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 Number811-02277
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, 2019
Date of reporting period:June 30, 2019
Item 1.Reports to Stockholders.
A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/19 is included with this Form.
(VALSX)
Investor Class (VLIFX)
Institutional Class (VLMIX)
Investor Class (VALIX)
Institutional Class (VLIIX)
Investor Class (VALLX)
Institutional Class (VLLIX)
| | | | | 3 | | | |
| Value Line Premier Growth Fund, Inc.: | | | | | | | |
| | | | | 7 | | | |
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| Value Line Mid Cap Focused Fund, Inc.: | | | | | | | |
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| Value Line Capital Appreciation Fund, Inc.: | | | | | | | |
| | | | | 17 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| Value Line Larger Companies Focused Fund, Inc.: | | | | | | | |
| | | | | 29 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
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President of the Value Line Funds
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Waste Connections, Inc. | | | | | 173,700 | | | | | $ | 16,602,246 | | | | | | 3.7% | | |
HEICO Corp. | | | | | 120,081 | | | | | | 16,068,039 | | | | | | 3.6% | | |
IDEXX Laboratories, Inc. | | | | | 55,400 | | | | | | 15,253,282 | | | | | | 3.4% | | |
Mettler-Toledo International, Inc. | | | | | 17,700 | | | | | | 14,868,000 | | | | | | 3.3% | | |
Roper Technologies, Inc. | | | | | 39,000 | | | | | | 14,284,140 | | | | | | 3.2% | | |
Teledyne Technologies, Inc. | | | | | 50,200 | | | | | | 13,748,274 | | | | | | 3.0% | | |
ANSYS, Inc. | | | | | 61,600 | | | | | | 12,616,912 | | | | | | 2.8% | | |
Fiserv, Inc. | | | | | 136,800 | | | | | | 12,470,688 | | | | | | 2.8% | | |
Accenture PLC | | | | | 62,500 | | | | | | 11,548,125 | | | | | | 2.6% | | |
Toro Co. (The) | | | | | 148,900 | | | | | | 9,961,410 | | | | | | 2.2% | | |
Schedule of Investments (unaudited)
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (93.5%) | | ||||||||||||
| CONSUMER DISCRETIONARY (5.3%) | | ||||||||||||
| | | | | | | RETAIL (5.3%) | | ||||||
| | | 4,100 | | | | AutoZone, Inc.* | | | | $ | 4,507,827 | | |
| | | 16,200 | | | | Domino’s Pizza, Inc. | | | | | 4,508,136 | | |
| | | 22,600 | | | | O’Reilly Automotive, Inc.* | | | | | 8,346,632 | | |
| | | 123,200 | | | | TJX Companies, Inc. (The) | | | | | 6,514,816 | | |
| | | | | | | | | | | | 23,877,411 | | |
| | | | | | | | | | | | 23,877,411 | | |
| CONSUMER STAPLES (3.6%) | | ||||||||||||
| | | | | | | FOOD (0.1%) | | ||||||
| | | 5,000 | | | | McCormick & Co., Inc.(1) | | | | | 775,050 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.2%) | | ||||||
| | | 134,800 | | | | Church & Dwight Co., Inc. | | | | | 9,848,488 | | |
| | | | | | | RETAIL (1.3%) | | ||||||
| | | 22,000 | | | | Costco Wholesale Corp. | | | | | 5,813,720 | | |
| | | | | | | | | | | | 16,437,258 | | |
| FINANCIALS (3.3%) | | ||||||||||||
| | | | | | | BANKS (1.4%) | | ||||||
| | | 48,500 | | | | HDFC Bank, Ltd. ADR | | | | | 6,306,940 | | |
| | | | | | | COMMERCIAL SERVICES (0.2%) | | ||||||
| | | 2,400 | | | | MarketAxess Holdings, Inc.(1) | | | | | 771,408 | | |
| | | | | | | INSURANCE (1.7%) | | ||||||
| | | 3,000 | | | | Alleghany Corp.* | | | | | 2,043,330 | | |
| | | 135,000 | | | | Arch Capital Group, Ltd.* | | | | | 5,005,800 | | |
| | | 3,500 | | | | RenaissanceRe Holdings, Ltd. | | | | | 623,035 | | |
| | | | | | | | | | | | 7,672,165 | | |
| | | | | | | | | | | | 14,750,513 | | |
| HEALTHCARE (15.4%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (2.5%) | | ||||||
| | | 33,200 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 4,348,536 | | |
| | | 19,600 | | | | Illumina, Inc.* | | | | | 7,215,740 | | |
| | | | | | | | | | | | 11,564,276 | | |
| | | | | | | ELECTRONICS (3.3%) | | ||||||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | | 14,868,000 | | |
| | | | | | | HEALTHCARE PRODUCTS (8.5%) | | ||||||
| | | 3,000 | | | | Align Technology, Inc.* | | | | | 821,100 | | |
| | | 31,039 | | | | Covetrus, Inc.*(1) | | | | | 759,214 | | |
| | | 68,500 | | | | Danaher Corp. | | | | | 9,790,020 | | |
| | | 77,600 | | | | Henry Schein, Inc.*(1) | | | | | 5,424,240 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (93.5%) (continued) | | ||||||||||||
| | | | | | | HEALTHCARE PRODUCTS (8.5%) (continued) | | ||||||
| | | 55,400 | | | | IDEXX Laboratories, Inc.* | | | | $ | 15,253,282 | | |
| | | 21,000 | | | | Thermo Fisher Scientific, Inc. | | | | | 6,167,280 | | |
| | | | | | | | | | | | 38,215,136 | | |
| | | | | | | HEALTHCARE SERVICES (1.1%) | | ||||||
| | | 10,600 | | | | Chemed Corp. | | | | | 3,824,904 | | |
| | | 16,200 | | | | Encompass Health Corp. | | | | | 1,026,432 | | |
| | | | | | | | | | | | 4,851,336 | | |
| | | | | | | | | | | | 69,498,748 | | |
| INDUSTRIALS (32.1%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (9.9%) | | ||||||
| | | 120,081 | | | | HEICO Corp.(1) | | | | | 16,068,038 | | |
| | | 15,800 | | | | Northrop Grumman Corp. | | | | | 5,105,138 | | |
| | | 6,000 | | | | Spirit AeroSystems Holdings, Inc. Class A | | | | | 488,220 | | |
| | | 50,200 | | | | Teledyne Technologies, Inc.* | | | | | 13,748,274 | | |
| | | 19,500 | | | | TransDigm Group, Inc.* | | | | | 9,434,100 | | |
| | | | | | | | | | | | 44,843,770 | | |
| | | | | | | COMMERCIAL SERVICES (3.8%) | | ||||||
| | | 12,200 | | | | Cintas Corp. | | | | | 2,894,938 | | |
| | | 14,800 | | | | Equifax, Inc. | | | | | 2,001,552 | | |
| | | 66,152 | | | | IHS Markit, Ltd.* | | | | | 4,215,205 | | |
| | | 220,350 | | | | Rollins, Inc.(1) | | | | | 7,903,955 | | |
| | | | | | | | | | | | 17,015,650 | | |
| | | | | | | ELECTRICAL EQUIPMENT (2.1%) | | ||||||
| | | 103,750 | | | | AMETEK, Inc. | | | | | 9,424,650 | | |
| | | | | | | ENVIRONMENTAL CONTROL (4.4%) | | ||||||
| | | 38,500 | | | | Republic Services, Inc. | | | | | 3,335,640 | | |
| | | 173,700 | | | | Waste Connections, Inc. | | | | | 16,602,246 | | |
| | | | | | | | | | | | 19,937,886 | | |
| | | | | | | HAND & MACHINE TOOLS (1.1%) | | ||||||
| | | 9,319 | | | | Lincoln Electric Holdings, Inc. | | | | | 767,140 | | |
| | | 24,500 | | | | Snap-on, Inc.(1) | | | | | 4,058,180 | | |
| | | | | | | | | | | | 4,825,320 | | |
| | | | | | | HOUSEWARES (2.2%) | | ||||||
| | | 148,900 | | | | Toro Co. (The) | | | | | 9,961,410 | | |
| | | | | | | MACHINERY DIVERSIFIED (4.7%) | | ||||||
| | | 12,900 | | | | Graco, Inc. | | | | | 647,322 | | |
| | | 31,850 | | | | IDEX Corp. | | | | | 5,482,659 | | |
| | | 8,000 | | | | Middleby Corp. (The)* | | | | | 1,085,600 | | |
| | | 39,000 | | | | Roper Technologies, Inc. | | | | | 14,284,140 | | |
| | | | | | | | | | | | 21,499,721 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (93.5%) (continued) | | ||||||||||||
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.9%) | | ||||||
| | | 41,600 | | | | AO Smith Corp. | | | | $ | 1,961,856 | | |
| | | 15,700 | | | | Carlisle Companies, Inc. | | | | | 2,204,437 | | |
| | | | | | | | | | | | 4,166,293 | | |
| | | | | | | TRANSPORTATION (3.0%) | | ||||||
| | | 56,000 | | | | Canadian National Railway Co. | | | | | 5,178,880 | | |
| | | 29,100 | | | | J.B. Hunt Transport Services, Inc. | | | | | 2,660,031 | | |
| | | 33,000 | | | | Union Pacific Corp. | | | | | 5,580,630 | | |
| | | | | | | | | | | | 13,419,541 | | |
| | | | | | | | | | | | 145,094,241 | | |
| INFORMATION TECHNOLOGY (24.6%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.7%) | | ||||||
| | | 8,200 | | | | Automatic Data Processing, Inc. | | | | | 1,355,706 | | |
| | | 6,900 | | | | Gartner, Inc.* | | | | | 1,110,486 | | |
| | | 25,700 | | | | WEX, Inc.* | | | | | 5,348,170 | | |
| | | | | | | | | | | | 7,814,362 | | |
| | | | | | | COMPUTERS (2.8%) | | ||||||
| | | 62,500 | | | | Accenture PLC Class A | | | | | 11,548,125 | | |
| | | 11,500 | | | | CGI, Inc.*(1) | | | | | 882,855 | | |
| | | | | | | | | | | | 12,430,980 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.9%) | | ||||||
| | | 32,400 | | | | MasterCard, Inc. Class A | | | | | 8,570,772 | | |
| | | | | | | ELECTRICAL EQUIPMENT (0.3%) | | ||||||
| | | 8,500 | | | | Littelfuse, Inc.(1) | | | | | 1,503,735 | | |
| | | | | | | ELECTRONICS (1.7%) | | ||||||
| | | 78,400 | | | | Amphenol Corp. Class A | | | | | 7,521,696 | | |
| | | | | | | INTERNET (0.1%) | | ||||||
| | | 2,400 | | | | VeriSign, Inc.* | | | | | 501,984 | | |
| | | | | | | SEMICONDUCTORS (1.0%) | | ||||||
| | | 16,000 | | | | Broadcom, Inc. | | | | | 4,605,760 | | |
| | | | | | | SOFTWARE (14.9%) | | ||||||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 12,616,912 | | |
| | | 13,400 | | | | Broadridge Financial Solutions, Inc. | | | | | 1,710,912 | | |
| | | 72,000 | | | | Cadence Design Systems, Inc.* | | | | | 5,098,320 | | |
| | | 8,200 | | | | Fair Isaac Corp.* | | | | | 2,574,964 | | |
| | | 6,200 | | | | Fidelity National Information Services, Inc. | | | | | 760,616 | | |
| | | 136,800 | | | | Fiserv, Inc.*(1) | | | | | 12,470,688 | | |
| | | 29,400 | | | | Intuit, Inc. | | | | | 7,683,102 | | |
| | | 25,500 | | | | Jack Henry & Associates, Inc. | | | | | 3,414,960 | | |
| | | 62,000 | | | | Salesforce.com, Inc.* | | | | | 9,407,260 | | |
| | | 21,400 | | | | ServiceNow, Inc.* | | | | | 5,875,798 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (93.5%) (continued) | | ||||||||||||
| INFORMATION TECHNOLOGY (24.6%) (continued) | | ||||||||||||
| | | | | | | SOFTWARE (14.9%) (continued) | | ||||||
| | | 17,800 | | | | Synopsys, Inc.* | | | | $ | 2,290,682 | | |
| | | 16,500 | | | | Tyler Technologies, Inc.* | | | | | 3,564,330 | | |
| | | | | | | | | | | | 67,468,544 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 2,800 | | | | Arista Networks, Inc.* | | | | | 726,936 | | |
| | | | | | | | | | | | 111,144,769 | | |
| MATERIALS (5.9%) | | ||||||||||||
| | | | | | | CHEMICALS (3.0%) | | ||||||
| | | 7,000 | | | | Air Products & Chemicals, Inc. | | | | | 1,584,590 | | |
| | | 50,400 | | | | Ecolab, Inc. | | | | | 9,950,976 | | |
| | | 22,000 | | | | FMC Corp. | | | | | 1,824,900 | | |
| | | | | | | | | | | | 13,360,466 | | |
| | | | | | | HOUSEWARES (0.4%) | | ||||||
| | | 20,200 | | | | Scotts Miracle-Gro Co. (The)(1) | | | | | 1,989,700 | | |
| | | | | | | MINING (0.0%) | | ||||||
| | | 20,576 | | | | Livent Corp.*(1) | | | | | 142,386 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.6%) | | ||||||
| | | 21,000 | | | | AptarGroup, Inc. | | | | | 2,611,140 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (93.5%) (continued) | | ||||||||||||
| | | | | | | PACKAGING & CONTAINERS (1.9%) | | ||||||
| | | 98,800 | | | | Ball Corp. | | | | $ | 6,915,012 | | |
| | | 23,100 | | | | Crown Holdings, Inc.* | | | | | 1,411,410 | | |
| | | | | | | | | | | | 8,326,422 | | |
| | | | | | | | | | | | 26,430,114 | | |
| REAL ESTATE (3.3%) | | ||||||||||||
| | | | | | | REITS (3.3%) | | ||||||
| | | 31,600 | | | | American Tower Corp. REIT | | | | | 6,460,620 | | |
| | | 23,200 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 2,815,088 | | |
| | | 25,300 | | | | SBA Communications Corp. REIT* | | | | | 5,688,452 | | |
| | | | | | | | | | | | 14,964,160 | | |
| | | | | | | | | | | | 14,964,160 | | |
| TOTAL COMMON STOCKS (Cost $160,702,779) (93.5%) | | | | | 422,197,214 | | | ||||||
| SHORT-TERM INVESTMENTS (6.4%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (6.4%) | | ||||||
| | | 28,609,165 | | | | State Street Institutional Liquid Reserves Fund | | | | | 28,609,165 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (6.4%) (continued) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (6.4%) (continued) | | ||||||
| | | 277,361 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(2) | | | | $ | 277,361 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $28,891,154) (6.4%) | | | | | 28,886,526 | | | ||||||
| TOTAL INVESTMENT SECURITIES (99.9%) (Cost $189,593,933) | | | | $ | 451,083,740 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) | | | | | 364,965 | | | ||||||
| NET ASSETS (100%) | | | | $ | 451,448,705 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 422,197,214 | | | | | $ | — | | | | | $ | — | | | | | $ | 422,197,214 | | |
Short-Term Investments | | | | | 28,886,526 | | | | | | — | | | | | | — | | | | | | 28,886,526 | | |
Total Investments in Securities | | | | $ | 451,083,740 | | | | | $ | — | | | | | $ | — | | | | | $ | 451,083,740 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Lennox International, Inc. | | | | | 57,100 | | | | | $ | 15,702,500 | | | | | | 4.8% | | |
ANSYS, Inc. | | | | | 73,600 | | | | | | 15,074,752 | | | | | | 4.6% | | |
Mettler-Toledo International, Inc. | | | | | 17,800 | | | | | | 14,952,000 | | | | | | 4.5% | | |
Teledyne Technologies, Inc. | | | | | 54,500 | | | | | | 14,925,915 | | | | | | 4.5% | | |
HEICO Corp. | | | | | 106,783 | | | | | | 14,288,633 | | | | | | 4.3% | | |
TransDigm Group, Inc. | | | | | 28,900 | | | | | | 13,981,820 | | | | | | 4.2% | | |
Ball Corp. | | | | | 167,800 | | | | | | 11,744,322 | | | | | | 3.6% | | |
Waste Connections, Inc. | | | | | 115,950 | | | | | | 11,082,501 | | | | | | 3.4% | | |
Fair Isaac Corp. | | | | | 33,800 | | | | | | 10,613,876 | | | | | | 3.2% | | |
AptarGroup, Inc. | | | | | 82,700 | | | | | | 10,282,918 | | | | | | 3.1% | | |
Schedule of Investments (unaudited) | June 30, 2019 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (89.5%) | | ||||||||||||
| CONSUMER DISCRETIONARY (1.6%) | | ||||||||||||
| | | | | | | APPAREL (0.8%) | | ||||||
| | | 26,500 | | | | Columbia Sportswear Co. | | | | $ | 2,654,240 | | |
| | | | | | | DISTRIBUTION & WHOLESALE (0.2%) | | ||||||
| | | 2,700 | | | | Pool Corp. | | | | | 515,700 | | |
| | | | | | | ENTERTAINMENT (0.0%) | | ||||||
| | | 1,400 | | | | Churchill Downs, Inc.(1) | | | | | 161,098 | | |
| | | | | | | RETAIL (0.6%) | | ||||||
| | | 12,200 | | | | Advance Auto Parts, Inc. | | | | | 1,880,508 | | |
| | | | | | | | | | | | 5,211,546 | | |
| CONSUMER STAPLES (6.5%) | | ||||||||||||
| | | | | | | FOOD (3.6%) | | ||||||
| | | 41,000 | | | | J&J Snack Foods Corp. | | | | | 6,598,950 | | |
| | | 33,500 | | | | McCormick & Co., Inc.(1) | | | | | 5,192,835 | | |
| | | | | | | | | | | | 11,791,785 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.9%) | | ||||||
| | | 131,100 | | | | Church & Dwight Co., Inc. | | | | | 9,578,166 | | |
| | | | | | | | | | | | 21,369,951 | | |
| FINANCIALS (6.4%) | | ||||||||||||
| | | | | | | INSURANCE (6.4%) | | ||||||
| | | 95,200 | | | | American Financial Group, Inc. | | | | | 9,755,144 | | |
| | | 186,800 | | | | Arch Capital Group, Ltd.* | | | | | 6,926,544 | | |
| | | 67,000 | | | | Berkley (W.R.) Corp. | | | | | 4,417,310 | | |
| | | | | | | | | | | | 21,098,998 | | |
| | | | | | | | | | | | 21,098,998 | | |
| HEALTHCARE (13.4%) | | ||||||||||||
| | | | | | | ELECTRONICS (4.5%) | | ||||||
| | | 17,800 | | | | Mettler-Toledo International, Inc.* | | | | | 14,952,000 | | |
| | | | | | | HEALTHCARE PRODUCTS (6.3%) | | ||||||
| | | 8,224 | | | | Becton Dickinson & Co. | | | | | 2,072,530 | | |
| | | 4,900 | | | | Cooper Cos., Inc. (The) | | | | | 1,650,761 | | |
| | | 18,160 | | | | Covetrus, Inc.*(1) | | | | | 444,194 | | |
| | | 26,700 | | | | Danaher Corp. | | | | | 3,815,964 | | |
| | | 45,400 | | | | Henry Schein, Inc.*(1) | | | | | 3,173,460 | | |
| | | 35,000 | | | | IDEXX Laboratories, Inc.* | | | | | 9,636,550 | | |
| | | | | | | | | | | | 20,793,459 | | |
| | | | | | | HEALTHCARE SERVICES (2.6%) | | ||||||
| | | 24,200 | | | | Chemed Corp. | | | | | 8,732,328 | | |
| | | | | | | | | | | | 44,477,787 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (89.5%) (continued) | | ||||||||||||
| INDUSTRIALS (31.5%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (13.1%) | | ||||||
| | | 106,783 | ��� | | | HEICO Corp. | | | | $ | 14,288,633 | | |
| | | 54,500 | | | | Teledyne Technologies, Inc.* | | | | | 14,925,915 | | |
| | | 28,900 | | | | TransDigm Group, Inc.* | | | | | 13,981,820 | | |
| | | | | | | | | | | | 43,196,368 | | |
| | | | | | | BUILDING MATERIALS (4.7%) | | ||||||
| | | 57,100 | | | | Lennox International, Inc. | | | | | 15,702,500 | | |
| | | | | | | COMMERCIAL SERVICES (3.1%) | | ||||||
| | | 12,500 | | | | Cintas Corp. | | | | | 2,966,125 | | |
| | | 206,700 | | | | Rollins, Inc.(1) | | | | | 7,414,329 | | |
| | | | | | | | | | | | 10,380,454 | | |
| | | | | | | ELECTRICAL EQUIPMENT (1.5%) | | ||||||
| | | 54,950 | | | | AMETEK, Inc. | | | | | 4,991,658 | | |
| | | | | | | ENVIRONMENTAL CONTROL (3.4%) | | ||||||
| | | 115,950 | | | | Waste Connections, Inc. | | | | | 11,082,501 | | |
| | | | | | | HAND & MACHINE TOOLS (0.3%) | | ||||||
| | | 5,600 | | | | Snap-on, Inc.(1) | | | | | 927,584 | | |
| | | | | | | HOUSEWARES (1.9%) | | ||||||
| | | 95,300 | | | | Toro Co. (The) | | | | | 6,375,570 | | |
| | | | | | | MACHINERY DIVERSIFIED (2.4%) | | ||||||
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 7,837,964 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (1.1%) | | ||||||
| | | 24,800 | | | | Carlisle Companies, Inc. | | | | | 3,482,168 | | |
| | | | | | | | | | | | 103,976,767 | | |
| INFORMATION TECHNOLOGY (21.8%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.9%) | | ||||||
| | | 59,000 | | | | Gartner, Inc.* | | | | | 9,495,460 | | |
| | | | | | | COMPUTERS (1.8%) | | ||||||
| | | 76,300 | | | | CGI, Inc.*(1) | | | | | 5,857,551 | | |
| | | | | | | ELECTRONICS (1.8%) | | ||||||
| | | 62,100 | | | | Amphenol Corp. Class A | | | | | 5,957,874 | | |
| | | | | | | SOFTWARE (15.3%) | | ||||||
| | | 73,600 | | | | ANSYS, Inc.* | | | | | 15,074,752 | | |
| | | 53,000 | | | | Cadence Design Systems, Inc.* | | | | | 3,752,930 | | |
| | | 33,800 | | | | Fair Isaac Corp.* | | | | | 10,613,876 | | |
| | | 86,800 | | | | Fiserv, Inc.*(1) | | | | | 7,912,688 | | |
| | | 37,800 | | | | Jack Henry & Associates, Inc. | | | | | 5,062,176 | | |
| | | 93,700 | | | | Open Text Corp. | | | | | 3,860,440 | | |
| | | 20,600 | | | | Tyler Technologies, Inc.* | | | | | 4,450,012 | | |
| | | | | | | | | | | | 50,726,874 | | |
| | | | | | | | | | | | 72,037,759 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (89.5%) (continued) | | ||||||||||||
| MATERIALS (8.0%) | | ||||||||||||
| | | | | | | CHEMICALS (1.4%) | | ||||||
| | | 23,000 | | | | Ecolab, Inc. | | | | $ | 4,541,120 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (3.1%) | | ||||||
| | | 82,700 | | | | AptarGroup, Inc. | | | | | 10,282,918 | | |
| | | | | | | PACKAGING & CONTAINERS (3.5%) | | ||||||
| | | 167,800 | | | | Ball Corp. | | | | | 11,744,322 | | |
| | | | | | | | | | | | 26,568,360 | | |
| | | | | | | REAL ESTATE (0.3%) | | ||||||
| | | 7,900 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 958,586 | | |
| TOTAL COMMON STOCKS (Cost $182,356,024) (89.5%) | | | | | 295,699,754 | | | ||||||
| SHORT-TERM INVESTMENT (10.3%) | | ||||||||||||
| | | | | | | MONEY MARKET FUND (10.3%) | | ||||||
| | | 34,034,283 | | | | State Street Institutional Liquid Reserves Fund | | | | | 34,034,283 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $34,038,378) (10.3%) | | | | | 34,034,283 | | | ||||||
| TOTAL INVESTMENT SECURITIES (99.8%) (Cost $216,394,402) | | | | $ | 329,734,037 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.2%) | | | | | 573,321 | | | ||||||
| NET ASSETS (100%) | | | | $ | 330,307,358 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 295,699,754 | | | | | $ | — | | | | | $ | — | | | | | $ | 295,699,754 | | |
Short-Term Investments | | | | | 34,034,283 | | | | | | — | | | | | | — | | | | | | 34,034,283 | | |
Total Investments in Securities | | | | $ | 329,734,037 | | | | | $ | — | | | | | $ | — | | | | | $ | 329,734,037 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 10,000 | | | | | $ | 18,936,300 | | | | | | 3.8% | | |
Amarin Corp. PLC ADR | | | | | 970,000 | | | | | | 18,808,300 | | | | | | 3.7% | | |
Alexion Pharmaceuticals, Inc. | | | | | 125,000 | | | | | | 16,372,500 | | | | | | 3.3% | | |
Visa, Inc. | | | | | 85,000 | | | | | | 14,751,750 | | | | | | 2.9% | | |
Facebook, Inc. | | | | | 72,000 | | | | | | 13,896,000 | | | | | | 2.8% | | |
Exelixis, Inc. | | | | | 640,000 | | | | | | 13,676,800 | | | | | | 2.7% | | |
Alphabet, Inc. | | | | | 12,400 | | | | | | 13,426,720 | | | | | | 2.7% | | |
Exact Sciences Corp. | �� | | | | 105,000 | | | | | | 12,394,200 | | | | | | 2.5% | | |
GrubHub, Inc. | | | | | 150,000 | | | | | | 11,698,500 | | | | | | 2.3% | | |
Splunk, Inc. | | | | | 90,000 | | | | | | 11,317,500 | | | | | | 2.2% | | |
Schedule of Investments (unaudited) | June 30, 2019 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.5%) | | ||||||||||||
| COMMUNICATION SERVICES (15.1%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (0.9%) | | ||||||
| | | 370,000 | | | | Lions Gate Entertainment Corp. Class A | | | | $ | 4,532,500 | | |
| | | | | | | INTERNET (8.7%) | | ||||||
| | | 12,400 | | | | Alphabet, Inc. Class A* | | | | | 13,426,720 | | |
| | | 72,000 | | | | Facebook, Inc. Class A* | | | | | 13,896,000 | | |
| | | 29,000 | | | | Netflix, Inc.* | | | | | 10,652,280 | | |
| | | 125,000 | | | | Tencent Holdings, Ltd. ADR | | | | | 5,657,500 | | |
| | | | | | | | | | | | 43,632,500 | | |
| | | | | | | MEDIA (2.4%) | | ||||||
| | | 84,000 | | | | Comcast Corp. Class A | | | | | 3,551,520 | | |
| | | 63,000 | | | | Walt Disney Co. (The) | | | | | 8,797,320 | | |
| | | | | | | | | | | | 12,348,840 | | |
| | | | | | | SOFTWARE (3.1%) | | ||||||
| | | 220,000 | | | | Activision Blizzard, Inc. | | | | | 10,384,000 | | |
| | | 50,000 | | | | Electronic Arts, Inc.* | | | | | 5,063,000 | | |
| | | | | | | | | | | | 15,447,000 | | |
| | | | | | | | | | | | 75,960,840 | | |
| CONSUMER DISCRETIONARY (14.4%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.4%) | | ||||||
| | | 31,000 | | | | Vail Resorts, Inc. | | | | | 6,916,720 | | |
| | | | | | | HOME BUILDERS (1.0%) | | ||||||
| | | 105,000 | | | | Lennar Corp. Class A | | | | | 5,088,300 | | |
| | | | | | | INTERNET (8.3%) | | ||||||
| | | 66,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 11,183,700 | | |
| | | 10,000 | | | | Amazon.com, Inc.* | | | | | 18,936,300 | | |
| | | 150,000 | | | | GrubHub, Inc.*(1) | | | | | 11,698,500 | | |
| | | | | | | | | | | | 41,818,500 | | |
| | | | | | | RETAIL (3.7%) | | ||||||
| | | 19,000 | | | | Home Depot, Inc. | | | | | 3,951,430 | | |
| | | 55,000 | | | | Starbucks Corp. | | | | | 4,610,650 | | |
| | | 90,000 | | | | TJX Companies, Inc. (The) | | | | | 4,759,200 | | |
| | | 16,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 5,550,240 | | |
| | | | | | | | | | | | 18,871,520 | | |
| | | | | | | | | | | | 72,695,040 | | |
| CONSUMER STAPLES (2.5%) | | ||||||||||||
| | | | | | | BEVERAGES (1.4%) | | ||||||
| | | 35,000 | | | | Constellation Brands, Inc. Class A | | | | | 6,892,900 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.1%) | | ||||||
| | | 30,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 5,493,300 | | |
| | | | | | | | | | | | 12,386,200 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.5%) (continued) | | ||||||||||||
| ENERGY (3.1%) | | ||||||||||||
| | | | | | | OIL & GAS (3.1%) | | ||||||
| | | 85,000 | | | | Diamondback Energy, Inc. | | | | $ | 9,262,450 | | |
| | | 42,000 | | | | Pioneer Natural Resources Co. | | | | | 6,462,120 | | |
| | | | | | | | | | | | 15,724,570 | | |
| | | | | | | | | | | | 15,724,570 | | |
| FINANCIALS (4.3%) | | ||||||||||||
| | | | | | | BANKS (2.6%) | | ||||||
| | | 180,000 | | | | Bank of America Corp. | | | | | 5,220,000 | | |
| | | 50,000 | | | | Citigroup, Inc. | | | | | 3,501,500 | | |
| | | 40,000 | | | | JPMorgan Chase & Co. | | | | | 4,472,000 | | |
| | | | | | | | | | | | 13,193,500 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.7%) | | ||||||
| | | 7,500 | | | | BlackRock, Inc. | | | | | 3,519,750 | | |
| | | 110,000 | | | | Blackstone Group L.P. (The) | | | | | 4,886,200 | | |
| | | | | | | | | | | | 8,405,950 | | |
| | | | | | | | | | | | 21,599,450 | | |
| HEALTHCARE (23.4%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (18.1%) | | ||||||
| | | 125,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 16,372,500 | | |
| | | 970,000 | | | | Amarin Corp. PLC ADR *(1) | | | | | 18,808,300 | | |
| | | 110,000 | | | | Biohaven Pharmaceutical Holding Co., Ltd.* | | | | | 4,816,900 | | |
| | | 115,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 9,849,750 | | |
| | | 105,000 | | | | Exact Sciences Corp.* | | | | | 12,394,200 | | |
| | | 640,000 | | | | Exelixis, Inc.* | | | | | 13,676,800 | | |
| | | 110,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 8,752,700 | | |
| | | 35,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,418,300 | | |
| | | | | | | | | | | | 91,089,450 | | |
| | | | | | | HEALTHCARE PRODUCTS (1.1%) | | ||||||
| | | 29,000 | | | | Edwards Lifesciences Corp.* | | | | | 5,357,460 | | |
| | | | | | | PHARMACEUTICALS (4.2%) | | ||||||
| | | 100,000 | | | | Bristol-Myers Squibb Co. | | | | | 4,535,000 | | |
| | | 56,000 | | | | DexCom, Inc.* | | | | | 8,391,040 | | |
| | | 26,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 3,706,560 | | |
| | | 40,000 | | | | Zoetis, Inc. | | | | | 4,539,600 | | |
| | | | | | | | | | | | 21,172,200 | | |
| | | | | | | | | | | | 117,619,110 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.5%) (continued) | | ||||||||||||
| INDUSTRIALS (1.7%) | | ||||||||||||
| | | | | | | AIRLINES (0.8%) | | ||||||
| | | 70,000 | | | | Delta Air Lines, Inc. | | | | $ | 3,972,500 | | |
| | | | | | | INTERNET (0.9%) | | ||||||
| | | 70,000 | | | | Lyft, Inc. Class A*(1) | | | | | 4,599,700 | | |
| | | | | | | | | | | | 8,572,200 | | |
| INFORMATION TECHNOLOGY (19.3%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.7%) | | ||||||
| | | 76,000 | | | | PayPal Holdings, Inc.* | | | | | 8,698,960 | | |
| | | | | | | COMPUTERS (1.4%) | | ||||||
| | | 34,000 | | | | Apple, Inc. | | | | | 6,729,280 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (2.9%) | | ||||||
| | | 85,000 | | | | Visa, Inc. Class A(1) | | | | | 14,751,750 | | |
| | | | | | | INTERNET (2.0%) | | ||||||
| | | 115,000 | | | | Zendesk, Inc.* | | | | | 10,238,450 | | |
| | | | | | | SEMICONDUCTORS (4.2%) | | ||||||
| | | 15,000 | | | | Broadcom, Inc. | | | | | 4,317,900 | | |
| | | 115,000 | | | | Micron Technology, Inc.* | | | | | 4,437,850 | | |
| | | 41,000 | | | | NVIDIA Corp. | | | | | 6,733,430 | | |
| | | 56,000 | | | | NXP Semiconductors N.V. | | | | | 5,466,160 | | |
| | | | | | | | | | | | 20,955,340 | | |
| | | | | | | SOFTWARE (6.3%) | | ||||||
| | | 19,000 | | | | Adobe, Inc.* | | | | | 5,598,350 | | |
| | | 33,000 | | | | Salesforce.com, Inc.* | | | | | 5,007,090 | | |
| | | 36,000 | | | | ServiceNow, Inc.* | | | | | 9,884,520 | | |
| | | 90,000 | | | | Splunk, Inc.* | | | | | 11,317,500 | | |
| | | | | | | | | | | | 31,807,460 | | |
| | | | | | | TELECOMMUNICATIONS (0.8%) | | ||||||
| | | 73,000 | | | | Cisco Systems, Inc. | | | | | 3,995,290 | | |
| | | | | | | | | | | | 97,176,530 | | |
| REAL ESTATE (0.7%) | | ||||||||||||
| | | | | | | REITS (0.7%) | | ||||||
| | | 17,000 | | | | American Tower Corp. REIT | | | | | 3,475,650 | | |
| TOTAL COMMON STOCKS (Cost $330,225,608) (84.5%) | | | | | 425,209,590 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.9%) | | ||||||||||||
| | $ | 400,000 | | | | Capital One Multi-Asset Execution Trust, Series 2016-A4, Class A4, 1.33%, 6/15/22 | | | | $ | 399,463 | | |
| | | 228 | | | | CarMax Auto Owner Trust, Series 2015-4, Class A3, 1.56%, 11/16/20 | | | | | 228 | | |
| | | 208,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | | 208,709 | | |
| | | 6,004 | | | | Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A4, 1.96%, 1/18/22(2) | | | | | 6,002 | | |
| | | 255,000 | | | | Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, 1/20/23 | | | | | 256,743 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 151,808 | | |
| | | 206,151 | | | | Ford Credit Auto Owner Trust, Series 2018-B, Class A2A, 2.96%, 9/15/21 | | | | | 206,768 | | |
| | | 250,000 | | | | Ford Credit Floorplan Master Owner Trust A, Series 2017-1, Class A1, 2.07%, 5/15/22 | | | | | 249,642 | | |
| | | 750,000 | | | | Ford Credit Floorplan Master Owner Trust A, Series 2017-2, Class A1, 2.16%, 9/15/22 | | | | | 749,074 | | |
| | | 250,000 | | | | GM Financial Automobile Leasing Trust, Series 2017-3, Class A4, 2.12%, 9/20/21 | | | | | 249,559 | | |
| | | 200,000 | | | | GMF Floorplan Owner Revolving Trust, Series 2017-2, Class A1, 2.13%, 7/15/22(2) | | | | | 199,589 | | |
| | | 699,000 | | | | Honda Auto Receivables Owner Trust, Series 2018-1I, Class A3, 2.60%, 2/15/22 | | | | | 702,467 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.9%) (continued) | | ||||||||||||
| | $ | 250,000 | | | | Honda Auto Receivables Owner Trust, 1.87%, 9/15/23 | | | | $ | 249,191 | | |
| | | 296,998 | | | | Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A3, 1.97%, 7/15/20(2) | | | | | 296,786 | | |
| | | 598,898 | | | | Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.74%, 8/16/21 | | | | | 596,617 | | |
| | | 100,000 | | | | World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 4/17/23 | | | | | 100,451 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $4,583,520) (0.9%) | | | | | 4,623,097 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.4%) | | ||||||||||||
| | | 250,000 | | | | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | | | | | 269,374 | | |
| | | 350,000 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 358,359 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 105,667 | | |
| | | 92,730 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 93,350 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K029, Class A2, 3.32%, 2/25/23 | | | | | 104,186 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K033, Class A2, 3.06%, 7/25/23(3) | | | | | 258,923 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.4%) (continued) | | ||||||||||||
| | $ | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K034, Class A2, 3.53%, 7/25/23(3) | | | | $ | 263,338 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K726, Class A2, 2.91%, 4/25/24 | | | | | 258,278 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(3) | | | | | 260,066 | | |
| | | 580,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K040, Class A2, 3.24%, 9/25/24 | | | | | 609,275 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | | | | | 106,985 | | |
| | | 255,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | | | | | 269,513 | | |
| | | 150,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | | | | | 158,727 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | | | | | 271,145 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.62%, 11/25/45(2)(3) | | | | | 257,321 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.4%) (continued) | | ||||||||||||
| | $ | 120,000 | | | | FREMF Mortgage Trust, Series 2013-K713, Class B, 3.26%, 4/25/46(2)(3) | | | | $ | 120,392 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.75%, 11/25/47(2)(3) | | | | | 256,204 | | |
| | | 176,680 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 168,814 | | |
| | | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.11%, 11/16/52(3) | | | | | 141,993 | | |
| | | 199,902 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 203,473 | | |
| | | 250,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4, 3.25%, 2/15/48 | | | | | 259,294 | | |
| | | 200,000 | | | | Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52 | | | | | 209,452 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 254,409 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 396,304 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 199,745 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48 | | | | | 210,782 | | |
| | | 349,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A4, 2.94%, 10/15/49 | | | | | 355,223 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.4%) (continued) | | ||||||||||||
| | $ | 182,037 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | $ | 181,751 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | | | | | 159,679 | | |
| | | 250,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.43%, 3/15/59 | | | | | 262,094 | | |
| | | 200,000 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 205,195 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,083,545) (1.4%) | | | | | 7,229,311 | | | ||||||
| CORPORATE BONDS & NOTES (4.4%) | | ||||||||||||
| BASIC MATERIALS (0.1%) | | ||||||||||||
| | | | | | | CHEMICALS (0.1%) | | ||||||
| | | 225,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 238,344 | | |
| | | 200,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23(1) | | | | | 210,497 | | |
| | | | | | | | | | | | 448,841 | | |
| | | | | | | | | | | | 448,841 | | |
| COMMUNICATIONS (0.6%) | | ||||||||||||
| | | | | | | INTERNET (0.2%) | | ||||||
| | | 255,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 313,682 | | |
| | | 200,000 | | | | Baidu, Inc., Senior Unsecured Notes, 4.38%, 5/14/24 | | | | | 211,946 | | |
| | | 175,000 | | | | Netflix, Inc., Senior Unsecured Notes, 5.75%, 3/1/24 | | | | | 189,438 | | |
| | | | | | | | | | | | 715,066 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | MEDIA (0.1%) | | ||||||
| | $ | 175,000 | | | | Charter Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | $ | 189,987 | | |
| | | 250,000 | | | | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | | | | | 269,720 | | |
| | | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26(1) | | | | | 164,293 | | |
| | | | | | | | | | | | 624,000 | | |
| | | | | | | TELECOMMUNICATIONS (0.3%) | | ||||||
| | | 150,000 | | | | AT&T, Inc., Senior Unsecured Notes, 3.80%, 3/1/24 | | | | | 157,796 | | |
| | | 200,000 | | | | AT&T, Inc., Senior Unsecured Notes, 3.80%, 2/15/27 | | | | | 208,135 | | |
| | | 125,000 | | | | Corning, Inc., Senior Unsecured Notes, 5.35%, 11/15/48 | | | | | 153,180 | | |
| | | 200,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | | 209,190 | | |
| | | 150,000 | | | | Rogers Communications, Inc., Guaranteed Notes, 4.50%, 3/15/43 | | | | | 161,815 | | |
| | | 250,000 | | | | Telefonica Emisiones S.A., Guaranteed Notes, 5.88%, 7/15/19 | | | | | 250,291 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 281,642 | | |
| | | | | | | | | | | | 1,422,049 | | |
| | | | | | | | | | | | 2,761,115 | | |
| CONSUMER, CYCLICAL (0.3%) | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS (0.0%) | | ||||||
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.15%, 1/15/20 | | | | | 200,392 | | |
| | | | | | | AUTO PARTS & EQUIPMENT (0.0%) | | ||||||
| | | 175,000 | | | | Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24 | | | | | 179,375 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| CONSUMER, CYCLICAL (0.3%) (continued) | | ||||||||||||
| | | | | | | HOME BUILDERS (0.1%) | | ||||||
| | $ | 150,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 4.00%, 2/15/20 | | | | $ | 151,061 | | |
| | | 150,000 | | | | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | | | | | 158,062 | | |
| | | 150,000 | | | | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | | | | | 156,563 | | |
| | | | | | | | | | | | 465,686 | | |
| | | | | | | HOME FURNISHINGS (0.1%) | | ||||||
| | | 200,000 | | | | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 | | | | | 215,392 | | |
| | | | | | | LODGING (0.1%) | | ||||||
| | | 150,000 | | | | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Guaranteed Notes, 4.63%, 4/1/25 | | | | | 153,562 | | |
| | | 200,000 | | | | Marriott International, Inc., Series AA, Senior Unsecured Notes, 4.65%, 12/1/28(1) | | | | | 220,035 | | |
| | | | | | | | | | | | 373,597 | | |
| | | | | | | | | | | | 1,434,442 | | |
| CONSUMER, NON-CYCLICAL (0.5%) | | ||||||||||||
| | | | | | | BEVERAGES (0.1%) | | ||||||
| | | 150,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | | | | | 173,111 | | |
| | | 150,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48(1) | | | | | 173,757 | | |
| | | | | | | | | | | | 346,868 | | |
| | | | | | | BIOTECHNOLOGY (0.1%) | | ||||||
| | | 100,000 | | | | Celgene Corp., Senior Unsecured Notes, 5.25%, 8/15/43 | | | | | 119,991 | | |
| | | 200,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 2.35%, 2/1/20 | | | | | 199,820 | | |
| | | | | | | | | | | | 319,811 | | |
| | | | | | | COMMERCIAL SERVICES (0.0%) | | ||||||
| | | 150,000 | | | | Total System Services, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 164,514 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (0.0%) (continued) | | ||||||
| | $ | 100,000 | | | | United Rentals North America, Inc., Guaranteed Notes, 5.50%, 5/15/27 | | | | $ | 105,250 | | |
| | | | | | | | | | | | 269,764 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.1%) | | ||||||
| | | 235,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 254,081 | | |
| | | 150,000 | | | | Becton Dickinson and Co., Senior Unsecured Notes, 3.36%, 6/6/24 | | | | | 154,490 | | |
| | | 150,000 | | | | Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26 | | | | | 159,540 | | |
| | | | | | | | | | | | 568,111 | | |
| | | | | | | HEALTHCARE SERVICES (0.1%) | | ||||||
| | | 100,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 107,937 | | |
| | | 200,000 | | | | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | | | | | 208,521 | | |
| | | 100,000 | | | | NYU Langone Hospitals, Secured Notes, 4.78%, 7/1/44 | | | | | 118,867 | | |
| | | 100,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 113,995 | | |
| | | | | | | | | | | | 549,320 | | |
| | | | | | | PHARMACEUTICALS (0.1%) | | ||||||
| | | 175,000 | | | | Express Scripts Holding Co., Guaranteed Notes, 4.75%, 11/15/21 | | | | | 183,743 | | |
| | | 150,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | | | | | 163,546 | | |
| | | 200,000 | | | | Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25 | | | | | 219,465 | | |
| | | | | | | | | | | | 566,754 | | |
| | | | | | | | | | | | 2,620,628 | | |
| ENERGY (0.4%) | | ||||||||||||
| | | | | | | OIL & GAS (0.3%) | | ||||||
| | | 250,000 | | | | Continental Resources, Inc., Guaranteed Notes, 4.50%, 4/15/23 | | | | | 262,670 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | OIL & GAS (0.3%) (continued) | | ||||||
| | $ | 150,000 | | | | Marathon Oil Corp., Senior Unsecured Notes, 3.85%, 6/1/25 | | | | $ | 155,513 | | |
| | | 200,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26 | | | | | 218,501 | | |
| | | 150,000 | | | | Murphy Oil Corp., Senior Unsecured Notes, 5.75%, 8/15/25 | | | | | 155,460 | | |
| | | 200,000 | | | | Phillips 66, Guaranteed Notes, 4.30%, 4/1/22 | | | | | 210,640 | | |
| | | 150,000 | | | | Total Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 | | | | | 159,731 | | |
| | | 175,000 | | | | Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37 | | | | | 221,710 | | |
| | | | | | | | | | | | 1,384,225 | | |
| | | | | | | PIPELINES (0.1%) | | ||||||
| | | 200,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 218,430 | | |
| | | 200,000 | | | | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | | | | | 214,363 | | |
| | | 125,000 | | | | Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 128,913 | | |
| | | 250,000 | | | | MPLX L.P., Senior Unsecured Notes, 4.13%, 3/1/27 | | | | | 261,689 | | |
| | | | | | | | | | | | 823,395 | | |
| | | | | | | | | | | | 2,207,620 | | |
| FINANCIAL (1.7%) | | ||||||||||||
| | | | | | | BANKS (0.8%) | | ||||||
| | | 150,000 | | | | Australia & New Zealand Banking Group, Ltd., Subordinated Notes, 4.50%, 3/19/24(2) | | | | | 158,738 | | |
| | | 100,000 | | | | Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20 | | | | | 100,675 | | |
| | | 150,000 | | | | Bank of America Corp. GMTN, Senior Unsecured Notes, 3.50%, 4/19/26 | | | | | 157,077 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| FINANCIAL (1.7%) (continued) | | ||||||||||||
| | | | | | | BANKS (0.8%) (continued) | | ||||||
| | $ | 175,000 | | | | CIT Group, Inc., Senior Unsecured Notes, 5.00%, 8/15/22 | | | | $ | 185,687 | | |
| | | 150,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 178,489 | | |
| | | 150,000 | | | | Citigroup, Inc., Senior Unsecured Notes, 3-month LIBOR + 0.90%, 3.35%, 4/24/25(3) | | | | | 154,947 | | |
| | | 150,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | | | | | 157,621 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 130,795 | | |
| | | 200,000 | | | | ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23 | | | | | 211,276 | | |
| | | 250,000 | | | | Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21 | | | | | 253,189 | | |
| | | 150,000 | | | | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24(1) | | | | | 156,192 | | |
| | | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 267,542 | | |
| | | 250,000 | | | | Morgan Stanley, Senior Unsecured Notes, 2.80%, 6/16/20 | | | | | 251,163 | | |
| | | 150,000 | | | | Northern Trust Corp., Senior Unsecured Notes, 3.15%, 5/3/29 | | | | | 155,545 | | |
| | | 200,000 | | | | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, 3.30%, 3/8/22 | | | | | 205,881 | | |
| | | 100,000 | | | | Santander Holdings USA, Inc., Senior Unsecured Notes, 2.65%, 4/17/20 | | | | | 99,972 | | |
| | | 250,000 | | | | Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21 | | | | | 261,305 | | |
| | | 250,000 | | | | Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21 | | | | | 254,653 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | BANKS (0.8%) (continued) | | ||||||
| | $ | 150,000 | | | | US Bancorp MTN, Subordinated Notes, 3.60%, 9/11/24 | | | | $ | 157,518 | | |
| | | 250,000 | | | | Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22 | | | | | 257,225 | | |
| | | | | | | | | | | | 3,755,490 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.3%) | | ||||||
| | | 150,000 | | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 4.45%, 4/3/26 | | | | | 158,301 | | |
| | | 150,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | | | | | 150,769 | | |
| | | 200,000 | | | | Aircastle, Ltd., Senior Unsecured Notes, 4.40%, 9/25/23 | | | | | 207,715 | | |
| | | 210,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 4.13%, 2/13/22 | | | | | 215,250 | | |
| | | 200,000 | | | | BlackRock, Inc., Series 2, Senior Unsecured Notes, 5.00%, 12/10/19 | | | | | 202,389 | | |
| | | 250,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 262,996 | | |
| | | 150,000 | | | | ORIX Corp., Senior Unsecured Notes, 3.25%, 12/4/24 | | | | | 154,764 | | |
| | | 200,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | | | | | 209,907 | | |
| | | 82,000 | | | | Synchrony Financial, Senior Unsecured Notes, 3.00%, 8/15/19 | | | | | 82,012 | | |
| | | | | | | | | | | | 1,644,103 | | |
| | | | | | | INSURANCE (0.3%) | | ||||||
| | | 250,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22 | | | | | 268,013 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(1) | | | | | 258,698 | | |
| | | 150,000 | | | | Chubb INA Holdings, Inc., Guaranteed Notes, 3.35%, 5/3/26 | | | | | 157,315 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | INSURANCE (0.3%) (continued) | | ||||||
| | $ | 225,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | $ | 237,433 | | |
| | | 250,000 | | | | PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29 | | | | | 254,249 | | |
| | | 150,000 | | | | Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29 | | | | | 156,790 | | |
| | | 225,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, 3-month LIBOR + 2.67%, 5.70%, 9/15/48(3) | | | | | 241,754 | | |
| | | | | | | | | | | | 1,574,252 | | |
| | | | | | | REITS (0.3%) | | ||||||
| | | 200,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 209,687 | | |
| | | 150,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 3.60%, 7/1/29 | | | | | 152,105 | | |
| | | 200,000 | | | | EPR Properties, Guaranteed Notes, 5.25%, 7/15/23 | | | | | 214,101 | | |
| | | 125,000 | | | | Essex Portfolio L.P., Guaranteed Notes, 4.00%, 3/1/29 | | | | | 133,172 | | |
| | | 100,000 | | | | Host Hotels & Resorts L.P., Senior Unsecured Notes, 5.25%, 3/15/22 | | | | | 105,572 | | |
| | | 100,000 | | | | iStar, Inc., Senior Unsecured Notes, 5.25%, 9/15/22(1) | | | | | 102,375 | | |
| | | 250,000 | | | | Ventas Realty L.P., Guaranteed Notes, 4.40%, 1/15/29 | | | | | 271,521 | | |
| | | 250,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | | 267,341 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | | 125,335 | | |
| | | | | | | | | | | | 1,581,209 | | |
| | | | | | | | | | | | 8,555,054 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| INDUSTRIAL (0.3%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (0.1%) | | ||||||
| | $ | 250,000 | | | | Harris Corp., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | $ | 273,163 | | |
| | | 200,000 | | | | United Technologies Corp., Senior Unsecured Notes, 3.95%, 8/16/25 | | | | | 215,680 | | |
| | | | | | | | | | | | 488,843 | | |
| | | | | | | MACHINERY DIVERSIFIED (0.0%) | | ||||||
| | | 200,000 | | | | Briggs & Stratton Corp., Guaranteed Notes, 6.88%, 12/15/20 | | | | | 208,000 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.1%) | | ||||||
| | | 200,000 | | | | Ingersoll-Rand Luxembourg Finance SA, Guaranteed Notes, 3.80%, 3/21/29(1) | | | | | 210,045 | | |
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 261,645 | | |
| | | | | | | | | | | | 471,690 | | |
| | | | | | | PACKAGING & CONTAINERS (0.1%) | | ||||||
| | | 150,000 | | | | Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24 | | | | | 155,442 | | |
| | | 125,000 | | | | WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28 | | | | | 128,507 | | |
| | | | | | | | | | | | 283,949 | | |
| | | | | | | | | | | | 1,452,482 | | |
| TECHNOLOGY (0.2%) | | ||||||||||||
| | | | | | | COMPUTERS (0.0%) | | ||||||
| | | 100,000 | | | | Apple, Inc., Senior Unsecured Notes, 3.75%, 11/13/47 | | | | | 105,062 | | |
| | | | | | | SEMICONDUCTORS (0.1%) | | ||||||
| | | 125,000 | | | | Broadcom, Inc., Guaranteed Notes, 4.25%, 4/15/26(2) | | | | | 126,859 | | |
| | | 225,000 | | | | KLA-Tencor Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | | | | | 236,703 | | |
| | | | | | | | | | | | 363,562 | | |
| | | | | | | SOFTWARE (0.1%) | | ||||||
| | | 125,000 | | | | Cadence Design Systems, Inc., Senior Unsecured Notes, 4.38%, 10/15/24 | | | | | 132,983 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.4%) (continued) | | ||||||||||||
| | | | | | | SOFTWARE (0.1%) (continued) | | ||||||
| | $ | 100,000 | | | | j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., Guaranteed Notes, 6.00%, 7/15/25(2) | | | | $ | 104,750 | | |
| | | 200,000 | | | | Microsoft Corp., Senior Unsecured Notes, 4.45%, 11/3/45 | | | | | 239,850 | | |
| | | | | | | | | | | | 477,583 | | |
| | | | | | | | | | | | 946,207 | | |
| UTILITIES (0.3%) | | ||||||||||||
| | | | | | | ELECTRIC (0.3%) | | ||||||
| | | 200,000 | | | | CenterPoint Energy, Inc., Senior Unsecured Notes, 4.25%, 11/1/28 | | | | | 216,069 | | |
| | | 200,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 225,268 | | |
| | | 200,000 | | | | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | | | | | 217,538 | | |
| | | 150,000 | | | | DTE Electric Co., 3.95%, 3/1/49 | | | | | 163,546 | | |
| | | 100,000 | | | | Exelon Generation Co. LLC, Senior Unsecured Notes, 5.20%, 10/1/19 | | | | | 100,606 | | |
| | | 250,000 | | | | Florida Power & Light Co., 4.05%, 6/1/42 | | | | | 273,196 | | |
| | | 175,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 177,841 | | |
| | | | | | | | | | | | 1,374,064 | | |
| | | | | | | GAS (0.0%) | | ||||||
| | | 100,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 108,092 | | |
| | | | | | | | | | | | 1,482,156 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $20,942,292) (4.4%) | | | | | 21,908,545 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.2%) | | ||||||||||||
| | | 200,000 | | | | European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | | 206,546 | | |
| Principal Amount | | | | | | Value | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.2%) (continued) | | ||||||||||||
| | $ | 250,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22 | | | | $ | 255,220 | | |
| | | 200,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27 | | | | | 209,640 | | |
| | | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 159,526 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $803,544) (0.2%) | | | | | 830,932 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.3%) | | ||||||||||||
| | | | | | | CALIFORNIA (0.1%) | | ||||||
| | | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | | 86,016 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 63,653 | | |
| | | 100,000 | | | | Yuba Levee Financing Authority, Revenue Bonds, Series B, (BAM), 3.33%, 9/1/23 | | | | | 103,897 | | |
| | | | | | | | | | | | 253,566 | | |
| | | | | | | NEW YORK (0.1%) | | ||||||
| | | 185,000 | | | | Metropolitan Transportation Authority, Build America Bonds, Revenue Bonds, Ser. C-1, 5.12%, 11/15/19 | | | | | 186,791 | | |
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 107,708 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.3%) (continued) | | ||||||||||||
| | | | | | | NEW YORK (0.1%) (continued) | | ||||||
| | $ | 200,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23 | | | | $ | 203,354 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 255,837 | | |
| | | 135,000 | | | | New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25 | | | | | 157,853 | | ��� |
| | | | | | | | | | | | 911,543 | | |
| | | | | | | TEXAS (0.1%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 276,550 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 279,410 | | |
| | | | | | | | | | | | 555,960 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,645,578) (0.3%) | | | | | 1,721,069 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.3%) | | ||||||||||||
| | | 230,000 | | | | FHLB, 3.25%, 3/8/24 | | | | | 243,163 | | |
| | | 250,000 | | | | FHLB, 3.00%, 10/12/21 | | | | | 256,659 | | |
| | | 187,763 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 186,347 | | |
| | | 80,431 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 87,922 | | |
| | | 78,591 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 82,612 | | |
| | | 113,430 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 116,153 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.3%) (continued) | | ||||||||||||
| | $ | 139,920 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | $ | 147,659 | | |
| | | 225,568 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 229,594 | | |
| | | 41,698 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | | 42,442 | | |
| | | 246,579 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 254,644 | | |
| | | 91,192 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 94,737 | | |
| | | 63,085 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 65,537 | | |
| | | 80,363 | | | | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | | | | | 84,108 | | |
| | | 395,708 | | | | FHLMC Gold Pool #Q41084, 3.50%, 6/1/46 | | | | | 408,016 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 254,914 | | |
| | | 171,536 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | | 179,178 | | |
| | | 113,006 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 123,567 | | |
| | | 115,092 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 125,821 | | |
| | | 66,387 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | | 71,259 | | |
| | | 189,426 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 195,542 | | |
| | | 67,677 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 70,192 | | |
| | | 209,603 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 214,508 | | |
| | | 85,225 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 91,528 | | |
| | | 122,393 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 131,453 | | |
| | | 79,928 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | | 85,844 | | |
| | | 546 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 593 | | |
| | | 143,076 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | | 153,671 | | |
| | | 89,500 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 96,129 | | |
| | | 309,885 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 336,759 | | |
| | | 254,278 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | | 258,658 | | |
| | | 122,656 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 131,612 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.3%) (continued) | | ||||||||||||
| | $ | 65,672 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | $ | 67,132 | | |
| | | 40,236 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | | 42,833 | | |
| | | 85,038 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 86,928 | | |
| | | 164,781 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 169,954 | | |
| | | 75,994 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 78,380 | | |
| | | 207,975 | | | | FNMA Pool #AS7188, 4.00%, 5/1/46 | | | | | 217,529 | | |
| | | 328,279 | | | | FNMA Pool #AS9459, 4.50%, 4/1/47 | | | | | 345,507 | | |
| | | 42,350 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 44,662 | | |
| | | 125,085 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 127,240 | | |
| | | 109,801 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | | 111,693 | | |
| | | 285,800 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 288,422 | | |
| | | 76,039 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 80,104 | | |
| | | 111,755 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | | 116,026 | | |
| | | 62,198 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 63,270 | | |
| | | 78,271 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 82,473 | | |
| | | 136,154 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 137,246 | | |
| | | 125,016 | | | | FNMA Pool #AZ2276, 4.00%, 6/1/45 | | | | | 129,713 | | |
| | | 202,100 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 204,832 | | |
| | | 127,426 | | | | FNMA Pool #BD8211, 4.00%, 4/1/47 | | | | | 132,853 | | |
| | | 270,131 | | | | FNMA Pool #BK2040, 4.00%, 5/1/48 | | | | | 279,617 | | |
| | | 878,254 | | | | FNMA Pool #BK9648, 3.50%, 11/1/48 | | | | | 899,750 | | |
| | | 496,724 | | | | FNMA Pool #BN6248, 3.00%, 4/1/49 | | | | | 501,281 | | |
| | | 339,995 | | | | FNMA Pool #MA3614, 3.50%, 3/1/49 | | | | | 348,070 | | |
| | | 153,883 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 152,906 | | |
| | | 1,000,000 | | | | FNMA TBA, 3.00%, 7/1/49 | | | | | 1,008,828 | | |
| | | 79,540 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 81,424 | | |
| | | 105,979 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 108,492 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.3%) (continued) | | ||||||||||||
| | $ | 162,233 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | $ | 168,895 | | |
| | | 285,597 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 301,136 | | |
| | | 464,977 | | | | GNMA II Pool #MA4836, 3.00%, 11/20/47 | | | | | 475,755 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $11,600,938) (2.3%) | | | | | 11,673,772 | | | ||||||
| U.S. TREASURY OBLIGATIONS (2.2%) | | ||||||||||||
| | | 150,000 | | | | U.S. Treasury Bonds, 5.38%, 2/15/31(1) | | | | | 201,451 | | |
| | | 520,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 687,395 | | |
| | | 350,000 | | | | U.S. Treasury Bonds, 3.50%, 2/15/39 | | | | | 415,748 | | |
| | | 1,587,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 1,665,296 | | |
| | | 1,190,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 1,303,654 | | |
| | | 750,000 | | | | U.S. Treasury Notes, 1.75%, 2/28/22 | | | | | 750,469 | | |
| | | 1,050,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 1,059,475 | | |
| | | 1,349,000 | | | | U.S. Treasury Notes, 2.13%, 7/31/24 | | | | | 1,371,975 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 204,656 | | |
| | | 1,800,000 | | | | U.S. Treasury Notes, 3.00%, 9/30/25 | | | | | 1,923,047 | | |
| | | 150,000 | | | | U.S. Treasury Notes, 2.13%, 5/31/26 | | | | | 152,508 | | |
Principal Amount | | | | | | Value | | ||||||
U.S. TREASURY OBLIGATIONS (2.2%) (continued) | | ||||||||||||
| $ | 832,000 | | | | U.S. Treasury Notes, 2.25%, 8/15/27(1) | | | | $ | 852,183 | | |
| | 600,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 637,969 | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,565,431) (2.2%) | | | | | 11,225,826 | | | ||||||
Shares | | | | | | Value | | ||||||
SHORT-TERM INVESTMENTS (8.0%) | | ||||||||||||
| | | | | | MONEY MARKET FUNDS (8.0%) | | ||||||
| | 22,439,004 | | | | State Street Institutional Liquid Reserves Fund | | | | | 22,439,004 | | |
| | 17,849,360 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | | 17,849,360 | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $40,292,077) (8.0%) | | | | | 40,288,364 | | | ||||||
TOTAL INVESTMENT SECURITIES (104.2%) (Cost $427,742,533) | | | | $ | 524,710,506 | | | ||||||
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-4.2%) | | | | | (21,249,051) | | | ||||||
NET ASSETS (100%) | | | | $ | 503,461,455 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 425,209,590 | | | | | $ | — | | | | | $ | — | | | | | $ | 425,209,590 | | |
Asset-Backed Securities | | | | | — | | | | | | 4,623,097 | | | | | | — | | | | | | 4,623,097 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 7,229,311 | | | | | | — | | | | | | 7,229,311 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 21,908,545 | | | | | | — | | | | | | 21,908,545 | | |
Foreign Government Obligations | | | | | — | | | | | | 830,932 | | | | | | — | | | | | | 830,932 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,721,069 | | | | | | — | | | | | | 1,721,069 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 11,673,772 | | | | | | — | | | | | | 11,673,772 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 11,225,826 | | | | | | — | | | | | | 11,225,826 | | |
Short-Term Investments | | | | | 40,288,364 | | | | | | — | | | | | | — | | | | | | 40,288,364 | | |
Total Investments in Securities | | | | $ | 465,497,954 | | | | | $ | 59,212,552 | | | | | $ | — | | | | | $ | 524,710,506 | | |
Portfolio Highlights at June 30, 2019 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 11,000 | | | | | $ | 20,829,930 | | | | | | 6.7% | | |
Visa, Inc. | | | | | 87,000 | | | | | | 15,098,850 | | | | | | 4.9% | | |
Amarin Corp. PLC ADR | | | | | 770,000 | | | | | | 14,930,300 | | | | | | 4.8% | | |
Facebook, Inc. | | | | | 67,000 | | | | | | 12,931,000 | | | | | | 4.2% | | |
PayPal Holdings, Inc. | | | | | 104,000 | | | | | | 11,903,840 | | | | | | 3.8% | | |
Alexion Pharmaceuticals, Inc. | | | | | 90,000 | | | | | | 11,788,200 | | | | | | 3.8% | | |
Netflix, Inc. | | | | | 32,000 | | | | | | 11,754,240 | | | | | | 3.8% | | |
Exelixis, Inc. | | | | | 535,000 | | | | | | 11,432,950 | | | | | | 3.7% | | |
Alibaba Group Holding, Ltd. ADR | | | | | 64,000 | | | | | | 10,844,800 | | | | | | 3.5% | | |
Activision Blizzard, Inc. | | | | | 225,000 | | | | | | 10,620,000 | | | | | | 3.4% | | |
Schedule of Investments (unaudited)
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.6%) | | ||||||||||||
| COMMUNICATION SERVICES (17.2%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.0%) | | ||||||
| | | 245,000 | | | | Lions Gate Entertainment Corp. Class A | | | | $ | 3,001,250 | | |
| | | | | | | INTERNET (12.8%) | | ||||||
| | | 8,500 | | | | Alphabet, Inc. Class A* | | | | | 9,203,800 | | |
| | | 67,000 | | | | Facebook, Inc. Class A* | | | | | 12,931,000 | | |
| | | 32,000 | | | | Netflix, Inc.* | | | | | 11,754,240 | | |
| | | 130,000 | | | | Tencent Holdings, Ltd. ADR | | | | | 5,883,800 | | |
| | | | | | | | | | | | 39,772,840 | | |
| | | | | | | SOFTWARE (3.4%) | | ||||||
| | | 225,000 | | | | Activision Blizzard, Inc. | | | | | 10,620,000 | | |
| | | | | | | | | | | | 53,394,090 | | |
| CONSUMER DISCRETIONARY (20.4%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.6%) | | ||||||
| | | 22,000 | | | | Vail Resorts, Inc. | | | | | 4,908,640 | | |
| | | | | | | INTERNET (14.9%) | | ||||||
| | | 64,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 10,844,800 | | |
| | | 11,000 | | | | Amazon.com, Inc.* | | | | | 20,829,930 | | |
| | | 2,400 | | | | Booking Holdings, Inc.* | | | | | 4,499,304 | | |
| | | 130,000 | | | | GrubHub, Inc.*(1) | | | | | 10,138,700 | | |
| | | | | | | | | | | | 46,312,734 | | |
| | | | | | | RETAIL (3.9%) | | ||||||
| | | 43,000 | | | | Starbucks Corp. | | | | | 3,604,690 | | |
| | | 74,000 | | | | TJX Companies, Inc. (The) | | | | | 3,913,120 | | |
| | | 14,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 4,856,460 | | |
| | | | | | | | | | | | 12,374,270 | | |
| | | | | | | | | | | | 63,595,644 | | |
| CONSUMER STAPLES (3.1%) | | ||||||||||||
| | | | | | | BEVERAGES (1.7%) | | ||||||
| | | 27,000 | | | | Constellation Brands, Inc. Class A | | | | | 5,317,380 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.4%) | | ||||||
| | | 24,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 4,394,640 | | |
| | | | | | | | | | | | 9,712,020 | | |
| ENERGY (3.3%) | | ||||||||||||
| | | | | | | OIL & GAS (3.3%) | | ||||||
| | | 58,000 | | | | Diamondback Energy, Inc. | | | | | 6,320,260 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.6%) (continued) | | ||||||||||||
| | | | | | | OIL & GAS (3.3%) (continued) | | ||||||
| | | 25,000 | | | | Pioneer Natural Resources Co. | | | | $ | 3,846,500 | | |
| | | | | | | | | | | | 10,166,760 | | |
| | | | | | | | | | | | 10,166,760 | | |
| FINANCIALS (1.3%) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.3%) | | ||||||
| | | 90,000 | | | | Blackstone Group L.P. (The) | | | | | 3,997,800 | | |
| HEALTHCARE (26.8%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (22.2%) | | ||||||
| | | 90,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 11,788,200 | | |
| | | 770,000 | | | | Amarin Corp. PLC ADR*(1) | | | | | 14,930,300 | | |
| | | 90,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 7,708,500 | | |
| | | 80,000 | | | | Exact Sciences Corp.* | | | | | 9,443,200 | | |
| | | 535,000 | | | | Exelixis, Inc.* | | | | | 11,432,950 | | |
| | | 87,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 6,922,590 | | |
| | | 37,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,785,060 | | |
| | | | | | | | | | | | 69,010,800 | | |
| | | | | | | HEALTHCARE PRODUCTS (1.4%) | | ||||||
| | | 24,000 | | | | Edwards Lifesciences Corp.* | | | | | 4,433,760 | | |
| | | | | | | PHARMACEUTICALS (3.2%) | | ||||||
| | | 48,000 | | | | DexCom, Inc.* | | | | | 7,192,320 | | |
| | | 19,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 2,708,640 | | |
| | | | | | | | | | | | 9,900,960 | | |
| | | | | | | | | | | | 83,345,520 | | |
| INDUSTRIALS (1.4%) | | ||||||||||||
| | | | | | | INTERNET (1.4%) | | ||||||
| | | 65,000 | | | | Lyft, Inc. Class A*(1) | | | | | 4,271,150 | | |
| INFORMATION TECHNOLOGY (25.1%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.8%) | | ||||||
| | | 104,000 | | | | PayPal Holdings, Inc.* | | | | | 11,903,840 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (4.9%) | | ||||||
| | | 87,000 | | | | Visa, Inc. Class A(1) | | | | | 15,098,850 | | |
| | | | | | | INTERNET (3.1%) | | ||||||
| | | 110,000 | | | | Zendesk, Inc.* | | | | | 9,793,300 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.6%) (continued) | | ||||||||||||
| | | | | | | SEMICONDUCTORS (3.4%) | | ||||||
| | | 38,000 | | | | NVIDIA Corp. | | | | $ | 6,240,740 | | |
| | | 44,000 | | | | NXP Semiconductors N.V. | | | | | 4,294,840 | | |
| | | | | | | | | | | | 10,535,580 | | |
| | | | | | | SOFTWARE (9.9%) | | ||||||
| | | 19,000 | | | | Adobe, Inc.* | | | | | 5,598,350 | | |
| | | 38,000 | | | | Salesforce.com, Inc.* | | | | | 5,765,740 | | |
| | | 38,000 | | | | ServiceNow, Inc.* | | | | | 10,433,660 | | |
| | | 72,000 | | | | Splunk, Inc.* | | | | | 9,054,000 | | |
| | | | | | | | | | | | 30,851,750 | | |
| | | | | | | | | | | | 78,183,320 | | |
| TOTAL COMMON STOCKS (Cost $203,823,467) (98.6%) | | | | | 306,666,304 | | | ||||||
| SHORT-TERM INVESTMENTS (6.8%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (6.8%) | | ||||||
| | | 4,676,923 | | | | State Street Institutional Liquid Reserves Fund | | | | | 4,676,923 | | |
| | | 16,630,355 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(2) | | | | | 16,630,355 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $21,307,917) (6.8%) | | | | | 21,307,278 | | | ||||||
| | | | | | | | |||||||
| TOTAL INVESTMENT SECURITIES (105.4%) (Cost $225,131,384) | | | | $ | 327,973,582 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-5.4%) | | | | | (16,892,110) | | | ||||||
| NET ASSETS (100%) | | | | $ | 311,081,472 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 306,666,304 | | | | | $ | — | | | | | $ | — | | | | | $ | 306,666,304 | | |
Short-Term Investments | | | | | 21,307,278 | | | | | | — | | | | | | — | | | | | | 21,307,278 | | |
Total Investments in Securities | | | | $ | 327,973,582 | | | | | $ | — | | | | | $ | — | | | | | $ | 327,973,582 | | |
at June 30, 2019 (unaudited)
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value* | | | | $ | 451,083,740 | | | | | $ | 329,734,037 | | | | | $ | 524,710,506 | | | | | $ | 327,973,582 | | |
Receivable for capital shares sold | | | | | 881,834 | | | | | | 1,577,675 | | | | | | 625,358 | | | | | | 788 | | |
Dividends and interest receivable | | | | | 329,145 | | | | | | 227,247 | | | | | | 548,665 | | | | | | 48,070 | | |
Prepaid expenses | | | | | 51,183 | | | | | | 69,094 | | | | | | 70,471 | | | | | | 51,877 | | |
Receivable for securities lending income | | | | | 3,259 | | | | | | 2,149 | | | | | | 34,628 | | | | | | 27,104 | | |
Prepaid directors’ fees and expenses | | | | | 2,576 | | | | | | 2,952 | | | | | | — | | | | | | — | | |
Other receivables | | | | | 1,916 | | | | | | — | | | | | | 2,719 | | | | | | 13,688 | | |
Total Assets | | | | | 452,353,653 | | | | | | 331,613,154 | | | | | | 525,992,347 | | | | | | 328,115,109 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable upon return of securities on loan (See Note 1J) | | | | | 277,361 | | | | | | — | | | | | | 17,849,360 | | | | | | 16,630,355 | | |
Payable for capital shares redeemed | | | | | 97,814 | | | | | | 65,970 | | | | | | 555,998 | | | | | | 17,504 | | |
Payable for securities purchased | | | | | — | | | | | | 901,191 | | | | | | 3,541,531 | | | | | | — | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee | | | | | 259,447 | | | | | | 158,326 | | | | | | 255,186 | | | | | | 172,187 | | |
Service and distribution plan fees | | | | | 88,315 | | | | | | 59,873 | | | | | | 93,575 | | | | | | 61,449 | | |
Sub-transfer agent fees | | | | | 7,489 | | | | | | 5,468 | | | | | | 10,919 | | | | | | 2,085 | | |
Directors’ fees and expenses | | | | | — | | | | | | — | | | | | | 130 | | | | | | 304 | | |
Other | | | | | 174,522 | | | | | | 114,968 | | | | | | 224,193 | | | | | | 149,753 | | |
Total Liabilities | | | | | 904,948 | | | | | | 1,305,796 | | | | | | 22,530,892 | | | | | | 17,033,637 | | |
Net Assets | | | | $ | 451,448,705 | | | | | $ | 330,307,358 | | | | | $ | 503,461,455 | | | | | $ | 311,081,472 | | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital stock, at $1.00 par value (authorized 100,000,000, 50,000,000, 75,000,000 and 50,000,000 shares, respectively) | | | | $ | 11,535,847 | | | | | $ | 13,528,343 | | | | | $ | 46,523,982 | | | | | $ | 9,969,686 | | |
Additional paid-in capital | | | | | 161,291,094 | | | | | | 199,477,697 | | | | | | 336,042,634 | | | | | | 185,249,418 | | |
Total Distributable Earnings (Loss) | | | | | 278,621,764 | | | | | | 117,301,318 | | | | | | 120,894,839 | | | | | | 115,862,368 | | |
Net Assets | | | | $ | 451,448,705 | | | | | $ | 330,307,358 | | | | | $ | 503,461,455 | | | | | $ | 311,081,472 | | |
Net Asset Value Per Share Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 451,448,705 | | | | | $ | 314,116,966 | | | | | $ | 468,388,289 | | | | | $ | 308,609,215 | | |
Shares Outstanding | | | | | 11,535,847 | | | | | | 12,868,235 | | | | | | 43,271,613 | | | | | | 9,890,738 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 39.13 | | | | | $ | 24.41 | | | | | $ | 10.82 | | | | | $ | 31.20 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | — | | | | | $ | 16,190,392 | | | | | $ | 35,073,166 | | | | | $ | 2,472,257 | | |
Shares Outstanding | | | | | — | | | | | | 660,108 | | | | | | 3,252,369 | | | | | | 78,948 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | — | | | | | $ | 24.53 | | | | | $ | 10.78 | | | | | $ | 31.32 | | |
* Includes securities on loan of | | | | $ | 36,104,402 | | | | | $ | 24,382,843 | | | | | $ | 56,576,152 | | | | | $ | 47,187,349 | | |
Cost of investments | | | | $ | 189,593,933 | | | | | $ | 216,394,402 | | | | | $ | 427,742,533 | | | | | $ | 225,131,384 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends (net of foreign withholding tax of $30,868, $9,065, $4,650 and $3,300, respectively) | | | | $ | 1,492,220 | | | | | $ | 1,027,435 | | | | | $ | 1,486,029 | | | | | $ | 555,533 | | |
Interest | | | | | — | | | | | | — | | | | | | 822,974 | | | | | | — | | |
Securities lending income | | | | | 18,380 | | | | | | 12,024 | | | | | | 89,498 | | | | | | 84,062 | | |
Total Income | | | | | 1,510,600 | | | | | | 1,039,459 | | | | | | 2,398,501 | | | | | | 639,595 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | | | 1,417,259 | | | | | | 791,093 | | | | | | 1,522,599 | | | | | | 1,081,508 | | |
Service and distribution plan fees | | | | | 483,478 | | | | | | 298,385 | | | | | | 552,394 | | | | | | 370,751 | | |
Sub-transfer agent fees | | | | | 38,439 | | | | | | 27,036 | | | | | | 64,447 | | | | | | 11,960 | | |
Transfer agent fees | | | | | 82,629 | | | | | | 69,168 | | | | | | 95,912 | | | | | | 74,702 | | |
Auditing and legal fees | | | | | 78,655 | | | | | | 48,292 | | | | | | 101,650 | | | | | | 64,231 | | |
Custody and accounting fees | | | | | 42,750 | | | | | | 33,816 | | | | | | 67,134 | | | | | | 38,982 | | |
Directors’ fees and expenses | | | | | 33,155 | | | | | | 20,000 | | | | | | 42,090 | | | | | | 26,575 | | |
Printing and postage fees | | | | | 19,246 | | | | | | 12,564 | | | | | | 29,748 | | | | | | 11,639 | | |
Fund administration fees | | | | | 18,299 | | | | | | 23,257 | | | | | | 23,257 | | | | | | 23,257 | | |
Registration and filing fees | | | | | 16,862 | | | | | | 22,927 | | | | | | 30,085 | | | | | | 19,286 | | |
Compliance and tax service fees | | | | | 16,665 | | | | | | 8,671 | | | | | | 21,842 | | | | | | 13,834 | | |
Insurance fees | | | | | 9,488 | | | | | | 5,212 | | | | | | 11,795 | | | | | | 7,663 | | |
N-port/Liquidity fees | | | | | 7,480 | | | | | | 7,480 | | | | | | 7,911 | | | | | | 7,480 | | |
Other | | | | | 1,836 | | | | | | 2,255 | | | | | | 2,144 | | | | | | 2,166 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 2,266,241 | | | | | | 1,370,156 | | | | | | 2,573,008 | | | | | | 1,754,034 | | |
Less: Advisory Fees Waived | | | | | — | | | | | | (16,850) | | | | | | (19,713) | | | | | | (39,654) | | |
Less: Sub-Transfer Agent Fees Waived | | | | | — | | | | | | (68) | | | | | | (808) | | | | | | (60) | | |
Net Expenses | | | | | 2,266,241 | | | | | | 1,353,238 | | | | | | 2,552,487 | | | | | | 1,714,320 | | |
Net Investment Loss | | | | | (755,641) | | | | | | (313,779) | | | | | | (153,986) | | | | | | (1,074,725) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 9,420,896 | | | | | | 4,494,445 | | | | | | 12,133,663 | | | | | | 9,384,124 | | |
Foreign currency translations | | | | | (64) | | | | | | (89) | | | | | | — | | | | | | — | | |
| | | | | 9,420,832 | | | | | | 4,494,356 | | | | | | 12,133,663 | | | | | | 9,384,124 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 85,081,501 | | | | | | 54,598,127 | | | | | | 74,349,101 | | | | | | 50,570,348 | | |
Foreign currency transactions | | | | | 401 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 85,081,902 | | | | | | 54,598,127 | | | | | | 74,349,101 | | | | | | 50,570,348 | | |
Net Realized Gain and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 94,502,734 | | | | | | 59,092,483 | | | | | | 86,482,764 | | | | | | 59,954,472 | | |
Net Increase in Net Assets from Operations | | | | $ | 93,747,093 | | | | | $ | 58,778,704 | | | | | $ | 86,328,778 | | | | | $ | 58,879,747 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | ||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Year Ended December 31, 2018 | | | Six Months Ended June 30, 2019 (unaudited) | | | Year Ended December 31, 2018 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss | | | | $ | (755,641) | | | | | $ | (1,461,669) | | | | | $ | (313,779) | | | | | $ | (716,241) | | |
Net realized gain on investments and foreign currency | | | | | 9,420,832 | | | | | | 22,154,522 | | | | | | 4,494,356 | | | | | | 3,311,940 | | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 85,081,902 | | | | | | (14,985,605) | | | | | | 54,598,127 | | | | | | 1,734,904 | | |
Net increase/(decrease) in net assets from operations | | | | | 93,747,093 | | | | | | 5,707,248 | | | | | | 58,778,704 | | | | | | 4,330,603 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | (29,555,193) | | | | | | — | | | | | | (9,010,918) | | |
Institutional Class | | | | | — | | | | | | — | | | | | | — | | | | | | (82,835) | | |
| | | | | — | | | | | | (29,555,193) | | | | | | — | | | | | | (9,093,753) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 74,670,606 | | | | | | 13,313,615 | | | | | | 91,636,079 | | | | | | 53,308,459 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | 13,949,044 | | | | | | 665,770 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 28,206,130 | | | | | | — | | | | | | 8,658,397 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | — | | | | | | 82,361 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | (19,005,232) | | | | | | (20,414,978) | | |
Investor Class | | | | | (32,896,969) | | | | | | (43,800,148) | | | | | | | | | | | | | | |
Institutional Class | | | | | — | | | | | | — | | | | | | (1,331,343) | | | | | | (21,134) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 41,773,637 | | | | | | (2,280,403) | | | | | | 85,248,548 | | | | | | 42,278,875 | | |
Total increase/(decrease) in net assets | | | | | 135,520,730 | | | | | | (26,128,348) | | | | | | 144,027,252 | | | | | | 37,515,725 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 315,927,975 | | | | | | 342,056,323 | | | | | | 186,280,106 | | | | | | 148,764,381 | | |
End of period | | | | $ | 451,448,705 | | | | | $ | 315,927,975 | | | | | $ | 330,307,358 | | | | | $ | 186,280,106 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 2,067,327 | | | | | | 380,092 | | | | | | 4,071,806 | | | | | | 2,511,769 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | 627,289 | | | | | | 31,778 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | — | | | | | | 929,996 | | | | | | — | | | | | | 456,185 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | — | | | | | | 4,326 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (900,614) | | | | | | (1,271,839) | | | | | | (860,381) | | | | | | (1,007,703) | | |
Institutional Class | | | | | — | | | | | | — | | | | | | (59,213) | | | | | | (1,097) | | |
Net increase (decrease) | | | | | 1,166,713 | | | | | | 38,249 | | | | | | 3,779,501 | | | | | | 1,995,258 | | |
| | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Year Ended December 31, 2018 | | | Six Months Ended June 30, 2019 (unaudited) | | | Year Ended December 31, 2018 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss | | | | $ | (153,986) | | | | | $ | (43,868) | | | | | $ | (1,074,725) | | | | | $ | (2,225,651) | | |
Net realized gain on investments and foreign currency | | | | | 12,133,663 | | | | | | 37,629,756 | | | | | | 9,384,124 | | | | | | 34,227,507 | | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 74,349,101 | | | | | | (53,281,403) | | | | | | 50,570,348 | | | | | | (27,072,423) | | |
Net increase/(decrease) in net assets from operations | | | | | 86,328,778 | | | | | | (15,695,515) | | | | | | 58,879,747 | | | | | | 4,929,433 | | |
Distributions to Shareholders from: | | | | | | ||||||||||||||||||||
Investor Class | | | | | — | | | | | | (29,292,010) | | | | | | — | | | | | | (32,360,640) | | |
Institutional Class | | | | | — | | | | | | (1,883,013) | | | | | | — | | | | | | (159,446) | | |
| | | | | — | | | | | | (31,175,023) | | | | | | — | | | | | | (32,520,086) | | |
Share Transactions: | | | | | | ||||||||||||||||||||
Proceeds from sale of shares | | | | | | ||||||||||||||||||||
Investor Class | | | | | 63,378,299 | | | | | | 114,081,473 | | | | | | 16,138,645 | | | | | | 11,260,595 | | |
Institutional Class | | | | | 17,159,162 | | | | | | 41,939,651 | | | | | | 1,847,073 | | | | | | 756,533 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | ||||||||||||||||||||
Investor Class | | | | | — | | | | | | 27,627,143 | | | | | | — | | | | | | 31,330,662 | | |
Institutional Class | | | | | — | | | | | | 1,802,885 | | | | | | — | | | | | | 143,466 | | |
Cost of shares redeemed | | | | | | ||||||||||||||||||||
Investor Class | | | | | (51,065,756) | | | | | | |||||||||||||||
Institutional Class | | | | | (11,965,255) | | | | | | (22,232,223) | | | | | | (955,669) | | | | | | (1,201,920) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 17,506,450 | | | | | | 46,877,339 | | | | | | (2,235,268) | | | | | | 8,155,604 | | |
Total increase/(decrease) in net assets | | | | | 103,835,228 | | | | | | 6,801 | | | | | | 56,644,479 | | | | | | (19,435,049) | | |
Net Assets: | | | | | | ||||||||||||||||||||
Beginning of period | | | | | 399,626,227 | | | | | | 399,619,426 | | | | | | 254,436,993 | | | | | | 273,872,042 | | |
End of period | | | | $ | 503,461,455 | | | | | $ | 399,626,227 | | | | | $ | 311,081,472 | | | | | $ | 254,436,993 | | |
Capital Share Transactions: | | | | | | ||||||||||||||||||||
Shares sold | | | | | | ||||||||||||||||||||
Investor Class | | | | | 6,273,030 | | | | | | 10,674,620 | | | | | | 549,488 | | | | | | 346,239 | | |
Institutional Class | | | | | 1,658,964 | | | | | | 3,963,576 | | | | | | 62,546 | | | | | | 23,474 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | ||||||||||||||||||||
Investor Class | | | | | — | | | | | | 3,087,148 | | | | | | — | | | | | | 1,239,350 | | |
Institutional Class | | | | | — | | | | | | 202,394 | | | | | | — | | | | | | 5,662 | | |
Shares redeemed | | | | | | ||||||||||||||||||||
Investor Class | | | | | (4,968,703) | | | | | | (11,261,176) | | | | | | (649,638) | | | | | | (1,096,320) | | |
Institutional Class | | | | | (1,157,450) | | | | | | (2,097,291) | | | | | | (32,311) | | | | | | (39,076) | | |
Net increase (decrease) | | | | | 1,805,841 | | | | | | 4,569,271 | | | | | | (69,915) | | | | | | 479,329 | | |
| | | Value Line Premier Growth Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.07) | | | | | | (0.14) | | | | | | (0.08) | | | | | | 0.00(1) | | | | | | (0.07) | | | | | | 0.01 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 8.73 | | | | | | 0.58 | | | | | | 6.56 | | | | | | 2.04 | | | | | | 0.14 | | | | | | 2.29 | | |
Total from investment operations | | | | | 8.66 | | | | | | 0.44 | | | | | | 6.48 | | | | | | 2.04 | | | | | | 0.07 | | | | | | 2.30 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | |
Distributions from net realized gains | | | | | — | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.44) | | |
Total distributions | | | | | — | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.45) | | |
Net asset value, end of period | | | | $ | 39.13 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | |
Total return | | | | | 28.42%(2) | | | | | | 1.39% | | | | | | 22.32% | | | | | | 7.00% | | | | | | 0.25% | | | | | | 6.75% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 451,449 | | | | | $ | 315,928 | | | | | $ | 342,056 | | | | | $ | 308,694 | | | | | $ | 330,125 | | | | | $ | 379,205 | | |
Ratio of expenses to average net assets | | | | | 1.17%(3) | | | | | | 1.20% | | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.39)%(3) | | | | | | (0.42)% | | | | | | (0.26)% | | | | | | (0.20)% | | | | | | (0.26)% | | | | | | 0.01% | | |
Portfolio turnover rate | | | | | 5%(2) | | | | | | 8% | | | | | | 3% | | | | | | 7% | | | | | | 12% | | | | | | 9% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.02) | | | | | | (0.07) | | | | | | 0.00(1) | | | | | | 0.00(1) | | | | | | (0.08) | | | | | | (0.01) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.32 | | | | | | 0.97 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.51 | | | | | | 1.08 | | |
Total from investment operations | | | | | 5.30 | | | | | | 0.90 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.43 | | | | | | 1.07 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | |
Distributions from net realized gains | | | | | — | | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | — | | |
Total distributions | | | | | — | | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | (0.01) | | |
Net asset value, end of period | | | | $ | 24.41 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | |
Total return | | | | | 27.73%(2) | | | | | | 4.72% | | | | | | 19.84% | | | | | | 10.94% | | | | | | 2.95% | | | | | | 7.90% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 314,117 | | | | | $ | 184,515 | | | | | $ | 147,669 | | | | | $ | 134,030 | | | | | $ | 118,867 | | | | | $ | 125,330 | | |
Ratio of gross expenses to average net assets | | | | | 1.10%(3) | | | | | | 1.18% | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets | | | | | 1.10%(3) | | | | | | 1.18% | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | |
Ratio of net investment loss to average net assets | | | | | (0.27)%(3) | | | | | | (0.46)% | | | | | | (0.34)% | | | | | | (0.28)% | | | | | | (0.53)% | | | | | | (0.06)% | | |
Portfolio turnover rate | | | | | 4%(2) | | | | | | 10% | | | | | | 2% | | | | | | 20% | | | | | | 17% | | | | | | 61% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class | | |||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Years Ended December 31, | | ||||||||||||
| | | 2018 | | | 2017(1) | | ||||||||||||
Net asset value, beginning of period | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | $ | 18.25 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.00(2) | | | | | | (0.04) | | | | | | 0.00(2) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.36 | | | | | | 0.99 | | | | | | 1.26 | | |
Total from investment operations | | | | | 5.36 | | | | | | 0.95 | | | | | | 1.26 | | |
Less distributions: | | | | | |||||||||||||||
Distributions from net realized gains | | | | | — | | | | | | (0.98) | | | | | | (0.31) | | |
Total distributions | | | | | — | | | | | | (0.98) | | | | | | (0.31) | | |
Net asset value, end of period | | | | $ | 24.53 | | | | | $ | 19.17 | | | | | $ | 19.20 | | |
Total return | | | | | 27.96%(5) | | | | | | 4.98% | | | | | | 6.89%(5) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 16,190 | | | | | $ | 1,765 | | | | | $ | 1,095 | | |
Ratio of gross expenses to average net assets(3) | | | | | 1.23%(6) | | | | | | 3.97% | | | | | | 5.61%(6) | | |
Ratio of net expenses to average net assets(4) | | | | | 0.85%(6) | | | | | | 0.93% | | | | | | 0.93%(6) | | |
Ratio of net investment income/(loss) to average net assets(4) | | | | | 0.07%(6) | | | | | | (0.19)% | | | | | | (0.12)%(6) | | |
Portfolio turnover rate | | | | | 4%(5) | | | | | | 10% | | | | | | 2%(5) | | |
| | | Value Line Capital Appreciation Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | 0.00(1) | | | | | | 0.00(1) | | | | | | 0.05 | | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.12 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.88 | | | | | | (0.27) | | | | | | 1.97 | | | | | | 0.23 | | | | | | (0.14) | | | | | | 0.92 | | |
Total from investment operations | | | | | 1.88 | | | | | | (0.27) | | | | | | 2.02 | | | | | | 0.25 | | | | | | (0.08) | | | | | | 1.04 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.01) | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.06) | | | | | | (0.11) | | |
Distributions from net realized gains | | | | | — | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | | | | | (1.35) | | |
Total distributions | | | | | — | | | | | | (0.74) | | | | | | (0.55) | | | | | | (0.49) | | | | | | (0.60) | | | | | | (1.46) | | |
Net asset value, end of period | | | | $ | 10.82 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | |
Total return | | | | | 21.03%(2) | | | | | | (2.71)% | | | | | | 23.86% | | | | | | 2.80% | | | | | | (0.86)% | | | | | | 10.62% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 468,388 | | | | | $ | 375,158 | | | | | $ | 392,869 | | | | | $ | 302,636 | | | | | $ | 350,159 | | | | | $ | 372,707 | | |
Ratio of gross expenses to average net assets(3) | | | | | 1.10%(4) | | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.15% | | |
Ratio of net expenses to average net assets(5) | | | | | 1.10%(4) | | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.12% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.08)%(4) | | | | | | (0.02)% | | | | | | 0.49% | | | | | | 0.22% | | | | | | 0.67% | | | | | | 1.17% | | |
Portfolio turnover rate | | | | | 21%(2) | | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45% | | | | | ��� | 57% | | |
| | | Value Line Capital Appreciation Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015(1) | | ||||||||||||||||||
Net asset value, beginning of period | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | | | | $ | 9.50 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.01 | | | | | | 0.04 | | | | | | 0.07 | | | | | | 0.02 | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.88 | | | | | | (0.30) | | | | | | 1.98 | | | | | | 0.25 | | | | | | (0.24) | | |
Total from investment operations | | | | | 1.89 | | | | | | (0.26) | | | | | | 2.05 | | | | | | 0.27 | | | | | | (0.31) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.02) | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | — | | | | | | (0.75) | | | | | | (0.58) | | | | | | (0.49) | | | | | | (0.54) | | |
Net asset value, end of period | | | | $ | 10.78 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | |
Total return | | | | | 21.26%(4) | | | | | | (2.61)% | | | | | | 24.31% | | | | | | 3.06% | | | | | | (3.29)%(4) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 35,073 | | | | | $ | 24,469 | | | | | $ | 6,750 | | | | | $ | 1,055 | | | | | $ | 98 | | |
Ratio of gross expenses to average net assets(2) | | | | | 0.98%(5) | | | | | | 1.08% | | | | | | 1.63% | | | | | | 4.82% | | | | | | 6.19%(5) | | |
Ratio of net expenses to average net assets(3) | | | | | 0.85%(5) | | | | | | 0.87% | | | | | | 0.86% | | | | | | 0.90% | | | | | | 6.19%(5) | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | 0.17%(5) | | | | | | 0.19% | | | | | | 0.58% | | | | | | 0.43% | | | | | | (5.02)%(5) | | |
Portfolio turnover rate | | | | | 21%(4) | | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45%(4) | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.11) | | | | | | (0.22) | | | | | | (0.19) | | | | | | 0.00(1) | | | | | | (0.14) | | | | | | (0.01) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.97 | | | | | | 0.58 | | | | | | 8.00 | | | | | | 0.10 | | | | | | 2.63 | | | | | | 3.23 | | |
Total from investment operations | | | | | 5.86 | | | | | | 0.36 | | | | | | 7.81 | | | | | | 0.10 | | | | | | 2.49 | | | | | | 3.22 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.11) | | |
Distributions from net realized gains | | | | | — | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.40) | | |
Total distributions | | | | | — | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.51) | | |
Net asset value, end of period | | | | $ | 31.20 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | |
Total return | | | | | 23.13%(4) | | | | | | 1.30% | | | | | | 33.79% | | | | | | 0.24% | | | | | | 9.88% | | | | | | 12.41% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 308,609 | | | | | $ | 253,199 | | | | | $ | 272,191 | | | | | $ | 214,675 | | | | | $ | 233,085 | | | | | $ | 220,548 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.16%(5) | | | | | | 1.18% | | | | | | 1.19% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets(3) | | | | | 1.15%(5) | | | | | | 1.15% | | | | | | 1.11% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.13% | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | (0.72)%(5) | | | | | | (0.77)% | | | | | | (0.71)% | | | | | | (0.62)% | | | | | | (0.55)% | | | | | | (0.07)% | | |
Portfolio turnover rate | | | | | 18%(4) | | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37% | | | | | | 89% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2019 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015(1) | | ||||||||||||||||||
Net asset value, beginning of period | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | | | | $ | 27.91 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.05) | | | | | | (0.14) | | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.09) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.96 | | | | | | 0.57 | | | | | | 8.03 | | | | | | 0.14 | | | | | | (0.12) | | |
Total from investment operations | | | | | 5.91 | | | | | | 0.43 | | | | | | 7.84 | | | | | | 0.14 | | | | | | (0.21) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | — | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of period | | | | $ | 31.32 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Total return | | | | | 23.26%(5) | | | | | | 1.55% | | | | | | 33.96% | | | | | | 0.40% | | | | | | (0.73)%(5) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 2,472 | | | | | $ | 1,238 | | | | | $ | 1,681 | | | | | $ | 401 | | | | | $ | 101 | | |
Ratio of gross expenses to average net assets(3) | | | | | 2.72%(6) | | | | | | 3.92% | | | | | | 2.73% | | | | | | 17.29% | | | | | | 2.70%(6) | | |
Ratio of net expenses to average net assets(4) | | | | | 0.90%(6) | | | | | | 0.93% | | | | | | 0.94% | | | | | | 0.98% | | | | | | 2.70%(6) | | |
Ratio of net investment income/(loss) to average net assets(4) | | | | | 0.43%(6) | | | | | | (0.58)% | | | | | | (0.67)% | | | | | | (0.49)% | | | | | | (2.16)%(6) | | |
Portfolio turnover rate | | | | | 18%(5) | | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37%(5) | | |
| | | Six Months Ended June 30, 2019 (unaudited) | | | Year Ended December 31, 2018 | | ||||||
Value Line Premier Growth Fund, Inc. | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 3.0850 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.9787 | | |
Institutional Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.9787 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | 0.0057 | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.7345 | | |
Institutional Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | 0.0184 | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 0.7345 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 3.6747 | | |
Institutional Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | — | | | | | $ | 3.6747 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 13,633 | | | | | $ | 9,294 | | | | | $ | 22,927 | | |
Transfer agent fees | | | | | 58,524 | | | | | | 10,644 | | | | | | 69,168 | | |
Sub-transfer agent fees | | | | | 26,968 | | | | | | 68 | | | | | | 27,036 | | |
Other | | | | | 1,870 | | | | | | 385 | | | | | | 2,255 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 17,853 | | | | | $ | 12,232 | | | | | $ | 30,085 | | |
Transfer agent fees | | | | | 77,241 | | | | | | 18,671 | | | | | | 95,912 | | |
Sub-transfer agent fees | | | | | 63,639 | | | | | | 808 | | | | | | 64,447 | | |
Other | | | | | 1,717 | | | | | | 427 | | | | | | 2,144 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 10,810 | | | | | $ | 8,476 | | | | | $ | 19,286 | | |
Transfer agent fees | | | | | 65,263 | | | | | | 9,439 | | | | | | 74,702 | | |
Sub-transfer agent fees | | | | | 11,900 | | | | | | 60 | | | | | | 11,960 | | |
Other | | | | | 1,826 | | | | | | 340 | | | | | | 2,166 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | | Total Collateral (including Calculated Mark)** | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 36,104,402 | | | | | $ | 36,833,757 | | | | | $ | 36,885,526 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 24,382,843 | | | | | | 25,029,461 | | | | | | 24,920,391 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 56,576,152 | | | | | | 56,712,670 | | | | | | 57,983,389 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 47,187,349 | | | | | | 47,282,379 | | | | | | 48,356,350 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2019 | | |||||||||||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 277,361 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 277,361 | | |
Total Borrowings | | | | $ | 277,361 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 277,361 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 277,361 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2019 | | |||||||||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 17,475,860 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,475,860 | | |
Corporate Bonds & Notes | | | | | 373,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 373,500 | | |
Total Borrowings | | | | $ | 17,849,360 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,849,360 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 17,849,360 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2019 | | |||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 16,630,355 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 16,630,355 | | |
Total Borrowings | | | | $ | 16,630,355 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 16,630,355 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 16,630,355 | | |
Fund | | | Purchases of Investment Securities | | | Sales of Investment Securities | | | Purchases of U.S. Government Agency Obligations | | | Sales of U.S. Government Agency Obligations | | ||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 33,930,841 | | | | | $ | 18,389,981 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 64,457,971 | | | | | | 10,202,859 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 103,187,277 | | | | | | 90,396,701 | | | | | | 6,015,486 | | | | | | 2,715,729 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 53,170,795 | | | | | | 55,722,504 | | | | | | — | | | | | | — | | |
Fund | | | Cost of investments for tax purposes | | | Gross tax unrealized appreciation | | | Gross tax unrealized depreciation | | | Net tax unrealized appreciation/ (depreciation) on investments | | ||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 189,593,933 | | | | | $ | 262,490,142 | | | | | $ | (1,000,335) | | | | | $ | 261,489,807 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 216,394,402 | | | | | | 113,605,290 | | | | | | (265,655) | | | | | | 113,339,635 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 427,742,533 | | | | | | 111,885,344 | | | | | | (14,917,371) | | | | | | 96,967,973 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 225,131,384 | | | | | | 111,884,437 | | | | | | (9,042,239) | | | | | | 102,842,198 | | |
Fund | | | Advisory Fee | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 1,417,259 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 791,093 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 1,522,599 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 1,081,508 | | |
Fund | | | Distribution & Service Fees | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 483,478 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 298,385 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 552,394 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 370,751 | | |
Fund | | | Sub TA Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 38,439 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 27,036 | | | | | | 68 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 64,447 | | | | | | 808 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 11,960 | | | | | | 60 | | |
Fund | | | Expiration | | | Fees Waived and Reimbursed by the Adviser | | | Recovery of Previously Waived Fees/Expenses Assumed | | ||||||
| | | | |||||||||||||
Value Line Mid Cap Focused Fund Inc. | | | June 30, 2022 | | | | $ | 72,748 | | | | | $ | — | | |
Value Line Capital Appreciation Fund, Inc. | | | June 30, 2022 | | | | | 109,852 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | June 30, 2022 | | | | | 304,182 | | | | | | 1,938 | | |
| | | Beginning Account Value January 1, 2019 | | | Ending Account Value June 30, 2019 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,284.20 | | | | | $ | 6.63 | | | | | | 1.17% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,277.30 | | | | | | 6.21 | | | | | | 1.10 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,279.60 | | | | | | 4.80 | | | | | | 0.85 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,210.30 | | | | | | 6.03 | | | | | | 1.10 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,212.60 | | | | | | 4.66 | | | | | | 0.85 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,231.30 | | | | | | 6.36 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,232.60 | | | | | | 4.98 | | | | | | 0.90 | | |
Hypothetical (5% return before expenses) | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,018.99 | | | | | $ | 5.86 | | | | | | 1.17% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.34 | | | | | | 5.51 | | | | | | 1.10 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.58 | | | | | | 4.26 | | | | | | 0.85 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.34 | | | | | | 5.51 | | | | | | 1.10 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.58 | | | | | | 4.26 | | | | | | 0.85 | | |
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 | | |
THE INVESTMENT ADVISORY AGREEMENTS
FOR VALUE LINE MID CAP FOCUSED FUND, INC., VALUE LINE CAPITAL
APPRECIATION FUND, INC., VALUE LINE LARGER COMPANIES FOCUSED
FUND, INC., AND VALUE LINE PREMIER GROWTH FUND, INC.
Item 5.Audit Committee of Listed Registrants
Not Applicable.
Item 6.Investments
Not Applicable
Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8.Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c) ) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12. Exhibits.
(a) | (1) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President |
Date: September 6, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President, Principal Executive Officer | ||
By: | /s/ Emily D. Washington | |
Emily D. Washington, Treasurer, Principal Financial Officer |
Date: September 6, 2019