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 _811-01807_
Value Line Larger Companies Focused Fund, Inc.
(Exact name of registrant as specified in charter)
7 Times Square, Suite 1606, New York, N.Y. 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31, 2021
Date of reporting period: December 31, 2021
Item I. Reports to Stockholders
a) A copy of the Annual Report to Stockholders for the period ended 12/31/21 is included with this Form.
| | | | | 3 | | | |
| Value Line Select Growth Fund, Inc.: | | | | | | | |
| | | | | 7 | | | |
| | | | | 9 | | | |
| | | | | 11 | | | |
| Value Line Mid Cap Focused Fund, Inc.: | | | | | | | |
| | | | | 13 | | | |
| | | | | 15 | | | |
| | | | | 17 | | | |
| Value Line Capital Appreciation Fund, Inc.: | | | | | | | |
| | | | | 19 | | | |
| | | | | 22 | | | |
| | | | | 24 | | | |
| Value Line Larger Companies Focused Fund, Inc.: | | | | | | | |
| | | | | 32 | | | |
| | | | | 34 | | | |
| | | | | 36 | | | |
| Value Line Core Bond Fund: | | | | | | | |
| | | | | 38 | | | |
| | | | | 40 | | | |
| | | | | 42 | | | |
| | | | | 49 | | | |
| | | | | 51 | | | |
| | | | | 53 | | | |
| | | | | 56 | | | |
| | | | | 61 | | | |
| | | | | 71 | | | |
| | | | | 72 | | | |
| | | | | 73 | | | |
| | | | | 74 | | | |
| | | |
|
| |
Issue
|
| |
Shares
|
| |
Value
|
| |
Percentage of
Net Assets |
| |||||||||
Accenture PLC
|
| | | | 89,900 | | | | | $ | 37,268,045 | | | | | | 7.4% | | |
Danaher Corp.
|
| | | | 107,900 | | | | | | 35,500,179 | | | | | | 7.1% | | |
Thermo Fisher Scientific, Inc.
|
| | | | 52,000 | | | | | | 34,696,480 | | | | | | 6.9% | | |
MasterCard, Inc.
|
| | | | 70,900 | | | | | | 25,475,788 | | | | | | 5.1% | | |
Cintas Corp.
|
| | | | 57,177 | | | | | | 25,339,131 | | | | | | 5.0% | | |
Roper Technologies, Inc.
|
| | | | 49,000 | | | | | | 24,101,140 | | | | | | 4.8% | | |
Salesforce.com, Inc.
|
| | | | 90,400 | | | | | | 22,973,352 | | | | | | 4.6% | | |
Intuit, Inc.
|
| | | | 34,400 | | | | | | 22,126,768 | | | | | | 4.4% | | |
Costco Wholesale Corp.
|
| | | | 37,400 | | | | | | 21,231,980 | | | | | | 4.2% | | |
S&P Global, Inc.
|
| | | | 44,000 | | | | | | 20,764,920 | | | | | | 4.1% | | |
Investor Class
|
| |
1 Yr
|
| |
5 Yrs
|
| |
10 Yrs
|
| |
Since Inception
5/30/1956 |
| ||||||||||||
Value Line Select Growth Fund, Inc.
|
| | | | 24.16% | | | | | | 20.96% | | | | | | 16.02% | | | | | | 10.08% | | |
S&P 500® Index*
|
| | | | 28.71% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 7.36% | | |
Institutional Class
|
| |
1 Yr
|
| | | | | | | |
Since Inception
5/1/2020 |
| ||||||
Value Line Select Growth Fund, Inc.
|
| | | | 24.47% | | | |
|
| |
|
| | | | 34.40% | | |
S&P 500® Index*
|
| | | | 28.71% | | | | | | | | | | | | 33.47% | | |
Schedule of Investments | December 31, 2021 |
|
Shares
|
| | | | |
Value
|
| | ||||||||
| COMMON STOCKS 97.8% | | | ||||||||||||||
| CONSUMER DISCRETIONARY 1.9% | | | ||||||||||||||
| | | | | | | RETAIL 1.9% | | | ||||||||
| |
|
123,200
|
| | |
TJX Cos., Inc.
|
| | |
$
|
9,353,344
|
| | | ||
| CONSUMER STAPLES 4.2% | | | ||||||||||||||
| | | | | | | RETAIL 4.2% | | | ||||||||
| |
|
37,400
|
| | |
Costco Wholesale
Corp. |
| | |
|
21,231,980
|
| | | ||
| FINANCIALS 5.4% | | | ||||||||||||||
| | | | | | | COMMERCIAL SERVICES 4.1% | | | ||||||||
| |
|
44,000
|
| | |
S&P Global, Inc.
|
| | |
|
20,764,920
|
| | | ||
| | | | | | |
DIVERSIFIED FINANCIAL SERVICES 0.6%
|
| | ||||||||
| |
|
22,000
|
| | |
Intercontinental
Exchange, Inc. |
| | |
|
3,008,940
|
| | | ||
| | | | | | | INSURANCE 0.7% | | | ||||||||
| |
|
11,200
|
| | |
Aon PLC Class A
|
| | |
|
3,366,272
|
| | | ||
| | | | | | | | | | |
|
27,140,132
|
| | | ||
| HEALTHCARE 18.8% | | | ||||||||||||||
| | | | | | | ELECTRONICS 0.7% | | | | | ||||||
| |
|
2,100
|
| | |
Mettler-Toledo
International, Inc.(1) |
| | |
|
3,564,141
|
| | | ||
| | | | | | | HEALTHCARE PRODUCTS 18.1% | | | ||||||||
| |
|
107,900
|
| | |
Danaher Corp.
|
| | |
|
35,500,179
|
| | | ||
| |
|
24,400
|
| | |
IDEXX Laboratories,
Inc.(1) |
| | |
|
16,066,424
|
| | | ||
| |
|
18,000
|
| | |
Stryker Corp.
|
| | |
|
4,813,560
|
| | | ||
| |
|
52,000
|
| | |
Thermo Fisher
Scientific, Inc. |
| | |
|
34,696,480
|
| | | ||
| | | | | | | | | | |
|
91,076,643
|
| | | ||
| | | | | | | | | | |
|
94,640,784
|
| | | ||
| INDUSTRIALS 25.0% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 3.7% | | | ||||||||
| |
|
31,602
|
| | |
HEICO Corp.
|
| | |
|
4,557,641
|
| | | ||
| |
|
22,400
|
| | |
TransDigm Group,
Inc.(1) |
| | |
|
14,252,672
|
| | | ||
| | | | | | | | | | |
|
18,810,313
|
| | | ||
| | | | | | | COMMERCIAL SERVICES 6.8% | | | ||||||||
| |
|
57,177
|
| | |
Cintas Corp.
|
| | |
|
25,339,131
|
| | | ||
| |
|
66,152
|
| | |
IHS Markit Ltd.
|
| | |
|
8,792,924
|
| | | ||
| | | | | | | | | | |
|
34,132,055
|
| | | ||
| | | | | | | ENVIRONMENTAL CONTROL 6.0% | | | ||||||||
| |
|
81,800
|
| | |
Republic Services,
Inc. |
| | |
|
11,407,010
|
| | | ||
| |
|
136,700
|
| | |
Waste Connections,
Inc. |
| | |
|
18,628,109
|
| | | ||
| | | | | | | | | | |
|
30,035,119
|
| | |
|
Shares
|
| | | | |
Value
|
| | ||||||||
| INDUSTRIALS 25.0% (continued) | | | ||||||||||||||
| | | | | | | SOFTWARE 4.8% | | | ||||||||
| |
|
49,000
|
| | |
Roper Technologies,
Inc. |
| | |
$
|
24,101,140
|
| | | ||
| | | | | | | TRANSPORTATION 3.7% | | | ||||||||
| |
|
72,800
|
| | |
Union Pacific Corp.
|
| | |
|
18,340,504
|
| | | ||
| | | | | | | | | | |
|
125,419,131
|
| | | ||
| INFORMATION TECHNOLOGY 40.1% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 3.6% | | | ||||||||
| |
|
41,400
|
| | |
Teledyne Technologies,
Inc.(1) |
| | |
|
18,087,246
|
| | | ||
| | | | | | | COMPUTERS 7.4% | | | ||||||||
| |
|
89,900
|
| | |
Accenture PLC
Class A |
| | |
|
37,268,045
|
| | | ||
| | | | | | |
DIVERSIFIED FINANCIAL SERVICES 5.1%
|
| | ||||||||
| |
|
70,900
|
| | |
MasterCard, Inc.
Class A |
| | |
|
25,475,788
|
| | | ||
| | | | | | | SOFTWARE 24.0% | | | ||||||||
| |
|
18,000
|
| | |
Adobe, Inc.(1)
|
| | |
|
10,207,080
|
| | | ||
| |
|
12,400
|
| | |
ANSYS, Inc.(1)
|
| | |
|
4,973,888
|
| | | ||
| |
|
72,000
|
| | |
Cadence Design
Systems, Inc.(1) |
| | |
|
13,417,200
|
| | | ||
| |
|
54,600
|
| | |
Fidelity National
Information Services, Inc. |
| | |
|
5,959,590
|
| | | ||
| |
|
140,800
|
| | |
Fiserv, Inc.(1)
|
| | |
|
14,613,632
|
| | | ||
| |
|
34,400
|
| | |
Intuit, Inc.
|
| | |
|
22,126,768
|
| | | ||
| |
|
90,400
|
| | |
Salesforce.com,
Inc.(1) |
| | |
|
22,973,352
|
| | | ||
| |
|
28,639
|
| | |
ServiceNow, Inc.(1)
|
| | |
|
18,589,861
|
| | | ||
| |
|
20,800
|
| | |
Synopsys, Inc.(1)
|
| | |
|
7,664,800
|
| | | ||
| | | | | | | | | | |
|
120,526,171
|
| | | ||
| | | | | | | | | | |
|
201,357,250
|
| | | ||
| MATERIALS 1.8% | | | ||||||||||||||
| | | | | | | CHEMICALS 1.8% | | | ||||||||
| |
|
38,800
|
| | |
Ecolab, Inc.
|
| | |
|
9,102,092
|
| | | ||
| REAL ESTATE 0.6% | | | ||||||||||||||
| | | | | | | REITS 0.6% | | | | | ||||||
| |
|
10,600
|
| | |
American Tower Corp.
REIT |
| | |
|
3,100,500
|
| | | ||
|
TOTAL COMMON STOCKS
(Cost $197,824,713) |
| | |
|
491,345,213
|
| | |
|
Shares
|
| | | | |
Value
|
| ||||||
| SHORT-TERM INVESTMENT 2.3% | | ||||||||||||
| MONEY MARKET FUND 2.3% | | ||||||||||||
| |
|
11,510,396
|
| | |
State Street
Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(2) |
| | |
$
|
11,510,396
|
| |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,510,396) |
| | |
|
11,510,396
|
| | ||||||
|
TOTAL INVESTMENTS IN
SECURITIES 100.1% (Cost $209,335,109) |
| | |
$
|
502,855,609
|
| | ||||||
|
EXCESS OF LIABILITIES OVER CASH
AND OTHER ASSETS (0.1%) |
| | |
|
(455,558)
|
| | ||||||
| NET ASSETS 100% | | | |
$
|
502,400,051
|
| |
Investments in Securities:
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*
|
| | | $ | 491,345,213 | | | | | $ | — | | | | | $ | — | | | | | $ | 491,345,213 | | |
Short-Term Investment
|
| | | | 11,510,396 | | | | | | — | | | | | | — | | | | | | 11,510,396 | | |
Total Investments in Securities
|
| | | $ | 502,855,609 | | | | | $ | — | | | | | $ | — | | | | | $ | 502,855,609 | | |
Issue
|
| |
Shares
|
| |
Value
|
| |
Percentage of
Net Assets |
| |||||||||
Pool Corp.
|
| | | | 53,600 | | | | | $ | 30,337,600 | | | | | | 6.1% | | |
Teledyne Technologies, Inc.
|
| | | | 64,500 | | | | | | 28,179,405 | | | | | | 5.7% | | |
Cadence Design Systems, Inc.
|
| | | | 149,600 | | | | | | 27,877,960 | | | | | | 5.6% | | |
Tyler Technologies, Inc.
|
| | | | 45,300 | | | | | | 24,369,135 | | | | | | 4.9% | | |
Gartner, Inc.
|
| | | | 72,800 | | | | | | 24,338,496 | | | | | | 4.9% | | |
Church & Dwight Co., Inc.
|
| | | | 217,600 | | | | | | 22,304,000 | | | | | | 4.5% | | |
Mettler-Toledo International, Inc.
|
| | | | 12,800 | | | | | | 21,724,288 | | | | | | 4.4% | | |
American Financial Group, Inc.
|
| | | | 154,992 | | | | | | 21,283,501 | | | | | | 4.3% | | |
Lennox International, Inc.
|
| | | | 61,800 | | | | | | 20,045,448 | | | | | | 4.1% | | |
Chemed Corp.
|
| | | | 37,700 | | | | | | 19,944,808 | | | | | | 4.0% | | |
| | |
1 Yr
|
| |
3 Yrs
|
| |
5 Yrs
|
| |
10 Yrs
|
| |
Since Inception
3/1/1950 |
| |||||||||||||||
Investor Class | | | | | | | |||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 19.88% | | | | | | 24.84% | | | | | | 19.55% | | | | | | 16.26% | | | | | | 10.35% | | |
S&P 500® Index*
|
| | | | 28.71% | | | | | | 26.07% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 8.14% | | |
| | |
1 Yr
|
| |
3 Yrs
|
| | | | | | | |
Since Inception
8/14/2017 |
| |||||||||
Institutional Class | | | | | | | |||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 20.24% | | | | | | 25.18% | | | |
|
| |
|
| | | | 19.72% | | |
S&P 500® Index*
|
| | | | 28.71% | | | | | | 26.07% | | | |
|
| |
|
| | | | 16.49% | | |
Schedule of Investments | December 31, 2021 |
|
Shares
|
| | | | |
Value
|
| | ||||||||
| COMMON STOCKS 97.1% | | | ||||||||||||||
| CONSUMER DISCRETIONARY 9.6% | | | ||||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE 6.1% | | | ||||||||
| |
|
53,600
|
| | |
Pool Corp.
|
| | |
$
|
30,337,600
|
| | | ||
| | | | | | | ENTERTAINMENT 3.5% | | | ||||||||
| |
|
72,195
|
| | |
Churchill Downs, Inc.
|
| | |
|
17,391,775
|
| | | ||
| | | | | | | | | | |
|
47,729,375
|
| | | ||
| | | | | | | | | |||||||||
| CONSUMER STAPLES 6.4% | | | ||||||||||||||
| | | | | | | FOOD 1.9% | | | ||||||||
| |
|
59,800
|
| | |
J&J Snack Foods
Corp. |
| | |
|
9,446,008
|
| | | ||
| | | | | | | HOUSEHOLD PRODUCTS 4.5% | | | ||||||||
| |
|
217,600
|
| | |
Church & Dwight Co.,
Inc. |
| | |
|
22,304,000
|
| | | ||
| | | | | | | | | | |
|
31,750,008
|
| | | ||
| FINANCIALS 11.5% | | | ||||||||||||||
| | | | | | | INSURANCE 11.5% | | | ||||||||
| |
|
154,992
|
| | |
American Financial
Group, Inc. |
| | |
|
21,283,501
|
| | | ||
| |
|
409,400
|
| | |
Arch Capital Group,
Ltd.(1) |
| | |
|
18,197,830
|
| | | ||
| |
|
214,192
|
| | |
Berkley (W.R.) Corp.
|
| | |
|
17,647,279
|
| | | ||
| | | | | | | | | | |
|
57,128,610
|
| | | ||
| HEALTHCARE 9.9% | | | ||||||||||||||
| | | | | | | ELECTRONICS 4.4% | | | | | ||||||
| |
|
12,800
|
| | |
Mettler-Toledo
International, Inc.(1) |
| | |
|
21,724,288
|
| | | ||
| | | | | | | HEALTHCARE PRODUCTS 1.5% | | | ||||||||
| |
|
17,200
|
| | |
Cooper Cos., Inc.
|
| | |
|
7,205,768
|
| | | ||
| | | | | | | HEALTHCARE SERVICES 4.0% | | | ||||||||
| |
|
37,700
|
| | |
Chemed Corp.
|
| | |
|
19,944,808
|
| | | ||
| | | | | | | | | | |
|
48,874,864
|
| | | ||
| INDUSTRIALS 19.8% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 5.6% | | | ||||||||
| |
|
67,583
|
| | |
HEICO Corp.
|
| | |
|
9,746,820
|
| | | ||
| |
|
28,400
|
| | |
TransDigm Group,
Inc.(1) |
| | |
|
18,070,352
|
| | | ||
| | | | | | | | | | |
|
27,817,172
|
| | | ||
| | | | | | | BUILDING MATERIALS 4.1% | | | ||||||||
| |
|
61,800
|
| | |
Lennox International,
Inc. |
| | |
|
20,045,448
|
| | | ||
| | | | | | | COMMERCIAL SERVICES 2.1% | | | ||||||||
| |
|
310,049
|
| | |
Rollins, Inc.
|
| | |
|
10,606,776
|
| | |
|
Shares
|
| | | | |
Value
|
| | ||||||||
| INDUSTRIALS 19.8% (continued) | | | ||||||||||||||
| | | | | | | ENGINEERING & CONSTRUCTION 2.7% | | | ||||||||
| |
|
114,600
|
| | |
Exponent, Inc.
|
| | |
$
|
13,377,258
|
| | | ||
| | | | | | | ENVIRONMENTAL CONTROL 3.2% | | | ||||||||
| |
|
115,750
|
| | |
Waste Connections,
Inc. |
| | |
|
15,773,253
|
| | | ||
| | | | | | | SOFTWARE 2.1% | | | ||||||||
| |
|
21,400
|
| | |
Roper Technologies,
Inc. |
| | |
|
10,525,804
|
| | | ||
| | | | | | | | | | |
|
98,145,711
|
| | | ||
| INFORMATION TECHNOLOGY 33.8% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 5.7% | | | | | ||||||
| |
|
64,500
|
| | |
Teledyne Technologies,
Inc.(1) |
| | |
|
28,179,405
|
| | | ||
| | | | | | | COMMERCIAL SERVICES 4.9% | | | ||||||||
| |
|
72,800
|
| | |
Gartner, Inc.(1)
|
| | |
|
24,338,496
|
| | | ||
| | | | | | | COMPUTERS 2.5% | | | ||||||||
| |
|
136,400
|
| | |
CGI, Inc.(1)
|
| | |
|
12,071,400
|
| | | ||
| | | | | | | SOFTWARE 20.7% | | | ||||||||
| |
|
45,400
|
| | |
ANSYS, Inc.(1)
|
| | |
|
18,210,848
|
| | | ||
| |
|
149,600
|
| | |
Cadence Design
Systems, Inc.(1) |
| | |
|
27,877,960
|
| | | ||
| |
|
39,900
|
| | |
Fair Isaac Corp.(1)
|
| | |
|
17,303,433
|
| | | ||
| |
|
35,800
|
| | |
Fiserv, Inc.(1)
|
| | |
|
3,715,682
|
| | | ||
| |
|
66,708
|
| | |
Jack Henry &
Associates, Inc. |
| | |
|
11,139,569
|
| | | ||
| |
|
45,300
|
| | |
Tyler Technologies,
Inc.(1) |
| | |
|
24,369,135
|
| | | ||
| | | | | | | | | | |
|
102,616,627
|
| | | ||
| | | | | | | | | | |
|
167,205,928
|
| | | ||
| MATERIALS 2.9% | | | ||||||||||||||
| | | | | | | PACKAGING & CONTAINERS 2.9% | | | ||||||||
| |
|
100,700
|
| | |
AptarGroup, Inc.
|
| | |
|
12,333,736
|
| | | ||
| |
|
21,892
|
| | |
Ball Corp.
|
| | |
|
2,107,543
|
| | | ||
| | | | | | | | | | |
|
14,441,279
|
| | | ||
| | | | | | | | | | |
|
14,441,279
|
| | | ||
| REAL ESTATE 3.2% | | | ||||||||||||||
| |
|
183,300
|
| | |
Equity Lifestyle
Properties, Inc. REIT |
| | |
|
16,068,078
|
| | | ||
|
TOTAL COMMON STOCKS
(Cost $267,084,014) |
| | |
|
481,343,853
|
| | |
|
Shares
|
| | | | |
Value
|
| ||||||
| SHORT-TERM INVESTMENT 2.8% | | ||||||||||||
| | | | | | | MONEY MARKET FUND 2.8% | | ||||||
| |
|
13,768,491
|
| | |
State Street
Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(2) |
| | |
$
|
13,768,491
|
| |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,768,491)
|
| | |
|
13,768,491
|
| | ||||||
|
TOTAL INVESTMENTS IN
SECURITIES 99.9% (Cost $280,852,505) |
| | |
$
|
495,112,344
|
| | ||||||
|
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES 0.1% |
| | |
|
343,654
|
| | ||||||
| NET ASSETS 100% | | | |
$
|
495,455,998
|
| |
Investments in Securities:
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*
|
| | | $ | 481,343,853 | | | | | $ | — | | | | | $ | — | | | | | $ | 481,343,853 | | |
Short-Term Investment
|
| | | | 13,768,491 | | | | | | — | | | | | | — | | | | | | 13,768,491 | | |
Total Investments in Securities
|
| | | $ | 495,112,344 | | | | | $ | — | | | | | $ | — | | | | | $ | 495,112,344 | | |
| | |
1 Yr
|
| |
5 Yrs
|
| |
10 Yrs
|
| |
Since Inception
10/1/1952 |
| ||||||||||||
Investor Class | | | | | | ||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc.
|
| | | | 6.79% | | | | | | 16.64% | | | | | | 12.40% | | | | | | 10.32% | | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index**
|
| | | | 16.61% | | | | | | 12.51% | | | | | | 11.09% | | | | | | 7.59% | | |
S&P 500® Index*
|
| | | | 28.71% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 7.91% | | |
| | |
1 Yr
|
| |
5 Yrs
|
| | | | |
Since Inception
11/2/2015 |
| |||||||||
Institutional Class | | | | | | |||||||||||||||||
Value Line Capital Appreciation Fund, Inc.
|
| | | | 7.13% | | | | | | 16.97% | | | | | | | | | 13.49% | | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index**
|
| | | | 16.61% | | | | | | 12.51% | | | | | | | | | 9.92% | | |
S&P 500® Index*
|
| | | | 28.71% | | | | | | 18.47% | | | | | | | | | 14.40% | | |
|
Shares
|
| | | | |
Value
|
| ||||||
| COMMON STOCKS 83.9% | | ||||||||||||
| COMMUNICATION SERVICES 11.8% | | ||||||||||||
| | | | | | | INTERNET 9.8% | | ||||||
| |
|
6,000
|
| | |
Alphabet, Inc.
Class A(1) |
| | |
$
|
17,382,240
|
| |
| |
|
54,000
|
| | |
Meta Platforms, Inc.
Class A(1) |
| | |
|
18,162,900
|
| |
| |
|
16,000
|
| | |
Netflix, Inc.(1)
|
| | |
|
9,639,040
|
| |
| |
|
40,000
|
| | |
Roku, Inc.(1)
|
| | |
|
9,128,000
|
| |
| |
|
160,000
|
| | |
Snap, Inc. Class A(1)
|
| | |
|
7,524,800
|
| |
| |
|
150,000
|
| | |
Twitter, Inc.(1)
|
| | |
|
6,483,000
|
| |
| | | | | | | | | | |
|
68,319,980
|
| |
| | | | | | | MEDIA 0.7% | | ||||||
| |
|
30,000
|
| | |
Walt Disney Co.(1)
|
| | |
|
4,646,700
|
| |
| | | | | | | SOFTWARE 1.3% | | ||||||
| |
|
138,000
|
| | |
Activision Blizzard,
Inc. |
| | |
|
9,181,140
|
| |
| | | | | | | | | | |
|
82,147,820
|
| |
| CONSUMER DISCRETIONARY 13.1% | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS 1.3% | | ||||||
| |
|
8,500
|
| | |
Tesla, Inc.(1)
|
| | |
|
8,982,630
|
| |
| | | | | | | ENTERTAINMENT 1.4% | | ||||||
| |
|
185,000
|
| | |
DraftKings, Inc.
Class A(1) |
| | |
|
5,081,950
|
| |
| |
|
14,000
|
| | |
Vail Resorts, Inc.
|
| | |
|
4,590,600
|
| |
| | | | | | | | | | |
|
9,672,550
|
| |
| | | | | | | HOME BUILDERS 1.3% | | ||||||
| |
|
80,000
|
| | |
Lennar Corp. Class A
|
| | |
|
9,292,800
|
| |
| | | | | | | INTERNET 4.1% | | ||||||
| |
|
45,000
|
| | |
Alibaba Group Holding
Ltd. ADR(1) |
| | |
|
5,345,550
|
| |
| |
|
7,000
|
| | |
Amazon.com, Inc.(1)
|
| | |
|
23,340,380
|
| |
| | | | | | | | | | |
|
28,685,930
|
| |
| | | | | | | LEISURE TIME 0.9% | | ||||||
| |
|
180,000
|
| | |
Peloton Interactive, Inc.
Class A(1) |
| | |
|
6,436,800
|
| |
| | | | | | | LODGING 1.0% | | ||||||
| |
|
42,000
|
| | |
Hilton Worldwide
Holdings, Inc.(1) |
| | |
|
6,551,580
|
| |
| | | | | | | RETAIL 3.1% | | ||||||
| |
|
13,000
|
| | |
Home Depot, Inc.
|
| | |
|
5,395,130
|
| |
| |
|
54,000
|
| | |
Starbucks Corp.
|
| | |
|
6,316,380
|
| |
| |
|
23,000
|
| | |
Ulta Beauty, Inc.(1)
|
| | |
|
9,483,820
|
| |
| | | | | | | | | | |
|
21,195,330
|
| |
| | | | | | | | | | |
|
90,817,620
|
| |
| CONSUMER STAPLES 0.8% | | ||||||||||||
| | | | | | | BEVERAGES 0.8% | | ||||||
| |
|
21,000
|
| | |
Constellation Brands, Inc.
Class A |
| | |
|
5,270,370
|
| |
Shares
|
| | | | |
Value
|
| |||||||
ENERGY 3.3% | | |||||||||||||
| | | | | | | OIL & GAS 3.3% | | ||||||
| |
|
125,000
|
| | |
Diamondback Energy,
Inc. |
| | |
$
|
13,481,250
|
| |
| |
|
50,000
|
| | |
Pioneer Natural
Resources Co. |
| | |
|
9,094,000
|
| |
| | | | | | | | | | |
|
22,575,250
|
| |
FINANCIALS 8.9% | | |||||||||||||
| | | | | | | BANKS 6.8% | | ||||||
| |
|
490,000
|
| | |
Bank of America Corp.
|
| | |
|
21,800,100
|
| |
| |
|
175,000
|
| | |
Citigroup, Inc.
|
| | |
|
10,568,250
|
| |
| |
|
95,000
|
| | |
JPMorgan Chase & Co.
|
| | |
|
15,043,250
|
| |
| | | | | | | | | | |
|
47,411,600
|
| |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 1.2% | | ||||||
| |
|
63,000
|
| | |
Blackstone, Inc.
Class A |
| | |
|
8,151,570
|
| |
| | | | | | | INTERNET 0.9% | | ||||||
| |
|
350,000
|
| | |
Robinhood Markets, Inc.
Class A(1)(2) |
| | |
|
6,216,000
|
| |
| | | | | | | | | | |
|
61,779,170
|
| |
HEALTHCARE 13.6% | | |||||||||||||
| | | | | | | BIOTECHNOLOGY 10.0% | | ||||||
| |
|
1,700,000
|
| | |
Amarin Corp. PLC
ADR(1)(2) |
| | |
|
5,729,000
|
| |
| |
|
145,000
|
| | |
Biohaven Pharmaceutical
Holding Co. Ltd.(1) |
| | |
|
19,982,450
|
| |
| |
|
1,150,000
|
| | |
Exelixis, Inc.(1)
|
| | |
|
21,022,000
|
| |
| |
|
290,000
|
| | |
Global Blood
Therapeutics, Inc.(1) |
| | |
|
8,488,300
|
| |
| |
|
270,000
|
| | |
Intercept
Pharmaceuticals, Inc.(1)(2) |
| | |
|
4,398,300
|
| |
| |
|
44,000
|
| | |
Vertex Pharmaceuticals,
Inc.(1) |
| | |
|
9,662,400
|
| |
| | | | | | | | | | |
|
69,282,450
|
| |
| | | | | | | HEALTHCARE PRODUCTS 2.5% | | ||||||
| |
|
225,000
|
| | |
Exact Sciences Corp.(1)
|
| | |
|
17,511,750
|
| |
| | | | | | | PHARMACEUTICALS 1.1% | | ||||||
| |
|
14,000
|
| | |
DexCom, Inc.(1)
|
| | |
|
7,517,300
|
| |
| | | | | | | | | | |
|
94,311,500
|
| |
INDUSTRIALS 4.4% | | |||||||||||||
| | | | | | | AIRLINES 1.2% | | ||||||
| |
|
210,000
|
| | |
Delta Air Lines, Inc.(1)
|
| | |
|
8,206,800
|
| |
| | | | | | | INTERNET 3.2% | | ||||||
| |
|
300,000
|
| | |
Lyft, Inc. Class A(1)
|
| | |
|
12,819,000
|
| |
| |
|
220,000
|
| | |
Uber Technologies,
Inc.(1) |
| | |
|
9,224,600
|
| |
| | | | | | | | | | |
|
22,043,600
|
| |
| | | | | | | | | | |
|
30,250,400
|
| |
|
Shares
|
| | | | |
Value
|
| ||||||
| INFORMATION TECHNOLOGY 27.3% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 1.4% | | ||||||
| |
|
53,000
|
| | |
PayPal Holdings, Inc.(1)
|
| | |
$
|
9,994,740
|
| |
| | | | | | | COMPUTERS 3.7% | | ||||||
| |
|
101,000
|
| | |
Apple, Inc.
|
| | |
|
17,934,570
|
| |
| |
|
38,000
|
| | |
Crowdstrike Holdings,
Inc. Class A(1) |
| | |
|
7,780,500
|
| |
| | | | | | | | | | |
|
25,715,070
|
| |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 2.0% | | ||||||
| |
|
65,000
|
| | |
Visa, Inc. Class A
|
| | |
|
14,086,150
|
| |
| | | | | | | INTERNET 1.4% | | ||||||
| |
|
7,000
|
| | |
Shopify, Inc. Class A(1)
|
| | |
|
9,641,730
|
| |
| | | | | | | SEMICONDUCTORS 9.6% | | ||||||
| |
|
13,500
|
| | |
Broadcom, Inc.
|
| | |
|
8,983,035
|
| |
| |
|
185,000
|
| | |
Micron Technology, Inc.
|
| | |
|
17,232,750
|
| |
| |
|
44,000
|
| | |
NVIDIA Corp.
|
| | |
|
12,940,840
|
| |
| |
|
44,000
|
| | |
NXP Semiconductors
NV |
| | |
|
10,022,320
|
| |
| |
|
93,000
|
| | |
QUALCOMM, Inc.
|
| | |
|
17,006,910
|
| |
| | | | | | | | | | |
|
66,185,855
|
| |
| | | | | | | SOFTWARE 9.2% | | ||||||
| |
|
10,000
|
| | |
Adobe, Inc.(1)
|
| | |
|
5,670,600
|
| |
| |
|
36,000
|
| | |
Microsoft Corp.
|
| | |
|
12,107,520
|
| |
| |
|
37,000
|
| | |
RingCentral, Inc.
Class A(1) |
| | |
|
6,931,950
|
| |
| |
|
39,000
|
| | |
Salesforce.com, Inc.(1)
|
| | |
|
9,911,070
|
| |
| |
|
12,000
|
| | |
ServiceNow, Inc.(1)
|
| | |
|
7,789,320
|
| |
| |
|
56,500
|
| | |
Splunk, Inc.(1)
|
| | |
|
6,538,180
|
| |
| |
|
30,000
|
| | |
Twilio, Inc. Class A(1)
|
| | |
|
7,900,200
|
| |
| |
|
24,000
|
| | |
Workday, Inc. Class A(1)
|
| | |
|
6,556,320
|
| |
| | | | | | | | | | |
|
63,405,160
|
| |
| | | | | | | | | | |
|
189,028,705
|
| |
| REAL ESTATE 0.7% | | ||||||||||||
| | | | | | | REITS 0.7% | | ||||||
| |
|
17,000
|
| | |
American Tower Corp.
REIT |
| | |
|
4,972,500
|
| |
|
TOTAL COMMON STOCKS
(Cost $420,849,254) |
| | |
|
581,153,335
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| ASSET-BACKED SECURITIES 0.3% | | ||||||||||||
| |
$
|
208,000
|
| | |
Chase Issuance Trust,
Series 2012-A7, Class A7, 2.16%, 9/15/24 |
| | |
$
|
210,520
|
| |
| |
|
200,000
|
| | |
Ford Credit Auto Owner
Trust, Series 2018-2, Class A, 3.47%, 1/15/30(3) |
| | |
|
207,817
|
| |
| |
|
500,000
|
| | |
Ford Credit Auto Owner
Trust, Series 2018-1, Class A, 3.19%, 7/15/31(3) |
| | |
|
526,881
|
| |
| |
|
500,000
|
| | |
GM Financial Consumer
Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25 |
| | |
|
506,465
|
| |
| |
|
500,000
|
| | |
Toyota Auto Loan
Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31(3) |
| | |
|
516,360
|
| |
| |
|
150,000
|
| | |
Toyota Auto Loan
Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(3) |
| | |
|
149,623
|
| |
|
TOTAL ASSET-BACKED SECURITIES
(Cost $2,172,388) |
| | |
|
2,117,666
|
| | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 0.9% | | ||||||||||||
| |
|
250,000
|
| | |
BANK, Series 2019-BN17,
Class A4, 3.71%, 4/15/52 |
| | |
|
275,841
|
| |
| |
|
300,000
|
| | |
BANK, Series 2021-BN33,
Class A3, 2.02%, 5/15/64 |
| | |
|
296,052
|
| |
| |
|
198,867
|
| | |
Citigroup Commercial
Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 |
| | |
|
204,638
|
| |
| |
|
100,000
|
| | |
COMM Mortgage Trust,
Series 2014-UBS2, Class AM, 4.20%, 3/10/47 |
| | |
|
104,582
|
| |
| |
|
544,312
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(4) |
| | |
|
567,826
|
| |
| |
|
100,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K731, Class A2, 3.60%, 2/25/25(4) |
| | |
|
105,692
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| |
$
|
350,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25 |
| | |
$
|
372,095
|
| |
| |
|
250,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 |
| | |
|
262,245
|
| |
| |
|
100,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 |
| | |
|
108,905
|
| |
| |
|
100,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(4) |
| | |
|
108,932
|
| |
| |
|
255,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 |
| | |
|
275,781
|
| |
| |
|
150,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 |
| | |
|
162,674
|
| |
| |
|
250,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 |
| | |
|
278,537
|
| |
| |
|
100,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K075, Class A2, 3.65%, 2/25/28(4) |
| | |
|
111,697
|
| |
| |
|
250,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(4) |
| | |
|
282,897
|
| |
| |
|
100,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29 |
| | |
|
111,948
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| |
$
|
767,595
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 |
| | |
$
|
795,028
|
| |
| |
|
250,000
|
| | |
FREMF Mortgage Trust,
Series 2013-K24, Class B, 3.51%, 11/25/45(3)(4) |
| | |
|
254,453
|
| |
| |
|
137,654
|
| | |
GNMA, Series 2013-12,
Class AB, 1.83%, 11/16/52 |
| | |
|
137,581
|
| |
| |
|
150,000
|
| | |
GNMA, Series 2013-12,
Class B, 2.06%, 11/16/52(4) |
| | |
|
150,142
|
| |
| |
|
25,760
|
| | |
GS Mortgage Securities
Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 |
| | |
|
25,754
|
| |
| |
|
200,000
|
| | |
Morgan Stanley Capital I
Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52 |
| | |
|
216,522
|
| |
| |
|
250,000
|
| | |
UBS-Barclays
Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 |
| | |
|
251,829
|
| |
| |
|
385,000
|
| | |
UBS-Barclays
Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 |
| | |
|
390,331
|
| |
| |
|
27,378
|
| | |
Wells Fargo Commercial
Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 |
| | |
|
27,368
|
| |
| |
|
200,000
|
| | |
Wells Fargo Commercial
Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48 |
| | |
|
211,613
|
| |
| |
|
22,979
|
| | |
Wells Fargo Commercial
Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 |
| | |
|
23,003
|
| |
| |
|
150,000
|
| | |
Wells Fargo Commercial
Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 |
| | |
|
161,326
|
| |
|
TOTAL COMMERCIAL
MORTGAGE-BACKED SECURITIES (Cost $6,254,680) |
| | |
|
6,275,292
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CORPORATE BONDS & NOTES 4.3% | | ||||||||||||
| BASIC MATERIALS 0.2% | | ||||||||||||
| | | | | | | CHEMICALS 0.1% | | ||||||
| |
$
|
175,000
|
| | |
Celanese U.S. Holdings
LLC, Guaranteed Notes, 4.63%, 11/15/22(2) |
| | |
$
|
180,633
|
| |
| |
|
150,000
|
| | |
Ecolab, Inc., Senior
Unsecured Notes, 1.30%, 1/30/31(2) |
| | |
|
140,766
|
| |
| |
|
175,000
|
| | |
Nutrien Ltd., Senior
Unsecured Notes, 4.20%, 4/1/29 |
| | |
|
197,574
|
| |
| |
|
200,000
|
| | |
Westlake Chemical Corp.,
Senior Unsecured Notes, 3.60%, 8/15/26 |
| | |
|
214,529
|
| |
| | | | | | | | | | |
|
733,502
|
| |
| | | | | | | IRON & STEEL 0.0% | | ||||||
| |
|
150,000
|
| | |
ArcelorMittal SA, Senior
Unsecured Notes, 4.25%, 7/16/29(2) |
| | |
|
164,387
|
| |
| |
|
190,000
|
| | |
Steel Dynamics, Inc.,
Senior Unsecured Notes, 3.25%, 1/15/31 |
| | |
|
200,543
|
| |
| | | | | | | | | | |
|
364,930
|
| |
| | | | | | | MINING 0.1% | | ||||||
| |
|
150,000
|
| | |
Freeport-McMoRan, Inc.,
4.63%, 8/1/30 |
| | |
|
160,875
|
| |
| |
|
145,000
|
| | |
Rio Tinto Finance USA
PLC, Guaranteed Notes, 4.13%, 8/21/42 |
| | |
|
173,857
|
| |
| |
|
195,000
|
| | |
Teck Resources Ltd.,
Senior Unsecured Notes, 6.13%, 10/1/35 |
| | |
|
253,142
|
| |
| | | | | | | | | | |
|
587,874
|
| |
| | | | | | | | | | |
|
1,686,306
|
| |
| COMMUNICATIONS 0.3% | | ||||||||||||
| | | | | | | INTERNET 0.1% | | ||||||
| |
|
190,000
|
| | |
Netflix, Inc., Senior
Unsecured Notes, 4.88%, 4/15/28 |
| | |
|
216,600
|
| |
| |
|
150,000
|
| | |
VeriSign, Inc., Senior
Unsecured Notes, 2.70%, 6/15/31 |
| | |
|
150,750
|
| |
| | | | | | | | | | |
|
367,350
|
| |
| | | | | | | MEDIA 0.1% | | ||||||
| |
|
175,000
|
| | |
Charter Communications
Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 |
| | |
|
192,589
|
| |
| |
|
175,000
|
| | |
Comcast Corp.,
Guaranteed Notes, 3.95%, 10/15/25 |
| | |
|
191,138
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| COMMUNICATIONS 0.3% (continued) | | ||||||||||||
| | | | | | | MEDIA 0.1% (continued) | | ||||||
| |
$
|
150,000
|
| | |
Discovery
Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 |
| | |
$
|
167,245
|
| |
| |
|
150,000
|
| | |
Walt Disney Co.,
Guaranteed Notes, 2.65%, 1/13/31(2) |
| | |
|
156,206
|
| |
| | | | | | | | | | |
|
707,178
|
| |
| | | | | | | TELECOMMUNICATIONS 0.1% | | ||||||
| |
|
228,000
|
| | |
AT&T, Inc., Senior
Unsecured Notes, 2.55%, 12/1/33 |
| | |
|
223,307
|
| |
| |
|
200,000
|
| | |
Motorola Solutions, Inc.,
Senior Unsecured Notes, 4.60%, 5/23/29 |
| | |
|
228,696
|
| |
| |
|
250,000
|
| | |
Verizon Communications,
Inc., Senior Unsecured Notes, 4.50%, 8/10/33 |
| | |
|
294,288
|
| |
| |
|
150,000
|
| | |
Vodafone Group PLC,
Senior Unsecured Notes, 4.25%, 9/17/50(2) |
| | |
|
173,744
|
| |
| | | | | | | | | | |
|
920,035
|
| |
| | | | | | | | | | |
|
1,994,563
|
| |
| CONSUMER, CYCLICAL 0.4% | | ||||||||||||
| | | | | | | APPAREL 0.0% | | ||||||
| |
|
150,000
|
| | |
NIKE, Inc., Senior
Unsecured Notes, 2.38%, 11/1/26 |
| | |
|
156,815
|
| |
| | | | | | | AUTO MANUFACTURERS 0.1% | | ||||||
| |
|
150,000
|
| | |
American Honda Finance
Corp., Senior Unsecured Notes, 1.00%, 9/10/25 |
| | |
|
147,662
|
| |
| |
|
150,000
|
| | |
Cummins, Inc., Senior
Unsecured Notes, 1.50%, 9/1/30 |
| | |
|
142,083
|
| |
| |
|
195,000
|
| | |
Ford Motor Credit Co.
LLC, Senior Unsecured Notes, 3.38%, 11/13/25 |
| | |
|
202,589
|
| |
| |
|
200,000
|
| | |
General Motors Financial
Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 |
| | |
|
205,978
|
| |
| | | | | | | | | | |
|
698,312
|
| |
| | | | | | | HOME BUILDERS 0.1% | | ||||||
| |
|
225,000
|
| | |
D.R. Horton, Inc.,
Guaranteed Notes, 2.50%, 10/15/24 |
| | |
|
231,563
|
| |
| |
|
200,000
|
| | |
Lennar Corp.,
Guaranteed Notes, 4.88%, 12/15/23 |
| | |
|
212,031
|
| |
| |
|
162,000
|
| | |
PulteGroup, Inc.,
Guaranteed Notes, 5.00%, 1/15/27(2) |
| | |
|
184,000
|
| |
| | | | | | | | | | |
|
627,594
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CONSUMER, CYCLICAL 0.4% (continued) | | ||||||||||||
| | | | | | | HOME FURNISHINGS 0.1% | | ||||||
| |
$
|
200,000
|
| | |
Whirlpool Corp., Senior
Unsecured Notes, 4.75%, 2/26/29 |
| | |
$
|
231,064
|
| |
| | | | | | | HOUSEWARES 0.0% | | ||||||
| |
|
175,000
|
| | |
Newell Brands, Inc.,
Senior Unsecured Notes, 4.70%, 4/1/26 |
| | |
|
190,794
|
| |
| | | | | | | RETAIL 0.1% | | ||||||
| |
|
175,000
|
| | |
AutoZone, Inc., Senior
Unsecured Notes, 3.75%, 6/1/27 |
| | |
|
191,160
|
| |
| |
|
200,000
|
| | |
Costco Wholesale Corp.,
Senior Unsecured Notes, 1.75%, 4/20/32 |
| | |
|
194,563
|
| |
| |
|
175,000
|
| | |
Dollar General Corp.,
Senior Unsecured Notes, 3.50%, 4/3/30 |
| | |
|
189,295
|
| |
| |
|
200,000
|
| | |
O’Reilly Automotive, Inc.,
Senior Unsecured Notes, 3.60%, 9/1/27 |
| | |
|
216,307
|
| |
| | | | | | | | | | |
|
791,325
|
| |
| | | | | | | | | | |
|
2,695,904
|
| |
| CONSUMER, NON-CYCLICAL 0.9% | | ||||||||||||
| | | | | | | AGRICULTURE 0.0% | | ||||||
| |
|
150,000
|
| | |
Bunge Ltd. Finance
Corp., Guaranteed Notes, 3.25%, 8/15/26 |
| | |
|
158,307
|
| |
| | | | | | | BEVERAGES 0.1% | | ||||||
| |
|
150,000
|
| | |
Anheuser-Busch InBev
Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(2) |
| | |
|
180,309
|
| |
| |
|
150,000
|
| | |
Coca-Cola Femsa SAB de
CV, Guaranteed Notes, 2.75%, 1/22/30 |
| | |
|
153,414
|
| |
| |
|
175,000
|
| | |
Constellation Brands,
Inc., Guaranteed Notes, 5.25%, 11/15/48 |
| | |
|
230,101
|
| |
| |
|
100,000
|
| | |
PepsiCo, Inc., Senior
Unsecured Notes, 2.88%, 10/15/49 |
| | |
|
105,262
|
| |
| | | | | | | | | | |
|
669,086
|
| |
| | | | | | | BIOTECHNOLOGY 0.1% | | ||||||
| |
|
150,000
|
| | |
Amgen, Inc., Senior
Unsecured Notes, 2.20%, 2/21/27(2) |
| | |
|
153,632
|
| |
| |
|
150,000
|
| | |
Illumina, Inc., Senior
Unsecured Notes, 2.55%, 3/23/31 |
| | |
|
150,126
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CORPORATE BONDS & NOTES 4.3% (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL 0.9% (continued) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY 0.1% (continued) | | ||||||
| |
$
|
175,000
|
| | |
Regeneron
Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 |
| | |
$
|
165,671
|
| |
| | | | | | | | | | |
|
469,429
|
| |
| | | | | | | COMMERCIAL SERVICES 0.1% | | ||||||
| |
|
200,000
|
| | |
Global Payments, Inc.,
Senior Unsecured Notes, 2.90%, 5/15/30 |
| | |
|
203,833
|
| |
| |
|
150,000
|
| | |
Global Payments, Inc.,
Senior Unsecured Notes, 4.80%, 4/1/26 |
| | |
|
166,606
|
| |
| |
|
200,000
|
| | |
PayPal Holdings, Inc.,
Senior Unsecured Notes, 2.65%, 10/1/26 |
| | |
|
210,068
|
| |
| | | | | | | | | | |
|
580,507
|
| |
| | | | | | | FOOD 0.1% | | ||||||
| |
|
175,000
|
| | |
Conagra Brands, Inc.,
Senior Unsecured Notes, 1.38%, 11/1/27 |
| | |
|
167,251
|
| |
| |
|
200,000
|
| | |
Kroger Co., Senior
Unsecured Notes, 2.65%, 10/15/26(2) |
| | |
|
207,932
|
| |
| |
|
125,000
|
| | |
Mondelez International,
Inc., Senior Unsecured Notes, 1.50%, 2/4/31(2) |
| | |
|
117,358
|
| |
| | | | | | | | | | |
|
492,541
|
| |
| | | | | | | HEALTHCARE PRODUCTS 0.0% | | ||||||
| |
|
150,000
|
| | |
Abbott Laboratories,
Senior Unsecured Notes, 3.75%, 11/30/26 |
| | |
|
165,849
|
| |
| |
|
175,000
|
| | |
Baxter International,
Inc., 1.73%, 4/1/31(1)(2) |
| | |
|
165,922
|
| |
| | | | | | | | | | |
|
331,771
|
| |
| | | | | | | HEALTHCARE SERVICES 0.2% | | ||||||
| |
|
185,000
|
| | |
Anthem, Inc., Senior
Unsecured Notes, 3.35%, 12/1/24 |
| | |
|
195,478
|
| |
| |
|
175,000
|
| | |
Centene Corp., Senior
Unsecured Notes, 4.63%, 12/15/29 |
| | |
|
188,731
|
| |
| |
|
150,000
|
| | |
HCA, Inc., Guaranteed
Notes, 5.38%, 2/1/25 |
| | |
|
164,850
|
| |
| |
|
200,000
|
| | |
Humana, Inc., Senior
Unsecured Notes, 3.95%, 3/15/27 |
| | |
|
218,701
|
| |
|
Principal
Amount |
| | | | |
Value
|
| | ||||||||
| CONSUMER, NON-CYCLICAL 0.9% (continued) | | | ||||||||||||||
| | | | | | |
HEALTHCARE SERVICES 0.2%
(continued) |
| | ||||||||
| |
$
|
200,000
|
| | |
Laboratory Corp. of
America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 |
| | |
$
|
208,255
|
| | | ||
| |
|
175,000
|
| | |
UnitedHealth Group, Inc.,
Senior Unsecured Notes, 4.63%, 11/15/41 |
| | |
|
220,385
|
| | | ||
| | | | | | | | | | |
|
1,196,400
|
| | | ||
| | | | | | | HOUSEHOLD PRODUCTS 0.0% | | | | | ||||||
| |
|
200,000
|
| | |
Clorox Co., Senior
Unsecured Notes, 1.80%, 5/15/30 |
| | |
|
194,029
|
| | | ||
| | | | | | | PHARMACEUTICALS 0.3% | | | ||||||||
| |
|
190,000
|
| | |
AbbVie, Inc., Senior
Unsecured Notes, 2.95%, 11/21/26 |
| | |
|
200,324
|
| | | ||
| |
|
200,000
|
| | |
AstraZeneca PLC, Senior
Unsecured Notes, 1.38%, 8/6/30 |
| | |
|
189,023
|
| | | ||
| |
|
200,000
|
| | |
Becton Dickinson and
Co., Senior Unsecured Notes, 3.70%, 6/6/27 |
| | |
|
218,090
|
| | | ||
| |
|
150,000
|
| | |
CVS Health Corp., Senior
Unsecured Notes, 1.75%, 8/21/30 |
| | |
|
143,099
|
| | | ||
| |
|
150,000
|
| | |
Johnson & Johnson,
Senior Unsecured Notes, 1.30%, 9/1/30(2) |
| | |
|
144,686
|
| | | ||
| |
|
175,000
|
| | |
Merck & Co., Inc., Senior
Unsecured Notes, 3.90%, 3/7/39 |
| | |
|
205,897
|
| | | ||
| |
|
150,000
|
| | |
Novartis Capital Corp.,
Guaranteed Notes, 2.75%, 8/14/50(2) |
| | |
|
152,102
|
| | | ||
| |
|
190,000
|
| | |
Takeda Pharmaceutical
Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 |
| | |
|
193,749
|
| | | ||
| |
|
200,000
|
| | |
Utah Acquisition Sub,
Inc., Guaranteed Notes, 3.95%, 6/15/26 |
| | |
|
215,748
|
| | | ||
| |
|
200,000
|
| | |
Zoetis, Inc., Senior
Unsecured Notes, 4.50%, 11/13/25 |
| | |
|
220,266
|
| | | ||
| | | | | | | | | | |
|
1,882,984
|
| | | ||
| | | | | | | | | | |
|
5,975,054
|
| | | ||
| ENERGY 0.4% | | | ||||||||||||||
| | | | | | | OIL & GAS 0.2% | | | ||||||||
| |
|
175,000
|
| | |
Canadian Natural
Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 |
| | |
|
176,750
|
| | |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| ENERGY 0.4% (continued) | | ||||||||||||
| | | | | | | OIL & GAS 0.2% (continued) | | ||||||
| |
$
|
175,000
|
| | |
Diamondback Energy,
Inc., Guaranteed Notes, 2.88%, 12/1/24 |
| | |
$
|
181,587
|
| |
| |
|
185,000
|
| | |
EOG Resources, Inc.,
Senior Unsecured Notes, 4.38%, 4/15/30(2) |
| | |
|
213,983
|
| |
| |
|
140,000
|
| | |
Hess Corp., Senior
Unsecured Notes, 4.30%, 4/1/27 |
| | |
|
152,558
|
| |
| |
|
100,000
|
| | |
Marathon Petroleum
Corp., Senior Unsecured Notes, 5.13%, 12/15/26(2) |
| | |
|
113,869
|
| |
| |
|
150,000
|
| | |
Occidental Petroleum
Corp., Senior Unsecured Notes, 5.50%, 12/1/25 |
| | |
|
166,312
|
| |
| |
|
150,000
|
| | |
Phillips 66, Guaranteed
Notes, 3.90%, 3/15/28 |
| | |
|
162,687
|
| |
| |
|
150,000
|
| | |
Shell International
Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 |
| | |
|
153,353
|
| |
| |
|
175,000
|
| | |
Suncor Energy, Inc.,
Senior Unsecured Notes, 3.10%, 5/15/25 |
| | |
|
182,891
|
| |
| |
|
150,000
|
| | |
TotalEnergies Capital
International SA, Guaranteed Notes, 3.46%, 2/19/29 |
| | |
|
162,632
|
| |
| | | | | | | | | | |
|
1,666,622
|
| |
| | | | | | | OIL & GAS SERVICES 0.0% | | ||||||
| |
|
175,000
|
| | |
Schlumberger Finance
Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(2) |
| | |
|
174,433
|
| |
| | | | | | | PIPELINES 0.2% | | ||||||
| |
|
175,000
|
| | |
Boardwalk Pipelines LP,
Guaranteed Notes, 4.95%, 12/15/24 |
| | |
|
189,682
|
| |
| |
|
100,000
|
| | |
Enbridge, Inc.,
Guaranteed Notes, 2.50%, 8/1/33 |
| | |
|
98,279
|
| |
| |
|
175,000
|
| | |
Enterprise Products
Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 |
| | |
|
209,539
|
| |
| |
|
200,000
|
| | |
Kinder Morgan, Inc.,
Guaranteed Notes, 4.30%, 3/1/28 |
| | |
|
222,401
|
| |
| |
|
125,000
|
| | |
Magellan Midstream
Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 |
| | |
|
139,332
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CORPORATE BONDS & NOTES 4.3% (continued) | | ||||||||||||
| ENERGY 0.4% (continued) | | ||||||||||||
| | | | | | | PIPELINES 0.2% (continued) | | ||||||
| |
$
|
175,000
|
| | |
TransCanada PipeLines
Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 |
| | |
$
|
195,295
|
| |
| | | | | | | | | | |
|
1,054,528
|
| |
| | | | | | | | | | |
|
2,895,583
|
| |
| FINANCIAL 1.2% | | ||||||||||||
| | | | | | | BANKS 0.6% | | ||||||
| |
|
175,000
|
| | |
Barclays PLC, Senior
Unsecured Notes, 4.34%, 1/10/28 |
| | |
|
191,175
|
| |
| |
|
150,000
|
| | |
Citigroup, Inc., Senior
Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(4) |
| | |
|
156,650
|
| |
| |
|
185,000
|
| | |
Citigroup, Inc.,
Subordinated Notes, 5.30%, 5/6/44 |
| | |
|
242,108
|
| |
| |
|
200,000
|
| | |
Goldman Sachs Group,
Inc., Senior Unsecured Notes, 3.75%, 2/25/26(2) |
| | |
|
215,485
|
| |
| |
|
200,000
|
| | |
HSBC Holdings PLC,
Senior Unsecured Notes, 3.90%, 5/25/26 |
| | |
|
215,808
|
| |
| |
|
175,000
|
| | |
ING Groep NV, Senior
Unsecured Notes, 3.95%, 3/29/27 |
| | |
|
191,404
|
| |
| |
|
150,000
|
| | |
ING Groep NV, Senior
Unsecured Notes, 4.10%, 10/2/23 |
| | |
|
157,907
|
| |
| |
|
150,000
|
| | |
JPMorgan Chase & Co.,
Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(4) |
| | |
|
176,538
|
| |
| |
|
250,000
|
| | |
JPMorgan Chase & Co.,
Subordinated Notes, 4.13%, 12/15/26 |
| | |
|
275,898
|
| |
| |
|
200,000
|
| | |
KeyCorp, Senior
Unsecured Notes, 2.55%, 10/1/29 |
| | |
|
204,967
|
| |
| |
|
225,000
|
| | |
Lloyds Banking Group
PLC, Senior Unsecured Notes, 3.90%, 3/12/24 |
| | |
|
237,710
|
| |
| |
|
250,000
|
| | |
Morgan Stanley,
Subordinated Notes, 4.88%, 11/1/22 |
| | |
|
258,432
|
| |
| |
|
200,000
|
| | |
Morgan Stanley, Series F,
Senior Unsecured Notes, 3.88%, 4/29/24 |
| | |
|
212,056
|
| |
| |
|
200,000
|
| | |
National Australia Bank
Ltd., Senior Unsecured Notes, 2.50%, 7/12/26(2) |
| | |
|
208,967
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| FINANCIAL 1.2% (continued) | | ||||||||||||
| | | | | | | BANKS 0.6% (continued) | | ||||||
| |
$
|
150,000
|
| | |
Northern Trust Corp.,
Senior Unsecured Notes, 3.15%, 5/3/29 |
| | |
$
|
161,609
|
| |
| |
|
150,000
|
| | |
PNC Bank NA,
Subordinated Notes, 2.95%, 1/30/23 |
| | |
|
153,361
|
| |
| |
|
225,000
|
| | |
Royal Bank of Canada,
Subordinated Notes, 4.65%, 1/27/26 |
| | |
|
249,641
|
| |
| |
|
150,000
|
| | |
Toronto-Dominion Bank,
Senior Unsecured Notes, 1.15%, 6/12/25 |
| | |
|
148,804
|
| |
| |
|
150,000
|
| | |
US Bancorp,
Subordinated Notes, 3.60%, 9/11/24 |
| | |
|
159,353
|
| |
| |
|
150,000
|
| | |
Zions Bancorp NA,
Subordinated Notes, 3.25%, 10/29/29 |
| | |
|
155,218
|
| |
| | | | | | | | | | |
|
3,973,091
|
| |
| | | | | | |
DIVERSIFIED FINANCIAL SERVICES 0.1%
|
| ||||||
| |
|
175,000
|
| | |
AerCap Ireland Capital
DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 |
| | |
|
171,730
|
| |
| |
|
200,000
|
| | |
Air Lease Corp., Senior
Unsecured Notes, 3.63%, 4/1/27 |
| | |
|
209,902
|
| |
| |
|
150,000
|
| | |
Ally Financial, Inc.,
Senior Unsecured Notes, 5.13%, 9/30/24 |
| | |
|
163,927
|
| |
| |
|
150,000
|
| | |
BlackRock, Inc., Senior
Unsecured Notes, 2.40%, 4/30/30(2) |
| | |
|
154,514
|
| |
| |
|
185,000
|
| | |
Discover Financial
Services, Senior Unsecured Notes, 3.95%, 11/6/24 |
| | |
|
196,790
|
| |
| | | | | | | | | | |
|
896,863
|
| |
| | | | | | | INSURANCE 0.2% | | ||||||
| |
|
175,000
|
| | |
Aflac, Inc., Senior
Unsecured Notes, 3.60%, 4/1/30(2) |
| | |
|
193,089
|
| |
| |
|
190,000
|
| | |
Allstate Corp., Senior
Unsecured Notes, 1.45%, 12/15/30 |
| | |
|
179,823
|
| |
| |
|
150,000
|
| | |
Berkshire Hathaway
Finance Corp., Guaranteed Notes, 1.85%, 3/12/30(2) |
| | |
|
148,740
|
| |
| |
|
175,000
|
| | |
Hartford Financial
Services Group, Inc., Senior Unsecured Notes, 2.80%, 8/19/29(2) |
| | |
|
181,641
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| FINANCIAL 1.2% (continued) | | ||||||||||||
| | | | | | | INSURANCE 0.2% (continued) | | ||||||
| |
$
|
175,000
|
| | |
PartnerRe Finance B LLC,
Guaranteed Notes, 3.70%, 7/2/29 |
| | |
$
|
190,531
|
| |
| |
|
150,000
|
| | |
Principal Financial Group,
Inc., Guaranteed Notes, 3.70%, 5/15/29 |
| | |
|
165,689
|
| |
| |
|
200,000
|
| | |
Prudential Financial,
Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2)(4) |
| | |
|
224,229
|
| |
| |
|
100,000
|
| | |
Reinsurance Group of
America, Inc., Senior Unsecured Notes, 3.90%, 5/15/29 |
| | |
|
109,441
|
| |
| | | | | | | | | | |
|
1,393,183
|
| |
| | | | | | | REITS 0.3% | | ||||||
| |
|
150,000
|
| | |
American Tower Corp.,
Senior Unsecured Notes, 2.95%, 1/15/25 |
| | |
|
155,823
|
| |
| |
|
200,000
|
| | |
AvalonBay Communities,
Inc., Senior Unsecured Notes, 2.45%, 1/15/31(2) |
| | |
|
205,209
|
| |
| |
|
200,000
|
| | |
Digital Realty Trust LP,
Guaranteed Notes, 3.60%, 7/1/29 |
| | |
|
216,664
|
| |
| |
|
125,000
|
| | |
Equinix, Inc., Senior
Unsecured Notes, 2.50%, 5/15/31 |
| | |
|
125,057
|
| |
| |
|
200,000
|
| | |
Essex Portfolio LP,
Guaranteed Notes, 3.00%, 1/15/30 |
| | |
|
209,804
|
| |
| |
|
200,000
|
| | |
Kimco Realty Corp.,
2.25%, 12/1/31 |
| | |
|
195,115
|
| |
| |
|
200,000
|
| | |
Life Storage LP,
Guaranteed Notes, 2.20%, 10/15/30 |
| | |
|
196,651
|
| |
| |
|
200,000
|
| | |
Prologis LP, Senior
Unsecured Notes, 2.25%, 4/15/30 |
| | |
|
201,219
|
| |
| |
|
175,000
|
| | |
Sabra Health Care LP,
Guaranteed Notes, 3.90%, 10/15/29 |
| | |
|
183,393
|
| |
| |
|
250,000
|
| | |
Welltower, Inc., Senior
Unsecured Notes, 4.25%, 4/15/28 |
| | |
|
280,242
|
| |
| | | | | | | | | | |
|
1,969,177
|
| |
| | | | | | | | | | |
|
8,232,314
|
| |
| INDUSTRIAL 0.4% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 0.1% | | ||||||
| |
|
200,000
|
| | |
L3Harris Technologies,
Inc., Senior Unsecured Notes, 4.40%, 6/15/28 |
| | |
|
224,652
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CORPORATE BONDS & NOTES 4.3% (continued) | | ||||||||||||
| INDUSTRIAL 0.4% (continued) | | ||||||||||||
| | | | | | |
AEROSPACE & DEFENSE 0.1%
(continued) |
| ||||||
| |
$
|
125,000
|
| | |
Raytheon Technologies
Corp., Senior Unsecured Notes, 4.13%, 11/16/28 |
| | |
$
|
139,931
|
| |
| |
|
170,000
|
| | |
Teledyne Technologies,
Inc., Senior Unsecured Notes, 1.60%, 4/1/26(2) |
| | |
|
168,425
|
| |
| | | | | | | | | | |
|
533,008
|
| |
| | | | | | | BUILDING MATERIALS 0.1% | | ||||||
| |
|
125,000
|
| | |
Masco Corp., Senior
Unsecured Notes, 2.00%, 10/1/30 |
| | |
|
120,128
|
| |
| |
|
150,000
|
| | |
Owens Corning, Senior
Unsecured Notes, 3.95%, 8/15/29 |
| | |
|
164,479
|
| |
| |
|
150,000
|
| | |
Vulcan Materials Co.,
Senior Unsecured Notes, 3.50%, 6/1/30 |
| | |
|
162,174
|
| |
| | | | | | | | | | |
|
446,781
|
| |
| | | | | | | ELECTRONICS 0.1% | | ||||||
| |
|
175,000
|
| | |
Amphenol Corp., 2.20%,
9/15/31 |
| | |
|
171,235
|
| |
| |
|
200,000
|
| | |
Flex Ltd., Senior
Unsecured Notes, 4.75%, 6/15/25 |
| | |
|
217,654
|
| |
| |
|
150,000
|
| | |
Honeywell International,
Inc., Senior Unsecured Notes, 1.95%, 6/1/30 |
| | |
|
149,290
|
| |
| |
|
150,000
|
| | |
Jabil, Inc., Senior
Unsecured Notes, 3.60%, 1/15/30 |
| | |
|
161,452
|
| |
| | | | | | | | | | |
|
699,631
|
| |
| | | | | | | MACHINERY DIVERSIFIED 0.0% | | ||||||
| |
|
175,000
|
| | |
John Deere Capital Corp.,
Senior Unsecured Notes, 2.45%, 1/9/30 |
| | |
|
180,426
|
| |
| | | | | | |
MISCELLANEOUS MANUFACTURERS 0.1%
|
| ||||||
| |
|
250,000
|
| | |
Textron, Inc., Senior
Unsecured Notes, 3.88%, 3/1/25 |
| | |
|
267,104
|
| |
| |
|
200,000
|
| | |
Trane Technologies
Luxembourg Finance SA, Guaranteed Notes, 3.80%, 3/21/29 |
| | |
|
218,648
|
| |
| | | | | | | | | | |
|
485,752
|
| |
| | | | | | | PACKAGING & CONTAINERS 0.0% | | ||||||
| |
|
140,000
|
| | |
Ball Corp., Guaranteed
Notes, 4.88%, 3/15/26 |
| | |
|
154,210
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| INDUSTRIAL 0.4% (continued) | | ||||||||||||
| | | | | | |
PACKAGING & CONTAINERS 0.0%
(continued) |
| ||||||
| |
$
|
100,000
|
| | |
WRKCo, Inc., Guaranteed
Notes, 3.90%, 6/1/28 |
| | |
$
|
109,566
|
| |
| | | | | | | | | | |
|
263,776
|
| |
| | | | | | | TRANSPORTATION 0.0% | | ||||||
| |
|
100,000
|
| | |
CSX Corp., Senior
Unsecured Notes, 3.35%, 9/15/49 |
| | |
|
106,022
|
| |
| |
|
150,000
|
| | |
United Parcel Service,
Inc., Senior Unsecured Notes, 2.50%, 9/1/29 |
| | |
|
155,135
|
| |
| | | | | | | | | | |
|
261,157
|
| |
| | | | | | | | | | |
|
2,870,531
|
| |
| TECHNOLOGY 0.3% | | ||||||||||||
| | | | | | | COMPUTERS 0.1% | | ||||||
| |
|
175,000
|
| | |
Dell International LLC /
EMC Corp., 4.90%, 10/1/26 |
| | |
|
197,214
|
| |
| |
|
150,000
|
| | |
HP, Inc., Senior
Unsecured Notes, 3.00%, 6/17/27(2) |
| | |
|
157,847
|
| |
| |
|
175,000
|
| | |
NetApp, Inc., Senior
Unsecured Notes, 1.88%, 6/22/25 |
| | |
|
176,372
|
| |
| |
|
200,000
|
| | |
Western Digital Corp.,
3.10%, 2/1/32 |
| | |
|
201,460
|
| |
| | | | | | | | | | |
|
732,893
|
| |
| | | | | | | SEMICONDUCTORS 0.1% | | ||||||
| |
|
175,000
|
| | |
Analog Devices, Inc.,
2.80%, 10/1/41 |
| | |
|
177,523
|
| |
| |
|
200,000
|
| | |
KLA Corp., Senior
Unsecured Notes, 4.10%, 3/15/29 |
| | |
|
225,946
|
| |
| |
|
175,000
|
| | |
NVIDIA Corp., Senior
Unsecured Notes, 2.85%, 4/1/30 |
| | |
|
186,058
|
| |
| |
|
175,000
|
| | |
Xilinx, Inc., Senior
Unsecured Notes, 2.38%, 6/1/30(2) |
| | |
|
177,409
|
| |
| | | | | | | | | | |
|
766,936
|
| |
| | | | | | | SOFTWARE 0.1% | | ||||||
| |
|
175,000
|
| | |
Adobe, Inc., Senior
Unsecured Notes, 2.30%, 2/1/30 |
| | |
|
179,040
|
| |
| |
|
175,000
|
| | |
Electronic Arts, Inc.,
Senior Unsecured Notes, 4.80%, 3/1/26 |
| | |
|
195,199
|
| |
| |
|
150,000
|
| | |
Roper Technologies, Inc.,
Senior Unsecured Notes, 2.00%, 6/30/30 |
| | |
|
144,360
|
| |
| |
|
170,000
|
| | |
salesforce.com, Inc.,
Senior Unsecured Notes, 2.70%, 7/15/41 |
| | |
|
170,285
|
| |
| | | | | | | | | | |
|
688,884
|
| |
| | | | | | | | | | |
|
2,188,713
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| UTILITIES 0.2% | | ||||||||||||
| | | | | | | ELECTRIC 0.1% | | ||||||
| |
$
|
100,000
|
| | |
Consolidated Edison Co.
of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 |
| | |
$
|
118,446
|
| |
| |
|
200,000
|
| | |
Dominion Energy, Inc.,
Senior Unsecured Notes, 4.25%, 6/1/28 |
| | |
|
223,059
|
| |
| |
|
150,000
|
| | |
DTE Electric Co., 3.95%,
3/1/49 |
| | |
|
177,885
|
| |
| |
|
125,000
|
| | |
Nevada Power Co.,
Series DD, 2.40%, 5/1/30(2) |
| | |
|
125,734
|
| |
| |
|
150,000
|
| | |
Pinnacle West Capital
Corp., Senior Unsecured Notes, 1.30%, 6/15/25(2) |
| | |
|
147,603
|
| |
| |
|
150,000
|
| | |
WEC Energy Group,
Inc., Senior Unsecured Notes, 1.80%, 10/15/30 |
| | |
|
141,691
|
| |
| | | | | | | | | | |
|
934,418
|
| |
| | | | | | | GAS 0.1% | | ||||||
| |
|
225,000
|
| | |
National Fuel Gas Co.,
Senior Unsecured Notes, 5.20%, 7/15/25 |
| | |
|
246,631
|
| |
| | | | | | | WATER 0.0% | | ||||||
| |
|
175,000
|
| | |
American Water Capital
Corp., Senior Unsecured Notes, 3.75%, 9/1/28 |
| | |
|
192,076
|
| |
| | | | | | | | | | |
|
1,373,125
|
| |
|
TOTAL CORPORATE BONDS & NOTES
(Cost $29,516,428) |
| | |
|
29,912,093
|
| | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS 0.0% | | ||||||||||||
| |
|
150,000
|
| | |
Panama Government
International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 |
| | |
|
159,226
|
| |
|
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS (Cost $151,875) |
| | |
|
159,226
|
| | ||||||
| LONG-TERM MUNICIPAL SECURITIES 0.4% | | ||||||||||||
| | | | | | | CALIFORNIA 0.1% | | ||||||
| |
|
150,000
|
| | |
City of Pasadena CA,
Refunding Revenue Bonds, Ser. B, 2.77%, 5/1/34 |
| | |
|
154,676
|
| |
| |
|
100,000
|
| | |
Municipal Improvement
Corp. of Los Angeles Revenue Bonds, Series C, 1.88%, 11/1/30 |
| | |
|
97,610
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
|
LONG-TERM MUNICIPAL SECURITIES 0.4%
(continued) |
| ||||||||||||
| | | | | | | CALIFORNIA 0.1% (continued) | | ||||||
| |
$
|
100,000
|
| | |
San Marcos California
Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 |
| | |
$
|
103,954
|
| |
| | | | | | | | | | |
|
356,240
|
| |
| | | | | | | COLORADO 0.0% | | ||||||
| |
|
125,000
|
| | |
Regional Transportation
District Sales Tax Revenue, Revenue Bonds, Ser. A, 2.29%, 11/1/35 |
| | |
|
120,786
|
| |
| | | | | | | DELAWARE 0.0% | | ||||||
| |
|
225,000
|
| | |
County of Sussex DE,
General Obligation Limited, Series B, GO, 1.21%, 3/15/29 |
| | |
|
218,433
|
| |
| | | | | | | MASSACHUSETTS 0.1% | | ||||||
| |
|
175,000
|
| | |
Massachusetts School
Building Authority, Refunding Revenue Bonds, Ser. B, 3.40%, 10/15/40 |
| | |
|
183,139
|
| |
| |
|
275,000
|
| | |
Massachusetts Water
Resources Authority, Green Bonds, Refunding Revenue Bonds, Ser. F, 3.10%, 8/1/39 |
| | |
|
284,941
|
| |
| | | | | | | | | | |
|
468,080
|
| |
| | | | | | | NEW YORK 0.1% | | ||||||
| |
|
250,000
|
| | |
New York City
Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 |
| | |
|
261,902
|
| |
| |
|
135,000
|
| | |
New York Municipal
Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25 |
| | |
|
146,159
|
| |
| | | | | | | | | | |
|
408,061
|
| |
| | | | | | | RHODE ISLAND 0.0% | | ||||||
| |
|
150,000
|
| | |
Narragansett Bay
Commission, Wastewater System, Revenue Refunding Bonds, 2.46%, 9/1/35 |
| | |
|
150,274
|
| |
| | | | | | | TEXAS 0.1% | | ||||||
| |
|
175,000
|
| | |
City of Houston TX
Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34 |
| | |
|
165,191
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| | | | | | | TEXAS 0.1% (continued) | | ||||||
| |
$
|
250,000
|
| | |
Dallas Independent
School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 |
| | |
$
|
270,231
|
| |
| |
|
250,000
|
| | |
Tarrant County Cultural
Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 |
| | |
|
306,489
|
| |
| |
|
150,000
|
| | |
Tyler Independent
School District, Texas Unlimited Tax, Refunding Revenue Bonds, PSF-GTD Insured, 1.68%, 2/15/32 |
| | |
|
145,459
|
| |
| | | | | | | | | | |
|
887,370
|
| |
| | | | | | | VIRGINIA 0.0% | | ||||||
| |
|
170,000
|
| | |
Fairfax County
Economic Development Authority, Series C, 2.43%, 10/1/34 |
| | |
|
171,529
|
| |
|
TOTAL LONG-TERM MUNICIPAL
SECURITIES (Cost $2,729,599) |
| | |
|
2,780,773
|
| | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 0.1% | | ||||||||||||
| |
|
230,000
|
| | |
FHLB, 3.25%, 3/8/24
|
| | |
|
242,020
|
| |
| |
|
250,000
|
| | |
FNMA, 2.38%,
1/19/23 |
| | |
|
255,135
|
| |
|
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost $481,152) |
| | |
|
497,155
|
| | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.3% | | ||||||||||||
| |
|
97,393
|
| | |
FHLMC, Series 4151,
Class PA, 2.00%, 1/15/33 |
| | |
|
99,514
|
| |
| |
|
7,610
|
| | |
FHLMC Gold PC Pool
#A47613, 5.00%, 11/1/35 |
| | |
|
8,600
|
| |
| |
|
102,405
|
| | |
FHLMC Gold Pool
#C09027, 3.00%, 2/1/43 |
| | |
|
108,209
|
| |
| |
|
999,071
|
| | |
FHLMC Pool #QD2419,
3.00%, 12/1/51 |
| | |
|
1,045,607
|
| |
| |
|
627,102
|
| | |
FHLMC Pool #SD8093,
3.50%, 9/1/50 |
| | |
|
660,196
|
| |
| |
|
1,418,425
|
| | |
FHLMC Pool #SD8108,
3.00%, 11/1/50 |
| | |
|
1,471,269
|
| |
| |
|
2,437,525
|
| | |
FHLMC Pool #SD8128,
2.00%, 2/1/51 |
| | |
|
2,433,403
|
| |
| |
|
344
|
| | |
FNMA Pool #AH3226,
5.00%, 2/1/41 |
| | |
|
389
|
| |
| |
|
145,382
|
| | |
FNMA Pool #AL0657,
5.00%, 8/1/41 |
| | |
|
164,735
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| |
$
|
119,954
|
| | |
FNMA Pool #AQ1853,
3.00%, 11/1/42 |
| | |
$
|
126,005
|
| |
| |
|
117,261
|
| | |
FNMA Pool #AU5409,
3.00%, 8/1/43 |
| | |
|
121,572
|
| |
| |
|
685,810
|
| | |
FNMA Pool #CA5540,
3.00%, 4/1/50 |
| | |
|
721,428
|
| |
| |
|
232,223
|
| | |
FNMA Pool #FM2202,
4.00%, 12/1/48 |
| | |
|
247,250
|
| |
| |
|
416,079
|
| | |
FNMA Pool #FM4140,
2.50%, 9/1/50 |
| | |
|
427,904
|
| |
| |
|
1,065,909
|
| | |
FNMA Pool #FM8461,
MBS, 2.00%, 7/1/36 |
| | |
|
1,093,382
|
| |
| |
|
943,534
|
| | |
FNMA Pool #FM9508,
MBS, 2.50%, 10/1/36 |
| | |
|
982,125
|
| |
| |
|
192,470
|
| | |
FNMA Pool #FM9760,
3.50%, 11/1/51 |
| | |
|
204,058
|
| |
| |
|
143,650
|
| | |
FNMA Pool #MA4077,
2.00%, 7/1/50 |
| | |
|
143,407
|
| |
| |
|
1,275,811
|
| | |
FNMA Pool #MA4119,
2.00%, 9/1/50 |
| | |
|
1,273,654
|
| |
| |
|
1,492,455
|
| | |
FNMA Pool #MA4159,
2.50%, 10/1/50 |
| | |
|
1,524,860
|
| |
| |
|
234,889
|
| | |
FNMA Pool #MA4222,
3.50%, 12/1/50 |
| | |
|
247,631
|
| |
| |
|
64,166
|
| | |
FNMA REMIC Trust
Series 2013-18, Class AE, 2.00%, 3/25/28 |
| | |
|
65,364
|
| |
| |
|
66,027
|
| | |
GNMA II Pool #MA1521,
3.50%, 12/20/43 |
| | |
|
70,607
|
| |
| |
|
118,777
|
| | |
GNMA II Pool #MA1839,
4.00%, 4/20/44 |
| | |
|
128,491
|
| |
| |
|
134,289
|
| | |
GNMA II Pool #MA4836,
3.00%, 11/20/47 |
| | |
|
140,218
|
| |
| |
|
330,088
|
| | |
GNMA II Pool #MA7054,
3.50%, 12/20/50 |
| | |
|
344,368
|
| |
| |
|
2,181,161
|
| | |
GNMA II Pool #MA7651,
3.50%, 10/20/51 |
| | |
|
2,281,912
|
| |
| | | | | | | | | | |
|
16,136,158
|
| |
|
TOTAL RESIDENTIAL
MORTGAGE-BACKED SECURITIES (Cost $16,357,315) |
| | |
|
16,136,158
|
| | ||||||
| U.S. TREASURY OBLIGATIONS 2.3% | | ||||||||||||
| |
|
520,000
|
| | |
U.S. Treasury Bonds,
4.38%, 2/15/38 |
| | |
|
718,148
|
| |
| |
|
1,307,000
|
| | |
U.S. Treasury Bonds,
2.75%, 8/15/42 |
| | |
|
1,494,013
|
| |
| |
|
960,000
|
| | |
U.S. Treasury Bonds,
3.00%, 2/15/48 |
| | |
|
1,176,338
|
| |
| |
|
1,388,000
|
| | |
U.S. Treasury Bonds,
2.25%, 8/15/49 |
| | |
|
1,491,937
|
| |
| |
|
500,000
|
| | |
U.S. Treasury Notes,
2.25%, 11/15/24 |
| | |
|
518,496
|
| |
| |
|
2,640,000
|
| | |
U.S. Treasury Notes,
0.50%, 3/31/25 |
| | |
|
2,596,997
|
| |
| |
|
1,260,000
|
| | |
U.S. Treasury Notes,
3.00%, 9/30/25 |
| | |
|
1,346,576
|
| |
| |
|
1,280,000
|
| | |
U.S. Treasury Notes,
0.63%, 3/31/27 |
| | |
|
1,238,150
|
| |
| |
|
662,000
|
| | |
U.S. Treasury Notes,
2.25%, 8/15/27 |
| | |
|
694,945
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| U.S. TREASURY OBLIGATIONS 2.3% (continued) | | ||||||||||||
| |
$
|
1,285,000
|
| | |
U.S. Treasury Notes,
1.25%, 3/31/28 |
| | |
$
|
1,274,610
|
| |
| |
|
1,180,000
|
| | |
U.S. Treasury Notes,
1.63%, 8/15/29 |
| | |
|
1,198,207
|
| |
| |
|
500,000
|
| | |
U.S. Treasury Notes,
1.50%, 2/15/30 |
| | |
|
503,066
|
| |
| |
|
1,580,000
|
| | |
U.S. Treasury Notes,
1.13%, 2/15/31 |
| | |
|
1,535,130
|
| |
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $15,356,342) |
| | |
|
15,786,613
|
| |
|
Shares
|
| | | | |
Value
|
| ||||||
| SHORT-TERM INVESTMENTS 6.5% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 6.5% | | ||||||
| |
|
35,235,318
|
| | |
State Street
Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(5) |
| | |
|
35,235,318
|
| |
| |
|
9,834,660
|
| | |
State Street Navigator
Securities Lending Government Money Market Portfolio(6) |
| | |
|
9,834,660
|
| |
| | | | | | | | | | |
|
45,069,978
|
| |
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $45,069,978) |
| | |
|
45,069,978
|
| | ||||||
|
TOTAL INVESTMENTS IN
SECURITIES 101.0% (Cost $538,939,011) |
| | |
$
|
699,888,289
|
| | ||||||
|
EXCESS OF LIABILITIES OVER CASH
AND OTHER ASSETS (1.0%) |
| | |
|
(7,011,001)
|
| | ||||||
| NET ASSETS 100% | | | |
$
|
692,877,288
|
| |
Investments in Securities:
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*
|
| | | $ | 581,153,335 | | | | | $ | — | | | | | $ | — | | | | | $ | 581,153,335 | | |
Asset-Backed Securities
|
| | | | — | | | | | | 2,117,666 | | | | | | — | | | | | | 2,117,666 | | |
Commercial Mortgage-Backed Securities
|
| | | | — | | | | | | 6,275,292 | | | | | | — | | | | | | 6,275,292 | | |
Corporate Bonds & Notes*
|
| | | | — | | | | | | 29,912,093 | | | | | | — | | | | | | 29,912,093 | | |
Foreign Government Obligations
|
| | | | — | | | | | | 159,226 | | | | | | — | | | | | | 159,226 | | |
Long-Term Municipal Securities*
|
| | | | — | | | | | | 2,780,773 | | | | | | — | | | | | | 2,780,773 | | |
U.S. Government Agency Obligations
|
| | | | — | | | | | | 497,155 | | | | | | — | | | | | | 497,155 | | |
Residential Mortgage-Backed Securities
|
| | | | — | | | | | | 16,136,158 | | | | | | — | | | | | | 16,136,158 | | |
U.S. Treasury Obligations
|
| | | | — | | | | | | 15,786,613 | | | | | | — | | | | | | 15,786,613 | | |
Short-Term Investments
|
| | | | 45,069,978 | | | | | | — | | | | | | — | | | | | | 45,069,978 | | |
Total Investments in Securities
|
| | | $ | 626,223,313 | | | | | $ | 73,664,976 | | | | | $ | — | | | | | $ | 699,888,289 | | |
Issue
|
| |
Shares
|
| |
Value
|
| |
Percentage of
Net Assets |
| |||||||||
Amazon.com, Inc.
|
| | | | 7,000 | | | | | $ | 23,340,380 | | | | | | 6.2% | | |
NVIDIA Corp.
|
| | | | 54,000 | | | | | | 15,881,940 | | | | | | 4.2% | | |
Alphabet, Inc.
|
| | | | 5,300 | | | | | | 15,354,312 | | | | | | 4.1% | | |
Biohaven Pharmaceutical Holding Co. Ltd.
|
| | | | 107,000 | | | | | | 14,745,670 | | | | | | 3.9% | | |
Exelixis, Inc.
|
| | | | 770,000 | | | | | | 14,075,600 | | | | | | 3.7% | | |
Meta Platforms, Inc.
|
| | | | 40,000 | | | | | | 13,454,000 | | | | | | 3.6% | | |
Netflix, Inc.
|
| | | | 22,000 | | | | | | 13,253,680 | | | | | | 3.5% | | |
QUALCOMM, Inc.
|
| | | | 70,000 | | | | | | 12,800,900 | | | | | | 3.4% | | |
PayPal Holdings, Inc.
|
| | | | 64,000 | | | | | | 12,069,120 | | | | | | 3.2% | | |
Exact Sciences Corp.
|
| | | | 155,000 | | | | | | 12,063,650 | | | | | | 3.2% | | |
| | |
1 Yr
|
| |
5 Yrs
|
| |
10 Yrs
|
| |
Since Inception
3/20/1972 |
| ||||||||||||
Investor Class | | | | | | ||||||||||||||||||||
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 2.89% | | | | | | 20.67% | | | | | | 16.81% | | | | | | 11.08% | | |
S&P 500® Index**
|
| | | | 28.71% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 7.91% | | |
| | |
1 Yr
|
| |
5 Yrs
|
| | | | |
Since Inception
11/1/2015 |
| |||||||||
Institutional Class | | | | | | |||||||||||||||||
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 3.12% | | | | | | 20.92% | | | | | | | | | 16.60% | | |
S&P 500® Index*
|
| | | | 28.71% | | | | | | 18.47% | | | | | | | | | 14.40% | | |
|
Shares
|
| | | | |
Value
|
| | | | ||||||
| COMMON STOCKS 99.3% | | | ||||||||||||||
| COMMUNICATION SERVICES 19.6% | | | ||||||||||||||
| | | | | | | INTERNET 15.8% | | | ||||||||
| |
|
5,300
|
| | |
Alphabet, Inc.
Class A(1) |
| | |
$
|
15,354,312
|
| | | ||
| |
|
40,000
|
| | |
Meta Platforms, Inc.
Class A(1) |
| | |
|
13,454,000
|
| | | ||
| |
|
22,000
|
| | |
Netflix, Inc.(1)
|
| | |
|
13,253,680
|
| | | ||
| |
|
28,000
|
| | |
Roku, Inc.(1)
|
| | |
|
6,389,600
|
| | | ||
| |
|
130,000
|
| | |
Snap, Inc. Class A(1)
|
| | |
|
6,113,900
|
| | | ||
| |
|
115,000
|
| | |
Twitter, Inc.(1)
|
| | |
|
4,970,300
|
| | | ||
| | | | | | | | | | |
|
59,535,792
|
| | | ||
| | | | | | | MEDIA 1.1% | | | ||||||||
| |
|
26,000
|
| | |
Walt Disney Co.(1)
|
| | |
|
4,027,140
|
| | | ||
| | | | | | | SOFTWARE 2.7% | | | ||||||||
| |
|
150,000
|
| | |
Activision Blizzard,
Inc. |
| | |
|
9,979,500
|
| | | ||
| | | | | | | | | | |
|
73,542,432
|
| | | ||
| CONSUMER DISCRETIONARY 14.8% | | | ||||||||||||||
| | | | | | | AUTO MANUFACTURERS 1.5% | | | ||||||||
| |
|
5,500
|
| | |
Tesla, Inc.(1)
|
| | |
|
5,812,290
|
| | | ||
| | | | | | | ENTERTAINMENT 1.1% | | | ||||||||
| |
|
145,000
|
| | |
DraftKings, Inc.
Class A (1)(2) |
| | |
|
3,983,150
|
| | | ||
| | | | | | | INTERNET 7.6% | | | ||||||||
| |
|
44,000
|
| | |
Alibaba Group Holding
Ltd. ADR(1) |
| | |
|
5,226,760
|
| | | ||
| |
|
7,000
|
| | |
Amazon.com, Inc.(1)
|
| | |
|
23,340,380
|
| | | ||
| | | | | | | | | | |
|
28,567,140
|
| | | ||
| | | | | | | LEISURE TIME 1.4% | | | ||||||||
| |
|
150,000
|
| | |
Peloton Interactive,
Inc. Class A(1) |
| | |
|
5,364,000
|
| | | ||
| | | | | | | RETAIL 3.2% | | | ||||||||
| |
|
45,000
|
| | |
Starbucks Corp.
|
| | |
|
5,263,650
|
| | | ||
| |
|
16,500
|
| | |
Ulta Beauty, Inc.(1)
|
| | |
|
6,803,610
|
| | | ||
| | | | | | | | | | |
|
12,067,260
|
| | | ||
| | | | | | | | | | |
|
55,793,840
|
| | | ||
| ENERGY 2.4% | | | ||||||||||||||
| | | | | | | OIL & GAS 2.4% | | | ||||||||
| |
|
83,000
|
| | |
Diamondback Energy,
Inc. |
| | |
|
8,951,550
|
| | | ||
| FINANCIALS 3.1% | | | ||||||||||||||
| | | | | | |
DIVERSIFIED FINANCIAL SERVICES 1.9%
|
| | ||||||||
| |
|
54,000
|
| | |
Blackstone, Inc.
Class A |
| | |
|
6,987,060
|
| | | ||
| | | | | | | INTERNET 1.2% | | | ||||||||
| |
|
260,000
|
| | |
Robinhood Markets,
Inc. Class A(1)(2) |
| | |
|
4,617,600
|
| | | ||
| | | | | | | | | | |
|
11,604,660
|
| | |
|
Shares
|
| | | | |
Value
|
| | | | ||||||
| HEALTHCARE 18.0% | | | ||||||||||||||
| | | | | | | BIOTECHNOLOGY 13.2% | | | ||||||||
| |
|
1,200,000
|
| | |
Amarin Corp. PLC
ADR(1)(2) |
| | |
$
|
4,044,000
|
| | | ||
| |
|
107,000
|
| | |
Biohaven
Pharmaceutical Holding Co. Ltd.(1) |
| | |
|
14,745,670
|
| | | ||
| |
|
770,000
|
| | |
Exelixis, Inc.(1)
|
| | |
|
14,075,600
|
| | | ||
| |
|
210,000
|
| | |
Global Blood
Therapeutics, Inc.(1) |
| | |
|
6,146,700
|
| | | ||
| |
|
180,000
|
| | |
Intercept
Pharmaceuticals, Inc.(1)(2) |
| | |
|
2,932,200
|
| | | ||
| |
|
36,000
|
| | |
Vertex
Pharmaceuticals, Inc.(1) |
| | |
|
7,905,600
|
| | | ||
| | | | | | | | | | |
|
49,849,770
|
| | | ||
| | | | | | | HEALTHCARE PRODUCTS 3.2% | | | ||||||||
| |
|
155,000
|
| | |
Exact Sciences
Corp.(1) |
| | |
|
12,063,650
|
| | | ||
| | | | | | | PHARMACEUTICALS 1.6% | | | ||||||||
| |
|
11,000
|
| | |
DexCom, Inc.(1)
|
| | |
|
5,906,450
|
| | | ||
| | | | | | | | | | |
|
67,819,870
|
| | | ||
| INDUSTRIALS 4.9% | | | ||||||||||||||
| | | | | | | INTERNET 4.9% | | | ||||||||
| |
|
240,000
|
| | |
Lyft, Inc. Class A(1)
|
| | |
|
10,255,200
|
| | | ||
| |
|
195,000
|
| | |
Uber Technologies,
Inc. (1) |
| | |
|
8,176,350
|
| | | ||
| | | | | | | | | | |
|
18,431,550
|
| | | ||
| | | | | | | | | | |
|
18,431,550
|
| | | ||
| INFORMATION TECHNOLOGY 36.5% | | | ||||||||||||||
| | | | | | | COMMERCIAL SERVICES 3.2% | | | ||||||||
| |
|
64,000
|
| | |
PayPal Holdings,
Inc.(1) |
| | |
|
12,069,120
|
| | | ||
| | | | | | | COMPUTERS 4.2% | | | ||||||||
| |
|
56,000
|
| | |
Apple, Inc.
|
| | |
|
9,943,920
|
| | | ||
| |
|
28,000
|
| | |
Crowdstrike Holdings,
Inc. Class A(1) |
| | |
|
5,733,000
|
| | | ||
| | | | | | | | | | |
|
15,676,920
|
| | | ||
| | | | | | |
DIVERSIFIED FINANCIAL SERVICES 3.2%
|
| | ||||||||
| |
|
55,000
|
| | |
Visa, Inc. Class A
|
| | |
|
11,919,050
|
| | | ||
| | | | | | | INTERNET 2.7% | | | ||||||||
| |
|
7,400
|
| | |
Shopify, Inc.
Class A(1) |
| | |
|
10,192,686
|
| | | ||
| | | | | | | SEMICONDUCTORS 7.6% | | | ||||||||
| |
|
54,000
|
| | |
NVIDIA Corp.
|
| | |
|
15,881,940
|
| | | ||
| |
|
70,000
|
| | |
QUALCOMM, Inc.
|
| | |
|
12,800,900
|
| | | ||
| | | | | | | | | | |
|
28,682,840
|
| | | ||
| | | | | | | SOFTWARE 15.6% | | | ||||||||
| |
|
9,000
|
| | |
Adobe, Inc.(1)
|
| | |
|
5,103,540
|
| | | ||
| |
|
30,000
|
| | |
Microsoft Corp.
|
| | |
|
10,089,600
|
| | | ||
| |
|
25,000
|
| | |
RingCentral, Inc.
Class A(1) |
| | |
|
4,683,750
|
| | |
|
Shares
|
| | | | |
Value
|
| | | | ||||||
| INFORMATION TECHNOLOGY 36.5% (continued) | | | ||||||||||||||
| | | | | | | SOFTWARE 15.6% (continued) | | | ||||||||
| |
|
35,000
|
| | |
Salesforce.com,
Inc.(1) |
| | |
$
|
8,894,550
|
| | | ||
| |
|
16,500
|
| | |
ServiceNow, Inc.(1)
|
| | |
|
10,710,315
|
| | | ||
| |
|
54,000
|
| | |
Splunk, Inc.(1)
|
| | |
|
6,248,880
|
| | | ||
| |
|
26,000
|
| | |
Twilio, Inc. Class A(1)
|
| | |
|
6,846,840
|
| | | ||
| |
|
23,000
|
| | |
Workday, Inc.
Class A (1) |
| | |
|
6,283,140
|
| | | ||
| | | | | | | | | | |
|
58,860,615
|
| | | ||
| | | | | | | | | | |
|
137,401,231
|
| | | ||
|
TOTAL COMMON STOCKS
(Cost $242,849,131) |
| | |
|
373,545,133
|
| | | ||||||||
| SHORT-TERM INVESTMENTS 3.0% | | | ||||||||||||||
| | | | | | | MONEY MARKET FUNDS 3.0% | | | ||||||||
| |
|
3,322,255
|
| | |
State Street
Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(3) |
| | |
|
3,322,255
|
| | | ||
| |
|
8,079,565
|
| | |
State Street Navigator
Securities Lending Government Money Market Portfolio(4) |
| | |
|
8,079,565
|
| | | ||
| | | | | | | | | | |
|
11,401,820
|
| | | ||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,401,820) |
| | |
|
11,401,820
|
| | | ||||||||
|
TOTAL INVESTMENTS IN SECURITIES
102.3% (Cost $254,250,951) |
| | |
$
|
384,946,953
|
| | | ||||||||
|
EXCESS OF LIABILITIES OVER CASH
AND OTHER ASSETS (2.3%) |
| | |
|
(8,535,943)
|
| | | ||||||||
| NET ASSETS 100% | | | |
$
|
376,411,010
|
| | |
Investments in Securities:
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*
|
| | | $ | 373,545,133 | | | | | $ | — | | | | | $ | — | | | | | $ | 373,545,133 | | |
Short-Term Investments
|
| | | | 11,401,820 | | | | | | — | | | | | | — | | | | | | 11,401,820 | | |
Total Investments in Securities
|
| | | $ | 384,946,953 | | | | | $ | — | | | | | $ | — | | | | | $ | 384,946,953 | | |
Issue
|
| |
Shares
|
| |
Value
|
| |
Percentage of
Net Assets |
| |||||||||
U.S. Treasury Bonds, 2.25%, 8/15/49
|
| | | | 1,756,000 | | | | | $ | 1,887,494 | | | | | | 3.8% | | |
U.S. Treasury Notes, 2.25%, 11/15/24
|
| | | | 1,185,000 | | | | | | 1,228,836 | | | | | | 2.4% | | |
FNMA Pool #CB0856, 3.00%, 6/1/51
|
| | | | 891,710 | | | | | | 925,909 | | | | | | 1.8% | | |
U.S. Treasury Notes, 2.75%, 2/15/28
|
| | | | 790,000 | | | | | | 854,496 | | | | | | 1.7% | | |
U.S. Treasury Bonds, 3.00%, 2/15/48
|
| | | | 654,000 | | | | | | 801,380 | | | | | | 1.6% | | |
U.S. Treasury Note, 0.13%, 8/31/23
|
| | | | 800,000 | | | | | | 793,031 | | | | | | 1.6% | | |
U.S. Treasury Notes, 1.50%, 8/15/26
|
| | | | 620,000 | | | | | | 627,387 | | | | | | 1.2% | | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43
|
| | | | 500,000 | | | | | | 612,977 | | | | | | 1.2% | | |
U.S. Treasury Notes, 1.50%, 2/15/30
|
| | | | 600,000 | | | | | | 603,680 | | | | | | 1.2% | | |
U.S. Treasury Bonds, 4.38%, 2/15/38
|
| | | | 425,000 | | | | | | 586,948 | | | | | | 1.2% | | |
| | |
Percentage of
Total Investments In Securities* |
| |||
Less than 4%
|
| | | | 75.4% | | |
4 – 4.99%
|
| | | | 20.0% | | |
5 – 5.99%
|
| | | | 4.1% | | |
6 – 6.99%
|
| | | | 0.5% | | |
Total
|
| | | | 100.0% | | |
| | |
1 Yr
|
| |
5 Yrs
|
| |
10 Yrs
|
| |||||||||
Value Line Core Bond Fund
|
| | | | (2.18%) | | | | | | 2.77% | | | | | | 2.83% | | |
Bloomberg US Aggregate Bond Index
|
| | | | (1.54%) | | | | | | 3.57% | | | | | | 2.90% | | |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| ASSET-BACKED SECURITIES 1.9% | | ||||||||||||
| |
$
|
100,000
|
| | |
Chase Issuance Trust,
Series 2012-A7, Class A7, 2.16%, 9/15/24 |
| | |
$
|
101,212
|
| |
| |
|
220,000
|
| | |
Ford Credit Auto
Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(1) |
| | |
|
231,828
|
| |
| |
|
150,000
|
| | |
Ford Credit Floorplan
Master Owner Trust, Series 2019-2, Class A, 3.06%, 4/15/26 |
| | |
|
156,323
|
| |
| |
|
30,332
|
| | |
Mercedes-Benz Auto
Lease Trust, Series 2020-A, Class A3, 1.84%, 12/15/22 |
| | |
|
30,413
|
| |
| |
|
450,000
|
| | |
Toyota Auto Loan
Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(1) |
| | |
|
448,870
|
| |
|
TOTAL ASSET-BACKED SECURITIES
(Cost $992,824) |
| | |
|
968,646
|
| | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 8.4% | | ||||||||||||
| |
|
250,000
|
| | |
BANK,
Series 2017-BNK8, Class A4, 3.49%, 11/15/50 |
| | |
|
270,571
|
| |
| |
|
150,000
|
| | |
BANK,
Series 2019-BN17, Class A4, 3.71%, 4/15/52 |
| | |
|
165,505
|
| |
| |
|
198,867
|
| | |
Citigroup Commercial
Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 |
| | |
|
204,638
|
| |
| |
|
150,000
|
| | |
COMM Mortgage Trust,
Series 2014-UBS2, Class AM, 4.20%, 3/10/47 |
| | |
|
156,873
|
| |
| |
|
180,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 |
| | |
|
189,373
|
| |
| |
|
250,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(2) |
| | |
|
271,137
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| |
$
|
200,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(2) |
| | |
$
|
217,863
|
| |
| |
|
300,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27(2) |
| | |
|
326,039
|
| |
| |
|
250,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K071, Class A2, 3.29%, 11/25/27 |
| | |
|
273,358
|
| |
| |
|
200,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K092, Class A2, 3.30%, 4/25/29 |
| | |
|
221,070
|
| |
| |
|
450,000
|
| | |
FHLMC Multifamily
Structured Pass-Through Certificates, Series K103, Class A2, 2.65%, 11/25/29 |
| | |
|
479,887
|
| |
| |
|
250,000
|
| | |
FREMF Mortgage
Trust, Series 2013-K24, Class B, 3.51%, 11/25/45(1)(2) |
| | |
|
254,453
|
| |
| |
|
150,000
|
| | |
FREMF Mortgage
Trust, Series 2013-K34, Class B, 3.73%, 9/25/46(1)(2) |
| | |
|
155,389
|
| |
| |
|
200,000
|
| | |
FREMF Mortgage
Trust, Series 2015-K43, Class B, 3.73%, 2/25/48(1)(2) |
| | |
|
211,299
|
| |
| |
|
192,715
|
| | |
GNMA, Series 2013-12,
Class AB, 1.83%, 11/16/52 |
| | |
|
192,614
|
| |
| |
|
175,705
|
| | |
GNMA,
Series 2012-125, Class AB, 2.11%, 2/16/53(2) |
| | |
|
176,240
|
| |
| |
|
26,275
|
| | |
GS Mortgage
Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 |
| | |
|
26,270
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| |
$
|
12,744
|
| | |
GS Mortgage
Securities Trust, Series 2015-GC32, Class A2, 3.06%, 7/10/48 |
| | |
$
|
12,888
|
| |
| |
|
43,291
|
| | |
Sequoia Mortgage
Trust, Series 2004-8, Class A1, (1-month LIBOR + 0.70%), 0.45%, 9/20/34(2) |
| | |
|
42,041
|
| |
| |
|
180,000
|
| | |
Wells Fargo
Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.10%, 6/15/49 |
| | |
|
186,961
|
| |
| |
|
22,980
|
| | |
Wells Fargo
Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 |
| | |
|
23,003
|
| |
| |
|
100,000
|
| | |
Wells Fargo
Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 |
| | |
|
107,551
|
| |
| |
|
65,740
|
| | |
Wells Fargo
Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 |
| | |
|
67,909
|
| |
|
TOTAL COMMERCIAL
MORTGAGE-BACKED SECURITIES (Cost $4,194,216) |
| | |
|
4,232,932
|
| | ||||||
| CORPORATE BONDS & NOTES 41.2% | | ||||||||||||
| BASIC MATERIALS 2.7% | | ||||||||||||
| | | | | | | CHEMICALS 0.9% | | ||||||
| |
|
175,000
|
| | |
Celanese U.S. Holdings
LLC, Guaranteed Notes, 4.63%, 11/15/22(3) |
| | |
|
180,632
|
| |
| |
|
150,000
|
| | |
Ecolab, Inc., Senior
Unsecured Notes, 1.30%, 1/30/31(3) |
| | |
|
140,766
|
| |
| |
|
125,000
|
| | |
Nutrien Ltd., Senior
Unsecured Notes, 4.20%, 4/1/29 |
| | |
|
141,125
|
| |
| | | | | | | | | | |
|
462,523
|
| |
| | | | | | | IRON & STEEL 0.7% | | ||||||
| |
|
135,000
|
| | |
ArcelorMittal SA,
Senior Unsecured Notes, 4.25%, 7/16/29(3) |
| | |
|
147,948
|
| |
|
Principal
Amount |
| | | | |
Value
|
| | | ||||||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | | | ||||||||||||||||
| BASIC MATERIALS 2.7% (continued) | | | | ||||||||||||||||
| | | | | | | IRON & STEEL 0.7% (continued) | | | | ||||||||||
| |
$
|
165,000
|
| | |
Steel Dynamics, Inc.,
Senior Unsecured Notes, 3.25%, 1/15/31 |
| | |
$
|
174,156
|
| | | | ||||
| | | | | | | | | | |
|
322,104
|
| | | | ||||
| | | | | | | MINING 1.1% | | | | ||||||||||
| |
|
120,000
|
| | |
Freeport-McMoRan,
Inc., 4.63%, 8/1/30 |
| | |
|
128,700
|
| | | | ||||
| |
|
140,000
|
| | |
Rio Tinto Finance USA
PLC, Guaranteed Notes, 4.13%, 8/21/42 |
| | |
|
167,862
|
| | | | ||||
| |
|
200,000
|
| | |
Teck Resources Ltd.,
Senior Unsecured Notes, 6.13%, 10/1/35 |
| | |
|
259,633
|
| | | | ||||
| | | | | | | | | | |
|
556,195
|
| | | | ||||
| | | | | | | | | | |
|
1,340,822
|
| | | | ||||
| COMMUNICATIONS 4.0% | | | | ||||||||||||||||
| | | | | | | INTERNET 0.6% | | | | ||||||||||
| |
|
160,000
|
| | |
Netflix, Inc., Senior
Unsecured Notes, 4.88%, 4/15/28 |
| | |
|
182,400
|
| | | | ||||
| |
|
125,000
|
| | |
VeriSign, Inc., Senior
Unsecured Notes, 2.70%, 6/15/31 |
| | |
|
125,625
|
| | | | ||||
| | | | | | | | | | |
|
308,025
|
| | | | ||||
| | | | | | | MEDIA 1.4% | | | | | | | | ||||||
| |
|
175,000
|
| | |
Charter
Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 |
| | |
|
192,588
|
| | | | ||||
| |
|
175,000
|
| | |
Comcast Corp.,
Guaranteed Notes, 4.15%, 10/15/28 |
| | |
|
198,824
|
| | | | ||||
| |
|
125,000
|
| | |
Discovery
Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 |
| | |
|
139,371
|
| | | | ||||
| |
|
175,000
|
| | |
Walt Disney Co.,
Guaranteed Notes, 2.65%, 1/13/31(3) |
| | |
|
182,241
|
| | | | ||||
| | | | | | | | | | |
|
713,024
|
| | | | ||||
| | | | | | | TELECOMMUNICATIONS 2.0% | | | | ||||||||||
| |
|
228,000
|
| | |
AT&T, Inc., Senior
Unsecured Notes, 2.55%, 12/1/33 |
| | |
|
223,307
|
| | | |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| COMMUNICATIONS 4.0% (continued) | | ||||||||||||
| | | | | | |
TELECOMMUNICATIONS 2.0%
(continued) |
| ||||||
| |
$
|
200,000
|
| | |
Motorola Solutions,
Inc., Senior Unsecured Notes, 4.60%, 5/23/29 |
| | |
$
|
228,695
|
| |
| |
|
125,000
|
| | |
T-Mobile USA, Inc.,
Guaranteed Notes, 3.50%, 4/15/31 |
| | |
|
130,000
|
| |
| |
|
175,000
|
| | |
Verizon
Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 |
| | |
|
206,002
|
| |
| |
|
175,000
|
| | |
Vodafone Group PLC,
Senior Unsecured Notes, 4.25%, 9/17/50(3) |
| | |
|
202,702
|
| |
| | | | | | | | | | |
|
990,706
|
| |
| | | | | | | | | | |
|
2,011,755
|
| |
| CONSUMER, CYCLICAL 3.3% | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS 1.0% | | ||||||
| |
|
100,000
|
| | |
American Honda
Finance Corp., Senior Unsecured Notes, 1.00%, 9/10/25 |
| | |
|
98,441
|
| |
| |
|
185,000
|
| | |
Ford Motor Credit Co.
LLC, Senior Unsecured Notes, 3.38%, 11/13/25 |
| | |
|
192,200
|
| |
| |
|
200,000
|
| | |
General Motors
Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 |
| | |
|
205,978
|
| |
| | | | | | | | | | |
|
496,619
|
| |
| | | | | | | HOME BUILDERS 1.3% | | ||||||
| |
|
150,000
|
| | |
D.R. Horton, Inc.,
Guaranteed Notes, 2.50%, 10/15/24 |
| | |
|
154,375
|
| |
| |
|
200,000
|
| | |
Lennar Corp.,
Guaranteed Notes, 4.88%, 12/15/23 |
| | |
|
212,032
|
| |
| |
|
142,000
|
| | |
PulteGroup, Inc.,
Guaranteed Notes, 5.00%, 1/15/27(3) |
| | |
|
161,284
|
| |
| |
|
140,000
|
| | |
Toll Brothers Finance
Corp., Guaranteed Notes, 4.88%, 11/15/25 |
| | |
|
154,525
|
| |
| | | | | | | | | | |
|
682,216
|
| |
| | | | | | | HOUSEWARES 0.4% | | ||||||
| |
|
165,000
|
| | |
Newell Brands, Inc.,
Senior Unsecured Notes, 4.70%, 4/1/26 |
| | |
|
179,891
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CONSUMER, CYCLICAL 3.3% (continued) | | ||||||||||||
| | | | | | | RETAIL 0.6% | | ||||||
| |
$
|
150,000
|
| | |
AutoZone, Inc., Senior
Unsecured Notes, 3.75%, 6/1/27 |
| | |
$
|
163,851
|
| |
| |
|
125,000
|
| | |
Dollar General Corp.,
Senior Unsecured Notes, 3.50%, 4/3/30 |
| | |
|
135,211
|
| |
| | | | | | | | | | |
|
299,062
|
| |
| | | | | | | | | | |
|
1,657,788
|
| |
| CONSUMER, NON-CYCLICAL 8.3% | | ||||||||||||
| | | | | | | AGRICULTURE 0.2% | | ||||||
| |
|
100,000
|
| | |
Bunge Ltd. Finance
Corp., Guaranteed Notes, 3.25%, 8/15/26 |
| | |
|
105,538
|
| |
| | | | | | | BEVERAGES 0.9% | | ||||||
| |
|
125,000
|
| | |
Anheuser-Busch InBev
Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 |
| | |
|
150,258
|
| |
| |
|
125,000
|
| | |
Coca-Cola Femsa SAB
de CV, Guaranteed Notes, 2.75%, 1/22/30 |
| | |
|
127,845
|
| |
| |
|
150,000
|
| | |
Constellation Brands,
Inc., Guaranteed Notes, 5.25%, 11/15/48 |
| | |
|
197,229
|
| |
| | | | | | | | | | |
|
475,332
|
| |
| | | | | | | BIOTECHNOLOGY 1.0% | | ||||||
| |
|
150,000
|
| | |
Amgen, Inc., Senior
Unsecured Notes, 2.20%, 2/21/27(3) |
| | |
|
153,632
|
| |
| |
|
100,000
|
| | |
Gilead Sciences, Inc.,
Senior Unsecured Notes, 3.25%, 9/1/22 |
| | |
|
101,348
|
| |
| |
|
100,000
|
| | |
Illumina, Inc., Senior
Unsecured Notes, 2.55%, 3/23/31 |
| | |
|
100,084
|
| |
| |
|
150,000
|
| | |
Regeneron
Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 |
| | |
|
142,004
|
| |
| | | | | | | | | | |
|
497,068
|
| |
| | | | | | | COMMERCIAL SERVICES 1.1% | | ||||||
| |
|
100,000
|
| | |
Global Payments, Inc.,
Senior Unsecured Notes, 4.80%, 4/1/26 |
| | |
|
111,071
|
| |
| |
|
150,000
|
| | |
PayPal Holdings, Inc.,
Senior Unsecured Notes, 2.65%, 10/1/26 |
| | |
|
157,551
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL 8.3% (continued) | | ||||||||||||
| | | | | | |
COMMERCIAL SERVICES 1.1%
(continued) |
| ||||||
| |
$
|
155,000
|
| | |
Service Corp.
International, Senior Unsecured Notes, 4.00%, 5/15/31 |
| | |
$
|
156,938
|
| |
| |
|
125,000
|
| | |
United Rentals North
America, Inc., Guaranteed Notes, 5.50%, 5/15/27 |
| | |
|
130,000
|
| |
| | | | | | | | | | |
|
555,560
|
| |
| | | | | | | FOOD 0.6% | | ||||||
| |
|
100,000
|
| | |
Conagra Brands, Inc.,
Senior Unsecured Notes, 1.38%, 11/1/27 |
| | |
|
95,572
|
| |
| |
|
175,000
|
| | |
Kroger Co., Senior
Unsecured Notes, 2.65%, 10/15/26(3) |
| | |
|
181,940
|
| |
| | | | | | | | | | |
|
277,512
|
| |
| | | | | | | HEALTHCARE PRODUCTS 0.5% | | ||||||
| |
|
125,000
|
| | |
Abbott Laboratories,
Senior Unsecured Notes, 3.75%, 11/30/26 |
| | |
|
138,207
|
| |
| |
|
100,000
|
| | |
Baxter International,
Inc., 1.73%, 4/1/31 |
| | |
|
94,813
|
| |
| | | | | | | | | | |
|
233,020
|
| |
| | | | | | | HEALTHCARE SERVICES 1.5% | | ||||||
| |
|
125,000
|
| | |
Centene Corp., Senior
Unsecured Notes, 4.63%, 12/15/29 |
| | |
|
134,807
|
| |
| |
|
150,000
|
| | |
HCA, Inc., Guaranteed
Notes, 5.38%, 2/1/25 |
| | |
|
164,850
|
| |
| |
|
150,000
|
| | |
Humana, Inc., Senior
Unsecured Notes, 3.95%, 3/15/27 |
| | |
|
164,026
|
| |
| |
|
150,000
|
| | |
Laboratory Corp. of
America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 |
| | |
|
156,191
|
| |
| |
|
125,000
|
| | |
UnitedHealth Group,
Inc., Senior Unsecured Notes, 4.63%, 11/15/41 |
| | |
|
157,418
|
| |
| | | | | | | | | | |
|
777,292
|
| |
| | | | | | | HOUSEHOLD PRODUCTS 0.4% | | ||||||
| |
|
175,000
|
| | |
Clorox Co., Senior
Unsecured Notes, 3.05%, 9/15/22 |
| | |
|
176,991
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CONSUMER, NON-CYCLICAL 8.3% (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS 2.1% | | ||||||
| |
$
|
100,000
|
| | |
AbbVie, Inc., Senior
Unsecured Notes, 2.95%, 11/21/26 |
| | |
$
|
105,434
|
| |
| |
|
125,000
|
| | |
AstraZeneca PLC,
Senior Unsecured Notes, 1.38%, 8/6/30 |
| | |
|
118,139
|
| |
| |
|
150,000
|
| | |
Becton Dickinson and
Co., Senior Unsecured Notes, 3.70%, 6/6/27 |
| | |
|
163,568
|
| |
| |
|
165,000
|
| | |
Merck & Co., Inc.,
Senior Unsecured Notes, 3.90%, 3/7/39 |
| | |
|
194,132
|
| |
| |
|
150,000
|
| | |
Novartis Capital Corp.,
Guaranteed Notes, 2.75%, 8/14/50(3) |
| | |
|
152,102
|
| |
| |
|
140,000
|
| | |
Takeda Pharmaceutical
Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 |
| | |
|
142,762
|
| |
| |
|
165,000
|
| | |
Utah Acquisition Sub,
Inc., Guaranteed Notes, 3.95%, 6/15/26 |
| | |
|
177,992
|
| |
| | | | | | | | | | |
|
1,054,129
|
| |
| | | | | | | | | | |
|
4,152,442
|
| |
| ENERGY 4.5% | | ||||||||||||
| | | | | | | OIL & GAS 2.4% | | ||||||
| |
|
150,000
|
| | |
Canadian Natural
Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 |
| | |
|
151,500
|
| |
| |
|
125,000
|
| | |
Diamondback Energy,
Inc., Guaranteed Notes, 2.88%, 12/1/24 |
| | |
|
129,705
|
| |
| |
|
140,000
|
| | |
EOG Resources, Inc.,
Senior Unsecured Notes, 4.38%, 4/15/30(3) |
| | |
|
161,933
|
| |
| |
|
135,000
|
| | |
Hess Corp., Senior
Unsecured Notes, 4.30%, 4/1/27 |
| | |
|
147,109
|
| |
| |
|
150,000
|
| | |
Occidental Petroleum
Corp., Senior Unsecured Notes, 5.50%, 12/1/25 |
| | |
|
166,312
|
| |
| |
|
150,000
|
| | |
Shell International
Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 |
| | |
|
153,353
|
| |
| |
|
150,000
|
| | |
Suncor Energy, Inc.,
Senior Unsecured Notes, 3.10%, 5/15/25 |
| | |
|
156,763
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| ENERGY 4.5% (continued) | | ||||||||||||
| | | | | | | OIL & GAS 2.4% (continued) | | ||||||
| |
$
|
125,000
|
| | |
TotalEnergies Capital
International SA, Guaranteed Notes, 3.46%, 2/19/29 |
| | |
$
|
135,527
|
| |
| | | | | | | | | | |
|
1,202,202
|
| |
| | | | | | | OIL & GAS SERVICES 0.3% | | ||||||
| |
|
150,000
|
| | |
Schlumberger Finance
Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(3) |
| | |
|
149,514
|
| |
| | | | | | | PIPELINES 1.8% | | ||||||
| |
|
125,000
|
| | |
Boardwalk Pipelines
LP, Guaranteed Notes, 4.95%, 12/15/24 |
| | |
|
135,488
|
| |
| |
|
150,000
|
| | |
Enbridge, Inc.,
Guaranteed Notes, 2.50%, 8/1/33 |
| | |
|
147,418
|
| |
| |
|
100,000
|
| | |
Enterprise Products
Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 |
| | |
|
119,737
|
| |
| |
|
200,000
|
| | |
Kinder Morgan, Inc.,
Guaranteed Notes, 4.30%, 3/1/28 |
| | |
|
222,401
|
| |
| |
|
125,000
|
| | |
Magellan Midstream
Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 |
| | |
|
139,332
|
| |
| |
|
125,000
|
| | |
TransCanada PipeLines
Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 |
| | |
|
139,496
|
| |
| | | | | | | | | | |
|
903,872
|
| |
| | | | | | | | | | |
|
2,255,588
|
| |
| FINANCIAL 11.9% | | ||||||||||||
| | | | | | | BANKS 5.4% | | ||||||
| |
|
100,000
|
| | |
Barclays PLC, Senior
Unsecured Notes, 4.34%, 1/10/28 |
| | |
|
109,243
|
| |
| |
|
125,000
|
| | |
CIT Group, Inc., Senior
Unsecured Notes, (SOFR + 3.83%), 3.93%, 6/19/24(2)(3) |
| | |
|
129,053
|
| |
| |
|
150,000
|
| | |
Citigroup, Inc., Senior
Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(2) |
| | |
|
156,650
|
| |
| |
|
130,000
|
| | |
Citigroup, Inc.,
Subordinated Notes, 5.30%, 5/6/44 |
| | |
|
170,130
|
| |
| |
|
150,000
|
| | |
Comerica, Inc., Senior
Unsecured Notes, 4.00%, 2/1/29 |
| | |
|
167,765
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | ||||||||||||
| FINANCIAL 11.9% (continued) | | ||||||||||||
| | | | | | | BANKS 5.4% (continued) | | ||||||
| |
$
|
100,000
|
| | |
Fifth Third Bancorp,
Senior Unsecured Notes, 3.65%, 1/25/24 |
| | |
$
|
104,777
|
| |
| |
|
175,000
|
| | |
Goldman Sachs Group,
Inc., Senior Unsecured Notes, 3.75%, 2/25/26(3) |
| | |
|
188,550
|
| |
| |
|
125,000
|
| | |
ING Groep NV, Senior
Unsecured Notes, 3.95%, 3/29/27 |
| | |
|
136,717
|
| |
| |
|
200,000
|
| | |
JPMorgan Chase & Co.,
Subordinated Notes, 4.13%, 12/15/26 |
| | |
|
220,718
|
| |
| |
|
150,000
|
| | |
JPMorgan Chase & Co.,
Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(2) |
| | |
|
176,538
|
| |
| |
|
150,000
|
| | |
KeyCorp, Senior
Unsecured Notes, 2.55%, 10/1/29 |
| | |
|
153,725
|
| |
| |
|
125,000
|
| | |
Lloyds Banking Group
PLC, Senior Unsecured Notes, 3.90%, 3/12/24 |
| | |
|
132,061
|
| |
| |
|
150,000
|
| | |
Morgan Stanley,
Subordinated Notes, 4.88%, 11/1/22 |
| | |
|
155,059
|
| |
| |
|
100,000
|
| | |
Morgan Stanley,
Series F, Senior Unsecured Notes, 3.88%, 4/29/24 |
| | |
|
106,028
|
| |
| |
|
125,000
|
| | |
National Australia
Bank Ltd., Senior Unsecured Notes, 2.50%, 7/12/26(3) |
| | |
|
130,605
|
| |
| |
|
125,000
|
| | |
PNC Bank NA,
Subordinated Notes, 2.95%, 1/30/23 |
| | |
|
127,801
|
| |
| |
|
350,000
|
| | |
Zions Bancorp NA,
Subordinated Notes, 3.25%, 10/29/29 |
| | |
|
362,176
|
| |
| | | | | | | | | | |
|
2,727,596
|
| |
| | | | | | |
DIVERSIFIED FINANCIAL SERVICES 2.1%
|
| ||||||
| |
|
175,000
|
| | |
AerCap Ireland Capital
DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 |
| | |
|
171,730
|
| |
| |
|
175,000
|
| | |
Air Lease Corp., Senior
Unsecured Notes, 3.63%, 4/1/27 |
| | |
|
183,664
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| FINANCIAL 11.9% (continued) | | ||||||||||||
| | | | | | |
DIVERSIFIED FINANCIAL SERVICES
2.1% (continued) |
| ||||||
| |
$
|
150,000
|
| | |
Ally Financial, Inc.,
Senior Unsecured Notes, 5.13%, 9/30/24 |
| | |
$
|
163,927
|
| |
| |
|
100,000
|
| | |
BlackRock, Inc., Senior
Unsecured Notes, 2.40%, 4/30/30(3) |
| | |
|
103,009
|
| |
| |
|
165,000
|
| | |
Discover Financial
Services, Senior Unsecured Notes, 3.95%, 11/6/24 |
| | |
|
175,516
|
| |
| |
|
100,000
|
| | |
Stifel Financial Corp.,
Senior Unsecured Notes, 4.25%, 7/18/24 |
| | |
|
106,504
|
| |
| |
|
140,000
|
| | |
Synchrony Financial,
Senior Unsecured Notes, 4.25%, 8/15/24 |
| | |
|
148,305
|
| |
| | | | | | | | | | |
|
1,052,655
|
| |
| | | | | | | INSURANCE 1.4% | | ||||||
| |
|
125,000
|
| | |
Aflac, Inc., Senior
Unsecured Notes, 3.60%, 4/1/30(3) |
| | |
|
137,921
|
| |
| |
|
135,000
|
| | |
Allstate Corp., Senior
Unsecured Notes, 1.45%, 12/15/30 |
| | |
|
127,769
|
| |
| |
|
200,000
|
| | |
CNA Financial Corp.,
Senior Unsecured Notes, 3.95%, 5/15/24 |
| | |
|
211,044
|
| |
| |
|
175,000
|
| | |
Prudential Financial,
Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2) |
| | |
|
196,200
|
| |
| | | | | | | | | | |
|
672,934
|
| |
| | | | | | | REITS 3.0% | | ||||||
| |
|
100,000
|
| | |
American Tower Corp.,
Senior Unsecured Notes, 2.95%, 1/15/25 |
| | |
|
103,882
|
| |
| |
|
125,000
|
| | |
AvalonBay
Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31(3) |
| | |
|
128,256
|
| |
| |
|
150,000
|
| | |
Crown Castle
International Corp., Senior Unsecured Notes, 3.80%, 2/15/28 |
| | |
|
163,333
|
| |
| |
|
125,000
|
| | |
Digital Realty Trust LP,
Guaranteed Notes, 3.60%, 7/1/29 |
| | |
|
135,415
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| FINANCIAL 11.9% (continued) | | ||||||||||||
| | | | | | | REITS 3.0% (continued) | | ||||||
| |
$
|
100,000
|
| | |
Duke Realty LP, Senior
Unsecured Notes, 4.00%, 9/15/28 |
| | |
$
|
111,722
|
| |
| |
|
125,000
|
| | |
Equinix, Inc., Senior
Unsecured Notes, 2.50%, 5/15/31 |
| | |
|
125,057
|
| |
| |
|
150,000
|
| | |
Kimco Realty Corp.,
2.25%, 12/1/31 |
| | |
|
146,336
|
| |
| |
|
150,000
|
| | |
Life Storage LP,
Guaranteed Notes, 2.20%, 10/15/30 |
| | |
|
147,488
|
| |
| |
|
125,000
|
| | |
Prologis LP, Senior
Unsecured Notes, 2.25%, 4/15/30 |
| | |
|
125,762
|
| |
| |
|
130,000
|
| | |
Sabra Health Care LP,
Guaranteed Notes, 3.90%, 10/15/29 |
| | |
|
136,235
|
| |
| |
|
175,000
|
| | |
Welltower, Inc., Senior
Unsecured Notes, 4.25%, 4/15/28 |
| | |
|
196,169
|
| |
| | | | | | | | | | |
|
1,519,655
|
| |
| | | | | | | | | | |
|
5,972,840
|
| |
| INDUSTRIAL 2.9% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 0.3% | | ||||||
| |
|
120,000
|
| | |
Teledyne Technologies,
Inc., Senior Unsecured Notes, 1.60%, 4/1/26 |
| | |
|
118,888
|
| |
| | | | | | | BUILDING MATERIALS 0.9% | | ||||||
| |
|
160,000
|
| | |
Masco Corp., Senior
Unsecured Notes, 2.00%, 10/1/30 |
| | |
|
153,764
|
| |
| |
|
125,000
|
| | |
Owens Corning, Senior
Unsecured Notes, 3.95%, 8/15/29 |
| | |
|
137,066
|
| |
| |
|
150,000
|
| | |
Vulcan Materials Co.,
Senior Unsecured Notes, 3.50%, 6/1/30 |
| | |
|
162,174
|
| |
| | | | | | | | | | |
|
453,004
|
| |
| | | | | | | ELECTRONICS 0.6% | | ||||||
| |
|
160,000
|
| | |
Amphenol Corp.,
2.20%, 9/15/31 |
| | |
|
156,558
|
| |
| |
|
150,000
|
| | |
Flex Ltd., Senior
Unsecured Notes, 4.75%, 6/15/25 |
| | |
|
163,240
|
| |
| | | | | | | | | | |
|
319,798
|
| |
| | | | | | |
MISCELLANEOUS MANUFACTURERS 0.8%
|
| ||||||
| |
|
200,000
|
| | |
Textron, Inc., Senior
Unsecured Notes, 3.88%, 3/1/25 |
| | |
|
213,683
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | ||||||||||||
| INDUSTRIAL 2.9% (continued) | | ||||||||||||
| | | | | | |
MISCELLANEOUS MANUFACTURERS
0.8% (continued) |
| ||||||
| |
$
|
150,000
|
| | |
Trane Technologies
Luxembourg Finance SA, Guaranteed Notes, 4.50%, 3/21/49 |
| | |
$
|
186,217
|
| |
| | | | | | | | | | |
|
399,900
|
| |
| | | | | | | PACKAGING & CONTAINERS 0.3% | | ||||||
| |
|
150,000
|
| | |
Ball Corp., Guaranteed
Notes, 4.88%, 3/15/26 |
| | |
|
165,225
|
| |
| | | | | | | | | | |
|
1,456,815
|
| |
| TECHNOLOGY 2.4% | | ||||||||||||
| | | | | | | COMPUTERS 0.9% | | ||||||
| |
|
125,000
|
| | |
Dell International LLC /
EMC Corp., 4.90%, 10/1/26 |
| | |
|
140,867
|
| |
| |
|
150,000
|
| | |
HP, Inc., Senior
Unsecured Notes, 3.00%, 6/17/27(3) |
| | |
|
157,848
|
| |
| |
|
150,000
|
| | |
Western Digital Corp.,
3.10%, 2/1/32 |
| | |
|
151,095
|
| |
| | | | | | | | | | |
|
449,810
|
| |
| | | | | | | SEMICONDUCTORS 0.6% | | ||||||
| |
|
140,000
|
| | |
Analog Devices, Inc.,
2.80%, 10/1/41 |
| | |
|
142,018
|
| |
| |
|
150,000
|
| | |
Xilinx, Inc., Senior
Unsecured Notes, 2.38%, 6/1/30(3) |
| | |
|
152,064
|
| |
| | | | | | | | | | |
|
294,082
|
| |
| | | | | | | SOFTWARE 0.9% | | ||||||
| |
|
150,000
|
| | |
Adobe, Inc., Senior
Unsecured Notes, 2.30%, 2/1/30 |
| | |
|
153,463
|
| |
| |
|
150,000
|
| | |
Electronic Arts, Inc.,
Senior Unsecured Notes, 4.80%, 3/1/26 |
| | |
|
167,313
|
| |
| |
|
170,000
|
| | |
salesforce.com, Inc.,
Senior Unsecured Notes, 2.70%, 7/15/41 |
| | |
|
170,285
|
| |
| | | | | | | | | | |
|
491,061
|
| |
| | | | | | | | | | |
|
1,234,953
|
| |
| UTILITIES 1.2% | | ||||||||||||
| | | | | | | ELECTRIC 1.0% | | ||||||
| |
|
100,000
|
| | |
Consolidated Edison
Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 |
| | |
|
118,446
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| UTILITIES 1.2% (continued) | | ||||||||||||
| | | | | | | ELECTRIC 1.0% (continued) | | ||||||
| |
$
|
100,000
|
| | |
Dominion Energy, Inc.,
Senior Unsecured Notes, 4.25%, 6/1/28 |
| | |
$
|
111,529
|
| |
| |
|
150,000
|
| | |
Duke Energy Carolinas
LLC, 2.45%, 2/1/30 |
| | |
|
151,974
|
| |
| |
|
125,000
|
| | |
Pinnacle West Capital
Corp., Senior Unsecured Notes, 1.30%, 6/15/25(3) |
| | |
|
123,003
|
| |
| | | | | | | | | | |
|
504,952
|
| |
| | | | | | | GAS 0.2% | | ||||||
| |
|
100,000
|
| | |
National Fuel Gas Co.,
Senior Unsecured Notes, 5.20%, 7/15/25 |
| | |
|
109,614
|
| |
| | | | | | | | | | |
|
614,566
|
| |
|
TOTAL CORPORATE BONDS & NOTES
(Cost $20,317,398) |
| | |
|
20,697,569
|
| | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS 0.6% | | ||||||||||||
| |
|
150,000
|
| | |
European Bank for
Reconstruction & Development, Senior Unsecured Notes, 2.75%, 3/7/23 |
| | |
|
153,811
|
| |
| |
|
150,000
|
| | |
Panama Government
International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 |
| | |
|
159,226
|
| |
|
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS (Cost $302,027) |
| | |
|
313,037
|
| | ||||||
| LONG-TERM MUNICIPAL SECURITIES 3.8% | | ||||||||||||
| | | | | | | CALIFORNIA 0.4% | | ||||||
| |
|
200,000
|
| | |
San Marcos California
Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 |
| | |
|
207,908
|
| |
| | | | | | | DISTRICT OF COLUMBIA 0.4% | | ||||||
| |
|
200,000
|
| | |
District of Columbia
Income Tax Secured Revenue Bonds, Build America Bonds, Ser. F, 4.91%, 12/1/23 |
| | |
|
215,312
|
| |
| | | | | | | MICHIGAN 0.4% | | ||||||
| |
|
200,000
|
| | |
Lincoln Consolidated
School District, General Obligation Limited, Series B, 4.32%, 5/1/37 |
| | |
|
223,603
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| | | | | | | OREGON 0.3% | | ||||||
| |
$
|
145,000
|
| | |
State of Oregon, GO,
2.38%, 5/1/36 |
| | |
$
|
145,144
|
| |
| | | | | | | RHODE ISLAND 0.2% | | ||||||
| |
|
100,000
|
| | |
Narragansett Bay
Commission, Wastewater System, Revenue Refunding Bonds, 2.46%, 9/1/35 |
| | |
|
100,183
|
| |
| | | | | | | TEXAS 1.8% | | ||||||
| |
|
250,000
|
| | |
Dallas Independent
School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 |
| | |
|
270,231
|
| |
| |
|
500,000
|
| | |
Tarrant County
Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 |
| | |
|
612,977
|
| |
| | | | | | | | | | |
|
883,208
|
| |
| | | | | | | WASHINGTON 0.3% | | ||||||
| |
|
125,000
|
| | |
Grant County Public
Utility District No 2 Priest Rapids Hydroelectric Project, Revenue Bonds, 3.31%, 1/1/43 |
| | |
|
128,438
|
| |
|
TOTAL LONG-TERM MUNICIPAL
SECURITIES (Cost $1,752,559) |
| | |
|
1,903,796
|
| | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 15.4% | | ||||||||||||
| | | | | | | MORTGAGE SECURITIES 15.4% | | ||||||
| |
|
23,000
|
| | |
FHLMC Gold PC Pool
#A29526, 5.00%, 1/1/35 |
| | |
|
25,059
|
| |
| |
|
110,382
|
| | |
FHLMC Gold PC Pool
#C91749, 4.00%, 1/1/34 |
| | |
|
120,168
|
| |
| |
|
44,684
|
| | |
FHLMC Gold PC Pool
#G06224, 3.50%, 1/1/41 |
| | |
|
48,090
|
| |
| |
|
22,963
|
| | |
FHLMC Gold PC Pool
#J11587, 4.00%, 1/1/25 |
| | |
|
24,111
|
| |
| |
|
22,624
|
| | |
FHLMC Gold PC Pool
#Q06307, 3.50%, 2/1/42 |
| | |
|
24,443
|
| |
| |
|
20,169
|
| | |
FHLMC Gold PC Pool
#Q08656, 4.00%, 6/1/42 |
| | |
|
21,980
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
|
RESIDENTIAL MORTGAGE-BACKED SECURITIES
15.4% (continued) |
| ||||||||||||
| | | | | | |
MORTGAGE SECURITIES 15.4%
(continued) |
| ||||||
| |
$
|
46,149
|
| | |
FHLMC Gold PC Pool
#Q08903, 3.50%, 6/1/42 |
| | |
$
|
49,877
|
| |
| |
|
149,576
|
| | |
FHLMC Gold PC Pool
#Q14593, 3.00%, 1/1/43 |
| | |
|
158,169
|
| |
| |
|
180,007
|
| | |
FHLMC Gold Pool
#Q34167, 4.00%, 6/1/45 |
| | |
|
197,302
|
| |
| |
|
104,502
|
| | |
FHLMC Gold Pool
#Q57991, 4.00%, 8/1/48 |
| | |
|
111,286
|
| |
| |
|
243,329
|
| | |
FHLMC Pool #QB2958,
3.00%, 9/1/50 |
| | |
|
253,514
|
| |
| |
|
214,494
|
| | |
FHLMC Pool #QB3856,
2.00%, 9/1/50 |
| | |
|
214,131
|
| |
| |
|
210,467
|
| | |
FHLMC Pool #QB5314,
2.50%, 11/1/50 |
| | |
|
215,037
|
| |
| |
|
270,678
|
| | |
FHLMC Pool #QB8153,
2.50%, 1/1/51 |
| | |
|
277,067
|
| |
| |
|
204,379
|
| | |
FHLMC Pool #SB8078,
1.50%, 12/1/35 |
| | |
|
205,195
|
| |
| |
|
169,761
|
| | |
FHLMC Pool #SD8023,
2.50%, 11/1/49 |
| | |
|
173,447
|
| |
| |
|
537,923
|
| | |
FHLMC Pool #SD8098,
2.00%, 10/1/50 |
| | |
|
537,013
|
| |
| |
|
275,770
|
| | |
FHLMC Pool #SD8134,
2.00%, 3/1/51 |
| | |
|
275,304
|
| |
| |
|
227,051
|
| | |
FHLMC Pool #SD8163,
3.50%, 8/1/51 |
| | |
|
238,961
|
| |
| |
|
491,822
|
| | |
FHLMC Pool #SD8173,
MBS, 2.50%, 10/1/51 |
| | |
|
502,964
|
| |
| |
|
59,896
|
| | |
FNMA Pool #AB2346,
4.50%, 2/1/41 |
| | |
|
66,203
|
| |
| |
|
49,366
|
| | |
FNMA Pool #AB5231,
2.50%, 5/1/27 |
| | |
|
51,273
|
| |
| |
|
51,038
|
| | |
FNMA Pool #AB5716,
3.00%, 7/1/27 |
| | |
|
53,546
|
| |
| |
|
70,626
|
| | |
FNMA Pool #AI4285,
5.00%, 6/1/41 |
| | |
|
79,376
|
| |
| |
|
43,392
|
| | |
FNMA Pool #AJ5888,
4.50%, 11/1/41 |
| | |
|
47,589
|
| |
| |
|
228,255
|
| | |
FNMA Pool #AR6394,
3.00%, 2/1/43 |
| | |
|
241,011
|
| |
| |
|
79,278
|
| | |
FNMA Pool #AS5892,
3.50%, 10/1/45 |
| | |
|
84,659
|
| |
| |
|
25,788
|
| | |
FNMA Pool #AS6102,
3.50%, 11/1/45 |
| | |
|
27,533
|
| |
| |
|
47,752
|
| | |
FNMA Pool #AS6205,
3.50%, 11/1/45 |
| | |
|
50,988
|
| |
| |
|
35,689
|
| | |
FNMA Pool #AS6385,
4.00%, 12/1/45 |
| | |
|
38,871
|
| |
| |
|
79,608
|
| | |
FNMA Pool #AS9562,
3.00%, 5/1/47 |
| | |
|
83,467
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| | | | | | |
MORTGAGE SECURITIES 15.4%
(continued) |
| ||||||
| |
$
|
91,344
|
| | |
FNMA Pool #AU4279,
3.00%, 9/1/43 |
| | |
$
|
96,199
|
| |
| |
|
78,189
|
| | |
FNMA Pool #AV0703,
4.00%, 12/1/43 |
| | |
|
85,489
|
| |
| |
|
40,896
|
| | |
FNMA Pool #AW7362,
2.50%, 8/1/29 |
| | |
|
42,480
|
| |
| |
|
87,907
|
| | |
FNMA Pool #AX0416,
4.00%, 8/1/44 |
| | |
|
95,588
|
| |
| |
|
52,641
|
| | |
FNMA Pool #AY1670,
3.50%, 2/1/45 |
| | |
|
56,413
|
| |
| |
|
38,872
|
| | |
FNMA Pool #AY4195,
4.00%, 5/1/45 |
| | |
|
42,357
|
| |
| |
|
48,942
|
| | |
FNMA Pool #BA3885,
3.50%, 11/1/45 |
| | |
|
52,237
|
| |
| |
|
163,168
|
| | |
FNMA Pool #CA2320,
3.50%, 9/1/48 |
| | |
|
176,833
|
| |
| |
|
82,297
|
| | |
FNMA Pool #CA5540,
3.00%, 4/1/50 |
| | |
|
86,571
|
| |
| |
|
891,710
|
| | |
FNMA Pool #CB0856,
3.00%, 6/1/51 |
| | |
|
925,909
|
| |
| |
|
80,467
|
| | |
FNMA Pool #MA0641,
4.00%, 2/1/31 |
| | |
|
86,173
|
| |
| |
|
95,358
|
| | |
FNMA Pool #MA4012,
2.00%, 5/1/35 |
| | |
|
97,995
|
| |
| |
|
179,562
|
| | |
FNMA Pool #MA4077,
2.00%, 7/1/50 |
| | |
|
179,258
|
| |
| |
|
159,477
|
| | |
FNMA Pool #MA4119,
2.00%, 9/1/50 |
| | |
|
159,207
|
| |
| |
|
349,717
|
| | |
FNMA Pool #MA4208,
2.00%, 12/1/50 |
| | |
|
349,126
|
| |
| |
|
95,934
|
| | |
FNMA Pool #MA4355,
2.00%, 6/1/51 |
| | |
|
95,772
|
| |
| |
|
25,667
|
| | |
FNMA REMIC Trust
Series 2013-18, Class AE, 2.00%, 3/25/28 |
| | |
|
26,146
|
| |
| |
|
13,798
|
| | |
GNMA,
Series 2011-136, Class GB, 2.50%, 5/20/40 |
| | |
|
13,924
|
| |
| |
|
44,495
|
| | |
GNMA II Pool #5332,
4.00%, 3/20/42 |
| | |
|
48,490
|
| |
| |
|
180,011
|
| | |
GNMA II Pool
#MA3937, 3.50%, 9/20/46 |
| | |
|
189,500
|
| |
| |
|
165,044
|
| | |
GNMA II Pool
#MA7054, 3.50%, 12/20/50 |
| | |
|
172,184
|
| |
| |
|
148,716
|
| | |
GNMA II Pool
#MA7651, 3.50%, 10/20/51 |
| | |
|
155,585
|
| |
|
TOTAL RESIDENTIAL
MORTGAGE-BACKED SECURITIES (Cost $7,761,559) |
| | |
|
7,731,070
|
| | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 2.1% | | ||||||||||||
| |
|
250,000
|
| | |
FNMA, 2.38%,
1/19/23 |
| | |
|
255,135
|
| |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
| |
$
|
250,000
|
| | |
FNMA, 2.63%,
9/6/24(3) |
| | |
$
|
261,578
|
| |
| |
|
540,000
|
| | |
FNMA, 1.88%,
9/24/26(3) |
| | |
|
555,017
|
| |
|
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost $1,021,153) |
| | |
|
1,071,730
|
| | ||||||
| U.S. TREASURY OBLIGATIONS 22.5% | | ||||||||||||
| | | | | | |
U.S. TREASURY NOTES & BONDS 22.5%
|
| ||||||
| |
|
120,000
|
| | |
U.S. Treasury Bonds,
5.38%, 2/15/31 |
| | |
|
160,748
|
| |
| |
|
425,000
|
| | |
U.S. Treasury Bonds,
4.38%, 2/15/38 |
| | |
|
586,948
|
| |
| |
|
415,000
|
| | |
U.S. Treasury Bonds,
3.50%, 2/15/39 |
| | |
|
521,944
|
| |
| |
|
155,000
|
| | |
U.S. Treasury Bonds,
1.13%, 5/15/40 |
| | |
|
136,285
|
| |
| |
|
180,000
|
| | |
U.S. Treasury Bonds,
2.88%, 5/15/43 |
| | |
|
209,869
|
| |
| |
|
654,000
|
| | |
U.S. Treasury Bonds,
3.00%, 2/15/48 |
| | |
|
801,380
|
| |
| |
|
1,756,000
|
| | |
U.S. Treasury Bonds,
2.25%, 8/15/49 |
| | |
|
1,887,494
|
| |
| |
|
103,169
|
| | |
U.S. Treasury Inflation
Indexed Note, 0.13%, 7/15/31 |
| | |
|
116,017
|
| |
| |
|
170,000
|
| | |
U.S. Treasury Notes,
1.38%, 6/30/23 |
| | |
|
172,025
|
| |
| |
|
500,000
|
| | |
U.S. Treasury Notes,
0.13%, 7/15/23 |
| | |
|
496,426
|
| |
| |
|
800,000
|
| | |
U.S. Treasury Notes,
0.13%, 8/31/23 |
| | |
|
793,031
|
| |
| |
|
590,000
|
| | |
U.S. Treasury Notes,
0.25%, 11/15/23 |
| | |
|
585,206
|
| |
| |
|
1,185,000
|
| | |
U.S. Treasury Notes,
2.25%, 11/15/24 |
| | |
|
1,228,836
|
| |
| |
|
620,000
|
| | |
U.S. Treasury Notes,
1.50%, 8/15/26 |
| | |
|
627,387
|
| |
| |
|
350,000
|
| | |
U.S. Treasury Notes,
0.75%, 8/31/26 |
| | |
|
342,371
|
| |
| |
|
350,000
|
| | |
U.S. Treasury Notes,
1.13%, 2/28/27 |
| | |
|
347,539
|
| |
| |
|
100,000
|
| | |
U.S. Treasury Notes,
0.63%, 11/30/27 |
| | |
|
95,855
|
| |
| |
|
790,000
|
| | |
U.S. Treasury Notes,
2.75%, 2/15/28 |
| | |
|
854,496
|
| |
| |
|
100,000
|
| | |
U.S. Treasury Notes,
1.25%, 6/30/28 |
| | |
|
99,059
|
| |
| |
|
250,000
|
| | |
U.S. Treasury Notes,
1.63%, 8/15/29 |
| | |
|
253,857
|
| |
| |
|
600,000
|
| | |
U.S. Treasury Notes,
1.50%, 2/15/30(3) |
| | |
|
603,680
|
| |
| |
|
390,000
|
| | |
U.S. Treasury Notes,
1.13%, 2/15/31(3) |
| | |
|
378,925
|
| |
|
TOTAL U.S. TREASURY NOTES &
BONDS (Cost $11,108,193) |
| | |
|
11,299,378
|
| |
|
Shares
|
| | | | |
Value
|
| ||||||
| SHORT-TERM INVESTMENTS 8.6% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 8.6% | | ||||||
| |
$
|
1,781,558
|
| | |
State Street
Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(4) |
| | |
$
|
1,781,558
|
| |
| |
|
2,537,530
|
| | |
State Street Navigator
Securities Lending Government Money Market Portfolio(5) |
| | |
|
2,537,530
|
| |
| | | | | | | | | | |
|
4,319,088
|
| |
|
Total Short-Term Investments
(Cost $4,319,088) |
| | |
|
4,319,088
|
| | ||||||
|
TOTAL INVESTMENTS IN
SECURITIES 104.5% (Cost $51,769,017) |
| | |
$
|
52,537,246
|
| | ||||||
|
EXCESS OF LIABILITIES OVER CASH
AND OTHER ASSETS (4.5%) |
| | |
|
(2,269,801)
|
| | ||||||
| NET ASSETS 100% | | | |
$
|
50,267,445
|
| |
Investments in Securities:
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Backed Securities
|
| | | $ | — | | | | | $ | 968,646 | | | | | $ | — | | | | | $ | 968,646 | | |
Commercial Mortgage-Backed Securities
|
| | | | — | | | | | | 4,232,932 | | | | | | — | | | | | | 4,232,932 | | |
Corporate Bonds & Notes*
|
| | | | — | | | | | | 20,697,569 | | | | | | — | | | | | | 20,697,569 | | |
Foreign Government Obligations
|
| | | | — | | | | | | 313,037 | | | | | | — | | | | | | 313,037 | | |
Long-Term Municipal Securities*
|
| | | | — | | | | | | 1,903,796 | | | | | | — | | | | | | 1,903,796 | | |
Residential Mortgage-Backed Securities
|
| | | | — | | | | | | 7,731,070 | | | | | | — | | | | | | 7,731,070 | | |
U.S. Government Agency Obligations
|
| | | | — | | | | | | 1,071,730 | | | | | | — | | | | | | 1,071,730 | | |
U.S. Treasury Obligations
|
| | | | — | | | | | | 11,299,378 | | | | | | — | | | | | | 11,299,378 | | |
Short-Term Investments
|
| | | | 4,319,088 | | | | | | — | | | | | | — | | | | | | 4,319,088 | | |
Total Investments in Securities
|
| | | $ | 4,319,088 | | | | | $ | 48,218,158 | | | | | $ | — | | | | | $ | 52,537,246 | | |
| | |
Value Line Select
Growth Fund, Inc. |
| |
Value Line Mid Cap
Focused Fund, Inc. |
| |
Value Line Capital
Appreciation Fund, Inc. |
| |
Value Line Larger
Companies Focused Fund, Inc. |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value*
|
| | | $ | 502,855,609 | | | | | $ | 495,112,344 | | | | | $ | 699,888,289 | | | | | $ | 384,946,953 | | |
Cash
|
| | | | — | | | | | | — | | | | | | 102,900 | | | | | | — | | |
Receivable for securities sold
|
| | | | 231,350 | | | | | | — | | | | | | 2,808,580 | | | | | | — | | |
Dividends and interest receivable
|
| | | | 128,790 | | | | | | 209,464 | | | | | | 518,254 | | | | | | 42 | | |
Prepaid expenses
|
| | | | 25,525 | | | | | | 27,827 | | | | | | 41,775 | | | | | | 19,476 | | |
Receivable for capital shares sold
|
| | | | 17,538 | | | | | | 710,748 | | | | | | 563,676 | | | | | | 1,334 | | |
Receivable for securities lending
income |
| | | | — | | | | | | 68 | | | | | | 9,940 | | | | | | 7,935 | | |
Total Assets
|
| | | | 503,258,812 | | | | | | 496,060,451 | | | | | | 703,933,414 | | | | | | 384,975,740 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for capital shares redeemed
|
| | | | 293,553 | | | | | | 163,952 | | | | | | 573,844 | | | | | | 79,819 | | |
Payable upon return of securities on loan
(See Note 1(K)) |
| | | | — | | | | | | — | | | | | | 9,834,660 | | | | | | 8,079,565 | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee
|
| | | | 309,334 | | | | | | 246,863 | | | | | | 351,984 | | | | | | 225,591 | | |
Service and distribution plan fees
|
| | | | 102,103 | | | | | | 65,533 | | | | | | 107,904 | | | | | | 78,004 | | |
Printing fee payable
|
| | | | 54,123 | | | | | | 42,613 | | | | | | 55,825 | | | | | | 27,528 | | |
Auditing and legal fees payable
|
| | | | 45,854 | | | | | | 45,105 | | | | | | 59,779 | | | | | | 39,055 | | |
Sub-transfer agent fees
|
| | | | 549 | | | | | | 2,764 | | | | | | 12,563 | | | | | | 148 | | |
Directors’ fees and expenses
|
| | | | 3,741 | | | | | | 2,446 | | | | | | 3,753 | | | | | | 2,380 | | |
Other
|
| | | | 49,504 | | | | | | 35,177 | | | | | | 55,814 | | | | | | 32,640 | | |
Total Liabilities
|
| | | | 858,761 | | | | | | 604,453 | | | | | | 11,056,126 | | | | | | 8,564,730 | | |
Net Assets
|
| | | $ | 502,400,051 | | | | | $ | 495,455,998 | | | | | $ | 692,877,288 | | | | | $ | 376,411,010 | | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital stock, at $1.00 par value
(authorized 100,000,000, 50,000,000, 75,000,000 and 50,000,000 shares, respectively) |
| | | $ | 12,416,169 | | | | | $ | 15,819,827 | | | | | $ | 55,913,283 | | | | | $ | 10,951,640 | | |
Additional paid-in capital
|
| | | | 183,783,624 | | | | | | 254,421,283 | | | | | | 448,847,072 | | | | | | 210,714,484 | | |
Distributable Earnings/(Loss)
|
| | | | 306,200,258 | | | | | | 225,214,888 | | | | | | 188,116,933 | | | | | | 154,744,886 | | |
Net Assets
|
| | | $ | 502,400,051 | | | | | $ | 495,455,998 | | | | | $ | 692,877,288 | | | | | $ | 376,411,010 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets
|
| | | $ | 486,660,593 | | | | | $ | 318,183,774 | | | | | $ | 508,548,527 | | | | | $ | 367,680,809 | | |
Shares Outstanding
|
| | | | 12,029,354 | | | | | | 10,184,159 | | | | | | 41,031,424 | | | | | | 10,700,701 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share
|
| | | $ | 40.46 | | | | | $ | 31.24 | | | | | $ | 12.39 | | | | | $ | 34.36 | | |
Institutional Class
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets
|
| | | $ | 15,739,458 | | | | | $ | 177,272,224 | | | | | $ | 184,328,761 | | | | | $ | 8,730,201 | | |
Shares Outstanding
|
| | | | 386,815 | | | | | | 5,635,668 | | | | | | 14,881,859 | | | | | | 250,939 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share
|
| | | $ | 40.69 | | | | | $ | 31.46 | | | | | $ | 12.39 | | | | | $ | 34.79 | | |
*Includes securities on loan of
|
| | | $ | — | | | | | $ | — | | | | | $ | 24,374,655 | | | | | $ | 15,532,967 | | |
Cost of investments
|
| | | $ | 209,335,109 | | | | | $ | 280,852,505 | | | | | $ | 538,939,011 | | | | | $ | 254,250,951 | | |
| | |
Value Line Core
Bond Fund |
| |||
Assets: | | | | | | | |
Investments in securities, at value*
|
| | | $ | 52,537,246 | | |
Dividends and interest receivable
|
| | | | 293,306 | | |
Receivable for securities sold
|
| | | | 77,728 | | |
Prepaid expenses
|
| | | | 7,505 | | |
Receivable from Adviser
|
| | | | 7,072 | | |
Receivable for securities lending income
|
| | | | 462 | | |
Receivable for capital shares sold
|
| | | | 114 | | |
Total Assets
|
| | | | 52,923,433 | | |
Liabilities: | | | | | | | |
Payable upon return of securities on loan (See Note 1(K))
|
| | | | 2,537,530 | | |
Payable for capital shares redeemed
|
| | | | 18,910 | | |
Dividends payable to shareholders
|
| | | | 4,639 | | |
Accrued expenses: | | | | | | | |
Service and distribution plan fees
|
| | | | 10,717 | | |
Printing fee payable
|
| | | | 35,497 | | |
Auditing and legal fees payable
|
| | | | 15,845 | | |
Directors’ fees and expenses
|
| | | | 938 | | |
Other
|
| | | | 31,912 | | |
Total Liabilities
|
| | | | 2,655,988 | | |
Net Assets
|
| | | $ | 50,267,445 | | |
Net assets consist of: | | | | | | | |
Capital stock, at $0.01 par value (authorized unlimited shares)
|
| | | $ | 33,258 | | |
Additional paid-in capital
|
| | | | 49,501,801 | | |
Total Distributable Earnings/(Loss)
|
| | | | 732,386 | | |
Net Assets
|
| | | $ | 50,267,445 | | |
Net Asset Value Per Share
|
| | | | | | |
Investor Class
|
| | |||||
Net Assets
|
| | | $ | 50,267,445 | | |
Shares Outstanding
|
| | | | 3,325,792 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share
|
| | | $ | 15.11 | | |
*Includes securities on loan of
|
| | | $ | 4,445,639 | | |
Cost of investments
|
| | | $ | 51,769,017 | | |
| | |
Value Line Select
Growth Fund, Inc. |
| |
Value Line Mid Cap
Focused Fund, Inc. |
| |
Value Line Capital
Appreciation Fund, Inc. |
| |
Value Line Larger
Companies Focused Fund, Inc. |
| ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends (net of foreign withholding tax
of $18,474, $14,678, $16,959 and $0, respectively) |
| | | $ | 2,403,854 | | | | | $ | 6,703,215 | | | | | $ | 3,478,036 | | | | | $ | 1,046,745 | | |
Interest
|
| | | | — | | | | | | — | | | | | | 1,588,683 | | | | | | — | | |
Securities lending income (Net)
|
| | | | — | | | | | | 577 | | | | | | 56,933 | | | | | | 42,345 | | |
Total Income
|
| | | | 2,403,854 | | | | | | 6,703,792 | | | | | | 5,123,652 | | | | | | 1,089,090 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees
|
| | | | 3,487,387 | | | | | | 3,049,831 | | | | | | 4,745,560 | | | | | | 2,963,591 | | |
Service and distribution plan fees
|
| | | | 1,151,989 | | | | | | 809,311 | | | | | | 1,422,683 | | | | | | 993,713 | | |
Sub-transfer agent fees
|
| | | | 114,418 | | | | | | 220,552 | | | | | | 302,441 | | | | | | 29,010 | | |
Transfer agent fees
|
| | | | 109,566 | | | | | | 141,900 | | | | | | 146,132 | | | | | | 96,628 | | |
Auditing and legal fees
|
| | | | 97,159 | | | | | | 97,306 | | | | | | 149,272 | | | | | | 87,597 | | |
Registration and filing fees
|
| | | | 82,254 | | | | | | 119,049 | | | | | | 167,711 | | | | | | 78,562 | | |
Custody and accounting fees
|
| | | | 79,629 | | | | | | 80,978 | | | | | | 158,809 | | | | | | 82,474 | | |
Printing and postage fees
|
| | | | 62,788 | | | | | | 83,116 | | | | | | 81,077 | | | | | | 30,137 | | |
Directors’ fees and expenses
|
| | | | 49,774 | | | | | | 48,044 | | | | | | 76,063 | | | | | | 41,897 | | |
Fund administration fees
|
| | | | 33,054 | | | | | | 34,987 | | | | | | 38,973 | | | | | | 33,060 | | |
Compliance and tax service fees
|
| | | | 22,399 | | | | | | 24,955 | | | | | | 28,366 | | | | | | 20,471 | | |
Insurance fees
|
| | | | 11,546 | | | | | | 13,085 | | | | | | 18,946 | | | | | | 13,291 | | |
Other
|
| | | | 28,666 | | | | | | 26,002 | | | | | | 26,691 | | | | | | 26,386 | | |
Recoupment (See Note 5)
|
| | | | — | | | | | | 6,086 | | | | | | 3,346 | | | | | | 124,389 | | |
Total Expenses Before Fees Waived (See Note 5)
|
| | | | 5,330,629 | | | | | | 4,755,202 | | | | | | 7,366,070 | | | | | | 4,621,206 | | |
Less: Advisory Fees Waived
|
| | | | (22,388) | | | | | | (66,334) | | | | | | (92,294) | | | | | | (34,925) | | |
Net Expenses
|
| | | | 5,308,241 | | | | | | 4,688,868 | | | | | | 7,273,776 | | | | | | 4,586,281 | | |
Net Investment Income/(Loss)
|
| | | | (2,904,387) | | | | | | 2,014,924 | | | | | | (2,150,124) | | | | | | (3,497,191) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities
|
| | | | 57,334,402 | | | | | | 31,663,035 | | | | | | 97,471,784 | | | | | | 64,101,538 | | |
Foreign currency transactions
|
| | | | (52) | | | | | | (39) | | | | | | — | | | | | | — | | |
| | | | | 57,334,350 | | | | | | 31,662,996 | | | | | | 97,471,784 | | | | | | 64,101,538 | | |
Change in Net Unrealized Appreciation/(Depreciation) of:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities
|
| | | | 49,064,383 | | | | | | 52,655,853 | | | | | | (48,869,940) | | | | | | (48,703,413) | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions
|
| | | | 106,398,733 | | | | | | 84,318,849 | | | | | | 48,601,844 | | | | | | 15,398,125 | | |
Net Increase/(Decrease) in Net Assets from Operations
|
| | | $ | 103,494,346 | | | | | $ | 86,333,773 | | | | | $ | 46,451,720 | | | | | $ | 11,900,934 | | |
| | |
Value Line Core
Bond Fund |
| |||
Investment Income: | | | | | | | |
Interest
|
| | | $ | 1,101,973 | | |
Dividends
|
| | | | 527 | | |
Securities lending income (Net)
|
| | | | 2,760 | | |
Total Income
|
| | | $ | 1,105,260 | | |
Expenses: | | | | | | | |
Advisory fees
|
| | | | 180,148 | | |
Service and distribution plan fees
|
| | | | 128,225 | | |
Custody and accounting fees
|
| | | | 84,626 | | |
Registration and filing fees
|
| | | | 53,194 | | |
Transfer agent fees
|
| | | | 49,269 | | |
Printing and postage fees
|
| | | | 36,474 | | |
Fund administration fees
|
| | | | 35,106 | | |
Auditing and legal fees
|
| | | | 27,067 | | |
Compliance and tax service fees
|
| | | | 11,724 | | |
Directors’ fees and expenses
|
| | | | 5,777 | | |
Insurance fees
|
| | | | 1,496 | | |
Other
|
| | | | 19,261 | | |
Total Expenses Before Fees Waived (See Note 5)
|
| | | | 632,367 | | |
Less: Advisory Fees Waived
|
| | | | (170,756) | | |
Net Expenses
|
| | | | 461,611 | | |
Net Investment Income/(Loss)
|
| | | | 643,649 | | |
Net Realized and Unrealized Gain/(Loss) on Investments: | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | |
Investments in securities
|
| | | | 746,870 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | |
Investments in securities
|
| | | | (2,524,966) | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments
|
| | | | (1,778,096) | | |
Net Increase/(Decrease) in Net Assets from Operations
|
| | | $ | (1,134,447) | | |
| | |
Value Line Select Growth Fund, Inc.
|
| |
Value Line Mid Cap Focused Fund, Inc.
|
| ||||||||||||||||||
| | |
Year Ended
December 31, 2021 |
| |
Year Ended
December 31, 2020 |
| |
Year Ended
December 31, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | $ | (2,904,387) | | | | | $ | (1,901,054) | | | | | $ | 2,014,924 | | | | | $ | (1,663,424) | | |
Net realized gain/(loss) on investments and foreign currency
|
| | | | 57,334,350 | | | | | | 113,804,307 | | | | | | 31,662,996 | | | | | | 29,616,854 | | |
Change in net unrealized appreciation/
(depreciation) on investments |
| | | | 49,064,383 | | | | | | (23,302,668) | | | | | | 52,655,853 | | | | | | 48,617,215 | | |
Net increase/(decrease) in net assets from operations
|
| | | | 103,494,346 | | | | | | 88,600,585 | | | | | | 86,333,773 | | | | | | 76,570,645 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | (62,882,917) | | | | | | (99,858,878) | | | | | | (24,345,686) | | | | | | (24,479,712) | | |
Institutional Class
|
| | | | (2,026,820) | | | | | | (2,667,066)(1) | | | | | | (14,087,041) | | | | | | (10,791,086) | | |
| | | | | (64,909,737) | | | | | | (102,525,944) | | | | | | (38,432,727) | | | | | | (35,270,798) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 8,359,304 | | | | | | 27,762,538 | | | | | | 25,120,633 | | | | | | 114,237,141 | | |
Institutional Class
|
| | | | 3,785,420 | | | | | | 12,031,878(1) | | | | | | 58,387,787 | | | | | | 113,119,445 | | |
Proceeds from reinvestment of distributions to shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 60,378,593 | | | | | | 94,686,711 | | | | | | 23,485,169 | | | | | | 22,681,152 | | |
Institutional Class
|
| | | | 1,959,861 | | | | | | 2,522,692(1) | | | | | | 11,167,392 | | | | | | 9,730,790 | | |
Cost of shares redeemed
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | (71,360,065) | | | | | | (144,955,330) | | | | | | (97,390,809) | | | | | | (207,662,644) | | |
Institutional Class
|
| | | | (3,076,911) | | | | | | (745,669)(1) | | | | | | (45,080,081) | | | | | | (36,340,588) | | |
Net increase/(decrease) in net assets from capital share transactions
|
| | | | 46,202 | | | | | | (8,697,180) | | | | | | (24,309,909) | | | | | | 15,765,296 | | |
Total increase/(decrease) in net assets
|
| | | | 38,630,811 | | | | | | (22,622,539) | | | | | | 23,591,137 | | | | | | 57,065,143 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year
|
| | | | 463,769,240 | | | | | | 486,391,779 | | | | | | 471,864,861 | | | | | | 414,799,718 | | |
End of year
|
| | | $ | 502,400,051 | | | | | $ | 463,769,240 | | | | | $ | 495,455,998 | | | | | $ | 471,864,861 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 210,330 | | | | | | 699,074 | | | | | | 846,682 | | | | | | 4,547,034 | | |
Institutional Class
|
| | | | 95,377 | | | | | | 268,809(1) | | | | | | 1,888,942 | | | | | | 4,311,246 | | |
Shares issued to shareholders in reinvestment of distributions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 1,550,953 | | | | | | 2,591,317 | | | | | | 781,797 | | | | | | 829,596 | | |
Institutional Class
|
| | | | 50,060 | | | | | | 68,869(1) | | | | | | 369,292 | | | | | | 354,621 | | |
Shares redeemed
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | (1,784,233) | | | | | | (3,732,892) | | | | | | (3,213,643) | | | | | | (8,255,594) | | |
Institutional Class
|
| | | | (76,924) | | | | | | (19,376)(1) | | | | | | (1,517,406) | | | | | | (1,391,238) | | |
| | |
Value Line Capital Appreciation Fund, Inc.
|
| |
Value Line Larger Companies Focused
Fund, Inc. |
| ||||||||||||||||||
| | |
Year Ended
December 31, 2021 |
| |
Year Ended
December 31, 2020 |
| |
Year Ended
December 31, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | $ | (2,150,124) | | | | | $ | (1,321,964) | | | | | $ | (3,497,191) | | | | | $ | (2,829,123) | | |
Net realized gain/(loss) on investments and foreign currency
|
| | | | 97,471,784 | | | | | | 35,808,188 | | | | | | 64,101,538 | | | | | | 45,552,293 | | |
Change in net unrealized appreciation/(depreciation) on investments
|
| | | | (48,869,940) | | | | | | 116,307,321 | | | | | | (48,703,413) | | | | | | 86,710,387 | | |
Net increase/(decrease) in net assets from operations
|
| | | | 46,451,720 | | | | | | 150,793,545 | | | | | | 11,900,934 | | | | | | 129,433,557 | | |
Distributions to Shareholders from:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | (50,677,807) | | | | | | (28,634,815) | | | | | | (46,615,262) | | | | | | (34,460,180) | | |
Institutional Class
|
| | | | (19,027,765) | | | | | | (6,230,165) | | | | | | (1,110,293) | | | | | | (548,169) | | |
| | | | | (69,705,572) | | | | | | (34,864,980) | | | | | | (47,725,555) | | | | | | (35,008,349) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 83,958,492 | | | | | | 147,385,018 | | | | | | 7,115,657 | | | | | | 11,565,758 | | |
Institutional Class
|
| | | | 107,801,711 | | | | | | 92,959,782 | | | | | | 3,403,942 | | | | | | 4,510,155 | | |
Proceeds from reinvestment of distributions to shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 47,963,683 | | | | | | 27,027,150 | | | | | | 44,533,789 | | | | | | 33,215,648 | | |
Institutional Class
|
| | | | 18,777,259 | | | | | | 6,175,863 | | | | | | 1,109,200 | | | | | | 547,360 | | |
Cost of shares redeemed
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | (170,967,310) | | | | | | (146,694,731) | | | | | | (43,567,784) | | | | | | (35,355,783) | | |
Institutional Class
|
| | | | (53,573,100) | | | | | | (20,087,905) | | | | | | (1,267,650) | | | | | | (1,111,162) | | |
Net increase/(decrease) in net assets from capital share transactions
|
| | | | 33,960,735 | | | | | | 106,765,177 | | | | | | 11,327,154 | | | | | | 13,371,976 | | |
Total increase/(decrease) in net assets
|
| | | | 10,706,883 | | | | | | 222,693,742 | | | | | | (24,497,467) | | | | | | 107,797,184 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year
|
| | | | 682,170,405 | | | | | | 459,476,663 | | | | | | 400,908,477 | | | | | | 293,111,293 | | |
End of year
|
| | | $ | 692,877,288 | | | | | $ | 682,170,405 | | | | | $ | 376,411,010 | | | | | $ | 400,908,477 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 6,223,284 | | | | | | 12,564,377 | | | | | | 175,164 | | | | | | 361,151 | | |
Institutional Class
|
| | | | 7,865,662 | | | | | | 7,674,211 | | | | | | 81,960 | | | | | | 117,977 | | |
Shares issued to shareholders in
reinvestment of distributions |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | 3,996,974 | | | | | | 2,176,099 | | | | | | 1,338,960 | | | | | | 903,827 | | |
Institutional Class
|
| | | | 1,566,077 | | | | | | 497,251 | | | | | | 32,943 | | | | | | 14,766 | | |
Shares redeemed
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class
|
| | | | (12,622,197) | | | | | | (13,030,041) | | | | | | (1,097,906) | | | | | | (1,061,527) | | |
Institutional Class
|
| | | | (4,002,527) | | | | | | (1,836,022) | | | | | | (32,498) | | | | | | (34,979) | | |
| | |
Value Line Core Bond Fund
|
| |||||||||
| | |
Year Ended
December 31, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||
Operations: | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | $ | 643,649 | | | | | $ | 883,376 | | |
Net realized gain/(loss) on investments
|
| | | | 746,870 | | | | | | 969,002 | | |
Change in net unrealized appreciation/(depreciation) on investments
|
| | | | (2,524,966) | | | | | | 1,196,067 | | |
Net increase/(decrease) in net assets from operations
|
| | | | (1,134,447) | | | | | | 3,048,445 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Investor Class
|
| | | | (1,274,662) | | | | | | (1,025,857) | | |
Share Transactions (Investor Class): | | | | | | | | | | | | | |
Proceeds from sale of shares
|
| | | | 2,908,128 | | | | | | 3,523,006 | | |
Proceeds from reinvestment of distributions to shareholders
|
| | | | 1,178,008 | | | | | | 936,701 | | |
Cost of shares redeemed
|
| | | | (5,263,146) | | | | | | (6,604,784) | | |
Net decrease in net assets from capital share transactions
|
| | | | (1,177,010) | | | | | | (2,145,077) | | |
Total decrease in net assets
|
| | | | (3,586,119) | | | | | | (122,489) | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of year
|
| | | | 53,853,564 | | | | | | 53,976,053 | | |
End of year
|
| | | $ | 50,267,445 | | | | | $ | 53,853,564 | | |
Capital Share Transactions (Investor Class): | | | | | | | | | | | | | |
Shares sold
|
| | | | 188,605 | | | | | | 225,921 | | |
Shares issued to shareholders in reinvestment of dividends
|
| | | | 76,945 | | | | | | 59,660 | | |
Shares redeemed
|
| | | | (340,454) | | | | | | (422,790) | | |
Net increase/(decrease)
|
| | | | (74,904) | | | | | | (137,209) | | |
| | |
Value Line Select Growth Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 37.49 | | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | (0.25)(1) | | | | | | (0.17)(1) | | | | | | (0.05)(1) | | | | | | (0.14) | | | | | | (0.08) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 9.08 | | | | | | 8.91 | | | | | | 11.16 | | | | | | 0.58 | | | | | | 6.56 | | |
Total from investment operations
|
| | | | 8.83 | | | | | | 8.74 | | | | | | 11.11 | | | | | | 0.44 | | | | | | 6.48 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains
|
| | | | (5.86) | | | | | | (10.18) | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | |
Total distributions
|
| | | | (5.86) | | | | | | (10.18) | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | |
Net asset value, end of year
|
| | | $ | 40.46 | | | | | $ | 37.49 | | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | |
Total return
|
| | | | 24.16% | | | | | | 23.12% | | | | | | 36.59% | | | | | | 1.39% | | | | | | 22.32% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 486,661 | | | | | $ | 451,806 | | | | | $ | 486,392 | | | | | $ | 315,928 | | | | | $ | 342,056 | | |
Ratio of expenses to average net assets
|
| | | | 1.13% | | | | | | 1.16% | | | | | | 1.16% | | | | | | 1.20% | | | | | | 1.20% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | (0.62)% | | | | | | (0.43)% | | | | | | (0.12)% | | | | | | (0.42)% | | | | | | (0.26)% | | |
Portfolio turnover rate
|
| | | | 3% | | | | | | 12% | | | | | | 17% | | | | | | 8% | | | | | | 3% | | |
| | |
Value Line Select Growth Fund, Inc.
Institutional Class |
| | | | |||||||||||||||
| | |
Year Ended
December 31, |
| |
Period Ended
December 31, |
| | | | ||||||||||||
| | |
2021
|
| |
2020(2)
|
| | | | | | | | | | ||||||
Net asset value, beginning of year
|
| | | $ | 37.58 | | | | | $ | 36.44 | | | | | | ||||||
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | ||||||
Net investment income/(loss)(1)
|
| | | | (0.15) | | | | | | 0.02 | | | | | | ||||||
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 9.12 | | | | | | 11.30 | | | | | | ||||||
Total from investment operations
|
| | | | 8.97 | | | | | | 11.32 | | | | | | ||||||
Less distributions: | | | | | | | | | | | | | | | | | ||||||
Distributions from net realized gains
|
| | | | (5.86) | | | | | | (10.18) | | | | | | ||||||
Total distributions
|
| | | | (5.86) | | | | | | (10.18) | | | | | | ||||||
Net asset value, end of year
|
| | | $ | 40.69 | | | | | $ | 37.58 | | | | | | ||||||
Total return
|
| | | | 24.47% | | | | | | 31.78%(3) | | | | | | ||||||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | ||||||
Net assets, end of year (in thousands)
|
| | | $ | 15,739 | | | | | $ | 11,963 | | | | | | ||||||
Ratio of gross expenses to average net assets
|
| | | | 1.04% | | | | | | 1.96%(4) | | | | | | ||||||
Ratio of net expenses to average net assets
|
| | | | 0.88% | | | | | | 0.91%(4) | | | | | | ||||||
Ratio of net investment income/(loss) to average net assets
|
| | | | (0.37)% | | | | | | 0.08%(4) | | | | | | ||||||
Portfolio turnover rate
|
| | | | 3% | | | | | | 12%(3) | | | | | |
| | |
Value Line Mid Cap Focused Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 28.29 | | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | 0.10(1)(2) | | | | | | (0.12)(1) | | | | | | 0.06(1)(3) | | | | | | (0.07) | | | | | | 0.00(4) | | |
Net gains/(losses) on securities (both realized and
unrealized) |
| | | | 5.42 | | | | | | 5.13 | | | | | | 6.68 | | | | | | 0.97 | | | | | | 3.23 | | |
Total from investment operations
|
| | | | 5.52 | | | | | | 5.01 | | | | | | 6.74 | | | | | | 0.90 | | | | | | 3.23 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income
|
| | | | — | | | | | | (0.02) | | | | | | (0.00)(4) | | | | | | — | | | | | | — | | |
Distributions from net realized gains
|
| | | | (2.57) | | | | | | (2.19) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | |
Total distributions
|
| | | | (2.57) | | | | | | (2.21) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | |
Net asset value, end of year
|
| | | $ | 31.24 | | | | | $ | 28.29 | | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | |
Total return
|
| | | | 19.88% | | | | | | 19.96% | | | | | | 35.30% | | | | | | 4.72% | | | | | | 19.84% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 318,184 | | | | | $ | 332,898 | | | | | $ | 373,341 | | | | | $ | 184,515 | | | | | $ | 147,669 | | |
Ratio of expenses to average net assets
|
| | | | 1.07% | | | | | | 1.10% | | | | | | 1.11% | | | | | | 1.18% | | | | | | 1.18% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | 0.33%(2) | | | | | | (0.46)% | | | | | | 0.27%(3) | | | | | | (0.46)% | | | | | | (0.34)% | | |
Portfolio turnover rate
|
| | | | 0%(5) | | | | | | 4% | | | | | | 19% | | | | | | 10% | | | | | | 2% | | |
| | |
Value Line Mid Cap Focused Fund, Inc.
Institutional Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |
Period Ended
December 31, 2017(6) |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
Net asset value, beginning of year
|
| | | $ | 28.39 | | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | $ | 18.25 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | 0.19(1)(2) | | | | | | (0.04)(1) | | | | | | 0.20(1)(3) | | | | | | (0.04) | | | | | | 0.00(4) | | |
Net gains/(losses) on securities (both realized and
unrealized) |
| | | | 5.45 | | | | | | 5.14 | | | | | | 6.64 | | | | | | 0.99 | | | | | | 1.26 | | |
Total from investment operations
|
| | | | 5.64 | | | | | | 5.10 | | | | | | 6.84 | | | | | | 0.95 | | | | | | 1.26 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income
|
| | | | — | | | | | | (0.11) | | | | | | (0.06) | | | | | | — | | | | | | — | | |
Distributions from net realized gains
|
| | | | (2.57) | | | | | | (2.19) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | |
Total distributions
|
| | | | (2.57) | | | | | | (2.30) | | | | | | (0.42) | | | | | | (0.98) | | | | | | (0.31) | | |
Net asset value, end of year
|
| | | $ | 31.46 | | | | | $ | 28.39 | | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | |
Total return
|
| | | | 20.24% | | | | | | 20.24% | | | | | | 35.68% | | | | | | 4.98% | | | | | | 6.89%(7) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 177,272 | | | | | $ | 138,967 | | | | | $ | 41,459 | | | | | $ | 1,765 | | | | | $ | 1,095 | | |
Ratio of gross expenses to average net assets
|
| | | | 0.86% | | | | | | 0.89% | | | | | | 1.04% | | | | | | 3.97% | | | | | | 5.61%(8) | | |
Ratio of net expenses to average net assets
|
| | | | 0.82% | | | | | | 0.85% | | | | | | 0.86% | | | | | | 0.93% | | | | | | 0.93%(8) | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | 0.63%(2) | | | | | | (0.15)% | | | | | | 0.81%(3) | | | | | | (0.19)% | | | | | | (0.12)%(8) | | |
Portfolio turnover rate
|
| | | | 0%(5) | | | | | | 4% | | | | | | 19% | | | | | | 10% | | | | | | 2%(7) | | |
| | |
Value Line Capital Appreciation Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 12.90 | | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | (0.05)(1) | | | | | | (0.03)(1) | | | | | | (0.01)(1) | | | | | | 0.00(2) | | | | | | 0.05 | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 0.88 | | | | | | 3.39 | | | | | | 2.32(3) | | | | | | (0.27) | | | | | | 1.97 | | |
Total from investment operations
|
| | | | 0.83 | | | | | | 3.36 | | | | | | 2.31 | | | | | | (0.27) | | | | | | 2.02 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income
|
| | | | (0.00)(2) | | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.05) | | |
Distributions from net realized gains
|
| | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | |
Total distributions
|
| | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.74) | | | | | | (0.55) | | |
Net asset value, end of year
|
| | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | |
Total return
|
| | | | 6.79% | | | | | | 33.03% | | | | | | 26.14% | | | | | | (2.71)% | | | | | | 23.86% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 508,549 | | | | | $ | 560,243 | | | | | $ | 427,619 | | | | | $ | 375,158 | | | | | $ | 392,869 | | |
Ratio of expenses to average net assets
|
| | | | 1.05% | | | | | | 1.07% | | | | | | 1.09% | | | | | | 1.12% | | | | | | 1.11% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | (0.35)% | | | | | | (0.28)% | | | | | | (0.08)% | | | | | | (0.02)% | | | | | | 0.49% | | |
Portfolio turnover rate
|
| | | | 39% | | | | | | 51% | | | | | | 34% | | | | | | 86% | | | | | | 88% | | |
| | |
Value Line Capital Appreciation Fund, Inc.
Institutional Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 12.90 | | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | (0.01)(1) | | | | | | (0.01)(1) | | | | | | 0.02(1) | | | | | | 0.04 | | | | | | 0.07 | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 0.88 | | | | | | 3.40 | | | | | | 2.31(3) | | | | | | (0.30) | | | | | | 1.98 | | |
Total from investment operations
|
| | | | 0.87 | | | | | | 3.39 | | | | | | 2.33 | | | | | | (0.26) | | | | | | 2.05 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income
|
| | | | (0.04) | | | | | | — | | | | | | — | | | | | | (0.02) | | | | | | (0.08) | | |
Distributions from net realized gains
|
| | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | |
Total distributions
|
| | | | (1.38) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.75) | | | | | | (0.58) | | |
Net asset value, end of year
|
| | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | |
Total return
|
| | | | 7.13% | | | | | | 33.42% | | | | | | 26.51% | | | | | | (2.61)% | | | | | | 24.31% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 184,329 | | | | | $ | 121,927 | | | | | $ | 31,858 | | | | | $ | 24,469 | | | | | $ | 6,750 | | |
Ratio of gross expenses to average net assets
|
| | | | 0.86% | | | | | | 0.89% | | | | | | 0.97% | | | | | | 1.08% | | | | | | 1.63% | | |
Ratio of net expenses to average net assets
|
| | | | 0.80% | | | | | | 0.82% | | | | | | 0.84% | | | | | | 0.87% | | | | | | 0.86% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | (0.10)% | | | | | | (0.06)% | | | | | | 0.17% | | | | | | 0.19% | | | | | | 0.58% | | |
Portfolio turnover rate
|
| | | | 39% | | | | | | 51% | | | | | | 34% | | | | | | 86% | | | | | | 88% | | |
| | |
Value Line Larger Companies Focused Fund, Inc.
Investor Class Years Ended December 31, |
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 38.35 | | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | (0.35)(1) | | | | | | (0.29)(1) | | | | | | (0.23)(1) | | | | | | (0.22) | | | | | | (0.19) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 1.29 | | | | | | 13.42 | | | | | | 6.64 | | | | | | 0.58 | | | | | | 8.00 | | |
Total from investment operations
|
| | | | 0.94 | | | | | | 13.13 | | | | | | 6.41 | | | | | | 0.36 | | | | | | 7.81 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains
|
| | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Total distributions
|
| | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Net asset value, end of year
|
| | | $ | 34.36 | | | | | $ | 38.35 | | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | |
Total return
|
| | | | 2.89% | | | | | | 45.98% | | | | | | 25.67% | | | | | | 1.30% | | | | | | 33.79% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 367,681 | | | | | $ | 394,389 | | | | | $ | 291,057 | | | | | $ | 253,199 | | | | | $ | 272,191 | | |
Ratio of gross expenses to average net assets
|
| | | | 1.14% | | | | | | 1.15% | | | | | | 1.16% | | | | | | 1.18% | | | | | | 1.19% | | |
Ratio of net expenses to average net assets
|
| | | | 1.14% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.11% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | (0.87)% | | | | | | (0.86)% | | | | | | (0.78)% | | | | | | (0.77)% | | | | | | (0.71)% | | |
Portfolio turnover rate
|
| | | | 27% | | | | | | 54% | | | | | | 29% | | | | | | 36% | | | | | | 35% | | |
| | |
Value Line Larger Companies Focused Fund, Inc.
Institutional Class Years Ended December 31, |
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 38.68 | | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | (0.26)(1) | | | | | | (0.21)(1) | | | | | | (0.15)(1) | | | | | | (0.14) | | | | | | (0.19) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 1.30 | | | | | | 13.51 | | | | | | 6.65 | | | | | | 0.57 | | | | | | 8.03 | | |
Total from investment operations
|
| | | | 1.04 | | | | | | 13.30 | | | | | | 6.50 | | | | | | 0.43 | | | | | | 7.84 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains
|
| | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Total distributions
|
| | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Net asset value, end of year
|
| | | $ | 34.79 | | | | | $ | 38.68 | | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | |
Total return
|
| | | | 3.12% | | | | | | 46.36% | | | | | | 25.92% | | | | | | 1.55% | | | | | | 33.96% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 8,730 | | | | | $ | 6,519 | | | | | $ | 2,054 | | | | | $ | 1,238 | | | | | $ | 1,681 | | |
Ratio of gross expenses to average net assets
|
| | | | 1.36% | | | | | | 1.80% | | | | | | 2.75% | | | | | | 3.92% | | | | | | 2.73% | | |
Ratio of net expenses to average net assets
|
| | | | 0.90% | | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.93% | | | | | | 0.94% | | |
Ratio of net investment loss to average net assets
|
| | | | (0.63)% | | | | | | (0.62)% | | | | | | (0.50)% | | | | | | (0.58)% | | | | | | (0.67)% | | |
Portfolio turnover rate
|
| | | | 27% | | | | | | 54% | | | | | | 29% | | | | | | 36% | | | | | | 35% | | |
| | |
Value Line Core Bond Fund
Investor Class Years Ended December 31, |
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 15.84 | | | | | $ | 15.26 | | | | | $ | 14.40 | | | | | $ | 14.94 | | | | | $ | 14.77 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)
|
| | | | 0.19(1) | | | | | | 0.25(1) | | | | | | 0.36 | | | | | | 0.32 | | | | | | 0.34 | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | (0.53) | | | | | | 0.63 | | | | | | 0.86 | | | | | | (0.52) | | | | | | 0.17 | | |
Total from investment operations
|
| | | | (0.34) | | | | | | 0.88 | | | | | | 1.22 | | | | | | (0.20) | | | | | | 0.51 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income
|
| | | | (0.23) | | | | | | (0.30) | | | | | | (0.36) | | | | | | (0.34) | | | | | | (0.34) | | |
Distributions from net realized gains
|
| | | | (0.16) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total distributions
|
| | | | (0.39) | | | | | | (0.30) | | | | | | (0.36) | | | | | | (0.34) | | | | | | (0.34) | | |
Net asset value, end of year
|
| | | $ | 15.11 | | | | | $ | 15.84 | | | | | $ | 15.26 | | | | | $ | 14.40 | | | | | $ | 14.94 | | |
Total return
|
| | | | (2.18)% | | | | | | 5.77% | | | | | | 8.51% | | | | | | (1.31)% | | | | | | 3.47% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 50,267 | | | | | $ | 53,854 | | | | | $ | 53,976 | | | | | $ | 54,583 | | | | | $ | 61,586 | | |
Ratio of gross expenses to average net assets
|
| | | | 1.23% | | | | | | 1.19% | | | | | | 1.14% | | | | | | 1.21% | | | | | | 1.22% | | |
Ratio of net expenses to average net assets
|
| | | | 0.90% | | | | | | 0.90% | | | | | | 0.93% | | | | | | 0.99% | | | | | | 0.99% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | 1.25% | | | | | | 1.62% | | | | | | 2.26% | | | | | | 2.24% | | | | | | 2.01% | | |
Portfolio turnover rate
|
| | | | 71% | | | | | | 70% | | | | | | 39% | | | | | | 84% | | | | | | 35% | | |
Fund
|
| |
Investment Goal
|
|
Value Line Select Growth Fund, Inc.
Value Line Mid Cap Focused Fund, Inc
Value Line Capital Appreciation Fund, Inc.
|
| |
The Fund seeks long-term capital growth.
The Fund seeks long-term capital growth.
The Fund seeks capital appreciation and income.
|
|
Value Line Larger Companies Focused Fund, Inc. | | | The Fund seeks long-term capital growth. | |
Value Line Core Bond Fund | | |
The Fund seeks to maximize current income and secondarily capital appreciation.
|
|
| | |
Investor
Class |
| |
Institutional
Class |
| |
Total
|
| |||||||||
Value Line Select Growth Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees
|
| | | $ | 109,350 | | | | | $ | 216 | | | | | $ | 109,566 | | |
Sub-transfer agent fees
|
| | | | 108,398 | | | | | | 6,020 | | | | | | 114,418 | | |
Registration and filing fees
|
| | | | 57,761 | | | | | | 24,493 | | | | | | 82,254 | | |
Other
|
| | | | 27,152 | | | | | | 1,514 | | | | | | 28,666 | | |
| | |
Investor
Class |
| |
Institutional
Class |
| |
Total
|
| |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees
|
| | | $ | 111,450 | | | | | $ | 30,450 | | | | | $ | 141,900 | | |
Sub-transfer agent fees
|
| | | | 111,402 | | | | | | 109,150 | | | | | | 220,552 | | |
Registration and filing fees
|
| | | | 67,349 | | | | | | 51,700 | | | | | | 119,049 | | |
Other
|
| | | | 17,525 | | | | | | 8,477 | | | | | | 26,002 | | |
| | |
Investor
Class |
| |
Institutional
Class |
| |
Total
|
| |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees
|
| | | $ | 118,603 | | | | | $ | 27,529 | | | | | $ | 146,132 | | |
Sub-transfer agent fees
|
| | | | 193,994 | | | | | | 108,447 | | | | | | 302,441 | | |
Registration and filing fees
|
| | | | 93,911 | | | | | | 73,800 | | | | | | 167,711 | | |
Other
|
| | | | 20,298 | | | | | | 6,393 | | | | | | 26,691 | | |
| | |
Investor
Class |
| |
Institutional
Class |
| |
Total
|
| |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees
|
| | | $ | 94,395 | | | | | $ | 2,233 | | | | | $ | 96,628 | | |
Sub-transfer agent fees
|
| | | | 24,651 | | | | | | 4,359 | | | | | | 29,010 | | |
Registration and filing fees
|
| | | | 44,514 | | | | | | 34,048 | | | | | | 78,562 | | |
Other
|
| | | | 25,215 | | | | | | 1,171 | | | | | | 26,386 | | |
Fund
|
| |
Value of Securities
Loaned |
| |
Value of
Collateral* |
| ||||||
Value Line Capital Appreciation Fund, Inc.
|
| | | $ | 24,374,655 | | | | | $ | 25,402,277 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 15,532,967 | | | | | | 16,286,025 | | |
Value Line Core Bond Fund
|
| | | | 4,445,639 | | | | | | 4,535,493 | | |
Fund
|
| |
Purchases of
Investment Securities Excluding U.S. Government Securities |
| |
Sales of
Investment Securities Excluding U.S. Government Securities |
| |
Purchases of
U.S. Government Obligations |
| |
Sales of U.S.
Government Obligations |
| ||||||||||||
Value Line Select Growth Fund, Inc.
|
| | | $ | 12,407,870 | | | | | $ | 76,738,511 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 824,460 | | | | | | 62,562,042 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 242,914,006 | | | | | | 273,308,069 | | | | | | 27,914,030 | | | | | | 40,034,439 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 107,343,624 | | | | | | 142,251,047 | | | | | | — | | | | | | — | | |
Value Line Core Bond Fund
|
| | | | 25,961,246 | | | | | | 30,762,202 | | | | | | 11,891,843 | | | | | | 5,543,081 | | |
Fund
|
| |
Cost of
Investments for Tax Purposes |
| |
Gross Tax
Unrealized Appreciation |
| |
Gross Tax
Unrealized Depreciation |
| |
Net Tax
Unrealized Appreciation/ (Depreciation) on Investments |
| ||||||||||||
Value Line Select Growth Fund, Inc.
|
| | | $ | 209,347,809 | | | | | $ | 294,578,365 | | | | | $ | (1,070,565) | | | | | $ | 293,507,800 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 280,857,576 | | | | | | 214,254,768 | | | | | | — | | | | | | 214,254,768 | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 545,398,959 | | | | | | 204,126,583 | | | | | | (49,637,253) | | | | | | 154,489,330 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 256,287,274 | | | | | | 160,958,688 | | | | | | (32,299,009) | | | | | | 128,659,679 | | |
Value Line Core Bond Fund
|
| | | | 51,800,221 | | | | | | 1,222,390 | | | | | | (485,365) | | | | | | 737,025 | | |
Fund
|
| |
Undistributed
ordinary income |
| |
Undistributed
long-term gain |
| |
Other
Timing Differences |
| |
Unrealized
Appreciation |
| |
Capital
Loss Carryforwards |
| |
Late Year
Deferrals |
| |
Distributable
Earnings (Loss) |
| |||||||||||||||||||||
Value Line Select
Growth Fund, Inc. |
| | | $ | — | | | | | $ | 12,692,458 | | | | | $ | — | | | | | $ | 293,507,800 | | | | | $ | — | | | | | $ | — | | | | | $ | 306,200,258 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 694,794 | | | | | | 10,265,326 | | | | | | — | | | | | | 214,254,768 | | | | | | — | | | | | | — | | | | | | 225,214,888 | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 67,477 | | | | | | 33,560,126 | | | | | | — | | | | | | 154,489,330 | | | | | | — | | | | | | — | | | | | | 188,116,933 | | |
Value Line Larger
Companies Focused Fund, Inc. |
| | | | — | | | | | | 26,085,207 | | | | | | — | | | | | | 128,659,679 | | | | | | — | | | | | | — | | | | | | 154,744,886 | | |
Value Line Core Bond Fund
|
| | | | — | | | | | | — | | | | | | (4,639) | | | | | | 737,025 | | | | | | — | | | | | | — | | | | | | 732,386 | | |
| | |
Total Distributable
Earnings/(Loss) |
| | | | | | | |||||||||
Fund
|
| |
Undistributed Net
Investment Income/(Loss) |
| |
Accumulated Net
Realized Gains/(Losses) |
| |
Additional Paid-In
Capital |
| |||||||||
Value Line Select Growth Fund, Inc.
|
| | | $ | 2,904,908 | | | | | $ | (470) | | | | | $ | (2,904,438) | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | (1,311,367) | | | | | | 1,311,367 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 2,864,500 | | | | | | (2,864,500) | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 3,498,290 | | | | | | (3,498,290) | | | | | | — | | |
Value Line Core Bond Fund
|
| | | | 113,934 | | | | | | (8,426) | | | | | | (105,508) | | |
| | |
Year Ended December 31, 2021
Distributions Paid from |
| |||||||||||||||
Fund
|
| |
Ordinary Income
|
| |
Long-Term Capital Gain
|
| |
Total Distributions Paid
|
| |||||||||
Value Line Select Growth Fund, Inc.
|
| | | $ | — | | | | | $ | 64,909,737 | | | | | $ | 64,909,737 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 1,310,346 | | | | | | 37,122,381 | | | | | | 38,432,727 | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 2,135,531 | | | | | | 67,570,041 | | | | | | 69,705,572 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 354,428 | | | | | | 47,371,127 | | | | | | 47,725,555 | | |
Value Line Core Bond Fund
|
| | | | 770,855 | | | | | | 503,807 | | | | | | 1,274,662 | | |
| | |
Year Ended December 31, 2020
Distributions Paid from |
| |||||||||||||||
Fund
|
| |
Ordinary Income
|
| |
Long-Term Capital Gain
|
| |
Total Distributions Paid
|
| |||||||||
Value Line Select Growth Fund, Inc.
|
| | | $ | — | | | | | $ | 102,525,944 | | | | | $ | 102,525,944 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 1,320,659 | | | | | | 33,950,139 | | | | | | 35,270,798 | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 3,173,616 | | | | | | 31,691,364 | | | | | | 34,864,980 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 4,990,295 | | | | | | 30,018,054 | | | | | | 35,008,349 | | |
Value Line Core Bond Fund
|
| | | | 1,025,857 | | | | | | — | | | | | | 1,025,857 | | |
Fund
|
| |
Advisory Fee
|
| |||
Value Line Select Growth Fund, Inc.
|
| | | $ | 3,487,387 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 3,049,831 | | |
Value Line Capital Appreciation Fund, Inc
|
| | | | 4,745,560 | | |
Value Line Larger Companies Focused Fund, Inc
|
| | | | 2,963,591 | | |
Value Line Core Bond Fund
|
| | | | 180,148 | | |
Fund
|
| |
Distribution &
Service Fees |
| |||
Value Line Select Growth Fund, Inc.
|
| | | $ | 1,151,989 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 809,311 | | |
Value Line Capital Appreciation Fund, Inc
|
| | | | 1,422,683 | | |
Value Line Larger Companies Focused Fund, Inc
|
| | | | 993,713 | | |
Value Line Core Bond Fund
|
| | | | 128,225 | | |
Fund
|
| |
Sub-transfer
agency Fees |
| |||
Value Line Select Growth Fund, Inc.
|
| | | $ | 114,418 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 220,552 | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 302,441 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 29,010 | | |
Fund
|
| |
Expiration for the
12 months ended |
| |
Fees Waived
and Reimbursed by the Adviser |
| |||
Value Line Select Growth Fund Inc.
|
| |
December 31, 2022
|
| | | $ | — | | |
Value Line Select Growth Fund Inc.
|
| |
December 31, 2023
|
| | | | 30,381 | | |
Value Line Select Growth Fund Inc.
|
| |
December 31, 2024
|
| | | | 22,388 | | |
Value Line Mid Cap Focused Fund Inc.
|
| |
December 31, 2022
|
| | | | 31,393 | | |
Value Line Mid Cap Focused Fund Inc.
|
| |
December 31, 2023
|
| | | | 18,207 | | |
Value Line Mid Cap Focused Fund Inc.
|
| |
December 31, 2024
|
| | | | 66,334 | | |
Value Line Capital Appreciation Fund, Inc.
|
| |
December 31, 2022
|
| | | | 38,979 | | |
Value Line Capital Appreciation Fund, Inc.
|
| |
December 31, 2023
|
| | | | 24,262 | | |
Value Line Capital Appreciation Fund, Inc.
|
| |
December 31, 2024
|
| | | | 92,294 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| |
December 31, 2022
|
| | | | 37,563 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| |
December 31, 2023
|
| | | | 23,040 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| |
December 31, 2024
|
| | | | 34,925 | | |
Value Line Core Bond Fund
|
| |
December 31, 2022
|
| | | | 115,377 | | |
Value Line Core Bond Fund
|
| |
December 31, 2023
|
| | | | 159,451 | | |
Value Line Core Bond Fund
|
| |
December 31, 2024
|
| | | | 170,756 | | |
| | |
Beginning
Account Value July 1, 2021 |
| |
Ending
Account Value December 31, 2021 |
| |
Expenses
Paid During Period* |
| |
Annualized
Expense Ratio |
| ||||||||||||
Actual | | | | | | ||||||||||||||||||||
Value Line Select Growth Fund, Inc. — Investor Class
|
| | | $ | 1,000.00 | | | | | $ | 1,147.60 | | | | | $ | 6.06 | | | | | | 1.12% | | |
Value Line Select Growth Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 1,149.00 | | | | | | 4.77 | | | | | | 0.88 | | |
Value Line Mid Cap Focused Fund, Inc. — Investor Class
|
| | | | 1,000.00 | | | | | | 1,111.20 | | | | | | 5.69 | | | | | | 1.07 | | |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 1,113.00 | | | | | | 4.37 | | | | | | 0.82 | | |
Value Line Capital Appreciation Fund, Inc. — Investor Class
|
| | | | 1,000.00 | | | | | | 983.30 | | | | | | 5.30 | | | | | | 1.06 | | |
Value Line Capital Appreciation Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 985.00 | | | | | | 4.10 | | | | | | 0.82 | | |
Value Line Larger Companies Focused Fund, Inc. — Investor Class
|
| | | | 1,000.00 | | | | | | 945.50 | | | | | | 5.49 | | | | | | 1.12 | | |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 946.60 | | | | | | 4.42 | | | | | | 0.90 | | |
Value Line Core Bond Fund — Investor Class
|
| | | | 1,000.00 | | | | | | 993.70 | | | | | | 4.52 | | | | | | 0.90 | | |
Hypothetical (5% return before expenses) | | | | | | ||||||||||||||||||||
Value Line Select Growth Fund, Inc. — Investor Class
|
| | | $ | 1,000.00 | | | | | $ | 1,019.56 | | | | | $ | 5.70 | | | | | | 1.12% | | |
Value Line Select Growth Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 1,020.77 | | | | | | 4.48 | | | | | | 0.88 | | |
Value Line Mid Cap Focused Fund, Inc. — Investor Class
|
| | | | 1,000.00 | | | | | | 1,019.81 | | | | | | 5.45 | | | | | | 1.07 | | |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 1,021.07 | | | | | | 4.18 | | | | | | 0.82 | | |
Value Line Capital Appreciation Fund, Inc. — Investor Class
|
| | | | 1,000.00 | | | | | | 1,019.86 | | | | | | 5.40 | | | | | | 1.06 | | |
Value Line Capital Appreciation Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 1,021.07 | | | | | | 4.18 | | | | | | 0.82 | | |
Value Line Larger Companies Focused Fund, Inc. — Investor Class
|
| | | | 1,000.00 | | | | | | 1,019.56 | | | | | | 5.70 | | | | | | 1.12 | | |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class
|
| | | | 1,000.00 | | | | | | 1,020.67 | | | | | | 4.58 | | | | | | 0.90 | | |
Value Line Core Bond Fund — Investor Class
|
| | | | 1,000.00 | | | | | | 1,020.67 | | | | | | 4.58 | | | | | | 0.90 | | |
Fund
|
| |
% of
Qualifying Dividend Income |
| |
% of
Dividends Eligible for the Corporate Dividends Received Deduction |
| |
Long-Term
Capital Gains |
| |||||||||
Value Line Select Growth Fund, Inc.
|
| | | | 0% | | | | | | 0% | | | | | $ | 64,909,737 | | |
Value Line Mid Cap Focused Fund, Inc.
|
| | | | 100 | | | | | | 100 | | | | | | 37,122,381 | | |
Value Line Capital Appreciation Fund, Inc.
|
| | | | 90 | | | | | | 90 | | | | | | 67,570,041 | | |
Value Line Larger Companies Focused Fund, Inc.
|
| | | | 100 | | | | | | 100 | | | | | | 47,371,127 | | |
Value Line Core Bond Fund
|
| | | | 0 | | | | | | 0 | | | | | | 503,807 | | |
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: 65 |
| |
Director
|
| |
Since 2008
|
| | Retired. Managing Member, Meridian Fund Advisers LLC (consultants) until 2020. | | |
9
|
| | KOP Therapeutics Corp (biotechnology) | |
James E. Hillman Age: 64 |
| |
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 1983 1984**
|
| | Chairman, Institute for Political Economy | | |
9
|
| | None | |
Nancy-Beth Sheerr Age: 72 |
| |
Director
|
| |
Since 1996
|
| | Independent Trustee and Managing Member, NBS Consulting LLC since November 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: 49 |
| |
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 . | |
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 are 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 2021 - $34,553
Audit Fees 2020 - $35,231
(b) Audit-Related fees – None.
(c) Tax Preparation Fees 2021 - None
Tax Preparation Fees 2020 - None
(d) All Other Fees – None
(e) (1) | Audit Committee Pre-Approval Policy. All services to be performed for the Registrant by PricewaterhouseCoopers LLP must be pre-approved by the audit committee. All services performed were pre-approved by the committee. | |
(e) (2) Not applicable.
(f) Not applicable.
(g) Aggregate Non-Audit Fees 2021 - None
Aggregate Non-Audit Fees 2020 - None
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not Applicable.
Item 6. Investments
Not Applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item 10 Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11 Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c)) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not Applicable
Item 13 Exhibits
(a) | Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers attached hereto as Exhibit 100.COE |
(b) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
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: | February 26, 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/ Christopher W. Roleke | |
Christopher W. Roleke, Treasurer, Principal Financial Officer |
Date: | February 26, 2022 |
Exhibit 99.CODEETH
VALUE LINE FUNDS
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS
Covered Officers/Purpose of the Code
This Code of ethics (this “Code”) of the Value Line Funds (the “Funds”) applies to the Funds’ Principal Executive Officer (“President”) and Principal Financial Officer and Treasurer (“Treasurer”) (the “Covered Officers” each of whom are set forth in Exhibit A) for the purpose of promoting:
I. | honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
II. | full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds; |
III. | compliance with applicable laws and governmental rules and regulations; |
IV. | the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
V. | accountability for adherence to the Code. |
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest
Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Funds.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and, in the case of a Covered Officer employed by the Funds’ investment adviser, the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Each Covered Officer is an employee of the investment adviser or a service provider (“Service Provider”) to the Funds. The Funds', the investment adviser's and the Service Provider’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the investment adviser and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and/or the Investment Advisers Act, as applicable to the Covered Officer, such activity will be deemed to have been handled ethically. In addition, it is recognized by the Board of Directors (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.
* * * *
Each Covered Officer must:
VI. | not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds; |
VII. | not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Funds; and |
VIII. | not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. |
There are some conflict of interest situations that may warrant discussion with the Board’s
Audit Committee if material in order to ensure adherence to the Code. Examples of these include:1
IX. | service as a director on the board of any public or private company; |
X. | the receipt of any non-nominal gifts; |
XI. | the receipt of any entertainment from any company with which the Funds has current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
1 Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer’s family engages in such an activity or has such a relationship.
XII. | any ownership interest in, or any consulting or employment relationship with, any Service Providers, other than the Funds’ investment adviser, principal underwriter, administrator or any affiliated person thereof; |
XIII. | a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership. |
Disclosure & Compliance
XIV. | Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds; |
XV. | each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds’ directors and auditors, and to governmental regulators and self-regulatory organizations; |
XVI. | each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the Funds’ investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public communications made by the Funds; and |
XVII. | it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. |
Reporting and Accountability
Each Covered Officer must:
XVIII. | upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code; |
XIX. | annually thereafter affirm to the Board that he or she has complied with the requirements of the Code; |
XX. | not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith; |
XXI. | notify a member of the Board’s Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code; and |
XXII. | report at least annually any change in his or her affiliations from the prior year. |
The Board’s Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers2 sought by the President will be considered by the Board’s Audit Committee.
The Funds will follow these procedures in investigating and enforcing this Code:
XXIII. | the Board’s Audit Committee will take all appropriate action to investigate any potential violations reported to it; |
XXIV. | if, after such investigation, the Board’s Audit Committee believes that no violation has occurred, the Board’s Audit Committee is not required to take any further action; |
XXV. | any matter that the Board’s Audit Committee believes is a violation will be reported to the Board; |
XXVI. | if the Board concurs that a violation has occurred, it will
inform and make a recommendation, which will be considered appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Covered Officer; and |
XXVII. | any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |
V. Other Policies and Procedures
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds and the Funds’ investment adviser’s, principal underwriter’s and service providers’ codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser’s more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.
VI. Amendments
Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the independent directors.
VII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the respective Service Providers.
2 Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics” and “implicit waiver,” which must also be disclosed, as “the registrant’s failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer” of the registrant.
VIII. Internal Use
The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.
Exhibit A
Persons Covered by this Code of Ethics
Principal Executive Officer and President – Mitchell Appel
Principal Financial Officer and Treasurer – Chris Roleke
VALUE LINE FUNDS
CERTIFICATION
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER
I, Mitchell Appel, Principal Executive Officer of the Value Line Funds, hereby certify that I have received and read the Code of Ethics for Principal Executive and Principal Financial Officers (“Code”) of the Value Line Funds. I further certify that I understand and will comply with the requirements of the Code.
/s/ Mitchell Appel | |
NAME: Mitchell Appel | |
DATE: February 26, 2022 |
VALUE LINE FUNDS
CERTIFICATION
CODE OF ETHICS FOR
PRINCIPAL FINANCIAL OFFICER AND TREASURER
I, Chris Roleke, Principal Financial Officer and Treasurer of the Value Line Funds, hereby certify that I have received and read the Code of Ethics for Principal Executive and Principal Financial Officers (“Code”) of the Value Line Funds. I further certify that I understand and will comply with the requirements of the Code.
/s/ Chris Roleke | |
NAME: Chris Roleke | |
DATE: February 26, 2022 |
Exhibit 99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2 UNDER THE INVESTMENT COMPANY ACT OF 1940 (17 CFR 270.30a-2)
I, Mitchell E. Appel, President of the Value Line Larger Companies Focused Fund, Inc., certify that:
1. | I have reviewed this report on Form N-CSR of the Value Line Larger Companies Focused Fund, Inc.: |
2. | Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have; |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared. |
(b) | Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation: and |
(d) | Disclosed in this report any change in the registrant’s internal
control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 26, 2022 |
By: | /s/ Mitchell E. Appel | |
Mitchell E. Appel | ||
President | ||
Value Line Larger Companies Focused Fund, Inc. |
CERTIFICATION PURSUANT TO RULE 30a-2 UNDER THE INVESTMENT COMPANY ACT OF 1940 (17 CFR 270.30a-2)
I, Christopher W. Roleke, Treasurer of the Value Line Larger Companies Focused Fund, Inc., certify that:
1. | I have reviewed this report on Form N-CSR of the Value Line Larger Companies Focused Fund, Inc.: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have; |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared. |
(b) | Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation: and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 26, 2022 |
By: | /s/ Christopher W. Roleke | |
Christopher W. Roleke | ||
Treasurer | ||
Value Line Larger Companies Focused Fund, Inc. |
Exhibit 99.906.CERT
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Mitchell E. Appel, President of the Value Line Larger Companies Focused Fund, Inc. (the “Registrant”), certify that:
1. | The periodic report on Form N-CSR of the Registrant for the period ended 12/31/21 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | February 26, 2022 |
By: | /s/ Mitchell E. Appel | |
Mitchell E. Appel | ||
President | ||
Value Line Larger Companies Focused Fund, Inc. |
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Christopher W. Roleke, Treasurer of the Value Line Larger Companies Focused Fund, Inc. (the “Registrant”), certify that:
1. | The periodic report on Form N-CSR of the Registrant for the period ended 12/31/21 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | February 26, 2022 |
By: | /s/ Christopher W. Roleke | |
Christopher W. Roleke | ||
Treasurer | ||
Value Line Larger Companies Focused Fund, Inc. |
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