n Value Line Strategic Asset Management Trust
Schedule of Investments |
March 31, 2022 (Unaudited)
Shares | Value | ||||||
Common Stocks — 67.4% | |||||||
Consumer Discretionary 2.8% | |||||||
Retail 2.8% | |||||||
5,200 | Domino's Pizza, Inc. | $ | 2,116,452 | ||||
75,600 | TJX Cos., Inc. | 4,579,848 | |||||
6,696,300 | |||||||
Consumer Staples 4.7% | |||||||
Household Products 0.9% | |||||||
23,000 | Church & Dwight Co., Inc. | 2,285,740 | |||||
Retail 3.8% | |||||||
16,000 | Costco Wholesale Corp. | 9,213,600 | |||||
11,499,340 | |||||||
Financials 4.9% | |||||||
Commercial Services 3.7% | |||||||
21,727 | S&P Global, Inc. | 8,911,981 | |||||
Insurance 1.2% | |||||||
60,500 | Arch Capital Group Ltd. (1) | 2,929,410 | |||||
11,841,391 | |||||||
Healthcare 14.6% | |||||||
Electronics 1.4% | |||||||
2,400 | Mettler-Toledo International, Inc. (1) | 3,295,656 | |||||
Healthcare Products 12.4% | |||||||
43,200 | Danaher Corp. | 12,671,856 | |||||
10,500 | IDEXX Laboratories, Inc. (1) | 5,744,130 | |||||
20,000 | Thermo Fisher Scientific, Inc. | 11,813,000 | |||||
30,228,986 | |||||||
Healthcare Services 0.8% | |||||||
4,000 | UnitedHealth Group, Inc. | 2,039,880 | |||||
35,564,522 | |||||||
Industrials 17.4% | |||||||
Aerospace & Defense 1.3% | |||||||
5,000 | TransDigm Group, Inc. (1) | 3,257,700 | |||||
Aerospace/Defense 1.5% | |||||||
23,000 | HEICO Corp. | 3,531,420 | |||||
Commercial Services 2.6% | |||||||
183,500 | Rollins, Inc. | 6,431,675 | |||||
Environmental Control 4.6% | |||||||
79,250 | Waste Connections, Inc. | 11,071,225 | |||||
Machinery - Diversified 0.5% | |||||||
13,600 | Toro Co. | 1,162,664 | |||||
Software 4.4% | |||||||
22,800 | Roper Technologies, Inc. | 10,766,844 | |||||
Transportation 2.5% | |||||||
22,000 | Union Pacific Corp. | 6,010,620 | |||||
42,232,148 | |||||||
Information Technology 17.7% | |||||||
Aerospace & Defense 1.2% | |||||||
6,100 | Teledyne Technologies, Inc. (1) | 2,883,043 | |||||
Diversified Financial Services 3.0% | |||||||
20,000 | MasterCard, Inc. Class A | 7,147,600 | |||||
Software 13.5% | |||||||
5,000 | Adobe, Inc. (1) | 2,278,100 | |||||
14,000 | ANSYS, Inc. (1) | 4,447,100 | |||||
25,000 | Cadence Design Systems, Inc. (1) | 4,111,500 | |||||
10,000 | Fidelity National Information Services, Inc. | 1,004,200 | |||||
38,000 | Fiserv, Inc. (1) | 3,853,200 | |||||
11,000 | Intuit, Inc. | 5,289,240 | |||||
35,600 | Salesforce.com, Inc. (1) | 7,558,592 | |||||
7,732 | ServiceNow, Inc. (1) | 4,305,873 | |||||
32,847,805 | |||||||
42,878,448 | |||||||
Materials 2.3% | |||||||
Chemicals 1.9% | |||||||
26,400 | Ecolab, Inc. | 4,661,184 | |||||
Packaging & Containers 0.4% | |||||||
7,900 | AptarGroup, Inc. | 928,250 | |||||
5,589,434 | |||||||
Real Estate 1.3% | |||||||
REITS 1.3% | |||||||
13,000 | American Tower Corp. REIT | 3,265,860 | |||||
Utilities 1.7% | |||||||
Electric 1.7% | |||||||
48,000 | NextEra Energy, Inc. | 4,066,080 | |||||
Total Common Stocks (Cost $47,435,393) | 163,633,523 |
Principal Amount |
Value | ||||||
Asset-Backed Security — 0.1% | |||||||
273,181 | GM Financial Consumer Automobile Receivables Trust, Series 2020-3, Class A3, 0.45%, 4/16/25 | 269,814 | |||||
Total Asset-Backed Securities (Cost $272,893) | 269,814 |
1
n Value Line Strategic Asset Management Trust
Schedule of Investments |
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
Commercial Mortgage-Backed Securities — 0.9% | ||||||||
$ | 550,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K733, Class A2, 3.75%, 8/25/25 | $ | 563,913 | ||||
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | 257,144 | ||||||
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | 255,570 | ||||||
160,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27 (3) | 163,282 | ||||||
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29 | 261,329 | ||||||
190,374 | FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 | 187,004 | ||||||
207,466 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class A4, 3.18%, 8/15/45 | 207,442 | ||||||
129,716 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4, 2.86%, 11/15/45 | 129,745 | ||||||
90,661 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 | 91,372 | ||||||
Total Commercial Mortgage-Backed Securities (Cost $2,193,321) | 2,116,801 | |||||||
Corporate Bonds & Notes — 2.0% | ||||||||
Basic Materials 0.2% | ||||||||
Chemicals 0.1% | ||||||||
175,000 | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | 182,887 | ||||||
Mining 0.1% | ||||||||
175,000 | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30 (2) | 178,937 | ||||||
Communications 0.2% | ||||||||
Internet 0% | ||||||||
175,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | 183,532 | ||||||
Media 0.1% | ||||||||
200,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 (2) | 207,632 | ||||||
Telecommunications 0.1% | ||||||||
200,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 207,999 | ||||||
599,163 | ||||||||
Consumer, Non-Cyclical 0.4% | ||||||||
Agriculture 0.1% | ||||||||
175,000 | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | 174,366 | ||||||
Food 0.1% | ||||||||
175,000 | Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27 | 155,570 | ||||||
Healthcare Services 0.1% | ||||||||
175,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 177,100 | ||||||
250,000 | Humana, Inc., Senior Unsecured Notes, 3.13%, 8/15/29 | 242,010 | ||||||
419,110 | ||||||||
Pharmaceuticals 0.1% | ||||||||
200,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 198,682 | ||||||
198,682 | ||||||||
947,728 | ||||||||
Energy 0.1% | ||||||||
Oil & Gas 0.1% | ||||||||
175,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 179,983 | ||||||
179,983 | ||||||||
Financial 1.0% | ||||||||
Banks 0.3% | ||||||||
200,000 | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27 | 202,739 | ||||||
500,000 | JPMorgan Chase & Co., Senior Unsecured Notes, 3.20%, 1/25/23 (2) | 505,276 | ||||||
708,015 | ||||||||
Insurance 0.3% | ||||||||
250,000 | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | 254,056 | ||||||
175,000 | PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29 | 175,160 | ||||||
200,000 | Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29 | 204,590 | ||||||
175,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48 (2)(3) | 178,532 | ||||||
812,338 |
2
n Value Line Strategic Asset Management Trust
Schedule of Investments |
March 31, 2022 (Unaudited)
Principal Amount | Value | ||||||
Corporate Bonds & Notes — 2.0% (Continued) | |||||||
Financial 1.0% (Continued) | |||||||
REITS 0.4% | |||||||
200,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 188,160 | |||||
175,000 | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29 | 174,227 | |||||
200,000 | Duke Realty LP, Senior Unsecured Notes, 4.00%, 9/15/28 | 204,512 | |||||
175,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 162,605 | |||||
225,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 (2) | 233,668 | |||||
963,172 | |||||||
2,483,525 | |||||||
Technology 0.1% | |||||||
Software 0.1% | |||||||
175,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | 184,864 | |||||
184,864 | |||||||
Total Corporate Bonds & Notes (Cost $4,910,804) | 4,757,087 | ||||||
Long-Term Municipal Securities — 0% | |||||||
Virginia 0% | |||||||
125,000 | Fairfax County Economic Development Authority, Refunding Revenue Bonds, Series C, 2.43%, 10/1/34 | 112,657 | |||||
Total Long-Term Municipal Securities (Cost $125,526) | 112,657 | ||||||
U.S. Government Agency Obligations — 0.2% | |||||||
250,000 | FHLB, 3.25%, 3/8/24 | 254,482 | |||||
250,000 | FNMA, 2.38%, 1/19/23 | 251,662 | |||||
Total U.S. Government Agency Obligations (Cost $501,303) | 506,144 | ||||||
Residential Mortgage-Backed Securities — 3.7% | |||||||
Mortgage Securities 3.7% | |||||||
208,251 | FHLMC Pool #QB3856, 2.00%, 9/1/50 | $ | 194,031 | ||||
130,372 | FHLMC Pool #SD8023, 2.50%, 11/1/49 | 124,981 | |||||
137,151 | FHLMC Pool #SD8098, 2.00%, 10/1/50 | 127,802 | |||||
980,861 | FHLMC Pool #SD8134, 2.00%, 3/1/51 | 913,474 | |||||
144,221 | FHLMC Pool #SD8173, MBS, 2.50%, 10/1/51 | 137,968 | |||||
36,712 | FHLMC REMIC Trust, Series 4151, Class PA, 2.00%, 1/15/33 | 35,750 | |||||
101,457 | FNMA Pool #AB4449, 4.00%, 2/1/42 | 106,104 | |||||
100,422 | FNMA Pool #AD6374, 5.00%, 5/1/40 | 108,441 | |||||
121,389 | FNMA Pool #AH4865, 4.50%, 2/1/41 | 126,687 | |||||
643,398 | FNMA Pool #AP1340, 3.50%, 7/1/42 | 655,573 | |||||
165,724 | FNMA Pool #AS9459, 4.50%, 4/1/47 | 173,880 | |||||
159,145 | FNMA Pool #AT0969, 3.00%, 4/1/43 | 158,731 | |||||
219,391 | FNMA Pool #AT8849, 4.00%, 6/1/43 | 227,978 | |||||
120,379 | FNMA Pool #AU8846, 3.00%, 11/1/43 | 120,140 | |||||
244,262 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 240,172 | |||||
182,583 | FNMA Pool #FM5091, 1.50%, 12/1/50 | 163,375 | |||||
187,887 | FNMA Pool #FM6468, 4.00%, 6/1/49 | 192,065 | |||||
377,697 | FNMA Pool #FM8461, MBS, 2.00%, 7/1/36 | 367,460 | |||||
1,022,801 | FNMA Pool #FM9508, MBS, 2.50%, 10/1/36 | 1,017,290 | |||||
220,329 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 222,271 | |||||
138,529 | FNMA Pool #MA4077, 2.00%, 7/1/50 | 129,145 | |||||
181,833 | FNMA Pool #MA4100, 2.00%, 8/1/50 | 169,512 | |||||
704,743 | FNMA Pool #MA4159, 2.50%, 10/1/50 | 674,914 | |||||
262,794 | FNMA Pool #MA4222, 3.50%, 12/1/50 | 264,046 | |||||
887,774 | FNMA Pool #MA4328, 1.50%, 5/1/36 | 843,071 | |||||
495,699 | FNMA Pool #MA4548, MBS, 2.50%, 2/1/52 | 474,207 | |||||
290,165 | GNMA II Pool #4016, 5.50%, 8/20/37 | 321,928 | |||||
111,121 | GNMA II Pool #MA1090, 3.50%, 6/20/43 | 114,181 | |||||
115,593 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 116,596 | |||||
338,768 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 341,598 | |||||
8,863,371 | |||||||
Total Residential Mortgage-Backed Securities (Cost $9,308,715) | 8,863,371 |
3
n Value Line Strategic Asset Management Trust
Schedule of Investments |
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
U.S. Treasury Obligations — 2.9% | ||||||||
$ | 260,000 | U.S. Treasury Bonds, 4.50%, 5/15/38 | $ | 333,521 | ||||
1,040,000 | U.S. Treasury Bonds, 3.00%, 5/15/42 | 1,103,091 | ||||||
669,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 729,367 | ||||||
980,000 | U.S. Treasury Notes, 0.50%, 3/31/25 | 924,186 | ||||||
1,000,000 | U.S. Treasury Notes, 0.38%, 11/30/25 | 925,547 | ||||||
250,000 | U.S. Treasury Notes, 0.63%, 3/31/27 | 228,896 | ||||||
1,100,000 | U.S. Treasury Notes, 0.63%, 11/30/27 | 994,340 | ||||||
800,000 | U.S. Treasury Notes, 2.88%, 5/15/28 | 819,562 | ||||||
1,220,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 1,102,146 | ||||||
Total U.S. Treasury Obligations (Cost $7,534,374) | 7,160,656 |
Shares | Value | |||||||
Short-Term Investments — 22.4% | ||||||||
Money Market Funds — 22.4% | ||||||||
53,739,339 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.25% (4) | 53,739,339 | ||||||
594,888 | State Street Navigator Securities Lending Government Money Market Portfolio (5) | 594,888 | ||||||
54,334,227 | ||||||||
Total Short-Term Investments (Cost $54,334,227) | 54,334,227 | |||||||
Total Investments In Securities — 99.6% (Cost $126,616,556) | $ | 241,754,280 | ||||||
Cash And Other Assets In Excess Of Liabilities — 0.4% | 1,031,520 | |||||||
Net Assets (6) —100.0% | $ | 242,785,800 |
(1) | Non-income producing. | |
(2) | A portion or all of the security was held on loan. As of March 31, 2022, the market value of the securities on loan was $583,296. | |
(3) | Floating or variable rate security. The rate disclosed is the rate in effect as of March 31, 2022. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets. | |
(4) | Rate reflects 7 day yield as of March 31, 2022. | |
(5) | Securities with an aggregate market value of $583,296 were out on loan in exchange for collateral including $594,888 of cash collateral as of March 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle. | |
(6) | For federal income tax purposes, the aggregate cost was $126,616,556, aggregate gross unrealized appreciation was $116,880,741, aggregate gross unrealized depreciation was $1,743,017 and the net unrealized appreciation was $115,137,724. | |
FHLB | Federal Home Loan Bank. | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association. | |
GNMA | Government National Mortgage Association. | |
LIBOR | London Interbank Offered Rate. | |
REITs | Real Estate Investment Trusts. | |
REMIC | Real Estate Mortgage Investment Conduit. |
4
The Fund follows fair valuation accounting standards (FASB ASC 820-10) which establishes a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
• Level 1 – | Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date; |
• Level 2 – | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; |
• Level 3 – | Inputs that are unobservable. |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Fund's investments in securities as of March 31, 2022:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks* | $ | 163,633,523 | $ | — | $ | — | $ | 163,633,523 | ||||||||
Asset-Backed Security | — | 269,814 | — | 269,814 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 2,116,801 | — | 2,116,801 | ||||||||||||
Corporate Bonds & Notes* | — | 4,757,087 | — | 4,757,087 | ||||||||||||
Long-Term Municipal Securities* | — | 112,657 | — | 112,657 | ||||||||||||
U.S. Government Agency Obligations | — | 506,144 | — | 506,144 | ||||||||||||
Residential Mortgage-Backed Securities | — | 8,863,371 | — | 8,863,371 | ||||||||||||
U.S. Treasury Obligations | — | 7,160,656 | — | 7,160,656 | ||||||||||||
Short-Term Investments | 54,334,227 | — | — | 54,334,227 | ||||||||||||
Total Investments in Securities | $ | 217,967,750 | $ | 23,786,530 | $ | — | $ | 241,754,280 |
*See Schedule of Investments for further breakdown by category.
An investments asset or liability level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.
During the period ended March 31, 2022, there were no Level 3 investments.
5