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, 2016
Date of reporting period: December 31, 2016
Item I Reports to Stockholders
A copy of the Annual Report to Stockholders for the period ended 12/31/16 is included with this Form.
Value Line Premier Growth Fund, Inc.
(VALSX)
(VLIFX)
Investor Class (VALIX)
Institutional Class (VLIIX)
Investor Class (VALLX)
Institutional Class (VLLIX)
| | | | | 3 | | | |
| Value Line Premier Growth Fund, Inc.: | | | |||||
| | | | | 6 | | | |
| | | | | 8 | | | |
| | | | | 10 | | | |
| Value Line Mid Cap Focused Fund, Inc.: | | | |||||
| | | | | 12 | | | |
| | | | | 14 | | | |
| | | | | 16 | | | |
| Value Line Income and Growth Fund, Inc.: | | | |||||
| | | | | 18 | | | |
| | | | | 22 | | | |
| | | | | 24 | | | |
| Value Line Larger Companies Focused Fund, Inc.: | | | |||||
| | | | | 31 | | | |
| | | | | 34 | | | |
| | | | | 36 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | 40 | | | |
| | | | | 42 | | | |
| | | | | 46 | | | |
| | | | | 56 | | | |
| | | | | 57 | | | |
| | | | | 58 | | | |
| | | | | 59 | | |
President of the Value Line Funds
Portfolio Highlights at December 31, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Waste Connections, Inc. | | | | | 115,800 | | | | | $ | 9,100,722 | | | | | | 3.0% | | |
Toro Co. (The) | | | | | 158,600 | | | | | | 8,873,670 | | | | | | 2.9% | | |
Mettler-Toledo International, Inc. | | | | | 17,700 | | | | | | 7,408,512 | | | | | | 2.4% | | |
Fiserv, Inc. | | | | | 68,400 | | | | | | 7,269,552 | | | | | | 2.4% | | |
Roper Technologies, Inc. | | | | | 39,000 | | | | | | 7,140,120 | | | | | | 2.3% | | |
IDEXX Laboratories, Inc. | | | | | 57,400 | | | | | | 6,731,298 | | | | | | 2.2% | | |
O’Reilly Automotive, Inc. | | | | | 22,600 | | | | | | 6,292,066 | | | | | | 2.0% | | |
Teledyne Technologies, Inc. | | | | | 50,200 | | | | | | 6,174,600 | | | | | | 2.0% | | |
TJX Companies, Inc. (The) | | | | | 80,600 | | | | | | 6,055,478 | | | | | | 1.9% | | |
MasterCard, Inc. | | | | | 58,000 | | | | | | 5,988,500 | | | | | | 1.9% | | |
Total | | | | | | | | | | | | | | | | | 23.0% | | |
| | | Average Annual Total Return | | |||
1 year ended 12/31/16 | | | | | 7.00% | | |
5 years ended 12/31/16 | | | | | 11.29% | | |
10 years ended 12/31/16 | | | | | 7.37% | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (99.7%) | | ||||||||||||
| CONSUMER DISCRETIONARY (8.6%) | | ||||||||||||
| | | | | | | APPAREL (0.2%) | | ||||||
| | | 27,600 | | | | Wolverine World Wide, Inc. | | | | $ | 605,820 | | |
| | | | | | | DISTRIBUTION & WHOLESALE (1.1%) | | ||||||
| | | 112,000 | | | | LKQ Corp.* | | | | | 3,432,800 | | |
| | | | | | | RETAIL (7.3%) | | ||||||
| | | 7,400 | | | | AutoZone, Inc.* | | | | | 5,844,446 | | |
| | | 1,100 | | | | Buffalo Wild Wings, Inc.* | | | | | 169,840 | | |
| | | 20,000 | | | | Dollar Tree, Inc.* | | | | | 1,543,600 | | |
| | | 16,200 | | | | Domino’s Pizza, Inc. | | | | | 2,579,688 | | |
| | | 22,600 | | | | O’Reilly Automotive, Inc.* | | | | | 6,292,066 | | |
| | | 80,600 | | | | TJX Companies, Inc. (The) | | | | | 6,055,478 | | |
| | | | | | | | | | | | 22,485,118 | | |
| | | | | | | | | | | | 26,523,738 | | |
| CONSUMER STAPLES (9.0%) | | ||||||||||||
| | | | | | | AGRICULTURE (1.5%) | | ||||||
| | | 84,000 | | | | Reynolds American, Inc. | | | | | 4,707,360 | | |
| | | | | | | BEVERAGES (1.0%) | | ||||||
| | | 42,600 | | | | Brown-Forman Corp. Class B | | | | | 1,913,592 | | |
| | | 13,100 | | | | Coca-Cola Femsa, S.A.B. de C.V. ADR(1) | | | | | 832,374 | | |
| | | 4,800 | | | | Fomento Economico Mexicano S.A.B. de C.V. ADR | | | | | 365,808 | | |
| | | | | | | | | | | | 3,111,774 | | |
| | | | | | | FOOD (2.8%) | | ||||||
| | | 64,000 | | | | General Mills, Inc. | | | | | 3,953,280 | | |
| | | 120,000 | | | | Hormel Foods Corp. | | | | | 4,177,200 | | |
| | | 5,000 | | | | McCormick & Co., Inc. | | | | | 466,650 | | |
| | | | | | | | | | | | 8,597,130 | | |
| | | | | | | HOUSEHOLD PRODUCTS & WARES (2.3%) | | ||||||
| | | 134,800 | | | | Church & Dwight Co., Inc. | | | | | 5,956,812 | | |
| | | 10,300 | | | | Spectrum Brands Holdings, Inc.(1) | | | | | 1,259,999 | | |
| | | | | | | | | | | | 7,216,811 | | |
| | | | | | | RETAIL (1.4%) | | ||||||
| | | 26,000 | | | | Costco Wholesale Corp. | | | | | 4,162,860 | | |
| | | | | | | | | | | | 27,795,935 | | |
| FINANCIALS (4.9%) | | ||||||||||||
| | | | | | | BANKS (1.5%) | | ||||||
| | | 75,500 | | | | HDFC Bank Ltd. ADR | | | | | 4,581,340 | | |
| | | | | | | INSURANCE (2.5%) | | ||||||
| | | 3,000 | | | | Alleghany Corp.* | | | | | 1,824,360 | | |
| Shares | | | | | | Value | | ||||||
| FINANCIALS (4.9%) (continued) | | ||||||||||||
| | | 45,000 | | | | Arch Capital Group Ltd.* | | | | $ | 3,883,050 | | |
| | | 14,000 | | | | Chubb, Ltd. | | | | | 1,849,680 | | |
| | | | | | | | | | | | 7,557,090 | | |
| | | | | | | REITS (0.9%) | | ||||||
| | | 23,200 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 1,672,720 | | |
| | | 4,953 | | | | Essex Property Trust, Inc. REIT | | | | | 1,151,573 | | |
| | | | | | | | | | | | 2,824,293 | | |
| | | | | | | | | | | | 14,962,723 | | |
| HEALTHCARE (16.1%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (2.3%) | | ||||||
| | | 33,800 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 4,135,430 | | |
| | | 23,000 | | | | Illumina, Inc.* | | | | | 2,944,920 | | |
| | | | | | | | | | | | 7,080,350 | | |
| | | | | | | ELECTRONICS (2.4%) | | ||||||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | | 7,408,512 | | |
| | | | | | | HEALTHCARE PRODUCTS (7.5%) | | ||||||
| | | 22,600 | | | | C.R. Bard, Inc. | | | | | 5,077,316 | | |
| | | 61,000 | | | | Danaher Corp. | | | | | 4,748,240 | | |
| | | 16,000 | | | | DENTSPLY SIRONA, Inc. | | | | | 923,680 | | |
| | | 38,800 | | | | Henry Schein, Inc.* | | | | | 5,886,348 | | |
| | | 57,400 | | | | IDEXX Laboratories, Inc.* | | | | | 6,731,298 | | |
| | | | | | | | | | | | 23,366,882 | | |
| | | | | | | HEALTHCARE SERVICES (1.6%) | | ||||||
| | | 48,100 | | | | Mednax, Inc.* | | | | | 3,206,346 | | |
| | | 15,600 | | | | Universal Health Services, Inc. Class B | | | | | 1,659,528 | | |
| | | | | | | | | | | | 4,865,874 | | |
| | | | | | | PHARMACEUTICALS (1.7%) | | ||||||
| | | 42,000 | | | | Express Scripts Holding Co.* | | | | | 2,889,180 | | |
| | | 8,000 | | | | Mallinckrodt PLC* | | | | | 398,560 | | |
| | | 54,000 | | | | Novo Nordisk A/S ADR(1) | | | | | 1,936,440 | | |
| | | | | | | | | | | | 5,224,180 | | |
| | | | | | | SOFTWARE (0.6%) | | ||||||
| | | 40,000 | | | | Cerner Corp.* | | | | | 1,894,800 | | |
| | | | | | | | | | | | 49,840,598 | | |
| INDUSTRIALS (34.1%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (6.1%) | | ||||||
| | | 20,000 | | | | General Dynamics Corp. | | | | | 3,453,200 | | |
| | | 30,762 | | | | HEICO Corp. | | | | | 2,373,288 | | |
| | | 15,800 | | | | Northrop Grumman Corp. | | | | | 3,674,764 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS (34.1%) (continued) | | ||||||||||||
| | | 50,200 | | | | Teledyne Technologies, Inc.* | | | | $ | 6,174,600 | | |
| | | 13,300 | | | | TransDigm Group, Inc. | | | | | 3,311,168 | | |
| | | | | | | | | | | | 18,987,020 | | |
| | | | | | | BUILDING MATERIALS (0.5%) | | ||||||
| | | 26,600 | | | | Fortune Brands Home & Security, Inc. | | | | | 1,422,036 | | |
| | | | | | | COMMERCIAL SERVICES (2.9%) | | ||||||
| | | 14,800 | | | | Equifax, Inc. | | | | | 1,749,804 | | |
| | | 66,152 | | | | IHS Markit, Ltd.* | | | | | 2,342,442 | | |
| | | 146,900 | | | | Rollins, Inc. | | | | | 4,962,282 | | |
| | | | | | | | | | | | 9,054,528 | | |
| | | | | | | ELECTRICAL EQUIPMENTS (4.2%) | | ||||||
| | | 25,300 | | | | Acuity Brands, Inc. | | | | | 5,840,758 | | |
| | | 103,750 | | | | AMETEK, Inc. | | | | | 5,042,250 | | |
| | | 26,000 | | | | EnerSys | | | | | 2,030,600 | | |
| | | | | | | | | | | | 12,913,608 | | |
| | | | | | | ELECTRONICS (0.5%) | | ||||||
| | | 28,800 | | | | Fortive Corp. | | | | | 1,544,544 | | |
| | | | | | | ENVIRONMENTAL CONTROL (4.6%) | | ||||||
| | | 38,500 | | | | Republic Services, Inc. | | | | | 2,196,425 | | |
| | | 37,600 | | | | Stericycle, Inc.* | | | | | 2,896,704 | | |
| | | 115,800 | | | | Waste Connections, Inc. | | | | | 9,100,722 | | |
| | | | | | | | | | | | 14,193,851 | | |
| | | | | | | HAND & MACHINE TOOLS (1.8%) | | ||||||
| | | 11,119 | | | | Lincoln Electric Holdings, Inc. | | | | | 852,494 | | |
| | | 28,500 | | | | Snap-on, Inc. | | | | | 4,881,195 | | |
| | | | | | | | | | | | 5,733,689 | | |
| | | | | | | HOUSEWARES (2.9%) | | ||||||
| | | 158,600 | | | | Toro Co. (The) | | | | | 8,873,670 | | |
| | | | | | | MACHINERY DIVERSIFIED (4.7%) | | ||||||
| | | 31,850 | | | | IDEX Corp. | | | | | 2,868,411 | | |
| | | 8,000 | | | | Middleby Corp. (The)* | | | | | 1,030,480 | | |
| | | 39,000 | | | | Roper Technologies, Inc. | | | | | 7,140,120 | | |
| | | 40,300 | | | | Wabtec Corp.(1) | | | | | 3,345,706 | | |
| | | | | | | | | | | | 14,384,717 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (1.7%) | | ||||||
| | | 18,600 | | | | AO Smith Corp. | | | | | 880,710 | | |
| | | 39,200 | | | | AZZ, Inc. | | | | | 2,504,880 | | |
| | | 16,000 | | | | Carlisle Companies, Inc. | | | | | 1,764,640 | | |
| | | | | | | | | | | | 5,150,230 | | |
| | | | | | | TRANSPORTATION (4.2%) | | ||||||
| | | 62,800 | | | | Canadian National Railway Co. | | | | | 4,232,720 | | |
| | | 33,000 | | | | J.B. Hunt Transport Services, Inc. | | | | | 3,203,310 | | |
| | | 14,000 | | | | Kansas City Southern | | | | | 1,187,900 | | |
| | | 40,000 | | | | Union Pacific Corp. | | | | | 4,147,200 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (99.7%) (continued) | | ||||||||||||
| | | | | | | TRANSPORTATION (4.2%) (continued) | | ||||||
| | | 4,000 | | | | XPO Logistics, Inc.* | | | | $ | 172,640 | | |
| | | | | | | | | | | | 12,943,770 | | |
| | | | | | | | | | | | 105,201,663 | | |
| INFORMATION TECHNOLOGY (15.8%) | | ||||||||||||
| | | | | | | CHEMICALS (0.1%) | | ||||||
| | | 7,500 | | | | Versum Materials, Inc.* | | | | | 210,525 | | |
| | | | | | | COMMERCIAL SERVICES (1.0%) | | ||||||
| | | 27,600 | | | | WEX, Inc.* | | | | | 3,080,160 | | |
| | | | | | | COMPUTERS (1.7%) | | ||||||
| | | 44,000 | | | | Accenture PLC Class A | | | | | 5,153,720 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.9%) | | ||||||
| | | 58,000 | | | | MasterCard, Inc. Class A | | | | | 5,988,500 | | |
| | | | | | | ELECTRONICS (1.9%) | | ||||||
| | | 78,400 | | | | Amphenol Corp. Class A | | | | | 5,268,480 | | |
| | | 23,000 | | | | Trimble, Inc.* | | | | | 693,450 | | |
| | | | | | | | | | | | 5,961,930 | | |
| | | | | | | SOFTWARE (9.2%) | | ||||||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 5,697,384 | | |
| | | 68,400 | | | | Fiserv, Inc.* | | | | | 7,269,552 | | |
| | | 28,400 | | | | Intuit, Inc. | | | | | 3,254,924 | | |
| | | 75,000 | | | | Salesforce.com, Inc.* | | | | | 5,134,500 | | |
| | | 7,000 | | | | ServiceNow, Inc.* | | | | | 520,380 | | |
| | | 3,000 | | | | Tyler Technologies, Inc.* | | | | | 428,310 | | |
| | | 32,500 | | | | Ultimate Software Group, Inc. (The)* | | | | | 5,926,375 | | |
| | | | | | | | | | | | 28,231,425 | | |
| | | | | | | | | | | | 48,626,260 | | |
| Shares | | | | | | Value | | ||||||
| MATERIALS (8.8%) | | ||||||||||||
| | | | | | | CHEMICALS (3.7%) | | ||||||
| | | 15,000 | | | | Air Products & Chemicals, Inc. | | | | $ | 2,157,300 | | |
| | | 40,000 | | | | FMC Corp. | | | | | 2,262,400 | | |
| | | 600 | | | | NewMarket Corp. | | | | | 254,304 | | |
| | | 20,000 | | | | Praxair, Inc. | | | | | 2,343,800 | | |
| | | 43,200 | | | | Valspar Corp. (The) | | | | | 4,475,952 | | |
| | | | | | | | | | | | 11,493,756 | | |
| | | | | | | COMMERCIAL SERVICES (1.8%) | | ||||||
| | | 48,400 | | | | Ecolab, Inc. | | | | | 5,673,448 | | |
| | | | | | | HOUSEWARES (0.6%) | | ||||||
| | | 20,200 | | | | Scotts Miracle-Gro Co. (The) Class A | | | | | 1,930,110 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.7%) | | ||||||
| | | 27,400 | | | | AptarGroup, Inc. | | | | | 2,012,530 | | |
| | | | | | | PACKAGING & CONTAINERS (2.0%) | | ||||||
| | | 49,400 | | | | Ball Corp. | | | | | 3,708,458 | | |
| | | 45,000 | | | | Crown Holdings, Inc.* | | | | | 2,365,650 | | |
| | | | | | | | | | | | 6,074,108 | | |
| | | | | | | | | | | | 27,183,952 | | |
| REAL ESTATE (1.2%) | | ||||||||||||
| | | | | | | REITS (1.2%) | | ||||||
| | | 36,000 | | | | American Tower Corp. REIT | | | | | 3,804,480 | | |
| TELECOMMUNICATION SERVICES (1.2%) | | ||||||||||||
| | | | | | | ENGINEERING & CONSTRUCTION (1.2%) | | ||||||
| | | 37,000 | | | | SBA Communications Corp. Class A* | | | | | 3,820,620 | | |
| TOTAL COMMON STOCKS (Cost $148,777,468) (99.7%) | | | | | 307,759,969 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (2.0%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (2.0%) | | ||||||
| | | 1,426,971 | | | | State Street Institutional Liquid Reserves Fund | | | | $ | 1,426,971 | | |
| | | 4,711,847 | | | | State Street Navigator Securities Lending Prime Portfolio (2) | | | | | 4,711,847 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,138,818) (2.0%) | | | | | 6,138,818 | | | ||||||
| TOTAL INVESTMENT SECURITIES (101.7%) (Cost $154,916,286) | | | | $ | 313,898,787 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-1.7%) | | | | | (5,204,824) | | | ||||||
| NET ASSETS (100%) | | | | $ | 308,693,963 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 307,759,969 | | | | | $ | — | | | | | $ | — | | | | | $ | 307,759,969 | | |
Short-Term Investments | | | | | 6,138,818 | | | | | | — | | | | | | — | | | | | | 6,138,818 | | |
Total Investments in Securities | | | | $ | 313,898,787 | | | | | $ | — | | | | | $ | — | | | | | $ | 313,898,787 | | |
Portfolio Highlights at December 31, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
IDEXX Laboratories, Inc. | | | | | 42,400 | | | | | $ | 4,972,248 | | | | | | 3.7% | | |
Arch Capital Group Ltd. | | | | | 55,900 | | | | | | 4,823,611 | | | | | | 3.6% | | |
Waste Connections, Inc. | | | | | 61,100 | | | | | | 4,801,849 | | | | | | 3.6% | | |
Toro Co. (The) | | | | | 85,600 | | | | | | 4,789,320 | | | | | | 3.6% | | |
Rollins, Inc. | | | | | 137,400 | | | | | | 4,641,372 | | | | | | 3.5% | | |
Fiserv, Inc. | | | | | 43,400 | | | | | | 4,612,552 | | | | | | 3.4% | | |
Teledyne Technologies, Inc. | | | | | 35,900 | | | | | | 4,415,700 | | | | | | 3.3% | | |
Amphenol Corp. | | | | | 62,100 | | | | | | 4,173,120 | | | | | | 3.1% | | |
Mettler-Toledo International, Inc. | | | | | 9,900 | | | | | | 4,143,744 | | | | | | 3.1% | | |
J&J Snack Foods Corp. | | | | | 31,000 | | | | | | 4,136,330 | | | | | | 3.1% | | |
Total | | | | | | | | | | | | | | | | | 34.0% | | |
| | | Average Annual Total Return | | |||
1 year ended 12/31/16 | | | | | 10.94% | | |
5 years ended 12/31/16 | | | | | 13.07% | | |
10 years ended 12/31/16 | | | | | 5.00% | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (96.4%) | | ||||||||||||
| CONSUMER DISCRETIONARY (5.8%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (1.8%) | | ||||||
| | | 78,800 | | | | LKQ Corp.* | | | | $ | 2,415,220 | | |
| | | | | | | RETAIL (4.0%) | | ||||||
| | | 11,800 | | | | Advance Auto Parts, Inc. | | | | | 1,995,616 | | |
| | | 44,000 | | | | TJX Companies, Inc. (The) | | | | | 3,305,720 | | |
| | | | | | | | | | | | 5,301,336 | | |
| | | | | | | | | | | | 7,716,556 | | |
| CONSUMER STAPLES (13.8%) | | ||||||||||||
| | | | | | | FOOD (8.1%) | | ||||||
| | | 102,000 | | | | Hormel Foods Corp. | | | | | 3,550,620 | | |
| | | 31,000 | | | | J&J Snack Foods Corp. | | | | | 4,136,330 | | |
| | | 33,100 | | | | McCormick & Co., Inc. | | | | | 3,089,223 | | |
| | | | | | | | | | | | 10,776,173 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.8%) | | ||||||
| | | 80,000 | | | | Church & Dwight Co., Inc. | | | | | 3,535,200 | | |
| | | 2,100 | | | | Spectrum Brands Holdings, Inc.(1) | | | | | 256,893 | | |
| | | | | | | | | | | | 3,792,093 | | |
| | | | | | | RETAIL (2.9%) | | ||||||
| | | 32,600 | | | | Casey’s General Stores, Inc. | | | | | 3,875,488 | | |
| | | | | | | | | | | | 18,443,754 | | |
| FINANCIALS (3.6%) | | ||||||||||||
| | | | | | | INSURANCE (3.6%) | | ||||||
| | | 55,900 | | | | Arch Capital Group Ltd.* | | | | | 4,823,611 | | |
| HEALTHCARE (13.6%) | | ||||||||||||
| | | | | | | ELECTRONICS (3.1%) | | ||||||
| | | 9,900 | | | | Mettler-Toledo International, Inc.* | | | | | 4,143,744 | | |
| | | | | | | HEALTHCARE PRODUCTS (10.5%) | | ||||||
| | | 16,200 | | | | C.R. Bard, Inc. | | | | | 3,639,492 | | |
| | | 26,700 | | | | Danaher Corp. | | | | | 2,078,328 | | |
| | | 22,700 | | | | Henry Schein, Inc.* | | | | | 3,443,817 | | |
| | | 42,400 | | | | IDEXX Laboratories, Inc.* | | | | | 4,972,248 | | |
| | | | | | | | | | | | 14,133,885 | | |
| | | | | | | | | | | | 18,277,629 | | |
| INDUSTRIALS (33.2%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (8.1%) | | ||||||
| | | 37,983 | | | | HEICO Corp. | | | | | 2,930,388 | | |
| | | 35,900 | | | | Teledyne Technologies, Inc.* | | | | | 4,415,700 | | |
| | | 14,100 | | | | TransDigm Group, Inc. | | | | | 3,510,336 | | |
| | | | | | | | | | | | 10,856,424 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS (33.2%) (continued) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.5%) | | ||||||
| | | 137,400 | | | | Rollins, Inc. | | | | $ | 4,641,372 | | |
| | | | | | | ELECTRICAL EQUIPMENTS (2.1%) | | ||||||
| | | 56,750 | | | | AMETEK, Inc. | | | | | 2,758,050 | | |
| | | | | | | ENVIRONMENTAL CONTROL (5.1%) | | ||||||
| | | 26,800 | | | | Stericycle, Inc.* | | | | | 2,064,672 | | |
| | | 61,100 | | | | Waste Connections, Inc. | | | | | 4,801,849 | | |
| | | | | | | | | | | | 6,866,521 | | |
| | | | | | | HAND & MACHINE TOOLS (2.7%) | | ||||||
| | | 21,400 | | | | Snap-on, Inc. | | | | | 3,665,178 | | |
| | | | | | | HOUSEWARES (3.6%) | | ||||||
| | | 85,600 | | | | Toro Co. (The) | | | | | 4,789,320 | | |
| | | | | | | MACHINERY DIVERSIFIED (5.5%) | | ||||||
| | | 26,800 | | | | Middleby Corp. (The)* | | | | | 3,452,108 | | |
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 3,917,912 | | |
| | | | | | | | | | | | 7,370,020 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (2.6%) | | ||||||
| | | 31,900 | | | | Carlisle Companies, Inc. | | | | | 3,518,251 | | |
| | | | | | | | | | | | 44,465,136 | | |
| INFORMATION TECHNOLOGY (22.3%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.9%) | | ||||||
| | | 31,300 | | | | Gartner, Inc.* | | | | | 3,163,491 | | |
| | | 6,900 | | | | WEX, Inc.* | | | | | 770,040 | | |
| | | | | | | | | | | | 3,933,531 | | |
| | | | | | | COMPUTERS (1.0%) | | ||||||
| | | 28,900 | | | | CGI Group, Inc. Class A* | | | | | 1,388,067 | | |
| | | | | | | ELECTRONICS (3.1%) | | ||||||
| | | 62,100 | | | | Amphenol Corp. Class A | | | | | 4,173,120 | | |
| | | | | | | SOFTWARE (15.3%) | | ||||||
| | | 36,200 | | | | ANSYS, Inc.* | | | | | 3,348,138 | | |
| | | 43,400 | | | | Fiserv, Inc.* | | | | | 4,612,552 | | |
| | | 31,900 | | | | Jack Henry & Associates, Inc. | | | | | 2,832,082 | | |
| | | 49,400 | | | | Open Text Corp. | | | | | 3,053,414 | | |
| | | 20,600 | | | | Tyler Technologies, Inc.* | | | | | 2,941,062 | | |
| | | 20,100 | | | | Ultimate Software Group, Inc. (The)* | | | | | 3,665,235 | | |
| | | | | | | | | | | | 20,452,483 | | |
| | | | | | | | | | | | 29,947,201 | | |
| MATERIALS (4.1%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.3%) | | ||||||
| | | 26,000 | | | | Ecolab, Inc. | | | | | 3,047,720 | | |
| Shares | | | | | | Value | | ||||||
| MATERIALS (4.1%) (continued) | | ||||||||||||
| | | | | | | PACKAGING & CONTAINERS (1.8%) | | ||||||
| | | 33,000 | | | | Ball Corp. | | | | $ | 2,477,310 | | |
| | | | | | | | | | | | 5,525,030 | | |
| TOTAL COMMON STOCKS (Cost $90,889,269) (96.4%) | | | | | 129,198,917 | | | ||||||
| SHORT-TERM INVESTMENTS (4.1%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (4.1%) | | ||||||
| | | 5,288,949 | | | | State Street Institutional Liquid Reserves Fund | | | | | 5,288,949 | | |
| | | 264,075 | | | | State Street Navigator Securities Lending Prime Portfolio(2) | | | | | 264,075 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,553,529) (4.1%) | | | | | 5,553,024 | | | ||||||
| TOTAL INVESTMENT SECURITIES (100.5%) (Cost $96,442,798) | | | | $ | 134,751,941 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-0.5%) | | | | | (721,893) | | | ||||||
| NET ASSETS (100%) | | | | $ | 134,030,048 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 129,198,917 | | | | | $ | — | | | | | $ | — | | | | | $ | 129,198,917 | | |
Short-Term Investments | | | | | 5,553,024 | | | | | | — | | | | | | — | | | | | | 5,553,024 | | |
Total Investments in Securities | | | | $ | 134,751,941 | | | | | $ | — | | | | | $ | — | | | | | $ | 134,751,941 | | |
Portfolio Highlights at December 31, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Celgene Corp. | | | | | 82,000 | | | | | $ | 9,491,500 | | | | | | 3.1% | | |
Activision Blizzard, Inc. | | | | | 257,000 | | | | | | 9,280,270 | | | | | | 3.1% | | |
Facebook, Inc. | | | | | 80,000 | | | | | | 9,204,000 | | | | | | 3.0% | | |
Edwards Lifesciences Corp. | | | | | 84,000 | | | | | | 7,870,800 | | | | | | 2.6% | | |
Alexion Pharmaceuticals, Inc. | | | | | 61,000 | | | | | | 7,463,350 | | | | | | 2.5% | | |
JPMorgan Chase & Co. | | | | | 85,000 | | | | | | 7,334,650 | | | | | | 2.4% | | |
Visa, Inc. | | | | | 90,000 | | | | | | 7,021,800 | | | | | | 2.3% | | |
Bank of America Corp. | | | | | 295,000 | | | | | | 6,519,500 | | | | | | 2.1% | | |
Citigroup, Inc. | | | | | 105,000 | | | | | | 6,240,150 | | | | | | 2.1% | | |
Alphabet, Inc. | | | | | 7,800 | | | | | | 6,181,110 | | | | | | 2.0% | | |
Total | | | | | | | | | | | | | | | | | 25.2% | | |
| | | Average Annual Total Return | | |||
Investor Class | | | |||||
1 year ended 12/31/16 | | | | | 2.80% | | |
5 years ended 12/31/16 | | | | | 8.31% | | |
10 years ended 12/31/16 | | | | | 5.46% | | |
Institutional Class | | | |||||
1 year ended 12/31/16 | | | | | 3.06% | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (83.8%) | | ||||||||||||
| CONSUMER DISCRETIONARY (16.1%) | | ||||||||||||
| | | | | | | APPAREL (1.7%) | | ||||||
| | | 57,000 | | | | NIKE, Inc. Class B | | | | $ | 2,897,310 | | |
| | | 45,000 | | | | VF Corp. | | | | | 2,400,750 | | |
| | | | | | | | | | | | 5,298,060 | | |
| | | | | | | ENTERTAINMENT (2.8%) | | ||||||
| | | 70,000 | | | | Lions Gate Entertainment Corp. Class A(1) | | | | | 1,883,000 | | |
| | | 58,000 | | | | Lions Gate Entertainment Corp. Class B*(1) | | | | | 1,423,320 | | |
| | | 32,000 | | | | Vail Resorts, Inc. | | | | | 5,161,920 | | |
| | | | | | | | | | | | 8,468,240 | | |
| | | | | | | HOME BUILDERS (0.9%) | | ||||||
| | | 83,000 | | | | Toll Brothers, Inc.* | | | | | 2,573,000 | | |
| | | | | | | INTERNET (3.8%) | | ||||||
| | | 7,000 | | | | Amazon.com, Inc.* | | | | | 5,249,090 | | |
| | | 30,000 | | | | Netflix, Inc.* | | | | | 3,714,000 | | |
| | | 1,800 | | | | Priceline Group, Inc. (The)* | | | | | 2,638,908 | | |
| | | | | | | | | | | | 11,601,998 | | |
| | | | | | | MEDIA (2.0%) | | ||||||
| | | 36,000 | | | | Comcast Corp. Class A | | | | | 2,485,800 | | |
| | | 33,000 | | | | Walt Disney Co. (The) | | | | | 3,439,260 | | |
| | | | | | | | | | | | 5,925,060 | | |
| | | | | | | RETAIL (4.9%) | | ||||||
| | | 20,000 | | | | Home Depot, Inc. | | | | | 2,681,600 | | |
| | | 86,000 | | | | Starbucks Corp. | | | | | 4,774,720 | | |
| | | 42,000 | | | | Texas Roadhouse, Inc. | | | | | 2,026,080 | | |
| | | 42,000 | | | | TJX Companies, Inc. (The) | | | | | 3,155,460 | | |
| | | 80,000 | | | | Urban Outfitters, Inc.* | | | | | 2,278,400 | | |
| | | | | | | | | | | | 14,916,260 | | |
| | | | | | | | | | | | 48,782,618 | | |
| CONSUMER STAPLES (2.6%) | | ||||||||||||
| | | | | | | BEVERAGES (1.8%) | | ||||||
| | | 17,000 | | | | Constellation Brands, Inc. Class A | | | | | 2,606,270 | | |
| | | 63,000 | | | | Monster Beverage Corp.* | | | | | 2,793,420 | | |
| | | | | | | | | | | | 5,399,690 | | |
| | | | | | | COSMETICS & PERSONAL CARE (0.8%) | | ||||||
| | | 33,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 2,524,170 | | |
| | | | | | | | | | | | 7,923,860 | | |
| ENERGY (5.3%) | | ||||||||||||
| | | | | | | OIL & GAS (3.9%) | | ||||||
| | | 66,000 | | | | Anadarko Petroleum Corp. | | | | | 4,602,180 | | |
| Shares | | | | | | Value | | ||||||
| ENERGY (5.3%) (continued) | | ||||||||||||
| | | | | | | OIL & GAS (3.9%) (continued) | | ||||||
| | | 27,000 | | | | Diamondback Energy, Inc.* | | | | $ | 2,728,620 | | |
| | | 25,000 | | | | Pioneer Natural Resources Co. | | | | | 4,501,750 | | |
| | | 52,000 | | | | Schlumberger Ltd. | | | | | 4,365,400 | | |
| | | | | | | | | | | | 16,197,950 | | |
| FINANCIALS (12.8%) | | ||||||||||||
| | | | | | | BANKS (6.6%) | | ||||||
| | | 295,000 | | | | Bank of America Corp. | | | | | 6,519,500 | | |
| | | 105,000 | | | | Citigroup, Inc. | | | | | 6,240,150 | | |
| | | 85,000 | | | | JPMorgan Chase & Co. | | | | | 7,334,650 | | |
| | | | | | | | | | | | 20,094,300 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.8%) | | ||||||
| | | 7,300 | | | | BlackRock, Inc. | | | | | 2,777,942 | | |
| | | 210,000 | | | | Blackstone Group L.P. (The) | | | | | 5,676,301 | | |
| | | 130,000 | | | | Charles Schwab Corp. (The) | | | | | 5,131,100 | | |
| | | 90,000 | | | | Invesco Ltd. | | | | | 2,730,600 | | |
| | | 70,000 | | | | Synchrony Financial | | | | | 2,538,900 | | |
| | | | | | | | | | | | 18,854,843 | | |
| | | | | | | | | | | | 38,949,143 | | |
| HEALTHCARE (20.8%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (10.4%) | | ||||||
| | | 61,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 7,463,350 | | |
| | | 16,000 | | | | Biogen, Inc.* | | | | | 4,537,280 | | |
| | | 41,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 3,396,440 | | |
| | | 82,000 | | | | Celgene Corp.* | | | | | 9,491,500 | | |
| | | 22,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 2,390,300 | | |
| | | 60,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 4,420,200 | | |
| | | | | | | | | | | | 31,699,070 | | |
| | | | | | | HEALTHCARE PRODUCTS (4.8%) | | ||||||
| | | 84,000 | | | | Edwards Lifesciences Corp.* | | | | | 7,870,800 | | |
| | | 51,000 | | | | Medtronic PLC | | | | | 3,632,730 | | |
| | | 68,000 | | | | Zeltiq Aesthetics, Inc.*(1) | | | | | 2,959,360 | | |
| | | | | | | | | | | | 14,462,890 | | |
| | | | | | | PHARMACEUTICALS (4.7%) | | ||||||
| | | 13,500 | | | | Allergan PLC* | | | | | 2,835,135 | | |
| | | 40,000 | | | | DexCom, Inc.* | | | | | 2,388,000 | | |
| | | 28,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 3,052,840 | | |
| | | 91,000 | | | | Pfizer, Inc. | | | | | 2,955,680 | | |
| Shares | | | | | | Value | | ||||||
| HEALTHCARE (20.8%) (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS (4.7%) (continued) | | ||||||
| | | 54,000 | | | | Zoetis, Inc. | | | | $ | 2,890,620 | | |
| | | | | | | | | | | | 14,122,275 | | |
| | | | | | | SOFTWARE (0.9%) | | ||||||
| | | 58,000 | | | | Medidata Solutions, Inc.* | | | | | 2,880,860 | | |
| | | | | | | | | | | | 63,165,095 | | |
| INDUSTRIALS (0.9%) | | ||||||||||||
| | | | | | | AIRLINES (0.9%) | | ||||||
| | | 56,000 | | | | Delta Air Lines, Inc. | | | | | 2,754,640 | | |
| INFORMATION TECHNOLOGY (23.0%) | | ||||||||||||
| | | | | | | AUTO PARTS & EQUIPMENT (1.1%) | | ||||||
| | | 85,000 | | | | Mobileye N.V.*(1) | | | | | 3,240,200 | | |
| | | | | | | COMMERCIAL SERVICES (1.3%) | | ||||||
| | | 100,000 | | | | PayPal Holdings, Inc.* | | | | | 3,947,000 | | |
| | | | | | | COMPUTERS (2.0%) | | ||||||
| | | 34,000 | | | | Apple, Inc. | | | | | 3,937,880 | | |
| | | 38,000 | | | | Cognizant Technology Solutions Corp. Class A* | | | | | 2,129,140 | | |
| | | | | | | | | | | | 6,067,020 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (2.3%) | | ||||||
| | | 90,000 | | | | Visa, Inc. Class A | | | | | 7,021,800 | | |
| | | | | | | INTERNET (8.8%) | | ||||||
| | | 40,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 3,512,400 | | |
| | | 2,600 | | | | Alphabet, Inc. Class C | | | | | 2,006,732 | | |
| | | 7,800 | | | | Alphabet, Inc. Class A* | | | | | 6,181,110 | | |
| | | 80,000 | | | | Facebook, Inc. Class A* | | | | | 9,204,000 | | |
| | | 80,000 | | | | GrubHub, Inc.*(1) | | | | | 3,009,600 | | |
| | | 215,000 | | | | Pandora Media, Inc.*(1) | | | | | 2,803,600 | | |
| | | | | | | | | | | | 26,717,442 | | |
| | | | | | | SEMICONDUCTORS (1.4%) | | ||||||
| | | 25,000 | | | | BROADCOM, Ltd. | | | | | 4,419,250 | | |
| | | | | | | SOFTWARE (6.1%) | | ||||||
| | | 257,000 | | | | Activision Blizzard, Inc. | | | | | 9,280,270 | | |
| | | 29,000 | | | | Adobe Systems, Inc.* | | | | | 2,985,550 | | |
| | | 49,000 | | | | Akamai Technologies, Inc.* | | | | | 3,267,320 | | |
| | | 44,000 | | | | Salesforce.com, Inc.* | | | | | 3,012,240 | | |
| | | | | | | | | | | | 18,545,380 | | |
| | | | | | | | | | | | 69,958,092 | | |
| MATERIALS (0.7%) | | ||||||||||||
| | | | | | | CHEMICALS (0.7%) | | ||||||
| | | 20,000 | | | | Monsanto Co. | | | | | 2,104,200 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (83.8%) (continued) | | ||||||||||||
| REAL ESTATE (1.6%) | | ||||||||||||
| | | | | | | REITS (1.6%) | | ||||||
| | | 26,000 | | | | American Tower Corp. REIT | | | | $ | 2,747,680 | | |
| | | 30,000 | | | | Lamar Advertising Co. REIT Class A | | | | | 2,017,200 | | |
| | | | | | | | | | | | 4,764,880 | | |
| TOTAL COMMON STOCKS (Cost $230,420,295) (83.8%) | | | | | 254,600,478 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.5%) | | ||||||||||||
| | $ | 95,261 | | | | Capital Auto Receivables Asset Trust, Series 2014-3, Class A3, 1.48%, 11/20/18 | | | | | 95,323 | | |
| | | 250,000 | | | | CarMax Auto Owner Trust, Series 2015-1, Class A4, 1.83%, 7/15/20 | | | | | 250,449 | | |
| | | 150,000 | | | | CarMax Auto Owner Trust, Series 2015-4, Class A3, 1.56%, 11/16/20 | | | | | 150,057 | | |
| | | 100,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.73%, 4/9/20 | | | | | 100,383 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 153,870 | | |
| | | 250,000 | | | | Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.26%, 11/15/25(2) | | | | | 252,134 | | |
| | | 150,000 | | | | Ford Credit Floorplan Master Owner Trust, Series 2012-2, Class A, 1.92%, 1/15/19 | | | | | 150,040 | | |
| | | 250,000 | | | | GM Financial Automobile Leasing Trust, Series 2015-2, Class A3, 1.68%, 12/20/18 | | | | | 250,678 | | |
| | | 100,000 | | | | Synchrony Credit Card Master Note Trust, Series 2012-2, Class A, 2.22%, 1/15/22 | | | | | 100,760 | | |
| | | 100,000 | | | | Synchrony Credit Card Master Note Trust, Series 2015-1, Class A, 2.37%, 3/15/23 | | | | | 100,902 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $1,613,051) (0.5%) | | | | | 1,604,596 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.1%) | | ||||||||||||
| | $ | 251,512 | | | | Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class A4, 5.69%, 6/11/50(3) | | | | $ | 255,858 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 104,307 | | |
| | | 94,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 96,806 | | |
| | | 59,835 | | | | FREMF Mortgage Trust, Series 2013-KF02, Class B, 3.53%, 12/25/45(2)(3) | | | | | 60,025 | | |
| | | 120,000 | | | | FREMF Mortgage Trust, Series 2013-K713, Class B, 3.17%, 4/25/46(2)(3) | | | | | 120,952 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.63%, 11/25/47(2)(3) | | | | | 254,654 | | |
| | | 203,406 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 196,195 | | |
| | | 250,000 | | | | GNMA, Series 2013-12, Class B, 2.19%, 11/16/52(3) | | | | | 237,788 | | |
| | | 250,000 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 260,380 | | |
| | | 162,089 | | | | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class A1A, 5.75%, 2/12/51(3) | | | | | 165,280 | | |
| | | 100,000 | | | | Morgan Stanley Capital I Trust, Series 2012-C4, Class A4, 3.24%, 3/15/45 | | | | | 103,278 | | |
| | | 131,751 | | | | Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 2.63%, 4/25/45(3) | | | | | 132,068 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 252,245 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 392,505 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.1%) (continued) | | ||||||||||||
| | $ | 100,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A2, 2.95%, 12/15/47 | | | | $ | 102,331 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class A2, 2.66%, 2/15/48 | | | | | 152,323 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 202,832 | | |
| | | 200,000 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 210,910 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $3,391,570) (1.1%) | | | | | 3,300,737 | | | ||||||
| CORPORATE BONDS & NOTES (7.5%) | | ||||||||||||
| BASIC MATERIALS (0.2%) | | ||||||||||||
| | | | | | | CHEMICALS (0.2%) | | ||||||
| | | 225,000 | | | | Celanese U.S. Holdings LLC Guaranteed Notes | | | | | 237,046 | | |
| | | 200,000 | | | | LYB International Finance B.V. Guaranteed Notes | | | | | 208,959 | | |
| | | 100,000 | | | | Mosaic Co. (The) Senior Unsecured Notes | | | | | 99,180 | | |
| | | | | | | | | | | | 545,185 | | |
| COMMUNICATIONS (0.8%) | | ||||||||||||
| | | | | | | INTERNET (0.2%) | | ||||||
| | | 100,000 | | | | Amazon.com, Inc. Senior Unsecured Notes | | | | | 103,625 | | |
| | | 125,000 | | | | Amazon.com, Inc. Senior Unsecured Notes | | | | | 137,583 | | |
| | | 150,000 | | | | Baidu, Inc. Senior Unsecured Notes | | | | | 151,574 | | |
| | | 150,000 | | | | Expedia, Inc. Guaranteed Notes | | | | | 152,434 | | |
| | | 150,000 | | | | Netflix, Inc. Senior Unsecured Notes | | | | | 160,500 | | |
| | | | | | | | | | | | 705,716 | | |
| | | | | | | MEDIA (0.4%) | | ||||||
| | | 200,000 | | | | CBS Corp. Guaranteed Notes | | | | | 201,462 | | |
| | | 150,000 | | | | Comcast Corp. Guaranteed Notes | | | | | 193,672 | | |
| | | 250,000 | | | | DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Guaranteed Notes | | | | | 256,285 | | |
| | | 150,000 | | | | Discovery Communications LLC Guaranteed Notes | | | | | 157,953 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (7.5%) (continued) | | ||||||||||||
| COMMUNICATIONS (0.8%) (continued) | | ||||||||||||
| | $ | 200,000 | | | | Scripps Networks Interactive, Inc. Senior Unsecured Notes | | | | $ | 200,442 | | |
| | | 100,000 | | | | Time Warner, Inc. Guaranteed Notes | | | | | 99,440 | | |
| | | 100,000 | | | | Time Warner, Inc. Guaranteed Notes | | | | | 99,432 | | |
| | | | | | | | | | | | 1,208,686 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 150,000 | | | | T-Mobile USA, Inc. Guaranteed Notes | | | | | 153,375 | | |
| | | 250,000 | | | | Telefonica Emisiones SAU Guaranteed Notes | | | | | 270,959 | | |
| | | 100,000 | | | | Verizon Communications, Inc. Senior Unsecured Notes | | | | | 96,591 | | |
| | | | | | | | | | | | 520,925 | | |
| | | | | | | | | | | | 2,435,327 | | |
| CONSUMER, CYCLICAL (0.9%) | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS (0.2%) | | ||||||
| | | 300,000 | | | | Ford Motor Credit Co. LLC Senior Unsecured Notes | | | | | 301,339 | | |
| | | 200,000 | | | | General Motors Financial Co., Inc. Guaranteed Notes | | | | | 201,254 | | |
| | | 100,000 | | | | Nissan Motor Acceptance Corp. Senior Unsecured Notes(2) | | | | | 100,501 | | |
| | | | | | | | | | | | 603,094 | | |
| | | | | | | AUTO PARTS & EQUIPMENT (0.1%) | | ||||||
| | | 100,000 | | | | Goodyear Tire & Rubber Co. (The) Guaranteed Notes | | | | | 99,544 | | |
| | | 100,000 | | | | Magna International, Inc. Senior Unsecured Notes | | | | | 103,601 | | |
| | | | | | | | | | | | 203,145 | | |
| | | | | | | HOME BUILDERS (0.2%) | | ||||||
| | | 100,000 | | | | CalAtlantic Group, Inc. Guaranteed Notes | | | | | 109,750 | | |
| | | 175,000 | | | | D.R. Horton, Inc. Guaranteed Notes | | | | | 179,812 | | |
| | | 150,000 | | | | PulteGroup, Inc. Guaranteed Notes | | | | | 153,375 | | |
| | | 100,000 | | | | Toll Brothers Finance Corp. Guaranteed Notes | | | | | 98,250 | | |
| | | | | | | | | | | | 541,187 | | |
| | | | | | | HOUSEWARES (0.1%) | | ||||||
| | | 150,000 | | | | Newell Brands, Inc. Senior Unsecured Notes | | | | | 151,646 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, CYCLICAL (0.9%) (continued) | | ||||||||||||
| | | | | | | HOUSEWARES (0.1%) (continued) | | ||||||
| | $ | 50,000 | | | | Newell Brands, Inc. Senior Unsecured Notes | | | | $ | 57,401 | | |
| | | | | | | | | | | | 209,047 | | |
| | | | | | | LEISURE TIME (0.1%) | | ||||||
| | | 150,000 | | | | Royal Caribbean Cruises, Ltd. Senior Unsecured Notes | | | | | 160,313 | | |
| | | | | | | LODGING (0.1%) | | ||||||
| | | 250,000 | | | | Wyndham Worldwide Corp. Senior Unsecured Notes | | | | | 249,554 | | |
| | | 250,000 | | | | Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. Guaranteed Notes | | | | | 256,250 | | |
| | | | | | | | | | | | 505,804 | | |
| | | | | | | RETAIL (0.1%) | | ||||||
| | | 100,000 | | | | CVS Health Corp. Senior Unsecured Notes | | | | | 98,513 | | |
| | | 100,000 | | | | L Brands, Inc. Guaranteed Notes | | | | | 112,250 | | |
| | | 100,000 | | | | Nordstrom, Inc. Senior Unsecured Notes | | | | | 98,537 | | |
| | | 125,000 | | | | Sally Holdings LLC/Sally Capital, Inc. Guaranteed Notes | | | | | 129,844 | | |
| | | | | | | | | | | | 439,144 | | |
| | | | | | | | | | | | 2,661,734 | | |
| CONSUMER, NON-CYCLICAL (1.0%) | | ||||||||||||
| | | | | | | BEVERAGES (0.1%) | | ||||||
| | | 150,000 | | | | Anheuser-Busch InBev Finance, Inc. Guaranteed Notes | | | | | 162,131 | | |
| | | 250,000 | | | | Constellation Brands, Inc. Guaranteed Notes | | | | | 258,120 | | |
| | | | | | | | | | | | 420,251 | | |
| | | | | | | BIOTECHNOLOGY (0.1%) | | ||||||
| | | 150,000 | | | | Celgene Corp. Senior Unsecured Notes | | | | | 150,917 | | |
| | | 200,000 | | | | Gilead Sciences, Inc. Senior Unsecured Notes | | | | | 201,039 | | |
| | | | | | | | | | | | 351,956 | | |
| | | | | | | COMMERCIAL SERVICES (0.0%) | | ||||||
| | | 100,000 | | | | Service Corp. International Senior Unsecured Notes | | | | | 104,000 | | |
| | | | | | | FOOD (0.3%) | | ||||||
| | | 150,000 | | | | JM Smucker Co. (The) Guaranteed Notes | | | | | 148,830 | | |
| | | 100,000 | | | | Kellogg Co. Senior Unsecured Notes | | | | | 97,617 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, NON-CYCLICAL (1.0%) (continued) | | ||||||||||||
| | | | | | | FOOD (0.3%) (continued) | | ||||||
| | $ | 100,000 | | | | Kroger Co. (The) Senior Unsecured Notes | | | | $ | 101,936 | | |
| | | 100,000 | | | | Kroger Co. (The) Senior Unsecured Notes | | | | | 107,809 | | |
| | | 150,000 | | | | Sysco Corp. Guaranteed Notes | | | | | 151,809 | | |
| | | 200,000 | | | | Wm Wrigley Jr Co. Senior Unsecured Notes(2) | | | | | 201,006 | | |
| | | | | | | | | | | | 809,007 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.1%) | | ||||||
| | | 150,000 | | | | Edwards Lifesciences Corp. Senior Unsecured Notes | | | | | 152,253 | | |
| | | | | | | HEALTHCARE SERVICES (0.3%) | | ||||||
| | | 150,000 | | | | DaVita, Inc. Guaranteed Notes | | | | | 156,750 | | |
| | | 200,000 | | | | HCA, Inc. Guaranteed Notes | | | | | 200,500 | | |
| | | 150,000 | | | | LifePoint Health, Inc. Guaranteed Notes | | | | | 156,000 | | |
| | | 100,000 | | | | NYU Hospitals Center Secured Notes | | | | | 104,267 | | |
| | | 100,000 | | | | Quest Diagnostics, Inc. Senior Unsecured Notes | | | | | 98,810 | | |
| | | 100,000 | | | | UnitedHealth Group, Inc. Senior Unsecured Notes | | | | | 105,615 | | |
| | | | | | | | | | | | 821,942 | | |
| | | | | | | PHARMACEUTICALS (0.1%) | | ||||||
| | | 100,000 | | | | Actavis Funding SCS Guaranteed Notes | | | | | 100,578 | | |
| | | 200,000 | | | | Express Scripts Holding Co. Guaranteed Notes | | | | | 214,814 | | |
| | | 100,000 | | | | Shire Acquisitions Investments Ireland DAC Guaranteed Notes | | | | | 95,045 | | |
| | | | | | | | | | | | 410,437 | | |
| | | | | | | | | | | | 3,069,846 | | |
| ENERGY (0.6%) | | ||||||||||||
| | | | | | | OIL & GAS (0.3%) | | ||||||
| | | 100,000 | | | | Chevron Corp. Senior Unsecured Notes | | | | | 98,589 | | |
| | | 100,000 | | | | Devon Energy Corp. Senior Unsecured Notes | | | | | 94,469 | | |
| | | 50,000 | | | | Occidental Petroleum Corp. Senior Unsecured Notes | | | | | 50,377 | | |
| | | 150,000 | | | | Occidental Petroleum Corp. Senior Unsecured Notes | | | | | 156,076 | | |
| | | 200,000 | | | | Phillips 66 Guaranteed Notes | | | | | 214,743 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (7.5%) (continued) | | ||||||||||||
| ENERGY (0.6%) (continued) | | ||||||||||||
| | $ | 125,000 | | | | Shell International Finance B.V. Guaranteed Notes | | | | $ | 117,283 | | |
| | | 150,000 | | | | Valero Energy Corp. Senior Unsecured Notes | | | | | 175,555 | | |
| | | | | | | | | | | | 907,092 | | |
| | | | | | | PIPELINES (0.3%) | | ||||||
| | | 150,000 | | | | DCP Midstream Operating L.P. Guaranteed Notes | | | | | 149,250 | | |
| | | 150,000 | | | | Energy Transfer Partners L.P. Senior Unsecured Notes(1) | | | | | 170,677 | | |
| | | 400,000 | | | | Enterprise Products Operating LLC Guaranteed Notes | | | | | 399,928 | | |
| | | 125,000 | | | | Magellan Midstream Partners L.P. Senior Unsecured Notes | | | | | 117,446 | | |
| | | 250,000 | | | | Spectra Energy Partners L.P. Senior Unsecured Notes | | | | | 265,413 | | |
| | | | | | | | | | | | 1,102,714 | | |
| | | | | | | | | | | | 2,009,806 | | |
| FINANCIAL (2.7%) | | ||||||||||||
| | | | | | | BANKS (1.3%) | | ||||||
| | | 250,000 | | | | Australia & New Zealand Banking Group Ltd. Subordinated Notes(2) | | | | | 255,989 | | |
| | | 100,000 | | | | Banco Bilbao Vizcaya Argentaria S.A. Senior Unsecured Notes | | | | | 100,506 | | |
| | | 100,000 | | | | Bancolombia S.A. Senior Unsecured Notes(1) | | | | | 108,530 | | |
| | | 100,000 | | | | Bank of America Corp. MTN Subordinated Notes | | | | | 101,870 | | |
| | | 300,000 | | | | Bank of America Corp. MTN, Series L Senior Unsecured Notes | | | | | 314,329 | | |
| | | 250,000 | | | | BPCE S.A. Guaranteed Notes | | | | | 252,193 | | |
| | | 250,000 | | | | Capital One Financial Corp. Senior Unsecured Notes | | | | | 253,255 | | |
| | | 174,000 | | | | Citigroup, Inc. Subordinated Notes | | | | | 187,428 | | |
| | | 350,000 | | | | Cooperatieve Rabobank UA Guaranteed Notes | | | | | 360,052 | | |
| | | 250,000 | | | | Credit Agricole S.A. Senior Unsecured Notes(2) | | | | | 250,486 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL (2.7%) (continued) | | ||||||||||||
| | $ | 150,000 | | | | Fifth Third Bancorp Senior Unsecured Notes | | | | $ | 151,650 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The) Subordinated Notes | | | | | 123,485 | | |
| | | 250,000 | | | | Morgan Stanley Senior Unsecured Notes | | | | | 252,046 | | |
| | | 250,000 | | | | Morgan Stanley Subordinated Notes | | | | | 267,935 | | |
| | | 300,000 | | | | PNC Financial Services Group, Inc. (The) Senior Unsecured Notes | | | | | 308,411 | | |
| | | 100,000 | | | | Santander Holdings USA, Inc. Senior Unsecured Notes | | | | | 99,113 | | |
| | | 250,000 | | | | Societe Generale S.A. Senior Unsecured Notes(1) | | | | | 274,456 | | |
| | | 250,000 | | | | Wells Fargo & Co. MTN Senior Unsecured Notes(1) | | | | | 257,213 | | |
| | | | | | | | | | | | 3,918,947 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.6%) | | ||||||
| | | 175,000 | | | | Aircastle Ltd. Senior Unsecured Notes(1) | | | | | 182,656 | | |
| | | 150,000 | | | | Ally Financial, Inc. Guaranteed Notes | | | | | 154,500 | | |
| | | 250,000 | | | | American Express Co. Senior Unsecured Notes(3) | | | | | 250,517 | | |
| | | 150,000 | | | | BlackRock, Inc., Series 2 Senior Unsecured Notes | | | | | 162,907 | | |
| | | 250,000 | | | | Discover Financial Services Senior Unsecured Notes | | | | | 247,765 | | |
| | | 250,000 | | | | International Lease Finance Corp. Senior Secured Notes(2) | | | | | 269,375 | | |
| | | 250,000 | | | | Nomura Holdings, Inc. GMTN Senior Unsecured Notes | | | | | 252,366 | | |
| | | 200,000 | | | | Stifel Financial Corp. Senior Unsecured Notes | | | | | 198,626 | | |
| | | 150,000 | | | | Synchrony Financial Senior Unsecured Notes | | | | | 151,944 | | |
| | | 100,000 | | | | Synchrony Financial Senior Unsecured Notes | | | | | 102,782 | | |
| | | | | | | | | | | | 1,973,438 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL (2.7%) (continued) | | ||||||||||||
| | | | | | | INSURANCE (0.3%) | | ||||||
| | $ | 250,000 | | | | American International Group, Inc. Senior Unsecured Notes | | | | $ | 273,194 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc. Senior Unsecured Notes(1) | | | | | 264,758 | | |
| | | 100,000 | | | | CNA Financial Corp. Senior Unsecured Notes | | | | | 101,431 | | |
| | | 150,000 | | | | XLIT Ltd. Guaranteed Notes | | | | | 166,700 | | |
| | | | | | | | | | | | 806,083 | | |
| | | | | | | REAL ESTATE (0.1%) | | ||||||
| | | 250,000 | | | | ProLogis L.P. Guaranteed Notes | | | | | 253,618 | | |
| | | | | | | REITS (0.4%) | | ||||||
| | | 53,000 | | | | American Tower Corp. Senior Unsecured Notes | | | | | 50,175 | | |
| | | 150,000 | | | | AvalonBay Communities, Inc. GMTN Senior Unsecured Notes | | | | | 150,172 | | |
| | | 125,000 | | | | Crown Castle International Corp. Senior Unsecured Notes | | | | | 129,324 | | |
| | | 100,000 | | | | Digital Realty Trust L.P. Guaranteed Notes | | | | | 108,661 | | |
| | | 250,000 | | | | EPR Properties Guaranteed Notes | | | | | 259,836 | | |
| | | 150,000 | | | | Hospitality Properties Trust Senior Unsecured Notes | | | | | 149,503 | | |
| | | 100,000 | | | | Host Hotels & Resorts L.P. Senior Unsecured Notes | | | | | 108,165 | | |
| | | 100,000 | | | | Kimco Realty Corp. Senior Unsecured Notes | | | | | 93,357 | | |
| | | 100,000 | | | | Weyerhaeuser Co. Senior Unsecured Notes | | | | | 112,259 | | |
| | | 100,000 | | | | Weyerhaeuser Co. Senior Unsecured Notes | | | | | 120,290 | | |
| | | | | | | | | | | | 1,281,742 | | |
| | | | | | | | | | | | 8,233,828 | | |
| INDUSTRIAL (0.4%) | | ||||||||||||
| | | | | | | BUILDING MATERIALS (0.1%) | | ||||||
| | | 150,000 | | | | Masco Corp. Senior Unsecured Notes | | | | | 168,750 | | |
| | | | | | | ELECTRONICS (0.0%) | | ||||||
| | | 50,000 | | | | Allegion PLC Guaranteed Notes | | | | | 53,000 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (7.5%) (continued) | | ||||||||||||
| INDUSTRIAL (0.4%) (continued) | | ||||||||||||
| | | | | | | MISCELLANEOUS MANUFACTURER (0.1%) | | ||||||
| | $ | 250,000 | | | | Textron, Inc. Senior Unsecured Notes | | | | $ | 251,374 | | |
| | | | | | | PACKAGING & CONTAINERS (0.1%) | | ||||||
| | | 150,000 | | | | Ball Corp. Guaranteed Notes | | | | | 156,750 | | |
| | | 250,000 | | | | Packaging Corp. of America Senior Unsecured Notes | | | | | 251,026 | | |
| | | | | | | | | | | | 407,776 | | |
| | | | | | | TRANSPORTATION (0.1%) | | ||||||
| | | 150,000 | | | | Burlington Northern Santa Fe LLC Senior Unsecured Notes | | | | | 152,116 | | |
| | | 100,000 | | | | FedEx Corp. Guaranteed Notes | | | | | 100,771 | | |
| | | | | | | | | | | | 252,887 | | |
| | | | | | | | | | | | 1,133,787 | | |
| TECHNOLOGY (0.3%) | | ||||||||||||
| | | | | | | SEMICONDUCTORS (0.1%) | | ||||||
| | | 100,000 | | | | Intel Corp. Senior Unsecured Notes | | | | | 100,952 | | |
| | | 200,000 | | | | QUALCOMM, Inc. Senior Unsecured Notes | | | | | 203,505 | | |
| | | | | | | | | | | | 304,457 | | |
| | | | | | | SOFTWARE (0.2%) | | ||||||
| | | 125,000 | | | | Cadence Design Systems, Inc. Senior Unsecured Notes | | | | | 122,567 | | |
| | | 250,000 | | | | Microsoft Corp. Senior Unsecured Notes | | | | | 236,174 | | |
| | | 175,000 | | | | Microsoft Corp. Senior Unsecured Notes | | | | | 186,449 | | |
| | | | | | | | | | | | 545,190 | | |
| | | | | | | | | | | | 849,647 | | |
| UTILITIES (0.6%) | | ||||||||||||
| | | | | | | ELECTRIC (0.4%) | | ||||||
| | | 150,000 | | | | Consolidated Edison Co. of New York, Inc. Senior Unsecured Notes | | | | | 159,054 | | |
| | | 100,000 | | | | Consumers Energy Co. | | | | | 100,732 | | |
| | | 100,000 | | | | Exelon Generation Co. LLC Senior Unsecured Notes | | | | | 107,176 | | |
| | | 250,000 | | | | Florida Power & Light Co.(1) | | | | | 254,861 | | |
| | | 175,000 | | | | ITC Holdings Corp. Senior Unsecured Notes | | | | | 170,003 | | |
| Principal Amount | | | | | | Value | | ||||||
| UTILITIES (0.6%) (continued) | | ||||||||||||
| | $ | 100,000 | | | | Pacific Gas & Electric Co. Senior Unsecured Notes(1) | | | | $ | 97,971 | | |
| | | 100,000 | | | | PSEG Power LLC Guaranteed Notes(1) | | | | | 103,362 | | |
| | | 250,000 | | | | South Carolina Electric & Gas Co. | | | | | 253,426 | | |
| | | 100,000 | | | | Southern Co. (The) Senior Unsecured Notes | | | | | 98,709 | | |
| | | | | | | | | | | | 1,345,294 | | |
| | | | | | | OIL & GAS (0.1%) | | ||||||
| | | 150,000 | | | | National Fuel Gas Co. Senior Unsecured Notes | | | | | 155,790 | | |
| | | | | | | WATER (0.1%) | | ||||||
| | | 225,000 | | | | American Water Capital Corp. Senior Unsecured Notes | | | | | 221,170 | | |
| | | | | | | | | | | | 1,722,254 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $22,579,706) (7.5%) | | | | | 22,661,414 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.2%) | | ||||||||||||
| | | 250,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 5.13%, 1/15/20 | | | | | 268,375 | | |
| | | 125,000 | | | | Peruvian Government International Bond, Senior Unsecured Notes, 4.13%, 8/25/27(1) | | | | | 129,844 | | |
| | | 250,000 | | | | Republic of Poland Government International Bond, Senior Unsecured Notes, 4.00%, 1/22/24 | | | | | 255,689 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $653,769) (0.2%) | | | | | 653,908 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.5%) | | ||||||||||||
| | | | | | | CALIFORNIA (0.1%) | | ||||||
| | | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | | 91,195 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 62,148 | | |
| | | | | | | | | | | | 153,343 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | FLORIDA (0.0%) | | ||||||
| | $ | 75,000 | | | | Florida State Department of Environmental Protection Revenue, Build America Bonds, Revenue Bonds, Series B, 5.31%, 7/1/18 | | | | $ | 78,973 | | |
| | | | | | | NEW YORK (0.2%) | | ||||||
| | | 250,000 | | | | City of New York, General Obligation Unlimited, Subser. D2, 2.60%, 8/1/20 | | | | | 253,615 | | |
| | | 185,000 | | | | Metropolitan Transportation Authority, Build America Bonds, Revenue Bonds, Ser. C-1, 5.12%, 11/15/19 | | | | | 200,392 | | |
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 108,086 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 243,107 | | |
| | | | | | | | | | | | 805,200 | | |
| | | | | | | TEXAS (0.2%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 279,065 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 245,528 | | |
| | | | | | | | | | | | 524,593 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,533,927) (0.5%) | | | | | 1,562,109 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (3.5%) | | ||||||||||||
| | | 250,000 | | | | FHLB, 1.63%, 2/27/19 | | | | | 251,679 | | |
| | | 292,777 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 288,075 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.5%) (continued) | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (3.5%) (continued) | | ||||||||||||
| | $ | 49,293 | | | | FHLMC Gold PC Pool #A46044, 5.00%, 7/1/35 | | | | $ | 53,918 | | |
| | | 165,578 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 180,509 | | |
| | | 44,584 | | | | FHLMC Gold PC Pool #A89430, 4.50%, 10/1/39 | | | | | 47,930 | | |
| | | 121,009 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 127,109 | | |
| | | 203,610 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 209,082 | | |
| | | 52,923 | | | | FHLMC Gold Pool #A84814, 4.50%, 3/1/39 | | | | | 56,986 | | |
| | | 49,692 | | | | FHLMC Gold Pool #A96997, 4.50%, 2/1/41 | | | | | 53,617 | | |
| | | 197,141 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | | 207,128 | | |
| | | 295,701 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 295,581 | | |
| | | 54,641 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | | 54,619 | | |
| | | 465,647 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 486,132 | | |
| | | 121,459 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 125,101 | | |
| | | 90,210 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 92,934 | | |
| | | 54,084 | | | | FNMA Pool #254733, 5.00%, 4/1/23 | | | | | 58,884 | | |
| | | 378,885 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | | 407,509 | | |
| | | 192,069 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 209,756 | | |
| | | 21,669 | | | | FNMA Pool #832199, 4.50%, 7/1/35 | | | | | 23,337 | | |
| | | 219,554 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 239,815 | | |
| | | 6,318 | | | | FNMA Pool #910242, 5.00%, 3/1/37 | | | | | 6,879 | | |
| | | 27,197 | | | | FNMA Pool #973333, 4.50%, 2/1/38 | | | | | 29,348 | | |
| | | 6,672 | | | | FNMA Pool #975116, 5.00%, 5/1/38 | | | | | 7,265 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (3.5%) (continued) | | ||||||||||||
| | $ | 115,758 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | $ | 124,503 | | |
| | | 6,673 | | | | FNMA Pool #AB1259, 5.00%, 7/1/40 | | | | | 7,279 | | |
| | | 259,956 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 268,085 | | |
| | | 115,967 | | | | FNMA Pool #AB2660, 3.50%, 5/1/21 | | | | | 120,835 | | |
| | | 89,030 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 91,863 | | |
| | | 380,378 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 391,155 | | |
| | | 13,688 | | | | FNMA Pool #AB3943, 4.00%, 11/1/41 | | | | | 14,457 | | |
| | | 137,481 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 148,322 | | |
| | | 192,199 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 207,188 | | |
| | | 127,165 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | | 137,081 | | |
| | | 88,415 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 96,689 | | |
| | | 216,237 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | | 233,164 | | |
| | | 139,065 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 150,206 | | |
| | | 17,809 | | | | FNMA Pool #AK6513, 4.00%, 3/1/42 | | | | | 18,732 | | |
| | | 500,575 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 548,687 | | |
| | | 40,849 | | | | FNMA Pool #AL3192, 5.00%, 5/1/42 | | | | | 44,720 | | |
| | | 333,081 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | | 332,986 | | |
| | | 179,098 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 192,691 | | |
| | | 109,469 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | | 112,433 | | |
| | | 87,875 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | | 94,569 | | |
| | | 129,941 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 133,460 | | |
| | | 232,585 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 238,555 | | |
| | | 105,890 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 108,606 | | |
| | | 57,369 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 60,399 | | |
| | | 176,041 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 175,991 | | |
| | | 172,354 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | | 172,305 | | |
| | | 333,576 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 331,746 | | |
| | | 116,596 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 122,600 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (3.5%) (continued) | | ||||||||||||
| | $ | 162,589 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | $ | 167,546 | | |
| | | 78,079 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 78,056 | | |
| | | 147,957 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 159,180 | | |
| | | 55,995 | | | | FNMA Pool #AX1138, 3.50%, 9/1/44 | | | | | 57,442 | | |
| | | 171,520 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 171,942 | | |
| | | 238,589 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 237,280 | | |
| | | 25,368 | | | | FNMA Pool #MA0406, 4.50%, 5/1/30 | | | | | 27,307 | | |
| | | 72,780 | | | | FNMA Pool #MA0577, 3.50%, 11/1/20 | | | | | 75,823 | | |
| | | 282,361 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 278,792 | | |
| | | 101,706 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 103,224 | | |
| | | 46,807 | | | | GNMA I Pool #744842, 3.00%, 5/15/42 | | | | | 47,363 | | |
| | | 158,735 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 161,400 | | |
| | | 263,892 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 275,072 | | |
| | | 488,255 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 518,956 | | |
| | | 59,913 | | | | GNMA II Pool #MA2445, 3.50%, 12/20/44 | | | | | 62,398 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $10,664,794) (3.5%) | | | | | 10,614,281 | | | ||||||
| U.S. TREASURY OBLIGATIONS (2.1%) | | ||||||||||||
| | | 25,000 | | | | U.S. Treasury Bonds, 5.25%, 2/15/29 | | | | | 31,955 | | |
| | | 500,000 | | | | U.S. Treasury Bonds, 3.13%, 11/15/41 | | | | | 507,441 | | |
| | | 250,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 236,182 | | |
| | | 600,000 | | | | U.S. Treasury Bonds, 2.88%, 5/15/43 | | | | | 579,539 | | |
| | | 200,000 | | | | U.S. Treasury Bonds, 3.75%, 11/15/43 | | | | | 226,758 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.63%, 2/15/44 | | | | | 110,840 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.38%, 5/15/44 | | | | | 106,043 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.13%, 8/15/44 | | | | | 101,211 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.00%, 11/15/44 | | | | | 98,785 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 0.63%, 5/31/17 | | | | | 100,008 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 0.88%, 10/15/17 | | | | | 200,031 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS (2.1%) (continued) | | ||||||||||||
| | $ | 200,000 | | | | U.S. Treasury Notes, 0.75%, 12/31/17 | | | | $ | 199,672 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 0.75%, 3/31/18 | | | | | 199,422 | | |
| | | 400,000 | | | | U.S. Treasury Notes, 1.38%, 9/30/18 | | | | | 401,500 | | |
| | | 600,000 | | | | U.S. Treasury Notes, 1.38%, 11/30/18 | | | | | 602,180 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 1.38%, 2/28/19 | | | | | 100,281 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 1.63%, 12/31/19 | | | | | 200,984 | | |
| | | 300,000 | | | | U.S. Treasury Notes, 3.63%, 2/15/20 | | | | | 319,230 | | |
| | | 250,000 | | | | U.S. Treasury Notes, 1.13%, 4/30/20 | | | | | 246,553 | | |
| | | 450,000 | | | | U.S. Treasury Notes, 1.38%, 4/30/20 | | | | | 447,100 | | |
| | | 150,000 | | | | U.S. Treasury Notes, 2.25%, 4/30/21 | | | | | 152,631 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 2.13%, 12/31/21 | | | | | 100,855 | | |
| | | 125,000 | | | | U.S. Treasury Notes, 1.75%, 3/31/22 | | | | | 123,335 | | |
| | | 50,000 | | | | U.S. Treasury Notes, 1.63%, 8/15/22 | | | | | 48,762 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 99,324 | | |
| | | 150,000 | | | | U.S. Treasury Notes, 2.00%, 2/15/23 | | | | | 148,764 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 400,000 | | | | U.S. Treasury Notes, 2.38%, 8/15/24 | | | | $ | 401,859 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/25 | | | | | 98,719 | | |
| | | 302,526 | | | | U.S. Treasury Notes, 0.13%, 7/15/26 TIPS | | | | | 292,543 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,372,352) (2.1%) | | | | | 6,482,507 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (4.9%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (4.9%) | | ||||||
| | | 2,608,281 | | | | State Street Institutional Liquid Reserves Fund | | | | | 2,608,281 | | |
| | | 12,090,900 | | | | State Street Navigator Securities Lending Prime Portfolio(4) | | | | | 12,090,900 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $14,699,181) (4.9%) | | | | $ | 14,699,181 | | | ||||||
| TOTAL INVESTMENT SECURITIES (104.1%) (Cost $291,928,645) | | | | | 316,179,211 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-4.1%) | | | | | (12,487,610) | | | ||||||
| NET ASSETS (100%) | | | | $ | 303,691,601 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 254,600,478 | | | | | $ | — | | | | | $ | — | | | | | $ | 254,600,478 | | |
Asset-Backed Securities | | | | | — | | | | | | 1,604,596 | | | | | | — | | | | | | 1,604,596 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 3,300,737 | | | | | | — | | | | | | 3,300,737 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 22,661,414 | | | | | | — | | | | | | 22,661,414 | | |
Foreign Government Obligations | | | | | — | | | | | | 653,908 | | | | | | — | | | | | | 653,908 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,562,109 | | | | | | — | | | | | | 1,562,109 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 10,614,281 | | | | | | — | | | | | | 10,614,281 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 6,482,507 | | | | | | — | | | | | | 6,482,507 | | |
Short-Term Investments | | | | | 14,699,181 | | | | | | — | | | | | | — | | | | | | 14,699,181 | | |
Total Investments in Securities | | | | $ | 269,299,659 | | | | | $ | 46,879,552 | | | | | $ | — | | | | | $ | 316,179,211 | | |
|
(continued)
Portfolio Highlights at December 31, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Celgene Corp. | | | | | 93,000 | | | | | $ | 10,764,750 | | | | | | 5.0% | | |
Facebook, Inc. | | | | | 92,000 | | | | | | 10,584,600 | | | | | | 4.9% | | |
Alphabet, Inc. | | | | | 13,300 | | | | | | 10,539,585 | | | | | | 4.9% | | |
Alexion Pharmaceuticals, Inc. | | | | | 83,000 | | | | | | 10,155,050 | | | | | | 4.7% | | |
Amazon.com, Inc. | | | | | 13,100 | | | | | | 9,823,297 | | | | | | 4.6% | | |
Activision Blizzard, Inc. | | | | | 260,000 | | | | | | 9,388,600 | | | | | | 4.4% | | |
Edwards Lifesciences Corp. | | | | | 88,000 | | | | | | 8,245,600 | | | | | | 3.8% | | |
Visa, Inc. | | | | | 105,000 | | | | | | 8,192,100 | | | | | | 3.8% | | |
Biogen, Inc. | | | | | 22,000 | | | | | | 6,238,760 | | | | | | 2.9% | | |
Starbucks Corp. | | | | | 112,000 | | | | | | 6,218,240 | | | | | | 2.9% | | |
Total | | | | | | | | | | | | | | | | | 41.9% | | |
| | | Average Annual Total Return | | |||
Investor Class | | | |||||
1 year ended 12/31/16 | | | | | 0.24% | | |
5 years ended 12/31/16 | | | | | 13.08% | | |
10 years ended 12/31/16 | | | | | 5.87% | | |
Institutional Class | | | | | | | |
1 year ended 12/31/16 | | | | | 0.40% | | |
Value Line Larger Companies Focused Fund, Inc. |
Schedule of Investments | December 31, 2016 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (99.6%) | | ||||||||||||
| CONSUMER DISCRETIONARY (20.4%) | | ||||||||||||
| | | | | | | APPAREL (2.6%) | | ||||||
| | | 60,000 | | | | Michael Kors Holdings, Ltd.* | | | | $ | 2,578,800 | | |
| | | 60,000 | | | | NIKE, Inc. Class B | | | | | 3,049,800 | | |
| | | | | | | | | | | | 5,628,600 | | |
| | | | | | | AUTO MANUFACTURERS (1.1%) | | ||||||
| | | 11,000 | | | | Tesla Motors, Inc.* | | | | | 2,350,590 | | |
| | | | | | | HOME BUILDERS (1.2%) | | ||||||
| | | 82,000 | | | | Toll Brothers, Inc.* | | | | | 2,542,000 | | |
| | | | | | | INTERNET (8.4%) | | ||||||
| | | 13,100 | | | | Amazon.com, Inc.* | | | | | 9,823,297 | | |
| | | 36,000 | | | | Netflix, Inc.* | | | | | 4,456,800 | | |
| | | 2,600 | | | | Priceline Group, Inc. (The)* | | | | | 3,811,756 | | |
| | | | | | | | | | | | 18,091,853 | | |
| | | | | | | MEDIA (1.5%) | | ||||||
| | | 31,000 | | | | Walt Disney Co. (The) | | | | | 3,230,820 | | |
| | | | | | | RETAIL (5.6%) | | ||||||
| | | 112,000 | | | | Starbucks Corp. | | | | | 6,218,240 | | |
| | | 43,000 | | | | TJX Companies, Inc. (The) | | | | | 3,230,590 | | |
| | | 90,000 | | | | Urban Outfitters, Inc.* | | | | | 2,563,200 | | |
| | | | | | | | | | | | 12,012,030 | | |
| | | | | | | | | | | | 43,855,893 | | |
| CONSUMER STAPLES (5.3%) | | ||||||||||||
| | | | | | | BEVERAGES (4.1%) | | ||||||
| | | 30,000 | | | | Constellation Brands, Inc. Class A | | | | | 4,599,300 | | |
| | | 95,000 | | | | Monster Beverage Corp.* | | | | | 4,212,300 | | |
| | | | | | | | | | | | 8,811,600 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.2%) | | ||||||
| | | 34,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 2,600,660 | | |
| | | | | | | | | | | | 11,412,260 | | |
| ENERGY (3.3%) | | ||||||||||||
| | | | | | | OIL & GAS (3.3%) | | ||||||
| | | 27,000 | | | | Diamondback Energy, Inc.* | | | | | 2,728,620 | | |
| | | 24,000 | | | | Pioneer Natural Resources Co. | | | | | 4,321,680 | | |
| | | | | | | | | | | | 7,050,300 | | |
| | | | | | | | | | | | 7,050,300 | | |
| FINANCIALS (5.4%) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (5.4%) | | ||||||
| | | 160,000 | | | | Blackstone Group L.P. (The) | | | | | 4,324,800 | | |
| | | 120,000 | | | | Charles Schwab Corp. (The) | | | | | 4,736,400 | | |
| | | 70,000 | | | | Synchrony Financial | | | | | 2,538,900 | | |
| | | | | | | | | | | | 11,600,100 | | |
| Shares | | | | | | Value | | ||||||
| HEALTHCARE (30.0%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (18.6%) | | ||||||
| | | 83,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | $ | 10,155,050 | | |
| | | 22,000 | | | | Biogen, Inc.* | | | | | 6,238,760 | | |
| | | 50,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 4,142,000 | | |
| | | 93,000 | | | | Celgene Corp.* | | | | | 10,764,750 | | |
| | | 24,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 2,607,600 | | |
| | | 82,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,040,940 | | |
| | | | | | | | | | | | 39,949,100 | | |
| | | | | | | HEALTHCARE PRODUCTS (5.4%) | | ||||||
| | | 88,000 | | | | Edwards Lifesciences Corp.* | | | | | 8,245,600 | | |
| | | 80,000 | | | | Zeltiq Aesthetics, Inc.* | | | | | 3,481,600 | | |
| | | | | | | | | | | | 11,727,200 | | |
| | | | | | | PHARMACEUTICALS (4.4%) | | ||||||
| | | 11,000 | | | | Allergan PLC* | | | | | 2,310,110 | | |
| | | 55,000 | | | | DexCom, Inc.* | | | | | 3,283,500 | | |
| | | 35,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 3,816,050 | | |
| | | | | | | | | | | | 9,409,660 | | |
| | | | | | | SOFTWARE (1.6%) | | ||||||
| | | 70,000 | | | | Medidata Solutions, Inc.* | | | | | 3,476,900 | | |
| | | | | | | | | | | | 64,562,860 | | |
| INDUSTRIALS (1.2%) | | ||||||||||||
| | | | | | | AIRLINES (1.2%) | | ||||||
| | | 54,000 | | | | Delta Air Lines, Inc. | | | | | 2,656,260 | | |
| INFORMATION TECHNOLOGY (34.0%) | | ||||||||||||
| | | | | | | AUTO PARTS & EQUIPMENT (1.8%) | | ||||||
| | | 104,000 | | | | Mobileye N.V.*(1) | | | | | 3,964,480 | | |
| | | | | | | COMMERCIAL SERVICES (2.5%) | | ||||||
| | | 135,000 | | | | PayPal Holdings, Inc.* | | | | | 5,328,450 | | |
| | | | | | | COMPUTERS (1.3%) | | ||||||
| | | 50,000 | | | | Cognizant Technology Solutions Corp. Class A* | | | | | 2,801,500 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (3.8%) | | ||||||
| | | 105,000 | | | | Visa, Inc. Class A | | | | | 8,192,100 | | |
| | | | | | | INTERNET (15.0%) | | ||||||
| | | 60,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 5,268,600 | | |
| | | 13,300 | | | | Alphabet, Inc. Class A* | | | | | 10,539,585 | | |
| | | 92,000 | | | | Facebook, Inc. Class A* | | | | | 10,584,600 | | |
| | | 82,000 | | | | GrubHub, Inc.* | | | | | 3,084,840 | | |
| | | 205,000 | | | | Pandora Media, Inc.*(1) | | | | | 2,673,200 | | |
| | | | | | | | | | | | 32,150,825 | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY (34.0%) (continued) | | ||||||||||||
| | | | | | | SOFTWARE (9.6%) | | ||||||
| | | 260,000 | | | | Activision Blizzard, Inc. | | | | $ | 9,388,600 | | |
| | | 32,000 | | | | Adobe Systems, Inc.* | | | | | 3,294,400 | | |
| | | 53,000 | | | | Akamai Technologies, Inc.* | | | | | 3,534,040 | | |
| | | 64,000 | | | | Salesforce.com, Inc.* | | | | | 4,381,440 | | |
| | | | | | | | | | | | 20,598,480 | | |
| | | | | | | | | | | | 73,035,835 | | |
| TOTAL COMMON STOCKS (Cost $186,238,612) (99.6%) | | | | | 214,173,508 | | | ||||||
| SHORT-TERM INVESTMENTS (3.3%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (3.3%) | | ||||||
| | | 1,373,861 | | | | State Street Institutional Liquid Reserves Fund | | | | | 1,373,861 | | |
| | | 5,706,567 | | | | State Street Navigator Securities Lending Prime Portfolio(2) | | | | | 5,706,567 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $7,080,428) (3.3%) | | | | | 7,080,428 | | | ||||||
| TOTAL INVESTMENT SECURITIES (102.9%) (Cost $193,319,040) | | | | $ | 221,253,936 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-2.9%) | | | | | (6,178,199) | | | ||||||
| NET ASSETS (100%) | | | | $ | 215,075,737 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 214,173,508 | | | | | $ | — | | | | | $ | — | | | | | $ | 214,173,508 | | |
Short-Term Investments | | | | | 7,080,428 | | | | | | — | | | | | | — | | | | | | 7,080,428 | | |
Total Investments in Securities | | | | $ | 221,253,936 | | | | | $ | — | | | | | $ | — | | | | | $ | 221,253,936 | | |
at December 31, 2016
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Income and Growth Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Assets: | | | | | | ||||||||||||||||||||
Investments in securities, at value* | | | | $ | 313,898,787 | | | | | $ | 134,751,941 | | | | | $ | 316,179,211 | | | | | $ | 221,253,936 | | |
Interest and dividends receivable | | | | | 255,170 | | | | | | 74,265 | | | | | | 474,836 | | | | | | 41,529 | | |
Receivable for securities sold | | | | | 146,987 | | | | | | — | | | | | | — | | | | | | — | | |
Receivable for capital shares sold | | | | | 92,061 | | | | | | 110,128 | | | | | | 11,594 | | | | | | 2,200 | | |
Receivable for securities lending income | | | | | 1,563 | | | | | | 419 | | | | | | 8,332 | | | | | | 14,409 | | |
Other receivables | | | | | — | | | | | | — | | | | | | 72 | | | | | | — | | |
Total Assets | | | | | 314,394,568 | | | | | | 134,936,753 | | | | | | 316,674,045 | | | | | | 221,312,074 | | |
Liabilities: | | | | | | ||||||||||||||||||||
Payable upon return of securities on loan (See Note 1J) | | | | | 4,711,847 | | | | | | 264,075 | | | | | | 12,090,900 | | | | | | 5,706,567 | | |
Payable for securities purchased | | | | | 387,077 | | | | | | 469,116 | | | | | | — | | | | | | — | | |
Payable for capital shares redeemed | | | | | 245,710 | | | | | | 11,584 | | | | | | 519,377 | | | | | | 286,470 | | |
Accrued expenses: | | | | | | ||||||||||||||||||||
Advisory fee | | | | | 199,261 | | | | | | 78,416 | | | | | | 169,498 | | | | | | 133,430 | | |
Service and distribution plan fees | | | | | 66,420 | | | | | | 28,531 | | | | | | 65,507 | | | | | | 27,639 | | |
Directors’ fees and expenses | | | | | 606 | | | | | | 7,323 | | | | | | 16,431 | | | | | | 11,925 | | |
Other | | | | | 89,684 | | | | | | 47,660 | | | | | | 120,731 | | | | | | 70,306 | | |
Total Liabilities | | | | | 5,700,605 | | | | | | 906,705 | | | | | | 12,982,444 | | | | | | 6,236,337 | | |
Net Assets | | | | $ | 308,693,963 | | | | | $ | 134,030,048 | | | | | $ | 303,691,601 | | | | | $ | 215,075,737 | | |
Net assets consist of: | | | | | | ||||||||||||||||||||
Capital stock, at $1.00 par value (authorized 100,000,000, 50,000,000, 75,000,000 and 50,000,000 shares, respectively) | | | | $ | 10,647,578 | | | | | $ | 8,236,519 | | | | | $ | 35,797,368 | | | | | $ | 9,329,185 | | |
Additional paid-in capital | | | | | 134,833,012 | | | | | | 87,331,332 | | | | | | 240,221,672 | | | | | | 172,492,308 | | |
Undistributed/(distributions in excess of) net investment income | | | | | — | | | | | | — | | | | | | 60,440 | | | | | | — | | |
Accumulated net realized gain/(loss) on investments and foreign currency | | | | | 4,231,084 | | | | | | 153,054 | | | | | | 3,361,555 | | | | | | 5,319,348 | | |
Net unrealized appreciation/ (depreciation) of: | | | | | | ||||||||||||||||||||
Investments and foreign currency translations | | | | | 158,982,289 | | | | | | 38,309,143 | | | | | | 24,250,566 | | | | | | 27,934,896 | | |
Net Assets | | | | $ | 308,693,963 | | | | | $ | 134,030,048 | | | | | $ | 303,691,601 | | | | | $ | 215,075,737 | | |
Net Asset Value Per Share | | | | | | ||||||||||||||||||||
Investor Class | | | | | | ||||||||||||||||||||
Net Assets | | | | $ | 308,693,963 | | | | | $ | 134,030,048 | | | | | $ | 302,636,391 | | | | | $ | 214,675,157 | | |
Shares Outstanding | | | | | 10,647,578 | | | | | | 8,236,519 | | | | | | 35,672,257 | | | | | | 9,311,787 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 28.99 | | | | | $ | 16.27 | | | | | $ | 8.48 | | | | | $ | 23.05 | | |
Institutional Class | | | | | | ||||||||||||||||||||
Net Assets | | | | $ | — | | | | | $ | — | | | | | $ | 1,055,210 | | | | | $ | 400,580 | | |
Shares Outstanding | | | | | — | | | | | | — | | | | | | 125,111 | | | | | | 17,398 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | — | | | | | $ | — | | | | | $ | 8.43 | | | | | $ | 23.02 | | |
* Includes securities on loan of | | | | $ | 4,586,748 | | | | | $ | 256,893 | | | | | $ | 11,730,649 | | | | | $ | 5,536,329 | | |
Cost of investments | | | | $ | 154,916,286 | | | | | $ | 96,442,798 | | | | | $ | 291,928,645 | | | | | $ | 193,319,040 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Income and Growth Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Investment Income: | | | | | | ||||||||||||||||||||
Dividends (net of foreign withholding tax of $37,870, $12,252, $9,610 and $0, respectively) | | | | $ | 3,171,790 | | | | | $ | 1,190,062 | | | | | $ | 2,423,679 | | | | | $ | 918,451 | | |
Interest | | | | | 21,359 | | | | | | 12,305 | | | | | | 1,803,187 | | | | | | 2,613 | | |
Securities lending income | | | | | 18,223 | | | | | | 4,742 | | | | | | 87,374 | | | | | | 189,083 | | |
Total Income | | | | | 3,211,372 | | | | | | 1,207,109 | | | | | | 4,314,240 | | | | | | 1,110,147 | | |
Expenses: | | | | | | ||||||||||||||||||||
Advisory fees | | | | | 2,369,971 | | | | | | 889,119 | | | | | | 2,111,557 | | | | | | 1,653,838 | | |
Service and distribution plan fees | | | | | 789,990 | | | | | | 322,738 | | | | | | 790,413 | | | | | | 550,675 | | |
Sub-transfer agent fees | | | | | 67,770 | | | | | | 12,547 | | | | | | 52,853 | | | | | | 12,453 | | |
Auditing and legal fees | | | | | 183,578 | | | | | | 80,506 | | | | | | 207,880 | | | | | | 148,892 | | |
Transfer agent fees | | | | | 181,155 | | | | | | 127,531 | | | | | | 190,808 | | | | | | 162,033 | | |
Directors’ fees and expenses | | | | | 70,089 | | | | | | 36,528 | | | | | | 86,725 | | | | | | 61,880 | | |
Custody and accounting fees | | | | | 53,283 | | | | | | 20,528 | | | | | | 91,168 | | | | | | 36,710 | | |
Registration and filing fees | | | | | 31,360 | | | | | | 32,929 | | | | | | 55,848 | | | | | | 48,289 | | |
Printing and postage | | | | | 28,765 | | | | | | 20,179 | | | | | | 44,440 | | | | | | 22,767 | | |
Professional fees | | | | | 28,040 | | | | | | 11,805 | | | | | | 30,925 | | | | | | 19,760 | | |
Insurance | | | | | 23,079 | | | | | | 8,604 | | | | | | 29,090 | | | | | | 19,206 | | |
Other | | | | | 3,091 | | | | | | 3,463 | | | | | | 7,539 | | | | | | 4,758 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 3,830,171 | | | | | | 1,566,477 | | | | | | 3,699,246 | | | | | | 2,741,261 | | |
Less: Advisory Fees Waived | | | | | — | | | | | | — | | | | | | (38,957) | | | | | | (39,574) | | |
Less: Service and Distribution Plan Fees Waived | | | | | — | | | | | | — | | | | | | — | | | | | | (220,270) | | |
Less: Sub-Transfer Agent Fees Waived | | | | | — | | | | | | — | | | | | | (263) | | | | | | (8) | | |
Net Expenses | | | | | 3,830,171 | | | | | | 1,566,477 | | | | | | 3,660,026 | | | | | | 2,481,409 | | |
Net Investment Income/(Loss) | | | | | (618,799) | | | | | | (359,368) | | | | | | 654,214 | | | | | | (1,371,262) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | ||||||||||||||||||||
Net Realized Gain/(Loss) From: | | | | | | ||||||||||||||||||||
Investments | | | | | 20,582,647 | | | | | | 6,545,209 | | | | | | 12,719,726 | | | | | | 30,662,481 | | |
Foreign currency translations | | | | | (2,249) | | | | | | 104 | | | | | | — | | | | | | — | | |
| | | | | 20,580,398 | | | | | | 6,545,313 | | | | | | 12,719,726 | | | | | | 30,662,481 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | ||||||||||||||||||||
Investments | | | | | 683,971 | | | | | | 7,113,626 | | | | | | (6,237,899) | | | | | | (29,089,253) | | |
Foreign currency transactions | | | | | (208) | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 683,763 | | | | | | 7,113,626 | | | | | | (6,237,899) | | | | | | (29,089,253) | | |
Net Realized Gain and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 21,264,161 | | | | | | 13,658,939 | | | | | | 6,481,827 | | | | | | 1,573,228 | | |
Net Increase in Net Assets from Operations | | | | $ | 20,645,362 | | | | | $ | 13,299,571 | | | | | $ | 7,136,041 | | | | | $ | 201,966 | | |
| | | Value Line Premier Growth Fund, Inc. | | |||||||||
| | | Year Ended December 31, 2016 | | | Year Ended December 31, 2015 | | ||||||
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (618,799) | | | | | $ | (944,365) | | |
Net realized gain on investments and foreign currency | | | | | 20,580,398 | | | | | | 35,819,543 | | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 683,763 | | | | | | (33,075,870) | | |
Net increase/(decrease) in net assets from operations | | | | | 20,645,362 | | | | | | 1,799,308 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | — | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Net realized gain from investment transactions | | | | | | | | | | | | | |
Investor Class | | | | | (19,959,942) | | | | | | (49,267,213) | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Total distributions | | | | | (19,959,942) | | | | | | (49,267,213) | | |
Share Transactions: | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | |
Investor Class | | | | | 10,280,848 | | | | | | 11,916,182 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Proceeds from reinvestment of dividends and distributions to shareholders | | | | | | | | | | | | | |
Investor Class | | | | | 19,188,248 | | | | | | 47,402,765 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Cost of shares redeemed | | | | | | | | | | | | | |
Investor Class | | | | | (51,586,015) | | | | | | (60,930,342) | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (22,116,919) | | | | | | (1,611,395) | | |
Total increase/(decrease) in net assets | | | | | (21,431,499) | | | | | | (49,079,300) | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of year | | | | | 330,125,462 | | | | | | 379,204,762 | | |
End of year | | | | $ | 308,693,963 | | | | | $ | 330,125,462 | | |
Undistributed/(distributions in excess of) net investment income included in net assets, at end of year | | | | $ | — | | | | | $ | — | | |
Capital Share Transactions: | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Investor Class | | | | | 347,233 | | | | | | 348,852 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | | | | | | |
Investor Class | | | | | 655,560 | | | | | | 1,643,647 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Investor Class | | | | | (1,764,444) | | | | | | (1,790,435) | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Net increase (decrease) | | | | | (761,651) | | | | | | 202,064 | | |
|
| | | Value Line Mid Cap Focused Fund, Inc. | | | | Value Line Income and Growth Fund, Inc. | | | | Value Line Larger Companies Focused Fund, Inc. | | |||||||||||||||||||||||||||
| | | Year Ended December 31, 2016 | | | Year Ended December 31, 2015 | | | | Year Ended December 31, 2016 | | | Year Ended December 31, 2015 | | | | Year Ended December 31, 2016 | | | Year Ended December 31, 2015 | | ||||||||||||||||||
Operations: | | | | | | | | ||||||||||||||||||||||||||||||||
Net investment income/(loss) | | | | $ | (359,368) | | | | | $ | (653,392) | | | | | | $ | 654,214 | | | | | $ | 2,525,506 | | | | | | $ | (1,371,262) | | | | | $ | (1,259,113) | | |
Net realized gain on investments and foreign currency | | | | | 6,545,313 | | | | | | 3,950,927 | | | | | | | 12,719,726 | | | | | | 23,180,638 | | | | | | | 30,662,481 | | | | | | 8,666,812 | | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 7,113,626 | | | | | | 411,269 | | | | | | | (6,237,899) | | | | | | (29,777,087) | | | | | | | (29,089,253) | | | | | | 14,051,769 | | |
Net increase/(decrease) in net assets from operations | | | | | 13,299,571 | | | | | | 3,708,804 | | | | | | | 7,136,041 | | | | | | (4,070,943) | | | | | | | 201,966 | | | | | | 21,459,468 | | |
Distributions to Shareholders from: | | | | | | | | | | | |||||||||||||||||||||||||||||
Net investment income | | | | | | | | | | | |||||||||||||||||||||||||||||
Investor Class | | | | | — | | | | | | — | | | | | | | (643,036) | | | | | | (2,398,422) | | | | | | | — | | | | | | — | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | (2,140) | | | | | | — | | | | | | | — | | | | | | — | | |
Net realized gain from investment transactions | | | | | | | | | | | |||||||||||||||||||||||||||||
Investor Class | | | | | (2,944,129) | | | | | | — | | | | | | | (16,159,283) | | | | | | (20,611,890) | | | | | | | (27,146,882) | | | | | | (12,827,989) | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | (55,920) | | | | | | (5,734) | | | | | | | (50,291) | | | | | | (5,527) | | |
Total distributions | | | | | (2,944,129) | | | | | | — | | | | | | | (16,860,379) | | | | | | (23,016,046) | | | | | | | (27,197,173) | | | | | | (12,833,516) | | |
Share Transactions: | | | | | | | | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | | | | | | | | | | | |||||||||||||||||||||||||||||
Investor Class | | | | | 32,072,841 | | | | | | 2,876,372 | | | | | | | 22,785,623 | | | | | | 68,999,864 | | | | | | | 6,598,828 | | | | | | 9,408,323 | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | 1,412,757 | | | | | | 100,000 | | | | | | | 291,422 | | | | | | 100,000 | | |
Proceeds from reinvestment of dividends and distributions to shareholders | | | | | | | | | | | |||||||||||||||||||||||||||||
Investor Class | | | | | 2,805,248 | | | | | | — | | | | | | | 15,695,103 | | | | | | 21,497,928 | | | | | | | 26,090,045 | | | | | | 12,288,591 | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | 58,060 | | | | | | 5,734 | | | | | | | 50,291 | | | | | | 5,527 | | |
Cost of shares redeemed | | | | | | | | ||||||||||||||||||||||||||||||||
Investor Class | | | | | (30,070,455) | | | | | | (13,047,858) | | | | | | | (76,243,039) | | | | | | (85,966,678) | | | | | | | (24,144,856) | | | | | | (17,790,762) | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | (549,575) | | | | | | — | | | | | | | — | | | | | | — | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 4,807,634 | | | | | | (10,171,486) | | | | | | | (36,841,071) | | | | | | 4,636,848 | | | | | | | 8,885,730 | | | | | | 4,011,679 | | |
Total increase/(decrease) in net assets | | | | | 15,163,076 | | | | | | (6,462,682) | | | | | | | (46,565,409) | | | | | | (22,450,141) | | | | | | | (18,109,477) | | | | | | 12,637,631 | | |
Net Assets: | | | | | | | | ||||||||||||||||||||||||||||||||
Beginning of year | | | | | 118,866,972 | | | | | | 125,329,654 | | | | | | | 350,257,010 | | | | | | 372,707,151 | | | | | | | 233,185,214 | | | | | | 220,547,583 | | |
End of year | | | | $ | 134,030,048 | | | | | $ | 118,866,972 | | | | | | $ | 303,691,601 | | | | | $ | 350,257,010 | | | | | | $ | 215,075,737 | | | | | $ | 233,185,214 | | |
Undistributed/(distributions in excess of) net investment income included in net assets, at end of year | | | | $ | — | | | | | $ | (52) | | | | | | $ | 60,440 | | | | | $ | — | | | | | | $ | — | | | | | $ | — | | |
Capital Share Transactions: | | | | | | | | | | | |||||||||||||||||||||||||||||
Shares sold | | | | | | | | | | | |||||||||||||||||||||||||||||
Investor Class | | | | | 2,008,529 | | | | | | 191,338 | | | | | | | 2,577,553 | | | | | | 7,270,730 | | | | | | | 259,527 | | | | | | 346,690 | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | 168,585 | | | | | | 10,638 | | | | | | | 11,395 | | | | | | 3,631 | | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | ||||||||||||||||||||||||||||||||
Investor Class | | | | | 170,532 | | | | | | — | | | | | | | 1,831,848 | | | | | | 2,454,598 | | | | | | | 1,119,264 | | | | | | 469,747 | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | 6,817 | | | | | | 661 | | | | | | | 2,160 | | | | | | 212 | | |
Shares redeemed | | | | | | | | | | | |||||||||||||||||||||||||||||
Investor Class | | | | | (1,871,701) | | | | | | (872,463) | | | | | | | (8,885,626) | | | | | | (9,238,315) | | | | | | | (945,122) | | | | | | (662,900) | | |
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | (61,590) | | | | | | — | | | | | | | — | | | | | | — | | |
Net increase (decrease) | | | | | 307,360 | | | | | | (681,125) | | | | | | | (4,362,413) | | | | | | 498,312 | | | | | | | 447,224 | | | | | | 157,380 | | |
|
Financial Highlights
| | | Value Line Premier Growth Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | | | | $ | 28.84 | | | | | $ | 26.48 | | |
Income/(loss) from investment operations: | | | | | | | |||||||||||||||||||||||||
Net investment income/(loss) | | | | | 0.00(1) | | | | | | (0.07) | | | | | | 0.01 | | | | | | 0.00(1) | | | | | | 0.09 | | |
Net gains on securities (both realized and unrealized) | | | | | 2.04 | | | | | | 0.14 | | | | | | 2.29 | | | | | | 7.64 | | | | | | 4.59 | | |
Total from investment operations | | | | | 2.04 | | | | | | 0.07 | | | | | | 2.30 | | | | | | 7.64 | | | | | | 4.68 | | |
Less distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | — | | | | | | (0.09) | | |
Distributions from net realized gains | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.44) | | | | | | (2.49) | | | | | | (2.23) | | |
Total distributions | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.45) | | | | | | (2.49) | | | | | | (2.32) | | |
Net asset value, end of year | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | | | | $ | 28.84 | | |
Total return | | | | | 7.00% | | | | | | 0.25% | | | | | | 6.75% | | | | | | 26.56% | | | | | | 17.80% | | |
Ratios/Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Net assets, end of year (in thousands) | | | | $ | 308,694 | | | | | $ | 330,125 | | | | | $ | 379,205 | | | | | $ | 402,073 | | | | | $ | 337,436 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.24% | | | | | | 1.25% | | |
Ratio of net expenses to average net assets(3) | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.24% | | | | | | 1.25% | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | (0.20)% | | | | | | (0.26)% | | | | | | 0.01% | | | | | | (0.02)% | | | | | | 0.28% | | |
Portfolio turnover rate | | | | | 7% | | | | | | 12% | | | | | | 9% | | | | | | 11% | | | | | | 15% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | | | | $ | 10.36 | | | | | $ | 9.04 | | |
Income/(loss) from investment operations: | | | | | | | |||||||||||||||||||||||||
Net investment income/(loss) | | | | | 0.00(1) | | | | | | (0.08) | | | | | | (0.01) | | | | | | 0.01 | | | | | | 0.05 | | |
Net gains on securities (both realized and unrealized) | | | | | 1.64 | | | | | | 0.51 | | | | | | 1.08 | | | | | | 3.19 | | | | | | 1.27 | | |
Total from investment operations | | | | | 1.64 | | | | | | 0.43 | | | | | | 1.07 | | | | | | 3.20 | | | | | | 1.32 | | |
Less distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.06) | | | | | | — | | |
Distributions from net realized gains | | | | | (0.36) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total distributions | | | | | (0.36) | | | | | | — | | | | | | (0.01) | | | | | | (0.06) | | | | | | — | | |
Net asset value, end of year | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | | | | $ | 10.36 | | |
Total return | | | | | 10.94% | | | | | | 2.95% | | | | | | 7.90% | | | | | | 30.86% | | | | | | 14.60% | | |
Ratios/Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Net assets, end of year (in thousands) | | | | $ | 134,030 | | | | | $ | 118,867 | | | | | $ | 125,330 | | | | | $ | 125,268 | | | | | $ | 109,798 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | | | | | 1.26% | | | | | | 1.28% | | |
Ratio of net expenses to average net assets(3) | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | | | | | 1.12% | | | | | | 1.03% | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | (0.28)% | | | | | | (0.53)% | | | | | | (0.06)% | | | | | | 0.05% | | | | | | 0.46% | | |
Portfolio turnover rate | | | | | 20% | | | | | | 17% | | | | | | 61% | | | | | | 7% | | | | | | 6% | | |
Financial Highlights
| | | Value Line Income and Growth Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | | | | $ | 8.67 | | | | | $ | 8.27 | | |
Income/(loss) from investment operations: | | | | | | | |||||||||||||||||||||||||
Net investment income | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.12 | | | | | | 0.12 | | | | | | 0.13 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.23 | | | | | | (0.14) | | | | | | 0.92 | | | | | | 1.57 | | | | | | 0.74 | | |
Total from investment operations | | | | | 0.25 | | | | | | (0.08) | | | | | | 1.04 | | | | | | 1.69 | | | | | | 0.87 | | |
Less distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.02) | | | | | | (0.06) | | | | | | (0.11) | | | | | | (0.12) | | | | | | (0.13) | | |
Distributions from net realized gains | | | | | (0.47) | | | | | | (0.54) | | | | | | (1.35) | | | | | | (0.42) | | | | | | (0.34) | | |
Total distributions | | | | | (0.49) | | | | | | (0.60) | | | | | | (1.46) | | | | | | (0.54) | | | | | | (0.47) | | |
Net asset value, end of year | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | | | | $ | 8.67 | | |
Total return | | | | | 2.80% | | | | | | (0.86)% | | | | | | 10.62% | | | | | | 19.55% | | | | | | 10.62% | | |
Ratios/Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Net assets, end of year (in thousands) | | | | $ | 302,636 | | | | | $ | 350,159 | | | | | $ | 372,707 | | | | | $ | 330,698 | | | | | $ | 295,705 | | |
Ratio of gross expenses to average net assets(1) | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.16% | | | | | | 1.19% | | |
Ratio of net expenses to average net assets(2) | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.14% | | |
Ratio of net investment income to average net assets(2) | | | | | 0.22% | | | | | | 0.67% | | | | | | 1.17% | | | | | | 1.26% | | | | | | 1.48% | | |
Portfolio turnover rate | | | | | 53% | | | | | | 45% | | | | | | 57% | | | | | | 27% | | | | | | 31% | | |
| | | Value Line Income and Growth Fund, Inc. Institutional Class | | |||||||||
| | | Year Ended December 31, 2016 | | | Period Ended December 31, 2015(1) | | ||||||
Net asset value, beginning of year | | | | $ | 8.65 | | | | | $ | 9.50 | | |
Income/(loss) from investment operations: | | | | ||||||||||
Net investment income/(loss) | | | | | 0.02 | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.25 | | | | | | (0.24) | | |
Total from investment operations | | | | | 0.27 | | | | | | (0.31) | | |
Less distributions: | | | | ||||||||||
Dividends from net investment income | | | | | (0.02) | | | | | | — | | |
Distributions from net realized gains | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | (0.49) | | | | | | (0.54) | | |
Net asset value, end of year | | | | $ | 8.43 | | | | | $ | 8.65 | | |
Total return | | | | | 3.06% | | | | | | (3.29)%(2) | | |
Ratios/Supplemental Data: | | | | ||||||||||
Net assets, end of year (in thousands) | | | | $ | 1,055 | | | | | $ | 98 | | |
Ratio of gross expenses to average net assets(3) | | | | | 4.82% | | | | | | 6.19%(5) | | |
Ratio of net expenses to average net assets(4) | | | | | 0.90% | | | | | | 6.19%(5) | | |
Ratio of net investment income/(loss) to average net assets(4) | | | | | 0.43% | | | | | | (5.02)%(5) | | |
Portfolio turnover rate | | | | | 53% | | | | | | 45%(2) | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | | | | $ | 19.78 | | | | | $ | 17.34 | | |
Income/(loss) from investment operations: | | | | | | | |||||||||||||||||||||||||
Net investment income/(loss) | | | | | 0.00(1) | | | | | | (0.14) | | | | | | (0.01) | | | | | | 0.13 | | | | | | 0.16 | | |
Net gains on securities (both realized and unrealized) | | | | | 0.10 | | | | | | 2.63 | | | | | | 3.23 | | | | | | 5.81 | | | | | | 2.40 | | |
Total from investment operations | | | | | 0.10 | | | | | | 2.49 | | | | | | 3.22 | | | | | | 5.94 | | | | | | 2.56 | | |
Redemption fees | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00 | | | | | | 0.00 | | |
Less distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.11) | | | | | | (0.15) | | | | | | (0.12) | | |
Distributions from net realized gains | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.40) | | | | | | — | | | | | | — | | |
Total distributions | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.51) | | | | | | (0.15) | | | | | | (0.12) | | |
Net asset value, end of year | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | | | | $ | 19.78 | | |
Total return | | | | | 0.24% | | | | | | 9.88% | | | | | | 12.41% | | | | | | 30.05% | | | | | | 14.82% | | |
Ratios/Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Net assets, end of year (in thousands) | | | | $ | 214,675 | | | | | $ | 233,085 | | | | | $ | 220,548 | | | | | $ | 211,508 | | | | | $ | 184,243 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.25% | | | | | | 1.27% | | |
Ratio of net expenses to average net assets(3) | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.06% | | | | | | 1.02% | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | (0.62)% | | | | | | (0.55)% | | | | | | (0.07)% | | | | | | 0.48% | | | | | | 0.72% | | |
Portfolio turnover rate | | | | | 47% | | | | | | 37% | | | | | | 89% | | | | | | 8% | | | | | | 17% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||
| | | Years Ended December 31, 2016 | | | Period Ended December 31, 2015(1) | | ||||||
Net asset value, beginning of year | | | | $ | 26.18 | | | | | $ | 27.91 | | |
Income/(loss) from investment operations: | | | | ||||||||||
Net investment loss | | | | | 0.00(2) | | | | | | (0.09) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.14 | | | | | | (0.12) | | |
Total from investment operations | | | | | 0.14 | | | | | | (0.21) | | |
Less distributions: | | | | ||||||||||
Distributions from net realized gains | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of year | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Total return | | | | | 0.40% | | | | | | (0.73)%(3) | | |
Ratios/Supplemental Data: | | | | ||||||||||
Net assets, end of year (in thousands) | | | | $ | 401 | | | | | $ | 101 | | |
Ratio of gross expenses to average net assets(4) | | | | | 17.29% | | | | | | 2.70%(6) | | |
Ratio of net expenses to average net assets(5) | | | | | 0.98% | | | | | | 2.70%(6) | | |
Ratio of net investment loss to average net assets(5) | | | | | (0.49)% | | | | | | (2.16)%(6) | | |
Portfolio turnover rate | | | | | 47% | | | | | | 37%(3) | | |
| | | Year Ended December 31, 2016 | | | Year Ended December 31, 2015 | | ||||||
Value Line Premier Growth Fund, Inc. | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 1.9843 | | | | | $ | 4.9787 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 0.3642 | | | | | $ | — | | |
Value Line Income and Growth Fund, Inc. | | | | ||||||||||
Investor Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0176 | | | | | $ | 0.0596 | | |
Distributions per share from net realized gains | | | | $ | 0.4703 | | | | | $ | 0.5390 | | |
Institutional Class*: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0185 | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 0.4703 | | | | | $ | 0.5390 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | ||||||||||
Investor Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 3.3004 | | | | | $ | 1.5221 | | |
Institutional Class*: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 3.3004 | | | | | $ | 1.5221 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Income and Growth Fund, Inc. | | | | | |||||||||||||||
Registration and filing fees | | | | $ | 30,610 | | | | | $ | 25,238 | | | | | $ | 55,848 | | |
Transfer agent fees | | | | | 176,880 | | | | | | 13,928 | | | | | | 190,808 | | |
Sub-transfer agent fees | | | | | 52,580 | | | | | | 273 | | | | | | 52,853 | | |
Other | | | | | 6,919 | | | | | | 620 | | | | | | 7,539 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | |||||||||||||||
Registration and filing fees | | | | $ | 22,997 | | | | | $ | 25,292 | | | | | $ | 48,289 | | |
Transfer agent fees | | | | | 148,167 | | | | | | 13,866 | | | | | | 162,033 | | |
Sub-transfer agent fees | | | | | 12,441 | | | | | | 12 | | | | | | 12,453 | | |
Other | | | | | 4,154 | | | | | | 604 | | | | | | 4,758 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral | | | Total Collateral (including Calculated Mark)* | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 4,586,748 | | | | | $ | 4,711,847 | | | | | $ | 4,684,605 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 256,893 | | | | | | 264,075 | | | | | | 262,500 | | |
Value Line Income and Growth Fund, Inc. | | | | | 11,730,649 | | | | | | 12,090,900 | | | | | | 12,014,122 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 5,536,329 | | | | | | 5,706,567 | | | | | | 5,692,848 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2016 | | |||||||||||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 4,711,847 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,711,847 | | |
Total Borrowings | | | | $ | 4,711,847 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,711,847 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,711,847 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2016 | | |||||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 264,075 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 264,075 | | |
Total Borrowings | | | | $ | 264,075 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 264,075 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 264,075 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2016 | | |||||||||||||||||||||||||||
Value Line Income and Growth Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 10,706,757 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10,706,757 | | |
Corporate Bonds & Notes | | | | | 1,384,143 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,384,143 | | |
Total | | | | $ | 12,090,900 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12,090,900 | | |
Total Borrowings | | | | $ | 12,090,900 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12,090,900 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 12,090,900 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2016 | | |||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 5,706,567 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,706,567 | | |
Total Borrowings | | | | $ | 5,706,567 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,706,567 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,706,567 | | |
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. | | | | $ | 20,940,660 | | | | | $ | 63,550,528 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 25,420,189 | | | | | | 26,070,522 | | | | | | — | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | | | | | 165,842,846 | | | | | | 171,798,930 | | | | | | 1,021,866 | | | | | | 17,798,480 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 104,190,273 | | | | | | 122,387,197 | | | | | | — | | | | | | — | | |
Fund | | | Cost of investments for tax purposes | | | Gross tax unrealized appreciation | | | Gross tax unrealized depreciation | | | Net tax unrealized appreciation (depreciation) on investments | | | Undistributed ordinary income | | | Undistributed long-term gain | | ||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 154,916,288 | | | | | $ | 162,600,966 | | | | | $ | (3,618,467) | | | | | $ | 158,982,499 | | | | | $ | — | | | | | $ | 4,231,086 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 96,457,566 | | | | | | 39,670,610 | | | | | | (1,376,235) | | | | | | 38,294,375 | | | | | | — | | | | | | 167,822 | | |
Value Line Income and Growth Fund, Inc. | | | | | 292,336,985 | | | | | | 37,544,571 | | | | | | (13,702,345) | | | | | | 23,842,226 | | | | | | 1,879,825 | | | | | | 2,046,184 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 193,622,903 | | | | | | 40,580,174 | | | | | | (12,949,141) | | | | | | 27,631,033 | | | | | | 1,066,262 | | | | | | 4,556,949 | | |
Fund | | | Amount | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 3,434,192 | | |
Value Line Income and Growth Fund, Inc. | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | — | | |
Fund | | | Undistributed Net Investment Income/(Loss) | | | Accumulated Net Realized Gains/(Losses) | | | Additional Paid-In Capital | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 618,799 | | | | | $ | (118,243) | | | | | $ | (500,556) | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 359,420 | | | | | | (104) | | | | | | (359,316) | | |
Value Line Income and Growth Fund, Inc. | | | | | 51,402 | | | | | | (51,356) | | | | | | (46) | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 1,371,262 | | | | | | (1,330,790) | | | | | | (40,472) | | |
| | | Year Ended December 31, 2016 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | | | | $ | 19,959,942 | | | | | $ | 19,959,942 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 2,944,129 | | | | | | 2,944,129 | | |
Value Line Income and Growth Fund, Inc. | | | | | 645,176 | | | | | | 16,215,203 | | | | | | 16,860,379 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 591,153 | | | | | | 26,606,020 | | | | | | 27,197,173 | | |
| | | Year Ended December 31, 2015 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | | | | $ | 49,267,213 | | | | | $ | 49,267,213 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | — | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | | | | | 2,032,945 | | | | | | 20,983,101 | | | | | | 23,016,046 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | — | | | | | | 12,833,516 | | | | | | 12,833,516 | | |
Fund | | | Advisory Fee | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 2,369,971 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 889,119 | | |
Value Line Income and Growth Fund, Inc. | | | | | 2,111,557 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 1,653,838 | | |
Fund | | | Distribution & Service Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 789,990 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 322,738 | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | | | | | 790,413 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 550,675 | | | | | | 220,270 | | |
Fund | | | Sub TA Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 67,770 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 12,547 | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | | | | | 52,853 | | | | | | 263 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 12,453 | | | | | | 8 | | |
Fund | | | Expiration | | | Fees Waived and Reimbursed by the Adviser | | | Fees Waived and Reimbursed by the Distributor | | ||||||
Value Line Income and Growth Fund, Inc. | | | December 31, 2019 | | | | $ | 38,957 | | | | | $ | — | | |
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 | | |
New York, New York
| | | Beginning Account Value July 1, 2016 | | | Ending Account Value December 31, 2016 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | ||||||||||||||||||||
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,022.60 | | | | | $ | 5.90 | | | | | | 1.16% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,031.60 | | | | | | 6.13 | | | | | | 1.20 | | |
Value Line Income and Growth Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,045.30 | | | | | | 5.81 | | | | | | 1.13 | | |
Value Line Income and Growth Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,045.50 | | | | | | 4.52 | | | | | | 0.88 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,043.80 | | | | | | 5.75 | | | | | | 1.12 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,044.70 | | | | | | 5.04 | | | | | | 0.98 | | |
Hypothetical (5% return before expenses) | | | | | | ||||||||||||||||||||
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,019.30 | | | | | $ | 5.89 | | | | | | 1.16% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.10 | | | | | | 6.09 | | | | | | 1.20 | | |
Value Line Income and Growth Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.46 | | | | | | 5.74 | | | | | | 1.13 | | |
Value Line Income and Growth Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,050.00 | | | | | | 4.53 | | | | | | 0.88 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.51 | | | | | | 5.69 | | | | | | 1.12 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.21 | | | | | | 4.98 | | | | | | 0.98 | | |
Fund | | | % of Qualifying Dividend Income | | | % of Dividends Eligible for the Corporate Dividends Received Deduction | | | Long-Term Capital Gains | | |||||||||
Value Line Premier Growth Fund | | | | | 0.00% | | | | | | 0.00% | | | | | | 19,959,942 | | |
Value Line Mid Cap Focused Fund | | | | | 0.00% | | | | | | 0.00% | | | | | | 2,944,129 | | |
Value Line Income and Growth Fund | | | | | 100.00% | | | | | | 100.00% | | | | | | 16,215,203 | | |
Value Line Larger Companies Focused Fund | | | | | 100.00% | | | | | | 100.00% | | | | | | 26,606,020 | | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director | | | Other Directorships Held by Director During the Past 5 Years | |
Interested Director* | | | | | | | ||||||||||
Mitchell E. Appel Age: 46 | | | Director | | | Since 2010 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | | 12 | | | Forethought Variable Insurance Trust (September 2013-present) | |
Non-Interested Directors | | |||||||||||||||
Joyce E. Heinzerling Age: 60 | | | Director | | | Since 2008 | | | President, Meridian Fund Advisers LLC (consultants) since 2009. | | | 12 | | | None | |
James E. Hillman Age: 59 | | | Director (Chair of the Board of the Value Line Funds since April 2016) | | | Since 2015 | | | Chief Financial Officer Notre Dame School of Manhattan since 2011; Director and Principal Financial Officer, Merrill Lynch Global Wealth Management, 2006-2011. | | | 12 | | | Miller/Howard Funds Trust (2014 to present) | |
Michael Kuritzkes Age: 56 | | | Director | | | Since 2015 | | | Consultant, Coronado Advisors LLC since June 2014; Executive Vice President and General Counsel, Harbinger Group Inc. (public holding company), 2013-2014; Executive Vice President and General Counsel, Digital First Media, LLC, 2012-2013; Executive Vice President and General Counsel, Philadelphia Media LLC, 2010-2012. | | | 12 | | | None | |
Paul Craig Roberts Age: 77 | | | Director | | | Since 1983 | | | Chairman, Institute for Political Economy. | | | 12 | | | None | |
Nancy-Beth Sheerr Age: 67 | | | Director | | | Since 1996 | | | Independent Trustee and Managing Member, NBS Consulting LLC since November 2014; Senior Financial Consultant, Veritable, L.P. (investment advisor) until December 2013. | | | 12 | | | None | |
Officers | | | | | | | ||||||||||
Mitchell E. Appel Age: 46 | | | President | | | Since 2008 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director | | | Other Directorships Held by Director During the Past 5 Years | |
Michael J. Wagner Age: 66 | | | Chief Compliance Officer | | | Since 2009 | | | Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC (formerly Fund Compliance Services, LLC) (2006-present). | | | | ||||
Emily D. Washington Age: 38 | | | Treasurer and Chief Financial Officer; Secretary | | | Since 2009 | | | Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since 2008 and Secretary since 2010; Secretary of the Adviser since 2011 | | | |
Item 2 Code of Ethics
(a) The Registrant has adopted a Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
(f) Pursuant to item 12(a), the Registrant is attaching as an exhibit a copy of its Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
Item 3. Audit Committee Financial Expert.
((a)(1)The Registrant has an Audit Committee Financial Expert serving on its Audit Committee.
(2) The Registrant’s Board has designated both James Hillman and Michael Kuritzkes, members of the Registrant’s Audit Committee, as the Registrant’s Audit Committee Financial Experts. Mr. Hillman and Mr. Kuritzkes are independent directors. Mr. Hillman currently serves as the Chief Financial Officer at Notre Dame School of Manhattan since 2011. Mr. Kuritzkes currently serves as a consultant at Coronado Advisors LLC since June 2014 and previously served as Executive Vice President and General Counsel at Harbinger Group, Inc. (2013 – 2014)
A person who is designated as an “audit committee financial expert” shall not make such person an "expert" for any purpose, including without limitation under Section 11 of the Securities Act of 1933 or under applicable fiduciary laws, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4 Principal Accountant Fees and Services
(a) | Audit Fees 2016 - $27,756 |
Audit Fees 2015 - $39,922
(b) | Audit-Related fees – None. |
(c) | Tax Preparation Fees 2016 - $14,420 |
Tax Preparation Fees 2015 - $11,487
(d) | All Other Fees – None |
(e) (1) | Audit Committee Pre-Approval Policy. All services to be performed for the Registrant by PricewaterhouseCoopers LLP must be pre-approved by the audit committee. All services performed were pre-approved by the committee. |
(e) (2) | Not applicable. |
(f) | Not applicable. |
(g) | Aggregate Non-Audit Fees 2016 - None |
Aggregate Non-Audit Fees 2015 - None
(h) | Not applicable. |
Item 5. Audit Committee of Listed Registrants
Not Applicable.
Item 6. Investments
Not Applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item 10 Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11 Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c)) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12 Exhibits
(a) | Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers attached hereto as Exhibit 99.COE |
(b) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(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: | March 8, 2017 |
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: | March 8, 2017 |