvalued, but are trading in a fair value
range. As opportunities begin to unfold in the stock market we intend to
put the excess cash to work. Remember, purchasing a stock at what we
believe is a distressed price is a critically important element of
successful long-term investing. You can purchase the best company in the
world but if you pay an excessively high price for it-it can turn out to be
a dumb investment.
BOYAR VALUE FUND PHILOSOPHY GOALS
- - The Boyar Value Fund tends to buy the common shares of publicly traded
businesses that are selling in the market place at significant discounts to
our estimate of their intrinsic or private market value. We have not, and
do not intend to, invest in fads or gimmicks such as the Internet.
- - Furthermore, quite a few of the businesses that we invest in are either not
widely followed by the majority of Wall Street brokerage houses or may have
plummeted in value because they failed to meet analysts' earnings
expectations.
- - Purchasing out of favor companies may inhibit short-term performance, since
it may take some time for these companies to right themselves. On the other
hand, we believe that it does create a "margin of safety," since most
2
<Page>
of these companies have plummeted in value by such a margin that most of
the downside risk has been significantly reduced. However, there is no
guarantee that the perceived intrinsic value will be realized.
- - Over an investment time horizon of three to five years, it is our hope that
these undervalued corporations will be re-evaluated upward by the stock
market or the assets of the businesses may be acquired by a third party.
- - A long-term orientation may sound stodgy, but it is as important to
investment success as picking the right stocks and buying them at the right
price and at the right time. Holding the equity of good companies purchased
at what we believe are bargain prices allows compounding to work its magic
without the return-eroding effects of commissions and capital gains taxes.
- - The competition to capture mutual fund assets is quite fierce. Most all of
the large mutual fund families have considerable sales forces and extensive
marketing budgets. In many instances, no matter how great your track
record, in order to be on the preferred list of funds for full-service
brokers you have to make a fairly significant up front payment, an
arrangement known as revenue sharing. Since Boyar Value Fund currently does
not utilize any of these tactics we are counting on good performance and
referrals to grow. We would appreciate telling your friends and business
associates about the Boyar Value Fund.
If you have any questions please do not hesitate to call (212) 995-8300.
Very truly yours,
/s/ Mark A. Boyar
Mark A. Boyar
Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532
distributes the Fund.
3
<Page>
BOYAR VALUE FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2004
(Unaudited)
<Table>
ASSETS
Investment securities:
At cost $ 27,272,948
=============
At value $ 30,965,495
Dividends and interest receivable 24,613
Receivable for capital shares sold 31,516
Other assets 23,837
-------------
TOTAL ASSETS 31,045,461
-------------
LIABILITIES
Payable for capital shares redeemed 27,079
Payable to Adviser 3,006
Payable to Manager 3,006
Payable to Administrator 4,508
Other accrued expenses and liabilities 28,859
-------------
TOTAL LIABILITIES 66,458
-------------
NET ASSETS $ 30,979,003
=============
NET ASSETS CONSIST OF:
Paid-in capital $ 27,395,066
Accumulated net investment loss (56,374)
Accumulated net realized loss on investment transactions (52,236)
Net unrealized appreciation on investments 3,692,547
-------------
NET ASSETS $ 30,979,003
=============
Shares of beneficial interest outstanding (1,000,000,000 shares
authorized, $0.001 par value) 2,128,593
=============
Net assets value and redemption price per share (a) $ 14.55
=============
Maximum offering price per share
(net asset value plus sales charge of 5.00%) (b) $ 15.32
=============
</Table>
(a) For certain purchases of $1 million or more, a 1% contingent deferred sales
charge may apply to redemptions made within twelve months of purchase.
Redemptions made within 60 days of purchase may be assessed a redemption
fee of 2.00%.
(b) On investments of $50,000 or more, the offering price is reduced.
See accompanying notes to financial statements.
4
<Page>
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2004
(Unaudited)
<Table>
INVESTMENT INCOME
Dividends $ 160,159
Interest 43,465
-------------
TOTAL INVESTMENT INCOME 203,624
-------------
EXPENSES
Investment advisory fees 74,144
Management fees 74,144
Transfer agent fees 37,197
Distribution fees 37,072
Administrative services fees 27,349
Professional fees 31,649
Accounting services fees 21,447
Registration fees 14,738
Directors' fees and expenses 9,944
Printing and postage expenses 8,706
Insurance expense 6,605
Custodian fees 4,978
Other expenses 19,947
-------------
TOTAL EXPENSES 367,920
Fees waived by the Adviser (53,961)
Fees waived by the Manager (53,961)
-------------
NET EXPENSES 259,998
-------------
NET INVESTMENT LOSS (56,374)
-------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gain from security transactions 229,199
Net change in unrealized appreciation/(depreciation) on investments 6,686
-------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 235,885
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 179,511
=============
</Table>
See accompanying notes to financial statements.
5
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED
2004 DECEMBER 31,
(UNAUDITED) 2003
------------- -------------
FROM OPERATIONS
Net investment loss $ (56,374) $ (71,561)
Net realized gain from security transactions 229,199 576,630
Net change in unrealized appreciation/(depreciation) on investments 6,686 3,845,559
------------- -------------
Net increase in net assets from operations 179,511 4,350,628
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
From net realized gains - (656,140)
------------- -------------
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold 5,953,291 10,204,458
Net asset value of shares issued in
reinvestment of distributions to shareholders - 594,451
Payments for shares redeemed (1,803,401) (2,232,088)
------------- -------------
Net increase in net assets from capital share transactions 4,149,890 8,566,821
------------- -------------
TOTAL INCREASE IN NET ASSETS 4,329,401 12,261,309
NET ASSETS
Beginning of period 26,649,602 14,388,293
------------- -------------
End of period $ 30,979,003 $ 26,649,602
============= =============
CAPITAL SHARE ACTIVITY
Shares Sold 406,796 754,059
Shares Reinvested - 41,286
Shares Redeemed (123,482) (173,760)
------------- -------------
Net increase in shares outstanding 283,314 621,585
============= =============
</Table>
See accompanying notes to financial statements.
6
<Page>
BOYAR VALUE FUND, INC.
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding
Throughout Each Period
<Table>
<Caption>
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
JUNE 30, ENDED ENDED ENDED ENDED ENDED
2004 DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
(UNAUDITED) 2003 2002 2001 2000 1999
------------ ------------ ------------ ------------ ----------- -----------
Net asset value at beginning of period $ 14.44 $ 11.76 $ 13.35 $ 11.58 $ 11.09 $ 9.72
------------ ------------ ------------ ------------ ----------- -----------
Activity from investment operations:
Net investment income/(loss) (0.03) (0.04) (0.05) (0.01) 0.03 0.01
Net realized and unrealized gain/
(loss) on investments 0.14 3.09 (1.34) 1.78 0.76 1.37
------------ ------------ ------------ ------------ ----------- -----------
Total from investment operations 0.11 3.05 (1.39) 1.77 0.79 1.38
------------ ------------ ------------ ------------ ----------- -----------
Less distributions:
From net investment income - - - - (a) (0.03) (0.01)
From net realized gains on
investments - (0.37) (0.20) - (a) (0.27) -
------------ ------------ ------------ ------------ ----------- -----------
Total distributions - (0.37) (0.20) - (0.30) (0.01)
------------ ------------ ------------ ------------ ----------- -----------
Net asset value at end of period $ 14.55 $ 14.44 $ 11.76 $ 13.35 $ 11.58 $ 11.09
============ ============ ============ ============ =========== ===========
Total return (b) 0.76% (d) 25.90% (10.45%) 15.31% 7.10% 14.24%
============ ============ ============ ============ =========== ===========
Net assets at end of period $ 30,979,003 $ 26,649,602 $ 14,388,293 $ 12,455,031 $ 6,375,190 $ 4,134,644
============ ============ ============ ============ =========== ===========
Ratio of gross expenses to average
net assets (c) 2.48% (e) 2.69% 2.64% 2.85% 3.95% 5.28%
Ratio of net expenses to average
net assets 1.75% (e) 1.75% 1.75% 1.75% 1.75% 1.75%
Ratio of net investment income/
(loss) to average net assets (0.38%)(e) (0.38%) (0.45%) (0.12%) 0.30% 0.15%
Portfolio turnover rate 4% 19% 19% 17% 42% 8%
</Table>
(a) Amount rounds to less than $0.01.
(b) Total returns shown exclude the effect of applicable sales loads.
(c) Represents the ratio of expenses to average net assets absent fee waivers
and/or expense reimbursements by the Adviser, Manager and Distributor.
(d) Not annualized.
(e) Annualized.
See accompanying notes to financial statements.
7
<Page>
BOYAR VALUE FUND, INC.
PORTFOLIO OF INVESTMENTS
June 30, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
------ -----
COMMON STOCKS - 66.7%
CONSUMER DISCRETIONARY - 30.3%
4,400 A.T. Cross Co., Class A* $ 20,988
28,063 Cablevision Systems Corp., Class A* 551,438
14,000 Carnival Corp. 658,000
27,000 Comcast Corp., Class A Special* 745,470
6,500 Dow Jones & Co., Inc. 293,150
6,000 Ethan Allen Interiors, Inc. 215,460
56,300 Hanover Direct, Inc.* 7,882
30,100 Hilton Hotels Corp. 561,666
10,900 IHOP Corp. 389,784
25,000 Limited Brands 467,500
28,300 McDonald's Corp. 735,800
5,000 Meredith Corp. 274,800
13,000 MGM Mirage* 610,220
20,600 Midas, Inc.* 358,440
4,000 Neiman Marcus Group, Inc. (The), Class A 222,600
32,500 Playboy Enterprises, Inc., Class B* 377,325
12,500 Scholastic Corp.* 374,375
58,000 Time Warner, Inc.* 1,019,640
10,000 Toys "R" Us, Inc.* 159,800
11,000 Tupperware Corp. 213,730
7,653 Viacom, Inc., Class B 273,365
32,500 Walt Disney Co. (The) 828,425
-------------
9,359,858
-------------
CONSUMER STAPLES - 4.7%
6,000 CVS Corp. 252,120
14,000 H.J. Heinz Co. 548,800
31,000 PepsiAmericas, Inc. 658,440
-------------
1,459,360
-------------
</Table>
See accompanying notes to financial statements.
8
<Page>
<Table>
<Caption>
SHARES VALUE
------ -----
FINANCIAL SERVICES - 18.0%
2,000 American Express Co. $ 102,760
8,000 Automatic Data Processing, Inc. 335,040
18,000 Bank of New York Co., Inc. (The) 530,640
14,800 Citigroup, Inc. 688,200
9,000 Hudson United Bancorp 335,520
27,750 J.P. Morgan Chase & Co. 1,075,868
2,200 Lehman Brothers Holdings, Inc. 165,550
19,000 Marsh & McLennan Cos., Inc. 862,220
11,000 Merrill Lynch & Co., Inc. 593,780
9,000 Providian Financial Corp.* 132,030
18,386 St. Paul Travelers Cos., Inc. (The) 745,368
-------------
5,566,976
-------------
HEALTHCARE - 5.1%
23,800 Bristol-Myers Squibb Co. 583,100
4,200 IMS Health, Inc. 98,448
26,500 Pfizer, Inc. 908,420
-------------
1,589,968
-------------
INDUSTRIAL - 4.9%
21,200 Aviall, Inc.* 403,012
24,000 Cendant Corp. 587,520
16,000 General Electric Co. 518,400
-------------
1,508,932
-------------
INFORMATION TECHNOLOGY - 2.1%
2,666 CEVA, Inc.* 21,088
8,000 Diebold, Inc. 422,960
8,000 DSP Group, Inc.* 217,920
-------------
661,968
-------------
</Table>
See accompanying notes to financial statements.
9
<Page>
<Table>
<Caption>
SHARES VALUE
------ -----
TELECOMMUNICATIONS SERVICES - 1.6%
10,000 ALLTEL Corp. $ 506,200
-------------
TOTAL COMMON STOCKS 20,653,262
-------------
INVESTMENT COMPANIES - 4.3%
85,483 First American Treasury Obligations Fund, Class A, 0.38%** 85,483
1,230,600 First American Treasury Obligations Fund, Class Y, 0.68%** 1,230,600
-------------
TOTAL INVESTMENT COMPANIES 1,316,083
-------------
<Caption>
PRINCIPAL
AMOUNT
---------
U.S. GOVERNMENT & AGENCY OBLIGATION - 29.0%
$ 9,000,000 Federal Home Loan Bank, Discount Notes, 1.10%, 7/15/04 8,996,150
-------------
TOTAL INVESTMENTS - 100.0% (Cost $27,272,948) (a) 30,965,495
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% 13,508
-------------
NET ASSETS - 100.0% $ 30,979,003
=============
</Table>
(a) Represents cost for financial reporting purposes and differs from market
value by net unrealized appreciation (depreciation) of securities as
follows:
<Table>
Unrealized appreciation $ 4,189,230
Unrealized depreciation (496,683)
-----------
Net unrealized appreciation $ 3,692,547
===========
</Table>
Aggregate cost for federal income tax purposes is substantially the same.
* Non-Income producing security.
** Money market fund; interest rate reflects SEC seven-day yield on June 30,
2004.
See accompanying notes to financial statements.
10
<Page>
BOYAR VALUE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
June 30, 2004
(Unaudited)
1. ORGANIZATION
Boyar Value Fund, Inc. (the "Fund") was incorporated on February 28, 1997 under
the laws of the State of Maryland and is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management
investment company.
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund. In addition, in the normal course of business, the Fund
enters into contracts with its vendors and others that provide for general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund.
However, based on experience, the Fund expects that risk of loss to be remote.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in preparation of its financial statements. The policies are in conformity
with generally accepted accounting principles in the United States ("GAAP"). The
preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
for the period. Actual results could differ from those estimates.
SECURITIES VALUATION -- Securities listed on an exchange are valued at the last
reported sale price at the close of the regular trading session of the exchange
on the business day as of which such value is being determined. If there has
been no sale on such day, the security is valued at the mean of the last quoted
bid and asked prices. If no bid or asked prices are quoted, then the security is
valued at a fair value determined in accordance with procedures approved by the
Board of Directors (the "Board"). Short-term debt obligations having 60 days or
less remaining until maturity, at time of purchase are valued at amortized cost.
SECURITY TRANSACTIONS AND RELATED INCOME -- Security transactions are accounted
for on trade date. Interest income is recognized on an accrual basis. Discounts
are accreted and premiums are amortized on securities purchased over the lives
of the respective securities. Dividend income is recorded on the ex-dividend
date. Realized gains or losses from sales of securities are determined by
comparing the identified cost of the security lot sold with the net sales
proceeds.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment
income, if any, are declared and paid annually. Distributable net realized
capital gains, if any, are declared and distributed annually.
Dividends from net investment income and distributions from net realized gains
are determined in accordance with federal income tax regulations, which may
differ from GAAP. These "book/tax" differences are considered either
11
<Page>
temporary or permanent in nature. To the extent these differences are permanent
in nature (ie, deferred losses), such amounts are reclassified within the
composition of net assets based on their federal tax-basis treatment; temporary
differences do not require reclassification.
FEDERAL INCOME TAX -- It is the Fund's policy to continue to qualify as a
regulated investment company by complying with the provisions of the Internal
Revenue Code that are applicable to regulated investment companies and to
distribute substantially all of its taxable income and net realized gains to
shareholders. Therefore, no federal income tax provision is required.
3. INVESTMENT TRANSACTIONS
For the six-months ended June 30, 2004, cost of purchases and proceeds from
sales of portfolio securities, other than short-term investments, amounted to
$3,325,671 and $707,723, respectively.
4. TRANSACTIONS WITH AFFILIATES
The business activities of the Fund are supervised under the direction of the
Board, which is responsible for the overall management of the Fund. Claymore
Fund Management Company, LLC (the "Manager") is responsible for managing the
daily business operations of the Fund. Boyar Asset Management, Inc. (the
"Adviser") provides continuous advisory services to the Fund, and Claymore
Securities, Inc. (the "Distributor") acts as distributor of the Fund's shares.
The Fund has employed BISYS Fund Services Ohio, Inc. ("BISYS") to provide
administration, fund accounting, and transfer agent services. Certain Directors
and officers of the Fund are also officers of the Manager, Adviser or BISYS.
Pursuant to a Management Agreement with the Fund, the Manager, under the
supervision of the Board, oversees the daily operations of the Fund and
supervises the performance of administrative and professional services provided
by others, including the Adviser. As compensation for its services and the
related expenses borne by the Manager, the Fund pays the Manager a management
fee, computed and accrued daily and paid monthly, at an annual rate of 0.50% of
its average daily net assets.
Pursuant to an Investment Advisory Agreement between the Manager, the Adviser
and the Fund, the Adviser agrees to furnish continuous investment advisory
services to the Fund. For these services, the Fund pays the Adviser an
investment advisory fee, which is computed and accrued daily and paid monthly,
at an annual rate of 0.50% of its average daily net assets.
Pursuant to a written contract, the Manager, the Adviser and the Distributor
have agreed to waive a portion of their respective management, advisory and
distribution fees and the Manager has agreed to reimburse certain expenses of
the Fund to the extent necessary to limit the Fund's total annual operating
expenses to 1.75% of the Fund's average
12
<Page>
daily net assets (the "expense limitation"). The Manager, the Adviser and the
Distributor may subsequently recover reimbursed expenses and/or waived fees
(within 2 years of the fiscal year end in which the waiver/reimbursement
occurred) from the Fund to the extent that the Fund's expense ratio is less than
the expense limitation. As of June 30, 2004, the Manager, the Adviser, and the
Distributor have the following amounts of waived/reimbursed expenses that may be
recovered:
<Table>
<Caption>
AMOUNT EXPIRATION DATE
------------------------------------------
$ 71,680 December 31, 2004
$ 176,054 December 31, 2005
</Table>
Under the terms of the Master Services Agreement, BISYS provides administrative,
fund accounting, and transfer agent services for the Fund. For administrative
services, the Fund pays BISYS a fee, computed and accrued daily and paid
monthly, at an annual rate in accordance with the following schedule:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS FEE*
- --------------------------- ------
0 - $500 million 0.100%
$500 million - $1.0 billion 0.085%
$1.0 billion - $1.5 billion 0.070%
Over $1.5 billion 0.050%
</Table>
* The Fund is subject to a minimum annual fee.
In addition, the Fund pays BISYS a fixed fee for providing officers who serve as
Certifying Officers.
For fund accounting services, the Fund pays BISYS a fee, computed and accrued
daily and paid monthly, at an annual rate in accordance with the following
schedule:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS FEE*
- --------------------------- ------
0 - $500 million 0.030%
$500 million - $1.0 billion 0.025%
$1.0 billion - $1.5 billion 0.010%
Over $1.5 billion 0.008%
</Table>
* The Fund is subject to a minimum annual fee.
In addition, the Fund reimburses BISYS for certain out-of-pocket expenses
incurred in providing fund accounting services.
13
<Page>
For transfer agent services, the Fund pays BISYS a monthly fee and reimburses
for certain out-of-pocket expenses incurred in providing transfer agent
services.
The Fund has adopted a Shareholder Servicing and Distribution Plan (the "Plan")
pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly
service fee is calculated by the Fund at an annual rate of 0.25% of its average
daily net assets and is paid to the Distributor, to provide compensation for
ongoing services and/or maintenance of the Fund's shareholder accounts, not
otherwise required to be provided by the Adviser or BISYS. For the six months
ended June 30, 2004, the Distributor received $56,227 from front-end sales
charges, of which $6,080 was retained by the principal underwriter or other
affiliated broker-dealers.
During the six months ended June 30, 2004, Mark Boyar & Co., Inc., a registered
broker/dealer and an affiliate of the Fund executed trades on behalf of the
Fund. These trades were cleared through Pershing Investments LLC and Mark Boyar
& Co., Inc. received $5,900 in trade commissions, of which Pershing Investments
LLC was paid approximately 10%.
5. REDEMPTION FEES
The Fund may assess a short-term redemption fee of 2.00% of the total redemption
amount if you sell your shares, including exchanging your shares for shares of
another fund, after holding them for less than 60 days. The redemption fee is
paid directly to the Fund. For the six months ended June 30, 2004 the Fund did
not assess any redemption fees. This fee does not apply to shares acquired prior
to May 1, 2004.
14
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FUND MANAGER
Claymore Fund Management Company, LLC
2455 Corporate West Drive
Lisle, IL 60532
INVESTMENT ADVISER
Boyar Asset Management, Inc.
35 East 21st Street
New York, NY 10010
ADMINISTRATOR
BISYS Fund Services Ohio, Inc.
3435 Stelzer Road
Columbus, OH 43219
Information regarding how the Fund voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is availale (i)
without charge, upon request, by calling (800) 266-5566; or (ii) on the
Commission's website at http://www.sec.gov.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling (800) 266-5566; or (ii) on the Commission's
website at http://www.sec.gov.
This document must be preceded or accompanied by a current prospectus for the
Fund, which you should read carefully before you invest or send money.
<Page>
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant or a
third party. If the registrant has not adopted such a code of ethics,
explain why it has not done so.
NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.
<Page>
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of directors has determined
that the registrant either:
(i) Has at least one audit committee financial expert serving on
its audit committee; or
(ii) Does not have an audit committee financial expert serving on
its audit committee.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit
committee financial expert and whether that person is "independent." In
order to be considered "independent" for purposes of this Item, a
member of an audit committee may not, other than in his or her capacity
as a member of the audit committee, the board of directors, or any
other board committee:
(i) Accept directly or indirectly any consulting, advisory, or
other compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined
in Section 2(a)(19) of the Act (15 U.S.C. 80a- 2(a)(19)).
(3) If the registrant provides the disclosure required by paragraph
(a)(1)(ii) of this Item, it must explain why it does not have an audit
committee financial expert.
NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed
for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial
statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees
billed in each of the last two fiscal years for assurance and related services
by the principal accountant that are reasonably related to the performance of
the audit of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in
each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning.
Registrants shall describe the nature of the services comprising the fees
disclosed under this category.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees
billed in each of the last two fiscal years for products and services provided
by the principal accountant, other than the services reported in paragraphs (a)
through (c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee's pre-approval policies and
procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of
paragraphs (b) through (d) of this Item that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours
expended on the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year that were attributed to
work performed by persons other than the principal accountant's full-time,
permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant for
each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant's audit committee of the board of
directors has considered whether the provision of nonaudit services that were
rendered to the registrant's investment adviser (not including any subadviser
whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled
by, or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved
<Page>
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible
with maintaining the principal accountant's independence.
NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under
the Exchange Act (17CFR 240.10A-3), state whether or not the
registrant has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange
Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a
committee, however designated, identify each committee member. If
the entire board of directors is acting as the registrant's audit
committee as specified in Section 3(a)(58)(B) of the Exchange Act
(15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption
from the listing standards for all audit committees.
NOT APPLICABLE.
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule I - Investments in securities of unaffiliated issuers as of the
close of the reporting period as set forth in Section 210.12-12 of Regulation
S-X, unless the schedule is included as part of the report to shareholders filed
under Item 1 of this Form.
NOT APPLICABLE.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual
report on this Form N-CSR must, unless it invests exclusively in non-voting
securities, describe the policies and procedures that it uses to determine how
to vote proxies relating to portfolio securities, including the procedures that
the company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
NOT APPLICABLE.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
If the registrant is a closed-end management investment company, provide the
information specified in paragraph (b) of this Item with respect to any purchase
made by or on behalf of the registrant or any "affiliated purchaser," as defined
in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares
or other units of any class of the registrant's equity securities that is
registered by the registrant pursuant to Section 12 of the Exchange Act (15
U.S.C. 781).
NOT APPLICABLE.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors, where those changes
were implemented after the registrant last provided disclosure in response to
the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or
this Item.
NOT APPLICABLE.
ITEM 10. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive
and principal financial officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as
of a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).
THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
HAVE CONCLUDED, BASED ON THEIR EVALUATION OF THE REGISTRANT'S DISCLOSURE
CONTROLS AND PROCEDURES AS CONDUCTED WITHIN 90 DAYS OF THE FILING DATE OF THIS
REPORT, THAT THESE
<Page>
DISCLOSURE CONTROLS AND PROCEDURES ARE ADEQUATELY DESIGNED AND ARE OPERATING
EFFECTIVELY TO ENSURE THAT INFORMATION REQUIRED TO BE DISCLOSED BY THE
REGISTRANT ON FORM N-CSR IS (i) ACCUMULATED AND COMMUNICATED TO THE INVESTMENT
COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW TIMELY
DECISIONS REGARDING REQUIRED DISCLOSURE; AND (ii) RECORDED, PROCESSED,
SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND
EXCHANGE COMMISSION'S RULES AND FORMS.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that
occurred during the registrant's last fiscal half-year (the registrant's second
fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control
over financial reporting.
THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL HALF-YEAR
(THE REGISTRANT'S SECOND FISCAL HALF-YEAR IN THE CASE OF AN ANNUAL REPORT) THAT
HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE
REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING.
ITEM 11. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or
number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of
the disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
NOT APPLICABLE - ONLY EFFECTIVE FOR ANNUAL REPORTS.
(a)(2) A separate certification for each principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2(a)
under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO RULE 30A-2(a) ARE
ATTACHED HERETO.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. NOT APPLICABLE.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange
Act, provide the certifications required by rule 30a-2(b) under the Act as an
exhibit. A certification furnished pursuant to this paragraph will not be deemed
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or
the Exchange Act, except to the extent that the registrant incorporates it by
reference. CERTIFICATIONS PURSUANT TO RULE 30a-2(b) ARE FURNISHED HEREWITH.
<Page>
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.
(Registrant) BOYAR VALUE FUND, INC.
By (Signature and Title)* /s/ Bryan Haft, Treasurer
----------------------------------------------------
Bryan Haft, Treasurer
----------------------------------------------------
Date 9/7/2004
-----------------------
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 (Signature and Title)* /s/ Elizabeth W. Lawrence, President
---------------------------------------------------
Elizabeth W. Lawrence, President
---------------------------------------------------
Date 9/7/2004
-----------------------
By (Signature and Title)* /s/ Bryan Haft, Treasurer
----------------------------------------------------
Bryan Haft, Treasurer
--------------------------------------------------
Date 9/7/2004
-----------------------
* Print the name and title of each signing officer under his or her signature.