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 _811-02265_
Value Line Mid Cap Focused Fund, Inc.
(Exact name of registrant as specified in charter)
7 Times Square, New York, N.Y. 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31, 2020
Date of reporting period: June 30, 2020
Item I. Reports to Stockholders.
A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/20 is included with this Form.
(Formerly Value Line Premier Growth Fund, Inc.)
Investor Class (VALSX)
Institutional Class (VILSX)
Investor Class (VLIFX)
Institutional Class (VLMIX)
Investor Class (VALIX)
Institutional Class (VLIIX)
Investor Class (VALLX)
Institutional Class (VLLIX)
| | | | | 3 | | | |
| Value Line Select Growth Fund, Inc.: | | | | | | | |
| | | | | 8 | | | |
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| Value Line Mid Cap Focused Fund, Inc.: | | | | | | | |
| | | | | 12 | | | |
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| | | | | 15 | | | |
| Value Line Capital Appreciation Fund, Inc.: | | | | | | | |
| | | | | 17 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| Value Line Larger Companies Focused Fund, Inc.: | | | | | | | |
| | | | | 29 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
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| | | | | 53 | | |
President of the Value Line Funds
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Danaher Corp. | | | | | 149,700 | | | | | $ | 26,471,451 | | | | | | 6.1% | | |
Accenture PLC | | | | | 121,900 | | | | | | 26,174,368 | | | | | | 6.1% | | |
MasterCard, Inc. | | | | | 70,900 | | | | | | 20,965,130 | | | | | | 4.9% | | |
Thermo Fisher Scientific, Inc. | | | | | 57,200 | | | | | | 20,725,848 | | | | | | 4.8% | | |
Roper Technologies, Inc. | | | | | 49,000 | | | | | | 19,024,740 | | | | | | 4.4% | | |
ANSYS, Inc. | | | | | 61,600 | | | | | | 17,970,568 | | | | | | 4.2% | | |
Salesforce.com, Inc. | | | | | 90,400 | | | | | | 16,934,632 | | | | | | 3.9% | | |
Waste Connections, Inc. | | | | | 173,700 | | | | | | 16,291,323 | | | | | | 3.8% | | |
Cintas Corp. | | | | | 57,177 | | | | | | 15,229,666 | | | | | | 3.5% | | |
Teledyne Technologies, Inc. | | | | | 47,200 | | | | | | 14,676,840 | | | | | | 3.4% | | |
Schedule of Investments (unaudited) | June 30, 2020 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.8%) | | ||||||||||||
| CONSUMER DISCRETIONARY (3.6%) | | ||||||||||||
| | | | | | | RETAIL (3.6%) | | ||||||
| | | 22,600 | | | | O’Reilly Automotive, Inc.* | | | | $ | 9,529,742 | | |
| | | 123,200 | | | | TJX Companies, Inc. (The) | | | | | 6,228,992 | | |
| | | | | | | | | | | | 15,758,734 | | |
| CONSUMER STAPLES (3.7%) | | ||||||||||||
| | | | | | | HOUSEHOLD PRODUCTS (1.1%) | | ||||||
| | | 58,424 | | | | Church & Dwight Co., Inc. | | | | | 4,516,175 | | |
| | | | | | | RETAIL (2.6%) | | ||||||
| | | 37,400 | | | | Costco Wholesale Corp. | | | | | 11,340,054 | | |
| | | | | | | | | | | | 15,856,229 | | |
| FINANCIALS (3.1%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.6%) | | ||||||
| | | 34,000 | | | | S&P Global, Inc. | | | | | 11,202,320 | | |
| | | | | | | INSURANCE (0.5%) | | ||||||
| | | 11,200 | | | | Aon PLC Class A | | | | | 2,157,120 | | |
| | | | | | | | | | | | 13,359,440 | | |
| HEALTHCARE (17.4%) | | ||||||||||||
| | | | | | | ELECTRONICS (3.3%) | | ||||||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | | 14,258,235 | | |
| | | | | | | HEALTHCARE PRODUCTS (14.1%) | | ||||||
| | | 149,700 | | | | Danaher Corp. | | | | | 26,471,451 | | |
| | | 40,400 | | | | IDEXX Laboratories, Inc.* | | | | | 13,338,464 | | |
| | | 57,200 | | | | Thermo Fisher Scientific, Inc. | | | | | 20,725,848 | | |
| | | | | | | | | | | | 60,535,763 | | |
| | | | | | | | | | | | 74,793,998 | | |
| INDUSTRIALS (29.5%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (10.8%) | | ||||||
| | | 120,081 | | | | HEICO Corp. | | | | | 11,966,071 | | |
| | | 31,800 | | | | Northrop Grumman Corp. | | | | | 9,776,592 | | |
| | | 47,200 | | | | Teledyne Technologies, Inc.* | | | | | 14,676,840 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.8%) (continued) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (10.8%) (continued) | | ||||||
| | | 22,400 | | | | TransDigm Group, Inc. | | | | $ | 9,901,920 | | |
| | | | | | | | | | | | 46,321,423 | | |
| | | | | | | COMMERCIAL SERVICES (4.7%) | | ||||||
| | | 57,177 | | | | Cintas Corp. | | | | | 15,229,666 | | |
| | | 66,152 | | | | IHS Markit, Ltd. | | | | | 4,994,476 | | |
| | | | | | | | | | | | 20,224,142 | | |
| | | | | | | ELECTRONICS (4.4%) | | ||||||
| | | 49,000 | | | | Roper Technologies, Inc. | | | | | 19,024,740 | | |
| | | | | | | ENVIRONMENTAL CONTROL (5.3%) | | ||||||
| | | 81,800 | | | | Republic Services, Inc. | | | | | 6,711,690 | | |
| | | 173,700 | | | | Waste Connections, Inc. | | | | | 16,291,323 | | |
| | | | | | | | | | | | 23,003,013 | | |
| | | | | | | HOUSEWARES (1.4%) | | ||||||
| | | 93,000 | | | | Toro Co. (The) | | | | | 6,169,620 | | |
| | | | | | | TRANSPORTATION (2.9%) | | ||||||
| | | 72,800 | | | | Union Pacific Corp. | | | | | 12,308,296 | | |
| | | | | | | | | | | | 127,051,234 | | |
| INFORMATION TECHNOLOGY (34.0%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.8%) | | ||||||
| | | 53,200 | | | | Automatic Data Processing, Inc. | | | | | 7,920,948 | | |
| | | | | | | COMPUTERS (6.1%) | | ||||||
| | | 121,900 | | | | Accenture PLC Class A | | | | | 26,174,368 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (4.9%) | | ||||||
| | | 70,900 | | | | MasterCard, Inc. Class A | | | | | 20,965,130 | | |
| | | | | | | SOFTWARE (21.2%) | | ||||||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 17,970,568 | | |
| | | 72,000 | | | | Cadence Design Systems, Inc.* | | | | | 6,909,120 | | |
| | | 54,600 | | | | Fidelity National Information Services, Inc. | | | | | 7,321,314 | | |
| | | 140,800 | | | | Fiserv, Inc.* | | | | | 13,744,896 | | |
| | | 29,400 | | | | Intuit, Inc. | | | | | 8,707,986 | | |
| Shares | | | | | | Value | | | | ||||||||||
| COMMON STOCKS (97.8%) (continued) | | | | ||||||||||||||||
| | | | | | | SOFTWARE (21.2%) (continued) | | | | ||||||||||
| | | 25,500 | | | | Jack Henry & Associates, Inc. | | | | $ | 4,692,765 | | | | | ||||
| | | 90,400 | | | | Salesforce.com, Inc.* | | | | | 16,934,632 | | | | | ||||
| | | 27,000 | | | | ServiceNow, Inc.* | | | | | 10,936,620 | | | | | ||||
| | | 20,800 | | | | Synopsys, Inc.* | | | | | 4,056,000 | | | | | ||||
| | | | | | | | | | | | 91,273,901 | | | | | ||||
| | | | | | | | | | | | 146,334,347 | | | | | ||||
| MATERIALS (4.6%) | | | | ||||||||||||||||
| | | | | | | CHEMICALS (2.7%) | | | | ||||||||||
| | | 58,800 | | | | Ecolab, Inc. | | | | | 11,698,260 | | | | | ||||
| | | | | | | PACKAGING & CONTAINERS (1.9%) | | | | ||||||||||
| | | 120,000 | | | | Ball Corp. | | | | | 8,338,800 | | | | | ||||
| | | | | | | | | | | | 20,037,060 | | | | | ||||
| REAL ESTATE (1.9%) | | | | ||||||||||||||||
| | | | | | | REITS (1.9%) | | | | ||||||||||
| | | 31,600 | | | | American Tower Corp. REIT | | | | | 8,169,864 | | | | | ||||
| TOTAL COMMON STOCKS (Cost $220,362,415) (97.8%) | | | | | 421,360,906 | | | | | ||||||||||
| SHORT-TERM INVESTMENT (2.2%) | | | | ||||||||||||||||
| | | | | | | MONEY MARKET FUND (2.2%) | | | | | | | | ||||||
| | | 9,528,980 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.116%(1) | | | | | 9,528,980 | | | | | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,528,980) (2.2%) | | | | | 9,528,980 | | | | | ||||||||||
| TOTAL INVESTMENT SECURITIES (100.0%) (Cost $229,891,395) | | | | $ | 430,889,886 | | | | | ||||||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.0%) | | | | | (140,297) | | | | | ||||||||||
| NET ASSETS (100.0%) | | | | $ | 430,749,589 | | | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 421,360,906 | | | | | $ | — | | | | | $ | — | | | | | $ | 421,360,906 | | |
Short-Term Investment | | | | | 9,528,980 | | | | | | — | | | | | | — | | | | | | 9,528,980 | | |
Total Investments in Securities | | | | $ | 430,889,886 | | | | | $ | — | | | | | $ | — | | | | | $ | 430,889,886 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
ANSYS, Inc. | | | | | 82,900 | | | | | $ | 24,184,417 | | | | | | 5.9% | | |
Jack Henry & Associates, Inc. | | | | | 125,308 | | | | | | 23,060,431 | | | | | | 5.7% | | |
Teledyne Technologies, Inc. | | | | | 71,500 | | | | | | 22,232,925 | | | | | | 5.4% | | |
HEICO Corp. | | | | | 187,683 | | | | | | 18,702,611 | | | | | | 4.6% | | |
Pool Corp. | | | | | 62,700 | | | | | | 17,046,249 | | | | | | 4.2% | | |
Fair Isaac Corp. | | | | | 40,700 | | | | | | 17,014,228 | | | | | | 4.2% | | |
Chemed Corp. | | | | | 37,700 | | | | | | 17,005,339 | | | | | | 4.2% | | |
Church & Dwight Co., Inc. | | | | | 218,600 | | | | | | 16,897,780 | | | | | | 4.1% | | |
Mettler-Toledo International, Inc. | | | | | 20,800 | | | | | | 16,755,440 | | | | | | 4.1% | | |
Tyler Technologies, Inc. | | | | | 45,300 | | | | | | 15,713,664 | | | | | | 3.9% | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (96.6%) | | ||||||||||||
| CONSUMER DISCRETIONARY (6.5%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (4.2%) | | ||||||
| | | 62,700 | | | | Pool Corp. | | | | $ | 17,046,249 | | |
| | | | | | | ENTERTAINMENT (2.3%) | | ||||||
| | | 72,195 | | | | Churchill Downs, Inc. | | | | | 9,612,764 | | |
| | | | | | | | | | | | 26,659,013 | | |
| CONSUMER STAPLES (6.0%) | | ||||||||||||
| | | | | | | FOOD (1.9%) | | ||||||
| | | 59,800 | | | | J&J Snack Foods Corp. | | | | | 7,602,374 | | |
| | | | | | | HOUSEHOLD PRODUCTS (4.1%) | | ||||||
| | | 218,600 | | | | Church & Dwight Co., Inc. | | | | | 16,897,780 | | |
| | | | | | | | | | | | 24,500,154 | | |
| FINANCIALS (8.3%) | | ||||||||||||
| | | | | | | INSURANCE (8.3%) | | ||||||
| | | 154,992 | | | | American Financial Group, Inc. | | | | | 9,835,792 | | |
| | | 409,400 | | | | Arch Capital Group, Ltd.* | | | | | 11,729,310 | | |
| | | 214,192 | | | | Berkley (W.R.) Corp. | | | | | 12,271,060 | | |
| | | | | | | | | | | | 33,836,162 | | |
| HEALTHCARE (9.5%) | | ||||||||||||
| | | | | | | ELECTRONICS (4.1%) | | ||||||
| | | 20,800 | | | | Mettler-Toledo International, Inc.* | | | | | 16,755,440 | | |
| | | | | | | HEALTHCARE PRODUCTS (1.2%) | | ||||||
| | | 17,200 | | | | Cooper Cos., Inc. (The) | | | | | 4,878,608 | | |
| | | | | | | HEALTHCARE SERVICES (4.2%) | | ||||||
| | | 37,700 | | | | Chemed Corp. | | | | | 17,005,339 | | |
| | | | | | | | | | | | 38,639,387 | | |
| INDUSTRIALS (28.3%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (13.1%) | | ||||||
| | | 187,683 | | | | HEICO Corp. | | | | | 18,702,611 | | |
| | | 71,500 | | | | Teledyne Technologies, Inc.* | | | | | 22,232,925 | | |
| | | 28,400 | | | | TransDigm Group, Inc. | | | | | 12,554,220 | | |
| | | | | | | | | | | | 53,489,756 | | |
| | | | | | | BUILDING MATERIALS (3.5%) | | ||||||
| | | 61,800 | | | | Lennox International, Inc.(1) | | | | | 14,398,782 | | |
| | | | | | | COMMERCIAL SERVICES (2.2%) | | ||||||
| | | 206,700 | | | | Rollins, Inc.(1) | | | | | 8,762,013 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (96.6%) (continued) | | ||||||||||||
| INDUSTRIALS (28.3%) (continued) | | ||||||||||||
| | | | | | | ELECTRONICS (2.0%) | | ||||||
| | | 21,400 | | | | Roper Technologies, Inc. | | | | $ | 8,308,764 | | |
| | | | | | | ENGINEERING & CONSTRUCTION (2.3%) | | ||||||
| | | 114,600 | | | | Exponent, Inc. | | | | | 9,274,578 | | |
| | | | | | | ENVIRONMENTAL CONTROL (2.7%) | | ||||||
| | | 115,750 | | | | Waste Connections, Inc. | | | | | 10,856,193 | | |
| | | | | | | HOUSEWARES (0.9%) | | ||||||
| | | 55,300 | | | | Toro Co. (The) | | | | | 3,668,602 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (1.6%) | | ||||||
| | | 53,800 | | | | Carlisle Companies, Inc. | | | | | 6,438,246 | | |
| | | | | | | | | | | | 115,196,934 | | |
| INFORMATION TECHNOLOGY (29.4%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.2%) | | ||||||
| | | 72,800 | | | | Gartner, Inc.* | | | | | 8,832,824 | | |
| | | | | | | COMPUTERS (2.0%) | | ||||||
| | | 126,700 | | | | CGI, Inc.*(1) | | | | | 7,982,100 | | |
| | | | | | | SOFTWARE (25.2%) | | ||||||
| | | 82,900 | | | | ANSYS, Inc.* | | | | | 24,184,417 | | |
| | | 163,200 | | | | Cadence Design Systems, Inc.* | | | | | 15,660,672 | | |
| | | 40,700 | | | | Fair Isaac Corp.* | | | | | 17,014,228 | | |
| | | 35,800 | | | | Fiserv, Inc.* | | | | | 3,494,796 | | |
| | | 125,308 | | | | Jack Henry & Associates, Inc. | | | | | 23,060,431 | | |
| | | 88,700 | | | | Open Text Corp.(1) | | | | | 3,767,976 | | |
| | | 45,300 | | | | Tyler Technologies, Inc.* | | | | | 15,713,664 | | |
| | | | | | | | | | | | 102,896,184 | | |
| | | | | | | | | | | | 119,711,108 | | |
| MATERIALS (5.8%) | | ||||||||||||
| | | | | | | MISCELLANEOUS MANUFACTURERS (2.8%) | | ||||||
| | | 100,700 | | | | AptarGroup, Inc. | | | | | 11,276,386 | | |
| | | | | | | PACKAGING & CONTAINERS (3.0%) | | ||||||
| | | 179,800 | | | | Ball Corp. | | | | | 12,494,302 | | |
| | | | | | | | | | | | 23,770,688 | | |
| REAL ESTATE (2.8%) | | ||||||||||||
| | | | | | | REITS (2.8%) | | ||||||
| | | 183,300 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 11,452,584 | | |
| TOTAL COMMON STOCKS (Cost $306,221,242) (96.6%) | | | | | 393,766,030 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (4.4%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (4.4%) | | ||||||
| | | 13,385,509 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.116%(2) | | | | $ | 13,385,509 | | |
| | | 4,591,600 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(3) | | | | | 4,591,600 | | |
| | | | | | | | | | | | 17,977,109 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $17,977,109) (4.4%) | | | | | 17,977,109 | | | ||||||
| | | ||||||||||||
| TOTAL INVESTMENT SECURITIES (101.0%) (Cost $324,198,351) | | | | $ | 411,743,139 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-1.0%) | | | | | (4,277,447) | | | ||||||
| NET ASSETS (100.0%) | | | | $ | 407,465,692 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 393,766,030 | | | | | $ | — | | | | | $ | — | | | | | $ | 393,766,030 | | |
Short-Term Investments | | | | | 17,977,109 | | | | | | — | | | | | | — | | | | | | 17,977,109 | | |
Total Investments in Securities | | | | $ | 411,743,139 | | | | | $ | — | | | | | $ | — | | | | | $ | 411,743,139 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 7,400 | | | | | $ | 20,415,268 | | | | | | 4.2% | | |
Exelixis, Inc. | | | | | 710,000 | | | | | | 16,855,400 | | | | | | 3.5% | | |
Biohaven Pharmaceutical Holding Co., Ltd. | | | | | 221,000 | | | | | | 16,157,310 | | | | | | 3.3% | | |
Facebook, Inc. | | | | | 58,000 | | | | | | 13,170,060 | | | | | | 2.7% | | |
Apple, Inc. | | | | | 33,000 | | | | | | 12,038,400 | | | | | | 2.5% | | |
Alphabet, Inc. | | | | | 8,400 | | | | | | 11,911,620 | | | | | | 2.4% | | |
BioMarin Pharmaceutical, Inc. | | | | | 88,000 | | | | | | 10,853,920 | | | | | | 2.2% | | |
Splunk, Inc. | | | | | 50,000 | | | | | | 9,935,000 | | | | | | 2.0% | | |
PayPal Holdings, Inc. | | | | | 55,000 | | | | | | 9,582,650 | | | | | | 2.0% | | |
Exact Sciences Corp. | | | | | 110,000 | | | | | | 9,563,400 | | | | | | 2.0% | | |
Percentage of Common Stocks
Percentage of All Bonds & Notes
Schedule of Investments (unaudited) | June 30, 2020 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.4%) | | ||||||||||||
| COMMUNICATION SERVICES (11.7%) | | ||||||||||||
| | | | | | | INTERNET (9.1%) | | ||||||
| | | 8,400 | | | | Alphabet, Inc. Class A* | | | | $ | 11,911,620 | | |
| | | 58,000 | | | | Facebook, Inc. Class A* | | | | | 13,170,060 | | |
| | | 20,000 | | | | Netflix, Inc.* | | | | | 9,100,800 | | |
| | | 80,000 | | | | Tencent Holdings, Ltd. ADR | | | | | 5,120,000 | | |
| | | 170,000 | | | | Twitter, Inc.* | | | | | 5,064,300 | | |
| | | | | | | | | | | | 44,366,780 | | |
| | | | | | | MEDIA (0.8%) | | ||||||
| | | 37,000 | | | | Walt Disney Co. (The) | | | | | 4,125,870 | | |
| | | | | | | SOFTWARE (1.8%) | | ||||||
| | | 113,000 | | | | Activision Blizzard, Inc. | | | | | 8,576,700 | | |
| | | | | | | | | | | | 57,069,350 | | |
| CONSUMER DISCRETIONARY (12.5%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (0.7%) | | ||||||
| | | 18,000 | | | | Vail Resorts, Inc. | | | | | 3,278,700 | | |
| | | | | | | HOME BUILDERS (1.0%) | | ||||||
| | | 78,000 | | | | Lennar Corp. Class A | | | | | 4,806,360 | | |
| | | | | | | INTERNET (6.7%) | | ||||||
| | | 23,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 4,961,100 | | |
| | | 7,400 | | | | Amazon.com, Inc.* | | | | | 20,415,268 | | |
| | | 105,000 | | | | GrubHub, Inc.*(1) | | | | | 7,381,500 | | |
| | | | | | | | | | | | 32,757,868 | | |
| | | | | | | LODGING (1.0%) | | ||||||
| | | 66,000 | | | | Hilton Worldwide Holdings, Inc. | | | | | 4,847,700 | | |
| | | | | | | RETAIL (3.1%) | | ||||||
| | | 15,000 | | | | Home Depot, Inc. | | | | | 3,757,650 | | |
| | | 69,000 | | | | Starbucks Corp. | | | | | 5,077,710 | | |
| | | 63,000 | | | | TJX Companies, Inc. (The) | | | | | 3,185,280 | | |
| | | 16,000 | | | | Ulta Beauty, Inc.* | | | | | 3,254,720 | | |
| | | | | | | | | | | | 15,275,360 | | |
| | | | | | | | | | | | 60,965,988 | | |
| CONSUMER STAPLES (1.5%) | | ||||||||||||
| | | | | | | BEVERAGES (1.0%) | | ||||||
| | | 29,000 | | | | Constellation Brands, Inc. Class A | | | | | 5,073,550 | | |
| | | | | | | COSMETICS/PERSONAL CARE (0.5%) | | ||||||
| | | 13,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 2,452,840 | | |
| | | | | | | | | | | | 7,526,390 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.4%) (continued) | | ||||||||||||
| ENERGY (1.8%) | | ||||||||||||
| | | | | | | OIL & GAS (1.8%) | | ||||||
| | | 100,000 | | | | Diamondback Energy, Inc. | | | | $ | 4,182,000 | | |
| | | 48,000 | | | | Pioneer Natural Resources Co. | | | | | 4,689,600 | | |
| | | | | | | | | | | | 8,871,600 | | |
| FINANCIALS (3.5%) | | ||||||||||||
| | | | | | | BANKS (2.6%) | | ||||||
| | | 320,000 | | | | Bank of America Corp. | | | | | 7,600,000 | | |
| | | 53,000 | | | | JPMorgan Chase & Co. | | | | | 4,985,180 | | |
| | | | | | | | | | | | 12,585,180 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.9%) | | ||||||
| | | 80,000 | | | | Blackstone Group, Inc. (The) Class A | | | | | 4,532,800 | | |
| | | | | | | | | | | | 17,117,980 | | |
| HEALTHCARE (21.5%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (16.9%) | | ||||||
| | | 80,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 8,979,200 | | |
| | | 1,275,000 | | | | Amarin Corp. PLC ADR*(1) | | | | | 8,823,000 | | |
| | | 221,000 | | | | Biohaven Pharmaceutical Holding Co., Ltd.*(1) | | | | | 16,157,310 | | |
| | | 88,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 10,853,920 | | |
| | | 110,000 | | | | Exact Sciences Corp.*(1) | | | | | 9,563,400 | | |
| | | 710,000 | | | | Exelixis, Inc.* | | | | | 16,855,400 | | |
| | | 86,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 4,120,260 | | |
| | | 24,500 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 7,112,595 | | |
| | | | | | | | | | | | 82,465,085 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.9%) | | ||||||
| | | 59,000 | | | | Edwards Lifesciences Corp.* | | | | | 4,077,490 | | |
| | | | | | | PHARMACEUTICALS (3.7%) | | ||||||
| | | 110,000 | | | | Bristol-Myers Squibb Co. | | | | | 6,468,000 | | |
| | | 19,000 | | | | DexCom, Inc.* | | | | | 7,702,600 | | |
| | | 29,000 | | | | Zoetis, Inc. | | | | | 3,974,160 | | |
| | | | | | | | | | | | 18,144,760 | | |
| | | | | | | | | | | | 104,687,335 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.4%) (continued) | | ||||||||||||
| INDUSTRIALS (2.3%) | | ||||||||||||
| | | | | | | AIRLINES (1.4%) | | ||||||
| | | 240,000 | | | | Delta Air Lines, Inc. | | | | $ | 6,732,000 | | |
| | | | | | | INTERNET (0.9%) | | ||||||
| | | 135,000 | | | | Lyft, Inc. Class A*(1) | | | | | 4,456,350 | | |
| | | | | | | | | | | | 11,188,350 | | |
| INFORMATION TECHNOLOGY (28.7%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.0%) | | ||||||
| | | 55,000 | | | | PayPal Holdings, Inc.* | | | | | 9,582,650 | | |
| | | | | | | COMPUTERS (3.9%) | | ||||||
| | | 33,000 | | | | Apple, Inc. | | | | | 12,038,400 | | |
| | | 70,000 | | | | Crowdstrike Holdings, Inc. Class A* | | | | | 7,020,300 | | |
| | | | | | | | | | | | 19,058,700 | | |
| | | | | | | DIVERSIFIED FINANCIALS (1.5%) | | ||||||
| | | 39,000 | | | | Visa, Inc. Class A | | | | | 7,533,630 | | |
| | | | | | | INTERNET (2.9%) | | ||||||
| | | 8,000 | | | | Shopify, Inc. Class A* | | | | | 7,593,600 | | |
| | | 75,000 | | | | Zendesk, Inc.* | | | | | 6,639,750 | | |
| | | | | | | | | | | | 14,233,350 | | |
| | | | | | | SEMICONDUCTORS (6.6%) | | ||||||
| | | 13,000 | | | | Broadcom, Inc. | | | | | 4,102,930 | | |
| | | 155,000 | | | | Micron Technology, Inc.* | | | | | 7,985,600 | | |
| | | 18,500 | | | | NVIDIA Corp. | | | | | 7,028,335 | | |
| | | 60,000 | | | | NXP Semiconductors N.V. | | | | | 6,842,400 | | |
| | | 70,000 | | | | QUALCOMM, Inc. | | | | | 6,384,700 | | |
| | | | | | | | | | | | 32,343,965 | | |
| | | | | | | SOFTWARE (11.8%) | | ||||||
| | | 14,000 | | | | Adobe, Inc.* | | | | | 6,094,340 | | |
| | | 32,000 | | | | Microsoft Corp. | | | | | 6,512,320 | | |
| | | 31,000 | | | | Salesforce.com, Inc.* | | | | | 5,807,230 | | |
| | | 23,000 | | | | ServiceNow, Inc.* | | | | | 9,316,380 | | |
| | | 210,000 | | | | Slack Technologies, Inc. Class A*(1) | | | | | 6,528,900 | | |
| | | 50,000 | | | | Splunk, Inc.* | | | | | 9,935,000 | | |
| | | 31,000 | | | | Twilio, Inc. Class A*(1) | | | | | 6,802,020 | | |
| | | 34,000 | | | | Workday, Inc. Class A* | | | | | 6,370,240 | | |
| | | | | | | | | | | | 57,366,430 | | |
| | | | | | | | | | | | 140,118,725 | | |
| REAL ESTATE (0.9%) | | ||||||||||||
| | | | | | | REITS (0.9%) | | ||||||
| | | 16,000 | | | | American Tower Corp. REIT | | | | | 4,136,640 | | |
| TOTAL COMMON STOCKS (Cost $302,589,269) (84.4%) | | | | | 411,682,358 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.6%) | | ||||||||||||
| | $ | 162,470 | | | | Ally Auto Receivables Trust, Series 2018-2, Class A3, 2.92%, 11/15/22 | | | | $ | 164,541 | | |
| | | 150,000 | | | | BMW Vehicle Lease Trust, Series 2019-1, Class A4, 2.92%, 8/22/22 | | | | | 153,077 | | |
| | | 208,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | | 215,833 | | |
| | | 255,000 | | | | Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, 1/20/23 | | | | | 258,045 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 152,160 | | |
| | | 16,063 | | | | Ford Credit Auto Owner Trust, Series 2018-B, Class A2A, 2.96%, 9/15/21 | | | | | 16,084 | | |
| | | 750,000 | | | | Ford Credit Floorplan Master Owner Trust A, Series 2017-2, Class A1, 2.16%, 9/15/22 | | | | | 751,920 | | |
| | | 200,000 | | | | GMF Floorplan Owner Revolving Trust, Series 2017-2, Class A1, 2.13%, 7/15/22(2) | | | | | 200,080 | | |
| | | 339,246 | | | | Honda Auto Receivables Owner Trust, Series 2018-1I, Class A3, 2.60%, 2/15/22 | | | | | 342,185 | | |
| | | 250,000 | | | | Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, 9/15/23 | | | | | 251,298 | | |
| | | 425,000 | | | | Hyundai Auto Receivables Trust, Series 2017-B, Class A4, 1.96%, 2/15/23 | | | | | 429,581 | | |
| | | 88,766 | | | | Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.74%, 8/16/21 | | | | | 88,878 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $2,977,907) (0.6%) | | | | | 3,023,682 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.2%) | | ||||||||||||
| | $ | 250,000 | | | | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | | | | $ | 289,452 | | |
| | | 305,659 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 316,452 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 107,027 | | |
| | | 87,119 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 87,895 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K029, Class A2, 3.32%, 2/25/23 | | | | | 106,346 | | |
| | | 243,046 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K726, Class A2, 2.91%, 4/25/24 | | | | | 259,448 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(3) | | | | | 271,093 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K043, Class A2, 3.06%, 12/25/24 | | | | | 109,903 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K731, Class A2, 3.60%, 2/25/25(3) | | | | | 110,369 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.2%) (continued) | | ||||||||||||
| | $ | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | | | | $ | 273,246 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | | | | | 114,679 | | |
| | | 255,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | | | | | 289,979 | | |
| | | 150,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | | | | | 171,348 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | | | | | 292,956 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(3) | | | | | 297,484 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29 | | | | | 118,510 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.62%, 11/25/45(2)(3) | | | | | 259,433 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.75%, 11/25/47(2)(3) | | | | | 255,285 | | |
| | | 166,162 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 168,286 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.2%) (continued) | | ||||||||||||
| | $ | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.10%, 11/16/52(3) | | | | $ | 153,513 | | |
| | | 189,668 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 192,731 | | |
| | | 195,103 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/15/48 | | | | | 205,108 | | |
| | | 200,000 | | | | Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52 | | | | | 225,288 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 257,211 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 398,623 | | |
| | | 35,499 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 35,483 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48 | | | | | 217,831 | | |
| | | 128,039 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 128,982 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | | | | | 167,684 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.2%) (continued) | | ||||||||||||
| | $ | 196,297 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | $ | 199,874 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $5,821,027) (1.2%) | | | | | 6,081,519 | | | ||||||
| CORPORATE BONDS & NOTES (4.4%) | | ||||||||||||
| BASIC MATERIALS (0.1%) | | ||||||||||||
| | | | | | | CHEMICALS (0.1%) | | ||||||
| | | 175,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 185,732 | | |
| | | 200,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23 | | | | | 216,808 | | |
| | | | | | | | | | | | 402,540 | | |
| COMMUNICATIONS (0.5%) | | ||||||||||||
| | | | | | | INTERNET (0.2%) | | ||||||
| | | 255,000 | | | ��� | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 349,277 | | |
| | | 200,000 | | | | Baidu, Inc., Senior Unsecured Notes, 4.38%, 5/14/24 | | | | | 217,802 | | |
| | | 175,000 | | | | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | | | | | 187,122 | | |
| | | | | | | | | | | | 754,201 | | |
| | | | | | | MEDIA (0.1%) | | ||||||
| | | 175,000 | | | | Charter Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | | 200,565 | | |
| | | 250,000 | | | | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | | | | | 286,487 | | |
| | | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | | | | | 172,597 | | |
| | | | | | | | | | | | 659,649 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 200,000 | | | | AT&T, Inc., Senior Unsecured Notes, 3.80%, 2/15/27 | | | | | 225,254 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | TELECOMMUNICATIONS (0.2%) (continued) | | ||||||
| | $ | 200,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | $ | 230,799 | | |
| | | 150,000 | | | | Rogers Communications, Inc., Guaranteed Notes, 4.50%, 3/15/43 | | | | | 178,166 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 311,413 | | |
| | | 100,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50(1) | | | | | 119,078 | | |
| | | | | | | | | | | | 1,064,710 | | |
| | | | | | | | | | | | 2,478,560 | | |
| CONSUMER, CYCLICAL (0.1%) | | ||||||||||||
| | | | | | | AUTO PARTS & EQUIPMENT (0.0%) | | ||||||
| | | 175,000 | | | | Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24(1) | | | | | 176,313 | | |
| | | | | | | HOME BUILDERS (0.0%) | | ||||||
| | | 100,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24 | | | | | 104,445 | | |
| | | | | | | HOME FURNISHINGS (0.1%) | | ||||||
| | | 200,000 | | | | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29(1) | | | | | 235,983 | | |
| | | | | | | RETAIL (0.0%) | | ||||||
| | | 100,000 | | | | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32 | | | | | 101,326 | | |
| | | | | | | | | | | | 618,067 | | |
| CONSUMER, NON-CYCLICAL (0.8%) | | ||||||||||||
| | | | | | | BEVERAGES (0.2%) | | ||||||
| | | 150,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(1) | | | | | 187,955 | | |
| | | 150,000 | | | | Coca-Cola Femsa S.A.B. de C.V., Guaranteed Notes, 2.75%, 1/22/30 | | | | | 158,673 | | |
| | | 150,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | | | | | 196,768 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL (0.8%) (continued) | | ||||||||||||
| | | | | | | BEVERAGES (0.2%) (continued) | | ||||||
| | $ | 125,000 | | | | Keurig Dr. Pepper, Inc., Guaranteed Notes, 3.20%, 5/1/30 | | | | $ | 139,060 | | |
| | | 100,000 | | | | PepsiCo, Inc., Senior Unsecured Notes, 2.88%, 10/15/49 | | | | | 108,273 | | |
| | | | | | | | | | | | 790,729 | | |
| | | | | | | BIOTECHNOLOGY (0.1%) | | ||||||
| | | 150,000 | | | | Biogen, Inc., Senior Unsecured Notes, 2.25%, 5/1/30 | | | | | 151,224 | | |
| | | 125,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 3.25%, 9/1/22 | | | | | 132,164 | | |
| | | | | | | | | | | | 283,388 | | |
| | | | | | | COMMERCIAL SERVICES (0.0%) | | ||||||
| | | 150,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 175,560 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.1%) | | ||||||
| | | 235,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 273,417 | | |
| | | 100,000 | | | | Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26 | | | | | 113,552 | | |
| | | | | | | | | | | | 386,969 | | |
| | | | | | | HEALTHCARE SERVICES (0.2%) | | ||||||
| | | 150,000 | | | | Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | | | | | 164,700 | | |
| | | 125,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 133,906 | | |
| | | 200,000 | | | | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | | | | | 226,761 | | |
| | | 125,000 | | | | Quest Diagnostics, Inc., Senior Unsecured Notes, 2.80%, 6/30/31 | | | | | 131,137 | | |
| | | 150,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 196,780 | | |
| | | | | | | | | | | | 853,284 | | |
| | | | | | | HOUSEHOLD PRODUCTS (0.0%) | | ||||||
| | | 100,000 | | | | Clorox Co. (The), Senior Unsecured Notes, 1.80%, 5/15/30 | | | | | 100,902 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS (0.2%) | | ||||||
| | $ | 125,000 | | | | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26(2) | | | | $ | 135,956 | | |
| | | 150,000 | | | | Becton Dickinson and Co., Senior Unsecured Notes, 3.36%, 6/6/24 | | | | | 161,891 | | |
| | | 100,000 | | | | Bristol-Myers Squibb Co., Senior Unsecured Notes, 5.25%, 8/15/43(2) | | | | | 147,151 | | |
| | | 150,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39(1) | | | | | 181,281 | | |
| | | 100,000 | | | | Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | | | | | 100,736 | | |
| | | 200,000 | | | | Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25 | | | | | 233,436 | | |
| | | | | | | | | | | | 960,451 | | |
| | | | | | | | | | | | 3,551,283 | | |
| ENERGY (0.3%) | | ||||||||||||
| | | | | | | OIL & GAS (0.2%) | | ||||||
| | | 100,000 | | | | Continental Resources, Inc., Guaranteed Notes, 4.50%, 4/15/23(1) | | | | | 95,720 | | |
| | | 150,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26 | | | | | 172,596 | | |
| | | 100,000 | | | | Murphy Oil Corp., Senior Unsecured Notes, 5.75%, 8/15/25 | | | | | 89,500 | | |
| | | 200,000 | | | | Phillips 66, Guaranteed Notes, 4.30%, 4/1/22(1) | | | | | 212,028 | | |
| | | 150,000 | | | | Total Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 | | | | | 169,580 | | |
| | | 175,000 | | | | Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37 | | | | | 232,719 | | |
| | | | | | | | | | | | 972,143 | | |
| | | | | | | PIPELINES (0.1%) | | ||||||
| | | 200,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42(1) | | | | | 230,588 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | PIPELINES (0.1%) (continued) | | ||||||
| | $ | 200,000 | | | | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | | | | $ | 226,662 | | |
| | | 125,000 | | | | Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 130,636 | | |
| | | | | | | | | | | | 587,886 | | |
| | | | | | | | | | | | 1,560,029 | | |
| FINANCIAL (1.6%) | | ||||||||||||
| | | | | | | BANKS (0.9%) | | ||||||
| | | 150,000 | | | | Australia & New Zealand Banking Group, Ltd., Subordinated Notes, 4.50%, 3/19/24(2) | | | | | 162,883 | | |
| | | 100,000 | | | | Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20 | | | | | 100,735 | | |
| | | 150,000 | | | | Bank of America Corp. GMTN, Senior Unsecured Notes, 3.50%, 4/19/26 | | | | | 168,847 | | |
| | | 200,000 | | | | Bank of Nova Scotia (The), Senior Unsecured Notes, 2.70%, 8/3/26(1) | | | | | 218,738 | | |
| | | 250,000 | | | | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 2.25%, 1/28/25 | | | | | 260,851 | | |
| | | 175,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 232,152 | | |
| | | 150,000 | | | | Citigroup, Inc., Senior Unsecured Notes, 3-month LIBOR + 0.90%, 3.35%, 4/24/25(3) | | | | | 162,072 | | |
| | | 150,000 | | | | Cooperatieve Rabobank UA MTN, Senior Unsecured Notes, 3.38%, 5/21/25 | | | | | 167,316 | | |
| | | 100,000 | | | | Credit Suisse AG, Senior Unsecured Notes, 2.95%, 4/9/25 | | | | | 108,577 | | |
| | | 100,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | | | | | 109,131 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 145,586 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| FINANCIAL (1.6%) (continued) | | ||||||||||||
| | | | | | | BANKS (0.9%) (continued) | | ||||||
| | $ | 100,000 | | | | Huntington Bancshares, Inc., Senior Unsecured Notes, 2.63%, 8/6/24 | | | | $ | 105,886 | | |
| | | 200,000 | | | | ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23 | | | | | 219,140 | | |
| | | 250,000 | | | | Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21 | | | | | 254,560 | | |
| | | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 271,866 | | |
| | | 250,000 | | | | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | | | | | 276,444 | | |
| | | 150,000 | | | | Northern Trust Corp., Senior Unsecured Notes, 3.15%, 5/3/29(1) | | | | | 170,768 | | |
| | | 200,000 | | | | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, 3.30%, 3/8/22 | | | | | 208,629 | | |
| | | 250,000 | | | | Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21 | | | | | 259,325 | | |
| | | 250,000 | | | | Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21 | | | | | 256,348 | | |
| | | 150,000 | | | | US Bancorp MTN, Subordinated Notes, 3.60%, 9/11/24 | | | | | 166,984 | | |
| | | 250,000 | | | | Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22 | | | | | 261,853 | | |
| | | | | | | | | | | | 4,288,691 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.1%) | | ||||||
| | | 125,000 | | | | American Express Co., Senior Unsecured Notes, 3.13%, 5/20/26 | | | | | 138,540 | | |
| | | 175,000 | | | | BlackRock, Inc., Senior Unsecured Notes, 2.40%, 4/30/30 | | | | | 188,779 | | |
| | | 200,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 218,711 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.1%) (continued) | | ||||||
| | $ | 200,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24(1) | | | | $ | 212,440 | | |
| | | | | | | | | | | | 758,470 | | |
| | | | | | | INSURANCE (0.3%) | | ||||||
| | | 250,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22 | | | | | 269,838 | | |
| | | 150,000 | | | | Aon Corp., Guaranteed Notes, 3.75%, 5/2/29(1) | | | | | 171,745 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(1) | | | | | 259,414 | | |
| | | 150,000 | | | | Chubb INA Holdings, Inc., Guaranteed Notes, 3.35%, 5/3/26 | | | | | 170,949 | | |
| | | 100,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | | 108,713 | | |
| | | 175,000 | | | | PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29 | | | | | 191,815 | | |
| | | 150,000 | | | | Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29(1) | | | | | 170,661 | | ��� |
| | | 175,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, 3-month LIBOR + 2.67%, 5.70%, 9/15/48(1)(3) | | | | | 196,132 | | |
| | | | | | | | | | | | 1,539,267 | | |
| | | | | | | REITS (0.3%) | | ||||||
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | | 120,997 | | |
| | | 100,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 111,536 | | |
| | | 250,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | | 279,397 | | |
| | | 150,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 3.60%, 7/1/29 | | | | | 172,214 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | REITS (0.3%) (continued) | | ||||||
| | $ | 125,000 | | | | Essex Portfolio L.P., Guaranteed Notes, 4.00%, 3/1/29(1) | | | | $ | 145,306 | | |
| | | 100,000 | | | | Ventas Realty L.P., Guaranteed Notes, 4.40%, 1/15/29 | | | | | 109,036 | | |
| | | 100,000 | | | | Essex Portfolio L.P., Guaranteed Notes, 3.00%, 1/15/30 | | | | | 109,002 | | |
| | | 125,000 | | | | Sabra Health Care L.P., Guaranteed Notes, 3.90%, 10/15/29 | | | | | 113,625 | | |
| | | 125,000 | | | | Prologis L.P., Senior Unsecured Notes, 2.25%, 4/15/30 | | | | | 131,624 | | |
| | | | | | | | | | | | 1,292,737 | | |
| | | | | | | | | | | | 7,879,165 | | |
| INDUSTRIAL (0.3%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (0.1%) | | ||||||
| | | 200,000 | | | | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 236,579 | | |
| | | 175,000 | | | | United Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28(1) | | | | | 206,129 | | |
| | | | | | | | | | | | 442,708 | | |
| | | | | | | BUILDING MATERIALS (0.0%) | | ||||||
| | | 100,000 | | | | Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29 | | | | | 108,943 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.1%) | | ||||||
| | | 100,000 | | | | 3M Co., Senior Unsecured Notes, 2.38%, 8/26/29 | | | | | 108,075 | | |
| | | 200,000 | | | | Ingersoll-Rand Luxembourg Finance S.A., Guaranteed Notes, 3.80%, 3/21/29 | | | | | 226,328 | | |
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 266,011 | | |
| | | | | | | | | | | | 600,414 | | |
| | | | | | | PACKAGING & CONTAINERS (0.1%) | | ||||||
| | | 150,000 | | | | Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24 | | | | | 163,630 | | |
| | | 150,000 | | | | WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28 | | | | | 166,373 | | |
| | | | | | | | | | | | 330,003 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| INDUSTRIAL (0.3%) (continued) | | ||||||||||||
| | | | | | | TRANSPORTATION (0.0%) | | ||||||
| | $ | 100,000 | | | | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49(1) | | | | $ | 109,974 | | |
| | | | | | | | | | | | 1,592,042 | | |
| TECHNOLOGY (0.3%) | | ||||||||||||
| | | | | | | COMPUTERS (0.0%) | | ||||||
| | | 100,000 | | | | HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27 | | | | | 104,841 | | |
| | | 100,000 | | | | International Business Machines Corp., Senior Unsecured Notes, 1.70%, 5/15/27 | | | | | 102,130 | | |
| | | | | | | | | | | | 206,971 | | |
| | | | | | | SEMICONDUCTORS (0.1%) | | ||||||
| | | 225,000 | | | | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | | | | | 265,531 | | |
| | | 125,000 | | | | Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30 | | | | | 128,683 | | |
| | | | | | | | | | | | 394,214 | | |
| | | | | | | SOFTWARE (0.2%) | | ||||||
| | | 150,000 | | | | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | | | | | 161,999 | | |
| | | 125,000 | | | | Cadence Design Systems, Inc., Senior Unsecured Notes, 4.38%, 10/15/24 | | | | | 139,255 | | |
| | | 150,000 | | | | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | | | | | 179,083 | | |
| | | 125,000 | | | | Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29 | | | | | 140,515 | | |
| | | 100,000 | | | | Intuit, Inc., Senior Unsecured Notes, 1.65%, 7/15/30 | | | | | 99,700 | | |
| | | 100,000 | | | | j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., Guaranteed Notes, 6.00%, 7/15/25(2) | | | | | 101,750 | | |
| | | 100,000 | | | | Oracle Corp., Senior Unsecured Notes, 2.95%, 4/1/30(1) | | | | | 111,364 | | |
| | | | | | | | | | | | 933,666 | | |
| | | | | | | | | | | | 1,534,851 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| UTILITIES (0.4%) | | ||||||||||||
| | | | | | | ELECTRIC (0.4%) | | ||||||
| | $ | 100,000 | | | | CenterPoint Energy, Inc., Senior Unsecured Notes, 4.25%, 11/1/28(1) | | | | $ | 116,273 | | |
| | | 125,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 154,310 | | |
| | | 200,000 | | | | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | | | | | 230,512 | | |
| | | 150,000 | | | | DTE Electric Co., 3.95%, 3/1/49 | | | | | 182,509 | | |
| | | 125,000 | | | | Duke Energy Corp., Senior Unsecured Notes, 3.75%, 9/1/46 | | | | | 141,579 | | |
| | | 250,000 | | | | Florida Power & Light Co., 4.05%, 6/1/42 | | | | | 308,838 | | |
| | | 150,000 | | | | Georgia Power Co., Series B, Senior Unsecured Notes, 2.65%, 9/15/29 | | | | | 157,016 | | |
| | | 175,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 191,683 | | |
| | | 125,000 | | | | Northern States Power Co., 2.90%, 3/1/50 | | | | | 135,611 | | |
| | | | | | | | | | | | 1,618,331 | | |
| | | | | | | GAS (0.0%) | | ||||||
| | | 100,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 105,901 | | |
| | | | | | | | | | | | 1,724,232 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $19,549,937) (4.4%) | | | | | 21,340,769 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.1%) | | ||||||||||||
| | | 200,000 | | | | European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | | 212,812 | | |
| | | 150,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22 | | | | | 157,009 | | |
| | | 225,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27 | | | | | 241,875 | | |
| Principal Amount | | | | | | Value | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.1%) (continued) | | ||||||||||||
| | $ | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24(1) | | | | $ | 163,125 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $729,669) (0.1%) | | | | | 774,821 | | | ||||||
| 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 | | | | | 151,566 | | |
| | | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | | 84,046 | | |
| | | 100,000 | | | | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | | | | | 109,105 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 66,719 | | |
| | | | | | | | | | | | 411,436 | | |
| | | | | | | NEW YORK (0.2%) | | ||||||
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 108,459 | | |
| | | 200,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23 | | | | | 210,368 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 268,885 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.4%) (continued) | | ||||||||||||
| | | | | | | NEW YORK (0.2%) (continued) | | ||||||
| | $ | 135,000 | | | | New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25 | | | | $ | 156,044 | | |
| | | | | | | | | | | | 743,756 | | |
| | | | | | | PENNSYLVANIA (0.0%) | | ||||||
| | | 100,000 | | | | Pennsylvania Turnpike Commission, Motor License, Refunding Revenue Bonds, 3.29%, 12/1/36 | | | | | 104,740 | | |
| | | | | | | TEXAS (0.1%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 276,908 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 294,977 | | |
| | | | | | | | | | | | 571,885 | | |
| | | | | | | VIRGINIA (0.0%) | | ||||||
| | | 100,000 | | | | Hampton Roads Sanitation District, Refunding Revenue Bonds, Ser. A, 2.11%, 2/1/29 | | | | | 102,332 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,805,466) (0.4%) | | | | | 1,934,149 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%) | | ||||||||||||
| | | 250,000 | | | | FHLB, 3.00%, 10/12/21 | | | | | 259,000 | | |
| | | 230,000 | | | | FHLB, 3.25%, 3/8/24 | | | | | 253,865 | | |
| | | 143,924 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 149,163 | | |
| | | 55,655 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 62,331 | | |
| | | 61,569 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 67,596 | | |
| | | 81,094 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 85,398 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%) (continued) | | ||||||||||||
| | $ | 109,306 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | $ | 119,796 | | |
| | | 193,628 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 207,558 | | |
| | | 35,414 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | | 37,955 | | |
| | | 174,327 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 183,169 | | |
| | | 73,424 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 79,425 | | |
| | | 56,844 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 61,554 | | |
| | | 61,368 | | | | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | | | | | 66,517 | | |
| | | 292,436 | | | | FHLMC Gold Pool #Q41084, 3.50%, 6/1/46 | | | | | 311,048 | | |
| | | 66,731 | | | | FHLMC Pool #ZT1594, 4.00%, 1/1/49 | | | | | 70,638 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23(1) | | | | | 264,106 | | |
| | | 110,216 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | | 118,189 | | |
| | | 92,732 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 106,451 | | |
| | | 98,466 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 113,150 | | |
| | | 52,995 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | | 58,903 | | |
| | | 148,592 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 160,763 | | |
| | | 56,866 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 59,799 | | |
| | | 156,866 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 165,106 | | |
| | | 68,378 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 75,703 | | |
| | | 96,630 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 107,464 | | |
| | | 62,820 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | | 69,865 | | |
| | | 531 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 610 | | |
| | | 98,132 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | | 109,217 | | |
| | | 71,693 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 79,803 | | |
| | | 228,324 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 262,295 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%) (continued) | | ||||||||||||
| | $ | 226,791 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | $ | 243,029 | | |
| | | 92,105 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 101,675 | | |
| | | 53,723 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | | 56,551 | | |
| | | 39,387 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | | 43,059 | | |
| | | 68,933 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 72,561 | | |
| | | 126,882 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 135,628 | | |
| | | 55,649 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 59,317 | | |
| | | 175,834 | | | | FNMA Pool #AS7188, 4.00%, 5/1/46 | | | | | 190,163 | | |
| | | 251,220 | | | | FNMA Pool #AS9459, 4.50%, 4/1/47 | | | | | 272,340 | | |
| | | 34,129 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 37,483 | | |
| | | 99,533 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 106,625 | | |
| | | 99,680 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | | 106,824 | | |
| | | 216,113 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 227,766 | | |
| | | 60,757 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 66,728 | | |
| | | 95,007 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | | 102,506 | | |
| | | 53,751 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 57,538 | | |
| | | 59,905 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 64,517 | | |
| | | 119,520 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 125,433 | | |
| | | 101,785 | | | | FNMA Pool #AZ2276, 4.00%, 6/1/45 | | | | | 109,895 | | |
| | | 168,182 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 178,215 | | |
| | | 92,650 | | | | FNMA Pool #BD8211, 4.00%, 4/1/47 | | | | | 98,968 | | |
| | | 152,054 | | | | FNMA Pool #BK2040, 4.00%, 5/1/48 | | | | | 161,156 | | |
| | | 590,987 | | | | FNMA Pool #BK9648, 3.50%, 11/1/48 | | | | | 622,416 | | |
| | | 608,188 | | | | FNMA Pool #BM5793, 3.00%, 4/1/49 | | | | | 640,984 | | |
| | | 288,553 | | | | FNMA Pool #BN6248, 3.00%, 4/1/49 | | | | | 304,112 | | |
| | | 180,339 | | | | FNMA Pool #MA3614, 3.50%, 3/1/49 | | | | | 189,515 | | |
| | | 500,000 | | | | FNMA Pool #MA4078, 2.50%, 7/1/50 | | | | | 521,350 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%) (continued) | | ||||||||||||
| | $ | 113,260 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | $ | 116,531 | | |
| | | 76,806 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 81,601 | | |
| | | 85,748 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 91,755 | | |
| | | 128,633 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 138,768 | | |
| | | 227,629 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 248,460 | | |
| | | 351,987 | | | | GNMA II Pool #MA4836, 3.00%, 11/20/47 | | | | | 373,497 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $9,329,874) (2.0%) | | | | | 9,713,403 | | | ||||||
| U.S. TREASURY OBLIGATIONS (2.2%) | | ||||||||||||
| | | 150,000 | | | | U.S. Treasury Bonds, 5.38%, 2/15/31(1) | | | | | 222,902 | | |
| | | 520,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 808,255 | | |
| | | 350,000 | | | | U.S. Treasury Bonds, 3.50%, 2/15/39 | | | | | 495,168 | | |
| | | 1,087,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 1,393,568 | | |
| | | 960,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 1,314,187 | | |
| | | 800,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 835,219 | | |
| | | 349,000 | | | | U.S. Treasury Notes, 2.13%, 7/31/24 | | | | | 375,843 | | |
| | | 425,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 462,038 | | |
| | | 700,000 | | | | U.S. Treasury Notes, 0.50%, 3/31/25 | | | | | 707,465 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS (2.2%) (continued) | | ||||||||||||
| | $ | 1,560,000 | | | | U.S. Treasury Notes, 3.00%, 9/30/25 | | | | $ | 1,777,181 | | |
| | | 175,000 | | | | U.S. Treasury Notes, 2.13%, 5/31/26 | | | | | 192,712 | | |
| | | 832,000 | | | | U.S. Treasury Notes, 2.25%, 8/15/27 | | | | | 934,473 | | |
| | | 575,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 670,729 | | |
| | | 360,000 | | | | U.S. Treasury Notes, 2.88%, 5/15/28 | | | | | 424,856 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,031,670) (2.2%) | | | | | 10,614,596 | | |
| Shares | | | | | | Value | | | | ||||||||||
| SHORT-TERM INVESTMENTS (9.0%) | | | | ||||||||||||||||
| | | | | | | MONEY MARKET FUNDS (9.0%) | | | | | | | | ||||||
| | | 19,158,897 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.116%(4) | | | | | 19,158,897 | | | | | ||||
| | | 24,726,768 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(5) | | | | | 24,726,768 | | | | | ||||
| | | | | | | | | | | | 43,885,665 | | | | | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $43,885,665) (9.0%) | | | | | 43,885,665 | | | | | ||||||||||
| TOTAL INVESTMENT SECURITIES (104.3%) (Cost $395,720,484) | | | | $ | 509,050,962 | | | | | ||||||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-4.3%) | | | | | (21,114,512) | | | | | ||||||||||
| NET ASSETS (100.0%) | | | | $ | 487,936,450 | | | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 411,682,358 | | | | | $ | — | | | | | $ | — | | | | | $ | 411,682,358 | | |
Asset-Backed Securities | | | | | — | | | | | | 3,023,682 | | | | | | — | | | | | | 3,023,682 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 6,081,519 | | | | | | — | | | | | | 6,081,519 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 21,340,769 | | | | | | — | | | | | | 21,340,769 | | |
Foreign Government Obligations | | | | | — | | | | | | 774,821 | | | | | | — | | | | | | 774,821 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,934,149 | | | | | | — | | | | | | 1,934,149 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 9,713,403 | | | | | | — | | | | | | 9,713,403 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 10,614,596 | | | | | | — | | | | | | 10,614,596 | | |
Short-Term Investments | | | | | 43,885,665 | | | | | | — | | | | | | — | | | | | | 43,885,665 | | |
Total Investments in Securities | | | | $ | 455,568,023 | | | | | $ | 53,482,939 | | | | | $ | — | | | | | $ | 509,050,962 | | |
Portfolio Highlights at June 30, 2020 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 8,300 | | | | | $ | 22,898,206 | | | | | | 6.8% | | |
Facebook, Inc. | | | | | 56,000 | | | | | | 12,715,920 | | | | | | 3.8% | | |
ServiceNow, Inc. | | | | | 31,000 | | | | | | 12,556,860 | | | | | | 3.7% | | |
Biohaven Pharmaceutical Holding Co., Ltd. | | | | | 170,000 | | | | | | 12,428,700 | | | | | | 3.7% | | |
Splunk, Inc. | | | | | 60,000 | | | | | | 11,922,000 | | | | | | 3.6% | | |
PayPal Holdings, Inc. | | | | | 68,000 | | | | | | 11,847,640 | | | | | | 3.5% | | |
Exelixis, Inc. | | | | | 480,000 | | | | | | 11,395,200 | | | | | | 3.4% | | |
Alphabet, Inc. | | | | | 7,200 | | | | | | 10,209,960 | | | | | | 3.0% | | |
Netflix, Inc. | | | | | 22,000 | | | | | | 10,010,880 | | | | | | 3.0% | | |
NVIDIA Corp. | | | | | 26,000 | | | | | | 9,877,660 | | | | | | 2.9% | | |
Schedule of Investments (unaudited)
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (99.2%) | | ||||||||||||
| COMMUNICATION SERVICES (16.5%) | | ||||||||||||
| | | | | | | INTERNET (12.8%) | | ||||||
| | | 7,200 | | | | Alphabet, Inc. Class A* | | | | $ | 10,209,960 | | |
| | | 56,000 | | | | Facebook, Inc. Class A* | | | | | 12,715,920 | | |
| | | 22,000 | | | | Netflix, Inc.* | | | | | 10,010,880 | | |
| | | 84,000 | | | | Tencent Holdings, Ltd. ADR | | | | | 5,376,000 | | |
| | | 160,000 | | | | Twitter, Inc.* | | | | | 4,766,400 | | |
| | | | | | | | | | | | 43,079,160 | | |
| | | | | | | MEDIA (1.1%) | | ||||||
| | | 33,000 | | | | Walt Disney Co. (The) | | | | | 3,679,830 | | |
| | | | | | | SOFTWARE (2.6%) | | ||||||
| | | 115,000 | | | | Activision Blizzard, Inc. | | | | | 8,728,500 | | |
| | | | | | | | | | | | 55,487,490 | | |
| CONSUMER DISCRETIONARY (14.1%) | | ||||||||||||
| | | | | | | INTERNET (10.9%) | | ||||||
| | | 34,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 7,333,800 | | |
| | | 8,300 | | | | Amazon.com, Inc.* | | | | | 22,898,206 | | |
| | | 90,000 | | | | GrubHub, Inc.*(1) | | | | | 6,327,000 | | |
| | | | | | | | | | | | 36,559,006 | | |
| | | | | | | RETAIL (3.2%) | | ||||||
| | | 66,000 | | | | Starbucks Corp. | | | | | 4,856,940 | | |
| | | 60,000 | | | | TJX Companies, Inc. (The) | | | | | 3,033,600 | | |
| | | 14,000 | | | | Ulta Beauty Inc.* | | | | | 2,847,880 | | |
| | | | | | | | | | | | 10,738,420 | | |
| | | | | | | | | | | | 47,297,426 | | |
| CONSUMER STAPLES (1.2%) | | ||||||||||||
| | | | | | | BEVERAGES (1.2%) | | ||||||
| | | 23,000 | | | | Constellation Brands, Inc. Class A | | | | | 4,023,850 | | |
| ENERGY (0.9%) | | ||||||||||||
| | | | | | | OIL & GAS (0.9%) | | ||||||
| | | 70,000 | | | | Diamondback Energy, Inc. | | | | | 2,927,400 | | |
| FINANCIALS (2.8%) | | ||||||||||||
| | | | | | | BANKS (1.6%) | | ||||||
| | | 230,000 | | | | Bank of America Corp. | | | | | 5,462,500 | | |
| DIVERSIFIED FINANCIAL SERVICES (1.2%) | | ||||||||||||
| | | 70,000 | | | | Blackstone Group, Inc. (The) Class A | | | | | 3,966,200 | | |
| | | | | | | | | | | | 9,428,700 | | |
| HEALTHCARE (23.5%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (18.5%) | | ||||||
| | | 60,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 6,734,400 | | |
| | | 875,000 | | | | Amarin Corp. PLC ADR*(1) | | | | | 6,055,000 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (99.2%) (continued) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (18.5%) (continued) | | ||||||
| | | 170,000 | | | | Biohaven Pharmaceutical Holding Co., Ltd.* | | | | $ | 12,428,700 | | |
| | | 70,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 8,633,800 | | |
| | | 84,000 | | | | Exact Sciences Corp.*(1) | | | | | 7,302,960 | | |
| | | 480,000 | | | | Exelixis, Inc.* | | | | | 11,395,200 | | |
| | | 65,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 3,114,150 | | |
| | | 22,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,386,820 | | |
| | | | | | | | | | | | 62,051,030 | | |
| | | | | | | HEALTHCARE PRODUCTS (1.4%) | | ||||||
| | | 65,000 | | | | Edwards Lifesciences Corp.* | | | | | 4,492,150 | | |
| | | | | | | PHARMACEUTICALS (3.6%) | | ||||||
| | | 80,000 | | | | Bristol-Myers Squibb Co. | | | | | 4,704,000 | | |
| | | 18,500 | | | | DexCom, Inc.* | | | | | 7,499,900 | | |
| | | | | | | | | | | | 12,203,900 | | |
| | | | | | | | | | | | 78,747,080 | | |
| INDUSTRIALS (2.8%) | | ||||||||||||
| | | | | | | AIRLINES (1.4%) | | ||||||
| | | 170,000 | | | | Delta Air Lines, Inc. | | | | | 4,768,500 | | |
| | | | | | | INTERNET (1.4%) | | ||||||
| | | 145,000 | | | | Lyft, Inc. Class A*(1) | | | | | 4,786,450 | | |
| | | | | | | | | | | | 9,554,950 | | |
| INFORMATION TECHNOLOGY (37.4%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.5%) | | ||||||
| | | 68,000 | | | | PayPal Holdings, Inc.* | | | | | 11,847,640 | | |
| | | | | | | COMPUTERS (3.6%) | | ||||||
| | | 16,000 | | | | Apple, Inc. | | | | | 5,836,800 | | |
| | | 63,000 | | | | Crowdstrike Holdings, Inc. Class A* | | | | | 6,318,270 | | |
| | | | | | | | | | | | 12,155,070 | | |
| | | | | | | DIVERSIFIED FINANCIALS (2.7%) | | ||||||
| | | 46,000 | | | | Visa, Inc. Class A | | | | | 8,885,820 | | |
| | | | | | | INTERNET (4.7%) | | ||||||
| | | 9,500 | | | | Shopify, Inc. Class A* | | | | | 9,017,400 | | |
| | | 78,000 | | | | Zendesk, Inc.* | | | | | 6,905,340 | | |
| | | | | | | | | | | | 15,922,740 | | |
| | | | | | | SEMICONDUCTORS (4.3%) | | ||||||
| | | 26,000 | | | | NVIDIA Corp. | | | | | 9,877,660 | | |
| | | 48,000 | | | | QUALCOMM, Inc. | | | | | 4,378,080 | | |
| | | | | | | | | | | | 14,255,740 | | |
| | | | | | | SOFTWARE (18.6%) | | ||||||
| | | 16,000 | | | | Adobe, Inc.* | | | | | 6,964,960 | | |
| | | 29,000 | | | | Microsoft Corp. | | | | | 5,901,790 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (99.2%) (continued) | | ||||||||||||
| | | | | | | SOFTWARE (18.6%) (continued) | | ||||||
| | | 35,000 | | | | Salesforce.com, Inc.* | | | | $ | 6,556,550 | | |
| | | 31,000 | | | | ServiceNow, Inc.* | | | | | 12,556,860 | | |
| | | 190,000 | | | | Slack Technologies, Inc. Class A*(1) | | | | | 5,907,100 | | |
| | | 60,000 | | | | Splunk, Inc.* | | | | | 11,922,000 | | |
| | | 32,000 | | | | Twilio, Inc. Class A*(1) | | | | | 7,021,440 | | |
| | | 29,000 | | | | Workday, Inc. Class A* | | | | | 5,433,440 | | |
| | | | | | | | | | | | 62,264,140 | | |
| | | | | | | | | | | | 125,331,150 | | |
| TOTAL COMMON STOCKS (Cost $213,514,732) (99.2%) | | | | | 332,798,046 | | | ||||||
| SHORT-TERM INVESTMENTS (4.7%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (4.7%) | | ||||||
| | | 1,437,442 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.116%(2) | | | | | 1,437,442 | | |
| | | 14,326,929 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(3) | | | | | 14,326,929 | | |
| | | | | | | | | | | | 15,764,371 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,764,371) (4.7%) | | | | | 15,764,371 | | | ||||||
| | | | | | | | |||||||
| TOTAL INVESTMENT SECURITIES (103.9%) (Cost $229,279,103) | | | | $ | 348,562,417 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-3.9%) | | | | | (13,002,759) | | | ||||||
| NET ASSETS (100.0%) | | | | $ | 335,559,658 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 332,798,046 | | | | | $ | — | | | | | $ | — | | | | | $ | 332,798,046 | | |
Short-Term Investments | | | | | 15,764,371 | | | | | | — | | | | | | — | | | | | | 15,764,371 | | |
Total Investments in Securities | | | | $ | 348,562,417 | | | | | $ | — | | | | | $ | — | | | | | $ | 348,562,417 | | |
at June 30, 2020 (unaudited)
| | | 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* | | | | $ | 430,889,886 | | | | | $ | 411,743,139 | | | | | $ | 509,050,962 | | | | | $ | 348,562,417 | | |
Receivable for securities sold | | | | | — | | | | | | — | | | | | | 4,601,789 | | | | | | 3,384,152 | | |
Dividends and interest receivable | | | | | 225,149 | | | | | | 179,350 | | | | | | 397,586 | | | | | | 136 | | |
Receivable for capital shares sold | | | | | 210,379 | | | | | | 796,003 | | | | | | 531,229 | | | | | | 21,847 | | |
Prepaid expenses | | | | | 77,258 | | | | | | 113,086 | | | | | | 76,107 | | | | | | 58,777 | | |
Receivable for securities lending income | | | | | 393 | | | | | | 943 | | | | | | 3,721 | | | | | | 2,291 | | |
Other receivables | | | | | 1,916 | | | | | | — | | | | | | 2,719 | | | | | | 13,687 | | |
Total Assets | | | | | 431,404,981 | | | | | | 412,832,521 | | | | | | 514,664,113 | | | | | | 352,043,307 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for capital shares redeemed | | | | | 124,954 | | | | | | 322,814 | | | | | | 106,997 | | | | | | 895,628 | | |
Payable upon return of securities on loan (See Note 1J) | | | | | — | | | | | | 4,591,600 | | | | | | 24,726,768 | | | | | | 14,326,929 | | |
Payable for securities purchased | | | | | — | | | | | | — | | | | | | 1,337,501 | | | | | | 865,124 | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee | | | | | 255,353 | | | | | | 216,128 | | | | | | 251,366 | | | | | | 203,355 | | |
Service and distribution plan fees | | | | | 88,672 | | | | | | 69,293 | | | | | | 91,096 | | | | | | 67,488 | | |
Auditing and legal fees payable | | | | | 58,639 | | | | | | 55,967 | | | | | | 54,669 | | | | | | 35,763 | | |
Sub-transfer agent fees | | | | | 11,823 | | | | | | 14,759 | | | | | | 14,234 | | | | | | 2,424 | | |
Directors’ fees and expenses | | | | | 2,870 | | | | | | 1,100 | | | | | | 2,618 | | | | | | 501 | | |
Other | | | | | 113,081 | | | | | | 95,168 | | | | | | 142,414 | | | | | | 86,437 | | |
Total Liabilities | | | | | 655,392 | | | | | | 5,366,829 | | | | | | 26,727,663 | | | | | | 16,483,649 | | |
Net Assets | | | | $ | 430,749,589 | | | | | $ | 407,465,692 | | | | | $ | 487,936,450 | | | | | $ | 335,559,658 | | |
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) | | | | $ | 10,890,600 | | | | | $ | 16,409,139 | | | | | $ | 43,236,275 | | | | | $ | 9,871,222 | | |
Additional paid-in capital | | | | | 140,551,019 | | | | | | 271,777,615 | | | | | | 308,652,240 | | | | | | 179,186,999 | | |
Total Distributable Earnings (Loss) | | | | | 279,307,970 | | | | | | 119,278,938 | | | | | | 136,047,935 | | | | | | 146,501,437 | | |
Net Assets | | | | $ | 430,749,589 | | | | | $ | 407,465,692 | | | | | $ | 487,936,450 | | | | | $ | 335,559,658 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 430,177,689 | | | | | $ | 330,550,329 | | | | | $ | 452,574,348 | | | | | $ | 333,685,497 | | |
Shares Outstanding | | | | | 10,876,152 | | | | | | 13,324,862 | | | | | | 40,099,159 | | | | | | 9,816,455 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 39.55 | | | | | $ | 24.81 | | | | | $ | 11.29 | | | | | $ | 33.99 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 571,900 | | | | | $ | 76,915,363 | | | | | $ | 35,362,102 | | | | | $ | 1,874,161 | | |
Shares Outstanding | | | | | 14,448 | | | | | | 3,084,277 | | | | | | 3,137,116 | | | | | | 54,767 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 39.58 | | | | | $ | 24.94 | | | | | $ | 11.27 | | | | | $ | 34.22 | | |
* Includes securities on loan of | | | | $ | — | | | | | $ | 10,313,179 | | | | | $ | 36,432,742 | | | | | $ | 27,440,273 | | |
Cost of investments | | | | $ | 229,891,395 | | | | | $ | 324,198,351 | | | | | $ | 395,720,484 | | | | | $ | 229,279,103 | | |
| | | 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 $9,636, $11,068, $5,175 and 0) | | | | $ | 1,430,067 | | | | | $ | 1,250,310 | | | | | $ | 1,104,908 | | | | | $ | 393,781 | | |
Interest | | | | | 5,501 | | | | | | 4,334 | | | | | | 820,996 | | | | | | 917 | | |
Securities lending income (Net) | | | | | 19,465 | | | | | | 4,192 | | | | | | 32,435 | | | | | | 21,311 | | |
Total Income | | | | | 1,455,033 | | | | | | 1,258,836 | | | | | | 1,958,339 | | | | | | 416,009 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | | | 1,579,481 | | | | | | 1,284,120 | | | | | | 1,410,361 | | | | | | 1,054,744 | | |
Service and distribution plan fees | | | | | 538,195 | | | | | | 424,380 | | | | | | 507,601 | | | | | | 361,361 | | |
Sub-transfer agent fees | | | | | 73,919 | | | | | | 98,815 | | | | | | 94,133 | | | | | | 14,339 | | |
Transfer agent fees | | | | | 78,001 | | | | | | 69,195 | | | | | | 72,406 | | | | | | 54,803 | | |
Auditing and legal fees | | | | | 68,250 | | | | | | 64,565 | | | | | | 67,145 | | | | | | 44,874 | | |
Custody and accounting fees | | | | | 46,471 | | | | | | 51,675 | | | | | | 61,562 | | | | | | 36,031 | | |
Registration and filing fees | | | | | 32,564 | | | | | | 43,980 | | | | | | 26,266 | | | | | | 18,694 | | |
Directors’ fees and expenses | | | | | 30,988 | | | | | | 27,559 | | | | | | 29,015 | | | | | | 18,428 | | |
Printing and postage fees | | | | | 25,068 | | | | | | 23,697 | | | | | | 34,508 | | | | | | 15,523 | | |
Fund administration fees | | | | | 15,415 | | | | | | 15,415 | | | | | | 15,415 | | | | | | 15,415 | | |
Compliance and tax service fees | | | | | 14,262 | | | | | | 13,435 | | | | | | 16,452 | | | | | | 9,645 | | |
Insurance fees | | | | | 10,530 | | | | | | 8,061 | | | | | | 11,045 | | | | | | 7,053 | | |
Other | | | | | 10,858 | | | | | | 10,922 | | | | | | 11,786 | | | | | | 10,692 | | |
Recoupment (See Note 5) | | | | | — | | | | | | 872 | | | | | | — | | | | | | 21,110 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 2,524,002 | | | | | | 2,136,691 | | | | | | 2,357,695 | | | | | | 1,682,712 | | |
Less: Advisory Fees Waived | | | | | (10,122) | | | | | | (872) | | | | | | (8,902) | | | | | | (13,015) | | |
Less: Sub-Transfer Agent Fees Waived by the Distributor | | | | | (5) | | | | | | (11,271) | | | | | | (6,384) | | | | | | (275) | | |
Net Expenses | | | | | 2,513,875 | | | | | | 2,124,548 | | | | | | 2,342,409 | | | | | | 1,669,422 | | |
Net Investment Loss | | | | | (1,058,842) | | | | | | (865,712) | | | | | | (384,070) | | | | | | (1,253,413) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 70,391,531 | | | | | | 10,948,010 | | | | | | 21,155,047 | | | | | | 25,008,797 | | |
Foreign currency transactions | | | | | 22 | | | | | | 15 | | | | | | — | | | | | | — | | |
| | | | | 70,391,553 | | | | | | 10,948,025 | | | | | | 21,155,047 | | | | | | 25,008,797 | | |
Change in Net Unrealized Appreciation/ (Depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | (66,760,294) | | | | | | (25,441,983) | | | | | | 19,818,581 | | | | | | 26,594,286 | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/ (Depreciation) on Investments and Foreign Exchange Transactions | | | | | 3,631,259 | | | | | | (14,493,958) | | | | | | 40,973,628 | | | | | | 51,603,083 | | |
Increase (Decrease) in Net Assets from Operations | | | | $ | 2,572,417 | | | | | $ | (15,359,670) | | | | | $ | 40,589,558 | | | | | $ | 50,349,670 | | |
| | | Value Line Select Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | ||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (1,058,842) | | | | | $ | (523,335) | | | | | $ | (865,712) | | | | | $ | 976,359 | | |
Net realized gain on investments and foreign currency | | | | | 70,391,553 | | | | | | 32,267,487 | | | | | | 10,948,025 | | | | | | 27,567,792 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | (66,760,294) | | | | | | 91,350,480 | | | | | | (25,441,983) | | | | | | 54,245,263 | | |
Net increase/(decrease) in net assets from operations | | | | | 2,572,417 | | | | | | 123,094,632 | | | | | | (15,359,670) | | | | | | 82,789,414 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | (31,772,080) | | | | | | — | | | | | | (6,035,227) | | |
Institutional Class | | | | | —(1) | | | | | | — | | | | | | — | | | | | | (638,193) | | |
| | | | | — | | | | | | (31,772,080) | | | | | | — | | | | | | (6,673,420) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 16,926,757 | | | | | | 124,523,053 | | | | | | 83,675,653 | | | | | | 265,222,994 | | |
Institutional Class | | | | | 689,175(1) | | | | | | — | | | | | | 47,990,496 | | | | | | 40,884,589 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 30,419,114 | | | | | | — | | | | | | 5,851,898 | | |
Institutional Class | | | | | —(1) | | | | | | — | | | | | | — | | | | | | 610,328 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (75,707,260) | | | | | | (75,800,915) | | | | | | (112,237,475) | | | | | | (155,428,220) | | |
Institutional Class | | | | | (123,279)(1) | | | | | | — | | | | | | (11,403,030) | | | | | | (4,737,971) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (58,214,607) | | | | | | 79,141,252 | | | | | | 8,025,644 | | | | | | 152,403,618 | | |
Total increase/(decrease) in net assets | | | | | (55,642,190) | | | | | | 170,463,804 | | | | | | (7,334,026) | | | | | | 228,519,612 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 486,391,779 | | | | | | 315,927,975 | | | | | | 414,799,718 | | | | | | 186,280,106 | | |
End of period | | | | $ | 430,749,589 | | | | | $ | 486,391,779 | | | | | $ | 407,465,692 | | | | | $ | 414,799,718 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 447,724 | | | | | | 3,321,696 | | | | | | 3,421,751 | | | | | | 11,041,548 | | |
Institutional Class | | | | | 17,723(1) | | | | | | — | | | | | | 1,951,826 | | | | | | 1,698,781 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 792,784 | | | | | | — | | | | | | 231,483 | | |
Institutional Class | | | | | —(1) | | | | | | — | | | | | | — | | | | | | 24,048 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (2,066,377) | | | | | | (1,988,809) | | | | | | (4,745,176) | | | | | | (6,281,554) | | |
Institutional Class | | | | | (3,275)(1) | | | | | | — | | | | | | (487,760) | | | | | | (194,650) | | |
Net increase (decrease) | | | | | (1,604,205) | | | | | | 2,125,671 | | | | | | 140,641 | | | | | | 6,519,656 | | |
| | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||||||||
| | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss | | | | $ | (384,070) | | | | | $ | (305,282) | | | | | $ | (1,253,413) | | | | | $ | (2,270,805) | | |
Net realized gain on investments | | | | | 21,155,047 | | | | | | 31,588,227 | | | | | | 25,008,797 | | | | | | 25,452,805 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | 19,818,581 | | | | | | 70,888,949 | | | | | | 26,594,286 | | | | | | 40,417,178 | | |
Net increase in net assets from operations | | | | | 40,589,558 | | | | | | 102,171,894 | | | | | | 50,349,670 | | | | | | 63,599,178 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | (38,751,543) | | | | | | — | | | | | | (26,578,443) | | |
Institutional Class | | | | | — | | | | | | (2,875,649) | | | | | | — | | | | | | (202,611) | | |
| | | | | — | | | | | | (41,627,192) | | | | | | — | | | | | | (26,781,054) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 33,684,239 | | | | | | 90,601,171 | | | | | | 7,837,611 | | | | | | 17,596,000 | | |
Institutional Class | | | | | 9,745,205 | | | | | | 26,047,723 | | | | | | 218,504 | | | | | | 2,688,839 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 36,554,780 | | | | | | — | | | | | | 25,790,298 | | |
Institutional Class | | | | | — | | | | | | 2,717,212 | | | | | | — | | | | | | 190,454 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (46,599,178) | | | | | | (131,648,234) | | | | | | (15,286,380) | | | | | | (42,153,413) | | |
Institutional Class | | | | | (8,960,037) | | | | | | (24,966,918) | | | | | | (671,040) | | | | | | (2,256,002) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (12,129,771) | | | | | | (694,266) | | | | | | (7,901,305) | | | | | | 1,856,176 | | |
Total increase in net assets | | | | | 28,459,787 | | | | | | 59,850,436 | | | | | | 42,448,365 | | | | | | 38,674,300 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 459,476,663 | | | | | | 399,626,227 | | | | | | 293,111,293 | | | | | | 254,436,993 | | |
End of period | | | | $ | 487,936,450 | | | | | $ | 459,476,663 | | | | | $ | 335,559,658 | | | | | $ | 293,111,293 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 3,242,295 | | | | | | 8,821,178 | | | | | | 260,260 | | | | | | 598,585 | | |
Institutional Class | | | | | 949,727 | | | | | | 2,504,955 | | | | | | 7,054 | | | | | | 91,386 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 3,648,182 | | | | | | — | | | | | | 919,113 | | |
Institutional Class | | | | | — | | | | | | 271,993 | | | | | | — | | | | | | 6,751 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (4,866,064) | | | | | | (12,713,718) | | | | | | (524,837) | | | | | | (1,427,554) | | |
Institutional Class | | | | | (929,818) | | | | | | (2,410,596) | | | | | | (23,057) | | | | | | (76,080) | | |
Net increase (decrease) | | | | | (1,603,860) | | | | | | 121,994 | | | | | | (280,580) | | | | | | 112,201 | | |
| | | Value Line Select Growth Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.09)(1)(2) | | | | | | (0.05)(1)(2) | | | | | | (0.14) | | | | | | (0.08) | | | | | | 0.00(3) | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.71 | | | | | | 11.16 | | | | | | 0.58 | | | | | | 6.56 | | | | | | 2.04 | | | | | | 0.14 | | |
Total from investment operations | | | | | 0.62 | | | | | | 11.11 | | | | | | 0.44 | | | | | | 6.48 | | | | | | 2.04 | | | | | | 0.07 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | |
Total distributions | | | | | — | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | |
Net asset value, end of period | | | | $ | 39.55 | | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | |
Total return | | | | | 1.59%(4) | | | | | | 36.59% | | | | | | 1.39% | | | | | | 22.32% | | | | | | 7.00% | | | | | | 0.25% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 430,178 | | | | | $ | 486,392 | | | | | $ | 315,928 | | | | | $ | 342,056 | | | | | $ | 308,694 | | | | | $ | 330,125 | | |
Ratio of expenses to average net assets | | | | | 1.17%(5) | | | | | | 1.16% | | | | | | 1.20% | | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | |
Ratio of net investment loss to average net assets | | | | | (0.49)%(5)(6) | | | | | | (0.12)%(6) | | | | | | (0.42)% | | | | | | (0.26)% | | | | | | (0.20)% | | | | | | (0.26)% | | |
Portfolio turnover rate | | | | | 10%(4) | | | | | | 17% | | | | | | 8% | | | | | | 3% | | | | | | 7% | | | | | | 12% | | |
| | | Value Line Select Growth Fund, Inc. Institutional Class | | | | | | | |||||||||||||
| | | Period Ended June 30, 2020 (unaudited)(7) | | | | | | | |||||||||||||
Net asset value, beginning of period | | | | $ | 36.44 | | | | | | | | | | | | | | | | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | ||||
Net investment loss | | | | | (0.01)(1)(2) | | | | | | | | | | | | | | ||||
Net gains/(losses) on securities (both realized and unrealized) | | | | | 3.15 | | | | | | | | | | | | | | ||||
Total from investment operations | | | | | 3.14 | | | | | | | | | | | | | | ||||
Less distributions: | | | | | | | | | | | | | | | | | | | ||||
Distributions from net realized gains | | | | | — | | | | | | | | | | | | | | ||||
Total distributions | | | | | — | | | | | | | | | | | | | | ||||
Net asset value, end of period | | | | $ | 39.58 | | | | | | | | | | | | | | ||||
Total return | | | | | 8.62%(4) | | | | | | | | | | | | | | ||||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | ||||
Net assets, end of period (in thousands) | | | | $ | 572 | | | | | | | | | | | | | | ||||
Ratio of gross expenses to average net assets(8) | | | | | 38.01%(5) | | | | | | | | | | | | | | ||||
Ratio of net expenses to average net assets(9) | | | | | 0.91%(5) | | | | | | | | | | | | | | ||||
Ratio of net investment loss to average net assets(9) | | | | | (0.19)%(5)(6) | | | | | | | | | | | | | | ||||
Portfolio turnover rate | | | | | 10%(4) | | | | | | | | | | | | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.06)(1)(2) | | | | | | 0.06(1)(2) | | | | | | (0.07) | | | | | | 0.00(3) | | | | | | 0.00(3) | | | | | | (0.08) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (0.62) | | | | | | 6.68 | | | | | | 0.97 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.51 | | |
Total from investment operations | | | | | (0.68) | | | | | | 6.74 | | | | | | 0.90 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.43 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.00)(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | |
Total distributions | | | | | — | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | |
Net asset value, end of period | | | | $ | 24.81 | | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | |
Total return | | | | | (2.67)%(4) | | | | | | 35.30% | | | | | | 4.72% | | | | | | 19.84% | | | | | | 10.94% | | | | | | 2.95% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 330,550 | | | | | $ | 373,341 | | | | | $ | 184,515 | | | | | $ | 147,669 | | | | | $ | 134,030 | | | | | $ | 118,867 | | |
Ratio of expenses to average net assets | | | | | 1.10%(5) | | | | | | 1.11% | | | | | | 1.18% | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.48)%(5)(6) | | | | | | 0.27%(6) | | | | | | (0.46)% | | | | | | (0.34)% | | | | | | (0.28)% | | | | | | (0.53)% | | |
Portfolio turnover rate | | | | | 5%(4) | | | | | | 19% | | | | | | 10% | | | | | | 2% | | | | | | 20% | | | | | | 17% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class | | | | |||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | | Period Ended December 31, 2017(7) | | | | |||||||||||||||||||
| | | 2019 | | | 2018 | | | | ||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | $ | 18.25 | | | | | | | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.02)(1)(2) | | | | | | 0.20(1)(2) | | | | | | (0.04) | | | | | | 0.00(3) | | | | | | | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (0.63) | | | | | | 6.64 | | | | | | 0.99 | | | | | | 1.26 | | | | | | | | |
Total from investment operations | | | | | (0.65) | | | | | | 6.84 | | | | | | 0.95 | | | | | | 1.26 | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.06) | | | | | | — | | | | | | — | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | | | |
Total distributions | | | | | — | | | | | | (0.42) | | | | | | (0.98) | | | | | | (0.31) | | | | | | | | |
Net asset value, end of period | | | | $ | 24.94 | | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | | | | |
Total return | | | | | (2.54)%(4) | | | | | | 35.68% | | | | | | 4.98% | | | | | | 6.89%(4) | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 76,915 | | | | | $ | 41,459 | | | | | $ | 1,765 | | | | | $ | 1,095 | | | | | | | | |
Ratio of gross expenses to average net assets(8) | | | | | 0.89%(5) | | | | | | 1.04% | | | | | | 3.97% | | | | | | 5.61%(5) | | | | | | | | |
Ratio of net expenses to average net assets(9) | | | | | 0.85%(5) | | | | | | 0.86% | | | | | | 0.93% | | | | | | 0.93%(5) | | | | | | | | |
Ratio of net investment income/(loss) to average net assets(9) | | | | | (0.20)%(5)(6) | | | | | | 0.81%(6) | | | | | | (0.19)% | | | | | | (0.12)%(5) | | | | | | | | |
Portfolio turnover rate | | | | | 5%(4) | | | | | | 19% | | | | | | 10% | | | | | | 2%(4) | | | | | | | | |
| | | Value Line Capital Appreciation Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.01)(1) | | | | | | (0.01)(1) | | | | | | 0.00(2) | | | | | | 0.05 | | | | | | 0.02 | | | | | | 0.06 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.05 | | | | | | 2.32(3) | | | | | | (0.27) | | | | | | 1.97 | | | | | | 0.23 | | | | | | (0.14) | | |
Total from investment operations | | | | | 1.04 | | | | | | 2.31 | | | | | | (0.27) | | | | | | 2.02 | | | | | | 0.25 | | | | | | (0.08) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.06) | | |
Distributions from net realized gains | | | | | — | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | — | | | | | | (1.00) | | | | | | (0.74) | | | | | | (0.55) | | | | | | (0.49) | | | | | | (0.60) | | |
Net asset value, end of period | | | | $ | 11.29 | | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | |
Total return | | | | | 10.15%(4) | | | | | | 26.14% | | | | | | (2.71)% | | | | | | 23.86% | | | | | | 2.80% | | | | | | (0.86)% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 452,574 | | | | | $ | 427,619 | | | | | $ | 375,158 | | | | | $ | 392,869 | | | | | $ | 302,636 | | | | | $ | 350,159 | | |
Ratio of expenses to average net assets | | | | | 1.09%(5) | | | | | | 1.09% | | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.19)%(5) | | | | | | (0.08)% | | | | | | (0.02)% | | | | | | 0.49% | | | | | | 0.22% | | | | | | 0.67% | | |
Portfolio turnover rate | | | | | 36%(4) | | | | | | 34% | | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45% | | |
| | | Value Line Capital Appreciation Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | | Period Ended December 31, 2015(6) | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | ||||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | | | | $ | 9.50 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.00(1)(2) | | | | | | 0.02(1) | | | | | | 0.04 | | | | | | 0.07 | | | | | | 0.02 | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.05 | | | | | | 2.31(3) | | | | | | (0.30) | | | | | | 1.98 | | | | | | 0.25 | | | | | | (0.24) | | |
Total from investment operations | | | | | 1.05 | | | | | | 2.33 | | | | | | (0.26) | | | | | | 2.05 | | | | | | 0.27 | | | | | | (0.31) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.02) | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | — | | | | | | (1.00) | | | | | | (0.75) | | | | | | (0.58) | | | | | | (0.49) | | | | | | (0.54) | | |
Net asset value, end of period | | | | $ | 11.27 | | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | |
Total return | | | | | 10.27%(4) | | | | | | 26.51% | | | | | | (2.61)% | | | | | | 24.31% | | | | | | 3.06% | | | | | | (3.29)%(4) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 35,362 | | | | | $ | 31,858 | | | | | $ | 24,469 | | | | | $ | 6,750 | | | | | $ | 1,055 | | | | | $ | 98 | | |
Ratio of gross expenses to average net assets(7) | | | | | 0.94%(5) | | | | | | 0.97% | | | | | | 1.08% | | | | | | 1.63% | | | | | | 4.82% | | | | | | 6.19%(5) | | |
Ratio of net expenses to average net assets(8) | | | | | 0.84%(5) | | | | | | 0.84% | | | | | | 0.87% | | | | | | 0.86% | | | | | | 0.90% | | | | | | 6.19%(5) | | |
Ratio of net investment income/(loss) to average net assets(8) | | | | | 0.06%(5) | | | | | | 0.17% | | | | | | 0.19% | | | | | | 0.58% | | | | | | 0.43% | | | | | | (5.02)%(5) | | |
Portfolio turnover rate | | | | | 36%(4) | | | | | | 34% | | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45%(4) | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.13)(1) | | | | | | (0.23)(1) | | | | | | (0.22) | | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.14) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.25 | | | | | | 6.64 | | | | | | 0.58 | | | | | | 8.00 | | | | | | 0.10 | | | | | | 2.63 | | |
Total from investment operations | | | | | 5.12 | | | | | | 6.41 | | | | | | 0.36 | | | | | | 7.81 | | | | | | 0.10 | | | | | | 2.49 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | — | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of period | | | | $ | 33.99 | | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | |
Total return | | | | | 17.69%(3) | | | | | | 25.67% | | | | | | 1.30% | | | | | | 33.79% | | | | | | 0.24% | | | | | | 9.88% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 333,685 | | | | | $ | 291,057 | | | | | $ | 253,199 | | | | | $ | 272,191 | | | | | $ | 214,675 | | | | | $ | 233,085 | | |
Ratio of gross expenses to average net assets(4) | | | | | 1.14%(5) | | | | | | 1.16% | | | | | | 1.18% | | | | | | 1.19% | | | | | | 1.23% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets(6) | | | | | 1.15%(5) | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.11% | | | | | | 1.13% | | | | | | 1.13% | | |
Ratio of net investment loss to average net assets(6) | | | | | (0.86)%(5) | | | | | | (0.78)% | | | | | | (0.77)% | | | | | | (0.71)% | | | | | | (0.62)% | | | | | | (0.55)% | | |
Portfolio turnover rate | | | | | 40%(3) | | | | | | 29% | | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | | Period Ended December 31, 2015(7) | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | ||||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | | | | $ | 27.91 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.09)(1) | | | | | | (0.15)(1) | | | | | | (0.14) | | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.09) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.28 | | | | | | 6.65 | | | | | | 0.57 | | | | | | 8.03 | | | | | | 0.14 | | | | | | (0.12) | | |
Total from investment operations | | | | | 5.19 | | | | | | 6.50 | | | | | | 0.43 | | | | | | 7.84 | | | | | | 0.14 | | | | | | (0.21) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | — | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of period | | | | $ | 34.22 | | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Total return | | | | | 17.88%(3) | | | | | | 25.92% | | | | | | 1.55% | | | | | | 33.96% | | | | | | 0.40% | | | | | | (0.73)%(3) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 1,874 | | | | | $ | 2,054 | | | | | $ | 1,238 | | | | | $ | 1,681 | | | | | $ | 401 | | | | | $ | 101 | | |
Ratio of gross expenses to average net assets(4) | | | | | 4.91%(5) | | | | | | 2.75% | | | | | | 3.92% | | | | | | 2.73% | | | | | | 17.29% | | | | | | 2.70%(5) | | |
Ratio of net expenses to average net assets(6) | | | | | 0.90%(5) | | | | | | 0.90% | | | | | | 0.93% | | | | | | 0.94% | | | | | | 0.98% | | | | | | 2.70%(5) | | |
Ratio of net investment loss to average net assets(6) | | | | | (0.62)%(5) | | | | | | (0.50)% | | | | | | (0.58)% | | | | | | (0.67)% | | | | | | (0.49)% | | | | | | (2.16)%(5) | | |
Portfolio turnover rate | | | | | 40%(3) | | | | | | 29% | | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37%(3) | | |
| | | Investor Class | | | Institutional Class* | | | Total | | |||||||||
Value Line Select Growth Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 73,021 | | | | | $ | 4,980 | | | | | $ | 78,001 | | |
Sub-transfer agent fees | | | | | 73,914 | | | | | | 5 | | | | | | 73,919 | | |
Registration and filing fees | | | | | 27,584 | | | | | | 4,980 | | | | | | 32,564 | | |
Other | | | | | 10,681 | | | | | | 177 | | | | | | 10,858 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 58,695 | | | | | $ | 10,500 | | | | | $ | 69,195 | | |
Sub-transfer agent fees | | | | | 86,131 | | | | | | 12,684 | | | | | | 98,815 | | |
Registration and filing fees | | | | | 28,840 | | | | | | 15,140 | | | | | | 43,980 | | |
Other | | | | | 9,047 | | | | | | 1,875 | | | | | | 10,922 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 61,344 | | | | | $ | 11,062 | | | | | $ | 72,406 | | |
Sub-transfer agent fees | | | | | 87,748 | | | | | | 6,385 | | | | | | 94,133 | | |
Registration and filing fees | | | | | 16,037 | | | | | | 10,229 | | | | | | 26,266 | | |
Other | | | | | 10,649 | | | | | | 1,137 | | | | | | 11,786 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 52,347 | | | | | $ | 2,456 | | | | | $ | 54,803 | | |
Sub-transfer agent fees | | | | | 14,063 | | | | | | 276 | | | | | | 14,339 | | |
Registration and filing fees | | | | | 10,448 | | | | | | 8,246 | | | | | | 18,694 | | |
Other | | | | | 10,288 | | | | | | 404 | | | | | | 10,692 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | | Total Collateral (including Calculated Mark)** | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | $ | 10,313,179 | | | | | $ | 10,476,850 | | | | | $ | 10,545,552 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 36,432,742 | | | | | | 36,666,397 | | | | | | 37,445,248 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 27,440,273 | | | | | | 27,722,277 | | | | | | 28,188,132 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2020 | | |||||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 4,591,600 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,591,600 | | |
Total Borrowings | | | | $ | 4,591,600 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,591,600 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,591,600 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2020 | | |||||||||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 21,223,082 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 21,223,082 | | |
Corporate Bonds & Notes | | | | | 3,003,173 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,003,173 | | |
U.S. Government Agency Obligations | | | | | 269,700 | | | | | | | | | | | | | | | | | | | | | | | | 269,700 | | |
U.S. Treasury Obligations | | | | | 230,813 | | | | | | | | | | | | | | | | | | | | | | | | 230,813 | | |
Total Borrowings | | | | $ | 24,726,768 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 24,726,768 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 24,726,768 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2020 | | |||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 14,326,929 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 14,326,929 | | |
Total Borrowings | | | | $ | 14,326,929 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 14,326,929 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,326,929 | | |
Fund | | | Purchases of Investment Securities Excluding U.S. Government | | | Sales of Investment Securities Excluding U.S. Government | | | Purchases of U.S. Government Obligations | | | Sales of U.S. Government Obligations | | ||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | 40,668,609 | | | | | $ | 100,814,016 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 17,889,604 | | | | | | 18,363,541 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 149,702,272 | | | | | | 165,038,581 | | | | | | 2,782,179 | | | | | | 4,058,072 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 115,675,012 | | | | | | 124,401,226 | | | | | | — | | | | | | — | | |
Fund | | | Purchases of Investment Securities | | | Sales of Investment Securities | | | Realized Gain (Loss) | | | |||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 31,751,277 | | | | | $ | 17,580,282 | | | | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 4,344,315 | | | | | | 905,916 | | | | | | 37,085 | | | | | |
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. | | | | $ | 229,891,395 | | | | | $ | 201,821,660 | | | | | $ | (823,169) | | | | | $ | 200,998,491 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 324,198,351 | | | | | | 99,442,900 | | | | | | (11,898,112) | | | | | | 87,544,788 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 395,720,484 | | | | | | 135,076,800 | | | | | | (21,746,322) | | | | | | 113,330,478 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 229,279,103 | | | | | | 133,539,394 | | | | | | (14,256,080) | | | | | | 119,283,314 | | |
Fund | | | Undistributed ordinary income | | | Undistributed long-term gain | | | Other Timing Differences | | | Unrealized Appreciation | | | Capital Loss Carryforwards | | | Late Year Deferrals | | ||||||||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 8,976,781 | | | | | $ | — | | | | | $ | 267,758,772 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 1,320,659 | | | | | | 20,345,025 | | | | | | — | | | | | | 112,972,924 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | — | | | | | | 3,946,319 | | | | | | — | | | | | | 91,512,058 | | | | | | — | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | — | | | | | | 4,954,904 | | | | | | — | | | | | | 91,196,863 | | | | | | — | | | | | | — | | |
| | | Year Ended December 31, 2019 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 31,772,080 | | | | | $ | 31,772,080 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 211,908 | | | | | | 6,461,512 | | | | | | 6,673,420 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 3,734,782 | | | | | | 37,892,410 | | | | | | 41,627,192 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 880,795 | | | | | | 25,900,259 | | | | | | 26,781,054 | | |
| | | Year Ended December 31, 2018 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 29,555,193 | | | | | $ | 29,555,193 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 9,093,753 | | | | | | 9,093,753 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 6,273,856 | | | | | | 24,901,167 | | | | | | 31,175,023 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 4,766,766 | | | | | | 27,753,320 | | | | | | 32,520,086 | | |
Fund | | | Advisory Fee | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 1,579,481 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 1,284,120 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 1,410,361 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 1,054,744 | | |
Fund | | | Distribution & Service Fees | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 538,195 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 424,380 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 507,601 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 361,361 | | |
Fund | | | Sub TA Fees | | | Waived Amount | | ||||||
Value Line Select Growth Fund, Inc. | | | | $ | 73,919 | | | | | $ | 5 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 98,815 | | | | | | 11,271 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 94,133 | | | | | | 6,384 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 14,339 | | | | | | 275 | | |
Fund | | | Expiration for the 12 months ended | | | Fees Waived and Reimbursed by the Adviser | | | Fees Waived and Reimbursed by the Distributor | | ||||||
Value Line Select Growth Fund, Inc. | | | June 30, 2021 | | | | $ | — | | | | | $ | — | | |
Value Line Select Growth Fund, Inc. | | | June 30, 2022 | | | | | — | | | | | | — | | |
Value Line Select Growth Fund, Inc. | | | June 30, 2023 | | | | | 10,122 | | | | | | — | | |
Value Line Mid Cap Focused Fund Inc. | | | June 30, 2021 | | | | | 35,308 | | | | | | — | | |
Value Line Mid Cap Focused Fund Inc. | | | June 30, 2022 | | | | | 36,568 | | | | | | — | | |
Value Line Mid Cap Focused Fund Inc. | | | June 30, 2023 | | | | | 15,415 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | June 30, 2021 | | | | | 27,882 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | June 30, 2022 | | | | | 44,784 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | June 30, 2023 | | | | | 28,168 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | June 30, 2021 | | | | | 120,882 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | June 30, 2022 | | | | | 109,814 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | June 30, 2023 | | | | | 43,915 | | | | | | — | | |
| | | Beginning Account Value January 1, 2020 | | | Ending Account Value June 30, 2020 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Select Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,015.90 | | | | | $ | 5.86 | | | | | | 1.17% | | |
Value Line Select Growth Fund, Inc. – Institutional Class** | | | | | 1,000.00 | | | | | | 1,086.20 | | | | | | 1.58 | | | | | | 0.91 | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 973.30 | | | | | | 5.40 | | | | | | 1.10 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 974.60 | | | | | | 4.17 | | | | | | 0.85 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,101.50 | | | | | | 5.70 | | | | | | 1.09 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,102.70 | | | | | | 4.39 | | | | | | 0.84 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,176.90 | | | | | | 6.22 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,178.80 | | | | | | 4.88 | | | | | | 0.90 | | |
Hypothetical (5% return before expenses) | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Select Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,019.05 | | | | | $ | 5.87 | | | | | | 1.17% | | |
Value Line Select Growth Fund, Inc. – Institutional Class** | | | | | 1,000.00 | | | | | | 1,020.34 | | | | | | 4.57 | | | | | | 0.91 | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.39 | | | | | | 5.52 | | | | | | 1.10 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.64 | | | | | | 4.27 | | | | | | 0.85 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.44 | | | | | | 5.47 | | | | | | 1.09 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.69 | | | | | | 4.22 | | | | | | 0.84 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.14 | | | | | | 5.77 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.39 | | | | | | 4.52 | | | | | | 0.90 | | |
ADVISORY AGREEMENT FOR VALUE LINE MID CAP FOCUSED FUND, INC., VALUE LINE CAPITAL APPRECIATION FUND, INC., VALUE LINE LARGER COMPANIES FOCUSED FUND, INC. AND VALUE LINE SELECT GROWTH FUND, INC.
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
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) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By | ||
Mitchell E. Appel, President | ||
Date: |
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: | ||
Mitchell E. Appel, President, Principal Executive Officer | ||
By: | ||
Christopher W. Roleke, Treasurer, Principal Financial Officer | ||
Date: |