UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file Number 811-02265
The Value Line Fund, Inc.
(Exact name of registrant as specified in charter)
7 Times Square, New York, NY 10036
Mitchell E. Appel
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31
Date of reporting period: March 31, 2014
Item 1: Schedule of Investments.
A copy of the Schedule of Investments for the period ended 3/31/14 is included with this Form.
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The Value Line Fund, Inc.
|
|
Schedule of Investments (unaudited)
|
|
Shares
|
Value
|
|||||
|
COMMON STOCKS (98.2%)
|
||||||
|
CONSUMER DISCRETIONARY (11.2%)
|
||||||
|
4,000
|
AutoZone, Inc. *
|
$
|
2,148,400
|
|||
|
13,600
|
BorgWarner, Inc.
|
835,992
|
||||
|
22,400
|
Brinker International, Inc.
|
1,174,880
|
||||
|
6,000
|
Buckle, Inc. (The) (1)
|
274,800
|
||||
|
7,600
|
Buffalo Wild Wings, Inc. *
|
1,131,640
|
||||
|
13,300
|
Dick’s Sporting Goods, Inc.
|
726,313
|
||||
|
3,800
|
Domino’s Pizza, Inc.
|
292,486
|
||||
|
6,700
|
Gildan Activewear, Inc.
|
337,546
|
||||
|
33,000
|
LKQ Corp. *
|
869,550
|
||||
|
3,200
|
O’Reilly Automotive, Inc. *
|
474,848
|
||||
|
10,400
|
Penn National Gaming, Inc. *
|
128,128
|
||||
|
9,300
|
Starbucks Corp.
|
682,434
|
||||
|
32,000
|
TJX Companies, Inc. (The)
|
1,940,800
|
||||
|
10,400
|
VF Corp.
|
643,552
|
||||
|
16,800
|
Wolverine World Wide, Inc. (1)
|
479,640
|
||||
|
24,800
|
Yum! Brands, Inc.
|
1,869,672
|
||||
|
14,010,681
|
||||||
|
CONSUMER STAPLES (11.5%)
|
||||||
|
3,100
|
Boston Beer Co., Inc. (The) Class
A * |
758,663
|
||||
|
4,900
|
British American Tobacco PLC
ADR |
546,007
|
||||
|
4,000
|
Bunge Ltd.
|
318,040
|
||||
|
11,400
|
Casey’s General Stores, Inc.
|
770,526
|
||||
|
26,000
|
Church & Dwight Co., Inc.
|
1,795,820
|
||||
|
7,000
|
Costco Wholesale Corp.
|
781,760
|
||||
|
7,500
|
Energizer Holdings, Inc.
|
755,550
|
||||
|
40,500
|
Flowers Foods, Inc.
|
868,725
|
||||
|
19,000
|
General Mills, Inc.
|
984,580
|
||||
|
33,000
|
Hormel Foods Corp.
|
1,625,910
|
||||
|
15,700
|
Ingredion, Inc.
|
1,068,856
|
||||
|
18,100
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J&J Snack Foods Corp.
|
1,737,057
|
||||
|
9,000
|
PepsiCo, Inc.
|
751,500
|
||||
|
8,000
|
Procter & Gamble Co. (The)
|
644,800
|
||||
|
6,000
|
Reynolds American, Inc.
|
320,520
|
||||
|
12,000
|
Whole Foods Market, Inc.
|
608,520
|
||||
|
14,336,834
|
||||||
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ENERGY (4.1%)
|
||||||
|
6,000
|
Chevron Corp.
|
713,460
|
||||
|
2,000
|
Core Laboratories N.V.
|
396,880
|
||||
|
14,000
|
Enbridge, Inc.
|
637,140
|
||||
|
10,000
|
EQT Corp.
|
969,700
|
||||
|
5,600
|
FMC Technologies, Inc. *
|
292,824
|
||||
|
13,400
|
Noble Energy, Inc.
|
951,936
|
||||
|
3,600
|
Oceaneering International, Inc.
|
258,696
|
||||
|
15,000
|
ONEOK, Inc.
|
888,750
|
||||
|
5,109,386
|
||||||
|
FINANCIALS (6.7%)
|
||||||
|
8,000
|
Affiliated Managers Group, Inc. *
|
1,600,400
|
||||
|
20,000
|
AFLAC, Inc.
|
1,260,800
|
||||
|
9,000
|
American Tower Corp. REIT
|
736,830
|
||||
|
3,000
|
BlackRock, Inc.
|
943,440
|
||||
|
8,000
|
Crown Castle International Corp.
REIT |
590,240
|
||||
|
500
|
Everest Re Group Ltd.
|
76,525
|
||||
|
Shares
|
Value
|
|||||
|
12,435
|
Gaming and Leisure Properties,
Inc. REIT |
$
|
453,380
|
|||
|
6,300
|
M&T Bank Corp.
|
764,190
|
||||
|
4,400
|
MetLife, Inc.
|
232,320
|
||||
|
5,000
|
Prudential Financial, Inc.
|
423,250
|
||||
|
8,000
|
Royal Bank of Canada
|
527,920
|
||||
|
4,900
|
Stifel Financial Corp. *
|
243,824
|
||||
|
6,600
|
T. Rowe Price Group, Inc.
|
543,510
|
||||
|
8,396,629
|
||||||
|
HEALTH CARE (12.7%)
|
||||||
|
11,600
|
Alexion Pharmaceuticals, Inc. *
|
1,764,708
|
||||
|
9,600
|
Allergan, Inc.
|
1,191,360
|
||||
|
5,800
|
C.R. Bard, Inc.
|
858,284
|
||||
|
8,740
|
Catamaran Corp. *
|
391,202
|
||||
|
20,400
|
Cerner Corp. *
|
1,147,500
|
||||
|
800
|
Cooper Cos., Inc. (The)
|
109,888
|
||||
|
1,500
|
DaVita HealthCare Partners, Inc. *
|
103,275
|
||||
|
3,900
|
DENTSPLY International, Inc.
|
179,556
|
||||
|
15,340
|
Express Scripts Holding Co. *
|
1,151,881
|
||||
|
12,700
|
Henry Schein, Inc. *
|
1,515,999
|
||||
|
5,400
|
IDEXX Laboratories, Inc. *
|
655,560
|
||||
|
4,800
|
McKesson Corp.
|
847,536
|
||||
|
16,800
|
Mednax, Inc. *
|
1,041,264
|
||||
|
4,700
|
Mettler-Toledo International, Inc.
* |
1,107,696
|
||||
|
45,500
|
Novo Nordisk A/S ADR
|
2,077,075
|
||||
|
10,000
|
Teva Pharmaceutical Industries
Ltd. ADR |
528,400
|
||||
|
10,200
|
Thermo Fisher Scientific, Inc.
|
1,226,448
|
||||
|
15,897,632
|
||||||
|
INDUSTRIALS (29.5%)
|
||||||
|
7,800
|
Acuity Brands, Inc.
|
1,034,046
|
||||
|
36,750
|
AMETEK, Inc.
|
1,892,258
|
||||
|
22,200
|
Canadian National Railway Co. (1)
|
1,248,084
|
||||
|
800
|
Canadian Pacific Railway Ltd.
|
120,344
|
||||
|
3,400
|
Carlisle Companies, Inc.
|
269,756
|
||||
|
10,000
|
Chicago Bridge & Iron Co. N.V.
|
871,500
|
||||
|
15,000
|
CLARCOR, Inc.
|
860,250
|
||||
|
6,000
|
Clean Harbors, Inc. *
|
328,740
|
||||
|
20,700
|
Danaher Corp.
|
1,552,500
|
||||
|
31,000
|
Donaldson Co., Inc.
|
1,314,400
|
||||
|
4,800
|
Equifax, Inc.
|
326,544
|
||||
|
2,400
|
Esterline Technologies Corp. *
|
255,696
|
||||
|
8,000
|
Fastenal Co. (1)
|
394,560
|
||||
|
7,000
|
FedEx Corp.
|
927,920
|
||||
|
7,900
|
General Dynamics Corp.
|
860,468
|
||||
|
7,300
|
Graco, Inc.
|
545,602
|
||||
|
13,983
|
HEICO Corp.
|
841,217
|
||||
|
15,000
|
IDEX Corp.
|
1,093,350
|
||||
|
6,000
|
IHS, Inc. Class A *
|
729,000
|
||||
|
5,850
|
ITT Corp.
|
250,146
|
||||
|
6,800
|
J.B. Hunt Transport Services, Inc.
|
489,056
|
||||
|
8,200
|
Kansas City Southern
|
836,892
|
||||
|
14,700
|
Kirby Corp. *
|
1,488,375
|
||||
|
5,400
|
L-3 Communications Holdings,
Inc. |
638,010
|
||||
|
4,000
|
Lincoln Electric Holdings, Inc.
|
288,040
|
||||
|
2,300
|
Middleby Corp. (The) *
|
607,683
|
||||
|
3,500
|
Oshkosh Corp.
|
206,045
|
||||
|
1
|
| March 31, 2014 |
|
Shares
|
Value
|
|||||
|
10,400
|
Parker Hannifin Corp.
|
$
|
1,244,984
|
|||
|
5,700
|
Precision Castparts Corp.
|
1,440,732
|
||||
|
21,300
|
Republic Services, Inc.
|
727,608
|
||||
|
2,800
|
Rockwell Automation, Inc.
|
348,740
|
||||
|
75,600
|
Rollins, Inc.
|
2,286,144
|
||||
|
12,400
|
Roper Industries, Inc.
|
1,655,524
|
||||
|
12,000
|
Stericycle, Inc. *
|
1,363,440
|
||||
|
2,000
|
Teledyne Technologies, Inc. *
|
194,660
|
||||
|
15,600
|
Toro Co. (The)
|
985,764
|
||||
|
4,800
|
Union Pacific Corp.
|
900,768
|
||||
|
11,400
|
United Technologies Corp.
|
1,331,976
|
||||
|
5,600
|
Valmont Industries, Inc. (1)
|
833,504
|
||||
|
4,900
|
W.W. Grainger, Inc.
|
1,238,034
|
||||
|
10,500
|
Wabtec Corp.
|
813,750
|
||||
|
25,300
|
Waste Connections, Inc.
|
1,109,658
|
||||
|
36,745,768
|
||||||
|
INFORMATION TECHNOLOGY (10.8%)
|
||||||
|
17,800
|
Accenture PLC Class A
|
1,419,016
|
||||
|
8,300
|
Alliance Data Systems Corp. *
|
2,261,335
|
||||
|
7,000
|
Amphenol Corp. Class A
|
641,550
|
||||
|
3,700
|
Anixter International, Inc.
|
375,624
|
||||
|
13,500
|
ANSYS, Inc. *
|
1,039,770
|
||||
|
6,500
|
Automatic Data Processing, Inc.
|
502,190
|
||||
|
32,000
|
Cognizant Technology Solutions
Corp. Class A * |
1,619,520
|
||||
|
2,500
|
Equinix, Inc. *
|
462,100
|
||||
|
3,200
|
Fidelity National Information
Services, Inc. |
171,040
|
||||
|
6,400
|
Fiserv, Inc. *
|
362,816
|
||||
|
23,000
|
MasterCard, Inc. Class A
|
1,718,100
|
||||
|
2,800
|
MICROS Systems, Inc. *
|
148,204
|
||||
|
17,600
|
Open Text Corp.
|
839,696
|
||||
|
24,000
|
Salesforce.com, Inc. *
|
1,370,160
|
||||
|
6,100
|
WEX, Inc. *
|
579,805
|
||||
|
13,510,926
|
||||||
|
MATERIALS (9.6%)
|
||||||
|
3,000
|
Airgas, Inc.
|
319,530
|
||||
|
12,000
|
Ball Corp.
|
657,720
|
||||
|
25,600
|
Crown Holdings, Inc. *
|
1,145,344
|
||||
|
12,000
|
Ecolab, Inc.
|
1,295,880
|
||||
|
22,400
|
FMC Corp.
|
1,714,944
|
||||
|
2,000
|
NewMarket Corp.
|
781,560
|
||||
|
10,000
|
Packaging Corp. of America
|
703,700
|
||||
|
10,300
|
Praxair, Inc.
|
1,348,991
|
||||
|
12,000
|
Scotts Miracle-Gro Co. (The) Class
A |
735,360
|
||||
|
11,400
|
Sigma-Aldrich Corp.
|
1,064,532
|
||||
|
25,900
|
Silgan Holdings, Inc.
|
1,282,568
|
||||
|
12,400
|
Valspar Corp. (The)
|
894,288
|
||||
|
11,944,417
|
||||||
|
UTILITIES (2.1%)
|
||||||
|
30,000
|
ITC Holdings Corp.
|
1,120,500
|
||||
|
4,000
|
NextEra Energy, Inc.
|
382,480
|
||||
|
23,000
|
Questar Corp.
|
546,940
|
||||
|
Shares
|
Value
|
|||||
|
10,900
|
Wisconsin Energy Corp.
|
$
|
507,395
|
|||
|
2,557,315
|
||||||
|
TOTAL COMMON STOCKS
(Cost $65,437,934) (98.2%) |
122,509,588
|
|||||
| Principal Amount |
Value | ||||||
| SHORT-TERM INVESTMENTS (2.1%) | |||||||
|
JOINT REPURCHASE AGREEMENTS
(INVESTMENTS OF CASH COLLATERAL FOR SECURITIES ON LOAN) (2.1%) |
|||||||
|
$
|
522,819
|
Joint Repurchase Agreement with
Morgan Stanley, 0.06%, dated 03/31/14, due 04/01/14, delivery value $522,820 (collateralized by $533,279 U.S. Treasury Notes 0.250% - 1.500% due 07/15/15 - 06/30/16, with a value of $531,657) |
522,819
|
||||
|
1,324,476
|
Joint Repurchase Agreement with
Barclays, 0.06%, dated 03/31/14, due 04/01/14, delivery value $1,324,478 (collateralized by $1,350,969 U.S. Treasury Inflation Indexed Bonds 3.875% due 04/15/29 and U.S. Treasury Inflation Indexed Notes 0.375% - 0.625% due 07/15/23 - 01/15/24, with a value of $1,336,356) |
1,324,476
|
|||||
|
836,511
|
Joint Repurchase Agreement with
Citigroup, 0.05%, dated 03/31/14, due 04/01/14, delivery value $836,512 (collateralized by $853,243 U.S. Treasury Inflation Indexed Notes 0.125% - 0.375% due 04/15/17 - 07/15/23 and U.S. Treasury Notes 0.625% - 2.000% due 09/30/17 - 09/30/20, with a value of $853,070) |
836,511
|
|||||
|
2,683,806
|
|||||||
|
TOTAL SHORT-TERM
INVESTMENTS (Cost $2,683,806) (2.1%) |
2,683,806
|
||||||
|
TOTAL INVESTMENT
SECURITIES (100.3%) (Cost $68,121,740) |
$
|
125,193,394
|
|||||
|
EXCESS OF LIABILITIES OVER CASH AND
OTHER ASSETS (-0.3%) |
(405,562)
|
||||||
|
NET ASSETS (2) (100%)
|
$
|
124,787,832
|
|||||
|
NET ASSET VALUE OFFERING AND
REDEMPTION PRICE, PER OUTSTANDING SHARE ($124,787,832 ÷ 9,114,436 shares outstanding) |
$
|
13.69
|
|||||
|
*
|
Non-income producing.
|
|
2
|
|
Schedule of Investments (unaudited) (continued)
|
|
(1)
|
A portion or all of the security was held on loan. As of March 31, 2014, the market value of the securities on loan was $2,919,838.
|
|
(2)
|
For federal income tax purposes, the aggregate cost was $68,121,740, aggregate gross unrealized appreciation was $57,110,237, aggregate gross unrealized depreciation was $38,583 and the net unrealized appreciation was $57,071,654.
|
|
ADR
|
American Depositary Receipt.
|
|
REIT
|
Real Estate Investment Trust.
|
|
3
|
|
●
|
Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;
|
|
●
|
Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;
|
|
●
|
Level 3 – Inputs that are unobservable.
|
|
Investments in Securities:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets
|
||||||||||||||||
|
Common Stocks
|
$ | 122,509,588 | $ | - | $ | - | $ | 122,509,588 | ||||||||
|
Short-Term Investments
|
- | 2,683,806 | - | 2,683,806 | ||||||||||||
|
Total Investments in Securities
|
$ | 122,509,588 | $ | 2,683,806 | $ | - | $ | 125,193,394 | ||||||||
Item 2. 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 the date within 90 days of filing date of this report, are approximately 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 3. Exhibits:
| (a) | Certifications of principal executive officer and principal financial officer of the registrant. |
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: | May 30, 2014 |
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: | May 30, 2014 | |