| | | | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | | | ☒ | |
| | | | Pre-Effective Amendment No. | | | ☐ | |
| | | | Post-Effective Amendment No. 49 | | | ☒ | |
| | | | and/or | | | | |
| | | | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | | | ☒ | |
| | | | Amendment No. 49 | | | ☒ | |
| Investor Class | | | (Ticker Symbol: VLEOX) | |
| Institutional Class | | | (Ticker Symbol: VLEIX) | |
| Investor Class | | | (Ticker Symbol: VLIFX) | |
| Institutional Class | | | (Ticker Symbol: VLMIX) | |
| Investor Class | | | (Ticker Symbol: VALSX) | |
| Institutional Class | | | (Ticker Symbol: VILSX) | |
| Investor Class | | | (Ticker Symbol: VALLX) | |
| Institutional Class | | | (Ticker Symbol: VLLIX) | |
| Investor Class | | | (Ticker Symbol: | |
| Institutional Class | | | (Ticker Symbol: | |
| Investor Class | | | (Ticker Symbol: VALIX) | |
| Institutional Class | | | (Ticker Symbol: VLIIX) | |
| Investor Class | | | (Ticker Symbol: VAGIX) | |
| | |
Investor
Class |
| |
Institutional
Class |
| ||||||
Management Fees | | | | | 0.74% | | | | | | 0.74% | | |
Distribution and Services (12b-1) Fees | | | | | 0.25% | | | | | | 0.00% | | |
Other Expenses | | | | | 0.19% | | | | | | 0.24% | | |
Total Annual Fund Operating Expenses | | | | | 1.18% | | | | | | 0.98% | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| |||||||||
Investor Class | | |
$120
|
| | | $ | 375 | | | | | $ | 649 | | | | | $ | 1,432 | | |
Institutional Class | | |
$100
|
| | | $ | 312 | | | | | $ | 542 | | | | | $ | 1,201 | | |
Best Quarter: |
Q4 2020 |
+23.00% |
Worst Quarter: |
Q1 2020 |
–19.40% |
| | |
1 year
|
| |
5 years
|
| |
10 years
|
| |
Since
Inception 11/1/2015(1) |
| ||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 22.00% | | | | | | 12.49% | | | | | | 9.61% | | | | | | | | |
Return after taxes on distributions
|
| | | | 21.76% | | | | | | 10.55% | | | | | | 7.59% | | | | | | | | |
Return after taxes on distributions and sale of Fund shares(2)
|
| | | | 13.19% | | | | | | 9.67% | | | | | | 7.30% | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 22.29% | | | | | | 12.77% | | | | | | | | | | | | 10.63% | | |
Russell 2000 Index
(Reflects no deduction for fees, expenses or taxes) |
| | | | 16.93% | | | | | | 9.97% | | | | | | 7.16% | | | | | | 8.54% | | |
| | |
Investor
Class |
| |
Institutional
Class |
| ||||||
Management Fees | | | | | 0.65% | | | | | | 0.65% | | |
Distribution and Service (12b-1) Fees | | | | | 0.25% | | | | | | 0.00% | | |
Other Expenses | | | | | 0.18% | | | | | | 0.22% | | |
Total Annual Fund Operating Expenses | | | | | 1.08% | | | | | | 0.87% | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Investor Class | | | | $ | 110 | | | | | $ | 343 | | | | | $ | 595 | | | | | $ | 1,317 | | |
Institutional Class | | | | $ | 89 | | | | | $ | 278 | | | | | $ | 482 | | | | | $ | 1,073 | | |
Best Quarter: |
Q1 2019 |
+17.58% |
Worst Quarter: |
Q1 2020 |
–16.75% |
| | |
1 year
|
| |
5 years
|
| |
10 years
|
| |
Since
Inception 8/14/2017(1) |
| ||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 22.11% | | | | | | 16.53% | | | | | | 12.76% | | | | | | | | |
Return after taxes on distributions
|
| | | | 22.10% | | | | | | 15.23% | | | | | | 11.90% | | | | | | | | |
Return after taxes on distributions and sale of Fund shares
|
| | | | 13.09% | | | | | | 13.19% | | | | | | 10.50% | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 22.38% | | | | | | 16.83% | | | | | | | | | | | | 15.01% | | |
S&P 500® Index (reflects
no deduction for fees, expenses or taxes) |
| | | | 26.29% | | | | | | 15.69% | | | | | | 12.03% | | | | | | 13.04% | | |
S&P MidCap 400® Index
(reflects no deduction for fees, expenses or taxes) |
| | | | 16.44% | | | | | | 12.62% | | | | | | 9.27% | | | | | | 9.65% | | |
| | |
Investor
Class |
| |
Institutional
Class |
| ||||||
Management Fees | | | | | 0.73% | | | | | | 0.73% | | |
Distribution and Service (12b-1) Fees | | | | | 0.25% | | | | | | 0.00% | | |
Other Expenses | | | | | 0.18% | | | | | | 0.37% | | |
Total Annual Fund Operating Expenses | | | | | 1.16% | | | | | | 1.10% | | |
Fee Waiver and Expense Reimbursement | | | | | 0.00% | | | | | | −0.19%(1) | | |
Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursement
|
| | | | 1.16% | | | | | | 0.91% | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Investor Class | | | | $ | 118 | | | | | $ | 368 | | | | | $ | 638 | | | | | $ | 1,409 | | |
Institutional Class | | | | $ | 93 | | | | | $ | 331 | | | | | $ | 588 | | | | | $ | 1,323 | | |
Best Quarter: |
Q2 2020 |
+22.22% |
Worst Quarter: |
Q1 2020 |
–16.88% |
Investor Class
|
| |
1 year
|
| |
5 years
|
| |
10 years
|
| |
Since
Inception 5/1/2020(1) |
| ||||||||||||
Return before taxes
|
| | | | 31.11% | | | | | | 16.78% | | | | | | 11.92% | | | | | | | | |
Return after taxes on distributions
|
| | | | 28.27% | | | | | | 13.38% | | | | | | 9.13% | | | | | | | | |
Return after taxes on distributions and sale of Fund shares
|
| | | | 20.44% | | | | | | 13.10% | | | | | | 9.11% | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 31.41% | | | | | | | | | | | | | | | | | | 15.81% | | |
S&P 500® Index
(reflects no deduction for fees, expenses or taxes) |
| | | | 26.29% | | | | | | 15.69% | | | | | | 12.03% | | | | | | 15.93% | | |
| | |
Investor
Class |
| |
Institutional
Class |
| ||||||
Management Fees | | | | | 0.72% | | | | | | 0.72% | | |
Distribution and Service (12b-1) Fees | | | | | 0.25% | | | | | | 0.00% | | |
Other Expenses | | | | | 0.19% | | | | | | 0.73% | | |
Total Annual Fund Operating Expenses | | | | | 1.16% | | | | | | 1.45% | | |
Fee Waivers and Expense Reimbursement(1) | | | | | –0.01% | | | | | | –0.55% | | |
Total Annual Fund Operating Expenses after Fee Waivers and Expense Reimbursement
|
| | | | 1.15% | | | | | | 0.90% | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Investor Class | | | | $ | 117 | | | | | $ | 365 | | | | | $ | 633 | | | | | $ | 1,398 | | |
Institutional Class | | | | $ | 92 | | | | | $ | 287 | | | | | $ | 498 | | | | | $ | 1,108 | | |
Best Quarter: |
Q2 2020 |
+39.25% |
Worst Quarter: |
Q2 2022 |
–28.69% |
Investor Class
|
| |
1 year
|
| |
5 years
|
| |
10 years
|
| |
Since
Inception 11/1/2015(1) |
| ||||||||||||
Return before taxes
|
| | | | 59.06% | | | | | | 12.87% | | | | | | 11.89% | | | | | | | | |
Return after taxes on distributions
|
| | | | 59.52% | | | | | | 10.50% | | | | | | 9.32% | | | | | | | | |
Return after taxes on distributions and sale of Fund shares
|
| | | | 34.96% | | | | | | 9.94% | | | | | | 9.05% | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 59.52% | | | | | | 13.14% | | | | | | | | | | | | 11.95% | | |
S&P 500® Index (reflects
no deduction for fees, expenses or taxes) |
| | | | 26.29% | | | | | | 15.69% | | | | | | 12.03% | | | | | | 12.77% | | |
Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes)
|
| | | | 42.68% | | | | | | 19.50% | | | | | | 14.86% | | | | | | 15.77% | | |
| | |
Investor
Class |
| |
Institutional
Class |
| ||||||
Management Fees | | | | | | | | | | | | ||
Distribution and Service (12b-1) Fees | | | | | | | | | | | | ||
Other Expenses | | | | | | | | | | | | ||
Total Annual Fund Operating Expenses | | | | | | | | | | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Investor Class | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Institutional Class | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
+ |
– |
| | | 1 year | | | 5 years | | | 10 years | | | Since Inception | | ||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes | | | | | | | | | | | | | | | | | | | | | | | |||
Return after taxes on distributions | | | | | | | | | | | | | | | | | | | | | | | |||
Return after taxes on distribution and sale of Fund shares(2) | | | | | | | | | | | | | | | | | | | | | | | |||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes | | | | | | | | | | | | | | | | | | | | | | | |||
S&P 500® Index | | | | | | | | | | | | | | | | | | | | | | ||||
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index(3)(reflects no deduction for fees, expenses or taxes) | | | | | | | | | | | | | | | | | | | | | |
| | |
Investor
Class |
| |
Institutional
Class |
| ||||||
Management Fees | | | | | 0.64% | | | | | | 0.64% | | |
Distribution and Service (12b-1) Fees | | | | | 0.25% | | | | | | 0.00% | | |
Other Expenses | | | | | 0.21% | | | | | | 0.25% | | |
Total Annual Fund Operating Expenses | | | | | 1.10% | | | | | | 0.89% | | |
Fee Waiver and Expense Reimbursement | | | | | 0.00% | | | | | | –0.04%(1) | | |
Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursement
|
| | | | 1.10% | | | | | | 0.85% | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Investor Class | | | | $ | 112 | | | | | $ | 350 | | | | | $ | 606 | | | | | $ | 1,340 | | |
Institutional Class | | | | $ | 87 | | | | | $ | 280 | | | | | $ | 489 | | | | | $ | 1,092 | | |
Best Quarter: |
Q2 2020 |
+31.59% |
Worst Quarter: |
Q2 2022 |
–22.15% |
| | |
1 year
|
| |
5 years
|
| |
10 years
|
| |
Since
Inception 11/2/2015(1) |
| ||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 34.44% | | | | | | 11.07% | | | | | | 8.67% | | | | | | | | |
Return after taxes on distributions
|
| | | | 34.15% | | | | | | 9.19% | | | | | | 6.72% | | | | | | | | |
Return after taxes on distributions and sale of Fund shares
|
| | | | 20.51% | | | | | | 8.59% | | | | | | 6.56% | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Return before taxes
|
| | | | 34.91% | | | | | | 11.38% | | | | | | | | | | | | 9.31% | | |
S&P 500® Index (reflects
no deduction for fees, expenses or taxes) |
| | | | 26.29% | | | | | | 15.69% | | | | | | 12.03% | | | | | | 12.77% | | |
60/40 S&P 500® Index/
Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)(2) |
| | | | 17.98% | | | | | | 9.85% | | | | | | 7.94% | | | | | | 8.20% | | |
| | |
Investor
Class |
| |||
Management Fees | | | | | 0.31% | | |
Distribution and Service (12b-1) Fees | | | | | 0.25% | | |
Other Expenses | | | | | 0.72% | | |
Total Annual Fund Operating Expenses | | | | | 1.28% | | |
Fee Waiver and Expense Reimbursement(*) | | | | | –0.48% | | |
Net Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement(*)
|
| | | | 0.80% | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Investor Class | | | | $ | 82 | | | | | $ | 358 | | | | | $ | 656 | | | | | $ | 1,503 | | |
Best Quarter: |
Q2 2020 |
+3.76% |
Worst Quarter: |
Q1 2022 |
-5.69% |
Investor Class
|
| |
1 year
|
| |
5 years
|
| |
10 years
|
| |||||||||
Return before taxes
|
| | | | 4.72% | | | | | | 0.55% | | | | | | 1.17% | | |
Return after taxes on distributions
|
| | | | 3.44% | | | | | | -0.36% | | | | | | 0.28% | | |
Return after taxes on distributions and sale of
Fund shares |
| | | | 2.77% | | | | | | 0.08% | | | | | | 0.53% | | |
Bloomberg US Aggregate Bond Index(1) (reflects no deduction for fees, expenses or taxes)
|
| | | | 5.53% | | | | | | 1.10% | | | | | | 1.81% | | |
| Value Line Small Cap Opportunities Fund | | | 0.74% | |
| Value Line Mid Cap Focused Fund | | | 0.65% | |
| Value Line Select Growth Fund | | | 0.73% | |
|
Value Line Larger Companies Focused Fund
|
| | 0.72% | |
| Value Line Asset Allocation Fund | | | 0.64% | |
| Value Line Capital Appreciation Fund | | | 0.64% | |
| Value Line Core Bond Fund | | | 0.31% | |
Fund
|
| |
Portfolio Manager
|
| |
Additional Information
|
|
Value Line Small Cap Opportunities Fund | | | Stephen E. Grant Mitchell E. Appel |
| |
Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s portfolio and has been the Fund’s portfolio manager since 1998. Mitchell E. Appel has served as a portfolio manager for the Fund since 2024.
|
|
Value Line Mid Cap Focused Fund | | | Stephen E. Grant Mitchell E. Appel |
| |
Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s portfolio and has been the Fund’s portfolio manager since 2009. Mitchell E. Appel has served as a portfolio manager for the Fund since 2024.
|
|
Value Line Select Growth Fund | | | Stephen E. Grant Mitchell E. Appel |
| |
Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s portfolio and has been the Fund’s portfolio manager since 1996. Mitchell E. Appel has served as a portfolio manager for the Fund since 2024.
|
|
Value Line Larger Companies Focused Fund | | | Cindy Starke Mitchell E. Appel |
| |
Cindy Starke has primary responsibility for the day-to-day management of the Fund’s portfolio and has been the Fund’s portfolio manager since 2014. Mitchell E. Appel has served as a portfolio manager for the Fund since 2024.
|
|
Value Line Asset Allocation Fund | | | Stephen E. Grant Liane Rosenberg Ronald Deonarain Mitchell E. Appel |
| |
Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s equity portfolio and its asset allocation. Liane Rosenberg and Ronald Deonarain have primary responsibility for the day-to-day management of the fixed income portion of the Fund’s portfolio. Mr. Grant has been the Fund’s portfolio manager since 1993. Ms. Rosenberg has been one of the Fund’s portfolio managers since 2012. Mr. Deonarain has been one of the Fund’s portfolio managers since 2023. Mitchell E. Appel has served as a portfolio manager for the Fund since 2024.
|
|
Fund
|
| |
Portfolio Manager
|
| |
Additional Information
|
|
Value Line Capital Appreciation Fund | | | Cindy Starke Liane Rosenberg Ronald Deonarain Mitchell E. Appel |
| |
Cindy Starke has primary responsibility for the day-to-day management of the Fund’s equity portfolio and allocation of the Fund’s assets and has been a portfolio manager of the Fund since 2014. Liane Rosenberg and Ronald Deonarain have primary responsibility for the day-to-day management of the fixed income portion of the Fund’s portfolio Ms. Rosenberg has been a portfolio manager of the Fund since 2011. Mr. Deonarain has been one of the Fund’s portfolio managers since 2023. Mitchell E. Appel has served as a portfolio manager for the Fund since 2024.
|
|
Value Line Core Bond Fund | | | Liane Rosenberg Ronald Deonarain |
| |
Liane Rosenberg and Ronald Deonarain have primary responsibility for the day-to-day management of the Fund’s portfolio. Ms. Rosenberg has been one of the Fund’s portfolio managers since 2012. Mr. Deonarain has been one of the Fund’s
portfolio managers since 2023.
|
|
|
How to sell shares
|
|
|
Frequent purchases and redemptions of Fund shares
|
|
|
Special services
|
|
|
Dividends, distributions and taxes
|
|
| | |
Value Line Small Cap Opportunities Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, 2023 |
| |
Period Ended
December 31, 2022* |
| |
Years Ended March 31,
|
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||
Net asset value, beginning of year
|
| | | $ | 42.99 | | | | | $ | 48.36 | | | | | $ | 53.12 | | | | | $ | 34.69 | | | | | $ | 48.31 | | | | | $ | 51.99 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.14)(1) | | | | | | (0.03)(1) | | | | | | (0.28)(1) | | | | | | (0.22)(1) | | | | | | (0.12)(1) | | | | | | (0.02) | | |
Net gains/(losses) on securities
(both realized and unrealized) |
| | | | 9.59 | | | | | | (4.15) | | | | | | (1.21) | | | | | | 22.68 | | | | | | (3.34) | | | | | | 3.09 | | |
Total from investment operations | | | | | 9.45 | | | | | | (4.18) | | | | | | (1.49) | | | | | | 22.46 | | | | | | (3.46) | | | | | | 3.07 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains
|
| | | | (0.43) | | | | | | (1.19) | | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | |
Total distributions
|
| | | | (0.43) | | | | | | (1.19) | | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | |
Net asset value, end of year
|
| | | $ | 52.01 | | | | | $ | 42.99 | | | | | $ | 48.36 | | | | | $ | 53.12 | | | | | $ | 34.69 | | | | | $ | 48.31 | | |
Total return
|
| | | | 22.00% | | | | | | (8.73)%(2) | | | | | | (3.34)% | | | | | | 65.92% | | | | | | (11.25)% | | | | | | 7.80% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 321,658 | | | | | $ | 275,060 | | | | | $ | 328,455 | | | | | $ | 386,766 | | | | | $ | 297,244 | | | | | $ | 400,688 | | |
Ratio of expenses to average net assets
|
| | | | 1.18% | | | | | | 1.18%(3) | | | | | | 1.16% | | | | | | 1.18% | | | | | | 1.19% | | | | | | 1.21% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | (0.30)% | | | | | | (0.09)%(3) | | | | | | (0.52)% | | | | | | (0.48)% | | | | | | (0.25)% | | | | | | (0.24)% | | |
Portfolio turnover rate | | | | | 11% | | | | | | 4%(2) | | | | | | 3% | | | | | | 4% | | | | | | 18% | | | | | | 20% | | |
| | |
Value Line Small Cap Opportunities Fund, Inc.
Institutional Class |
| |||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, 2023 |
| |
Period Ended
December 31, 2022* |
| |
Years Ended March 31,
|
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||
Net asset value, beginning of year
|
| | | $ | 44.14 | | | | | $ | 49.52 | | | | | $ | 54.19 | | | | | $ | 35.25 | | | | | $ | 48.83 | | | | | $ | 52.34 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.01)(1) | | | | | | 0.05(1) | | | | | | (0.14)(1) | | | | | | (0.10)(1) | | | | | | 0.00(1)(4) | | | | | | (0.02) | | |
Net gains/(losses) on securities
(both realized and unrealized) |
| | | | 9.84 | | | | | | (4.24) | | | | | | (1.26) | | | | | | 23.07 | | | | | | (3.42) | | | | | | 3.26 | | |
Total from investment operations | | | | | 9.83 | | | | | | (4.19) | | | | | | (1.40) | | | | | | 22.97 | | | | | | (3.42) | | | | | | 3.24 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains
|
| | | | (0.43) | | | | | | (1.19) | | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | |
Total distributions
|
| | | | (0.43) | | | | | | (1.19) | | | | | | (3.27) | | | | | | (4.03) | | | | | | (10.16) | | | | | | (6.75) | | |
Net asset value, end of year
|
| | | $ | 53.54 | | | | | $ | 44.14 | | | | | $ | 49.52 | | | | | $ | 54.19 | | | | | $ | 35.25 | | | | | $ | 48.83 | | |
Total return
|
| | | | 22.29% | | | | | | (8.54)%(2) | | | | | | (3.10)% | | | | | | 66.33% | | | | | | (11.03)% | | | | | | 8.09% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands)
|
| | | $ | 212,291 | | | | | $ | 93,453 | | | | | $ | 126,593 | | | | | $ | 119,237 | | | | | $ | 42,287 | | | | | $ | 48,783 | | |
Ratio of gross expenses to average
net assets |
| | | | 0.98% | | | | | | 0.99%(3) | | | | | | 0.95% | | | | | | 0.96% | | | | | | 1.00% | | | | | | 1.02% | | |
Ratio of net expenses to average net assets
|
| | | | 0.93% | | | | | | 0.93%(3) | | | | | | 0.91% | | | | | | 0.93% | | | | | | 0.94% | | | | | | 0.96% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | (0.01)% | | | | | | 0.15%(3) | | | | | | (0.25)% | | | | | | (0.21)% | | | | | | 0.00%(4) | | | | | | 0.02% | | |
Portfolio turnover rate | | | | | 11% | | | | | | 4%(2) | | | | | | 3% | | | | | | 4% | | | | | | 18% | | | | | | 20% | | |
| | |
Value Line Mid Cap Focused Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 26.41 | | | | | $ | 31.24 | | | | | $ | 28.29 | | | | | $ | 25.49 | | | | | $ | 19.11 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(1) | | | | | 0.04 | | | | | | 0.03 | | | | | | 0.10 (2) | | | | | | (0.12) | | | | | | 0.06(3) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 5.80 | | | | | | (2.96) | | | | | | 5.42 | | | | | | 5.13 | | | | | | 6.68 | | |
Total from investment operations | | | | | 5.84 | | | | | | (2.93) | | | | | | 5.52 | | | | | | 5.01 | | | | | | 6.74 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.01) | | | | | | (0.03) | | | | | | — | | | | | | (0.02) | | | | | | (0.00)(4) | | |
Distributions from net realized gains | | | | | — | | | | | | (1.87) | | | | | | (2.57) | | | | | | (2.19) | | | | | | (0.36) | | |
Total distributions
|
| | | | (0.01) | | | | | | (1.90) | | | | | | (2.57) | | | | | | (2.21) | | | | | | (0.36) | | |
Net asset value, end of year
|
| | | $ | 32.24 | | | | | $ | 26.41 | | | | | $ | 31.24 | | | | | $ | 28.29 | | | | | $ | 25.49 | | |
Total return
|
| | | | 22.11% | | | | | | (9.56)% | | | | | | 19.88% | | | | | | 19.96% | | | | | | 35.30% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 424,471 | | | | | $ | 274,371 | | | | | $ | 318,184 | | | | | $ | 332,898 | | | | | $ | 373,341 | | |
Ratio of expenses to average net assets | | | | | 1.08% | | | | | | 1.07% | | | | | | 1.07% | | | | | | 1.10% | | | | | | 1.11% | | |
Ratio of net investment income/(loss) to
average net assets |
| | | | 0.12% | | | | | | 0.10% | | | | | | 0.33%(2) | | | | | | (0.46)% | | | | | | 0.27%(3) | | |
Portfolio turnover rate | | | | | 1% | | | | | | 13% | | | | | | 0%(5) | | | | | | 4% | | | | | | 19% | | |
| | |
Value Line Mid Cap Focused Fund, Inc.
Institutional Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 26.60 | | | | | $ | 31.46 | | | | | $ | 28.39 | | | | | $ | 25.59 | | | | | $ | 19.17 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(1) | | | | | 0.12 | | | | | | 0.10 | | | | | | 0.19(2) | | | | | | (0.04) | | | | | | 0.20(3) | | |
Net gains/(losses) on securities (both realized
and unrealized) |
| | | | 5.83 | | | | | | (2.98) | | | | | | 5.45 | | | | | | 5.14 | | | | | | 6.64 | | |
Total from investment operations | | | | | 5.95 | | | | | | (2.88) | | | | | | 5.64 | | | | | | 5.10 | | | | | | 6.84 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.07) | | | | | | (0.11) | | | | | | — | | | | | | (0.11) | | | | | | (0.06) | | |
Distributions from net realized gains | | | | | — | | | | | | (1.87) | | | | | | (2.57) | | | | | | (2.19) | | | | | | (0.36) | | |
Total distributions
|
| | | | (0.07) | | | | | | (1.98) | | | | | | (2.57) | | | | | | (2.30) | | | | | | (0.42) | | |
Net asset value, end of year
|
| | | $ | 32.48 | | | | | $ | 26.60 | | | | | $ | 31.46 | | | | | $ | 28.39 | | | | | $ | 25.59 | | |
Total return
|
| | | | 22.38% | | | | | | (9.35)% | | | | | | 20.24% | | | | | | 20.24% | | | | | | 35.68% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 837,394 | | | | | $ | 253,758 | | | | | $ | 177,272 | | | | | $ | 138,967 | | | | | $ | 41,459 | | |
Ratio of gross expenses to average net assets | | | | | 0.87% | | | | | | 0.86% | | | | | | 0.86% | | | | | | 0.89% | | | | | | 1.04% | | |
Ratio of net expenses to average net assets | | | | | 0.87% | | | | | | 0.82% | | | | | | 0.82% | | | | | | 0.85% | | | | | | 0.86% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | 0.40% | | | | | | 0.35% | | | | | | 0.63%(2) | | | | | | (0.15)% | | | | | | 0.81%(3) | | |
Portfolio turnover rate | | | | | 1% | | | | | | 13% | | | | | | 0%(5) | | | | | | 4% | | | | | | 19% | | |
| | |
Value Line Select Growth Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 28.74 | | | | | $ | 40.46 | | | | | $ | 37.49 | | | | | $ | 38.93 | | | | | $ | 30.47 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Net investment income/(loss)(1) | | | | | 0.01 | | | | | | (0.12)(1) | | | | | | (0.25) | | | | | | (0.17) | | | | | | (0.05) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 8.92 | | | | | | (8.11) | | | | | | 9.08 | | | | | | 8.91 | | | | | | 11.16 | | |
Total from investment operations | | | | | 8.93 | | | | | | (8.23) | | | | | | 8.83 | | | | | | 8.74 | | | | | | 11.11 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (3.42) | | | | | | (3.49) | | | | | | (5.86) | | | | | | (10.18) | | | | | | (2.65) | | |
Total distributions
|
| | | | (3.42) | | | | | | (3.49) | | | | | | (5.86) | | | | | | (10.18) | | | | | | (2.65) | | |
Net asset value, end of year
|
| | | $ | 34.25 | | | | | $ | 28.74 | | | | | $ | 40.46 | | | | | $ | 37.49 | | | | | $ | 38.93 | | |
Total return
|
| | | | 31.11% | | | | | | (20.67)% | | | | | | 24.16% | | | | | | 23.12% | | | | | | 36.59% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 397,990 | | | | | $ | 331,514 | | | | | $ | 486,661 | | | | | $ | 451,806 | | | | | $ | 486,392 | | |
Ratio of expenses to average net assets | | | | | 1.16% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.16% | | | | | | 1.16% | | |
Ratio of net investment income/(loss) to
average net assets |
| | | | 0.03% | | | | | | (0.37)% | | | | | | (0.62)% | | | | | | (0.43)% | | | | | | (0.12)% | | |
Portfolio turnover rate | | | | | 14% | | | | | | 6% | | | | | | 3% | | | | | | 12% | | | | | | 17% | | |
| | |
Value Line Select Growth Fund, Inc.
Institutional Class |
| |||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Period Ended
December 31, 2020(2) |
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 29.01 | | | | | $ | 40.69 | | | | | $ | 37.58 | | | | | $ | 36.44 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | |||||
Net investment income/(loss)(1) | | | | | 0.12 | | | | | | (0.04) | | | | | | (0.15) | | | | | | 0.02 | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 8.98 | | | | | | (8.15) | | | | | | 9.12 | | | | | | 11.30 | | |
Total from investment operations | | | | | 9.10 | | | | | | (8.19) | | | | | | 8.97 | | | | | | 11.32 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | |||||
Distributions from net realized gains | | | | | (3.42) | | | | | | (3.49) | | | | | | (5.86) | | | | | | (10.18) | | |
Total distributions
|
| | | | (3.42) | | | | | | (3.49) | | | | | | (5.86) | | | | | | (10.18) | | |
Net asset value, end of year
|
| | | $ | 34.69 | | | | | $ | 29.01 | | | | | $ | 40.69 | | | | | $ | 37.58 | | |
Total return
|
| | | | 31.41% | | | | | | (20.45)% | | | | | | 24.47% | | | | | | 31.78%(3) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |||||
Net assets, end of year (in thousands) | | | | $ | 19,544 | | | | | $ | 10,801 | | | | | $ | 15,739 | | | | | $ | 11,963 | | |
Ratio of gross expenses to average net assets
|
| | | | 1.10% | | | | | | 1.11% | | | | | | 1.04% | | | | | | 1.96%(4) | | |
Ratio of net expenses to average net assets
|
| | | | 0.91% | | | | | | 0.88% | | | | | | 0.88% | | | | | | 0.91%(4) | | |
Ratio of net investment income/(loss) to
average net assets |
| | | | 0.36% | | | | | | (0.12)% | | | | | | (0.37)% | | | | | | 0.08%(4) | | |
Portfolio turnover rate | | | | | 14% | | | | | | 6% | | | | | | 3% | | | | | | 12%(3) | | |
| | |
Value Line Larger Companies Focused Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 18.49 | | | | | $ | 34.36 | | | | | $ | 38.35 | | | | | $ | 28.87 | | | | | $ | 25.34 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(1) | | | | | (0.15) | | | | | | (0.08) | | | | | | (0.35) | | | | | | (0.29) | | | | | | (0.23) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 11.07 | | | | | | (13.17) | | | | | | 1.29 | | | | | | 13.42 | | | | | | 6.64 | | |
Total from investment operations | | | | | 10.92 | | | | | | (13.25) | | | | | | 0.94 | | | | | | 13.13 | | | | | | 6.41 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (2.62) | | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | |
Total distributions
|
| | | | — | | | | | | (2.62) | | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | |
Net asset value, end of year
|
| | | $ | 29.41 | | | | | $ | 18.49 | | | | | $ | 34.36 | | | | | $ | 38.35 | | | | | $ | 28.87 | | |
Total return
|
| | | | 59.06% | | | | | | (38.99)% | | | | | | 2.89% | | | | | | 45.98% | | | | | | 25.67% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Net assets, end of year (in thousands) | | | | $ | 304,094 | | | | | $ | 200,602 | | | | | $ | 367,681 | | | | | $ | 394,389 | | | | | $ | 291,057 | | |
Ratio of gross expenses to average net assets
|
| | | | 1.16% | | | | | | 1.14% | | | | | | 1.14% | | | | | | 1.15% | | | | | | 1.16% | | |
Ratio of net expenses to average net assets
|
| | | | 1.15% | | | | | | 1.14% | | | | | | 1.14% | | | | | | 1.15% | | | | | | 1.15% | | |
Ratio of net investment income/(loss) to
average net assets |
| | | | (0.61)% | | | | | | (0.30)% | | | | | | (0.87)% | | | | | | (0.86)% | | | | | | (0.78)% | | |
Portfolio turnover rate | | | | | 29% | | | | | | 58% | | | | | | 27% | | | | | | 54% | | | | | | 29% | | |
| | |
Value Line Larger Companies Focused Fund, Inc.
Institutional Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 18.80 | | | | | $ | 34.79 | | | | | $ | 38.68 | | | | | $ | 29.03 | | | | | $ | 25.41 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(1) | | | | | (0.09) | | | | | | (0.02) | | | | | | (0.26) | | | | | | (0.21) | | | | | | (0.15) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 11.28 | | | | | | (13.35) | | | | | | 1.30 | | | | | | 13.51 | | | | | | 6.65 | | |
Total from investment operations | | | | | 11.19 | | | | | | (13.37) | | | | | | 1.04 | | | | | | 13.30 | | | | | | 6.50 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | — | | | | | | (2.62) | | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | |
Total distributions
|
| | | | — | | | | | | (2.62) | | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | |
Net asset value, end of year
|
| | | $ | 29.99 | | | | | $ | 18.80 | | | | | $ | 34.79 | | | | | $ | 38.68 | | | | | $ | 29.03 | | |
Total return
|
| | | | 59.52% | | | | | | (38.85)% | | | | | | 3.12% | | | | | | 46.36% | | | | | | 25.92% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 10,004 | | | | | $ | 4,080 | | | | | $ | 8,730 | | | | | $ | 6,519 | | | | | $ | 2,054 | | |
Ratio of gross expenses to average net assets
|
| | | | 1.45% | | | | | | 1.25% | | | | | | 1.36% | | | | | | 1.80% | | | | | | 2.75% | | |
Ratio of net expenses to average net assets
|
| | | | 0.90% | | | | | | 0.89% | | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.90% | | |
Ratio of net investment income/(loss) to
average net assets |
| | | | (0.38)% | | | | | | (0.06)% | | | | | | (0.63)% | | | | | | (0.62)% | | | | | | (0.50)% | | |
Portfolio turnover rate | | | | | 29% | | | | | | 58% | | | | | | 27% | | | | | | 54% | | | | | | 29% | | |
| | |
Value Line Asset Allocation Fund, Inc.
Investor Class |
| | |||||||||||||||||||||||||||||||||||
| | |
Years Ended
December 31, 2023 |
| |
Period Ended
December 31, 2022* |
| |
Years Ended March 31,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| | ||||||||||||||||||||||||||
Net asset value, beginning of year
|
| | | $ | 36.87 | | | | | $ | 42.79 | | | | | $ | 43.14 | | | | | $ | 34.72 | | | | | $ | 35.07 | | | | | $ | 31.95 | | | | ||
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net investment income/(loss) | | | | | 0.42(1) | | | | | | 0.13(1) | | | | | | 0.03(1) | | | | | | 0.00(1)(2) | | | | | | 0.20(1) | | | | | | 0.14 | | | | ||
Net gains/(losses) on securities
(both realized and unrealized) |
| | | | 7.46 | | | | | | (3.84) | | | | | | 2.59 | | | | | | 8.65 | | | | | | 0.12 | | | | | | 3.95 | | | | ||
Total from investment operations | | | | | 7.88 | | | | | | (3.71) | | | | | | 2.62 | | | | | | 8.65 | | | | | | 0.32 | | | | | | 4.09 | | | | ||
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Dividends from net investment income
|
| | | | (0.44) | | | | | | (0.33) | | | | | | (0.01) | | | | | | (0.01) | | | | | | (0.16) | | | | | | (0.13) | | | | ||
Distributions from net realized gains
|
| | | | (3.59) | | | | | | (1.88) | | | | | | (2.96) | | | | | | (0.22) | | | | | | (0.51) | | | | | | (0.84) | | | | ||
Total distributions
|
| | | | (4.03) | | | | | | (2.21) | | | | | | (2.97) | | | | | | (0.23) | | | | | | (0.67) | | | | | | (0.97) | | | | ||
Net asset value, end of year
|
| | | $ | 40.72 | | | | | $ | 36.87 | | | | | $ | 42.79 | | | | | $ | 43.14 | | | | | $ | 34.72 | | | | | $ | 35.07 | | | | ||
Total return
|
| | | | 21.39% | | | | | | (8.81)%(3) | | | | | | 5.70% | | | | | | 24.93% | | | | | | 0.75% | | | | | | 13.17% | | | | ||
Ratios/Supplemental Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net assets, end of year (in thousands)
|
| | | $ | 387,504 | | | | | $ | 372,165 | | | | | $ | 499,220 | | | | | $ | 621,482 | | | | | $ | 600,102 | | | | | $ | 384,222 | | | | ||
Ratio of gross expenses to average
net assets |
| | | | 1.06% | | | | | | 1.04%(4) | | | | | | 1.02% | | | | | | 1.03% | | | | | | 1.08% | | | | | | 1.12% | | | | ||
Ratio of net investment income/(loss) to average net assets
|
| | | | 1.06% | | | | | | 0.45%(4) | | | | | | 0.07% | | | | | | 0.01% | | | | | | 0.54% | | | | | | 0.46% | | | | ||
Portfolio turnover rate | | | | | 29% | | | | | | 37%(3) | | | | | | 14% | | | | | | 19% | | | | | | 16% | | | | | | 19% | | | |
| | |
Value Line Asset Allocation Fund, Inc.
Institutional Class |
| | |||||||||||||||||||||||||||||||||||
| | |
Years Ended
December 31, 2023 |
| |
Period Ended
December 31, 2022* |
| |
Years Ended March 31,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| | ||||||||||||||||||||||||||
Net asset value, beginning of year
|
| | | $ | 36.93 | | | | | $ | 42.89 | | | | | $ | 43.24 | | | | | $ | 34.82 | | | | | $ | 35.16 | | | | | $ | 32.03 | | | | ||
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net investment income/(loss) | | | | | 0.51(1) | | | | | | 0.20(1) | | | | | | 0.15(1) | | | | | | 0.11(1) | | | | | | 0.30(1) | | | | | | 0.19 | | | | ||
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 7.49 | | | | | | (3.85) | | | | | | 2.61 | | | | | | 8.68 | | | | | | 0.11 | | | | | | 4.00 | | | | ||
Total from investment operations | | | | | 8.00 | | | | | | (3.65) | | | | | | 2.76 | | | | | | 8.79 | | | | | | 0.41 | | | | | | 4.19 | | | | ||
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Dividends from net investment income | | | | | (0.54) | | | | | | (0.43) | | | | | | (0.15) | | | | | | (0.15) | | | | | | (0.24) | | | | | | (0.22) | | | | ||
Distributions from net realized gains | | | | | (3.59) | | | | | | (1.88) | | | | | | (2.96) | | | | | | (0.22) | | | | | | (0.51) | | | | | | (0.84) | | | | ||
Total distributions
|
| | | | (4.13) | | | | | | (2.31) | | | | | | (3.11) | | | | | | (0.37) | | | | | | (0.75) | | | | | | (1.06) | | | | ||
Net asset value, end of year
|
| | | $ | 40.80 | | | | | $ | 36.93 | | | | | $ | 42.89 | | | | | $ | 43.24 | | | | | $ | 34.82 | | | | | $ | 35.16 | | | | ||
Total return
|
| | | | 21.68% | | | | | | (8.65)%(3) | | | | | | 5.98% | | | | | | 25.24% | | | | | | 0.99% | | | | | | 13.49% | | | | ||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 560,759 | | | | | $ | 575,324 | | | | | $ | 920,487 | | | | | $ | 1,165,569 | | | | | $ | 500,103 | | | | | $ | 160,075 | | | | ||
Ratio of gross expenses to average net assets
|
| | | | 0.82% | | | | | | 0.81%(4) | | | | | | 0.77% | | | | | | 0.78% | | | | | | 0.84% | | | | | | 0.88% | | | | ||
Ratio of net expenses to average net assets
|
| | | | 0.82% | | | | | | 0.80%(4) | | | | | | 0.77% | | | | | | 0.78% | | | | | | 0.83% | | | | | | 0.87% | | | | ||
Ratio of net investment income/(loss) to
average net assets |
| | | | 1.28% | | | | | | 0.68%(4) | | | | | | 0.32% | | | | | | 0.26% | | | | | | 0.80% | | | | | | 0.74% | | | | ||
Portfolio turnover rate | | | | | 29% | | | | | | 37%(3) | | | | | | 14% | | | | | | 19% | | | | | | 16% | | | | | | 19% | | | |
| | |
Value Line Capital Appreciation Fund, Inc.
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 7.87 | | | | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.25 | | | | | $ | 8.94 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(1) | | | | | 0.08 | | | | | | 0.04 | | | | | | (0.05) | | | | | | (0.03) | | | | | | (0.01) | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 2.63 | | | | | | (3.69) | | | | | | 0.88 | | | | | | 3.39 | | | | | | 2.32(2) | | |
Total from investment operations | | | | | 2.71 | | | | | | (3.65) | | | | | | 0.83 | | | | | | 3.36 | | | | | | 2.31 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.08) | | | | | | (0.05) | | | | | | (0.00)(3) | | | | | | — | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (0.82) | | | | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | |
Total distributions
|
| | | | (0.08) | | | | | | (0.87) | | | | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | |
Net asset value, end of year
|
| | | $ | 10.50 | | | | | $ | 7.87 | | | | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.25 | | |
Total return
|
| | | | 34.44% | | | | | | (29.83)% | | | | | | 6.79% | | | | | | 33.03% | | | | | | 26.14% | | |
Ratios/Supplemental Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 348,142 | | | | | $ | 277,895 | | | | | $ | 508,549 | | | | | $ | 560,243 | | | | | $ | 427,619 | | |
Ratio of expenses to average net assets | | | | | 1.10% | | | | | | 1.07% | | | | | | 1.05% | | | | | | 1.07% | | | | | | 1.09% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | 0.81% | | | | | | 0.39% | | | | | | (0.35)% | | | | | | (0.28)% | | | | | | (0.08)% | | |
Portfolio turnover rate | | | | | 52% | | | | | | 56% | | | | | | 39% | | | | | | 51% | | | | | | 34% | | |
| | |
Value Line Capital Appreciation Fund, Inc.
Institutional Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 7.86 | | | | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.22 | | | | | $ | 8.89 | | |
Income/(loss) from investment operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss)(1) | | | | | 0.10 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.01) | | | | | | 0.02 | | |
Net gains/(losses) on securities (both realized and unrealized)
|
| | | | 2.64 | | | | | | (3.70) | | | | | | 0.88 | | | | | | 3.40 | | | | | | 2.31(2) | | |
Total from investment operations | | | | | 2.74 | | | | | | (3.64) | | | | | | 0.87 | | | | | | 3.39 | | | | | | 2.33 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.10) | | | | | | (0.07) | | | | | | (0.04) | | | | | | — | | | | | | — | | |
Distributions from net realized gains | | | | | — | | | | | | (0.82) | | | | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | |
Total distributions
|
| | | | (0.10) | | | | | | (0.89) | | | | | | (1.38) | | | | | | (0.71) | | | | | | (1.00) | | |
Net asset value, end of year
|
| | | $ | 10.50 | | | | | $ | 7.86 | | | | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.22 | | |
Total return
|
| | | | 34.91% | | | | | | (29.74)% | | | | | | 7.13% | | | | | | 33.42% | | | | | | 26.51% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 95,627 | | | | | $ | 80,814 | | | | | $ | 184,329 | | | | | $ | 121,927 | | | | | $ | 31,858 | | |
Ratio of gross expenses to average net assets
|
| | | | 0.89% | | | | | | 0.86% | | | | | | 0.86% | | | | | | 0.89% | | | | | | 0.97% | | |
Ratio of net expenses to average net assets
|
| | | | 0.85% | | | | | | 0.82% | | | | | | 0.80% | | | | | | 0.82% | | | | | | 0.84% | | |
Ratio of net investment income/(loss) to
average net assets |
| | | | 1.06% | | | | | | 0.64% | | | | | | (0.10)% | | | | | | (0.06)% | | | | | | 0.17% | | |
Portfolio turnover rate | | | | | 52% | | | | | | 56% | | | | | | 39% | | | | | | 51% | | | | | | 34% | | |
| | |
Value Line Core Bond Fund
Investor Class |
| |||||||||||||||||||||||||||
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net asset value, beginning of year
|
| | | $ | 12.98 | | | | | $ | 15.11 | | | | | $ | 15.84 | | | | | $ | 15.26 | | | | | $ | 14.40 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.39(1) | | | | | | 0.22(1) | | | | | | 0.19(1) | | | | | | 0.25(1) | | | | | | 0.36 | | |
Net gains/(losses) on securities (both realized
and unrealized) |
| | | | 0.21 | | | | | | (2.11) | | | | | | 0.53 | | | | | | 0.63 | | | | | | 0.86 | | |
Total from investment operations | | | | | 0.60 | | | | | | (1.89) | | | | | | 0.34 | | | | | | 0.88 | | | | | | 1.22 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.39) | | | | | | (0.24) | | | | | | (0.23) | | | | | | (0.30) | | | | | | (0.36) | | |
Distributions from net realized gains | | | | | — | | | | | | — | | | | | | (0.16) | | | | | | — | | | | | | — | | |
Total distributions
|
| | | | (0.39) | | | | | | (0.24) | | | | | | (0.39) | | | | | | (0.30) | | | | | | (0.36) | | |
Net asset value, end of year
|
| | | $ | 13.19 | | | | | $ | 12.98 | | | | | $ | 15.11 | | | | | $ | 15.84 | | | | | $ | 15.26 | | |
Total return
|
| | | | 4.72% | | | | | | (12.58)% | | | | | | (2.18)% | | | | | | 5.77% | | | | | | 8.51% | | |
Ratios/Supplemental Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 37,946 | | | | | $ | 40,746 | | | | | $ | 50,267 | | | | | $ | 53,854 | | | | | $ | 53,976 | | |
Ratio of gross expenses to average net assets | | | | | 1.28% | | | | | | 1.20% | | | | | | 1.23% | | | | | | 1.19% | | | | | | 1.14% | | |
Ratio of net expenses to average net assets | | | | | 0.83% | | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.93% | | |
Ratio of net investment income/(loss) to average net assets
|
| | | | 3.01% | | | | | | 1.62% | | | | | | 1.25% | | | | | | 1.62% | | | | | | 2.26% | | |
Portfolio turnover rate | | | | | 50% | | | | | | 37% | | | | | | 71% | | | | | | 70% | | | | | | 39% | | |
| Online: www.vlfunds.com | |
| By mail: 7 Times Square, Suite 1606, New York, NY 10036-6524 | |
| By phone: 1-800-243-2729 | |
| Online: www.sec.gov | | | | |
| By e-mail: (duplicating fee required) | | | | |
| By mail: (duplicating fee required) | | | | |
|
Investment Adviser
|
| |
Service Agent
|
|
|
EULAV Asset Management
7 Times Square, Suite 1606 New York, NY 10036-6524 |
| |
SS&C GIDS, Inc.
P.O. Box 219729 Kansas City, MO 64121-9729 |
|
|
Custodian
|
| |
Distributor
|
|
|
State Street Bank and Trust Company
1 Iron Street Boston, MA 02210 |
| |
EULAV Securities LLC
7 Times Square, Suite 1606 New York, NY 10036-6524 |
|
| Value Line Small Cap Opportunities Fund, Inc. 7 Times Square, Suite 1606, New York, NY 10036-6524 |
| |
File No. 811-07388
|
|
| Value Line Mid Cap Focused Fund, Inc. 7 Times Square, Suite 1606, New York, NY 10036-6524 |
| |
File No. 811-02265
|
|
|
Value Line Select Growth Fund, Inc.
7 Times Square, Suite 1606, New York, NY 10036-6524 |
| |
File No. 811-02278
|
|
| Value Line Larger Companies Focused Fund, Inc. 7 Times Square, Suite 1606, New York, NY 10036-6524 |
| |
File No. 811-01807
|
|
|
Value Line Asset Allocation Fund, Inc.
7 Times Square, Suite 1606, New York, NY 10036-6524 |
| |
File No. 811-07702
|
|
| Value Line Capital Appreciation Fund, Inc. 7 Times Square, Suite 1606, New York, NY 10036-6524 |
| |
File No. 811- 02277
|
|
| Value Line Core Bond Fund 7 Times Square, Suite 1606, New York, NY 10036-6524 |
| |
File No. 811-04471
|
|
| Investor Class | | |
(Ticker Symbol: VLEOX)
|
|
|
Institutional Class
|
| |
(Ticker Symbol: VLEIX)
|
|
| Investor Class | | |
(Ticker Symbol: VLIFX)
|
|
|
Institutional Class
|
| |
(Ticker Symbol: VLMIX)
|
|
| Investor Class | | |
(Ticker Symbol: VALSX)
|
|
|
Institutional Class
|
| |
(Ticker Symbol: VILSX)
|
|
| Investor Class | | |
(Ticker Symbol: VALLX)
|
|
|
Institutional Class
|
| |
(Ticker Symbol: VLLIX)
|
|
| Investor Class | | |
(Ticker Symbol: VLAAX)
|
|
|
Institutional Class
|
| |
(Ticker Symbol: VLAIX)
|
|
| Investor Class | | |
(Ticker Symbol: VALIX)
|
|
|
Institutional Class
|
| |
(Ticker Symbol: VLIIX)
|
|
|
Investor Class
|
| |
(Ticker Symbol: VAGIX)
|
|
| | | |
Page
|
| |||
| | | | | B-3 | | | |
| | | | | B-13 | | | |
| | | | | B-22 | | | |
| | | | | B-30 | | | |
| | | | | B-31 | | | |
| | | | | B-35 | | | |
| | | | | B-37 | | | |
| | | | | B-38 | | | |
| | | | | B-43 | | | |
| | | | | B-44 | | |
|
Concentration.
|
| |
(1)
purchase the securities of any issuer if, as a result of such purchase, the Fund’s investments would be concentrated in any particular industry.
|
|
Borrowing.
|
(2)
|
borrow money. |
Senior Securities.
|
(3)
|
issue senior securities. |
Lending.
|
(4)
|
make loans. |
Real Estate & Commodities.
|
(5)
|
purchase or sell commodities or real estate. |
Underwriting Securities.
|
(6)
|
underwrite the securities of other issuers. |
|
Name, Address, and Year of Birth
|
| |
Position
|
| |
Length of
Time Served |
| |
Principal Occupations
During the Past 5 Years |
| |
Number of
Portfolios in Fund Complex Overseen by Director |
| |
Other
Directorships Held by Director During the Past 5 Years |
|
| Interested Director* | | | | | | | ||||||||||
|
Mitchell E. Appel
1970 |
| | Director | | |
Since 2010
|
| |
President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor.
|
| |
7
|
| |
Forethought Variable Insurance Trust
|
|
|
Non-Interested Directors
|
| | | | | | ||||||||||
|
Joyce E. Heinzerling
1956 |
| | Director | | |
Since 2008
|
| |
Retired. Managing Member, Meridian Fund Advisers LLC (consultants) until 2020.
|
| |
7
|
| |
KOP Therapeutics Corp. (biotechnology)
|
|
|
James E. Hillman
1957 |
| |
Director
(Chair of the Board of the Value Line Funds since 2016) |
| |
Since 2015
|
| |
Retired. Chief Financial Officer, Notre Dame School of Manhattan, 2011 – 2023. Director and Principal Financial Officer, Merrill Lynch Global Wealth Management, 2006 – 2011.
|
| |
7
|
| |
Miller/Howard High Income Equity Fund
|
|
|
Paul Craig Roberts
1939 |
| | Director | | |
Since 1983
|
| |
Chairman, Institute for Political Economy.
|
| |
7
|
| | None | |
| Officers | | | | | | | ||||||||||
|
Mitchell E. Appel
1970 |
| | President | | |
Since 2008
|
| |
President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor.
|
| | | ||||
|
Jim Gallo
1964 |
| | Treasurer and Chief Financial Officer | | |
Since 2022
|
| |
Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since 2022. Senior Principal Consultant. Foreside Management Services, LLC, since 2022. Director Fund Services, Bank of New York Mellon, 2002 – 2021.
|
| | | ||||
|
Michael J. Wagner
1950 |
| | Chief Compliance Officer | | |
Since 2009
|
| |
Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC 2006 – 2019.
|
| | | ||||
|
Emily D. Washington
1979 |
| | Vice President and Secretary | | |
Since 2008
|
| |
Vice President of each of the Value Line Funds since 2020 and Secretary since 2010; Treasurer and Chief Financial Officer of each of the Value Line Funds, 2008 – 2020.
|
| | | ||||
|
Robert Scagnelli
1961 |
| |
Vice President
|
| |
Since 2020
|
| |
Vice President of each of the Value Line Funds since 2020; Vice President of the Distributor and the Adviser since 2011.
|
| | |
Name of Person
|
| |
Aggregate
Compensation From Value Line Small Cap Opportunities Fund |
| |
Aggregate
Compensation From Value Line Mid Cap Focused Fund |
| |
Aggregate
Compensation From Value Line Select Growth Fund |
| |
Aggregate
Compensation From Value Line Larger Companies Focused Fund |
| |
Aggregate
Compensation From Value Line Asset Allocation Fund |
| |
Aggregate
Compensation From Value Line Capital Appreciation Fund |
| |
Aggregate
Compensation From Value Line Core Bond Fund |
| |
Total
Compensation From Value Line Funds |
| ||||||||||||||||||||||||
Interested Director | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mitchell E. Appel | | | | $ | -0- | | | | | $ | -0- | | | | | $ | -0- | | | | | $ | -0- | | | | | $ | -0- | | | | | $ | -0- | | | | | $ | -0- | | | | | $ | -0- | | |
Non-Interested Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Joyce E. Heinzerling | | | | $ | 14,859 | | | | | $ | 27,411 | | | | | $ | 12,912 | | | | | $ | 8,822 | | | | | $ | 32,436 | | | | | $ | 14,191 | | | | | $ | 1,369 | | | | | $ | 112,000 | | |
James E. Hillman | | | | $ | 18,648 | | | | | $ | 34,215 | | | | | $ | 16,179 | | | | | $ | 11,005 | | | | | $ | 40,677 | | | | | $ | 17,747 | | | | | $ | 1,529 | | | | | $ | 140,000 | | |
Paul Craig Roberts | | | | $ | 14,859 | | | | | $ | 27,411 | | | | | $ | 12,912 | | | | | $ | 8,822 | | | | | $ | 32,436 | | | | | $ | 14,191 | | | | | $ | 1,369 | | | | | $ | 112,000 | | |
Nancy-Beth Sheerr* | | | | $ | 11,543 | | | | | $ | 19,941 | | | | | $ | 10,183 | | | | | $ | 6,898 | | | | | $ | 25,992 | | | | | $ | 11,336 | | | | | $ | 1,107 | | | | | $ | 87,000 | | |
Name of Person
|
| |
Dollar Range
of Equity Securities in Value Line Small Cap Opportunities Fund |
| |
Dollar Range
of Equity Securities in Value Line Mid Cap Focused Fund |
| |
Dollar
Range of Equity Securities in Value Line Select Growth Fund |
| |
Dollar Range
of Equity Securities in Value Line Larger Companies Focused Fund |
|
Interested Director | | | | | | ||||||||
Mitchell E. Appel | | |
$10,001 – $50,000
|
| |
$50,001 – $100,000
|
| |
$10,001 – $50,000
|
| |
$10,001 – $50,000
|
|
Non-Interested Directors
|
| | | | | ||||||||
Joyce E. Heinzerling | | |
$1 – $10,000
|
| |
$10,001 – $50,000
|
| |
$-0-
|
| |
$1 – $10,000
|
|
James E. Hillman | | |
$50,001 – $100,000
|
| |
$50,001 – $100,000
|
| |
$10,001 – $50,000
|
| |
$50,001 – $100,000
|
|
Paul Craig Roberts | | |
$-0-
|
| |
$-0-
|
| |
$-0-
|
| |
$-0-
|
|
Name of Person
|
| |
Dollar Range
of Equity Securities in Value Line Asset Allocation Fund |
| |
Dollar Range
of Equity Securities in Value Line Capital Appreciation Fund |
| |
Dollar Range
of Equity Securities in Value Line Core Bond Fund |
| |
Aggregate
Dollar Range of Equity Securities in All of the Value Line Funds |
|
Interested Director | | | | | | ||||||||
Mitchell E. Appel | | |
$10,001 – $50,000
|
| |
$10,001 – $50,000
|
| |
$10,001 – $50,000
|
| |
Over $100,000
|
|
Non-Interested Directors | | | | | | ||||||||
Joyce E. Heinzerling | | |
$10,001 – $50,000
|
| |
$1 – $10,000
|
| |
$-0-
|
| |
$50,001 – $100,000
|
|
James E. Hillman | | |
$10,001 – $50,000
|
| |
Over $100,000
|
| |
$10,001 – $50,000
|
| |
Over $100,000
|
|
Paul Craig Roberts | | |
Over $100,000
|
| |
$-0-
|
| |
$-0-
|
| |
Over $100,000
|
|
|
Value Line Small Cap Opportunities Fund
|
| |||
| Charles Schwab & Co. Inc., 211 Main Street, San Francisco, CA 94105 | | | 3,564,415 Investor Class shares (approximately 58.4% of the shares outstanding) | |
| Charles Schwab & Co. Inc., 101 Montgomery Street, San Francisco, CA 94104 | | | 891,266 Institutional Class shares (approximately 20.0% of the shares outstanding) | |
| National Financial Services Co., 499 Washington Blvd., Jersey City, NJ 07310 | | | 1,183,096 Investor Class shares (approximately 19.4% of the shares outstanding) | |
| | | | 991,620 Institutional Class shares (approximately 22.3% of the shares outstanding) | |
| Ameriprise Advisor Services 707 2nd Ave, Minneapolis, MN 55402 | | |
1,486,788 Institutional Class shares
(approximately 33.4% of the shares outstanding) |
|
|
Morgan Stanley Smith Barney LLC
1 New York Plaza New York, NY 10004 |
| |
331,975 Investor Class shares
(approximately 5.4% of the shares outstanding) |
|
|
LPL Financial Corp
4707 Executive Dr San Diego, CA 92121 |
| |
363,655 Institutional Class shares
(approximately 8.2% of the shares outstanding) |
|
|
Value Line Mid Cap Focused Fund
|
| |||
|
Charles Schwab & Co., Inc., 211 Main Street,
San Francisco, CA 94105 |
| | 3,835,299 Investor Class shares (approximately 26.5% of the shares outstanding) | |
| | | | 4,964,533 Institutional Class shares (approximately 16.8% of the shares outstanding) | |
| National Financial Services Corp. 499 Washington Blvd. Jersey City, NJ 07310 | | | 4,569,080 Investor Class shares (approximately 31.6% of the shares outstanding) | |
| | | | 6,189,728 Institutional Class shares (approximately 20.9% of the shares outstanding) | |
|
American Enterprise Investment Services
707 2nd Ave S. Minneapolis, MN 55402 |
| | 5,241,015 Institutional Class shares (approximately 17.8% of the shares outstanding) | |
|
LPL Financial Corp.
4707 Executive Dr. San Diego, CA 92121 |
| | 4,455,720 Institutional Class shares (approximately 15.1% of the shares outstanding) | |
|
Pershing LLC, P.O. Box 2052
Jersey City, NJ 07303 |
| | 1,763,826 Institutional Class shares (approximately 5.9% of the shares outstanding) | |
|
Value Line Capital Appreciation Fund
|
| |||
|
Charles Schwab & Co., Inc., 211 Main Street,
San Francisco, CA 94105 |
| |
5,908,149 Investor Class shares (approximately 18.4% of the shares outstanding)
993,133 Institutional Class shares (approximately 13.0% of the shares outstanding)
|
|
|
National Financial Services Co.,
499 Washington Blvd Jersey City, NJ 07310 |
| |
7,126,568 Investor Class shares (approximately 22.2% of the shares outstanding)
688,473 Institutional Class shares (approximately 9.0% of the shares outstanding)
|
|
|
American Enterprise
Investment Services 707 2nd Ave S. Minneapolis, MN 55402 |
| | 2,136,620 Institutional Class shares (approximately 27.9% of the shares outstanding) | |
|
Wells Fargo Clearing Services
2801 Market Street St. Louis, MO 63103 |
| | 480,956 Institutional Class shares (approximately 6.3% of the shares outstanding) | |
|
LPL Financial Corp.
4707 Executive Dr. San Diego, CA 92121 |
| | 1,021,056 Institutional Class shares (approximately 13.4% of the shares outstanding) | |
|
Pershing, LLC, P.O. Box 2052
Jersey City, NJ 07303 |
| | 391,104 Institutional Class shares (approximately 5.1% of the shares outstanding) | |
|
Value Line Larger Companies Focused Fund
|
| |||
|
Charles Schwab & Co., Inc., 211 Main Street,
San Francisco, CA 94105 |
| |
1,114,211 Investor Class shares (approximately 10.3% of the shares outstanding)
20,014 Institutional Class shares (approximately 5.7% of the shares Outstanding)
|
|
|
National Financial Services Co.,
499 Washington Blvd. Jersey City, NJ 07310 |
| |
1,027,753 Investor Class shares (approximately 9.5% of the shares outstanding)
22,418 Institutional Class shares (approximately 6.4% of the shares outstanding)
|
|
|
American Enterprise
Investment Services 707 2nd Ave S Minneapolis, MN 55402 |
| | 103,837 Institutional Class shares (approximately 29.7% of the shares outstanding) | |
|
LPL Financial Corp.
4707 Executive Dr. San Diego, CA 92121 |
| | 144,036 Institutional Class shares (approximately 41.2% of the shares outstanding) | |
|
CAO VAN Pham Inc.
Money Purchase Pension Plan 18356 Santa Joanana Fountain Valley, CA 92708 |
| | 22,726 Institutional Class shares (approximately 6.5% of the shares outstanding) | |
|
Value Line Select Growth Fund
|
| |||
|
Charles Schwab & Co. Inc., 211 Main Street,
San Francisco, CA 94105 |
| | 2,168,858 Investor Class shares (approximately 19.0% of the shares outstanding) | |
| National Financial Services Co., 499 Washington Blvd. Jersey City, NJ 07310 | | | 1,721,215 Investor Class shares (approximately 15.1% of the shares outstanding) | |
|
American Enterprise Investment Services
707 2nd Ave S. Minneapolis, MN 55402 |
| | 294,745 Institutional Class shares (approximately 51.6% of the shares outstanding) | |
|
LPL Financial Corp.
4707 Executive Dr. San Diego, CA 92121 |
| | 153,012 Institutional Class shares (approximately 26.8% of the shares outstanding) | |
|
Pershing LLC
P.O. Box 2052 Jersey City, NJ 07303 |
| | 33,112 Institutional Class shares (approximately 5.8% of the shares outstanding) | |
|
Value Line Asset Allocation Fund
|
| |||
| Charles Schwab & Co. Inc., 211 Main Street, San Francisco, CA 94105 | | |
3,897,284 Investor Class shares
(approximately 41.3% of the shares outstanding) |
|
| Charles Schwab & Co. Inc., 101 Montgomery Street, San Francisco, CA 94104 | | |
2,176,736 Institutional Class shares
(approximately 16.3% of the shares outstanding) |
|
| National Financial Services LLC, 499 Washington Blvd., Jersey City, NJ 07310 | | | 2,259,263 Investor Class shares (approximately 24.0% of the shares outstanding) | |
| National Financial Services LLC, 499 Washington Blvd., Jersey City, NJ 07310 | | | 2,398,591 Institutional Class shares (approximately 17.9% of the shares outstanding) | |
| Ameriprise Advisor Services 707 2nd Ave, Minneapolis, MN 55402 | | | 2,837,532 Institutional Class shares (approximately 21.2% of the shares outstanding) | |
|
LPL Financial Corp
4707 Executive Dr San Diego, CA 92121 |
| |
2,041,567 Institutional Class shares
(approximately 15.2% of the shares outstanding) |
|
|
Wells Fargo Clearing Services
2801 Market Street St. Louis, MO 63103 |
| |
2,298,903 Institutional Class shares
(approximately 17.2% of the shares outstanding) |
|
|
Pershing LLC, P.O. Box 2052
Jersey City, NJ 07303 |
| |
696,234 Investor Class shares
(approximately 7.4% of the shares outstanding) |
|
|
Pershing LLC, P.O. Box 2052
Jersey City, NJ 07303 |
| |
993,711 Institutional Class shares
(approximately 7.4% of the shares outstanding) |
|
|
Value Line Core Bond Fund
|
| |||
|
Charles Schwab & Co. Inc., 211 Main Street,
San Francisco, CA 94105 |
| |
240,194 Investor Class shares
(approximately 8.4% of the shares outstanding) |
|
Fund
|
| |
Advisory Fee Rate as a % of
Average Daily Net Assets |
| |
Advisory Fees Paid and/or
Accrued to the Adviser for the fiscal years ended December 31: |
| |||||||||||||||
|
2021
|
| |
2022
|
| |
2023
|
| ||||||||||||||
Value Line Mid Cap Focused Fund | | |
0.68% in the first $100 million
of the Fund’s average daily net assets and 0.63% on any additional assets. |
| | | $ | 3,049,831 | | | | | $ | 2,919,788 | | | | | $ | 5,393,874 | | |
Value Line Select
Growth Fund |
| | 0.73% | | | | $ | 3,487,387 | | | | | $ | 2,848,213 | | | | | $ | 2,749,075 | | |
Value Line Larger
Companies Focused Fund |
| | 0.72% | | | | $ | 2,963,591 | | | | | $ | 1,917,795 | | | | | $ | 1,875,010 | | |
Value Line Capital
Appreciation Fund |
| |
0.68% in the first $100 million
of the Fund’s average daily net assets and 0.63% on any additional assets. |
| | | $ | 4,745,560 | | | | | $ | 3,204,847 | | | | | $ | 2,639,514 | | |
Value Line Core Bond Fund | | | 0.31% | | | | $ | 180,148 | | | | | $ | 148,134 | | | | | $ | 123,931 | | |
| | | | | |
Advisory Fees Paid
and/or Accrued to the Adviser for the fiscal years ended March 31: |
| |
9-Month Period
Ended December 31, |
| | | | | | | ||||||||||||
|
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||
Value Line Asset Allocation Fund | | | 0.64% on the first $750 million of the Fund’s average daily net assets and 0.59% on any additional assets. | | | | $ | 10,685,275 | | | | | $ | 10,788,128 | | | | | $ | 5,311,894 | | | | | $ | 5,918,578 | | |
Value Line Small Cap Opportunities Fund | | | 0.74% | | | | $ | 3,155,087 | | | | | $ | 3,744,753 | | | | | $ | 2,152,318 | | | | | $ | 3,250,784 | | |
| | |
Value Line
Mid Cap Focused Fund |
| |
Value Line
Capital Appreciation Fund |
| |
Value Line
Larger Companies Focused Fund |
| |
Value
Line Select Growth Fund |
| |
Value Line
Core Bond Fund |
| |
Value Line
Asset Allocation Fund |
| |
Value Line
Small Cap Opportunities Fund |
| |||||||||||||||||||||
Gross income from securities lending activities
|
| | | $ | 122,065 | | | | | $ | 420,029 | | | | | $ | 20,464 | | | | | $ | 0 | | | | | $ | 28,362 | | | | | $ | 163,200 | | | | | $ | 72,988 | | |
Fees and/or compensation for securities lending activities and related services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Fees paid to securities lending agent from revenue split
|
| | | $ | 8,120 | | | | | $ | 84,106 | | | | | $ | 5,219 | | | | | $ | 0 | | | | | $ | 1,178 | | | | | | 7,992 | | | | | | 2,056 | | |
Fees paid for any cash
collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split. |
| | | | 706 | | | | | | 1,413 | | | | | | 72 | | | | | | 3 | | | | | | 180 | | | | | | 1,019 | | | | | | 471 | | |
Administrative fees not
included in revenue split |
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Indemnification fees not
included in revenue split |
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Rebate (paid to borrower)
|
| | | | 94,249 | | | | | | 138,109 | | | | | | 2,937 | | | | | | 0 | | | | | | 24,247 | | | | | | 135,579 | | | | | | 65,652 | | |
Other fees not included in
revenue split (specify) |
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Aggregate fees/compensation
for securities lending activities |
| | | $ | 103,088 | | | | | $ | 233,769 | | | | | $ | 8,287 | | | | | $ | 0 | | | | | $ | 25,610 | | | | | $ | 144,543 | | | | | $ | 68,189 | | |
Net Income from securities
lending activities |
| | | $ | 18,990 | | | | | $ | 196,401 | | | | | $ | 12,236 | | | | | $ | 0 | | | | | $ | 2,757 | | | | | $ | 18,677 | | | | | $ | 4,809 | | |
Fund
|
| |
Portfolio Manager
|
|
Value Line Small Cap Opportunities Fund | | | Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s portfolio. Mitchell Appel also serves as a portfolio manager of the Fund, providing oversight and support to Mr. Grant. | |
Value Line Mid Cap Focused Fund | | | Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s portfolio. Mitchell Appel also serves as a portfolio manager of the Fund, providing oversight and support to Mr. Grant. | |
Value Line Select Growth Fund | | | Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s portfolio. Mitchell Appel also serves as a portfolio manager of the Fund, providing oversight and support to Mr. Grant. | |
Value Line Larger Companies Focused Fund | | | Cindy Starke has primary responsibility for the day-to-day management of the Fund’s portfolio. Mitchell Appel also serves as a portfolio manager of the Fund, providing oversight and support to Ms. Starke. | |
Value Line Asset Allocation Fund | | | Stephen E. Grant has primary responsibility for the day-to-day management of the Fund’s equity Portfolio and allocation of the Fund’s assets; Liane Rosenberg and Ronald Deonarain have primary responsibility for the day-to-day management of the fixed income portion of the Fund’s portfolio. Mitchell Appel also serves as a portfolio manager of the Fund, providing oversight and support to the Fund’s investment team. | |
Value Line Capital Appreciation Fund | | | Cindy Starke has primary responsibility for the day-to-day management of the Fund’s equity portfolio and allocation of the Fund’s assets; Liane Rosenberg and Ronald Deonarain have primary responsibility for the day-to-day management of the fixed income portion of the Fund’s portfolio. Mitchell Appel also serves as a portfolio manager of the Fund, providing oversight and support to the Fund’s investment team. | |
Value Line Core Bond Fund | | | Liane Rosenberg and Ronald Deonarain have primary responsibility for the day-to-day management of the Fund’s portfolio. | |
| | |
Number of Funds
|
| |
Total Assets
|
| |||
Stephen E. Grant | | | | | 4 | | | |
$3.1 billion
|
|
Liane Rosenberg | | | | | 3 | | | |
$1.4 billion
|
|
Cindy Starke | | | | | 2 | | | |
$757 million
|
|
Ronald Deonarain | | | | | 3 | | | |
$1.4 billion
|
|
Mitchell Appel | | | | | 6 | | | |
$3.9 billion
|
|
Name
|
| |
Dollar Range of
Equity Securities in Value Line Small Cap Opportunities Fund |
| |
Dollar Range of
Equity Securities in Value Line Mid Cap Focused Fund |
| |
Dollar Range of
Equity Securities in Value Line Select Growth Fund |
| |
Dollar Range of
Equity Securities in Value Line Larger Companies Focused Fund |
|
Cindy Starke | | |
$-0-
|
| |
$-0-
|
| |
$-0-
|
| |
$1 – $10,000
|
|
Stephen E. Grant
|
| |
$-0-
|
| |
$50,001 – $100,000
|
| |
$-0-
|
| |
$-0-
|
|
Mitchell Appel | | |
$10,001 – $50,000
|
| |
$50,001 – $100,000
|
| |
$10,001 – $50,000
|
| |
$10,001 – $50,000
|
|
Name
|
| |
Dollar Range of
Equity Securities in Value Line Asset Allocation Fund |
| |
Dollar Range of
Equity Securities in Value Line Capital Appreciation Fund |
| |
Dollar Range of
Equity Securities in Value Line Core Bond Fund |
|
Cindy Starke | | |
$-0-
|
| |
$1 – $10,000
|
| |
$-0-
|
|
Stephen E. Grant | | |
$50,001 – $100,000
|
| |
$-0-
|
| |
$-0-
|
|
Mitchell Appel | | |
$10,001 – $50,000
|
| |
$10,001 – $50,000
|
| |
$10,001 – $50,000
|
|
| | |
Net Fees Paid to
the Distributor |
| |
Fees Paid by the
Distributor to other Broker-Dealers |
| |
Advertising and
Marketing Expenses Paid by the Distributor |
| |||||||||
Value Line Small Cap Opportunities Fund | | | | $ | 740,432 | | | | | $ | 783,148 | | | | | $ | 216,409 | | |
Value Line Mid Cap Focused Fund | | | | $ | 834,407 | | | | | $ | 561,090 | | | | | $ | 325,550 | | |
Value Line Select Growth Fund | | | | $ | 903,559 | | | | | $ | 487,395 | | | | | $ | 201,075 | | |
Value Line Larger Companies Focused Fund
|
| | | $ | 633,495 | | | | | $ | 158,264 | | | | | $ | 181,013 | | |
Value Line Asset Allocation Fund | | | | $ | 934,434 | | | | | $ | 939,617 | | | | | $ | 369,062 | | |
Value Line Capital Appreciation Fund | | | | $ | 791,130 | | | | | $ | 521,684 | | | | | $ | 239,654 | | |
Value Line Core Bond Fund | | | | $ | -0- | | | | | $ | 22,707 | | | | | $ | 8,557 | | |
| | |
Brokerage Commissions Paid
During the Fiscal Years Ended December 31: |
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Value Line Mid Cap Focused Fund | | | | $ | 17,375 | | | | | $ | 9,261 | | | | | $ | 2,970 | | |
Value Line Select Growth Fund | | | | $ | 4,863 | | | | | $ | 4,790 | | | | | $ | 3,474 | | |
Value Line Larger Companies Focused Fund | | | | $ | 18,307 | | | | | $ | 44,971 | | | | | $ | 23,260 | | |
Value Line Capital Appreciation Fund | | | | $ | 34,066 | | | | | $ | 59,939 | | | | | $ | 44,147 | | |
Value Line Core Bond Fund | | | | $ | -0- | | | | | $ | -0- | | | | | $ | -0- | | |
| | |
Brokerage Commissions Paid
During the Fiscal Years Ended December 31, |
| |
Brokerage
Commissions Paid During the Fiscal Year Ended March 31: |
| ||||||||||||
| | |
2023
|
| |
2022
|
| |
2022
|
| |||||||||
Value Line Asset Allocation Fund | | | | $ | 10,303 | | | | | $ | 18,178 | | | | | $ | 12,678 | | |
Value Line Small Cap Opportunities Fund | | | | $ | 13,324 | | | | | $ | 9,894 | | | | | $ | 4,409 | | |
Name
|
| |
Position With the Adviser
|
| |
Other Employment Within the Past Two Years
|
|
Mitchell Appel | | | CEO; Treasurer; Trustee | | |
Chief Financial Officer and President of the Distributor; President and Director of each of the Value Line Funds.
|
|
Name
|
| |
Position With the Adviser
|
| |
Other Employment Within the Past Two Years
|
|
Robert Scagnelli | | | Vice President | | |
Vice President of the Distributor; Vice President, Assistant Treasurer and Assistant Secretary of each of the Value Line Funds.
|
|
Anthony Frazia | | | Chief Compliance Officer | | | None. | |
Avi T. Aronovitz | | | Trustee | | |
Chief Financial Officer, BigID Inc., 379 West Broadway, New York, NY 10012 since 2023; Chief Financial Officer, Socure, Inc., 885 Tahoe Blvd., Incline Village, NV 89451 until September 30, 2022.
|
|
John P. Ellis | | | Trustee | | |
Chief Executive Officer, SmithEllisItems, Inc. (Newsletter Publisher) 21 Hulls Farm Road, Southport, CT since 2022, Editor-in-Chief, news-items.com (political news items)
|
|
Robert E. Rice | | | Trustee | | |
Founder and President, Tangent Capital Partners, 135 East 57th Street, New York, NY 10022, a registered broker-dealer since 2007.
|
|
R. Alastair Short | | | Trustee | | |
Trustee, VanEck Funds, 666 Third Avenue, NY, NY 10017; Trustee, VanEck ETF Trust, 666 Third Avenue, NY, NY 10017; Lead Independent Director, Total Fund Solution, 615 East Michigan Street, Milwaukee, WI 53202 since September 2021; Director, Contingency Capital LLC, 399 Park Avenue, New York, NY 10022 since June 2021.
|
|
|
(1)
Name and Principal Business Address |
| |
(2)
Position and Offices with EULAV Securities LLC |
| |
(3)
Position and Offices with Registrant |
|
| Mitchell Appel | | | President | | | President and Director | |
| Raymond Stock | | | Vice President; Secretary | | | None | |
| Robert Scagnelli | | | Vice President | | | Assistant Treasurer and Assistant Secretary | |
|
(1)
Name and Principal Business Address |
| |
(2)
Position and Offices with EULAV Securities LLC |
| |
(3)
Position and Offices with Registrant |
|
| Howard Spindel | | | Chief Compliance Officer | | | None | |
| VALUE LINE ASSET ALLOCATION FUND, INC. | | |||
|
By:
|
| |
/s/ Mitchell E. Appel
Mitchell E. Appel, President and
Chief Executive Officer |
|
|
Signatures
|
| |
Title
|
| |
Date
|
|
|
*Joyce E. Heinzerling
(Joyce E. Heinzerling) |
| | Director | | |
April 29, 2024
|
|
|
**James E. Hillman
(James E. Hillman) |
| | Director | | |
April 29, 2024
|
|
|
*Paul Craig Roberts
(Paul Craig Roberts) |
| | Director | | |
April 29, 2024
|
|
|
/s/ Mitchell E. Appel
(Mitchell E. Appel)
|
| | Director; President and Chief Executive Officer (Principal Executive Officer) | | |
April 29, 2024
|
|
|
/s/ Jim Gallo
(Jim Gallo)
|
| | Treasurer; Principal Financial and Accounting Officer | | |
April 29, 2024
|
|
| *By: | | |
/s/ Mitchell E. Appel
(Mitchell E. Appel, Attorney-in-Fact)
|
|
Exhibit
Number |
| |
Document Title
|
|
(h)(9) | | | Amended and Restated Expense Limitation Agreement for Institutional Class Shares, dated March 31, 2024. | |
(j) | | | Consent of Independent Registered Public Accounting Firm | |
101.INS | | | XBRL Instance Document − the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | | | XBRL Taxonomy Extension Schema Document | |
101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | | | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | | | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | |