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, 2018
Date of reporting period: June 30, 2018
Item I. Reports to Stockholders.
A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/18 is included with this Form.
Value Line Premier Growth Fund, Inc.
(VALSX)
Investor Class (VLIFX)
Institutional Class (VLMIX)
(Formerly Value Line Income and Growth Fund, Inc.)
Investor Class (VALIX)
Institutional Class (VLIIX)
Investor Class (VALLX)
Institutional Class (VLLIX)
| | | | | 3 | | | |
| Value Line Premier Growth Fund, Inc.: | | | | | | | |
| | | | | 7 | | | |
| | | | | 9 | | | |
| | | | | 10 | | | |
| Value Line Mid Cap Focused Fund, Inc.: | | | | | | | |
| | | | | 12 | | | |
| | | | | 14 | | | |
| | | | | 15 | | | |
| Value Line Capital Appreciation Fund, Inc.: | | | | | | | |
| | | | | 17 | | | |
| | | | | 21 | | | |
| | | | | 22 | | | |
| Value Line Larger Companies Focused Fund, Inc.: | | | | | | | |
| | | | | 29 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 38 | | | |
| | | | | 42 | | | |
| | | | | 50 | | | |
| | | | | 51 | | |
President of the Value Line Funds
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Waste Connections, Inc. | | | | | 173,700 | | | | | $ | 13,076,136 | | | | | | 3.8% | | |
IDEXX Laboratories, Inc. | | | | | 55,400 | | | | | | 12,073,876 | | | | | | 3.5% | | |
Roper Technologies, Inc. | | | | | 39,000 | | | | | | 10,760,490 | | | | | | 3.1% | | |
ANSYS, Inc. | | | | | 61,600 | | | | | | 10,729,488 | | | | | | 3.1% | | |
Mettler-Toledo International, Inc. | | | | | 17,700 | | | | | | 10,241,751 | | | | | | 3.0% | | |
Fiserv, Inc. | | | | | 136,800 | | | | | | 10,135,512 | | | | | | 3.0% | | |
Teledyne Technologies, Inc. | | | | | 50,200 | | | | | | 9,992,812 | | | | | | 2.9% | | |
Toro Co. (The) | | | | | 158,600 | | | | | | 9,555,650 | | | | | | 2.8% | | |
Salesforce.com, Inc. | | | | | 62,000 | | | | | | 8,456,800 | | | | | | 2.5% | | |
Ultimate Software Group, Inc. (The) | | | | | 32,500 | | | | | | 8,362,575 | | | | | | 2.4% | | |
Total | | | | | | | | | | | | | | | | | 30.1% | | |
Schedule of Investments (unaudited)
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.0%) | | ||||||||||||
| CONSUMER DISCRETIONARY (7.4%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (1.1%) | | ||||||
| | | 112,000 | | | | LKQ Corp.* | | | | $ | 3,572,800 | | |
| | | | | | | RETAIL (6.3%) | | ||||||
| | | 7,400 | | | | AutoZone, Inc.* | | | | | 4,964,882 | | |
| | | 16,200 | | | | Domino’s Pizza, Inc.(1) | | | | | 4,571,154 | | |
| | | 22,600 | | | | O’Reilly Automotive, Inc.* | | | | | 6,182,682 | | |
| | | 61,600 | | | | TJX Companies, Inc. (The) | | | | | 5,863,088 | | |
| | | | | | | | | | | | 21,581,806 | | |
| | | | | | | | | | | | 25,154,606 | | |
| CONSUMER STAPLES (5.0%) | | ||||||||||||
| | | | | | | BEVERAGES (0.7%) | | ||||||
| | | 53,250 | | | | Brown-Forman Corp. Class B(1) | | | | | 2,609,783 | | |
| | | | | | | FOOD (0.6%) | | ||||||
| | | 31,000 | | | | General Mills, Inc.(1) | | | | | 1,372,060 | | |
| | | 5,000 | | | | McCormick & Co., Inc.(1) | | | | | 580,450 | | |
| | | | | | | | | | | | 1,952,510 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.1%) | | ||||||
| | | 134,800 | | | | Church & Dwight Co., Inc.(1) | | | | | 7,165,968 | | |
| | | | | | | RETAIL (1.6%) | | ||||||
| | | 26,000 | | | | Costco Wholesale Corp. | | | | | 5,433,480 | | |
| | | | | | | | | | | | 17,161,741 | | |
| FINANCIALS (4.7%) | | ||||||||||||
| | | | | | | BANKS (1.6%) | | ||||||
| | | 51,900 | | | | HDFC Bank Ltd. ADR(1) | | | | | 5,450,538 | | |
| | | | | | | COMMERCIAL SERVICES (0.1%) | | ||||||
| | | 2,400 | | | | MarketAxess Holdings, Inc.(1) | | | | | 474,864 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.2%) | | ||||||
| | | 8,000 | | | | E*TRADE Financial Corp.* | | | | | 489,280 | | |
| | | | | | | INSURANCE (2.2%) | | ||||||
| | | 3,000 | | | | Alleghany Corp. | | | | | 1,724,910 | | |
| | | 135,000 | | | | Arch Capital Group, Ltd.*(1) | | | | | 3,572,100 | | |
| | | 1,800 | | | | Assurant, Inc. | | | | | 186,282 | | |
| | | 14,000 | | | | Chubb, Ltd. | | | | | 1,778,280 | | |
| | | 3,500 | | | | RenaissanceRe Holdings, Ltd. | | | | | 421,120 | | |
| | | | | | | | | | | | 7,682,692 | | |
| | | | | | | REITS (0.6%) | | ||||||
| | | 23,200 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 2,132,080 | | |
| | | | | | | | | | | | 16,229,454 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.0%) (continued) | | ||||||||||||
| HEALTHCARE (14.7%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (3.1%) | | ||||||
| | | 33,800 | | | | Alexion Pharmaceuticals, Inc.* | | | | $ | 4,196,270 | | |
| | | 23,000 | | | | Illumina, Inc.* | | | | | 6,423,670 | | |
| | | | | | | | | | | | 10,619,940 | | |
| ELECTRONICS (3.0%) | | ||||||||||||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | | 10,241,751 | | |
| | | | | | | HEALTH CARE SERVICES (0.3%) | | ||||||
| | | 3,700 | | | | Chemed Corp. | | | | | 1,190,697 | | |
| | | | | | | HEALTHCARE PRODUCTS (8.3%) | | ||||||
| | | 3,000 | | | | Align Technology, Inc.* | | | | | 1,026,420 | | |
| | | 11,474 | | | | Becton Dickinson & Co. | | | | | 2,748,711 | | |
| | | 61,000 | | | | Danaher Corp. | | | | | 6,019,480 | | |
| | | 20,100 | | | | DENTSPLY SIRONA, Inc.(1) | | | | | 879,777 | | |
| | | 77,600 | | | | Henry Schein, Inc.*(1) | | | | | 5,636,864 | | |
| | | 55,400 | | | | IDEXX Laboratories, Inc.* | | | | | 12,073,876 | | |
| | | | | | | | | | | | 28,385,128 | | |
| | | | | | | | | | | | 50,437,516 | | |
| INDUSTRIALS (32.0%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (7.1%) | | ||||||
| | | 60,081 | | | | HEICO Corp.(1) | | | | | 4,381,726 | | |
| | | 15,800 | | | | Northrop Grumman Corp. | | | | | 4,861,660 | | |
| | | 6,000 | | | | Spirit AeroSystems Holdings, Inc. Class A | | | | | 515,460 | | |
| | | 50,200 | | | | Teledyne Technologies, Inc.* | | | | | 9,992,812 | | |
| | | 13,300 | | | | TransDigm Group, Inc.(1) | | | | | 4,590,362 | | |
| | | | | | | | | | | | 24,342,020 | | |
| | | | | | | COMMERCIAL SERVICES (4.5%) | | ||||||
| | | 12,200 | | | | Cintas Corp.(1) | | | | | 2,257,854 | | |
| | | 14,800 | | | | Equifax, Inc. | | | | | 1,851,628 | | |
| | | 66,152 | | | | IHS Markit, Ltd.* | | | | | 3,412,782 | | |
| | | 146,900 | | | | Rollins, Inc.(1) | | | | | 7,724,002 | | |
| | | | | | | | | | | | 15,246,266 | | |
| | | | | | | ELECTRICAL EQUIPMENT (2.6%) | | ||||||
| | | 9,100 | | | | Acuity Brands, Inc.(1) | | | | | 1,054,417 | | |
| | | 103,750 | | | | AMETEK, Inc. | | | | | 7,486,600 | | |
| | | 6,300 | | | | EnerSys | | | | | 470,232 | | |
| | | | | | | | | | | | 9,011,249 | | |
| | | | | | | ENVIRONMENTAL CONTROL (4.6%) | | ||||||
| | | 38,500 | | | | Republic Services, Inc. | | | | | 2,631,860 | | |
| | | 173,700 | | | | Waste Connections, Inc. | | | | | 13,076,136 | | |
| | | | | | | | | | | | 15,707,996 | | |
| | | | | | | HAND & MACHINE TOOLS (1.6%) | | ||||||
| | | 11,119 | | | | Lincoln Electric Holdings, Inc. | | | | | 975,803 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.0%) (continued) | | ||||||||||||
| | | | | | | HAND & MACHINE TOOLS (1.6%) (continued) | | ||||||
| | | 28,500 | | | | Snap-on, Inc.(1) | | | | $ | 4,580,520 | | |
| | | | | | | | | | | | 5,556,323 | | |
| | | | | | | HOUSEWARES (2.8%) | | ||||||
| | | 158,600 | | | | Toro Co. (The) | | | | | 9,555,650 | | |
| | | | | | | MACHINERY DIVERSIFIED (4.8%) | | ||||||
| | | 12,900 | | | | Graco, Inc. | | | | | 583,338 | | |
| | | 31,850 | | | | IDEX Corp. | | | | | 4,346,888 | | |
| | | 8,000 | | | | Middleby Corp. (The)*(1) | | | | | 835,360 | | |
| | | 39,000 | | | | Roper Technologies, Inc. | | | | | 10,760,490 | | |
| | | | | | | | | | | | 16,526,076 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (1.2%) | | ||||||
| | | 41,600 | | | | AO Smith Corp. | | | | | 2,460,640 | | |
| | | 16,000 | | | | Carlisle Companies, Inc. | | | | | 1,732,960 | | |
| | | | | | | | | | | | 4,193,600 | | |
| | | | | | | TRANSPORTATION (2.8%) | | ||||||
| | | 62,800 | | | | Canadian National Railway Co. | | | | | 5,133,900 | | |
| | | 33,000 | | | | J.B. Hunt Transport Services, Inc. | | | | | 4,011,150 | | |
| | | 4,000 | | | | XPO Logistics, Inc.*(1) | | | | | 400,720 | | |
| | | | | | | | | | | | 9,545,770 | | |
| | | | | | | | | | | | 109,684,950 | | |
| INFORMATION TECHNOLOGY (24.5%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.7%) | | ||||||
| | | 5,900 | | | | Gartner, Inc.* | | | | | 784,110 | | |
| | | 25,700 | | | | WEX, Inc.* | | | | | 4,895,336 | | |
| | | | | | | | | | | | 5,679,446 | | |
| | | | | | | COMPUTERS (2.3%) | | ||||||
| | | 44,000 | | | | Accenture PLC Class A | | | | | 7,197,960 | | |
| | | 11,500 | | | | CGI Group, Inc. Class A*(1) | | | | | 728,180 | | |
| | | | | | | | | | | | 7,926,140 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (2.2%) | | ||||||
| | | 38,000 | | | | MasterCard, Inc. Class A | | | | | 7,467,760 | | |
| | | | | | | ELECTRICAL EQUIPMENT (0.3%) | | ||||||
| | | 5,300 | | | | Littelfuse, Inc.(1) | | | | | 1,209,354 | | |
| | | | | | | ELECTRONICS (2.0%) | | ||||||
| | | 78,400 | | | | Amphenol Corp. Class A | | | | | 6,832,560 | | |
| | | | | | | SEMICONDUCTORS (0.1%) | | ||||||
| | | 1,500 | | | | IPG Photonics Corp.*(1) | | | | | 330,945 | | |
| | | | | | | SOFTWARE (15.7%) | | ||||||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 10,729,488 | | |
| | | 13,400 | | | | Broadridge Financial Solutions, Inc. | | | | | 1,542,340 | | |
| | | 38,000 | | | | Cadence Design Systems, Inc.* | | | | | 1,645,780 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.0%) (continued) | | ||||||||||||
| INFORMATION TECHNOLOGY (24.5%) (continued) | | ||||||||||||
| | | | | | | SOFTWARE (15.7%) (continued) | | ||||||
| | | 7,400 | | | | Fair Isaac Corp.* | | | | $ | 1,430,568 | | |
| | | 136,800 | | | | Fiserv, Inc.* | | | | | 10,135,512 | | |
| | | 28,400 | | | | Intuit, Inc. | | | | | 5,802,262 | | |
| | | 12,500 | | | | Jack Henry & Associates, Inc. | | | | | 1,629,500 | | |
| | | 62,000 | | | | Salesforce.com, Inc.* | | | | | 8,456,800 | | |
| | | 8,000 | | | | ServiceNow, Inc.* | | | | | 1,379,760 | | |
| | | 11,500 | | | | Tyler Technologies, Inc.*(1) | | | | | 2,554,150 | | |
| | | 32,500 | | | | Ultimate Software Group, Inc. (The)*(1) | | | | | 8,362,575 | | |
| | | | �� | | | | | | | | 53,668,735 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 2,800 | | | | Arista Networks, Inc.* | | | | | 720,972 | | |
| | | | | | | | | | | | 83,835,912 | | |
| MATERIALS (6.2%) | | ||||||||||||
| | | | | | | CHEMICALS (1.5%) | | ||||||
| | | 15,000 | | | | Air Products & Chemicals, Inc. | | | | | 2,335,950 | | |
| | | 27,500 | | | | FMC Corp. | | | | | 2,453,275 | | |
| | | 1,100 | | | | NewMarket Corp.(1) | | | | | 444,950 | | |
| | | | | | | | | | | | 5,234,175 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.0%) (continued) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.0%) | | ||||||
| | | 48,400 | | | | Ecolab, Inc. | | | | $ | 6,791,972 | | |
| | | | | | | HOUSEWARES (0.5%) | | ||||||
| | | 20,200 | | | | Scotts Miracle-Gro Co. (The)(1) | | | | | 1,679,832 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.6%) | | ||||||
| | | 21,000 | | | | AptarGroup, Inc. | | | | | 1,960,980 | | |
| | | | | | | PACKAGING & CONTAINERS (1.6%) | | ||||||
| | | 98,800 | | | | Ball Corp.(1) | | | | | 3,512,340 | | |
| | | 42,000 | | | | Crown Holdings, Inc.*(1) | | | | | 1,879,920 | | |
| | | | | | | | | | | | 5,392,260 | | |
| | | | | | | | | | | | 21,059,219 | | |
| REAL ESTATE (1.3%) | | ||||||||||||
| | | | | | | REITS (1.3%) | | ||||||
| | | 31,600 | | | | American Tower Corp. REIT | | | | | 4,555,772 | | |
| TELECOMMUNICATION SERVICES (1.2%) | | ||||||||||||
| | | | | | | REITS (1.2%) | | ||||||
| | | 25,300 | | | | SBA Communications Corp. REIT* | | | | | 4,177,536 | | |
| TOTAL COMMON STOCKS (Cost $130,549,968) (97.0%) | | | | $ | 332,296,706 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENT (3.0%) | | ||||||||||||
| | | | | | | MONEY MARKET FUND (3.0%) | | ||||||
| | | 10,351,521 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class | | | | $ | 10,351,521 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $10,351,521) (3.0%) | | | | | 10,351,521 | | | ||||||
| TOTAL INVESTMENT SECURITIES (100.0%) (Cost $140,901,489) | | | | $ | 342,648,227 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.0%) | | | | | 165,376 | | | ||||||
| NET ASSETS (100%) | | | | $ | 342,813,603 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 332,296,706 | | | | | $ | — | | | | | $ | — | | | | | $ | 332,296,706 | | |
Short-Term Investment | | | | | 10,351,521 | | | | | | — | | | | | | — | | | | | | 10,351,521 | | |
Total Investments in Securities | | | | $ | 342,648,227 | | | | | $ | — | | | | | $ | — | | | | | $ | 342,648,227 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
IDEXX Laboratories, Inc. | | | | | 39,000 | | | | | $ | 8,499,660 | | | | | | 5.6% | | |
Rollins, Inc. | | | | | 137,400 | | | | | | 7,224,492 | | | | | | 4.8% | | |
Teledyne Technologies, Inc. | | | | | 35,900 | | | | | | 7,146,254 | | | | | | 4.7% | | |
Waste Connections, Inc. | | | | | 91,650 | | | | | | 6,899,412 | | | | | | 4.5% | | |
Fiserv, Inc. | | | | | 86,800 | | | | | | 6,431,012 | | | | | | 4.2% | | |
ANSYS, Inc. | | | | | 36,200 | | | | | | 6,305,316 | | | | | | 4.2% | | |
Roper Technologies, Inc. | | | | | 21,400 | | | | | | 5,904,474 | | | | | | 3.9% | | |
Mettler-Toledo International, Inc. | | | | | 9,700 | | | | | | 5,612,711 | | | | | | 3.7% | | |
Amphenol Corp. | | | | | 62,100 | | | | | | 5,412,015 | | | | | | 3.6% | | |
HEICO Corp. | | | | | 74,183 | | | | | | 5,410,221 | | | | | | 3.6% | | |
Total | | | | | | | | | | | | | | | | | 42.8% | | |
Schedule of Investments (unaudited) | June 30, 2018 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.4%) | | ||||||||||||
| CONSUMER DISCRETIONARY (1.7%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (0.6%) | | ||||||
| | | 27,400 | | | | LKQ Corp.* | | | | $ | 874,060 | | |
| | | | | | | RETAIL (1.1%) | | ||||||
| | | 12,200 | | | | Advance Auto Parts, Inc. | | | | | 1,655,540 | | |
| | | | | | | | | | | | 2,529,600 | | |
| CONSUMER STAPLES (7.8%) | | ||||||||||||
| | | | | | | FOOD (5.6%) | | ||||||
| | | 31,000 | | | | J&J Snack Foods Corp. | | | | | 4,726,570 | | |
| | | 33,100 | | | | McCormick & Co., Inc.(1) | | | | | 3,842,579 | | |
| | | | | | | | | | | | 8,569,149 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.2%) | | ||||||
| | | 62,000 | | | | Church & Dwight Co., Inc.(1) | | | | | 3,295,920 | | |
| | | | | | | | | | | | 11,865,069 | | |
| FINANCIALS (4.2%) | | ||||||||||||
| | | | | | | INSURANCE (4.2%) | | ||||||
| | | 18,400 | | | | American Financial Group, Inc. | | | | | 1,974,872 | | |
| | | 167,700 | | | | Arch Capital Group, Ltd.* | | | | | 4,437,342 | | |
| | | | | | | | | | | | 6,412,214 | | |
| | | | | | | | | | | | 6,412,214 | | |
| HEALTHCARE (14.5%) | | ||||||||||||
| | | | | | | ELECTRONICS (3.7%) | | ||||||
| | | 9,700 | | | | Mettler-Toledo International, Inc.* | | | | | 5,612,711 | | |
| | | | | | | HEALTHCARE PRODUCTS (10.8%) | | ||||||
| | | 8,224 | | | | Becton Dickinson & Co. | | | | | 1,970,141 | | |
| | | 26,700 | | | | Danaher Corp. | | | | | 2,634,756 | | |
| | | 45,400 | | | | Henry Schein, Inc.*(1) | | | | | 3,297,856 | | |
| | | 39,000 | | | | IDEXX Laboratories, Inc.* | | | | | 8,499,660 | | |
| | | | | | | | | | | | 16,402,413 | | |
| | | | | | | | | | | | 22,015,124 | | |
| INDUSTRIALS (37.5%) | | ||||||||||||
| | | | | | | | |||||||
| | | | | | | AEROSPACE & DEFENSE (11.4%) | | ||||||
| | | 74,183 | | | | HEICO Corp.(1) | | | | | 5,410,221 | | |
| | | 35,900 | | | | Teledyne Technologies, Inc.* | | | | | 7,146,254 | | |
| | | 14,100 | | | | TransDigm Group, Inc.(1) | | | | | 4,866,474 | | |
| | | | | | | | | | | | 17,422,949 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.4%) (continued) | | ||||||||||||
| | | | | | | BUILDING MATERIALS (0.8%) | | ||||||
| | | 5,800 | | | | Lennox International, Inc.(1) | | | | $ | 1,160,870 | | |
| | | | | | | COMMERCIAL SERVICES (4.7%) | | ||||||
| | | 137,400 | | | | Rollins, Inc. | | | | | 7,224,492 | | |
| | | | | | | ELECTRICAL EQUIPMENT (2.7%) | | ||||||
| | | 56,750 | | | | AMETEK, Inc. | | | | | 4,095,080 | | |
| | | | | | | ENVIRONMENTAL CONTROL (4.5%) | | ||||||
| | | 91,650 | | | | Waste Connections, Inc. | | | | | 6,899,412 | | |
| | | | | | | HAND & MACHINE TOOLS (2.3%) | | ||||||
| | | 21,400 | | | | Snap-on, Inc. | | | | | 3,439,408 | | |
| | | | | | | HOUSEWARES (3.4%) | | ||||||
| | | 85,600 | | | | Toro Co. (The) | | | | | 5,157,400 | | |
| | | | | | | MACHINERY DIVERSIFIED (5.7%) | | ||||||
| | | 26,300 | | | | Middleby Corp. (The)*(1) | | | | | 2,746,246 | | |
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 5,904,474 | | |
| | | | | | | | | | | | 8,650,720 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (2.0%) | | ||||||
| | | 27,500 | | | | Carlisle Companies, Inc. | | | | | 2,978,525 | | |
| | | | | | | | | | | | 57,028,856 | | |
| INFORMATION TECHNOLOGY (28.0%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.0%) | | ||||||
| | | 34,400 | | | | Gartner, Inc.*(1) | | | | | 4,571,760 | | |
| | | | | | | COMPUTERS (1.2%) | | ||||||
| | | 30,000 | | | | CGI Group, Inc. Class A*(1) | | | | | 1,899,600 | | |
| | | | | | | ELECTRONICS (3.6%) | | ||||||
| | | 62,100 | | | | Amphenol Corp. Class A | | | | | 5,412,015 | | |
| | | | | | | SOFTWARE (20.2%) | | ||||||
| | | 36,200 | | | | ANSYS, Inc.* | | | | | 6,305,316 | | |
| | | 86,800 | | | | Fiserv, Inc.* | | | | | 6,431,012 | | |
| | | 37,800 | | | | Jack Henry & Associates, Inc. | | | | | 4,927,608 | | |
| | | 96,800 | | | | Open Text Corp. | | | | | 3,406,392 | | |
| | | 20,600 | | | | Tyler Technologies, Inc.* | | | | | 4,575,260 | | |
| | | 19,700 | | | | Ultimate Software Group, Inc. (The)*(1) | | | | | 5,069,007 | | |
| | | | | | | | | | | | 30,714,595 | | |
| | | | | | | | | | | | 42,597,970 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.4%) (continued) | | ||||||||||||
| MATERIALS (3.7%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.1%) | | ||||||
| | | 23,000 | | | | Ecolab, Inc. | | | | $ | 3,227,590 | | |
| | | | | | | PACKAGING & CONTAINERS (1.6%) | | ||||||
| | | 68,800 | | | | Ball Corp. | | | | | 2,445,840 | | |
| | | | | | | | | | | | 5,673,430 | | |
| TOTAL COMMON STOCKS (Cost $83,707,263) (97.4%) | | | | | 148,122,263 | | | ||||||
| SHORT-TERM INVESTMENT (2.4%) | | ||||||||||||
| | | | | | | MONEY MARKET FUND (2.4%) | | ||||||
| | | 3,734,480 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class | | | | | 3,734,480 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,734,480) (2.4%) | | | | | 3,734,480 | | | ||||||
| TOTAL INVESTMENT SECURITIES (99.8%) (Cost $87,441,743) | | | | $ | 151,856,743 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.2%) | | | | | 236,270 | | | ||||||
| NET ASSETS (100%) | | | | $ | 152,093,013 | | |
Schedule of Investments (unaudited) (continued)
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 148,122,263 | | | | | $ | — | | | | | $ | — | | | | | $ | 148,122,263 | | |
Short-Term Investment | | | | | 3,734,480 | | | | | | — | | | | | | — | | | | | | 3,734,480 | | |
Total Investments in Securities | | | | $ | 151,856,743 | | | | | $ | — | | | | | $ | — | | | | | $ | 151,856,743 | | |
(continued)
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Alexion Pharmaceuticals, Inc. | | | | | 175,000 | | | | | $ | 21,726,250 | | | | | | 4.7% | | |
Facebook, Inc. | | | | | 75,000 | | | | | | 14,574,000 | | | | | | 3.1% | | |
Visa, Inc. | | | | | 110,000 | | | | | | 14,569,500 | | | | | | 3.1% | | |
Activision Blizzard, Inc. | | | | | 190,000 | | | | | | 14,500,800 | | | | | | 3.1% | | |
Celgene Corp. | | | | | 160,000 | | | | | | 12,707,200 | | | | | | 2.7% | | |
Alphabet, Inc. | | | | | 11,000 | | | | | | 12,421,090 | | | | | | 2.7% | | |
Alibaba Group Holding, Ltd. ADR | | | | | 63,000 | | | | | | 11,688,390 | | | | | | 2.5% | | |
TESARO, Inc. | | | | | 260,000 | | | | | | 11,562,200 | | | | | | 2.5% | | |
Amazon.com, Inc. | | | | | 6,400 | | | | | | 10,878,720 | | | | | | 2.3% | | |
Netflix, Inc. | | | | | 24,500 | | | | | | 9,590,035 | | | | | | 2.1% | | |
Total | | | | | | | | | | | | | | | | | 28.8% | | |
Schedule of Investments (unaudited)
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.9%) | | ||||||||||||
| CONSUMER DISCRETIONARY (14.9%) | | ||||||||||||
| | | | | | | APPAREL (0.8%) | | ||||||
| | | 45,000 | | | | NIKE, Inc. Class B | | | | $ | 3,585,600 | | |
| | | | | | | AUTO MANUFACTURERS (0.8%) | | ||||||
| | | 11,500 | | | | Tesla, Inc.*(1) | | | | | 3,943,925 | | |
| | | | | | | ENTERTAINMENT (3.0%) | | ||||||
| | | 182,000 | | | | Lions Gate Entertainment Corp. Class A(1) | | | | | 4,517,240 | | |
| | | 34,500 | | | | Vail Resorts, Inc. | | | | | 9,459,555 | | |
| | | | | | | | | | | | 13,976,795 | | |
| | | | | | | HOME BUILDERS (0.6%) | | ||||||
| | | 75,000 | | | | Toll Brothers, Inc. | | | | | 2,774,250 | | |
| | | | | | | INTERNET (4.4%) | | ||||||
| | | 6,400 | | | | Amazon.com, Inc.* | | | | | 10,878,720 | | |
| | | 24,500 | | | | Netflix, Inc.* | | | | | 9,590,035 | | |
| | | | | | | | | | | | 20,468,755 | | |
| | | | | | | MEDIA (1.4%) | | ||||||
| | | 93,000 | | | | Comcast Corp. Class A | | | | | 3,051,330 | | |
| | | 33,000 | | | | Walt Disney Co. (The) | | | | | 3,458,730 | | |
| | | | | | | | | | | | 6,510,060 | | |
| | | | | | | RETAIL (3.9%) | | ||||||
| | | 21,000 | | | | Home Depot, Inc. | | | | | 4,097,100 | | |
| | | 68,000 | | | | Starbucks Corp. | | | | | 3,321,800 | | |
| | | 57,000 | | | | TJX Companies, Inc. (The) | | | | | 5,425,260 | | |
| | | 22,500 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 5,252,850 | | |
| | | | | | | | | | | | 18,097,010 | | |
| | | | | | | | | | | | 69,356,395 | | |
| CONSUMER STAPLES (3.1%) | | ||||||||||||
| | | | | | | BEVERAGES (2.2%) | | ||||||
| | | 32,000 | | | | Constellation Brands, Inc. Class A | | | | | 7,003,840 | | |
| | | 57,000 | | | | Monster Beverage Corp.* | | | | | 3,266,100 | | |
| | | | | | | | | | | | 10,269,940 | | |
| | | | | | | COSMETICS & PERSONAL CARE (0.9%) | | ||||||
| | | 28,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,995,320 | | |
| | | | | | | | | | | | 14,265,260 | | |
| ENERGY (4.2%) | | ||||||||||||
| | | | | | | OIL & GAS (4.2%) | | ||||||
| | | 90,000 | | | | Anadarko Petroleum Corp. | | | | | 6,592,500 | | |
| | | 35,000 | | | | Diamondback Energy, Inc. | | | | | 4,604,950 | | |
| | | 23,000 | | | | Pioneer Natural Resources Co. | | | | | 4,352,520 | | |
| | | 61,000 | | | | Schlumberger Ltd. | | | | | 4,088,830 | | |
| | | | | | | | | | | | 19,638,800 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.9%) (continued) | | ||||||||||||
| FINANCIALS (9.0%) | | ||||||||||||
| | | | | | | BANKS (5.0%) | | ||||||
| | | 340,000 | | | | Bank of America Corp. | | | | $ | 9,584,600 | | |
| | | 107,000 | | | | Citigroup, Inc. | | | | | 7,160,440 | | |
| | | 63,000 | | | | JPMorgan Chase & Co. | | | | | 6,564,600 | | |
| | | | | | | | | | | | 23,309,640 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (4.0%) | | ||||||
| | | 8,000 | | | | BlackRock, Inc. | | | | | 3,992,320 | | |
| | | 185,000 | | | | Blackstone Group L.P. (The) | | | | | 5,951,450 | | |
| | | 100,000 | | | | Charles Schwab Corp. (The) | | | | | 5,110,000 | | |
| | | 120,000 | | | | Invesco Ltd. | | | | | 3,187,200 | | |
| | | | | | | | | | | | 18,240,970 | | |
| | | | | | | | | | | | 41,550,610 | | |
| HEALTHCARE (25.1%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (15.9%) | | ||||||
| | | 175,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 21,726,250 | | |
| | | 15,500 | | | | Biogen, Inc.* | | | | | 4,498,720 | | |
| | | 72,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 6,782,400 | | |
| | | 160,000 | | | | Celgene Corp.* | | | | | 12,707,200 | | |
| | | 125,000 | | | | Exact Sciences Corp.*(1) | | | | | 7,473,750 | | |
| | | 380,000 | | | | Exelixis, Inc.* | | | | | 8,177,600 | | |
| | | 40,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 3,356,400 | | |
| | | 54,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 9,177,840 | | |
| | | | | | | | | | | | 73,900,160 | | |
| | | | | | | HEALTHCARE PRODUCTS (2.0%) | | ||||||
| | | 45,000 | | | | Edwards Lifesciences Corp.* | | | | | 6,550,650 | | |
| | | 36,000 | | | | Nevro Corp.*(1) | | | | | 2,874,600 | | |
| | | | | | | | | | | | 9,425,250 | | |
| | | | | | | PHARMACEUTICALS (5.8%) | | ||||||
| | | 40,000 | | | | DexCom, Inc.*(1) | | | | | 3,799,200 | | |
| | | 25,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 4,307,500 | | |
| | | 104,000 | | | | Pfizer, Inc. | | | | | 3,773,120 | | |
| | | 260,000 | | | | TESARO, Inc.*(1) | | | | | 11,562,200 | | |
| | | 42,000 | | | | Zoetis, Inc. | | | | | 3,577,980 | | |
| | | | | | | | | | | | 27,020,000 | | |
| | | | | | | SOFTWARE (1.4%) | | ||||||
| | | 80,000 | | | | Medidata Solutions, Inc.*(1) | | | | | 6,444,800 | | |
| | | | | | | | | | | | 116,790,210 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.9%) (continued) | | ||||||||||||
| INDUSTRIALS (0.8%) | | ||||||||||||
| | | | | | | AIRLINES (0.8%) | | ||||||
| | | 78,000 | | | | Delta Air Lines, Inc. | | | | $ | 3,864,120 | | |
| INFORMATION TECHNOLOGY (27.1%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.4%) | | ||||||
| | | 80,000 | | | | PayPal Holdings, Inc.* | | | | | 6,661,600 | | |
| | | | | | | COMPUTERS (1.3%) | | ||||||
| | | 32,000 | | | | Apple, Inc. | | | | | 5,923,520 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (3.1%) | | ||||||
| | | 110,000 | | | | Visa, Inc. Class A(1) | | | | | 14,569,500 | | |
| | | | | | | INTERNET (10.9%) | | ||||||
| | | 63,000 | | | | Alibaba Group Holding, Ltd. ADR*(1) | | | | | 11,688,390 | | |
| | | 11,000 | | | | Alphabet, Inc. Class A* | | | | | 12,421,090 | | |
| | | 75,000 | | | | Facebook, Inc. Class A* | | | | | 14,574,000 | | |
| | | 54,000 | | | | GrubHub, Inc.* | | | | | 5,665,140 | | |
| | | 118,000 | | | | Zendesk, Inc.* | | | | | 6,429,820 | | |
| | | | | | | | | | | | 50,778,440 | | |
| | | | | | | SEMICONDUCTORS (3.1%) | | ||||||
| | | 19,000 | | | | Broadcom, Inc. | | | | | 4,610,160 | | |
| | | 69,000 | | | | Intel Corp. | | | | | 3,429,990 | | |
| | | 120,000 | | | | Micron Technology, Inc.* | | | | | 6,292,800 | | |
| | | | | | | | | | | | 14,332,950 | | |
| | | | | | | SOFTWARE (6.5%) | | ||||||
| | | 190,000 | | | | Activision Blizzard, Inc. | | | | | 14,500,800 | | |
| | | 21,500 | | | | Adobe Systems, Inc.* | | | | | 5,241,915 | | |
| | | 34,000 | | | | Salesforce.com, Inc.* | | | | | 4,637,600 | | |
| | | 35,000 | | | | ServiceNow, Inc.* | | | | | 6,036,450 | | |
| | | | | | | | | | | | 30,416,765 | | |
| | | | | | | TELECOMMUNICATIONS (0.8%) | | ||||||
| | | 80,000 | | | | Cisco Systems, Inc. | | | | | 3,442,400 | | |
| | | | | | | | | | | | 126,125,175 | | |
| REAL ESTATE (0.7%) | | ||||||||||||
| | | | | | | REITS (0.7%) | | ||||||
| | | 22,000 | | | | American Tower Corp. REIT | | | | | 3,171,740 | | |
| TOTAL COMMON STOCKS (Cost $300,904,251) (84.9%) | | | | | 394,762,310 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.7%) | | ||||||||||||
| | $ | 400,000 | | | | Capital One Multi-Asset Execution Trust, Series 2016-A4, Class A4, 1.33%, 6/15/22 | | | | $ | 393,728 | | |
| | | 250,000 | | | | CarMax Auto Owner Trust, Series 2015-1, Class A4, 1.83%, 7/15/20 | | | | | 248,973 | | |
| | | 75,160 | | | | CarMax Auto Owner Trust, Series 2015-4, Class A3, 1.56%, 11/16/20 | | | | | 74,804 | | |
| | | 250,000 | | | | Cedar Funding VII Clo, Ltd., Series 2018-7A, Class A1, 3-month LIBOR + 1.00%, 3.03%, 1/20/31(2)(3) | | | | | 249,958 | | |
| | | 208,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/16/24 | | | | | 200,646 | | |
| | | 150,000 | | | | Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A4, 1.96%, 1/18/22(2) | | | | | 149,248 | | |
| | | 350,000 | | | | Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.75%, 11/19/21 | | | | | 344,825 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 149,567 | | |
| | | 250,000 | | | | Dryden CLO, Ltd., Series 2017-53A, Class B, 3-month LIBOR + 1.40%, 3.75%, 1/15/31(2)(3) | | | | | 247,002 | | |
| | | 250,000 | | | | Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.26%, 11/15/25(2) | | | | | 248,848 | | |
| | | 100,000 | | | | GE Capital Credit Card Master Note Trust, Series 2012-2, Class A, 2.22%, 1/15/22 | | | | | 99,843 | | |
| | | 250,000 | | | | GM Financial Automobile Leasing Trust, Series 2017-3, Class A4, 2.12%, 9/20/21 | | | | | 246,642 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.7%) (continued) | | ||||||||||||
| | $ | 250,000 | | | | GMF Floorplan Owner Revolving Trust, Series 2016-1, Class B, 2.41%, 5/17/21(2) | | | | $ | 248,769 | | |
| | | 460,000 | | | | Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A3, 1.97%, 7/15/20(2) | | | | | 456,292 | | |
| | | 100,000 | | | | Synchrony Credit Card Master Note Trust, Series 2015-1, Class A, 2.37%, 3/15/23 | | | | | 98,957 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $3,481,875) (0.7%) | | | | | 3,458,102 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.0%) | | ||||||||||||
| | | 350,000 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 350,128 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 101,644 | | |
| | | 94,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 93,673 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K029, Class A2, 3.32%, 2/25/23(3) | | | | | 101,020 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K033, Class A2, 3.06%, 7/25/23(3) | | | | | 249,489 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K034, Class A2, 3.53%, 7/25/23(3) | | | | | 254,727 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.0%) (continued) | | ||||||||||||
| | $ | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(3) | | | | $ | 248,526 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | | | | | 253,190 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.62%, 11/25/45(2)(3) | | | | | 249,156 | | |
| | | 120,000 | | | | FREMF Mortgage Trust, Series 2013-K713, Class B, 3.26%, 4/25/46(2)(3) | | | | | 119,906 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.75%, 11/25/47(2)(3) | | | | | 251,298 | | |
| | | 180,864 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 171,436 | | |
| | | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.11%, 11/16/52(3) | | | | | 139,233 | | |
| | | 237,158 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 237,810 | | |
| | | 250,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4, 3.25%, 2/15/48 | | | | | 245,043 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 244,770 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 381,802 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class A2, 2.66%, 2/15/48 | | | | | 148,714 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.0%) (continued) | | ||||||||||||
| | $ | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | $ | 199,096 | | |
| | | 223,793 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 219,269 | | |
| | | 200,000 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 202,419 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,589,278) (1.0%) | | | | | 4,462,349 | | | ||||||
| CORPORATE BONDS & NOTES (3.3%) | | ||||||||||||
| BASIC MATERIALS (0.2%) | | ||||||||||||
| | | | | | | CHEMICALS (0.1%) | | ||||||
| | | 225,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 229,655 | | |
| | | 200,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23 | | | | | 200,436 | | |
| | | | | | | | | | | | 430,091 | | |
| | | | | | | IRON & STEEL (0.0%) | | ||||||
| | | 132,000 | | | | Vale Overseas, Ltd., Guaranteed Notes, 4.38%, 1/11/22(1) | | | | | 133,583 | | |
| | | | | | | MINING (0.1%) | | ||||||
| | | 150,000 | | | | Glencore Funding LLC, Guaranteed Notes, 4.13%, 5/30/23(1)(2) | | | | | 149,671 | | |
| | | | | | | | | | | | 713,345 | | |
| COMMUNICATIONS (0.4%) | | ||||||||||||
| | | | | | | INTERNET (0.1%) | | ||||||
| | | 255,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 279,388 | | |
| | | 150,000 | | | | Netflix, Inc., Senior Unsecured Notes, 5.75%, 3/1/24 | | | | | 153,765 | | |
| | | | | | | | | | | | 433,153 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.3%) (continued) | | ||||||||||||
| | | | | | | MEDIA (0.1%) | | ||||||
| | $ | 125,000 | | | | Charter Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | $ | 126,236 | | |
| | | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26(1) | | | | | 153,848 | | |
| | | 100,000 | | | | Grupo Televisa S.A.B., Senior Unsecured Notes, 6.63%, 1/15/40 | | | | | 108,200 | | |
| | | 150,000 | | | | Warner Media LLC, Guaranteed Notes, 3.80%, 2/15/27 | | | | | 141,656 | | |
| | | | | | | | | | | | 529,940 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 150,000 | | | | AT&T, Inc., Senior Unsecured Notes, 3.80%, 3/1/24 | | | | | 147,107 | | |
| | | 250,000 | | | | Telefonica Emisiones SAU, Guaranteed Notes, 5.88%, 7/15/19 | | | | | 257,161 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 242,096 | | |
| | | | | | | | | | | | 646,364 | | |
| | | | | | | | | | | | 1,609,457 | | |
| CONSUMER, CYCLICAL (0.2%) | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS (0.1%) | | ||||||
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.15%, 1/15/20 | | | | | 199,649 | | |
| | | 100,000 | | | | Nissan Motor Acceptance Corp., Senior Unsecured Notes, 2.35%, 3/4/19(2) | | | | | 99,677 | | |
| | | | | | | | | | | | 299,326 | | |
| | | | | | | AUTO PARTS & EQUIPMENT (0.0%) | | ||||||
| | | 175,000 | | | | Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24 | | | | | 172,813 | | |
| | | | | | | HOME BUILDERS (0.1%) | | ||||||
| | | 150,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 4.00%, 2/15/20 | | | | | 151,459 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.3%) (continued) | | ||||||||||||
| | | | | | | HOME BUILDERS (0.1%) (continued) | | ||||||
| | $ | 150,000 | | | | PulteGroup, Inc., Guaranteed Notes, 4.25%, 3/1/21 | | | | $ | 150,105 | | |
| | | 100,000 | | | | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | | | | | 96,250 | | |
| | | | | | | | | | | | 397,814 | | |
| | | | | | | LODGING (0.0%) | | ||||||
| | | 125,000 | | | | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Guaranteed Notes, 4.63%, 4/1/25 | | | | | 121,875 | | |
| | | | | | | RETAIL (0.0%) | | ||||||
| | | 100,000 | | | | McDonald’s Corp. MTN, Senior Unsecured Notes, 4.45%, 3/1/47 | | | | �� | 98,683 | | |
| | | | | | | | | | | | 1,090,511 | | |
| CONSUMER, NON-CYCLICAL (0.3%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (0.0%) | | ||||||
| | | 200,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 2.35%, 2/1/20 | | | | | 198,042 | | |
| | | | | | | COMMERCIAL SERVICES (0.1%) | | ||||||
| | | 100,000 | | | | Service Corp. International, Senior Unsecured Notes, 5.38%, 1/15/22 | | | | | 101,000 | | |
| | | 150,000 | | | | Total System Services, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 153,770 | | |
| | | 100,000 | | | | United Rentals North America, Inc., Guaranteed Notes, 5.50%, 5/15/27 | | | | | 97,000 | | |
| | | | | | | | | | | | 351,770 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.0%) | | ||||||
| | | 100,000 | | | | Edwards Lifesciences Corp., Senior Unsecured Notes, 2.88%, 10/15/18 | | | | | 100,027 | | |
| | | | | | | HEALTHCARE SERVICES (0.1%) | | ||||||
| | | 125,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 123,088 | | |
| | | 150,000 | | | | LifePoint Health, Inc., Guaranteed Notes, 5.50%, 12/1/21(1) | | | | | 149,812 | | |
| | | 100,000 | | | | NYU Langone Hospitals, Secured Notes, 4.78%, 7/1/44 | | | | | 109,425 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.3%) (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL (0.3%) (continued) | | ||||||||||||
| | | | | | | HEALTHCARE SERVICES (0.1%) (continued) | | ||||||
| | $ | 100,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | $ | 104,358 | | |
| | | | | | | | | | | | 486,683 | | |
| | | | | | | PHARMACEUTICALS (0.1%) | | ||||||
| | | 250,000 | | | | CVS Health Corp., Senior Unsecured Notes, 3.35%, 3/9/21 | | | | | 249,725 | | |
| | | 175,000 | | | | Express Scripts Holding Co., Guaranteed Notes, 4.75%, 11/15/21 | | | | | 180,549 | | |
| | | | | | | | | | | | 430,274 | | |
| | | | | | | | | | | | 1,566,796 | | |
| ENERGY (0.4%) | | ||||||||||||
| | | | | | | OIL & GAS (0.2%) | | ||||||
| | | 150,000 | | | | Continental Resources, Inc., Guaranteed Notes, 4.50%, 4/15/23 | | | | | 152,217 | | |
| | | 200,000 | | | | Devon Energy Corp., Senior Unsecured Notes, 4.75%, 5/15/42 | | | | | 195,252 | | |
| | | 100,000 | | | | EQT Corp., Senior Unsecured Notes, 2.50%, 10/1/20 | | | | | 97,708 | | |
| | | 150,000 | | | | Marathon Oil Corp., Senior Unsecured Notes, 3.85%, 6/1/25 | | | | | 147,566 | | |
| | | 150,000 | | | | Murphy Oil Corp., Senior Unsecured Notes, 5.75%, 8/15/25 | | | | | 149,580 | | |
| | | 200,000 | | | | Phillips 66, Guaranteed Notes, 4.30%, 4/1/22 | | | | | 205,987 | | |
| | | 175,000 | | | | Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37 | | | | | 209,255 | | |
| | | | | | | | | | | | 1,157,565 | | |
| | | | | | | PIPELINES (0.2%) | | ||||||
| | | 150,000 | | | | Energy Transfer Partners L.P., Senior Unsecured Notes, 9.00%, 4/15/19 | | | | | 156,843 | | |
| | | 200,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 199,663 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.3%) (continued) | | ||||||||||||
| | | | | | | PIPELINES (0.2%) (continued) | | ||||||
| | $ | 125,000 | | | | Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46 | | | | $ | 116,019 | | |
| | | 250,000 | | | | MPLX L.P., Senior Unsecured Notes, 4.13%, 3/1/27 | | | | | 238,476 | | |
| | | 200,000 | | | | TransCanada PipeLines, Ltd., Senior Unsecured Notes, 4.88%, 5/15/48 | | | | | 201,949 | | |
| | | | | | | | | | | | 912,950 | | |
| | | | | | | | | | | | 2,070,515 | | |
| FINANCIAL (1.3%) | | ||||||||||||
| | | | | | | BANKS (0.6%) | | ||||||
| | | 150,000 | | | | Australia & New Zealand Banking Group Ltd., Subordinated Notes, 4.50%, 3/19/24(2) | | | | | 149,850 | | |
| | | 100,000 | | | | Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20(1) | | | | | 99,245 | | |
| | | 150,000 | | | | Bank of America Corp. MTN, Subordinated Notes, 4.20%, 8/26/24 | | | | | 150,783 | | |
| | | 100,000 | | | | BPCE S.A., Guaranteed Notes, 2.50%, 12/10/18 | | | | | 99,944 | | |
| | | 250,000 | | | | Capital One Financial Corp., Senior Unsecured Notes, 3.75%, 4/24/24 | | | | | 245,210 | | |
| | | 100,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 102,953 | | |
| | | 150,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 2.88%, 7/27/20 | | | | | 149,156 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 118,684 | | |
| | | 250,000 | | | | Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21(1) | | | | | 248,795 | | |
| | | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 259,303 | | |
| | | 250,000 | | | | Morgan Stanley, Senior Unsecured Notes, 2.80%, 6/16/20 | | | | | 247,983 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.3%) (continued) | | ||||||||||||
| | | | | | | BANKS (0.6%) (continued) | | ||||||
| | $ | 200,000 | | | | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, 3.30%, 3/8/22 | | | | $ | 198,812 | | |
| | | 100,000 | | | | Santander Holdings USA, Inc., Senior Unsecured Notes, 2.65%, 4/17/20 | | | | | 99,119 | | |
| | | 250,000 | | | | Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21(1) | | | | | 261,711 | | |
| | | 250,000 | | | | Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21 | | | | | 250,365 | | |
| | | 250,000 | | | | Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22 | | | | | 249,184 | | |
| | | | | | | | | | | | 2,931,097 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.4%) | | ||||||
| | | 210,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 4.13%, 2/13/22 | | | | | 206,262 | | |
| | | 100,000 | | | | BlackRock, Inc., Series 2, Senior Unsecured Notes, 5.00%, 12/10/19 | | | | | 103,153 | | |
| | | 125,000 | | | | CIT Group, Inc., Senior Unsecured Notes, 5.00%, 8/15/22 | | | | | 126,406 | | |
| | | 250,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 243,962 | | |
| | | 250,000 | | | | International Lease Finance Corp., Senior Secured Notes, 7.13%, 9/1/18(2) | | | | | 251,631 | | |
| | | 250,000 | | | | Nomura Holdings, Inc. GMTN, Senior Unsecured Notes, 2.75%, 3/19/19 | | | | | 249,919 | | |
| | | 150,000 | | | | ORIX Corp., Senior Unsecured Notes, 3.25%, 12/4/24 | | | | | 143,317 | | |
| | | 200,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | | | | | 199,268 | | |
| | | 150,000 | | | | Synchrony Financial, Senior Unsecured Notes, 3.00%, 8/15/19 | | | | | 149,681 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.3%) (continued) | | ||||||||||||
| FINANCIAL (1.3%) (continued) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.4%) (continued) | | ||||||
| | $ | 100,000 | | | | Synchrony Financial, Senior Unsecured Notes, 3.75%, 8/15/21 | | | | $ | 99,896 | | |
| | | | | | | | | | | | 1,773,495 | | |
| | | | | | | INSURANCE (0.1%) | | ||||||
| | | 150,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22 | | | | | 157,099 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(1) | | | | | 256,891 | | |
| | | 150,000 | | | | XLIT Ltd., Guaranteed Notes, 5.75%, 10/1/21 | | | | | 160,047 | | |
| | | | | | | | | | | | 574,037 | | |
| | | | | | | REITS (0.2%) | | ||||||
| | | 150,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 146,216 | | |
| | | 100,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 5.25%, 3/15/21 | | | | | 104,108 | | |
| | | 200,000 | | | | EPR Properties, Guaranteed Notes, 5.25%, 7/15/23 | | | | | 205,772 | | |
| | | 100,000 | | | | Hospitality Properties Trust, Senior Unsecured Notes, 4.65%, 3/15/24 | | | | | 99,932 | | |
| | | 100,000 | | | | Host Hotels & Resorts L.P., Senior Unsecured Notes, 5.25%, 3/15/22 | | | | | 104,179 | | |
| | | 100,000 | | | | iStar, Inc., Senior Unsecured Notes, 5.25%, 9/15/22(1) | | | | | 96,813 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 7.38%, 10/1/19 | | | | | 105,079 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | | 118,924 | | |
| | | | | | | | | | | | 981,023 | | |
| | | | | | | | | | | | 6,259,652 | | |
| INDUSTRIAL (0.2%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (0.1%) | | ||||||
| | | 250,000 | | | | Harris Corp., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 251,955 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.3%) (continued) | | ||||||||||||
| | | | | | | MACHINERY DIVERSIFIED (0.0%) | | ||||||
| | $ | 200,000 | | | | Briggs & Stratton Corp., Guaranteed Notes, 6.88%, 12/15/20 | | | | $ | 212,500 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.1%) | | ||||||
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 247,033 | | |
| | | | | | | PACKAGING & CONTAINERS (0.0%) | | ||||||
| | | 150,000 | | | | Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24 | | | | | 147,359 | | |
| | | | | | | | | | | | 858,847 | | |
| TECHNOLOGY (0.1%) | | ||||||||||||
| | | | | | | SOFTWARE (0.1%) | | ||||||
| | | 125,000 | | | | Cadence Design Systems, Inc., Senior Unsecured Notes, 4.38%, 10/15/24 | | | | | 126,608 | | |
| | | 100,000 | | | | j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., Guaranteed Notes, 6.00%, 7/15/25(2) | | | | | 101,250 | | |
| | | 100,000 | | | | Microsoft Corp., Senior Unsecured Notes, 4.45%, 11/3/45 | | | | | 107,489 | | |
| | | | | | | | | | | | 335,347 | | |
| UTILITIES (0.2%) | | ||||||||||||
| | | | | | | ELECTRIC (0.2%) | | ||||||
| | | 150,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 155,220 | | |
| | | 100,000 | | | | Exelon Generation Co. LLC, Senior Unsecured Notes, 5.20%, 10/1/19 | | | | | 102,349 | | |
| | | 250,000 | | | | Florida Power & Light Co., 4.05%, 6/1/42 | | | | | 252,731 | | |
| | | 175,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 164,397 | | |
| | | | | | | | | | | | 674,697 | | |
| | | | | | | GAS (0.0%) | | ||||||
| | | 150,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 154,130 | | |
| | | | | | | | | | | | 828,827 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $15,519,425) (3.3%) | | | | | 15,333,297 | | |
| Principal Amount | | | | | | Value | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.2%) | | ||||||||||||
| | $ | 200,000 | | | | European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | $ | 198,652 | | |
| | | 250,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22 | | | | | 243,209 | | |
| | | 200,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27 | | | | | 196,900 | | |
| | | 100,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 100,750 | | |
| | | 125,000 | | | | Peruvian Government International Bond, Senior Unsecured Notes, 4.13%, 8/25/27 | | | | | 127,813 | | |
| | | 100,000 | | | | Petroleos Mexicanos, Guaranteed Notes, 6.75%, 9/21/47 | | | | | 94,290 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $992,598) (0.2%) | | | | | 961,614 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.3%) | | ||||||||||||
| | | | | | | CALIFORNIA (0.1%) | | ||||||
| | | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | | 86,973 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 60,387 | | |
| | | 100,000 | | | | Yuba Levee Financing Authority, Revenue Bonds, Series B, (BAM), 3.33%, 9/1/23 | | | | $ | 100,741 | | |
| | | | | | | | | | | | 248,101 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.3%) (continued) | | ||||||||||||
| | | | | | | FLORIDA (0.0%) | | ||||||
| | $ | 75,000 | | | | Florida State Department of Environmental Protection Revenue, Build America Bonds, Revenue Bonds, Series B, 5.31%, 7/1/18 | | | | $ | 75,000 | | |
| | | | | | | NEW YORK (0.1%) | | ||||||
| | | 185,000 | | | | Metropolitan Transportation Authority, Build America Bonds, Revenue Bonds, Ser. C-1, 5.12%, 11/15/19 | | | | | 190,014 | | |
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 105,266 | | |
| | | 200,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23 | | | | | 194,938 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 241,192 | | |
| | | | | | | | | | | | 731,410 | | |
| | | | | | | TEXAS (0.1%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 271,897 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 254,830 | | |
| | | | | | | | | | | | 526,727 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,578,393) (0.3%) | | | | | 1,581,238 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%) | | ||||||||||||
| | $ | 230,000 | | | | FHLB, 3.25%, 3/8/24 | | | | $ | 234,034 | | |
| | | 250,000 | | | | FHLB, 1.63%, 2/27/19 | | | | | 248,855 | | |
| | | 250,000 | | | | FHLMC, 6.25%, 7/15/32 | | | | | 334,592 | | |
| | | 223,004 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 213,045 | | |
| | | 85,587 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 90,537 | | |
| | | 89,826 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 91,983 | | |
| | | 144,555 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 144,607 | | |
| | | 157,739 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | | 162,167 | | |
| | | 250,490 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 244,638 | | |
| | | 46,078 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | | 45,002 | | |
| | | 314,645 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 318,397 | | |
| | | 101,863 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 102,171 | | |
| | | 85,042 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 85,299 | | |
| | | 91,835 | | | | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | | | | | 93,982 | | |
| | | 446,584 | | | | FHLMC Gold Pool #Q41084, 3.50%, 6/1/46 | | | | | 445,492 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 245,481 | | |
| | | 239,803 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | | 249,880 | | |
| | | 133,552 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 143,047 | | |
| | | 138,232 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 148,038 | | |
| | | 76,145 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | | 80,081 | | |
| | | 214,093 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 214,854 | | |
| | | 73,562 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 73,800 | | |
| | | 269,121 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 269,162 | | |
| | | 91,005 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 95,749 | | |
| | | 140,948 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 148,294 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%) (continued) | | ||||||||||||
| | $ | 92,371 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | $ | 97,184 | | |
| | | 596 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 639 | | |
| | | 161,819 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | | 170,255 | | |
| | | 96,252 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 101,193 | | |
| | | 367,297 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 393,866 | | |
| | | 278,284 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | | 272,201 | | |
| | | 138,066 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 144,554 | | |
| | | 83,075 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | | 83,062 | | |
| | | 48,056 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | | 50,297 | | |
| | | 100,131 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 99,900 | | |
| | | 186,203 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 185,885 | | |
| | | 85,810 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 85,663 | | |
| | | 232,389 | | | | FNMA Pool #AS7188, 4.00%, 5/1/46 | | | | | 237,101 | | |
| | | 384,914 | | | | FNMA Pool #AS9459, 4.50%, 4/1/47 | | | | | 401,531 | | |
| | | 49,778 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 51,068 | | |
| | | 146,644 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 143,269 | | |
| | | 125,103 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | | 122,217 | | |
| | | 318,453 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 308,664 | | |
| | | 85,173 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 87,348 | | |
| | | 122,331 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | | 122,501 | | |
| | | 68,715 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 67,133 | | |
| | | 109,466 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 114,611 | | |
| | | 147,258 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 143,785 | | |
| | | 166,939 | | | | FNMA Pool #AZ2276, 4.00%, 6/1/45 | | | | | 170,316 | | |
| | | 222,734 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 216,094 | | |
| | | 145,095 | | | | FNMA Pool #BD8211, 4.00%, 4/1/47 | | | | | 147,997 | | |
| | | 194,996 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 186,997 | | |
| | | 82,134 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 80,672 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.0%) (continued) | | ||||||||||||
| | $ | 122,729 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | $ | 121,255 | | |
| | | 191,407 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 193,686 | | |
| | | 341,319 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 352,519 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $9,732,257) (2.0%) | | | | | 9,476,650 | | | ||||||
| U.S. TREASURY OBLIGATIONS (1.8%) | | ||||||||||||
| | | 70,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 85,315 | | |
| | | 1,882,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 1,811,057 | | |
| | | 690,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48(1) | | | | | 692,318 | | |
| | | 797,000 | | | | U.S. Treasury Notes, 1.50%, 5/31/19 | | | | | 790,991 | | |
| | | 775,000 | | | | U.S. Treasury Notes, 1.38%, 4/30/20 | | | | | 759,137 | | |
| | | 800,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 776,437 | | |
| | | 1,949,000 | | | | U.S. Treasury Notes, 2.13%, 7/31/24 | | | | | 1,875,989 | | |
| | | 1,031,999 | | | | U.S. Treasury Notes, 2.25%, 8/15/27(1) | | | | | 982,214 | | |
| | | 500,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 495,723 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,276,291) (1.8%) | | | | | 8,269,181 | | |
Shares | | | | | | Value | | ||||||
SHORT-TERM INVESTMENTS (9.4%) | | ||||||||||||
| | | | | | MONEY MARKET FUNDS (9.4%) | | ||||||
| $ | 23,923,617 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class | | | | $ | 23,923,617 | | |
| | 19,774,929 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | | 19,774,929 | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $43,698,546) (9.4%) | | | | | 43,698,546 | | | ||||||
TOTAL INVESTMENT SECURITIES (103.6%) (Cost $388,772,914) | | | | $ | 482,003,287 | | | ||||||
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-3.6%) | | | | | (16,771,693) | | | ||||||
NET ASSETS (100%) | | | | $ | 465,231,594 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 394,762,310 | | | | | $ | — | | | | | $ | — | | | | | $ | 394,762,310 | | |
Asset-Backed Securities | | | | | — | | | | | | 3,458,102 | | | | | | — | | | | | | 3,458,102 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 4,462,349 | | | | | | — | | | | | | 4,462,349 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 15,333,297 | | | | | | — | | | | | | 15,333,297 | | |
Foreign Government Obligations | | | | | — | | | | | | 961,614 | | | | | | — | | | | | | 961,614 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,581,238 | | | | | | — | | | | | | 1,581,238 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 9,476,650 | | | | | | — | | | | | | 9,476,650 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 8,269,181 | | | | | | — | | | | | | 8,269,181 | | |
Short-Term Investments | | | | | 43,698,546 | | | | | | — | | | | | | — | | | | | | 43,698,546 | | |
Total Investments in Securities | | | | $ | 438,460,856 | | | | | $ | 43,542,431 | | | | | $ | — | | | | | $ | 482,003,287 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 12,400 | | | | | $ | 21,077,520 | | | | | | 7.0% | | |
Facebook, Inc. | | | | | 89,000 | | | | | | 17,294,480 | | | | | | 5.7% | | |
Alexion Pharmaceuticals, Inc. | | | | | 135,000 | | | | | | 16,760,250 | | | | | | 5.6% | | |
Activision Blizzard, Inc. | | | | | 210,000 | | | | | | 16,027,200 | | | | | | 5.3% | | |
Visa, Inc. | | | | | 104,000 | | | | | | 13,774,800 | | | | | | 4.6% | | |
Alibaba Group Holding, Ltd. ADR | | | | | 73,000 | | | | | | 13,543,690 | | | | | | 4.5% | | |
Netflix, Inc. | | | | | 33,000 | | | | | | 12,917,190 | | | | | | 4.3% | | |
Alphabet, Inc. | | | | | 10,200 | | | | | | 11,517,738 | | | | | | 3.8% | | |
Celgene Corp. | | | | | 124,000 | | | | | | 9,848,080 | | | | | | 3.3% | | |
TESARO, Inc. | | | | | 220,000 | | | | | | 9,783,400 | | | | | | 3.2% | | |
Total | | | | | | | | | | | | | | | | | 47.3% | | |
Schedule of Investments (unaudited)
Shares | | | | | | Value | | | ||||||||
COMMON STOCKS (99.4%) | | | ||||||||||||||
CONSUMER DISCRETIONARY (19.3%) | | | ||||||||||||||
| | | | | | APPAREL (1.0%) | | | ||||||||
| | 39,000 | | | | NIKE, Inc. Class B | | | | $ | 3,107,520 | | | | ||
| | | | | | AUTO MANUFACTURERS (1.1%) | | | ||||||||
| | 10,000 | | | | Tesla, Inc.(1)* | | | | | 3,429,500 | | | | ||
| | | | | | ENTERTAINMENT (1.0%) | | | ||||||||
| | 120,000 | | | | Lions Gate Entertainment Corp. Class A | | | | | 2,978,400 | | | | ||
| | | | | | INTERNET (12.5%) | | | ||||||||
| | 12,400 | | | | Amazon.com, Inc.* | | | | | 21,077,520 | | | | ||
| | 1,700 | | | | Booking Holdings, Inc. * | | | | | 3,446,053 | | | | ||
| | 33,000 | | | | Netflix, Inc.* | | | | | 12,917,190 | | | | ||
| | | | | | | | | | | 37,440,763 | | | | ||
| | | | | | RETAIL (3.7%) | | | ||||||||
| | 52,000 | | | | Starbucks Corp. | | | | | 2,540,200 | | | | ||
| | 44,000 | | | | TJX Companies, Inc. (The) | | | | | 4,187,920 | | | | ||
| | 18,500 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 4,319,010 | | | | ||
| | | | | | | | | | | 11,047,130 | | | | ||
| | | | | | | | | | | 58,003,313 | | | | ||
CONSUMER STAPLES (4.2%) | | | ||||||||||||||
| | | | | | BEVERAGES (3.1%) | | | ||||||||
| | 26,000 | | | | Constellation Brands, Inc. Class A | | | | | 5,690,620 | | | | ||
| | 62,000 | | | | Monster Beverage Corp.* | | | | | 3,552,600 | | | | ||
| | | | | | | | | | | 9,243,220 | | | | ||
| | | | | | COSMETICS & PERSONAL CARE (1.1%) | | | ||||||||
| | 24,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,424,560 | | | | ||
| | | | | | | | | | | 12,667,780 | | | | ||
ENERGY (2.4%) | | | ||||||||||||||
| | | | | | OIL & GAS (2.4%) | | | ||||||||
| | 33,000 | | | | Diamondback Energy, Inc. | | | | | 4,341,810 | | | | ||
| | 15,000 | | | | Pioneer Natural Resources Co. | | | | | 2,838,600 | | | | ||
| | | | | | | | | | | 7,180,410 | | | | ||
| | | | | | | | | | | 7,180,410 | | | | ||
FINANCIALS (4.7%) | | | ||||||||||||||
| | | | | | BANKS (2.0%) | | | | | ||||||
| | 215,000 | | | | Bank of America Corp. | | | | | 6,060,850 | | | | ||
| | | | | | DIVERSIFIED FINANCIAL SERVICES (2.7%) | | | | | ||||||
| | 125,000 | | | | Blackstone Group L.P. (The) | | | | | 4,021,250 | | | | ||
| | 78,000 | | | | Charles Schwab Corp. (The) | | | | | 3,985,800 | | | | ||
| | | | | | | | | | | 8,007,050 | | | | ||
| | | | | | | | | | | 14,067,900 | | | | ||
HEALTHCARE (30.6%) | | | | | ||||||||||||
| | | | | | BIOTECHNOLOGY (20.6%) | | | | | ||||||
| | 135,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 16,760,250 | | | |
Shares | | | | | | Value | | | ||||||||
COMMON STOCKS (99.4%) (continued) | | | ||||||||||||||
| | | | | | BIOTECHNOLOGY (20.6%) (continued) | | | ||||||||
| | 14,500 | | | | Biogen, Inc.* | | | | $ | 4,208,480 | | | | ||
| | 53,000 | | | | BioMarin Pharmaceutical, Inc. (1)* | | | | | 4,992,600 | | | | ||
| | 124,000 | | | | Celgene Corp.* | | | | | 9,848,080 | | | | ||
| | 105,000 | | | | Exact Sciences Corp. (1)* | | | | | 6,277,950 | | | | ||
| | 340,000 | | | | Exelixis, Inc.* | | | | | 7,316,800 | | | | ||
| | 40,000 | | | | Intercept Pharmaceuticals, Inc.(1)* | | | | | 3,356,400 | | | | ||
| | 53,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 9,007,880 | | | | ||
| | | | | | | | | | | 61,768,440 | | | | ||
| | | ||||||||||||||
| | | | | | HEALTHCARE PRODUCTS (2.4%) | | | | | ||||||
| | 34,000 | | | | Edwards Lifesciences Corp.* | | | | | 4,949,380 | | | | ||
| | 28,000 | | | | Nevro Corp.* | | | | | 2,235,800 | | | | ||
| | | | | | | | | | | 7,185,180 | | | | ||
| | | | | | PHARMACEUTICALS (5.9%) | | | | | ||||||
| | 40,000 | | | | DexCom, Inc.(1)* | | | | | 3,799,200 | | | | ||
| | 24,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 4,135,200 | | | | ||
| | 220,000 | | | | TESARO, Inc.(1)* | | | | | 9,783,400 | | | | ||
| | | | | | | | | | | 17,717,800 | | | | ||
| | | | | | SOFTWARE (1.7%) | | | | | ||||||
| | 65,000 | | | | Medidata Solutions, Inc.(1)* | | | | | 5,236,400 | | | | ||
| | | | | | | | | | | 91,907,820 | | | | ||
INFORMATION TECHNOLOGY (38.2%) | | | ||||||||||||||
| | | | | | COMMERCIAL SERVICES (3.1%) | | | | | ||||||
| | 111,000 | | | | PayPal Holdings, Inc.* | | | | | 9,242,970 | | | | ||
| | | | | | DIVERSIFIED FINANCIAL SERVICES (4.6%) | | | ||||||||
| | 104,000 | | | | Visa, Inc. Class A(1) | | | | | 13,774,800 | | | | ||
| | | | | | INTERNET (17.8%) | | | ||||||||
| | 73,000 | | | | Alibaba Group Holding, Ltd. ADR(1)* | | | | | 13,543,690 | | | | ||
| | 10,200 | | | | Alphabet, Inc. Class A* | | | | | 11,517,738 | | | | ||
| | 89,000 | | | | Facebook, Inc. Class A* | | | | | 17,294,480 | | | | ||
| | 48,000 | | | | GrubHub, Inc.(1)* | | | | | 5,035,680 | | | | ||
| | 114,000 | | | | Zendesk, Inc.* | | | | | 6,211,860 | | | | ||
| | | | | | | | | | | 53,603,448 | | | | ||
| | | | | | SEMICONDUCTORS (1.2%) | | | ||||||||
| | 15,000 | | | | Broadcom, Inc. | | | | | 3,639,600 | | | | ||
| | | | | | SOFTWARE (11.5%) | | | ||||||||
| | 210,000 | | | | Activision Blizzard, Inc. | | | | | 16,027,200 | | | | ||
| | 26,000 | | | | Adobe Systems, Inc.* | | | | | 6,339,060 | | | | ||
| | 42,000 | | | | Salesforce.com, Inc.* | | | | | 5,728,800 | | | | ||
| | 38,000 | | | | ServiceNow, Inc.* | | | | | 6,553,860 | | | | ||
| | | | | | | | | | | 34,648,920 | | | | ||
| | | | | | | | | | | 114,909,738 | | | | ||
TOTAL COMMON STOCKS (Cost $196,259,969) (99.4%) | | | | | 298,736,961 | | | |
Shares | | | | | | Value | | ||||||
SHORT-TERM INVESTMENTS (5.4%) | | ||||||||||||
| | | | | | MONEY MARKET FUNDS (5.4%) | | ||||||
| | 2,155,831 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class | | | | $ | 2,155,831 | | |
| | 14,168,551 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(2) | | | | | 14,168,551 | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $16,324,382) (5.4%) | | | | | 16,324,382 | | | ||||||
TOTAL INVESTMENT SECURITIES (104.8%) (Cost $212,584,351) | | | | $ | 315,061,343 | | | ||||||
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-4.8%) | | | | | (14,393,187) | | | ||||||
NET ASSETS (100%) | | | | $ | 300,668,156 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 298,736,961 | | | | | $ | — | | | | | $ | — | | | | | $ | 298,736,961 | | |
Short-Term Investments | | | | | 16,324,382 | | | | | | — | | | | | | — | | | | | | 16,324,382 | | |
Total Investments in Securities | | | | $ | 315,061,343 | | | | | $ | — | | | | | $ | — | | | | | $ | 315,061,343 | | |
at June 30, 2018 (unaudited)
| | | Value Line Premier 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* | | | | $ | 342,648,227 | | | | | $ | 151,856,743 | | | | | $ | 482,003,287 | | | | | $ | 315,061,343 | | |
Cash | | | | | — | | | | | | 12,490 | | | | | | — | | | | | | — | | |
Receivable for securities sold | | | | | 822,893 | | | | | | 269,749 | | | | | | 1,960,015 | | | | | | — | | |
Dividends and interest receivable | | | | | 273,068 | | | | | | 69,043 | | | | | | 478,655 | | | | | | 18,705 | | |
Prepaid expenses | | | | | 31,917 | | | | | | 35,411 | | | | | | 45,583 | | | | | | 35,533 | | |
Receivable for capital shares sold | | | | | 15,881 | | | | | | 12,305 | | | | | | 1,098,358 | | | | | | 57,027 | | |
Receivable for securities lending income | | | | | 4,369 | | | | | | 1,523 | | | | | | 9,503 | | | | | | 9,668 | | |
Other receivables | | | | | — | | | | | | — | | | | | | 2,719 | | | | | | — | | |
Total Assets | | | | | 343,796,355 | | | | | | 152,257,264 | | | | | | 485,598,120 | | | | | | 315,182,276 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable upon return of securities on loan (See Note 1J) | | | | | — | | | | | | — | | | | | | 19,774,929 | | | | | | 14,168,551 | | |
Payable for securities purchased | | | | | 401,519 | | | | | | — | | | | | | — | | | | | | — | | |
Payable for capital shares redeemed | | | | | 196,502 | | | | | | 4,584 | | | | | | 148,708 | | | | | | 33,673 | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee | | | | | 208,213 | | | | | | 75,723 | | | | | | 246,748 | | | | | | 171,001 | | |
Service and distribution plan fees | | | | | 71,237 | | | | | | 31,247 | | | | | | 91,757 | | | | | | 61,884 | | |
Auditing and legal fees | | | | | 49,704 | | | | | | 21,632 | | | | | | 38,041 | | | | | | 35,977 | | |
Custody and accounting fees | | | | | 20,655 | | | | | | 12,675 | | | | | | 35,981 | | | | | | 16,266 | | |
Other | | | | | 34,922 | | | | | | 18,390 | | | | | | 30,362 | | | | | | 26,768 | | |
Total Liabilities | | | | | 982,752 | | | | | | 164,251 | | | | | | 20,366,526 | | | | | | 14,514,120 | | |
Net Assets | | | | $ | 342,813,603 | | | | | $ | 152,093,013 | | | | | $ | 465,231,594 | | | | | $ | 300,668,156 | | |
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) | | | | $ | 9,789,437 | | | | | $ | 7,486,996 | | | | | $ | 43,137,754 | | | | | $ | 9,158,176 | | |
Additional paid-in capital | | | | | 106,501,268 | | | | | | 73,417,377 | | | | | | 306,700,662 | | | | | | 167,855,144 | | |
Distributions in excess of net investment income | | | | | (609,299) | | | | | | (389,333) | | | | | | (124,225) | | | | | | (1,035,115) | | |
Accumulated net realized gain on investments and foreign currency | | | | | 25,385,712 | | | | | | 7,162,973 | | | | | | 22,287,030 | | | | | | 22,212,959 | | |
Net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency translations | | | | | 201,746,485 | | | | | | 64,415,000 | | | | | | 93,230,373 | | | | | | 102,476,992 | | |
Net Assets | | | | $ | 342,813,603 | | | | | $ | 152,093,013 | | | | | $ | 465,231,594 | | | | | $ | 300,668,156 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 342,813,603 | | | | | $ | 150,868,560 | | | | | $ | 448,379,003 | | | | | $ | 299,364,761 | | |
Shares Outstanding | | | | | 9,789,437 | | | | | | 7,426,843 | | | | | | 41,566,230 | | | | | | 9,118,519 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 35.02 | | | | | $ | 20.31 | | | | | $ | 10.79 | | | | | $ | 32.83 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | — | | | | | $ | 1,224,453 | | | | | $ | 16,852,591 | | | | | $ | 1,303,395 | | |
Shares Outstanding | | | | | — | | | | | | 60,153 | | | | | | 1,571,524 | | | | | | 39,657 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | — | | | | | $ | 20.36 | | | | | $ | 10.72 | | | | | $ | 32.87 | | |
* Includes securities on loan of | | | | $ | 48,472,686 | | | | | $ | 18,328,333 | | | | | $ | 55,454,679 | | | | | $ | 37,299,204 | | |
Cost of investments | | | | $ | 140,901,489 | | | | | $ | 87,441,743 | | | | | $ | 388,772,914 | | | | | $ | 212,584,351 | | |
| | | Value Line Premier 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 $20,274, $7,968, $4,914 and $3,240, respectively) | | | | $ | 1,319,108 | | | | | $ | 446,219 | | | | | $ | 1,616,337 | | | | | $ | 546,609 | | |
Interest | | | | | 97,999 | | | | | | 30,734 | | | | | | 800,215 | | | | | | 9,439 | | |
Securities lending income | | | | | 25,161 | | | | | | 8,116 | | | | | | 121,324 | | | | | | 55,446 | | |
Total Income | | | | | 1,442,268 | | | | | | 485,069 | | | | | | 2,537,876 | | | | | | 611,494 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | | | 1,242,564 | | | | | | 473,539 | | | | | | 1,395,162 | | | | | | 1,036,509 | | |
Service and distribution plan fees | | | | | 425,247 | | | | | | 185,812 | | | | | | 523,502 | | | | | | 356,878 | | |
Sub-transfer agent fees | | | | | 35,907 | | | | | | 8,900 | | | | | | 56,527 | | | | | | 10,709 | | |
Auditing and legal fees | | | | | 102,910 | | | | | | 41,158 | | | | | | 137,857 | | | | | | 81,632 | | |
Transfer agent fees | | | | | 85,928 | | | | | | 72,125 | | | | | | 94,111 | | | | | | 84,060 | | |
Custody and accounting fees | | | | | 43,425 | | | | | | 28,420 | | | | | | 70,068 | | | | | | 40,287 | | |
Directors’ fees and expenses | | | | | 30,663 | | | | | | 13,459 | | | | | | 36,029 | | | | | | 24,969 | | |
Printing and postage | | | | | 21,966 | | | | | | 12,146 | | | | | | 22,804 | | | | | | 11,848 | | |
Fund administration | | | | | 18,298 | | | | | | 23,257 | | | | | | 23,257 | | | | | | 23,257 | | |
Registration and filing fees | | | | | 14,879 | | | | | | 21,049 | | | | | | 20,868 | | | | | | 17,066 | | |
Compliance fees | | | | | 10,814 | | | | | | 4,758 | | | | | | 12,467 | | | | | | 8,459 | | |
Insurance fees | | | | | 10,649 | | | | | | 4,699 | | | | | | 12,493 | | | | | | 8,583 | | |
Tax service fees | | | | | 6,541 | | | | | | 2,848 | | | | | | 7,651 | | | | | | 5,368 | | |
Other | | | | | 1,776 | | | | | | 2,070 | | | | | | 3,266 | | | | | | 2,072 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 2,051,567 | | | | | | 894,240 | | | | | | 2,416,062 | | | | | | 1,711,697 | | |
Less: Advisory Fees Waived | | | | | — | | | | | | (19,822) | | | | | | (14,701) | | | | | | (65,080) | | |
Less: Sub-Transfer Agent Fees Waived | | | | | — | | | | | | (16) | | | | | | (255) | | | | | | (8) | | |
Net Expenses | | | | | 2,051,567 | | | | | | 874,402 | | | | | | 2,401,106 | | | | | | 1,646,609 | | |
Net Investment Income/(Loss) | | | | | (609,299) | | | | | | (389,333) | | | | | | 136,770 | | | | | | (1,035,115) | | |
Net Realized and Unrealized Gain on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 9,517,912 | | | | | | 1,601,006 | | | | | | 16,750,808 | | | | | | 16,984,026 | | |
Foreign currency translations | | | | | 527 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 9,518,439 | | | | | | 1,601,006 | | | | | | 16,750,808 | | | | | | 16,984,026 | | |
Change in Net Unrealized Appreciation/ (Depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 10,353,191 | | | | | | 7,408,396 | | | | | | 17,330,098 | | | | | | 23,132,719 | | |
Foreign currency transactions | | | | | (616) | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 10,352,575 | | | | | | 7,408,396 | | | | | | 17,330,098 | | | | | | 23,132,719 | | |
Net Realized Gain and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 19,871,014 | | | | | | 9,009,402 | | | | | | 34,080,906 | | | | | | 40,116,745 | | |
Net Increase in Net Assets from Operations | | | | $ | 19,261,715 | | | | | $ | 8,620,069 | | | | | $ | 34,217,676 | | | | | $ | 39,081,630 | | |
| | | Value Line Premier Growth Fund, Inc. | | | | Value Line Mid Cap Focused Fund, Inc. | ||||||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Year Ended December 31, 2017 | | | | Six Months Ended June 30, 2018 (unaudited) | | | Year Ended December 31, 2017 | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | |||||||||
Net investment loss | | | | $ | (609,299) | | | | | $ | (851,805) | | | | | | $ | (389,333) | | | | | $ | (492,445) | |
Net realized gain on investments and foreign currency | | | | | 9,518,439 | | | | | | 34,548,379 | | | | | | | 1,601,006 | | | | | | 7,769,856 | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 10,352,575 | | | | | | 32,411,621 | | | | | | | 7,408,396 | | | | | | 18,697,461 | |
Net increase in net assets from operations | | | | | 19,261,715 | | | | | | 66,108,195 | | | | | | | 8,620,069 | | | | | | 25,974,872 | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | |||||||||
Net investment income | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | — | | | | | | — | | | | | | | — | | | | | | — | |
Institutional Class | | | | | — | | | | | | — | | | | | | | — | | | | | | — | |
Net realized gain from investment transactions | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | — | | | | | | (22,912,326) | | | | | | | — | | | | | | (2,343,621) | |
Institutional Class | | | | | — | | | | | | — | | | | | | | — | | | | | | (17,322)(1) | |
Total distributions | | | | | — | | | | | | (22,912,326) | | | | | | | — | | | | | | (2,360,943) | |
Share Transactions: | | | | | | | | | | | ��� | | | | | | |||||||||
Proceeds from sale of shares | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | 3,400,898 | | | | | | 9,120,288 | | | | | | | 2,489,028 | | | | | | 8,516,948 | |
Institutional Class | | | | | — | | | | | | — | | | | | | | 64,539 | | | | | | 1,023,752(1) | |
Proceeds from reinvestment of dividends and distributions to shareholders | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | — | | | | | | 22,041,732 | | | | | | | — | | | | | | 2,228,642 | |
Institutional Class | | | | | — | | | | | | — | | | | | | | — | | | | | | 17,322(1) | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | (21,905,333) | | | | | | (40,995,529) | | | | | | | (7,842,617) | | | | | | (20,666,260) | |
Institutional Class | | | | | — | | | | | | — | | | | | | | (2,387) | | | | | | — | |
Net decrease in net assets from capital share transactions | | | | | (18,504,435) | | | | | | (9,833,509) | | | | | | | (5,291,437) | | | | | | (8,879,596) | |
Total increase in net assets | | | | | 757,280 | | | | | | 33,362,360 | | | | | | | 3,328,632 | | | | | | 14,734,333 | |
Net Assets: | | | | | | | | | | | | | | | | | |||||||||
Beginning of period | | | | | 342,056,323 | | | | | | 308,693,963 | | | | | | | 148,764,381 | | | | | | 134,030,048 | |
End of period | | | | $ | 342,813,603 | | | | | $ | 342,056,323 | | | | | | $ | 152,093,013 | | | | | $ | 148,764,381 | |
Distributions in excess of net investment income included in net assets, at end of period | | | | $ | (609,299) | | | | | $ | — | | | | | | $ | (389,333) | | | | | $ | — | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | |||||||||
Shares sold | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | 100,224 | | | | | | 285,715 | | | | | | | 125,491 | | | | | | 471,107 | |
Institutional Class | | | | | — | | | | | | — | | | | | | | — | | | | | | 115,774 | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | — | | | | | | 663,714 | | | | | | | 3,246 | | | | | | 56,126(1) | |
Institutional Class | | | | | — | | | | | | — | | | | | | | — | | | | | | 899(1) | |
Shares redeemed | | | | | | | | | | | | | | | | | |||||||||
Investor Class | | | | | (641,672) | | | | | | (1,266,122) | | | | | | | (395,207) | | | | | | (1,126,841) | |
Institutional Class | | | | | — | | | | | | — | | | | | | | (118) | | | | | | — | |
Net decrease | | | | | (541,448) | | | | | | (316,693) | | | | | | | (266,588) | | | | | | (482,935) |
| | Value Line Capital Appreciation Fund, Inc. | | | | Value Line Larger Companies Focused Fund, Inc. | ||||||||||||||||||
| | Six Months Ended June 30, 2018 (unaudited) | | | Year Ended December 31, 2017 | | | | Six Months Ended June 30, 2018 (unaudited) | | | Year Ended December 31, 2017 | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 136,770 | | | | | $ | 1,804,398 | | | | | | $ | (1,035,115) | | | | | $ | (1,827,850) |
Net realized gain on investments | | | | | 16,750,808 | | | | | | 21,519,254 | | | | | | | 16,984,026 | | | | | | 21,429,155 |
Change in net unrealized appreciation/(depreciation) on investments | | | | | 17,330,098 | | | | | | 51,649,709 | | | | | | | 23,132,719 | | | | | | 51,409,377 |
Net increase in net assets from operations | | | | | 34,217,676 | | | | | | 74,973,361 | | | | | | | 39,081,630 | | | | | | 71,010,682 |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (232,770) | | | | | | (1,946,288) | | | | | | | — | | | | | | — |
Institutional Class | | | | | (28,225) | | | | | | (40,592) | | | | | | | — | | | | | | — |
Net realized gain from investment transactions | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | (18,989,991) | | | | | | | — | | | | | | (19,571,353) |
Institutional Class | | | | | — | | | | | | (328,234) | | | | | | | — | | | | | | (120,372) |
Total distributions | | | | | (260,995) | | | | | | (21,305,105) | | | | | | | — | | | | | | (19,691,725) |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 53,582,814 | | | | | | 92,630,410 | | | | | | | 4,378,179 | | | | | | 19,224,664 |
Institutional Class | | | | | 23,493,040 | | | | | | 6,476,607 | | | | | | | 552,345 | | | | | | 7,623,944 |
Proceeds from reinvestment of dividends and distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 216,753 | | | | | | 19,731,130 | | | | | | | — | | | | | | 18,930,393 |
Institutional Class | | | | | 25,965 | | | | | | 325,581 | | | | | | | — | | | | | | 120,372 |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (31,142,708) | | | | | | (75,505,855) | | | | | | | (16,099,583) | | | | | | (31,895,162) |
Institutional Class | | | | | (14,520,377) | | | | | | (1,398,304) | | | | | | | (1,116,457) | | | | | | (6,526,863) |
Net increase/(decrease) in net assets from capital share transactions | | | | | 31,655,487 | | | | | | 42,259,569 | | | | | | | (12,285,516) | | | | | | 7,477,348 |
Total increase in net assets | | | | | 65,612,168 | | | | | | 95,927,825 | | | | | | | 26,796,114 | | | | | | 58,796,305 |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 399,619,426 | | | | | | 303,691,601 | | | | | | | 273,872,042 | | | | | | 215,075,737 |
End of period | | | | $ | 465,231,594 | | | | | $ | 399,619,426 | | | | | | $ | 300,668,156 | | | | | $ | 273,872,042 |
Distributions in excess of net investment income included in net assets, at end of period | | | | $ | (124,225) | | | | | $ | — | | | | | | $ | (1,035,115) | | | | | $ | — |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 5,067,053 | | | | | | 9,575,418 | | | | | | | 138,845 | | | | | | 661,187 |
Institutional Class | | | | | 2,232,657 | | | | | | 662,936 | | | | | | | 17,229 | | | | | | 250,990 |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 21,109 | | | | | | 1,973,382 | | | | | | | — | | | | | | 655,712 |
Institutional Class | | | | | 2,516 | | | | | | 32,713 | | | | | | | — | | | | | | 4,168 |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (2,988,626) | | | | | | (7,754,363) | | | | | | | (521,945) | | | | | | (1,127,067) |
Institutional Class | | | | | (1,345,825) | | | | | | (138,584) | | | | | | | (36,225) | | | | | | (213,903) |
Net increase (decrease) | | | | | 2,988,884 | | | | | | 4,351,502 | | | | | | | (402,096) | | | | | | 231,087 |
| | | Value Line Premier Growth Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | | | | $ | 28.84 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.06) | | | | | | (0.08) | | | | | | 0.00(1) | | | | | | (0.07) | | | | | | 0.01 | | | | | | 0.00(1) | | |
Net gains on securities (both realized and unrealized) | | | | | 1.97 | | | | | | 6.56 | | | | | | 2.04 | | | | | | 0.14 | | | | | | 2.29 | | | | | | 7.64 | | |
Total from investment operations | | | | | 1.91 | | | | | | 6.48 | | | | | | 2.04 | | | | | | 0.07 | | | | | | 2.30 | | | | | | 7.64 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.44) | | | | | | (2.49) | | |
Total distributions | | | | | — | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.45) | | | | | | (2.49) | | |
Net asset value, end of period | | | | $ | 35.02 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | |
Total return | | | | | 5.77%(2) | | | | | | 22.32% | | | | | | 7.00% | | | | | | 0.25% | | | | | | 6.75% | | | | | | 26.56% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 342,814 | | | | | $ | 342,056 | | | | | $ | 308,694 | | | | | $ | 330,125 | | | | | $ | 379,205 | | | | | $ | 402,073 | | |
Ratio of gross expenses to average net assets | | | | | 1.21%(3) | | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.24% | | |
Ratio of net expenses to average net assets | | | | | 1.21%(3) | | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.24% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.36)%(3) | | | | | | (0.26)% | | | | | | (0.20)% | | | | | | (0.26)% | | | | | | 0.01% | | | | | | (0.02)% | | |
Portfolio turnover rate | | | | | 3%(2) | | | | | | 3% | | | | | | 7% | | | | | | 12% | | | | | | 9% | | | | | | 11% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class | | | |||||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Years Ended December 31, | | | ||||||||||||||||||||||||||||||||
| 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | |||||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | | | | $ | 10.36 | | | | ||
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.05) | | | | | | 0.00(1) | | | | | | 0.00(1) | | | | | | (0.08) | | | | | | (0.01) | | | | | | 0.01 | | | | ||
Net gains on securities (both realized and unrealized) | | | | | 1.17 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.51 | | | | | | 1.08 | | | | | | 3.19 | | | | ||
Total from investment operations | | | | | 1.12 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.43 | | | | | | 1.07 | | | | | | 3.20 | | | | ||
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.06) | | | | ||
Distributions from net realized gains | | | | | — | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | — | | | | | | — | | | | ||
Total distributions | | | | | — | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | (0.01) | | | | | | (0.06) | | | | ||
Net asset value, end of period | | | | $ | 20.31 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | | | ||
Total return | | | | | 5.84%(2) | | | | | | 19.84% | | | | | | 10.94% | | | | | | 2.95% | | | | | | 7.90% | | | | | | 30.86% | | | | ||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net assets, end of period (in thousands) | | | | $ | 150,869 | | | | | $ | 147,669 | | | | | $ | 134,030 | | | | | $ | 118,867 | | | | | $ | 125,330 | | | | | $ | 125,268 | | | | ||
Ratio of gross expenses to average net assets | | | | | 1.17%(3) | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | | | | | 1.26% | | | | ||
Ratio of net expenses to average net assets | | | | | 1.17%(3) | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | | | | | 1.12% | | | | ||
Ratio of net investment income/(loss) to average net assets | | | | | (0.52)%(3) | | | | | | (0.34)% | | | | | | (0.28)% | | | | | | (0.53)% | | | | | | (0.06)% | | | | | | 0.05% | | | | ||
Portfolio turnover rate | | | | | 2%(2) | | | | | | 2% | | | | | | 20% | | | | | | 17% | | | | | | 61% | | | | | | 7% | | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class | | |||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Period Ended December 31, 2017(1) | | | | ||||||||||
Net asset value, beginning of period | | | | $ | 19.20 | | | | | $ | 18.25 | | | | | ||||
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | ||||
Net investment income/(loss) | | | | | (0.05) | | | | | | 0.00(2) | | | | | ||||
Net gains on securities (both realized and unrealized) | | | | | 1.21 | | | | | | 1.26 | | | | | ||||
Total from investment operations | | | | | 1.16 | | | | | | 1.26 | | | | | ||||
Less distributions: | | | | | | | | | | | | | | | | ||||
Distributions from net realized gains | | | | | — | | | | | | (0.31) | | | | | ||||
Total distributions | | | | | — | | | | | | (0.31) | | | | | ||||
Net asset value, end of period | | | | $ | 20.36 | | | | | $ | 19.20 | | | | | ||||
Total return | | | | | 6.04%(3) | | | | | | 6.89%(3) | | | | | ||||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | ||||
Net assets, end of period (in thousands) | | | | $ | 1,224 | | | | | $ | 1,095 | | | | | ||||
Ratio of gross expenses to average net assets(5) | | | | | 4.34%(4) | | | | | | 5.61%(4) | | | | | ||||
Ratio of net expenses to average net assets(6) | | | | | 0.92%(4) | | | | | | 0.93%(4) | | | | | ||||
Ratio of net investment loss to average net assets(6) | | | | | (0.27)%(4) | | | | | | (0.12)%(4) | | | | | ||||
Portfolio turnover rate | | | | | 2%(3) | | | | | | 2%(3) | | | | |
| | | Value Line Capital Appreciation Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | | | | $ | 8.67 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | 0.01 | | | | | | 0.05 | | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.12 | | | | | | 0.12 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.84 | | | | | | 1.97 | | | | | | 0.23 | | | | | | (0.14) | | | | | | 0.92 | | | | | | 1.57 | | |
Total from investment operations | | | | | 0.85 | | | | | | 2.02 | | | | | | 0.25 | | | | | | (0.08) | | | | | | 1.04 | | | | | | 1.69 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.01) | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.06) | | | | | | (0.11) | | | | | | (0.12) | | |
Distributions from net realized gains | | | | | — | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | | | | | (1.35) | | | | | | (0.42) | | |
Total distributions | | | | | (0.01) | | | | | | (0.55) | | | | | | (0.49) | | | | | | (0.60) | | | | | | (1.46) | | | | | | (0.54) | | |
Net asset value, end of period | | | | $ | 10.79 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | |
Total return | | | | | 8.50%(1) | | | | | | 23.86% | | | | | | 2.80% | | | | | | (0.86)% | | | | | | 10.62% | | | | | | 19.55% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 448,379 | | | | | $ | 392,869 | | | | | $ | 302,636 | | | | | $ | 350,159 | | | | | $ | 372,707 | | | | | $ | 330,698 | | |
Ratio of gross expenses to average net assets | | | | | 1.12%(2) | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.16% | | |
Ratio of net expenses to average net assets | | | | | 1.12%(2) | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.12% | | | | | | 1.11% | | |
Ratio of net investment income to average net assets | | | | | 0.06%(2) | | | | | | 0.49% | | | | | | 0.22% | | | | | | 0.67% | | | | | | 1.17% | | | | | | 1.26% | | |
Portfolio turnover rate | | | | | 39%(1) | | | | | | 88% | | | | | | 53% | | | | | | 45% | | | | | | 57% | | | | | | 27% | | |
| | | Value Line Capital Appreciation Fund, Inc. Institutional Class | | |||||||||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Years Ended December 31, | | | Period Ended December 31, 2015(1) | | |||||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||||||||
Net asset value, beginning of period | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | | | | $ | 9.50 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.02 | | | | | | 0.07 | | | | | | 0.02 | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.82 | | | | | | 1.98 | | | | | | 0.25 | | | | | | (0.24) | | |
Total from investment operations | | | | | 0.84 | | | | | | 2.05 | | | | | | 0.27 | | | | | | (0.31) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.02) | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | (0.02) | | | | | | (0.58) | | | | | | (0.49) | | | | | | (0.54) | | |
Net asset value, end of period | | | | $ | 10.72 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | |
Total return | | | | | 8.58%(4) | | | | | | 24.31% | | | | | | 3.06% | | | | | | (3.29)%(4) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 16,853 | | | | | $ | 6,750 | | | | | $ | 1,055 | | | | | $ | 98 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.08%(5) | | | | | | 1.63% | | | | | | 4.82% | | | | | | 6.19%(5) | | |
Ratio of net expenses to average net assets(3) | | | | | 0.87%(5) | | | | | | 0.86% | | | | | | 0.90% | | | | | | 6.19%(5) | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | 0.23%(5) | | | | | | 0.58% | | | | | | 0.43% | | | | | | (5.02)%(5) | | |
Portfolio turnover rate | | | | | 39%(4) | | | | | | 88% | | | | | | 53% | | | | | | 45%(4) | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | | | | $ | 19.78 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.11) | | | | | | (0.19) | | | | | | 0.00(1) | | | | | | (0.14) | | | | | | (0.01) | | | | | | 0.13 | | |
Net gains on securities (both realized and unrealized) | | | | | 4.29 | | | | | | 8.00 | | | | | | 0.10 | | | | | | 2.63 | | | | | | 3.23 | | | | | | 5.81 | | |
Total from investment operations | | | | | 4.18 | | | | | | 7.81 | | | | | | 0.10 | | | | | | 2.49 | | | | | | 3.22 | | | | | | 5.94 | | |
Redemption fees | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.11) | | | | | | (0.15) | | |
Distributions from net realized gains | | | | | — | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.40) | | | | | | — | | |
Total distributions | | | | | — | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.51) | | | | | | (0.15) | | |
Net asset value, end of period | | | | $ | 32.83 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | |
Total return | | | | | 14.59%(4) | | | | | | 33.79% | | | | | | 0.24% | | | | | | 9.88% | | | | | | 12.41% | | | | | | 30.05% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 299,365 | | | | | $ | 272,191 | | | | | $ | 214,675 | | | | | $ | 233,085 | | | | | $ | 220,548 | | | | | $ | 211,508 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.18%(5) | | | | | | 1.19% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.25% | | |
Ratio of net expenses to average net assets(3) | | | | | 1.15%(5) | | | | | | 1.11% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.06% | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | (0.72)%(5) | | | | | | (0.71)% | | | | | | (0.62)% | | | | | | (0.55)% | | | | | | (0.07)% | | | | | | 0.48% | | |
Portfolio turnover rate | | | | | 15%(4) | | | | | | 35% | | | | | | 47% | | | | | | 37% | | | | | | 89% | | | | | | 8% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||||||||||||||
| | | Six Months Ended June 30, 2018 (unaudited) | | | Years Ended December 31, | | | Period Ended December 31, 2015(1) | | |||||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||||||||
Net asset value, beginning of period | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | | | | $ | 27.91 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.11) | | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.09) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 4.33 | | | | | | 8.03 | | | | | | 0.14 | | | | | | (0.12) | | |
Total from investment operations | | | | | 4.22 | | | | ��� | | 7.84 | | | | | | 0.14 | | | | | | (0.21) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | — | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of period | | | | $ | 32.87 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Total return | | | | | 14.73%(5) | | | | | | 33.96% | | | | | | 0.40% | | | | | | (0.73)%(5) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 1,303 | | | | | $ | 1,681 | | | | | $ | 401 | | | | | $ | 101 | | |
Ratio of gross expenses to average net assets(3) | | | | | 4.16%(6) | | | | | | 2.73% | | | | | | 17.29% | | | | | | 2.70%(6) | | |
Ratio of net expenses to average net assets(4) | | | | | 0.93%(6) | | | | | | 0.94% | | | | | | 0.98% | | | | | | 2.70%(6) | | |
Ratio of net investment loss to average net assets(4) | | | | | (0.58)%(6) | | | | | | (0.67)% | | | | | | (0.49)% | | | | | | (2.16)%(6) | | |
Portfolio turnover rate | | | | | 15%(5) | | | | | | 35% | | | | | | 47% | | | | | | 37%(5) | | |
| | | Six Months Ended June 30, 2018 (unaudited) | | | Year Ended December 31, 2017 | | ||||||
Value Line Premier Growth Fund, Inc. | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 2.3579 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.3086 | | |
Institutional Class*: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.3086 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | 0.0057 | | | | | $ | 0.0518 | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.5027 | | |
Institutional Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | 0.0184 | | | | | $ | 0.0772 | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.5027 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 2.2063 | | |
Institutional Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 2.2063 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 9,998 | | | | | $ | 11,051 | | | | | $ | 21,049 | | |
Transfer agent fees | | | | | 63,009 | | | | | | 9,116 | | | | | | 72,125 | | |
Sub-transfer agent fees | | | | | 8,884 | | | | | | 16 | | | | | | 8,900 | | |
Other | | | | | 6,484 | | | | | | 344 | | | | | | 6,828 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 11,882 | | | | | $ | 8,986 | | | | | $ | 20,868 | | |
Transfer agent fees | | | | | 82,756 | | | | | | 11,355 | | | | | | 94,111 | | |
Sub-transfer agent fees | | | | | 56,272 | | | | | | 255 | | | | | | 56,527 | | |
Other | | | | | 14,934 | | | | | | 799 | | | | | | 15,733 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 9,679 | | | | | $ | 7,387 | | | | | $ | 17,066 | | |
Transfer agent fees | | | | | 74,092 | | | | | | 9,968 | | | | | | 84,060 | | |
Sub-transfer agent fees | | | | | 10,701 | | | | | | 8 | | | | | | 10,709 | | |
Other | | | | | 10,197 | | | | | | 334 | | | | | | 10,531 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | | Total Collateral (including Calculated Mark)** | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 48,472,686 | | | | | $ | 49,473,168 | | | | | $ | 49,508,169 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 18,328,333 | | | | | | 18,703,865 | | | | | | 18,808,316 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 55,454,679 | | | | | | 56,666,524 | | | | | | 56,652,820 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 37,299,204 | | | | | | 38,001,339 | | | | | | 38,094,645 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2018 | ||||||||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | ||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 17,272,454 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,272,454 |
Corporate Bonds & Notes | | | | | 776,965 | | | | | | — | | | | | | — | | | | | | — | | | | | | 776,965 |
U.S. Treasury Obligations | | | | | 1,725,510 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,725,510 |
Total Borrowings | | | | $ | 19,774,929 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 19,774,929 |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 19,774,929 |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2018 | ||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | ||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 14,168,551 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 14,168,551 |
Total Borrowings | | | | $ | 14,168,551 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 14,168,551 |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,168,551 |
Fund | | | Purchases of Investment Securities | | | Sales of Investment Securities | | | Purchases of U.S. Government Agency Obligations | | | Sales of U.S. Government Agency Obligations | | ||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 10,716,685 | | | | | $ | 26,176,253 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 2,313,321 | | | | | | 5,738,115 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 190,266,423 | | | | | | 163,978,651 | | | | | | 8,895,375 | | | | | | 4,861,993 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 43,349,105 | | | | | | 59,392,420 | | | | | | — | | | | | | — | | |
Fund | | | Cost of investments for tax purposes | | | Gross tax unrealized appreciation | | | Gross tax unrealized depreciation | | | Net tax unrealized appreciation/ (depreciation) on investments | | ||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 140,901,489 | | | | | $ | 201,990,709 | | | | | $ | (243,971) | | | | | $ | 201,746,738 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 87,441,743 | | | | | | 65,041,917 | | | | | | (626,917) | | | | | | 64,415,000 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 388,772,914 | | | | | | 110,495,270 | | | | | | (17,264,897) | | | | | | 93,230,373 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 212,584,351 | | | | | | 115,357,249 | | | | | | (12,880,257) | | | | | | 102,476,992 | | |
Fund | | | Advisory Fee | ||
Value Line Premier Growth Fund, Inc. | | | | $ | 1,242,564 |
Value Line Mid Cap Focused Fund, Inc. | | | | | 473,539 |
Value Line Capital Appreciation Fund, Inc | | | | | 1,395,162 |
Value Line Larger Companies Focused Fund, Inc | | | | | 1,036,509 |
Fund | | | Distribution & Service Fees | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 425,247 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 185,812 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 523,502 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 356,878 | | |
Fund | | | Sub TA Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 35,907 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 8,900 | | | | | | 16 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 56,527 | | | | | | 255 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 10,709 | | | | | | 8 | | |
Fund | | | Expiration | | | Fees Waived and Reimbursed by the Adviser | | | Fees Waived and Reimbursed by the Distributor | | ||||||
Value Line Mid Cap Focused Fund Inc. | | | December 31, 2020 | | | | $ | 16,358 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund Inc. | | | December 31, 2021 | | | | | 19,822 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2019 | | | | | 38,957 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2020 | | | | | 29,265 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2021 | | | | | 14,701 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2018 | | | | | — | | | | | | 229,171 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2019 | | | | | 39,574 | | | | | | 220,270 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2020 | | | | | 89,666 | | | | | | 139,260 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2021 | | | | | 65,080 | | | | | | — | | |
| | | Beginning Account Value January 1, 2018 | | | Ending Account Value June 30, 2018 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,057.70 | | | | | $ | 6.17 | | | | | | 1.21% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,058.40 | | | | | | 5.97 | | | | | | 1.17 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,060.40 | | | | | | 4.70 | | | | | | 0.92 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,085.00 | | | | | | 5.79 | | | | | | 1.12 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,085.80 | | | | | | 4.50 | | | | | | 0.87 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,145.90 | | | | | | 6.12 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,147.30 | | | | | | 4.95 | | | | | | 0.93 | | |
Hypothetical (5% return before expenses) | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,018.79 | | | | | $ | 6.06 | | | | | | 1.21% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,018.99 | | | | | | 5.86 | | | | | | 1.17 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.23 | | | | | | 4.61 | | | | | | 0.92 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.24 | | | | | | 5.61 | | | | | | 1.12 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.48 | | | | | | 4.36 | | | | | | 0.87 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.09 | | | | | | 5.76 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.18 | | | | | | 4.66 | | | | | | 0.93 | | |
THE INVESTMENT ADVISORY AGREEMENTS FOR VALUE LINE MID CAP FOCUSED FUND, INC., VALUE LINE CAPITAL APPRECIATION FUND, INC., VALUE LINE LARGER COMPANIES FOCUSED FUND, INC. AND VALUE LINE PREMIER GROWTH FUND, INC.
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. 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 | /s/ Mitchell E. Appel |
Mitchell E. Appel, President |
Date: | September 6, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mitchell E. Appel |
Mitchell E. Appel, President, Principal Executive Officer |
By: | /s/ Emily D. Washington |
Emily D. Washington, Treasurer, Principal Financial Officer |
Date: | September 6, 2018 |