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 _811-02277_
Value Line Capital Appreciation 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, 2021
Date of reporting period: June 30, 2021
Item I. | Reports to Stockholders. |
(a) | A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/21 is included with this Form. |
(Unaudited)
Institutional Class (VLLIX)
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President of the Value Line Funds
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Danaher Corp. | | | | | 122,700 | | | | | $ | 32,927,772 | | | | | | 7.0% | | |
Accenture PLC | | | | | 89,900 | | | | | | 26,501,621 | | | | | | 5.6% | | |
Thermo Fisher Scientific, Inc. | | | | | 52,200 | | | | | | 26,333,334 | | | | | | 5.6% | | |
MasterCard, Inc. | | | | | 70,900 | | | | | | 25,884,881 | | | | | | 5.5% | | |
Roper Technologies, Inc. | | | | | 49,000 | | | | | | 23,039,800 | | | | | | 4.9% | | |
Salesforce.com, Inc. | | | | | 90,400 | | | | | | 22,082,008 | | | | | | 4.7% | | |
Cintas Corp. | | | | | 57,177 | | | | | | 21,841,614 | | | | | | 4.6% | | |
Teledyne Technologies, Inc. | | | | | 47,200 | | | | | | 19,768,776 | | | | | | 4.2% | | |
S&P Global, Inc. | | | | | 44,000 | | | | | | 18,059,800 | | | | | | 3.8% | | |
IDEXX Laboratories, Inc. | | | | | 28,400 | | | | | | 17,936,020 | | | | | | 3.8% | | |
Investor Class | | | 6 Mos | | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 5/30/1956 | | |||||||||||||||
Value Line Select Growth Fund, Inc. | | | | | 8.19% | | | | | | 31.12% | | | | | | 18.20% | | | | | | 13.75% | | | | | | 9.93% | | |
S&P 500® Index** | | | | | 15.25% | | | | | | 40.79% | | | | | | 17.65% | | | | | | 14.84% | | | | | | 7.25% | | |
Institutional Class | | | 6 Mos | | | 1 Yr | | | | | | | | | Since Inception 4/30/2020 | | |||||||||
Value Line Select Growth Fund, Inc. | | | | | 8.33% | | | | | | 31.43% | | | | | | | | | | | | 35.57% | | |
S&P 500® Index** | | | | | 15.25% | | | | | | 40.79% | | | | | | | | | | | | 38.35% | | |
Schedule of Investments (unaudited) | June 30, 2021 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 97.2% | | ||||||||||||
| CONSUMER DISCRETIONARY 1.8% | | ||||||||||||
| | | | | | | RETAIL 1.8% | | ||||||
| | | 123,200 | | | | TJX Companies, Inc. (The) | | | | $ | 8,306,144 | | |
| CONSUMER STAPLES 4.2% | | ||||||||||||
| | | | | | | HOUSEHOLD PRODUCTS 1.1% | | ||||||
| | | 58,424 | | | | Church & Dwight Co., Inc. | | | | | 4,978,893 | | |
| | | | | | | RETAIL 3.1% | | ||||||
| | | 37,400 | | | | Costco Wholesale Corp. | | | | | 14,798,058 | | |
| | | | | | | | | | | | 19,776,951 | | |
| FINANCIALS 5.0% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 3.8% | | ||||||
| | | 44,000 | | | | S&P Global, Inc. | | | | | 18,059,800 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 0.6% | | ||||||
| | | 22,000 | | | | Intercontinental Exchange, Inc. | | | | | 2,611,400 | | |
| | | | | | | INSURANCE 0.6% | | ||||||
| | | 11,200 | | | | Aon PLC Class A | | | | | 2,674,112 | | |
| | | | | | | | | | | | 23,345,312 | | |
| HEALTHCARE 17.2% | | ||||||||||||
| | | | | | | ELECTRONICS 0.8% | | ||||||
| | | 2,900 | | | | Mettler-Toledo International, Inc.(1) | | | | | 4,017,486 | | |
| | | | | | | HEALTHCARE PRODUCTS 16.4% | | ||||||
| | | 122,700 | | | | Danaher Corp. | | | | | 32,927,772 | | |
| | | 28,400 | | | | IDEXX Laboratories, Inc.(1) | | | | | 17,936,020 | | |
| | | 52,200 | | | | Thermo Fisher Scientific, Inc. | | | | | 26,333,334 | | |
| | | | | | | | | | | | 77,197,126 | | |
| | | | | | | | | | | | 81,214,612 | | |
| INDUSTRIALS 29.5% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 9.6% | | ||||||
| | | 80,035 | | | | HEICO Corp. | | | | | 11,158,480 | | |
| | | 47,200 | | | | Teledyne Technologies, Inc.(1) | | | | | 19,768,776 | | |
| | | 22,400 | | | | TransDigm Group, Inc.(1) | | | | | 14,499,296 | | |
| | | | | | | | | | | | 45,426,552 | | |
| | | | | | | COMMERCIAL SERVICES 6.2% | | ||||||
| | | 57,177 | | | | Cintas Corp. | | | | | 21,841,614 | | |
| | | 66,152 | | | | IHS Markit, Ltd. | | | | | 7,452,684 | | |
| | | | | | | | | | | | 29,294,298 | | |
| | | | | | | ENVIRONMENTAL CONTROL 5.4% | | ||||||
| | | 81,800 | | | | Republic Services, Inc. | | | | | 8,998,818 | | |
| | | 136,700 | | | | Waste Connections, Inc. | | | | | 16,326,081 | | |
| | | | | | | | | | | | 25,324,899 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS 29.5% (continued) | | ||||||||||||
| | | | | | | SOFTWARE 4.9% | | ||||||
| | | 49,000 | | | | Roper Technologies, Inc. | | | | $ | 23,039,800 | | |
| | | | | | | TRANSPORTATION 3.4% | | ||||||
| | | 72,800 | | | | Union Pacific Corp. | | | | | 16,010,904 | | |
| | | | | | | | | | | | 139,096,453 | | |
| INFORMATION TECHNOLOGY 36.0% | | ||||||||||||
| | | | | | | COMPUTERS 5.6% | | ||||||
| | | 89,900 | | | | Accenture PLC Class A | | | | | 26,501,621 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 5.5% | | ||||||
| | | 70,900 | | | | MasterCard, Inc. Class A | | | | | 25,884,881 | | |
| | | | | | | SOFTWARE 24.9% | | ||||||
| | | 18,000 | | | | Adobe, Inc.(1) | | | | | 10,541,520 | | |
| | | 39,600 | | | | ANSYS, Inc.(1) | | | | | 13,743,576 | | |
| | | 72,000 | | | | Cadence Design Systems, Inc.(1) | | | | | 9,851,040 | | |
| | | 54,600 | | | | Fidelity National Information Services, Inc. | | | | | 7,735,182 | | |
| | | 140,800 | | | | Fiserv, Inc.(1) | | | | | 15,050,112 | | |
| | | 34,400 | | | | Intuit, Inc. | | | | | 16,861,848 | | |
| | | 90,400 | | | | Salesforce.com, Inc.(1) | | | | | 22,082,008 | | |
| | | 28,639 | | | | ServiceNow, Inc.(1) | | | | | 15,738,563 | | |
| | | 20,800 | | | | Synopsys, Inc.(1) | | | | | 5,736,432 | | |
| | | | | | | | | | | | 117,340,281 | | |
| | | | | | | | | | | | 169,726,783 | | |
| MATERIALS 2.9% | | ||||||||||||
| | | | | | | CHEMICALS 1.7% | | ||||||
| | | 38,800 | | | | Ecolab, Inc. | | | | | 7,991,636 | | |
| | | | | | | PACKAGING & CONTAINERS 1.2% | | ||||||
| | | 68,000 | | | | Ball Corp. | | | | | 5,509,360 | | |
| | | | | | | | | | | | 13,500,996 | | |
| REAL ESTATE 0.6% | | ||||||||||||
| | | | | | | REITS 0.6% | | ||||||
| | | 10,600 | | | | American Tower Corp. REIT | | | | | 2,863,484 | | |
| TOTAL COMMON STOCKS (Cost $202,241,493) | | | | | 457,830,735 | | | ||||||
| SHORT-TERM INVESTMENT 2.9% | | ||||||||||||
| MONEY MARKET FUND 2.9% | | ||||||||||||
| | | 13,740,016 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(2) | | | | | 13,740,016 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $13,740,016) | | | | | 13,740,016 | | | ||||||
| TOTAL INVESTMENT IN SECURITIES 100.1%(Cost $215,981,509) | | | | $ | 471,570,751 | | |
| Shares | | | | | | Value | | |||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.1)% | | | | $ | (644,926) | | | |||
| NET ASSETS 100% | | | | $ | 470,925,825 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 457,830,735 | | | | | $ | — | | | | | $ | — | | | | | $ | 457,830,735 | | |
Short-Term Investment | | | | | 13,740,016 | | | | | | — | | | | | | — | | | | | | 13,740,016 | | |
Total Investments in Securities | | | | $ | 471,570,751 | | | | | $ | — | | | | | $ | — | | | | | $ | 471,570,751 | | |
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Teledyne Technologies, Inc. | | | | | 71,500 | | | | | $ | 29,946,345 | | | | | | 6.3% | | |
Pool Corp. | | | | | 62,700 | | | | | | 28,757,982 | | | | | | 6.1% | | |
Cadence Design Systems, Inc. | | | | | 163,200 | | | | | | 22,329,024 | | | | | | 4.7% | | |
Lennox International, Inc. | | | | | 61,800 | | | | | | 21,679,440 | | | | | | 4.6% | | |
Tyler Technologies, Inc. | | | | | 45,300 | | | | | | 20,492,361 | | | | | | 4.4% | | |
Fair Isaac Corp. | | | | | 39,900 | | | | | | 20,056,932 | | | | | | 4.3% | | |
American Financial Group, Inc. | | | | | 154,992 | | | | | | 19,330,602 | | | | | | 4.1% | | |
Church & Dwight Co., Inc. | | | | | 218,600 | | | | | | 18,629,092 | | | | | | 4.0% | | |
Mettler-Toledo International, Inc. | | | | | 13,400 | | | | | | 18,563,556 | | | | | | 3.9% | | |
TransDigm Group, Inc. | | | | | 28,400 | | | | | | 18,383,036 | | | | | | 3.9% | | |
| | | 6 Mos | | | 1 Yr | | | 3 Yrs | | | 5 Yrs | | | 10 Yrs | | | Since Inception 3/1/1950 | | ||||||||||||||||||
Investor Class | | | | | | | | ||||||||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | 7.88% | | | | | | 32.96% | | | | | | 20.10% | | | | | | 17.78% | | | | | | 14.18% | | | | | | 10.27% | | |
S&P 500® Index** | | | | | 15.25% | | | | | | 40.79% | | | | | | 18.67% | | | | | | 17.65% | | | | | | 14.84% | | | | | | 8.05% | | |
| | | 6 Mos | | | 1 Yr | | | 3 Yrs | | | | | | | | | Since Inception 8/14/2017 | | ||||||||||||
Institutional Class | | | | | | | | ||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | 8.03% | | | | | | 33.28% | | | | | | 20.39% | | | | | | | | | | | | 19.22% | | |
S&P 500® Index** | | | | | 15.25% | | | | | | 40.79% | | | | | | 18.67% | | | | | | | | | | | | 15.69% | | |
Schedule of Investments (unaudited) | June 30, 2021 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 96.8% | | ||||||||||||
| CONSUMER DISCRETIONARY 9.1% | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE 6.1% | | ||||||
| | | 62,700 | | | | Pool Corp. | | | | $ | 28,757,982 | | |
| | | | | | | ENTERTAINMENT 3.0% | | ||||||
| | | 72,195 | | | | Churchill Downs, Inc. | | | | | 14,313,381 | | |
| | | | | | | | | | | | 43,071,363 | | |
| | | | | | | | |||||||
| CONSUMER STAPLES 6.2% | | ||||||||||||
| | | | | | | FOOD 2.2% | | ||||||
| | | 59,800 | | | | J&J Snack Foods Corp. | | | | | 10,429,718 | | |
| | | | | | | HOUSEHOLD PRODUCTS 4.0% | | ||||||
| | | 218,600 | | | | Church & Dwight Co., Inc. | | | | | 18,629,092 | | |
| | | | | | | | | | | | 29,058,810 | | |
| FINANCIALS 10.9% | | ||||||||||||
| | | | | | | INSURANCE 10.9% | | ||||||
| | | 154,992 | | | | American Financial Group, Inc. | | | | | 19,330,602 | | |
| | | 409,400 | | | | Arch Capital Group, Ltd.(1) | | | | | 15,942,036 | | |
| | | 214,192 | | | | Berkley (W.R.) Corp. | | | | | 15,942,311 | | |
| | | | | | | | | | | | 51,214,949 | | |
| HEALTHCARE 9.2% | | ||||||||||||
| | | | | | | ELECTRONICS 3.9% | | ||||||
| | | 13,400 | | | | Mettler-Toledo International, Inc.(1) | | | | | 18,563,556 | | |
| | | | | | | HEALTHCARE PRODUCTS 1.5% | | ||||||
| | | 17,200 | | | | Cooper Cos., Inc. (The) | | | | | 6,815,844 | | |
| | | | | | | HEALTHCARE SERVICES 3.8% | | ||||||
| | | 37,700 | | | | Chemed Corp. | | | | | 17,888,650 | | |
| | | | | | | | | | | | 43,268,050 | | |
| INDUSTRIALS 26.9% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 12.9% | | ||||||
| | | 89,583 | | | | HEICO Corp. | | | | | 12,489,662 | | |
| | | 71,500 | | | | Teledyne Technologies, Inc.(1) | | | | | 29,946,345 | | |
| | | 28,400 | | | | TransDigm Group, Inc.(1) | | | | | 18,383,036 | | |
| | | | | | | | | | | | 60,819,043 | | |
| | | | | | | BUILDING MATERIALS 4.6% | | ||||||
| | | 61,800 | | | | Lennox International, Inc. | | | | | 21,679,440 | | |
| | | | | | | COMMERCIAL SERVICES 2.2% | | ||||||
| | | 310,049 | | | | Rollins, Inc. | | | | | 10,603,676 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS 26.9% (continued) | | ||||||||||||
| | | | | | | ENGINEERING & CONSTRUCTION 2.2% | | ||||||
| | | 114,600 | | | | Exponent, Inc. | | | | $ | 10,223,466 | | |
| | | | | | | ENVIRONMENTAL CONTROL 2.9% | | ||||||
| | | 115,750 | | | | Waste Connections, Inc. | | | | | 13,824,022 | | |
| | | | | | | SOFTWARE 2.1% | | ||||||
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 10,062,280 | | |
| | | | | | | | | | | | 127,211,927 | | |
| INFORMATION TECHNOLOGY 27.2% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 3.7% | | ||||||
| | | 72,800 | | | | Gartner, Inc.(1) | | | | | 17,632,160 | | |
| | | | | | | COMPUTERS 2.4% | | ||||||
| | | 126,700 | | | | CGI, Inc.(1) (2) | | | | | 11,479,020 | | |
| | | | | | | SOFTWARE 21.1% | | ||||||
| | | 51,900 | | | | ANSYS, Inc.(1) | | | | | 18,012,414 | | |
| | | 163,200 | | | | Cadence Design Systems, Inc.(1) | | | | | 22,329,024 | | |
| | | 39,900 | | | | Fair Isaac Corp.(1) | | | | | 20,056,932 | | |
| | | 35,800 | | | | Fiserv, Inc.(1) | | | | | 3,826,662 | | |
| | | 90,308 | | | | Jack Henry & Associates, Inc. | | | | | 14,766,261 | | |
| | | 45,300 | | | | Tyler Technologies, Inc.(1) | | | | | 20,492,361 | | |
| | | | | | | | | | | | 99,483,654 | | |
| | | | | | | | | | | | 128,594,834 | | |
| MATERIALS 4.4% | | ||||||||||||
| | | | | | | PACKAGING & CONTAINERS 4.4% | | ||||||
| | | 100,700 | | | | AptarGroup, Inc. | | | | | 14,182,588 | | |
| | | 83,892 | | | | Ball Corp. | | | | | 6,796,930 | | |
| | | | | | | | | | | | 20,979,518 | | |
| REAL ESTATE 2.9% | | ||||||||||||
| | | | | | | REITS 2.9% | | ||||||
| | | 183,300 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 13,621,023 | | |
| TOTAL COMMON STOCKS (Cost $279,491,338) | | | | | 457,020,474 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS 3.2% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 3.2% | | ||||||
| | | 15,325,293 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(3) | | | | $ | 15,325,293 | | |
| | | 5,719 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | | 5,719 | | |
| | | | | | | | | | | | 15,331,012 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,331,012) | | | | | 15,331,012 | | | ||||||
| TOTAL INVESTMENT IN SECURITIES 100.0%(Cost $294,822,350) | | | | $ | 472,351,486 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.0%) | | | | | (86,148) | | | ||||||
| NET ASSETS 100% | | | | $ | 472,265,338 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 457,020,474 | | | | | $ | — | | | | | $ | — | | | | | $ | 457,020,474 | | |
Short-Term Investments | | | | | 15,331,012 | | | | | | — | | | | | | — | | | | | | 15,331,012 | | |
Total Investments in Securities | | | | $ | 472,351,486 | | | | | $ | — | | | | | $ | — | | | | | $ | 472,351,486 | | |
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 7,100 | | | | | $ | 24,425,136 | | | | | | 3.3% | | |
Exelixis, Inc. | | | | | 1,230,000 | | | | | | 22,410,600 | | | | | | 3.0% | | |
Bank of America Corp. | | | | | 540,000 | | | | | | 22,264,200 | | | | | | 3.0% | | |
Facebook, Inc. | | | | | 62,000 | | | | | | 21,558,020 | | | | | | 2.9% | | |
Biohaven Pharmaceutical Holding Co., Ltd. | | | | | 220,000 | | | | | | 21,357,600 | | | | | | 2.9% | | |
Visa, Inc. | | | | | 84,000 | | | | | | 19,640,880 | | | | | | 2.6% | | |
Vertex Pharmaceuticals, Inc. | | | | | 90,000 | | | | | | 18,146,700 | | | | | | 2.4% | | |
Alphabet, Inc. | | | | | 7,400 | | | | | | 18,069,246 | | | | | | 2.4% | | |
Apple, Inc. | | | | | 129,000 | | | | | | 17,667,840 | | | | | | 2.4% | | |
Exact Sciences Corp. | | | | | 130,000 | | | | | | 16,160,300 | | | | | | 2.2% | | |
| Common Stock Sectors — Percentage of Common Stocks* | | | Bonds & Notes Sectors — Percentage of All Bonds & Notes* | |
| | | |
| | | 6 Mos | | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 10/1/1952 | | |||||||||||||||
Investor Class | | | | | | | |||||||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | 8.60% | | | | | | 31.17% | | | | | | 18.08% | | | | | | 12.02% | | | | | | 10.43% | | |
60/40 S&P 500® Index/Bloomberg Barclays US Aggregate Bond Index ** | | | | | 8.51% | | | | | | 24.34% | | | | | | 11.80% | | | | | | 10.26% | | | | | | 7.56% | | |
S&P 500® Index*** | | | | | 15.25% | | | | | | 40.79% | | | | | | 17.65% | | | | | | 14.84% | | | | | | 7.80% | | |
| | | 6 Mos | | | 1 Yr | | | 5 Yrs | | | | | | Since Inception 11/2/2015 | | ||||||||||||
Institutional Class | | | | | | | ||||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | 8.76% | | | | | | 31.59% | | | | | | 18.37% | | | | | | | | | 15.08% | | |
60/40 S&P 500® Index/Bloomberg Barclays US Aggregate Bond Index ** | | | | | 8.51% | | | | | | 24.34% | | | | | | 11.80% | | | | | | | | | 9.61% | | |
S&P 500® Index *** | | | | | 15.25% | | | | | | 40.79% | | | | | | 17.65% | | | | | | | | | 13.68% | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 84.3% | | ||||||||||||
| COMMUNICATION SERVICES 11.4% | | ||||||||||||
| | | | | | | INTERNET 9.0% | | ||||||
| | | 7,400 | | | | Alphabet, Inc. Class A(1) | | | | $ | 18,069,246 | | |
| | | 62,000 | | | | Facebook, Inc. Class A(1) | | | | | 21,558,020 | | |
| | | 21,000 | | | | Netflix, Inc.(1) | | | | | 11,092,410 | | |
| | | 76,000 | | | | Tencent Holdings, Ltd. ADR(2) | | | | | 5,722,800 | | |
| | | 160,000 | | | | Twitter, Inc.(1) | | | | | 11,009,600 | | |
| | | | | | | | | | | | 67,452,076 | | |
| | | | | | | MEDIA 0.7% | | ||||||
| | | 32,000 | | | | Walt Disney Co. (The)(1) | | | | | 5,624,640 | | |
| | | | | | | SOFTWARE 1.7% | | ||||||
| | | 130,000 | | | | Activision Blizzard, Inc. | | | | | 12,407,200 | | |
| | | | | | | | | | | | 85,483,916 | | |
| CONSUMER DISCRETIONARY 14.4% | | ||||||||||||
| | | | | | | ENTERTAINMENT 1.8% | | ||||||
| | | 170,000 | | | | DraftKings, Inc. Class A (1),(2) | | | | | 8,868,900 | | |
| | | 16,000 | | | | Vail Resorts, Inc.(1) | | | | | 5,064,320 | | |
| | | | | | | | | | | | 13,933,220 | | |
| | | | | | | HOME BUILDERS 1.4% | | ||||||
| | | 107,000 | | | | Lennar Corp. Class A | | | | | 10,630,450 | | |
| | | | | | | INTERNET 4.8% | | ||||||
| | | 50,000 | | | | Alibaba Group Holding, Ltd. ADR(1) | | | | | 11,339,000 | | |
| | | 7,100 | | | | Amazon.com, Inc.(1) | | | | | 24,425,136 | | |
| | | | | | | | | | | | 35,764,136 | | |
| | | | | | | LEISURE TIME 2.1% | | ||||||
| | | 125,000 | | | | Peloton Interactive, Inc. Class A(1) | | | | | 15,502,500 | | |
| | | | | | | LODGING 0.9% | | ||||||
| | | 54,000 | | | | Hilton Worldwide Holdings, Inc.(1) | | | | | 6,513,480 | | |
| | | | | | | RETAIL 3.4% | | ||||||
| | | 21,000 | | | | Home Depot, Inc. | | | | | 6,696,690 | | |
| | | 75,000 | | | | Starbucks Corp. | | | | | 8,385,750 | | |
| | | 30,000 | | | | Ulta Beauty, Inc.(1) | | | | | 10,373,100 | | |
| | | | | | | | | | | | 25,455,540 | | |
| | | | | | | | | | | | 107,799,326 | | |
| CONSUMER STAPLES 0.9% | | ||||||||||||
| | | | | | | BEVERAGES 0.9% | | ||||||
| | | 28,000 | | | | Constellation Brands, Inc. Class A | | | | | 6,548,920 | | |
| Shares | | | | | | Value | | ||||||
| ENERGY 2.4% | | ||||||||||||
| | | | | | | OIL & GAS 2.4% | | ||||||
| | | 115,000 | | | | Diamondback Energy, Inc. | | | | $ | 10,797,350 | | |
| | | 45,000 | | | | Pioneer Natural Resources Co. | | | | | 7,313,400 | | |
| | | | | | | | | | | | 18,110,750 | | |
| FINANCIALS 6.4% | | ||||||||||||
| | | | | | | BANKS 5.1% | | ||||||
| | | 540,000 | | | | Bank of America Corp. | | | | | 22,264,200 | | |
| | | 103,000 | | | | JPMorgan Chase & Co. | | | | | 16,020,620 | | |
| | | | | | | | | | | | 38,284,820 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 1.3% | | ||||||
| | | 95,000 | | | | Blackstone Group, Inc. (The) Class A | | | | | 9,228,300 | | |
| | | | | | | | | | | | 47,513,120 | | |
| HEALTHCARE 16.5% | | ||||||||||||
| | | | | | | BIOTECHNOLOGY 14.1% | | ||||||
| | | 1,700,000 | | | | Amarin Corp. PLC ADR (1),(2) | | | | | 7,446,000 | | |
| | | 22,000 | | | | Biogen, Inc.(1) | | | | | 7,617,940 | | |
| | | 220,000 | | | | Biohaven Pharmaceutical Holding Co., Ltd.(1) | | | | | 21,357,600 | | |
| | | 130,000 | | | | Exact Sciences Corp.(1) | | | | | 16,160,300 | | |
| | | 1,230,000 | | | | Exelixis, Inc.(1) | | | | | 22,410,600 | | |
| | | 240,000 | | | | Global Blood Therapeutics, Inc.(1) | | | | | 8,404,800 | | |
| | | 200,000 | | | | Intercept Pharmaceuticals, Inc. (1),(2) | | | | | 3,994,000 | | |
| | | 90,000 | | | | Vertex Pharmaceuticals, Inc.(1) | | | | | 18,146,700 | | |
| | | | | | | | | | | | 105,537,940 | | |
| | | | | | | HEALTHCARE PRODUCTS 0.9% | | ||||||
| | | 65,000 | | | | Edwards Lifesciences Corp.(1) | | | | | 6,732,050 | | |
| | | | | | | PHARMACEUTICALS 1.5% | | ||||||
| | | 26,000 | | | | DexCom, Inc.(1) | | | | | 11,102,000 | | |
| | | | | | | | | | | | 123,371,990 | | |
| INDUSTRIALS 1.7% | | ||||||||||||
| | | | | | | INTERNET 1.7% | | ||||||
| | | 205,000 | | | | Lyft, Inc. Class A(1) | | | | | 12,398,400 | | |
| INFORMATION TECHNOLOGY 29.6% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 2.2% | | ||||||
| | | 55,000 | | | | PayPal Holdings, Inc.(1) | | | | | 16,031,400 | | |
| | | | | | | COMPUTERS 3.6% | | ||||||
| | | 129,000 | | | | Apple, Inc. | | | | | 17,667,840 | | |
| | | 38,000 | | | | Crowdstrike Holdings, Inc. Class A(1) | | | | | 9,549,780 | | |
| | | | | | | | | | | | 27,217,620 | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY 29.6% (continued) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 2.6% | | ||||||
| | | 84,000 | | | | Visa, Inc. Class A | | | | $ | 19,640,880 | | |
| | | | | | | INTERNET 2.5% | | ||||||
| | | 7,800 | | | | Shopify, Inc. Class A(1) | | | | | 11,395,644 | | |
| | | 48,000 | | | | Zendesk, Inc.(1) | | | | | 6,928,320 | | |
| | | | | | | | | | | | 18,323,964 | | |
| | | | | | | SEMICONDUCTORS 7.7% | | ||||||
| | | 15,000 | | | | Broadcom, Inc. | | | | | 7,152,600 | | |
| | | 190,000 | | | | Micron Technology, Inc. (1) | | | | | 16,146,200 | | |
| | | 15,500 | | | | NVIDIA Corp. | | | | | 12,401,550 | | |
| | | 48,000 | | | | NXP Semiconductors N.V. | | | | | 9,874,560 | | |
| | | 85,000 | | | | QUALCOMM, Inc. | | | | | 12,149,050 | | |
| | | | | | | | | | | | 57,723,960 | | |
| | | | | | | SOFTWARE 11.0% | | ||||||
| | | 11,000 | | | | Adobe, Inc.(1) | | | | | 6,442,040 | | |
| | | 39,000 | | | | Microsoft Corp. | | | | | 10,565,100 | | |
| | | 40,000 | | | | RingCentral, Inc. Class A (1) | | | | | 11,623,200 | | |
| | | 48,000 | | | | Salesforce.com, Inc.(1) | | | | | 11,724,960 | | |
| | | 18,000 | | | | ServiceNow, Inc.(1) | | | | | 9,891,900 | | |
| | | 80,000 | | | | Splunk, Inc.(1) | | | | | 11,566,400 | | |
| | | 30,000 | | | | Twilio, Inc. Class A(1) | | | | | 11,824,800 | | |
| | | 36,000 | | | | Workday, Inc. Class A(1) | | | | | 8,594,640 | | |
| | | | | | | | | | | | 82,233,040 | | |
| | | | | | | | | | | | 221,170,864 | | |
| REAL ESTATE 1.0% | | ||||||||||||
| | | | | | | REITS 1.0% | | ||||||
| | | 27,000 | | | | American Tower Corp. REIT | | | | | 7,293,780 | | |
| TOTAL COMMON STOCKS (Cost $412,654,397) | | | | | 629,691,066 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES 0.4% | | ||||||||||||
| | $ | 17,490 | | | | Ally Auto Receivables Trust, Series 2018-2, Class A3, 2.92%, 11/15/22 | | | | $ | 17,528 | | |
| | | 208,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | | 212,909 | | |
| | | 200,000 | | | | Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47%, 1/15/30(3) | | | | | 212,324 | | |
| | | 500,000 | | | | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(3) | | | | | 539,548 | | |
| | | 130,000 | | | | Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, 4/15/26 | | | | | 138,690 | | |
| | | 500,000 | | | | GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25 | | | | | 513,556 | | |
| | | 34,453 | | | | Hyundai Auto Receivables Trust, Series 2017-B, Class A4, 1.96%, 2/15/23 | | | | | 34,478 | | |
| | | 500,000 | | | | Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31(3) | | | | | 527,300 | | |
| | | 150,000 | | | | Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(3) | | | | | 152,546 | | |
| | | 400,000 | | | | World Omni Automobile Lease Securitization Trust, Series 2019-B, Class A3, 2.03%, 11/15/22 | | | | | 403,433 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $2,772,598) | | | | | 2,752,312 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 1.0% | | ||||||||||||
| | | 250,000 | | | | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | | | | | 281,734 | | |
| | | 300,000 | | | | BANK, Series 2021-BN33, Class A3, 2.02%, 5/15/64 | | | | | 303,705 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 235,442 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | $ | 245,764 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 107,124 | | |
| | | 550,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(4) | | | | | 585,486 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K731, Class A2, 3.60%, 2/25/25(4) | | | | | 108,210 | | |
| | | 500,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25 | | | | | 545,073 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | | | | | 268,095 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | | | | | 268,847 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | | | | | 111,568 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(4) | | | | | 111,633 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 255,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | | | | $ | 282,509 | | |
| | | 150,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | | | | | 166,521 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | | | | | 285,098 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K075, Class A2, 3.65%, 2/25/28(4) | | | | | 114,385 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29 | | | | | 115,063 | | |
| | | 777,799 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 | | | | | 823,370 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 11/25/51(4) | | | | | 288,277 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.63%, 11/25/45(3),(4) | | | | | 258,476 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.71%, 11/25/47(3),(4) | | | | | 250,585 | | |
| | | 150,812 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 152,781 | | |
| | | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.05%, 11/16/52(4) | | | | | 152,326 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 1.0% (continued) | | ||||||||||||
| | $ | 52,647 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | $ | 52,997 | | |
| | | 183,472 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/15/48 | | | | | 192,742 | | |
| | | 200,000 | | | | Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52 | | | | | 220,853 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 256,137 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 396,849 | | |
| | | 27,378 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 27,371 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48 | | | | | 217,512 | | |
| | | 55,530 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 55,781 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | | | | | 166,421 | | |
| | | 111,934 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 112,139 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,389,898) | | | | | 7,525,432 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.7% | | ||||||||||||
| BASIC MATERIALS 0.2% | | ||||||||||||
| | | | | | | CHEMICALS 0.1% | | ||||||
| | $ | 125,000 | | | | Air Products and Chemicals, Inc., Senior Unsecured Notes, 2.05%, 5/15/30 | | | | $ | 127,553 | | |
| | | 175,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 184,314 | | |
| | | 150,000 | | | | Ecolab, Inc., Senior Unsecured Notes, 1.30%, 1/30/31 | | | | | 141,534 | | |
| | | 100,000 | | | | FMC Corp., Senior Unsecured Notes, 3.45%, 10/1/29 | | | | | 108,818 | | |
| | | 57,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23 | | | | | 60,903 | | |
| | | 125,000 | | | | LYB International Finance II B.V., Guaranteed Notes, 3.50%, 3/2/27 | | | | | 136,532 | | |
| | | 150,000 | | | | Nutrien, Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | | | | | 172,673 | | |
| | | | | | | | | | | | 932,327 | | |
| | | | | | | IRON & STEEL 0.0% | | ||||||
| | | 190,000 | | | | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | | | | | 204,084 | | |
| | | | | | | MINING 0.1% | | ||||||
| | | 145,000 | | | | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42(2) | | | | | 177,287 | | |
| | | 170,000 | | | | Teck Resources, Ltd., Senior Unsecured Notes, 6.13%, 10/1/35 | | | | | 219,162 | | |
| | | | | | | | | | | | 396,449 | | |
| | | | | | | | | | | | 1,532,860 | | |
| COMMUNICATIONS 0.4% | | ||||||||||||
| | | | | | | INTERNET 0.2% | | ||||||
| | | 200,000 | | | | Alibaba Group Holding, Ltd., Senior Unsecured Notes, 3.60%, 11/28/24 | | | | | 217,617 | | |
| | | 130,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 167,899 | | |
| | | 200,000 | | | | Baidu, Inc., Senior Unsecured Notes, 4.38%, 5/14/24 | | | | | 217,618 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMUNICATIONS 0.4% (continued) | | ||||||||||||
| | | | | | | INTERNET 0.2% (continued) | | ||||||
| | $ | 150,000 | | | | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | | | | $ | 156,837 | | |
| | | 190,000 | | | | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | | | | | 220,637 | | |
| | | 150,000 | | | | VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31 | | | | | 152,390 | | |
| | | | | | | | | | | | 1,132,998 | | |
| | | | | | | MEDIA 0.1% | | ||||||
| | | 175,000 | | | | Charter Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | | 198,326 | | |
| | | 250,000 | | | | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | | | | | 280,224 | | |
| | | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | | | | | 171,100 | | |
| | | 150,000 | | | | Walt Disney Co. (The), Guaranteed Notes, 2.65%, 1/13/31 | | | | | 157,618 | | |
| | | | | | | | | | | | 807,268 | | |
| | | | | | | TELECOMMUNICATIONS 0.1% | | ||||||
| | | 228,000 | | | | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33(3) | | | | | 226,189 | | |
| | | 200,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | | 233,393 | | |
| | | 110,000 | | | | T-Mobile USA, Inc., Guaranteed Notes, 2.25%, 2/15/26 | | | | | 110,825 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 299,060 | | |
| | | 100,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | | | | | 116,891 | | |
| | | | | | | | | | | | 986,358 | | |
| | | | | | | | | | | | 2,926,624 | | |
| CONSUMER, CYCLICAL 0.3% | | ||||||||||||
| | | | | | | APPAREL 0.0% | | ||||||
| | | 150,000 | | | | NIKE, Inc., Senior Unsecured Notes, 2.38%, 11/1/26 | | | | | 159,698 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.7% (continued) | | ||||||||||||
| CONSUMER, CYCLICAL 0.3% (continued) | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS 0.1% | | ||||||
| | $ | 150,000 | | | | American Honda Finance Corp. MTN, Senior Unsecured Notes, 1.00%, 9/10/25 | | | | $ | 149,855 | | |
| | | 150,000 | | | | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | | | | | 144,909 | | |
| | | 195,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | | | | | 202,069 | | |
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | | | | | 209,947 | | |
| | | | | | | | | | | | 706,780 | | |
| | | | | | | HOME BUILDERS 0.1% | | ||||||
| | | 225,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24 | | | | | 235,856 | | |
| | | 150,000 | | | | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | | | | | 163,274 | | |
| | | 162,000 | | | | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/2sssss7 (2s) | | | | | 189,112 | | |
| | | | | | | | | | | | 588,242 | | |
| | | | | | | HOME FURNISHINGS 0.0% | | ||||||
| | | 200,000 | | | | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 | | | | | 237,050 | | |
| | | | | | | RETAIL 0.1% | | ||||||
| | | 125,000 | | | | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | | | | | 139,668 | | |
| | | 200,000 | | | | O’Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | | | | | 223,991 | | |
| | | | | | | | | | | | 363,659 | | |
| | | | | | | | | | | | 2,055,429 | | |
| CONSUMER, NON-CYCLICAL 0.9% | | ||||||||||||
| | | | | | | AGRICULTURE 0.0% | | ||||||
| | | 150,000 | | | | Bunge, Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | | | | | 162,113 | | |
| | | | | | | BEVERAGES 0.1% | | ||||||
| | | 150,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(2) | | | | | 184,717 | | |
| | | 150,000 | | | | Coca-Cola Co. (The), Senior Unsecured Notes, 1.45%, 6/1/27 | | | | | 151,546 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, NON-CYCLICAL 0.9% (continued) | | ||||||||||||
| | | | | | | BEVERAGES 0.1% (continued) | | ||||||
| | $ | 150,000 | | | | Coca-Cola Femsa S.A.B. de C.V., Guaranteed Notes, 2.75%, 1/22/30 | | | | $ | 156,530 | | |
| | | 150,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | | | | | 200,709 | | |
| | | 100,000 | | | | Keurig Dr. Pepper, Inc., Guaranteed Notes, 3.20%, 5/1/30 | | | | | 108,203 | | |
| | | | | | | | | | | | 801,705 | | |
| | | | | | | BIOTECHNOLOGY 0.1% | | ||||||
| | | 150,000 | | | | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | | | | | 155,847 | | |
| | | 100,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 3.25%, 9/1/22 | | | | | 102,851 | | |
| | | 150,000 | | | | Illumina, Inc., Senior Unsecured Notes, 2.55%, 3/23/31 | | | | | 152,437 | | |
| | | 175,000 | | | | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | | | | | 166,004 | | |
| | | | | | | | | | | | 577,139 | | |
| | | | | | | COMMERCIAL SERVICES 0.1% | | ||||||
| | | 150,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 171,601 | | |
| | | 100,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 2.90%, 5/15/30 | | | | | 104,294 | | |
| | | 200,000 | | | | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26(2) | | | | | 214,879 | | |
| | | | | | | | | | | | 490,774 | | |
| | | | | | | FOOD 0.1% | | ||||||
| | | 150,000 | | | | Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27 | | | | | 146,462 | | |
| | | 200,000 | | | | Kroger Co. (The), Senior Unsecured Notes, 2.65%, 10/15/26 | | | | | 212,374 | | |
| | | 125,000 | | | | Mondelez International, Inc., Senior Unsecured Notes, 1.50%, 2/4/31(2) | | | | | 118,282 | | |
| | | 150,000 | | | | Sysco Corp., Guaranteed Notes, 5.65%, 4/1/25 | | | | | 173,825 | | |
| | | | | | | | | | | | 650,943 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, NON-CYCLICAL 0.9% (continued) | | ||||||||||||
| | | | | | | HEALTHCARE PRODUCTS 0.1% | | ||||||
| | $ | 235,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | $ | 265,513 | | |
| | | 125,000 | | | | Baxter International, Inc., Senior Unsecured Notes, 2.60%, 8/15/26 | | | | | 133,106 | | |
| | | 225,000 | | | | Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26 | | | | | 249,576 | | |
| | | 175,000 | | | | Thermo Fisher Scientific, Inc., Senior Unsecured Notes, 4.13%, 3/25/25 | | | | | 194,089 | | |
| | | | | | | | | | | | 842,284 | | |
| | | | | | | HEALTHCARE SERVICES 0.1% | | ||||||
| | | 150,000 | | | | Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | | | | | 161,850 | | |
| | | 125,000 | | | | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | | | | | 137,471 | | |
| | | 150,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 169,200 | | |
| | | 200,000 | | | | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | | | | | 224,415 | | |
| | | 200,000 | | | | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | | | | | 210,802 | | |
| | | 150,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 191,314 | | |
| | | | | | | | | | | | 1,095,052 | | |
| | | | | | | HOUSEHOLD PRODUCTS 0.0% | | ||||||
| | | 100,000 | | | | Clorox Co. (The), Senior Unsecured Notes, 1.80%, 5/15/30 | | | | | 98,321 | | |
| | | | | | | PHARMACEUTICALS 0.3% | | ||||||
| | | 175,000 | | | | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | | | | | 188,244 | | |
| | | 150,000 | | | | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30(2) | | | | | 142,267 | | |
| | | 100,000 | | | | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27 | | | | | 111,173 | | |
| | | 150,000 | | | | Cigna Corp., Senior Unsecured Notes, 2.40%, 3/15/30 | | | | | 153,184 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.7% (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL 0.9% (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS 0.3% (continued) | | ||||||
| | $ | 150,000 | | | | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | | | | $ | 144,743 | | |
| | | 150,000 | | | | Johnson & Johnson, Senior Unsecured Notes, 1.30%, 9/1/30(2) | | | | | 145,657 | | |
| | | 200,000 | | | | McKesson Corp., Senior Unsecured Notes, 0.90%, 12/3/25 | | | | | 197,145 | | |
| | | 175,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | | | | | 207,389 | | |
| | | 190,000 | | | | Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | | | | | 192,154 | | |
| | | 125,000 | | | | Teva Pharmaceutical Finance Netherlands III BV, Guaranteed Notes, 2.80%, 7/21/23 | | | | | 124,561 | | |
| | | 150,000 | | | | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | | | | | 165,299 | | |
| | | 200,000 | | | | Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25 | | | | | 226,725 | | |
| | | | | | | | | | | | 1,998,541 | | |
| | | | | | | | | | | | 6,716,872 | | |
| ENERGY 0.4% | | ||||||||||||
| | | | | | | OIL & GAS 0.2% | | ||||||
| | | 175,000 | | | | Canadian Natural Resources, Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | | | | | 179,866 | | |
| | | 225,000 | | | | ConocoPhillips Co., Guaranteed Notes, 4.95%, 3/15/26 | | | | | 261,381 | | |
| | | 175,000 | | | | Diamondback Energy, Inc., Guaranteed Notes, 2.88%, 12/1/24 | | | | | 184,835 | | |
| | | 100,000 | | | | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30 | | | | | 118,498 | | |
| | | 140,000 | | | | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | | | | | 155,889 | | |
| | | 100,000 | | | | Marathon Oil Corp., Senior Unsecured Notes, 3.85%, 6/1/25 | | | | | 108,944 | | |
| Principal Amount | | | | | | Value | | ||||||
| ENERGY 0.4% (continued) | | ||||||||||||
| | | | | | | OIL & GAS 0.2% (continued) | | ||||||
| | $ | 100,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26 | | | | $ | 117,635 | | |
| | | 100,000 | | | | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | | | | | 110,418 | | |
| | | 150,000 | | | | Phillips 66, Guaranteed Notes, 3.90%, 3/15/28 | | | | | 168,397 | | |
| | | 150,000 | | | | Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 | | | | | 155,736 | | |
| | | 175,000 | | | | Suncor Energy, Inc., Senior Unsecured Notes, 3.10%, 5/15/25 | | | | | 187,047 | | |
| | | 150,000 | | | | TotalEnergies Capital International SA, Guaranteed Notes, 3.46%, 2/19/29(2) | | | | | 167,126 | | |
| | | | | | | | | | | | 1,915,772 | | |
| | | | | | | OIL & GAS SERVICES 0.0% | | ||||||
| | | 150,000 | | | | Schlumberger Finance Canada, Ltd., Guaranteed Notes, 1.40%, 9/17/25(2) | | | | | 151,715 | | |
| | | | | | | PIPELINES 0.2% | | ||||||
| | | 200,000 | | | | Boardwalk Pipelines L.P., Guaranteed Notes, 4.95%, 12/15/24 | | | | | 223,524 | | |
| | | 200,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 244,933 | | |
| | | 200,000 | | | | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | | | | | 228,464 | | |
| | | 150,000 | | | | Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 169,405 | | |
| | | 150,000 | | | | Spectra Energy Partners L.P., Guaranteed Notes, 4.75%, 3/15/24 | | | | | 164,639 | | |
| | | 175,000 | | | | TransCanada PipeLines, Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | | | | | 201,170 | | |
| | | | | | | | | | | | 1,232,135 | | |
| | | | | | | | | | | | 3,299,622 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL 1.5% | | ||||||||||||
| | | | | | | BANKS 0.8% | | ||||||
| | $ | 150,000 | | | | Australia & New Zealand Banking Group, Ltd., Subordinated Notes, 4.50%, 3/19/24(3) | | | | $ | 164,127 | | |
| | | 150,000 | | | | Bank of America Corp. GMTN, Senior Unsecured Notes, 3.50%, 4/19/26 | | | | | 165,110 | | |
| | | 100,000 | | | | Bank of Montreal, Series E, Senior Unsecured Notes, 3.30%, 2/5/24 | | | | | 107,092 | | |
| | | 200,000 | | | | Bank of Nova Scotia (The), Senior Unsecured Notes, 2.70%, 8/3/26 | | | | | 214,131 | | |
| | | 175,000 | | | | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | | | | | 195,766 | | |
| | | 250,000 | | | | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 2.25%, 1/28/25 | | | | | 261,610 | | |
| | | 150,000 | | | | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90)%, 3.35%, 4/24/25(4) | | | | | 159,844 | | |
| | | 145,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 195,263 | | |
| | | 150,000 | | | | Cooperatieve Rabobank UA MTN, Senior Unsecured Notes, 3.38%, 5/21/25 | | | | | 163,943 | | |
| | | 150,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | | | | | 160,674 | | |
| | | 150,000 | | | | Goldman Sachs Group, Inc. (The), Senior Unsecured Notes, 3.75%, 2/25/26 | | | | | 166,009 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 145,622 | | |
| | | 225,000 | | | | HSBC Holdings PLC, Senior Unsecured Notes, 3.90%, 5/25/26 | | | | | 250,337 | | |
| | | 100,000 | | | | Huntington Bancshares, Inc., Senior Unsecured Notes, 2.63%, 8/6/24 | | | | | 105,616 | | |
| | | 150,000 | | | | ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23 | | | | | 161,742 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.7% (continued) | | ||||||||||||
| FINANCIAL 1.5% (continued) | | ||||||||||||
| | | | | | | BANKS 0.8% (continued) | | ||||||
| | $ | 100,000 | | | | ING Groep N.V., Senior Unsecured Notes, 3.95%, 3/29/27 | | | | $ | 112,584 | | |
| | | 250,000 | | | | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | | | | | 282,971 | | |
| | | 150,000 | | | | KeyCorp MTN, Senior Unsecured Notes, 2.55%, 10/1/29 | | | | | 157,120 | | |
| | | 250,000 | | | | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | | | | | 270,929 | | |
| | | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 264,109 | | |
| | | 200,000 | | | | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | | | | | 217,551 | | |
| | | 125,000 | | | | National Australia Bank, Ltd., Senior Unsecured Notes, 2.50%, 7/12/26 | | | | | 133,080 | | |
| | | 150,000 | | | | Northern Trust Corp., Senior Unsecured Notes, 3.15%, 5/3/29 | | | | | 165,028 | | |
| | | 200,000 | | | | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, 3.30%, 3/8/22 | | | | | 203,653 | | |
| | | 225,000 | | | | Royal Bank of Canada GMTN, Subordinated Notes, 4.65%, 1/27/26 | | | | | 257,885 | | |
| | | 150,000 | | | | Santander Holdings USA, Inc., Senior Unsecured Notes, 3.50%, 6/7/24 | | | | | 160,395 | | |
| | | 125,000 | | | | State Street Corp., Senior Unsecured Notes, 2.40%, 1/24/30 | | | | | 130,311 | | |
| | | 150,000 | | | | Toronto-Dominion Bank (The) MTN, Senior Unsecured Notes, 1.15%, 6/12/25 | | | | | 151,136 | | |
| | | 125,000 | | | | Truist Bank, Subordinated Notes, (5-year Treasury Constant Maturity Rate + 1.15)%, 2.64%, 9/17/29(4) | | | | | 130,886 | | |
| | | 150,000 | | | | US Bancorp MTN, Subordinated Notes, 3.60%, 9/11/24 | | | | | 163,488 | | |
| | | 42,000 | | | | Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22 | | | | | 42,935 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL 1.5% (continued) | | ||||||||||||
| | | | | | | BANKS 0.8% (continued) | | ||||||
| | $ | 150,000 | | | | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | | | | $ | 157,357 | | |
| | | | | | | | | | | | 5,618,304 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 0.2% | | ||||||
| | | 175,000 | | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | | | | | 172,915 | | |
| | | 200,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | | | | | 214,804 | | |
| | | 150,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 5.13%, 9/30/24 | | | | | 169,000 | | |
| | | 125,000 | | | | American Express Co., Senior Unsecured Notes, 3.13%, 5/20/26 | | | | | 136,649 | | |
| | | 125,000 | | | | Brookfield Finance, Inc., Guaranteed Notes, 2.72%, 4/15/31 | | | | | 128,825 | | |
| | | 200,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 217,977 | | |
| | | 100,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | | | | | 109,570 | | |
| | | 200,000 | | | | Synchrony Financial, Senior Unsecured Notes, 2.85%, 7/25/22 | | | | | 204,715 | | |
| | | | | | | | | | | | 1,354,455 | | |
| | | | | | | INSURANCE 0.3% | | ||||||
| | | 125,000 | | | | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30 | | | | | 140,952 | | |
| | | 125,000 | | | | Allstate Corp. (The), Senior Unsecured Notes, 1.45%, 12/15/30 | | | | | 119,237 | | |
| | | 225,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22 | | | | | 234,201 | | |
| | | 150,000 | | | | Aon Corp., Guaranteed Notes, 3.75%, 5/2/29 | | | | | 168,942 | | |
| | | 150,000 | | | | Berkshire Hathaway Finance Corp., Guaranteed Notes, 1.85%, 3/12/30(2) | | | | | 151,839 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(2) | | | | | 251,074 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL 1.5% (continued) | | ||||||||||||
| | | | | | | INSURANCE 0.3% (continued) | | ||||||
| | $ | 150,000 | | | | Chubb INA Holdings, Inc., Guaranteed Notes, 3.35%, 5/3/26 | | | | $ | 164,885 | | |
| | | 100,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | | 108,208 | | |
| | | 125,000 | | | | Hartford Financial Services Group, Inc. (The), Senior Unsecured Notes, 2.80%, 8/19/29(2) | | | | | 131,355 | | |
| | | 175,000 | | | | PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29(2) | | | | | 194,347 | | |
| | | 150,000 | | | | Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29 | | | | | 168,224 | | |
| | | 200,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67)%, 5.70%, 9/15/48(2),(4) | | | | | 234,609 | | |
| | | 100,000 | | | | Willis North America, Inc., Guaranteed Notes, 2.95%, 9/15/29 | | | | | 105,102 | | |
| | | | | | | | | | | | 2,172,975 | | |
| | | | | | | REITS 0.2% | | ||||||
| | | 150,000 | | | | American Tower Corp., Senior Unsecured Notes, 2.95%, 1/15/25 | | | | | 159,529 | | |
| | | 100,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 109,399 | | |
| | | 100,000 | | | | AvalonBay Communities, Inc. MTN, Senior Unsecured Notes, 2.45%, 1/15/31 | | | | | 102,683 | | |
| | | 150,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 3.60%, 7/1/29(2) | | | | | 166,789 | | |
| | | 100,000 | | | | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | | | | | 101,820 | | |
| | | 125,000 | | | | Essex Portfolio L.P., Guaranteed Notes, 4.00%, 3/1/29 | | | | | 141,160 | | |
| | | 100,000 | | | | Essex Portfolio L.P., Guaranteed Notes, 3.00%, 1/15/30 | | | | | 105,300 | | |
| | | 125,000 | | | | Life Storage L.P., Guaranteed Notes, 2.20%, 10/15/30 | | | | | 123,589 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.7% (continued) | | ||||||||||||
| FINANCIAL 1.5% (continued) | | ||||||||||||
| | | | | | | REITS 0.2% (continued) | | ||||||
| | $ | 125,000 | | | | Prologis L.P., Senior Unsecured Notes, 2.25%, 4/15/30 | | | | $ | 127,809 | | |
| | | 175,000 | | | | Sabra Health Care L.P., Guaranteed Notes, 3.90%, 10/15/29 | | | | | 185,115 | | |
| | | 100,000 | | | | Ventas Realty L.P., Guaranteed Notes, 4.40%, 1/15/29 | | | | | 114,817 | | |
| | | 250,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | | 286,804 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | | 129,309 | | |
| | | | | | | | | | | | 1,854,123 | | |
| | | | | | | | | | | | 10,999,857 | | |
| INDUSTRIAL 0.4% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 0.1% | | ||||||
| | | 100,000 | | | | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 116,178 | | |
| | | 170,000 | | | | Teledyne Technologies, Inc., Senior Unsecured Notes, 1.60%, 4/1/26 | | | | | 170,461 | | |
| | | 175,000 | | | | United Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | | | | | 201,518 | | |
| | | | | | | | | | | | 488,157 | | |
| | | | | | | BUILDING MATERIALS 0.1% | | ||||||
| | | 125,000 | | | | Johnson Controls International PLC/Tyco Fire & Security Finance SCA, Senior Unsecured Notes, 1.75%, 9/15/30 | | | | | 120,514 | | |
| | | 125,000 | | | | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | | | | | 121,934 | | |
| | | 150,000 | | | | Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29 | | | | | 169,609 | | |
| | | 150,000 | | | | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | | | | | 165,513 | | |
| | | | | | | | | | | | 577,570 | | |
| | | | | | | ELECTRONICS 0.1% | | ||||||
| | | 200,000 | | | | Flex, Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | | | | | 223,261 | | |
| Principal Amount | | | | | | Value | | ||||||
| INDUSTRIAL 0.4% (continued) | | ||||||||||||
| | | | | | | ELECTRONICS 0.1% (continued) | | ||||||
| | $ | 150,000 | | | | Honeywell International, Inc., Senior Unsecured Notes, 1.95%, 6/1/30(2) | | | | $ | 152,544 | | |
| | | 150,000 | | | | Jabil, Inc., Senior Unsecured Notes, 1.70%, 4/15/26 | | | | | 151,203 | | |
| | | | | | | | | | | | 527,008 | | |
| | | | | | | MACHINERY — DIVERSIFIED 0.0% | | ||||||
| | | 100,000 | | | | John Deere Capital Corp. MTN, Senior Unsecured Notes, 2.45%, 1/9/30 | | | | | 105,412 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS 0.1% | | ||||||
| | | 200,000 | | | | Ingersoll-Rand Luxembourg Finance S.A., Guaranteed Notes, 3.80%, 3/21/29 | | | | | 225,939 | | |
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 272,174 | | |
| | | | | | | | | | | | 498,113 | | |
| | | | | | | PACKAGING & CONTAINERS 0.0% | | ||||||
| | | 120,000 | | | | Ball Corp., Guaranteed Notes, 4.88%, 3/15/26 | | | | | 133,651 | | |
| | | 150,000 | | | | Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24 | | | | | 162,008 | | |
| | | 150,000 | | | | WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28 | | | | | 169,496 | | |
| | | | | | | | | | | | 465,155 | | |
| | | | | | | TRANSPORTATION 0.0% | | ||||||
| | | 100,000 | | | | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | | | | | 106,122 | | |
| | | 175,000 | | | | United Parcel Service, Inc., Senior Unsecured Notes, 2.50%, 9/1/29 | | | | | 185,781 | | |
| | | | | | | | | | | | 291,903 | | |
| | | | | | | | | | | | 2,953,318 | | |
| TECHNOLOGY 0.3% | | ||||||||||||
| | | | | | | COMPUTERS 0.1% | | ||||||
| | | 150,000 | | | | Apple, Inc., Senior Unsecured Notes, 1.25%, 8/20/30(2) | | | | | 143,954 | | |
| | | 150,000 | | | | HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27 | | | | | 160,716 | | |
| Principal Amount | | | | | | Value | | ||||||
| TECHNOLOGY 0.3% (continued) | | ||||||||||||
| | | | | | | COMPUTERS 0.1% (continued) | | ||||||
| | $ | 100,000 | | | | International Business Machines Corp., Senior Unsecured Notes, 1.70%, 5/15/27 | | | | $ | 101,336 | | |
| | | 175,000 | | | | NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25 | | | | | 180,100 | | |
| | | | | | | | | | | | 586,106 | | |
| | | | | | | SEMICONDUCTORS 0.1% | | ||||||
| | | 100,000 | | | | Applied Materials, Inc., Senior Unsecured Notes, 1.75%, 6/1/30 | | | | | 99,376 | | |
| | | 100,000 | | | | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | | | | | 115,542 | | |
| | | 100,000 | | | | Lam Research Corp., Senior Unsecured Notes, 4.00%, 3/15/29 | | | | | 116,134 | | |
| | | 225,000 | | | | Micron Technology, Inc., Senior Unsecured Notes, 2.50%, 4/24/23 | | | | | 232,540 | | |
| | | 125,000 | | | | NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30 | | | | | 135,448 | | |
| | | 100,000 | | | | Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30 | | | | | 101,758 | | |
| | | | | | | | | | | | 800,798 | | |
| | | | | | | SOFTWARE 0.1% | | ||||||
| | | 150,000 | | | | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | | | | | 172,923 | | |
| | | 100,000 | | | | Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29 | | | | | 110,136 | | |
| | | 100,000 | | | | Intuit, Inc., Senior Unsecured Notes, 1.65%, 7/15/30 | | | | | 98,249 | | |
| | | 125,000 | | | | Microsoft Corp., Senior Unsecured Notes, 2.40%, 8/8/26 | | | | | 133,293 | | |
| | | 110,000 | | | | Oracle Corp., Senior Unsecured Notes, 2.95%, 4/1/30 | | | | | 115,993 | | |
| | | 100,000 | | | | Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30 | | | | | 98,584 | | |
| | | | | | | | | | | | 729,178 | | |
| | | | | | | | | | | | 2,116,082 | | |
| UTILITIES 0.3% | | ||||||||||||
| | | | | | | ELECTRIC 0.3% | | ||||||
| | | 100,000 | | | | CenterPoint Energy, Inc., Senior Unsecured Notes, 4.25%, 11/1/28 | | | | | 114,471 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.7% (continued) | | ||||||||||||
| UTILITIES 0.3% (continued) | | ||||||||||||
| | | | | | | ELECTRIC 0.3% (continued) | | ||||||
| | $ | 100,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | $ | 120,754 | | |
| | | 200,000 | | | | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | | | | | 229,780 | | |
| | | 150,000 | | | | DTE Electric Co., 3.95%, 3/1/49 | | | | | 181,465 | | |
| | | 125,000 | | | | Duke Energy Corp., Senior Unsecured Notes, 3.75%, 9/1/46 | | | | | 133,605 | | |
| | | 150,000 | | | | Entergy Corp., Senior Unsecured Notes, 0.90%, 9/15/25 | | | | | 148,057 | | |
| | | 100,000 | | | | Eversource Energy, Series R, Senior Unsecured Notes, 1.65%, 8/15/30(2) | | | | | 95,814 | | |
| | | 250,000 | | | | Florida Power & Light Co., 4.05%, 6/1/42 | | | | | 304,347 | | |
| | | 100,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 108,353 | | |
| | | 125,000 | | | | Nevada Power Co., Series DD, 2.40%, 5/1/30 | | | | | 127,816 | | |
| | | 125,000 | | | | Northern States Power Co., 2.90%, 3/1/50 | | | | | 127,618 | | |
| | | 150,000 | | | | Pinnacle West Capital Corp., Senior Unsecured Notes, 1.30%, 6/15/25 | | | | | 150,934 | | |
| | | 125,000 | | | | Public Service Enterprise Group, Inc., Senior Unsecured Notes, 1.60%, 8/15/30 | | | | | 118,592 | | |
| | | 150,000 | | | | WEC Energy Group, Inc., Senior Unsecured Notes, 1.80%, 10/15/30 | | | | | 144,053 | | |
| | | | | | | | | | | | 2,105,659 | | |
| | | | | | | GAS 0.0% | | ||||||
| | | 225,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 253,555 | | |
| | | | | | | WATER 0.0% | | ||||||
| | | 175,000 | | | | American Water Capital Corp., Senior Unsecured Notes, 3.75%, 9/1/28 | | | | | 197,955 | | |
| | | | | | | | | | | | 2,557,169 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $33,958,235) | | | | | 35,157,833 | | |
| Principal Amount | | | | | | Value | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS 0.1% | | ||||||||||||
| | $ | 200,000 | | | | European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | $ | 208,270 | | |
| | | 100,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 1.13%, 12/29/26 | | | | | 99,593 | | |
| | | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 163,314 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $451,766) | | | | | 471,177 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES 0.4% | | ||||||||||||
| | | | | | | CALIFORNIA 0.1% | | ||||||
| | | 150,000 | | | | City of Pasadena CA, Refunding Revenue Bonds, Ser. B, 2.77%, 5/1/34 | | | | | 157,424 | | |
| | | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | | 80,359 | | |
| | | 100,000 | | | | Municipal Improvement Corp. of Los Angeles Revenue Bonds, Series C, 1.88%, 11/1/30 | | | | | 98,010 | | |
| | | 100,000 | | | | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | | | | | 103,464 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 65,246 | | |
| | | | | | | | | | | | 504,503 | | |
| | | | | | | DELAWARE 0.0% | | ||||||
| | | 225,000 | | | | County of Sussex DE, General Obligation Limited, Series B, GO, 1.21%, 3/15/29 | | | | | 220,223 | | |
| | | | | | | MASSACHUSETTS 0.1% | | ||||||
| | | 175,000 | | | | Massachusetts School Building Authority, Refunding Revenue Bonds, Ser. B, 3.40%, 10/15/40 | | | | | 187,989 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | MASSACHUSETTS 0.1% (continued) | | ||||||
| | $ | 275,000 | | | | Massachusetts Water Resources Authority, Green Bonds, Refunding Revenue Bonds, Ser. F, 3.10%, 8/1/39 | | | | $ | 290,365 | | |
| | | | | | | | | | | | 478,354 | | |
| | | | | | | NEW YORK 0.1% | | ||||||
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 105,390 | | |
| | | 200,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23 | | | | | 207,326 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 267,330 | | |
| | | 135,000 | | | | New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25 | | | | | 148,996 | | |
| | | | | | | | | | | | 729,042 | | |
| | | | | | | PENNSYLVANIA 0.0% | | ||||||
| | | 100,000 | | | | Pennsylvania Turnpike Commission, Motor License, Refunding Revenue Bonds, 3.29%, 12/1/36 | | | | | 105,655 | | |
| | | | | | | TEXAS 0.1% | | ||||||
| | | 175,000 | | | | City of Houston TX Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34 | | | | | 171,796 | | |
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 276,289 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES 0.4% (continued) | | ||||||||||||
| | | | | | | TEXAS 0.1% (continued) | | ||||||
| | $ | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | $ | 305,151 | | |
| | | 150,000 | | | | Tyler Independent School District, Texas Unlimited Tax, Refunding Revenue Bonds, 1.68%, 2/15/32 | | | | | 148,149 | | |
| | | | | | | | | | | | 901,385 | | |
| | | | | | | VIRGINIA 0.0% | | ||||||
| | | 100,000 | | | | Hampton Roads Sanitation District, Refunding Revenue Bonds, Ser. A, 2.11%, 2/1/29 | | | | | 102,672 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $2,921,169) | | | | | 3,041,834 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 0.1% | | ||||||||||||
| | | 230,000 | | | | FHLB, 3.25%, 3/8/24 | | | | | 247,384 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 258,428 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $481,178) | | | | | 505,812 | | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.2% | | ||||||||||||
| | | | | | | MORTGAGE-BACKED SECURITIES 2.2% | | ||||||
| | | 109,991 | | | | FHLMC Series 4151, Class PA | | | | | 114,352 | | |
| | | 37,423 | | | | FHLMC Gold PC Pool #A47613 | | | | | 42,528 | | |
| | | 33,081 | | | | FHLMC Gold PC Pool #C09055 | | | | | 36,060 | | |
| | | 54,803 | | | | FHLMC Gold PC Pool #J17969 | | | | | 58,010 | | |
| | | 121,730 | | | | FHLMC Gold Pool #C09027 | | | | | 129,045 | | |
| | | 22,528 | | | | FHLMC Gold Pool #G08521 | | | | | 23,882 | | |
| | | 113,498 | | | | FHLMC Gold Pool #J13314 | | | | | 121,276 | | |
| | | 44,959 | | | | FHLMC Gold Pool #Q06884 | | | | | 48,616 | | |
| | | 47,724 | | | | FHLMC Gold Pool #Q11077 | | | | | 51,743 | | |
| | | 41,870 | | | | FHLMC Gold Pool #Q34167 | | | | | 45,926 | | |
| | | 154,284 | | | | FHLMC Gold Pool #Q41084 | | | | | 164,665 | | |
| | | 95,742 | | | | FHLMC Pool #QB5314 | | | | | 99,210 | | |
| | | 761,199 | | | | FHLMC Pool #SD8093 | | | | | 801,182 | | |
| | | 2,930,196 | | | | FHLMC Pool #SD8108 | | | | | 3,059,887 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | MORTGAGE-BACKED SECURITIES 2.2% (continued) | | ||||||
| | $ | 2,634,722 | | | | FHLMC Pool #SD8128 | | | | $ | 2,665,633 | | |
| | | 59,988 | | | | FNMA Pool #254954 | | | | | 64,407 | | |
| | | 69,590 | | | | FNMA Pool #745275 | | | | | 79,835 | | |
| | | 74,379 | | | | FNMA Pool #844809 | | | | | 85,347 | | |
| | | 36,270 | | | | FNMA Pool #AA0466 | | | | | 40,341 | | |
| | | 85,521 | | | | FNMA Pool #AB1796 | | | | | 92,122 | | |
| | | 39,583 | | | | FNMA Pool #AB3218 | | | | | 41,870 | | |
| | | 105,585 | | | | FNMA Pool #AB3900 | | | | | 111,144 | | |
| | | 29,517 | | | | FNMA Pool #AC5822 | | | | | 32,536 | | |
| | | 63,894 | | | | FNMA Pool #AD7128 | | | | | 71,066 | | |
| | | 38,803 | | | | FNMA Pool #AD8529 | | | | | 43,156 | | |
| | | 403 | | | | FNMA Pool #AH3226 | | | | | 460 | | |
| | | 81,169 | | | | FNMA Pool #AH4493 | | | | | 90,577 | | |
| | | 48,012 | | | | FNMA Pool #AI1019 | | | | | 53,586 | | |
| | | 172,023 | | | | FNMA Pool #AL0657 | | | | | 197,160 | | |
| | | 145,177 | | | | FNMA Pool #AQ1853 | | | | | 154,454 | | |
| | | 57,417 | | | | FNMA Pool #AS0560 | | | | | 63,501 | | |
| | | 35,675 | | | | FNMA Pool #AS1529 | | | | | 37,694 | | |
| | | 35,611 | | | | FNMA Pool #AS3789 | | | | | 39,117 | | |
| | | 48,071 | | | | FNMA Pool #AS4503 | | | | | 50,792 | | |
| | | 61,742 | | | | FNMA Pool #AS4928 | | | | | 65,882 | | |
| | | 26,372 | | | | FNMA Pool #AS6205 | | | | | 28,129 | | |
| | | 100,357 | | | | FNMA Pool #AS7188 | | | | | 108,716 | | |
| | | 125,939 | | | | FNMA Pool #AS9459 | | | | | 137,095 | | |
| | | 23,622 | | | | FNMA Pool #AT8849 | | | | | 25,973 | | |
| | | 74,803 | | | | FNMA Pool #AU3621 | | | | | 79,541 | | |
| | | 209,611 | | | | FNMA Pool #AU5409 | | | | | 219,790 | | |
| | | 35,634 | | | | FNMA Pool #AU5653 | | | | | 38,949 | | |
| | | 70,260 | | | | FNMA Pool #AU6562 | | | | | 75,953 | | |
| | | 37,838 | | | | FNMA Pool #AU7025 | | | | | 40,182 | | |
| | | 58,582 | | | | FNMA Pool #AV3310 | | | | | 63,406 | | |
| | | 103,124 | | | | FNMA Pool #AY2728 | | | | | 108,053 | | |
| | | 68,446 | | | | FNMA Pool #AZ2276 | | | | | 74,610 | | |
| | | 99,064 | | | | FNMA Pool #BA6555 | | | | | 104,381 | | |
| | | 40,985 | | | | FNMA Pool #BD8211 | | | | | 43,903 | | |
| | | 53,311 | | | | FNMA Pool #BK2040 | | | | | 56,859 | | |
| | | 95,727 | | | | FNMA Pool #BK9648 | | | | | 100,824 | | |
| | | 226,947 | | | | FNMA Pool #BM5793 | | | | | 236,682 | | |
| | | 114,193 | | | | FNMA Pool #BN6248 | | | | | 119,246 | | |
| | | 822,910 | | | | FNMA Pool #CA5540 | | | | | 873,699 | | |
| | | 456,952 | | | | FNMA Pool #FM4140 | | | | | 476,423 | | |
| | | 164,271 | | | | FNMA Pool #MA4077 | | | | | 166,190 | | |
| | | 1,430,560 | | | | FNMA Pool #MA4119 | | | | | 1,447,302 | | |
| | | 1,793,926 | | | | FNMA Pool #MA4159 | | | | | 1,858,382 | | |
| | | 322,938 | | | | FNMA Pool #MA4222 | | | | | 340,324 | | |
| | | 77,670 | | | | FNMA REMIC Trust Series 2013-18 Class AE | | | | | 80,146 | | |
| | | 43,270 | | | | GNMA I Pool #539285 | | | | | 45,462 | | |
| | | 59,801 | | | | GNMA II Pool #MA1520 | | | | | 63,598 | | |
| | | 80,816 | | | | GNMA II Pool #MA1521 | | | | | 86,616 | | |
| | | 146,663 | | | | GNMA II Pool #MA1839 | | | | | 160,451 | | |
| | | 182,044 | | | | GNMA II Pool #MA4836 | | | | | 191,452 | | |
| | | 476,899 | | | | GNMA II Pool #MA7054 | | | | | 500,815 | | |
| | | | | | | | | | | | 16,830,214 | | |
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $16,832,644) | | | | | 16,830,214 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS 2.0% | | ||||||||||||
| | $ | 150,000 | | | | U.S. Treasury Bonds, 5.38%, 2/15/31 | | | | $ | 204,117 | | |
| | | 520,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 716,300 | | |
| | | 200,000 | | | | U.S. Treasury Bonds, 3.50%, 2/15/39 | | | | | 250,305 | | |
| | | 1,087,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 1,225,635 | | |
| | | 960,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 1,144,837 | | |
| | | 1,000,000 | | | | U.S. Treasury Bonds, 2.25%, 8/15/49 | | | | | 1,036,523 | | |
| | | 180,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 184,669 | | |
| | | 1,450,000 | | | | U.S. Treasury Notes, 0.25%, 4/15/23 | | | | | 1,450,736 | | |
| | | 269,000 | | | | U.S. Treasury Notes, 2.13%, 7/31/24 | | | | | 282,555 | | |
| | | 275,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 290,737 | | |
| | | 1,970,000 | | | | U.S. Treasury Notes, 0.50%, 3/31/25 | | | | | 1,960,689 | | |
| | | 1,260,000 | | | | U.S. Treasury Notes, 3.00%, 9/30/25 | | | | | 1,379,749 | | |
| | | 175,000 | | | | U.S. Treasury Notes, 2.13%, 5/31/26 | | | | | 185,678 | | |
| | | 2,400,000 | | | | U.S. Treasury Notes, 0.63%, 3/31/27 | | | | | 2,349,469 | | |
| | | 462,000 | | | | U.S. Treasury Notes, 2.25%, 8/15/27 | | | | | 494,358 | | |
| | | 175,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 192,937 | | |
| | | 360,000 | | | | U.S. Treasury Notes, 2.88%, 5/15/28 | | | | | 400,177 | | |
| | | 1,180,000 | | | | U.S. Treasury Notes, 1.63%, 8/15/29 | | | | | 1,207,795 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $14,455,198) | | | | | 14,957,266 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS 6.1% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 6.1% | | ||||||
| | | 35,924,845 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(5) | | | | | 35,924,845 | | |
| | | 10,023,889 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(6) | | | | | 10,023,889 | | |
| | | | | | | | | | | | 45,948,734 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $45,948,734) | | | | | 45,948,734 | | | ||||||
| TOTAL INVESTMENTS IN SECURITIES 101.3% (Cost $537,865,817) | | | | $ | 756,881,680 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (1.3%) | | | | | (9,682,692) | | | ||||||
| NET ASSETS 100% | | | | $ | 747,198,988 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 629,691,066 | | | | | $ | — | | | | | $ | — | | | | | $ | 629,691,066 | | |
Asset-Backed Securities | | | | | — | | | | | | 2,752,312 | | | | | | — | | | | | | 2,752,312 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 7,525,432 | | | | | | — | | | | | | 7,525,432 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 35,157,833 | | | | | | — | | | | | | 35,157,833 | | |
Foreign Government Obligations | | | | | — | | | | | | 471,177 | | | | | | — | | | | | | 471,177 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 3,041,834 | | | | | | — | | | | | | 3,041,834 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 505,812 | | | | | | — | | | | | | 505,812 | | |
Residential Mortgage-Backed Securities | | | | | — | | | | | | 16,830,214 | | | | | | — | | | | | | 16,830,214 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 14,957,266 | | | | | | — | | | | | | 14,957,266 | | |
Short-Term Investments | | | | | 45,948,734 | | | | | | — | | | | | | — | | | | | | 45,948,734 | | |
Total Investments in Securities | | | | $ | 675,639,800 | | | | | $ | 81,241,880 | | | | | $ | — | | | | | $ | 756,881,680 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 7,200 | | | | | $ | 24,769,152 | | | | | | 6.0% | | |
PayPal Holdings, Inc. | | | | | 68,000 | | | | | | 19,820,640 | | | | | | 4.8% | | |
Facebook, Inc. | | | | | 49,000 | | | | | | 17,037,790 | | | | | | 4.1% | | |
Alphabet, Inc. | | | | | 6,700 | | | | | | 16,359,993 | | | | | | 3.9% | | |
NVIDIA Corp. | | | | | 19,000 | | | | | | 15,201,900 | | | | | | 3.7% | | |
Exelixis, Inc. | | | | | 800,000 | | | | | | 14,576,000 | | | | | | 3.5% | | |
Visa, Inc. | | | | | 61,000 | | | | | | 14,263,020 | | | | | | 3.4% | | |
Biohaven Pharmaceutical Holding Co., Ltd. | | | | | 145,000 | | | | | | 14,076,600 | | | | | | 3.4% | | |
Netflix, Inc. | | | | | 23,000 | | | | | | 12,148,830 | | | | | | 2.9% | | |
Activision Blizzard, Inc. | | | | | 125,000 | | | | | | 11,930,000 | | | | | | 2.9% | | |
| | | 6 Mos | | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 3/20/1972 | | |||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 8.81% | | | | | | 34.97% | | | | | | 23.08% | | | | | | 16.44% | | | | | | 11.33% | | |
S&P 500® Index** | | | | | 15.25% | | | | | | 40.79% | | | | | | 17.65% | | | | | | 14.84% | | | | | | 7.76% | | |
| | | 6 Mos | | | 1 Yr | | | 5 Yrs | | | | | | Since Inception 11/2/2015 | | ||||||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 8.95% | | | | | | 35.27% | | | | | | 23.33% | | | | | | | | | 19.34% | | |
S&P 500® Index** | | | | | 15.25% | | | | | | 40.79% | | | | | | 17.65% | | | | | | | | | 13.68% | | |
Schedule of Investments (unaudited)
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 99.1% | | ||||||||||||
| COMMUNICATION SERVICES 18.3% | | ||||||||||||
| | | | | | | INTERNET 14.2% | | ||||||
| | | 6,700 | | | | Alphabet, Inc. Class A(1) | | | | $ | 16,359,993 | | |
| | | 49,000 | | | | Facebook, Inc. Class A(1) | | | | | 17,037,790 | | |
| | | 23,000 | | | | Netflix, Inc.(1) | | | | | 12,148,830 | | |
| | | 77,000 | | | | Tencent Holdings, Ltd. ADR(2) | | | | | 5,798,100 | | |
| | | 115,000 | | | | Twitter, Inc.(1) | | | | | 7,913,150 | | |
| | | | | | | | | | | | 59,257,863 | | |
| | | | | | | MEDIA 1.2% | | ||||||
| | | 28,000 | | | | Walt Disney Co. (The)(1) | | | | | 4,921,560 | | |
| | | | | | | SOFTWARE 2.9% | | ||||||
| | | 125,000 | | | | Activision Blizzard, Inc. | | | | | 11,930,000 | | |
| | | | | | | | | | | | 76,109,423 | | |
| CONSUMER DISCRETIONARY 15.8% | | ||||||||||||
| | | | | | | ENTERTAINMENT 1.6% | | ||||||
| | | 125,000 | | | | DraftKings, Inc. Class A(1)(2) | | | | | 6,521,250 | | |
| | | | | | | INTERNET 8.4% | | ||||||
| | | 44,000 | | | | Alibaba Group Holding, Ltd. | | | | | | | |
| | | | | | | ADR(1) | | | | | 9,978,320 | | |
| | | 7,200 | | | | Amazon.com, Inc.(1) | | | | | 24,769,152 | | |
| | | | | | | | | | | | 34,747,472 | | |
| | | | | | | LEISURE TIME 2.8% | | ||||||
| | | 95,000 | | | | Peloton Interactive, Inc. Class A(1) | | | | | 11,781,900 | | |
| | | | | | | RETAIL 3.0% | | ||||||
| | | 56,000 | | | | Starbucks Corp. | | | | | 6,261,360 | | |
| | | 18,000 | | | | Ulta Beauty, Inc.(1) | | | | | 6,223,860 | | |
| | | | | | | | | | | | 12,485,220 | | |
| | | | | | | | | | | | 65,535,842 | | |
| CONSUMER STAPLES 1.2% | | ||||||||||||
| | | | | | | BEVERAGES 1.2% | | ||||||
| | | 21,000 | | | | Constellation Brands, Inc. Class A | | | | | 4,911,690 | | |
| ENERGY 1.4% | | ||||||||||||
| | | | | | | OIL & GAS 1.4% | | ||||||
| | | 63,000 | | | | Diamondback Energy, Inc. | | | | | 5,915,070 | | |
| FINANCIALS 1.5% | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 1.5% | | ||||||
| | | 66,000 | | | | Blackstone Group, Inc. (The) Class A | | | | | 6,411,240 | | |
| HEALTHCARE 20.2% | | ||||||||||||
| | | | | | | BIOTECHNOLOGY 16.2% | | ||||||
| | | 1,200,000 | | | | Amarin Corp. PLC ADR(1)(2) | | | | | 5,256,000 | | |
| Shares | | | | | | Value | | | ||||||||
| HEALTHCARE 20.2% (continued) | | | ||||||||||||||
| | | | | | | BIOTECHNOLOGY 16.2% (continued) | | | ||||||||
| | | 15,000 | | | | Biogen, Inc.(1) | | | | $ | 5,194,050 | | | | ||
| | | 145,000 | | | | Biohaven Pharmaceutical Holding Co., Ltd.(1) | | | | | 14,076,600 | | | | ||
| | | 75,000 | | | | Exact Sciences Corp.(1) | | | | | 9,323,250 | | | | ||
| | | 800,000 | | | | Exelixis, Inc.(1) | | | | | 14,576,000 | | | | ||
| | | 170,000 | | | | Global Blood Therapeutics, Inc.(1) | | | | | 5,953,400 | | | | ||
| | | 135,000 | | | | Intercept Pharmaceuticals, Inc.(1) (2) | | | | | 2,695,950 | | | | ||
| | | 52,000 | | | | Vertex Pharmaceuticals, Inc.(1) | | | | | 10,484,760 | | | | ||
| | | | | | | | | | | | 67,560,010 | | | | ||
| | | | | | | HEALTHCARE PRODUCTS 1.4% | | | ||||||||
| | | 55,000 | | | | Edwards Lifesciences Corp.(1) | | | | | 5,696,350 | | | | ||
| | | | | | | PHARMACEUTICALS 2.6% | | | ||||||||
| | | 25,000 | | | | DexCom, Inc.(1) | | | | | 10,675,000 | | | | ||
| | | | | | | | | | | | 83,931,360 | | | | ||
| INDUSTRIALS 2.3% | | | ||||||||||||||
| | | | | | | INTERNET 2.3% | | | ||||||||
| | | 160,000 | | | | Lyft, Inc. Class A(1) | | | | | 9,676,800 | | | | ||
| INFORMATION TECHNOLOGY 38.4% | | | | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 4.8% | | | ||||||||
| | | 68,000 | | | | PayPal Holdings, Inc.(1) | | | | | 19,820,640 | | | | ||
| | | | | | | COMPUTERS 3.8% | | | ||||||||
| | | 60,000 | | | | Apple, Inc. | | | | | 8,217,600 | | | | ||
| | | 30,000 | | | | Crowdstrike Holdings, Inc. Class A(1) | | | | | 7,539,300 | | | | ||
| | | | | | | | | | | | 15,756,900 | | | | ||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 3.4% | | | ||||||||
| | | 61,000 | | | | Visa, Inc. Class A | | | | | 14,263,020 | | | | ||
| | | | | | | INTERNET 4.1% | | | ||||||||
| | | 8,000 | | | | Shopify, Inc. Class A(1) | | | | | 11,687,840 | | | | ||
| | | 38,000 | | | | Zendesk, Inc.(1) | | | | | 5,484,920 | | | | ||
| | | | | | | | | | | | 17,172,760 | | | | ||
| | | | | | | SEMICONDUCTORS 5.4% | | | ||||||||
| | | 19,000 | | | | NVIDIA Corp. | | | | | 15,201,900 | | | | ||
| | | 52,000 | | | | QUALCOMM, Inc. | | | | | 7,432,360 | | | | ||
| | | | | | | | | | | | 22,634,260 | | | | ||
| | | | | | | SOFTWARE 16.9% | | | ||||||||
| | | 12,000 | | | | Adobe, Inc.(1) | | | | | 7,027,680 | | | | ||
| | | 30,000 | | | | Microsoft Corp. | | | | | 8,127,000 | | | | ||
| | | 25,000 | | | | RingCentral, Inc. Class A(1) | | | | | 7,264,500 | | | | ||
| | | 40,000 | | | | Salesforce.com, Inc.(1)(2) | | | | | 9,770,800 | | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY 38.4% (continued) | | ||||||||||||
| | | | | | | SOFTWARE 16.9% (continued) | | ||||||
| | | 21,000 | | | | ServiceNow, Inc.(1) | | | | $ | 11,540,550 | | |
| | | 62,000 | | | | Splunk, Inc.(1) | | | | | 8,963,960 | | |
| | | 26,000 | | | | Twilio, Inc. Class A(1) | | | | | 10,248,160 | | |
| | | 30,000 | | | | Workday, Inc. Class A(1) | | | | | 7,162,200 | | |
| | | | | | | | | | | | 70,104,850 | | |
| | | | | | | | | | | | 159,752,430 | | |
| TOTAL COMMON STOCKS (Cost $229,954,948) | | | | | 412,243,855 | | | ||||||
| SHORT-TERM INVESTMENTS 1.7% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 1.7% | | ||||||
| | | 4,017,027 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(3) | | | | | 4,017,027 | | |
| | | 2,872,791 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | | 2,872,791 | | |
| | | | | | | | | | | | 6,889,818 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,889,818) | | | | | 6,889,818 | | | ||||||
| TOTAL INVESTMENT IN SECURITIES 100.8% (Cost $236,844,766) | | | | $ | 419,133,673 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.8%) | | | | | (3,321,824) | | | ||||||
| NET ASSETS 100% | | | | $ | 415,811,849 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 412,243,855 | | | | | $ | — | | | | | $ | — | | | | | $ | 412,243,855 | | |
Short-Term Investments | | | | | 6,889,818 | | | | | | — | | | | | | — | | | | | | 6,889,818 | | |
Total Investments in Securities | | | | $ | 419,133,673 | | | | | $ | — | | | | | $ | — | | | | | $ | 419,133,673 | | |
at June 30, 2021 (unaudited)
| | | Value Line Select Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value* | | | | $ | 471,570,751 | | | | | $ | 472,351,486 | | | | | $ | 756,881,680 | | | | | $ | 419,133,673 | | |
Dividends and interest receivable | | | | | 121,230 | | | | | | 304,454 | | | | | | 539,639 | | | | | | 3,076 | | |
Prepaid expenses | | | | | 66,832 | | | | | | 96,746 | | | | | | 135,689 | | | | | | 66,128 | | |
Receivable for capital shares sold | | | | | 43,074 | | | | | | 289,205 | | | | | | 750,410 | | | | | | 14,537 | | |
Receivable for securities sold | | | | | — | | | | | | — | | | | | | 2,650,051 | | | | | | — | | |
Receivable for securities lending income | | | | | — | | | | | | — | | | | | | 3,085 | | | | | | 2,297 | | |
Total Assets | | | | | 471,801,887 | | | | | | 473,041,891 | | | | | | 760,960,554 | | | | | | 419,219,711 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for capital shares redeemed | | | | | 311,982 | | | | | | 311,276 | | | | | | 125,510 | | | | | | 58,327 | | |
Payable upon return of securities on loan (See Note 1(K)) | | | | | — | | | | | | 5,719 | | | | | | 10,023,889 | | | | | | 2,872,791 | | |
Payable for securities purchased | | | | | — | | | | | | — | | | | | | 2,929,634 | | | | | | — | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee | | | | | 276,282 | | | | | | 242,881 | | | | | | 384,897 | | | | | | 257,762 | | |
Service and distribution plan fees | | | | | 92,014 | | | | | | 66,482 | | | | | | 116,946 | | | | | | 81,958 | | |
Printing fee payable | | | | | 55,981 | | | | | | 37,538 | | | | | | 71,570 | | | | | | 33,440 | | |
Auditing and legal fees payable | | | | | 44,704 | | | | | | 43,406 | | | | | | 51,295 | | | | | | 35,421 | | |
Custody and accounting fees payable | | | | | 39,610 | | | | | | 27,703 | | | | | | 45,765 | | | | | | 31,173 | | |
Sub-transfer agent fees | | | | | 1,823 | | | | | | 4,960 | | | | | | — | | | | | | 1,787 | | |
Directors’ fees and expenses | | | | | 1,695 | | | | | | 1,765 | | | | | | — | | | | | | 1,430 | | |
Other | | | | | 51,971 | | | | | | 34,823 | | | | | | 12,060 | | | | | | 33,773 | | |
Total Liabilities | | | | | 876,062 | | | | | | 776,553 | | | | | | 13,761,566 | | | | | | 3,407,862 | | |
Net Assets | | | | $ | 470,925,825 | | | | | $ | 472,265,338 | | | | | $ | 747,198,988 | | | | | $ | 415,811,849 | | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital stock, at $1.00 par value (authorized 100,000,000, outstanding 11,609,591 shares) | | | | $ | 11,609,591 | | | | | $ | 15,450,815 | | | | | $ | 53,324,000 | | | | | $ | 9,962,304 | | |
Additional paid-in capital | | | | | 158,782,831 | | | | | | 244,568,097 | | | | | | 423,897,941 | | | | | | 181,221,333 | | |
Total Distributable Earnings/(Loss) | | | | | 300,533,403 | | | | | | 212,246,426 | | | | | | 269,977,047 | | | | | | 224,628,212 | | |
Net Assets | | | | $ | 470,925,825 | | | | | $ | 472,265,338 | | | | | $ | 747,198,988 | | | | | $ | 415,811,849 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 456,666,791 | | | | | $ | 326,255,642 | | | | | $ | 577,444,924 | | | | | $ | 408,522,279 | | |
Shares Outstanding | | | | | 11,259,366 | | | | | | 10,690,229 | | | | | | 41,221,088 | | | | | | 9,789,316 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 40.56 | | | | | $ | 30.52 | | | | | $ | 14.01 | | | | | $ | 41.73 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 14,259,034 | | | | | $ | 146,009,696 | | | | | $ | 169,754,064 | | | | | $ | 7,289,570 | | |
Shares Outstanding | | | | | 350,225 | | | | | | 4,760,586 | | | | | | 12,102,912 | | | | | | 172,988 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 40.71 | | | | | $ | 30.67 | | | | | $ | 14.03 | | | | | $ | 42.14 | | |
*Includes securities on loan of | | | | $ | — | | | | | $ | 5,527 | | | | | $ | 23,460,320 | | | | | $ | 15,063,403 | | |
Cost of investments | | | | $ | 215,981,509 | | | | | $ | 294,822,350 | | | | | $ | 537,865,817 | | | | | $ | 236,844,766 | | |
| | | Value Line Select Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends (net of foreign withholding tax of $9,549, $7,122 $9,366 and $0, respectively) | | | | $ | 1,177,759 | | | | | $ | 3,418,932 | | | | | $ | 1,658,551 | | | | | $ | 564,998 | | |
Interest | | | | | — | | | | | | — | | | | | | 831,196 | | | | | | — | | |
Securities lending income (Net) | | | | | — | | | | | | 222 | | | | | | 18,104 | | | | | | 12,348 | | |
Total Income | | | | | 1,177,759 | | | | | | 3,419,154 | | | | | | 2,507,851 | | | | | | 577,346 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | | | 1,655,037 | | | | | | 1,473,616 | | | | | | 2,368,662 | | | | | | 1,463,175 | | |
Service and distribution plan fees | | | | | 547,423 | | | | | | 398,542 | | | | | | 724,274 | | | | | | 491,284 | | |
Sub-transfer agent fees | | | | | 60,840 | | | | | | 119,874 | | | | | | 123,005 | | | | | | 14,664 | | |
Transfer agent fees | | | | | 58,733 | | | | | | 69,546 | | | | | | 65,738 | | | | | | 49,307 | | |
Custody and accounting fees | | | | | 46,216 | | | | | | 36,364 | | | | | | 64,649 | | | | | | 39,928 | | |
Auditing and legal fees | | | | | 45,404 | | | | | | 45,580 | | | | | | 66,446 | | | | | | 40,608 | | |
Printing and postage fees | | | | | 35,538 | | | | | | 38,467 | | | | | | 41,030 | | | | | | 18,609 | | |
Registration and filing fees | | | | | 28,282 | | | | | | 31,069 | | | | | | 50,576 | | | | | | 21,393 | | |
Directors’ fees and expenses | | | | | 22,735 | | | | | | 22,924 | | | | | | 33,734 | | | | | | 20,177 | | |
Fund administration fees | | | | | 15,372 | | | | | | 15,372 | | | | | | 15,372 | | | | | | 16,004 | | |
Compliance and tax service fees | | | | | 11,382 | | | | | | 11,962 | | | | | | 13,615 | | | | | | 10,064 | | |
Insurance fees | | | | | 3,793 | | | | | | 4,934 | | | | | | 7,143 | | | | | | 4,198 | | |
Other | | | | | 13,613 | | | | | | 13,182 | | | | | | 15,042 | | | | | | 12,629 | | |
Recoupment (See Note 5) | | | | | — | | | | | | 6,086 | | | | | | 3,346 | | | | | | 97,418 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 2,544,368 | | | | | | 2,287,518 | | | | | | 3,592,632 | | | | | | 2,299,458 | | |
Less: Advisory Fees Waived | | | | | (12,393) | | | | | | (20,651) | | | | | | (14,944) | | | | | | (9,130) | | |
Net Expenses | | | | | 2,531,975 | | | | | | 2,266,867 | | | | | | 3,577,688 | | | | | | 2,290,328 | | |
Net Investment Income/(Loss) | | | | | (1,354,216) | | | | | | 1,152,287 | | | | | | (1,069,837) | | | | | | (1,712,982) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities | | | | | 26,043,310 | | | | | | 17,855,165 | | | | | | 50,479,454 | | | | | | 32,882,195 | | |
Foreign currency transactions | | | | | (27) | | | | | | (18) | | | | | | — | | | | | | — | | |
| | | | | 26,043,283 | | | | | | 17,855,147 | | | | | | 50,479,454 | | | | | | 32,882,195 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities | | | | | 11,133,125 | | | | | | 15,925,150 | | | | | | 9,196,645 | | | | | | 2,889,492 | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 37,176,408 | | | | | | 33,780,297 | | | | | | 59,676,099 | | | | | | 35,771,687 | | |
Net Increase/(Decrease) in Net Assets from Operations | | | | $ | 35,822,192 | | | | | $ | 34,932,584 | | | | | $ | 58,606,262 | | | | | $ | 34,058,705 | | |
| | | Value Line Select Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | ||||||||||||||||||
| | | Six Months Ended June 30, 2021 (Unaudited) | | | Year Ended December 31, 2020 | | | Six Months Ended June 30, 2021 (Unaudited) | | | Year Ended December 31, 2020 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (1,354,216) | | | | | $ | (1,901,054) | | | | | $ | 1,152,287 | | | | | $ | (1,663,424) | | |
Net realized gain/(loss) on investments and foreign currency | | | | | 26,043,283 | | | | | | 113,804,307 | | | | | | 17,855,147 | | | | | | 29,616,854 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | 11,133,125 | | | | | | (23,302,668) | | | | | | 15,925,150 | | | | | | 48,617,215 | | |
Net increase/(decrease) in net assets from operations | | | | | 35,822,192 | | | | | | 88,600,585 | | | | | | 34,932,584 | | | | | | 76,570,645 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | (99,858,878) | | | | | | — | | | | | | (24,479,712) | | |
Institutional Class | | | | | — | | | | | | (2,667,066)(1) | | | | | | — | | | | | | (10,791,086) | | |
| | | | | — | | | | | | (102,525,944) | | | | | | — | | | | | | (35,270,798) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 4,835,203 | | | | | | 27,762,538 | | | | | | 16,634,606 | | | | | | 114,237,141 | | |
Institutional Class | | | | | 2,568,907 | | | | | | 12,031,878(1) | | | | | | 22,918,586 | | | | | | 113,119,445 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 94,686,711 | | | | | | — | | | | | | 22,681,152 | | |
Institutional Class | | | | | — | | | | | | 2,522,692(1) | | | | | | — | | | | | | 9,730,790 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (34,748,268) | | | | | | (144,955,330) | | | | | | (47,447,290) | | | | | | (207,662,644) | | |
Institutional Class | | | | | (1,321,449) | | | | | | (745,669)(1) | | | | | | (26,638,009) | | | | | | (36,340,588) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (28,665,607) | | | | | | (8,697,180) | | | | | | (34,532,107) | | | | | | 15,765,296 | | |
Total increase/(decrease) in net assets | | | | | 7,156,585 | | | | | | (22,622,539) | | | | | | 400,477 | | | | | | 57,065,143 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 463,769,240 | | | | | | 486,391,779 | | | | | | 471,864,861 | | | | | | 414,799,718 | | |
End of period | | | | $ | 470,925,825 | | | | | $ | 463,769,240 | | | | | $ | 472,265,338 | | | | | $ | 471,864,861 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 128,549 | | | | | | 699,074 | | | | | | 578,205 | | | | | | 4,547,034 | | |
Institutional Class | | | | | 66,808 | | | | | | 268,809(1) | | | | | | 794,278 | | | | | | 4,311,246 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 2,591,317 | | | | | | — | | | | | | 829,596 | | |
Institutional Class | | | | | — | | | | | | 68,869(1) | | | | | | — | | | | | | 354,621 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (921,487) | | | | | | (3,732,892) | | | | | | (1,657,299) | | | | | | (8,255,594) | | |
Institutional Class | | | | | (34,885) | | | | | | (19,376)(1) | | | | | | (928,532) | | | | | | (1,391,238) | | |
Net increase/(decrease) | | | | | (761,015) | | | | | | (124,199) | | | | | | (1,213,348) | | | | | | 395,665 | | |
| | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||||||||
| | | Six Months Ended June 30, 2021 (Unaudited) | | | Year Ended December 31, 2020 | | | Six Months Ended June 30, 2021 (Unaudited) | | | Year Ended December 31, 2020 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (1,069,837) | | | | | $ | (1,321,964) | | | | | $ | (1,712,982) | | | | | $ | (2,829,123) | | |
Net realized gain/(loss) on investments | | | | | 50,479,454 | | | | | | 35,808,188 | | | | | | 32,882,195 | | | | | | 45,552,293 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | 9,196,645 | | | | | | 116,307,321 | | | | | | 2,889,492 | | | | | | 86,710,387 | | |
Net increase/(decrease) in net assets from operations | | | | | 58,606,262 | | | | | | 150,793,545 | | | | | | 34,058,705 | | | | | | 129,433,557 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | (28,634,815) | | | | | | — | | | | | | (34,460,180) | | |
Institutional Class | | | | | — | | | | | | (6,230,165) | | | | | | — | | | | | | (548,169) | | |
| | | | | — | | | | | | (34,864,980) | | | | | | — | | | | | | (35,008,349) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 67,168,928 | | | | | | 147,385,018 | | | | | | 2,805,035 | | | | | | 11,565,758 | | |
Institutional Class | | | | | 63,583,212 | | | | | | 92,959,782 | | | | | | 698,694 | | | | | | 4,510,155 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 27,027,150 | | | | | | — | | | | | | 33,215,648 | | |
Institutional Class | | | | | — | | | | | | 6,175,863 | | | | | | — | | | | | | 547,360 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (96,445,258) | | | | | | (146,694,731) | | | | | | (22,144,874) | | | | | | (35,355,783) | | |
Institutional Class | | | | | (27,884,561) | | | | | | (20,087,905) | | | | | | (514,188) | | | | | | (1,111,162) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 6,422,321 | | | | | | 106,765,177 | | | | | | (19,155,333) | | | | | | 13,371,976 | | |
Total increase/decrease in net assets | | | | | 65,028,583 | | | | | | 222,693,742 | | | | | | 14,903,372 | | | | | | 107,797,184 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 682,170,405 | | | | | | 459,476,663 | | | | | | 400,908,477 | | | | | | 293,111,293 | | |
End of period | | | | $ | 747,198,988 | | | | | $ | 682,170,405 | | | | | $ | 415,811,849 | | | | | $ | 400,908,477 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 5,006,879 | | | | | | 12,564,377 | | | | | | 70,246 | | | | | | 361,151 | | |
Institutional Class | | | | | 4,735,002 | | | | | | 7,674,211 | | | | | | 17,493 | | | | | | 117,977 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 2,176,099 | | | | | | — | | | | | | 903,827 | | |
Institutional Class | | | | | — | | | | | | 497,251 | | | | | | — | | | | | | 14,766 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (7,219,154) | | | | | | (13,030,041) | | | | | | (565,413) | | | | | | (1,061,527) | | |
Institutional Class | | | | | (2,084,737) | | | | | | (1,836,022) | | | | | | (13,039) | | | | | | (34,979) | | |
Net increase/(decrease) | | | | | 437,990 | | | | | | 8,045,875 | | | | | | (490,713) | | | | | | 301,215 | | |
Financial Highlights
| | | Value Line Select Growth Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2021 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 37.49 | | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.11)(1) | | | | | | (0.17)(1) | | | | | | (0.05)(1) | | | | | | (0.14) | | | | | | (0.08) | | | | | | 0.00(2) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 3.18 | | | | | | 8.91 | | | | | | 11.16 | | | | | | 0.58 | | | | | | 6.56 | | | | | | 2.04 | | |
Total from investment operations | | | | | 3.07 | | | | | | 8.74 | | | | | | 11.11 | | | | | | 0.44 | | | | | | 6.48 | | | | | | 2.04 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (10.18) | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | |
Total distributions | | | | | — | | | | | | (10.18) | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | |
Net asset value, end of period | | | | $ | 40.56 | | | | | $ | 37.49 | | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | |
Total return | | | | | 8.19%(3) | | | | | | 23.12% | | | | | | 36.59% | | | | | | 1.39% | | | | | | 22.32% | | | | | | 7.00% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | �� | | | $ | 456,667 | | | | | $ | 451,806 | | | | | $ | 486,392 | | | | | $ | 315,928 | | | | | $ | 342,056 | | | | | $ | 308,694 | | |
Ratio of expenses to average net assets | | | | | 1.13%(4) | | | | | | 1.16% | | | | | | 1.16% | | | | | | 1.20% | | | | | | 1.20% | | | | | | 1.21% | | |
Ratio of net investment income to average net assets | | | | | (0.61)%(4) | | | | | | (0.43)% | | | | | | (0.12)% | | | | | | (0.42)% | | | | | | (0.26)% | | | | | | (0.20)% | | |
Portfolio turnover rate | | | | | 2%(3) | | | | | | 12% | | | | | | 17% | | | | | | 8% | | | | | | 3% | | | | | | 7% | | |
| | | Value Line Select Growth Fund, Inc. Institutional Class | | | | | | |||||||||||||||||
| | | Six Months Ended June 30, 2021 | | | Period Ended December 31, 2020(5) | | | | | | | | | | | | | | ||||||
| | | (unaudited) | | | | | | |||||||||||||||||
Net asset value, beginning of period | | | | $ | 37.58 | | | | | $ | 36.44 | | | | | | | ||||||||
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | ||||||||
Net investment income/(loss) | | | | | (0.07)(1) | | | | | | 0.02(1) | | | | | | | ||||||||
Net gains/(losses) on securities (both realized and unrealized) | | | | | 3.20 | | | | | | 11.30 | | | | | | | ||||||||
Total from investment operations | | | | | 3.13 | | | | | | 11.32 | | | | | | | ||||||||
Less distributions: | | | | | | | | | | | | | | | | | | ||||||||
Distributions from net realized gains | | | | | — | | | | | | (10.18) | | | | | | | ||||||||
Total distributions | | | | | — | | | | | | (10.18) | | | | | | | ||||||||
Net asset value, end of period | | | | $ | 40.71 | | | | | $ | 37.58 | | | | | | | ||||||||
Total return | | | | | 8.33%(3) | | | | | | 31.78%(3) | | | | | | | ||||||||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | ||||||||
Net assets, end of period (in thousands) | | | | $ | 14,259 | | | | | $ | 11,963 | | | | | | | ||||||||
Ratio of gross expenses to average net assets(6) | | | | | 1.07%(4) | | | | | | 1.96%(4) | | | | | | | ||||||||
Ratio of net expenses to average net assets(7) | | | | | 0.88%(4) | | | | | | 0.91%(4) | | | | | | | ||||||||
Ratio of net investment income/(loss) to average net assets(7) | | | | | (0.36)%(4) | | | | | | 0.08%(4) | | | | | | | ||||||||
Portfolio turnover rate | | | | | 2%(3) | | | | | | 12%(3) | | | | | | |
Financial Highlights
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class | | ||||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2021 (unaudited) | | | Years Ended December 31, | | |||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | | 2016 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 28.29 | | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | | $ | 14.99 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.06(1)(2) | | | | | | (0.12)(1) | | | | | | 0.06(1)(3) | | | | | | (0.07) | | | | | | 0.00(4) | | | | | | | 0.00(4) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 2.17 | | | | | | 5.13 | | | | | | 6.68 | | | | | | 0.97 | | | | | | 3.23 | | | | | | | 1.64 | | |
Total from investment operations | | | | | 2.23 | | | | | | 5.01 | | | | | | 6.74 | | | | | | 0.90 | | | | | | 3.23 | | | | | | | 1.64 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.02) | | | | | | (0.00)(4) | | | | | | — | | | | | | — | | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (2.19) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | | (0.36) | | |
Total distributions | | | | | — | | | | | | (2.21) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | | (0.36) | | |
Net asset value, end of period | | | | $ | 30.52 | | | | | $ | 28.29 | | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | | $ | 16.27 | | |
Total return | | | | | 7.88%(5) | | | | | | 19.96% | | | | | | 35.30% | | | | | | 4.72% | | | | | | 19.84% | | | | | | | 10.94% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | | $ | 326,255 | | | | | $ | 332,898 | | | | | $ | 373,341 | | | | | $ | 184,515 | | | | | $ | 147,669 | | | | | | $ | 134,030 | | |
Ratio of expenses to average net assets | | | | | 1.07%(6) | | | | | | 1.10% | | | | | | 1.11% | | | | | | 1.18% | | | | | | 1.18% | | | | | | | 1.21% | | |
Ratio of net investment income to average net assets | | | | | 0.42%(2)(6) | | | | | | (0.46)% | | | | | | 0.27%(3) | | | | | | (0.46)% | | | | | | (0.34)% | | | | | | | (0.28)% | | |
Portfolio turnover rate | | | | | —%(5) | | | | | | 4% | | | | | | 19% | | | | | | 10% | | | | | | 2% | | | | | | | 20% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class | | | | | | |||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2021 (unaudited) | | | Years Ended December 31, | | | Period Ended December 31, 2017(7) | | | | | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | ||||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 28.39 | | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | $ | 18.25 | | | | | ||
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net investment income/(loss) | | | | | 0.10(1)(3) | | | | | | (0.04)(1) | | | | | | 0.20(1)(3) | | | | | | (0.04) | | | | | | 0.00(4) | | | | | ||
Net gains/(losses) on securities (both realized and unrealized) | | | | | 2.18 | | | | | | 5.14 | | | | | | 6.64 | | | | | | 0.99 | | | | | | 1.26 | | | | | ||
Total from investment operations | | | | | 2.28 | | | | | | 5.10 | | | | | | 6.84 | | | | | | 0.95 | | | | | | 1.26 | | | | | ||
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Dividends from net investment income | | | | | — | | | | | | (0.11) | | | | | | (0.06) | | | | | | — | | | | | | — | | | | | ||
Distributions from net realized gains | | | | | — | | | | | | (2.19) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | ||
Total distributions | | | | | — | | | | | | (2.30) | | | | | | (0.42) | | | | | | (0.98) | | | | | | (0.31) | | | | | ||
Net asset value, end of period | | | | $ | 30.67 | | | | | $ | 28.39 | | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | ||
Total return | | | | | 8.03%(5) | | | | | | 20.24% | | | | | | 35.68% | | | | | | 4.98% | | | | | | 6.89%(5) | | | | | ||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net assets, end of period (in thousands) | | | | $ | 146,010 | | | | | $ | 138,967 | | | | | $ | 41,459 | | | | | $ | 1,765 | | | | | $ | 1,095 | | | | | ||
Ratio of gross expenses to average net assets(8) | | | | | 0.85%(6) | | | | | | 0.89% | | | | | | 1.04% | | | | | | 3.97% | | | | | | 5.61%(6) | | | | | ||
Ratio of net expenses to average net assets(9) | | | | | 0.82%(6) | | | | | | 0.85% | | | | | | 0.86% | | | | | | 0.93% | | | | | | 0.93%(6) | | | | | ||
Ratio of net investment income/ (loss) to average net assets(8) | | | | | 0.70%(2)(6) | | | | | | (0.15)% | | | | | | 0.81%(3) | | | | | | (0.19)% | | | | | | (0.12)%(6) | | | | | ||
Portfolio turnover rate | | | | | —%(5) | | | | | | 4% | | | | | | 19% | | | | | | 10% | | | | | | 2%(5) | | | | |
Financial Highlights
| | | Value Line Capital Appreciation Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2021 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 12.90 | | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.02)(1) | | | | | | (0.03)(1) | | | | | | (0.01)(1) | | | | | | 0.00(2) | | | | | | 0.05 | | | | | | 0.02 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.13 | | | | | | 3.39 | | | | | | 2.32(3) | | | | | | (0.27) | | | | | | 1.97 | | | | | | 0.23 | | |
Total from investment operations | | | | | 1.11 | | | | | | 3.36 | | | | | | 2.31 | | | | | | (0.27) | | | | | | 2.02 | | | | | | 0.25 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.05) | | | | | | (0.02) | | |
Distributions from net realized gains | | | | | — | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | |
Total distributions | | | | | — | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.74) | | | | | | (0.55) | | | | | | (0.49) | | |
Net asset value, end of period | | | | $ | 14.01 | | | | | $ | 12.90 | | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | |
Total return | | | | | 8.60%(4) | | | | | | 33.03% | | | | | | 26.14% | | | | | | (2.71)% | | | | | | 23.86% | | | | | | 2.80% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 577,445 | | | | | $ | 560,243 | | | | | $ | 427,619 | | | | | $ | 375,158 | | | | | $ | 392,869 | | | | | $ | 302,636 | | |
Ratio of expenses to average net assets | | | | | 1.03% | | | | | | 1.07% | | | | | | 1.09% | | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.16% | | |
Ratio of net investment income to average net assets | | | | | (0.35)%(5) | | | | | | (0.28)% | | | | | | (0.08)% | | | | | | (0.02)% | | | | | | 0.49% | | | | | | 0.22% | | |
Portfolio turnover rate | | | | | 21%(4) | | | | | | 51% | | | | | | 34% | | | | | | 86% | | | | | | 88% | | | | | | 53% | | |
| | | Value Line Capital Appreciation Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2021 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 12.90 | | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.01)(1) | | | | | | (0.01)(1) | | | | | | 0.02(1) | | | | | | 0.04 | | | | | | 0.07 | | | | | | 0.02 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.14 | | | | | | 3.40 | | | | | | 2.31(3) | | | | | | (0.30) | | | | | | 1.98 | | | | | | 0.25 | | |
Total from investment operations | | | | | 1.13 | | | | | | 3.39 | | | | | | 2.33 | | | | | | (0.26) | | | | | | 2.05 | | | | | | 0.27 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.02) | | |
Distributions from net realized gains | | | | | — | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | |
Total distributions | | | | | — | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.75) | | | | | | (0.58) | | | | | | (0.49) | | |
Net asset value, end of period | | | | $ | 14.03 | | | | | $ | 12.90 | | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | |
Total return | | | | | 8.76%(4) | | | | | | 33.42% | | | | | | 26.51% | | | | | | (2.61)% | | | | | | 24.31% | | | | | | 3.06% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 169,754 | | | | | $ | 121,927 | | | | | $ | 31,858 | | | | | $ | 24,469 | | | | | $ | 6,750 | | | | | $ | 1,055 | | |
Ratio of gross expenses to average net assets(6) | | | | | 0.80%(5) | | | | | | 0.89% | | | | | | 0.97% | | | | | | 1.08% | | | | | | 1.63% | | | | | | 4.82% | | |
Ratio of net expenses to average net assets(7) | | | | | 0.78%(5) | | | | | | 0.82% | | | | | | 0.84% | | | | | | 0.87% | | | | | | 0.86% | | | | | | 0.90% | | |
Ratio of net investment income/(loss) to average net assets(7) | | | | | (0.09)%(5) | | | | | | (0.06)% | | | | | | 0.17% | | | | | | 0.19% | | | | | | 0.58% | | | | | | 0.43% | | |
Portfolio turnover rate | | | | | 21%(4) | | | | | | 51% | | | | | | 34% | | | | | | 86% | | | | | | 88% | | | | | | 53% | | |
Financial Highlights
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2021 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 38.35 | | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.17)(1) | | | | | | (0.29)(1) | | | | | | (0.23)(1) | | | | | | (0.22) | | | | | | (0.19) | | | | | | 0.00(2) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 3.55 | | | | | | 13.42 | | | | | | 6.64 | | | | | | 0.58 | | | | | | 8.00 | | | | | | 0.10 | | |
Total from investment operations | | | | | 3.38 | | | | | | 13.13 | | | | | | 6.41 | | | | | | 0.36 | | | | | | 7.81 | | | | | | 0.10 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | |
Total distributions | | | | | — | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | |
Net asset value, end of period | | | | $ | 41.73 | | | | | $ | 38.35 | | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | |
Total return | | | | | 8.81%(3) | | | | | | 45.98% | | | | | | 25.67% | | | | | | 1.30% | | | | | | 33.79% | | | | | | 0.24% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | |
Net assets, end of period (in thousands) | | | | $ | 408,522 | | | | | $ | 394,389 | | | | | $ | 291,057 | | | | | $ | 253,199 | | | | | $ | 272,191 | | | | | $ | 214,675 | | |
Ratio of gross expenses to average net assets(4) | | | | | 1.15%(5) | | | | | | 1.15% | | | | | | 1.16% | | | | | | 1.18% | | | | | | 1.19% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets(6) | | | | | 1.15%(5) | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.11% | | | | | | 1.13% | | |
Ratio of net investment income to average net assets(6) | | | | | (0.86)%(5) | | | | | | (0.86)% | | | | | | (0.78)% | | | | | | (0.77)% | | | | | | (0.71)% | | | | | | (0.62)% | | |
Portfolio turnover rate | | | | | 12%(3) | | | | | | 54% | | | | | | 29% | | | | | | 36% | | | | | | 35% | | | | | | 47% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2021 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 38.68 | | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.12)(1) | | | | | | (0.21)(1) | | | | | | (0.15)(1) | | | | | | (0.14) | | | | | | (0.19) | | | | | | 0.00(2) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 3.58 | | | | | | 13.51 | | | | | | 6.65 | | | | | | 0.57 | | | | | | 8.03 | | | | | | 0.14 | | |
Total from investment operations | | | | | 3.46 | | | | | | 13.30 | | | | | | 6.50 | | | | | | 0.43 | | | | | | 7.84 | | | | | | 0.14 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | |
Total distributions | | | | | — | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | |
Net asset value, end of period | | | | $ | 42.14 | | | | | $ | 38.68 | | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | |
Total return | | | | | 8.95%(3) | | | | | | 46.36% | | | | | | 25.92% | | | | | | 1.55% | | | | | | 33.96% | | | | | | 0.40% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 7,290 | | | | | $ | 6,519 | | | | | $ | 2,054 | | | | | $ | 1,238 | | | | | $ | 1,681 | | | | | $ | 401 | | |
Ratio of gross expenses to average net assets(4) | | | | | 1.17%(5) | | | | | | 1.80% | | | | | | 2.75% | | | | | | 3.92% | | | | | | 2.73% | | | | | | 17.29% | | |
Ratio of net expenses to average net assets(6) | | | | | 0.90%(5) | | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.93% | | | | | | 0.94% | | | | | | 0.98% | | |
Ratio of net investment loss to average net assets(6) | | | | | (0.61)%(5) | | | | | | (0.62)% | | | | | | (0.50)% | | | | | | (0.58)% | | | | | | (0.67)% | | | | | | (0.49)% | | |
Portfolio turnover rate | | | | | 12%(3) | | | | | | 54% | | | | | | 29% | | | | | | 36% | | | | | | 35% | | | | | | 47% | | |
Notes to Financial Statements | June 30, 2021 (unaudited) |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Select Growth Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 58,517 | | | | | $ | 216 | | | | | $ | 58,733 | | |
Sub-transfer agent fees | | | | | 58,848 | | | | | | 1,992 | | | | | | 60,840 | | |
Registration and filing fees | | | | | 14,726 | | | | | | 13,556 | | | | | | 28,282 | | |
Other | | | | | 12,892 | | | | | | 721 | | | | | | 13,613 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 53,821 | | | | | $ | 15,725 | | | | | $ | 69,546 | | |
Sub-transfer agent fees | | | | | 72,991 | | | | | | 46,883 | | | | | | 119,874 | | |
Registration and filing fees | | | | | 16,180 | | | | | | 14,889 | | | | | | 31,069 | | |
Other | | | | | 9,058 | | | | | | 4,124 | | | | | | 13,182 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 57,816 | | | | | $ | 7,922 | | | | | $ | 65,738 | | |
Sub-transfer agent fees | | | | | 93,879 | | | | | | 29,126 | | | | | | 123,005 | | |
Registration and filing fees | | | | | 29,632 | | | | | | 20,944 | | | | | | 50,576 | | |
Other | | | | | 9,227 | | | | | | 5,815 | | | | | | 15,042 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 48,587 | | | | | $ | 720 | | | | | $ | 49,307 | | |
Sub-transfer agent fees | | | | | 13,507 | | | | | | 1,157 | | | | | | 14,664 | | |
Registration and filing fees | | | | | 11,554 | | | | | | 9,839 | | | | | | 21,393 | | |
Other | | | | | 11,309 | | | | | | 1,320 | | | | | | 12,629 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | ||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | 5,527 | | | | | | 5,719 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 23,460,320 | | | | | | 24,536,443 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 15,063,403 | | | | | | 15,790,565 | | |
Fund | | | Purchases of Investment Securities Excluding U.S. Government Obligations | | | Sales of Investment Securities Excluding U.S. Government Obligations | | | Purchases of U.S. Government Obligations | | | Sales of U.S. Government Obligations | | ||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | 7,713,282 | | | | | $ | 36,338,329 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 35,522,389 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 131,896,518 | | | | | | 117,927,697 | | | | | | 15,069,508 | | | | | | 29,820,705 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 49,773,813 | | | | | | 66,471,726 | | | | | | — | | | | | | — | | |
Fund | | | Cost of investments for tax purposes | | | Gross tax unrealized appreciation | | | Gross tax unrealized depreciation | | | Net tax unrealized appreciation/ (depreciation) on investments | | ||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | 215,981,509 | | | | | $ | 255,589,242 | | | | | $ | — | | | | | $ | 255,589,242 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 294,822,350 | | | | | | 177,529,136 | | | | | | — | | | | | | 177,529,136 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 537,865,817 | | | | | | 250,332,819 | | | | | | 31,316,956 | | | | | | 219,015,863 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 236,844,766 | | | | | | 201,797,797 | | | | | | 19,508,890 | | | | | | 182,288,907 | | |
Fund | | | Undistributed ordinary income | | | Undistributed long-term gain | | | Other Timing Differences | | | Unrealized Appreciation | | | Capital Loss Carryforwards | | | Late Year Deferrals | | | Distributable Earnings (Loss) | | |||||||||||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 20,267,794 | | | | | $ | — | | | | | | 244,443,417 | | | | | $ | — | | | | | $ | — | | | | | $ | 264,711,211 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 15,723,703 | | | | | | — | | | | | | 161,590,139 | | | | | | — | | | | | | — | | | | | | 177,313,842 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 714,327 | | | | | | 7,541,745 | | | | | | — | | | | | | 203,114,713 | | | | | | — | | | | | | — | | | | | | 211,370,785 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | — | | | | | | 13,771,250 | | | | | | — | | | | | | 176,798,257 | | | | | | — | | | | | | — | | | | | | 190,569,507 | | |
| | | Year Ended December 31, 2020 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 102,525,944 | | | | | $ | 102,525,944 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 1,320,659 | | | | | | 33,950,139 | | | | | | 35,270,798 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 3,173,616 | | | | | | 31,691,364 | | | | | | 34,864,980 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 4,990,295 | | | | | | 30,018,054 | | | | | | 35,008,349 | | |
| | | Year Ended December 31, 2019 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 31,772,080 | | | | | $ | 31,772,080 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 211,908 | | | | | | 6,461,512 | | | | | | 6,673,420 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 3,734,782 | | | | | | 37,892,410 | | | | | | 41,627,192 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 880,795 | | | | | | 25,900,259 | | | | | | 26,781,054 | | |
Fund | | | Advisory Fee | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 1,655,037 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 1,473,616 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 2,368,662 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 1,463,175 | | |
Fund | | | Distribution & Service Fees | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 547,423 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 398,542 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 724,274 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 491,284 | | |
Fund | | | Sub-transfer agency Fees | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 60,840 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 119,874 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 123,005 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 14,664 | | |
Fund | | | Expiration for the 12 months ended | | | Fees Waived and Reimbursed by the Adviser | | |||
Value Line Select Growth Fund Inc. | | | June 30, 2021 | | | | $ | — | | |
Value Line Select Growth Fund Inc. | | | June 30, 2022 | | | | | 10,122 | | |
Value Line Select Growth Fund Inc. | | | June 30, 2023 | | | | | 32,652 | | |
Value Line Mid Cap Focused Fund Inc. | | | June 30, 2021 | | | | | 36,568 | | |
Value Line Mid Cap Focused Fund Inc. | | | June 30, 2022 | | | | | 15,415 | | |
Value Line Mid Cap Focused Fund Inc. | | | June 30, 2023 | | | | | 37,986 | | |
Value Line Capital Appreciation Fund, Inc. | | | June 30, 2021 | | | | | 44,784 | | |
Value Line Capital Appreciation Fund, Inc. | | | June 30, 2022 | | | | | 28,168 | | |
Value Line Capital Appreciation Fund, Inc. | | | June 30, 2023 | | | | | 30,304 | | |
Value Line Larger Companies Focused Fund, Inc. | | | June 30, 2021 | | | | | 49,743 | | |
Value Line Larger Companies Focused Fund, Inc. | | | June 30, 2022 | | | | | 43,915 | | |
Value Line Larger Companies Focused Fund, Inc. | | | June 30, 2023 | | | | | 34,165 | | |
| | | Beginning Account Value January 1, 2021 | | | Ending Account Value June 30, 2021 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | ||||||||||||||||||||
Value Line Select Growth Fund, Inc. — Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,081.90 | | | | | $ | 5.83 | | | | | | 1.13% | | |
Value Line Select Growth Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,083.30 | | | | | | 4.55 | | | | | | 0.88 | | |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,078.80 | | | | | | 5.52 | | | | | | 1.07 | | |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,080.30 | | | | | | 4.23 | | | | | | 0.82 | | |
Value Line Capital Appreciation Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,086.00 | | | | | | 5.33 | | | | | | 1.03 | | |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,087.60 | | | | | | 4.04 | | | | | | 0.78 | | |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,088.10 | | | | | | 5.95 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,089.50 | | | | | | 4.66 | | | | | | 0.90 | | |
Hypothetical (5% return before expenses) | | | | | | ||||||||||||||||||||
Value Line Select Growth Fund, Inc. — Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,019.19 | | | | | $ | 5.66 | | | | | | 1.13% | | |
Value Line Select Growth Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,020.43 | | �� | | | | 4.41 | | | | | | 0.88 | | |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,019.49 | | | | | | 5.36 | | | | | | 1.07 | | |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,020.73 | | | | | | 4.11 | | | | | | 0.82 | | |
Value Line Capital Appreciation Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,019.69 | | | | | | 5.16 | | | | | | 1.03 | | |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,020.93 | | | | | | 3.91 | | | | | | 0.78 | | |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,019.09 | | | | | | 5.76 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,020.33 | | | | | | 4.51 | | | | | | 0.90 | | |
(b) | Not Applicable |
Item 2 | Code of Ethics |
Not applicable.
Item 3 | Audit Committee Financial Expert |
Not applicable.
Item 4 | Principal Accountant Fees and Services |
Not applicable.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable.
Item 6. | Investments |
Not Applicable
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
Not Applicable
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c) ) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits. |
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: | August 31, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President, Principal Executive Officer | ||
By: | /s/ Christopher W. Roleke | |
Christopher W. Roleke, Treasurer, Principal Financial Officer |
Date: | August 31, 2021 |