# EDGAR Filing Document

**Accession Number:** 0000102767
**File Stem:** 0001193125-25-195047
**Filing Date:** 2025-9
**Character Count:** 338100
**Document Hash:** d00a0884b113a19572a66701979eb143
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195047.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-195047

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Value Line Select Growth Fund, Inc.
- **CENTRAL INDEX KEY:** 0000102767

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02278
- **FILM NUMBER:** 251290859

**BUSINESS ADDRESS:**
- **STREET 1:** 1605 MAIN STREET
- **STREET 2:** SUITE 912
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236
- **BUSINESS PHONE:** 212 907-1900

**MAIL ADDRESS:**
- **STREET 1:** 1605 MAIN STREET
- **STREET 2:** SUITE 912
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Value Line Premier Growth Fund, Inc.
- **DATE OF NAME CHANGE:** 20200427

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Value Line Select Growth Fund, Inc.
- **DATE OF NAME CHANGE:** 20200427

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Value Line Premier Growth Fund, Inc.
- **DATE OF NAME CHANGE:** 20051005

## Series and Classes Contracts Data

### Value Line Select Growth Fund, Inc. (Series ID: S000007574)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020639 | Investor Class      | VALSX           |
| C000193015 | Institutional Class | VILSX           |

?xml version='1.0' encoding='ASCII'? Value Line Funds

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file Number 811-02278

## Value Line Select Growth Fund, Inc.

#### (Exact name of registrant as specified in charter)

#### 1605 Main Street, Sarasota, FL 34236

#### (Address of principal executive offices) (Zip Code)

#### Registrant's telephone number, including area code: 212-907-1900

#### Date of fiscal year end: December 31, 2024

#### Date of reporting period: June 30, 2025
<u>Item I</u>. <u>Reports to Stockholders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Tailored Shareholder Report to Stockholders for the period ended 6/30/25 is included with this Form.

![Image](g25810i924328193f21a44fbdb6.jpg)

# Value Line Select Growth Fund, Inc.

# Institutional Class VILSX
**Semi-Annual Shareholder Report -** June 30, 2025

This semi-annual shareholder report contains important information about Value Line Select Growth Fund, Inc. (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.vlfunds.com. You can also request this information by contacting us at 1-800-243-2729 or investorservices@vlfunds.com.

## What were the Fund costs for last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $46 | 0.90% |

---

## How did the Fund perform over the last six months?
The Fund's Institutional Class generated a total return of 7.12% during the six months ended June 30, 2025.

• The Fund outperformed the S&P 500<sup>®</sup> Index driven primarily by stock selection overall.

• Contributing most positively to the Fund's relative results was the industrials sector, wherein both an overweight and effective stock selection added value. Effective positioning in the financials and consumer staples sectors also helped. Further boosting relative results was having no exposure to consumer discretionary, the weakest sector in the S&P 500<sup>®</sup> Index during the semi-annual period.

• The Fund was hurt most significantly by stock selection in the information technology sector. Having no exposure to the strongly-performing communication services sector and an overweighted allocation to the weak health care sector also detracted.

• Among the individual stocks that contributed most positively were Fund positions in Cintas, a provider of corporate identity uniforms and related business services, and TransDigm Group, an aerospace components producer. Each enjoyed a double-digit share price gain during the six-month period, in each case due to stronger than expected operating performance. Also, not holding a position in Apple boosted the Fund's relative results, as the information technology giant saw a double-digit share price decline during the semi-annual period.

• Among the individual stocks that detracted most from the Fund's relative results were positions in information technology services provider Accenture and life science and clinical research company Thermo Fisher Scientific. Each experienced a double-digit share price decline during the semi-annual period due to weaker than expected operating performance. The Fund's relative results were also dampened by not owning a position in NVIDIA, a manufacturer of semiconductors and high-end graphics processing units, which saw a double-digit share price gain during the six-month period.

#### Total Return based on a $10,000 Investment
![Growth of 10K Chart](g25810i84e517738646ac2c3da1.jpg)

---

| | | |
|:---|:---|:---|
| | **Value Line Select Growth Fund, Inc.-Institutional Class** | **S&P 500<sup>®</sup> Index** |
| **5/1/2020** | $10000 | $10000 |
| **4/30/2020** | $10000 | $9908 |
| **5/31/2020** | $10818 | $10380 |
| **6/30/2020** | $10862 | $10587 |
| **7/31/2020** | $11570 | $11184 |
| **8/31/2020** | $12319 | $11987 |
| **9/30/2020** | $12141 | $11532 |
| **10/31/2020** | $11776 | $11225 |
| **11/30/2020** | $12986 | $12454 |
| **12/31/2020** | $13178 | $12933 |
| **1/31/2021** | $12603 | $12802 |
| **2/28/2021** | $12694 | $13155 |
| **3/31/2021** | $13080 | $13731 |
| **4/30/2021** | $13915 | $14464 |
| **5/31/2021** | $13764 | $14565 |
| **6/30/2021** | $14276 | $14905 |
| **7/31/2021** | $15026 | $15259 |
| **8/31/2021** | $15437 | $15723 |
| **9/30/2021** | $14784 | $14992 |
| **10/31/2021** | $15949 | $16042 |
| **11/30/2021** | $15675 | $15931 |
| **12/31/2021** | $16403 | $16645 |
| **1/31/2022** | $14863 | $15784 |
| **2/28/2022** | $14230 | $15311 |
| **3/31/2022** | $14984 | $15880 |
| **4/30/2022** | $13722 | $14495 |
| **5/31/2022** | $13416 | $14522 |
| **6/30/2022** | $12646 | $13323 |
| **7/31/2022** | $14085 | $14551 |
| **8/31/2022** | $13303 | $13958 |
| **9/30/2022** | $12078 | $12672 |
| **10/31/2022** | $12888 | $13698 |
| **11/30/2022** | $13783 | $14464 |
| **12/31/2022** | $13048 | $13631 |
| **1/31/2023** | $13912 | $14487 |
| **2/28/2023** | $13557 | $14134 |
| **3/31/2023** | $14249 | $14653 |
| **4/30/2023** | $14263 | $14881 |
| **5/31/2023** | $14438 | $14946 |
| **6/30/2023** | $15248 | $15933 |
| **7/31/2023** | $15617 | $16445 |
| **8/31/2023** | $15702 | $16184 |
| **9/30/2023** | $14938 | $15412 |
| **10/31/2023** | $14641 | $15088 |
| **11/30/2023** | $16381 | $16466 |
| **12/31/2023** | $17147 | $17214 |
| **1/31/2024** | $17636 | $17503 |
| **2/29/2024** | $18437 | $18438 |
| **3/31/2024** | $18501 | $19031 |
| **4/30/2024** | $17552 | $18254 |
| **5/31/2024** | $17829 | $19159 |
| **6/30/2024** | $18481 | $19846 |
| **7/31/2024** | $18971 | $20088 |
| **8/31/2024** | $19737 | $20575 |
| **9/30/2024** | $19900 | $21014 |
| **10/31/2024** | $19326 | $20824 |
| **11/30/2024** | $20562 | $22046 |
| **12/31/2024** | $19289 | $21521 |
| **1/31/2025** | $20184 | $22120 |
| **2/28/2025** | $20107 | $21831 |
| **3/31/2025** | $19498 | $20601 |
| **4/30/2025** | $19811 | $20462 |
| **5/31/2025** | $20640 | $21749 |
| **6/30/2025** | $20662 | $22856 |

---

The S&P 500<sup>®</sup> Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **<u><u>1 Year</u></u>** | **<u><u>5 Years</u></u>** | **<u><u>Since Inception<sup>Footnote Reference\*</sup></u></u>** |
| Institutional Class | 11.80% | 13.73% | 15.07% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 17.34% |

---

The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;05/01/2020 |

---

#### Semi-Annual Shareholder Report - June 30, 2025

# Value Line Select Growth Fund, Inc.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $433511678 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 2% |

---

## Fund Holdings

### **Ten Largest Holdings** (% of Net Assets)\*

---

| | |
|:---|:---|
| TransDigm Group, Inc. | 7.2% |
| Cintas Corp. | 6.4% |
| Costco Wholesale Corp. | 6.0% |
| ServiceNow, Inc. | 5.6% |
| Intercontinental Exchange, Inc. | 4.9% |
| Trane Technologies PLC | 4.8% |
| Intuit, Inc. | 4.8% |
| Stryker Corp. | 4.8% |
| Cadence Design Systems, Inc. | 4.8% |
| Motorola Solutions, Inc. | 4.7% |

---

### **Asset Allocation** (% of Net Assets)
![Group By Asset Type Chart](g25810ic753e7d21892c81991ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.7% |
| Cash & Other Assets - Net | 2.3% |

---

**Sector Weightings**(% of Total Investments In Securities)\*

![Group By Sector Chart](g25810iec9b1d52782fde23e05c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.4% |
| Consumer Staples | 6.1% |
| Healthcare | 15.2% |
| Financials | 20.4% |
| Industrials | 25.9% |
| Information Technology | 31.0% |

---

\* Excludes Short-term Investments, if any.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://vlfunds.com/](g25810iebbb51ddff1e59e9152f.jpg)

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please scan the QR code, visit www.vlfunds.com, email investorservices@vlfunds.com, or call us at 800-243-2729.

# Value Line Select Growth Fund, Inc.
Semi-Annual Shareholder Report

June 30, 2025

![Image](g25810i924328193f21a44fbdb6.jpg)

# Investor Class VALSX
**Semi-Annual Shareholder Report -** June 30, 2025

This semi-annual shareholder report contains important information about Value Line Select Growth Fund, Inc. (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.vlfunds.com. You can also request this information by contacting us at 1-800-243-2729 or investorservices@vlfunds.com.

## What were the Fund costs for last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $59 | 1.15% |

---

## How did the Fund perform over the last six months?
The Fund's Investor Class generated a total return of 6.99% during the six months ended June 30, 2025.

• The Fund outperformed the S&P 500<sup>®</sup> Index driven primarily by stock selection overall.

• Contributing most positively to the Fund's relative results was the industrials sector, wherein both an overweight and effective stock selection added value. Effective positioning in the financials and consumer staples sectors also helped. Further boosting relative results was having no exposure to consumer discretionary, the weakest sector in the S&P 500<sup>®</sup> Index during the semi-annual period.

• The Fund was hurt most significantly by stock selection in the information technology sector. Having no exposure to the strongly-performing communication services sector and an overweighted allocation to the weak health care sector also detracted.

• Among the individual stocks that contributed most positively were Fund positions in Cintas, a provider of corporate identity uniforms and related business services, and TransDigm Group, an aerospace components producer. Each enjoyed a double-digit share price gain during the six-month period, in each case due to stronger than expected operating performance. Also, not holding a position in Apple boosted the Fund's relative results, as the information technology giant saw a double-digit share price decline during the semi-annual period.

• Among the individual stocks that detracted most from the Fund's relative results were positions in information technology services provider Accenture and life science and clinical research company Thermo Fisher Scientific. Each experienced a double-digit share price decline during the semi-annual period due to weaker than expected operating performance. The Fund's relative results were also dampened by not owning a position in NVIDIA, a manufacturer of semiconductors and high-end graphics processing units, which saw a double-digit share price gain during the six-month period.

#### Total Return based on a $10,000 Investment
![Growth of 10K Chart](g25810i372bde6084f9343be9bd.jpg)

---

| | | |
|:---|:---|:---|
| | **Value Line Select Growth Fund, Inc.-Investor Class** | **S&P 500<sup>®</sup> Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10202 | $10210 |
| **08/15** | $9665 | $9594 |
| **09/15** | $9373 | $9356 |
| **10/15** | $9960 | $10145 |
| **11/15** | $10014 | $10176 |
| **12/15** | $9799 | $10015 |
| **01/16** | $9291 | $9518 |
| **02/16** | $9338 | $9505 |
| **03/16** | $9979 | $10150 |
| **04/16** | $9992 | $10189 |
| **05/16** | $10175 | $10372 |
| **06/16** | $10253 | $10399 |
| **07/16** | $10510 | $10783 |
| **08/16** | $10565 | $10798 |
| **09/16** | $10507 | $10800 |
| **10/16** | $10250 | $10603 |
| **11/16** | $10507 | $10996 |
| **12/16** | $10485 | $11213 |
| **01/17** | $10753 | $11426 |
| **02/17** | $11208 | $11879 |
| **03/17** | $11223 | $11893 |
| **04/17** | $11574 | $12015 |
| **05/17** | $11870 | $12184 |
| **06/17** | $11802 | $12260 |
| **07/17** | $11979 | $12512 |
| **08/17** | $11986 | $12551 |
| **09/17** | $12160 | $12810 |
| **10/17** | $12416 | $13109 |
| **11/17** | $12767 | $13511 |
| **12/17** | $12825 | $13661 |
| **01/18** | $13476 | $14443 |
| **02/18** | $13050 | $13911 |
| **03/18** | $13031 | $13557 |
| **04/18** | $12930 | $13609 |
| **05/18** | $13313 | $13937 |
| **06/18** | $13565 | $14023 |
| **07/18** | $14123 | $14544 |
| **08/18** | $14681 | $15018 |
| **09/18** | $14894 | $15104 |
| **10/18** | $13608 | $14072 |
| **11/18** | $14154 | $14358 |
| **12/18** | $13003 | $13062 |
| **01/19** | $14091 | $14109 |
| **02/19** | $14941 | $14562 |
| **03/19** | $15440 | $14845 |
| **04/19** | $15982 | $15446 |
| **05/19** | $15632 | $14464 |
| **06/19** | $16699 | $15483 |
| **07/19** | $16844 | $15706 |
| **08/19** | $16985 | $15457 |
| **09/19** | $16865 | $15746 |
| **10/19** | $16963 | $16087 |
| **11/19** | $17574 | $16671 |
| **12/19** | $17761 | $17175 |
| **01/20** | $18345 | $17168 |
| **02/20** | $16935 | $15755 |
| **03/20** | $14763 | $13809 |
| **04/20** | $16625 | $15579 |
| **05/20** | $17980 | $16321 |
| **06/20** | $18044 | $16645 |
| **07/20** | $19216 | $17584 |
| **08/20** | $20453 | $18848 |
| **09/20** | $20151 | $18132 |
| **10/20** | $19545 | $17650 |
| **11/20** | $21552 | $19582 |
| **12/20** | $21868 | $20334 |
| **01/21** | $20905 | $20129 |
| **02/21** | $21057 | $20684 |
| **03/21** | $21687 | $21590 |
| **04/21** | $23064 | $22742 |
| **05/21** | $22813 | $22901 |
| **06/21** | $23659 | $23436 |
| **07/21** | $24895 | $23993 |
| **08/21** | $25566 | $24722 |
| **09/21** | $24487 | $23572 |
| **10/21** | $26406 | $25224 |
| **11/21** | $25945 | $25049 |
| **12/21** | $27150 | $26172 |
| **01/22** | $24593 | $24817 |
| **02/22** | $23547 | $24074 |
| **03/22** | $24781 | $24968 |
| **04/22** | $22694 | $22791 |
| **05/22** | $22178 | $22833 |
| **06/22** | $20903 | $20948 |
| **07/22** | $23278 | $22879 |
| **08/22** | $21983 | $21946 |
| **09/22** | $19957 | $19925 |
| **10/22** | $21292 | $21538 |
| **11/22** | $22755 | $22742 |
| **12/22** | $21538 | $21432 |
| **01/23** | $22962 | $22778 |
| **02/23** | $22370 | $22223 |
| **03/23** | $23509 | $23038 |
| **04/23** | $23524 | $23398 |
| **05/23** | $23809 | $23500 |
| **06/23** | $25136 | $25053 |
| **07/23** | $25743 | $25857 |
| **08/23** | $25877 | $25446 |
| **09/23** | $24611 | $24232 |
| **10/23** | $24116 | $23723 |
| **11/23** | $26979 | $25889 |
| **12/23** | $28239 | $27066 |
| **01/24** | $29031 | $27520 |
| **02/24** | $30350 | $28990 |
| **03/24** | $30441 | $29923 |
| **04/24** | $28883 | $28700 |
| **05/24** | $29328 | $30124 |
| **06/24** | $30391 | $31204 |
| **07/24** | $31199 | $31584 |
| **08/24** | $32444 | $32350 |
| **09/24** | $32708 | $33041 |
| **10/24** | $31760 | $32742 |
| **11/24** | $33788 | $34664 |
| **12/24** | $31684 | $33837 |
| **01/25** | $33148 | $34780 |
| **02/25** | $33020 | $34326 |
| **03/25** | $32004 | $32392 |
| **04/25** | $32517 | $32172 |
| **05/25** | $33872 | $34197 |
| **06/25** | $33899 | $35936 |

---

The S&P 500<sup>®</sup> Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **<u><u>1 Year</u></u>** | **<u><u>5 Years</u></u>** | **<u><u>10 Years</u></u>** |
| Investor Class | 11.54% | 13.44% | 12.98% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

#### Semi-Annual Shareholder Report - June 30, 2025

# Value Line Select Growth Fund, Inc.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $433511678 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 2% |

---

## Fund Holdings

### **Ten Largest Holdings** (% of Net Assets)\*

---

| | |
|:---|:---|
| TransDigm Group, Inc. | 7.2% |
| Cintas Corp. | 6.4% |
| Costco Wholesale Corp. | 6.0% |
| ServiceNow, Inc. | 5.6% |
| Intercontinental Exchange, Inc. | 4.9% |
| Trane Technologies PLC | 4.8% |
| Intuit, Inc. | 4.8% |
| Stryker Corp. | 4.8% |
| Cadence Design Systems, Inc. | 4.8% |
| Motorola Solutions, Inc. | 4.7% |

---

### **Asset Allocation** (% of Net Assets)
![Group By Asset Type Chart](g25810i937522a8733f9978c4ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.7% |
| Cash & Other Assets - Net | 2.3% |

---

**Sector Weightings**(% of Total Investments In Securities)\*

![Group By Sector Chart](g25810ifaf8858cf6cac0b125ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.4% |
| Consumer Staples | 6.1% |
| Healthcare | 15.2% |
| Financials | 20.4% |
| Industrials | 25.9% |
| Information Technology | 31.0% |

---

\* Excludes Short-term Investments, if any.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://vlfunds.com/](g25810iebbb51ddff1e59e9152f.jpg)

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please scan the QR code, visit www.vlfunds.com, email investorservices@vlfunds.com, or call us at 800-243-2729.

# Value Line Select Growth Fund, Inc.
Semi-Annual Shareholder Report

June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

<u>Item 2 Code of Ethics</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to item 12(a), the Registrant is attaching as an exhibit a copy of its Code of Ethics that applies to its principal executive officer and principal financial officer.

<u>Item 3</u>. <u>Audit Committee Financial Expert</u>

(a)(1)The Registrant has an Audit Committee Financial Expert serving on its Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) The Registrant's Board has designated James Hillman, member of the Registrant's Audit Committee, as the Registrant's Audit Committee Financial Expert. Mr. Hillman is an independent director.

------

A person who is designated as an "audit committee financial expert" shall not make such person an "expert" for any purpose, including without limitation under Section 11 of the Securities Act of 1933 or under applicable fiduciary laws, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

<u>Item 4</u>. <u>Principal Accountant Fees and Services</u>

Not Applicable.

<u>Item 5</u>. <u>Audit Committee of Listed Registrants</u>

Not Applicable.

<u>Item 6</u>. <u>Investments</u>

Not Applicable

<u>Item 7</u>. <u>Financial Statements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Semi-Annual Financial Statements and Other Information for the period ended 6/30/25 is included with this Form.

------

![](g39424imgb585834f1.gif)

![](g39424imgd7539acf2.gif)

![](g39424img9ea3d69d3.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Semi-Annual Financial** <br> **Statements and Other** <br> **Information**<br>|
| **June 30, 2025** |
| **(Unaudited)** |

---

**Equity Funds** 

---

| |
|:---|
| **Value Line Small Cap Opportunities Fund, Inc.** |
| Investor Class (VLEOX) |
| Institutional Class (VLEIX) |
| **Value Line Mid Cap Focused Fund, Inc.** |
| Investor Class (VLIFX) |
| Institutional Class (VLMIX) |
| **Value Line Select Growth Fund, Inc.** |
| Investor Class (VALSX) |
| Institutional Class (VILSX) |
| **Value Line Larger Companies Focused Fund, Inc.** |
| Investor Class (VALLX) |
| Institutional Class (VLLIX) |

---

**Allocation Funds** 

---

| |
|:---|
| **Value Line Asset Allocation Fund, Inc.** |
| Investor Class (VLAAX) |
| Institutional Class (VLAIX) |
| **Value Line Capital Appreciation Fund, Inc.** |
| Investor Class (VALIX) |
| Institutional Class (VLIIX) |

---

**Go Paperless**

**VLFunds.com/edelivery**

------

This unaudited report is issued for information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of the Fund (obtainable from the Distributor).

------

![](g39424imgb585834f1.gif)

![](g39424imgd7539acf2.gif)

![](g39424img9ea3d69d3.gif)

**Fixed Income Fund** 

---

| |
|:---|
| **Value Line Core Bond Fund** |
| Investor Class (VAGIX) |

---

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Value Line Small Cap Opportunities Fund, Inc.](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_1)[:](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_1)** |  |
| [Schedule of Investments](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_1)  | &nbsp;&nbsp; 3 |
| **[Value Line Mid Cap Focused Fund, Inc.](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_3)[:](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_3)** |  |
| [Schedule of Investments](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_3)  | &nbsp;&nbsp; 5 |
| **[Value Line Select Growth Fund, Inc.](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_5)[:](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_5)** |  |
| [Schedule of Investments](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_5)  | &nbsp;&nbsp; 7 |
| **[Value Line Larger Companies Focused Fund, Inc.](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_6)[:](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_6)** |  |
| [Schedule of Investments](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_6)  | &nbsp;&nbsp; 8 |
| **[Value Line Asset Allocation Fund, Inc.](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_8)[:](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_8)** |  |
| [Schedule of Investments](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_8)  | &nbsp;&nbsp; 10 |
| **[Value Line Capital Appreciation Fund, Inc.](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_13)[:](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_13)** |  |
| [Schedule of Investments](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_13)  | &nbsp;&nbsp; 15 |
| **[Value Line Core Bond Fund](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_19)[:](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_19)** |  |
| [Schedule of Investments](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FI-MDFPPHSOI-484_19)  | &nbsp;&nbsp; 21 |
| **[Statements of Assets and Liabilities](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FS-StatementofAssetsandLiabilities_1)**  | &nbsp;&nbsp; 26 |
| **[Statements of Operations](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FS-StatementofAssetsandLiabilities_5)**  | &nbsp;&nbsp; 30 |
| **[Statements of Changes in Net Assets](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FS-StatementofAssetsandLiabilities_9)**  | &nbsp;&nbsp; 34 |
| **[Financial Highlights](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FIHIC-FinancialHighlights-484_1)**  | &nbsp;&nbsp; 38 |
| **[Notes to Financial Statements](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_NTF-NotestoFinancialStatements-481_1)**  | &nbsp;&nbsp; 45 |
| **[Factors Considered](#xx_e1127dfa-b81b-43fc-9fdb-1f92f7ea95d2_FAC-TOC-FactorsConsidered-481_1)**  | &nbsp;&nbsp; 54 |

---

------

Value Line Small Cap Opportunities Fund, Inc.

Schedule of Investments (unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 95.3%** | **COMMON STOCKS 95.3%** | **COMMON STOCKS 95.3%** |
| **CONSUMER DISCRETIONARY 8.0%** | **CONSUMER DISCRETIONARY 8.0%** | **CONSUMER DISCRETIONARY 8.0%** |
|  | **APPAREL 0.9%** | **APPAREL 0.9%** |
| 71700 | Crocs, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; $7261776 |
|  | **ENGINEERING & CONSTRUCTION 1.0%** | **ENGINEERING & CONSTRUCTION 1.0%** |
| 24400 | TopBuild Corp.<sup>(1)</sup>  | &nbsp;&nbsp; 7899256 |
|  | **ENTERTAINMENT 1.4%** | **ENTERTAINMENT 1.4%** |
| 102272 | Churchill Downs, Inc.  | &nbsp;&nbsp; 10329472 |
|  | **HOME BUILDERS 1.2%** | **HOME BUILDERS 1.2%** |
| 20800 | Cavco Industries, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 9036144 |
|  | **RETAIL 3.5%** | **RETAIL 3.5%** |
| 25815 | Group 1 Automotive, Inc.  | &nbsp;&nbsp; 11273669 |
| 41600 | Texas Roadhouse, Inc.  | &nbsp;&nbsp; 7796256 |
| 21800 | Wingstop, Inc.  | &nbsp;&nbsp; 7340932 |
|  |  | &nbsp;&nbsp; **26410857** |
|  |  | &nbsp;&nbsp; **60937505** |
| **CONSUMER STAPLES 3.9%** | **CONSUMER STAPLES 3.9%** | **CONSUMER STAPLES 3.9%** |
|  | **FOOD 3.9%** | **FOOD 3.9%** |
| 62800 | J & J Snack Foods Corp.  | &nbsp;&nbsp; 7122148 |
| 203000 | Post Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 22133090 |
|  |  | &nbsp;&nbsp; **29255238** |
| **FINANCIALS 8.8%** | **FINANCIALS 8.8%** | **FINANCIALS 8.8%** |
|  | **BANKS 1.3%** | **BANKS 1.3%** |
| 206496 | First Financial Bankshares, Inc.  | &nbsp;&nbsp; 7429726 |
| 38900 | Walker & Dunlop, Inc.  | &nbsp;&nbsp; 2741672 |
|  |  | &nbsp;&nbsp; **10171398** |
|  | **DIVERSIFIED FINANCIALS 1.4%** | **DIVERSIFIED FINANCIALS 1.4%** |
| 104422 | Stifel Financial Corp.  | &nbsp;&nbsp; 10836915 |
|  | **INSURANCE 6.1%** | **INSURANCE 6.1%** |
| 60000 | Assured Guaranty Ltd.  | &nbsp;&nbsp; 5226000 |
| 44400 | Primerica, Inc.  | &nbsp;&nbsp; 12150948 |
| 263800 | RLI Corp.  | &nbsp;&nbsp; 19051636 |
| 110193 | Selective Insurance Group, Inc.  | &nbsp;&nbsp; 9548224 |
|  |  | &nbsp;&nbsp; **45976808** |
|  |  | &nbsp;&nbsp; **66985121** |
| **HEALTHCARE 6.9%** | **HEALTHCARE 6.9%** | **HEALTHCARE 6.9%** |
|  | **COSMETICS/PERSONAL CARE 0.2%** | **COSMETICS/PERSONAL CARE 0.2%** |
| 19400 | Prestige Consumer Healthcare, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 1549090 |
|  | **HEALTHCARE PRODUCTS 1.5%** | **HEALTHCARE PRODUCTS 1.5%** |
| 117000 | Merit Medical Systems, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 10937160 |
|  | **HEALTHCARE SERVICES 5.2%** | **HEALTHCARE SERVICES 5.2%** |
| 19000 | Chemed Corp.  | &nbsp;&nbsp; 9251670 |
| 151700 | Ensign Group, Inc.  | &nbsp;&nbsp; 23401242 |
| 22100 | Medpace Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 6936306 |
|  |  | &nbsp;&nbsp; **39589218** |
|  |  | &nbsp;&nbsp; **52075468** |
| **INDUSTRIALS 47.2%** | **INDUSTRIALS 47.2%** | **INDUSTRIALS 47.2%** |
|  | **BUILDING MATERIALS 2.9%** | **BUILDING MATERIALS 2.9%** |
| 208500 | AAON, Inc.  | &nbsp;&nbsp; 15376875 |
| 6000 | Lennox International, Inc.  | &nbsp;&nbsp; 3439440 |
| 64000 | Trex Co., Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 3480320 |
|  |  | &nbsp;&nbsp; **22296635** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 95.3% (continued)** | **COMMON STOCKS 95.3% (continued)** | **COMMON STOCKS 95.3% (continued)** |
| **INDUSTRIALS 47.2% (continued)** | **INDUSTRIALS 47.2% (continued)** | **INDUSTRIALS 47.2% (continued)** |
|  | **COMMERCIAL SERVICES 0.7%** | **COMMERCIAL SERVICES 0.7%** |
| 8100 | Herc Holdings, Inc.  | &nbsp;&nbsp; $1066689 |
| 63300 | TriNet Group, Inc.  | &nbsp;&nbsp; 4629762 |
|  |  | &nbsp;&nbsp; **5696451** |
|  | **COMPUTERS 9.5%** | **COMPUTERS 9.5%** |
| 70100 | CACI International, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 33416670 |
| 545065 | ExlService Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 23868396 |
| 180000 | Genpact Ltd.  | &nbsp;&nbsp; 7921800 |
| 59600 | Science Applications International Corp.  | &nbsp;&nbsp; 6711556 |
|  |  | &nbsp;&nbsp; **71918422** |
|  | **DISTRIBUTION/WHOLESALE 2.4%** | **DISTRIBUTION/WHOLESALE 2.4%** |
| 235700 | Rush Enterprises, Inc. Class A  | &nbsp;&nbsp; 12140907 |
| 51100 | SiteOne Landscape Supply, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 6180034 |
|  |  | &nbsp;&nbsp; **18320941** |
|  | **ELECTRICAL EQUIPMENT 1.5%** | **ELECTRICAL EQUIPMENT 1.5%** |
| 37000 | Acuity, Inc.  | &nbsp;&nbsp; 11038580 |
|  | **ELECTRONICS 3.7%** | **ELECTRONICS 3.7%** |
| 113600 | Woodward, Inc.  | &nbsp;&nbsp; 27842224 |
|  | **ENGINEERING & CONSTRUCTION 7.2%** | **ENGINEERING & CONSTRUCTION 7.2%** |
| 59200 | Comfort Systems USA, Inc.  | &nbsp;&nbsp; 31743632 |
| 19600 | EMCOR Group, Inc.  | &nbsp;&nbsp; 10483844 |
| 162600 | Exponent, Inc.  | &nbsp;&nbsp; 12147846 |
|  |  | &nbsp;&nbsp; **54375322** |
|  | **HAND/MACHINE TOOLS 2.1%** | **HAND/MACHINE TOOLS 2.1%** |
| 44800 | Franklin Electric Co., Inc.  | &nbsp;&nbsp; 4020352 |
| 72200 | MSA Safety, Inc.  | &nbsp;&nbsp; 12095666 |
|  |  | &nbsp;&nbsp; **16116018** |
|  | **MACHINERY - DIVERSIFIED 7.0%** | **MACHINERY - DIVERSIFIED 7.0%** |
| 84000 | Applied Industrial Technologies, Inc.  | &nbsp;&nbsp; 19525800 |
| 33600 | Kadant, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 10666320 |
| 92047 | Watts Water Technologies, Inc. Class A  | &nbsp;&nbsp; 22633437 |
|  |  | &nbsp;&nbsp; **52825557** |
|  | **METAL FABRICATE/HARDWARE 3.3%** | **METAL FABRICATE/HARDWARE 3.3%** |
| 65200 | RBC Bearings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 25088960 |
|  | **MISCELLANEOUS MANUFACTURERS 4.7%** | **MISCELLANEOUS MANUFACTURERS 4.7%** |
| 19400 | Carlisle Cos., Inc.  | &nbsp;&nbsp; 7243960 |
| 13200 | Enpro, Inc.  | &nbsp;&nbsp; 2528460 |
| 240803 | Federal Signal Corp.  | &nbsp;&nbsp; 25626255 |
|  |  | &nbsp;&nbsp; **35398675** |
|  | **TRANSPORTATION 0.6%** | **TRANSPORTATION 0.6%** |
| 33800 | Landstar System, Inc.  | &nbsp;&nbsp; 4698876 |
|  | **TRUCKING & LEASING 1.6%** | **TRUCKING & LEASING 1.6%** |
| 78800 | GATX Corp.  | &nbsp;&nbsp; 12100528 |
|  |  | &nbsp;&nbsp; **357717189** |
| **INFORMATION TECHNOLOGY 15.4%** | **INFORMATION TECHNOLOGY 15.4%** | **INFORMATION TECHNOLOGY 15.4%** |
|  | **COMPUTERS 1.9%** | **COMPUTERS 1.9%** |
| 20100 | ASGN, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 1003593 |
| 60800 | Crane NXT Co.<sup>(2)</sup>  | &nbsp;&nbsp; 3277120 |
| 49860 | Insight Enterprises, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 6884918 |

---

*See Notes to Financial Statements.*

------

June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 95.3% (continued)** | **COMMON STOCKS 95.3% (continued)** | **COMMON STOCKS 95.3% (continued)** |
| **INFORMATION TECHNOLOGY 15.4% (continued)** | **INFORMATION TECHNOLOGY 15.4% (continued)** | **INFORMATION TECHNOLOGY 15.4% (continued)** |
|  | **COMPUTERS 1.9% (continued)** | **COMPUTERS 1.9% (continued)** |
| 21700 | Qualys, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; $3100279 |
|  |  | &nbsp;&nbsp; **14265910** |
|  | **ELECTRICAL EQUIPMENT 0.1%** | **ELECTRICAL EQUIPMENT 0.1%** |
| 3000 | Littelfuse, Inc.  | &nbsp;&nbsp; 680190 |
|  | **ELECTRONICS 3.1%** | **ELECTRONICS 3.1%** |
| 84700 | Badger Meter, Inc.  | &nbsp;&nbsp; 20747265 |
| 21400 | TD SYNNEX Corp.  | &nbsp;&nbsp; 2903980 |
|  |  | &nbsp;&nbsp; **23651245** |
|  | **INTERNET 1.3%** | **INTERNET 1.3%** |
| 139000 | ePlus, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 10021900 |
|  | **MISCELLANEOUS MANUFACTURERS 2.8%** | **MISCELLANEOUS MANUFACTURERS 2.8%** |
| 71700 | Fabrinet<sup>(1)</sup>  | &nbsp;&nbsp; 21128556 |
|  | **SEMICONDUCTORS 1.7%** | **SEMICONDUCTORS 1.7%** |
| 87046 | &nbsp;&nbsp; MACOM Technology Solutions Holdings, <br> Inc.<sup>(1)</sup> <br>| &nbsp;&nbsp; 12472821 |
|  | **SOFTWARE 4.5%** | **SOFTWARE 4.5%** |
| 141800 | ACI Worldwide, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 6510038 |
| 55449 | Appfolio, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 12768796 |
| 104500 | SPS Commerce, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 14221405 |
| 11900 | Workiva, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 814555 |
|  |  | &nbsp;&nbsp; **34314794** |
|  |  | &nbsp;&nbsp; **116535416** |
| **MATERIALS 4.5%** | **MATERIALS 4.5%** | **MATERIALS 4.5%** |
|  | **CHEMICALS 0.7%** | **CHEMICALS 0.7%** |
| 32500 | Balchem Corp.  | &nbsp;&nbsp; 5174000 |
|  | **IRON/STEEL 1.8%** | **IRON/STEEL 1.8%** |
| 49000 | Carpenter Technology Corp.<sup>(2)</sup>  | &nbsp;&nbsp; 13542620 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 95.3% (continued)** | **COMMON STOCKS 95.3% (continued)** | **COMMON STOCKS 95.3% (continued)** |
| **MATERIALS 4.5% (continued)** | **MATERIALS 4.5% (continued)** | **MATERIALS 4.5% (continued)** |
|  | **PACKAGING & CONTAINERS 2.0%** | **PACKAGING & CONTAINERS 2.0%** |
| 39600 | AptarGroup, Inc.  | &nbsp;&nbsp; $6194628 |
| 172600 | Silgan Holdings, Inc.  | &nbsp;&nbsp; 9351468 |
|  |  | &nbsp;&nbsp; **15546096** |
|  |  | &nbsp;&nbsp; **34262716** |
| **UTILITIES 0.6%** | **UTILITIES 0.6%** | **UTILITIES 0.6%** |
|  | **WATER 0.6%** | **WATER 0.6%** |
| 59900 | American States Water Co.  | &nbsp;&nbsp; 4591934 |
| **TOTAL COMMON STOCKS** <br>**(Cost $421,638,011)** | **TOTAL COMMON STOCKS** <br>**(Cost $421,638,011)** | &nbsp;&nbsp; **722360587** |
| **SHORT-TERM INVESTMENTS 4.6%** | **SHORT-TERM INVESTMENTS 4.6%** | **SHORT-TERM INVESTMENTS 4.6%** |
|  | **MONEY MARKET FUNDS 4.6%** | **MONEY MARKET FUNDS 4.6%** |
| 34961681 | &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.27%<sup>(3)</sup> <br>| &nbsp;&nbsp; 34961681 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $34,961,681)** | **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $34,961,681)** | &nbsp;&nbsp; **34961681** |
| **TOTAL INVESTMENTS IN SECURITIES 99.9%** <br>**(Cost $456,599,692)** | **TOTAL INVESTMENTS IN SECURITIES 99.9%** <br>**(Cost $456,599,692)** | &nbsp;&nbsp; **$757322268** |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** <br> **0.1%** | **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** <br> **0.1%** | &nbsp;&nbsp; **581630** |
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | &nbsp;&nbsp; **$757903898** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *A portion or all of the security was held on loan. As of* *June 30, 2025, the market value of the securities on loan* *was $53,102,491.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate reflects 7 day yield as of June 30, 2025.* 

The following table summarizes the inputs used to value the Fund's investments in securities as of June 30, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $722360587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $722360587 |
| Short-Term Investments  | &nbsp;&nbsp; 34961681 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34961681 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $757322268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $757322268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *See Schedule of Investments for further breakdown by category.*

*See Notes to Financial Statements.*

------

Value Line Mid Cap Focused Fund, Inc.

Schedule of Investments (unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** |
| **CONSUMER DISCRETIONARY 3.2%** | **CONSUMER DISCRETIONARY 3.2%** | **CONSUMER DISCRETIONARY 3.2%** |
|  | **DISTRIBUTION/WHOLESALE 2.2%** | **DISTRIBUTION/WHOLESALE 2.2%** |
| 152461 | Pool Corp.<sup>(1)</sup>  | &nbsp;&nbsp; $44439332 |
|  | **ENTERTAINMENT 1.0%** | **ENTERTAINMENT 1.0%** |
| 194490 | Churchill Downs, Inc.  | &nbsp;&nbsp; 19643490 |
|  |  | &nbsp;&nbsp; **64082822** |
| **CONSUMER STAPLES 4.5%** | **CONSUMER STAPLES 4.5%** | **CONSUMER STAPLES 4.5%** |
|  | **RETAIL 4.5%** | **RETAIL 4.5%** |
| 174200 | Casey's General Stores, Inc.  | &nbsp;&nbsp; 88889034 |
| **FINANCIALS 14.9%** | **FINANCIALS 14.9%** | **FINANCIALS 14.9%** |
|  | **INSURANCE 9.1%** | **INSURANCE 9.1%** |
| 428592 | American Financial Group, Inc.  | &nbsp;&nbsp; 54092596 |
| 444900 | Brown & Brown, Inc.  | &nbsp;&nbsp; 49326063 |
| 1066506 | W.R. Berkley Corp.  | &nbsp;&nbsp; 78356196 |
|  |  | &nbsp;&nbsp; **181774855** |
|  | **SOFTWARE 5.8%** | **SOFTWARE 5.8%** |
| 66708 | Jack Henry & Associates, Inc.  | &nbsp;&nbsp; 12018781 |
| 179757 | MSCI, Inc.  | &nbsp;&nbsp; 103673052 |
|  |  | &nbsp;&nbsp; **115691833** |
|  |  | &nbsp;&nbsp; **297466688** |
| **HEALTHCARE 13.9%** | **HEALTHCARE 13.9%** | **HEALTHCARE 13.9%** |
|  | **ELECTRONICS 0.9%** | **ELECTRONICS 0.9%** |
| 14100 | Mettler-Toledo International, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 16563552 |
|  | **HEALTHCARE PRODUCTS 7.3%** | **HEALTHCARE PRODUCTS 7.3%** |
| 76000 | IDEXX Laboratories, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 40761840 |
| 311015 | STERIS PLC  | &nbsp;&nbsp; 74712023 |
| 137616 | West Pharmaceutical Services, Inc.  | &nbsp;&nbsp; 30110381 |
|  |  | &nbsp;&nbsp; **145584244** |
|  | **HEALTHCARE SERVICES 5.7%** | **HEALTHCARE SERVICES 5.7%** |
| 81800 | Chemed Corp.  | &nbsp;&nbsp; 39830874 |
| 176000 | ICON PLC<sup>(2)</sup>  | &nbsp;&nbsp; 25599200 |
| 309000 | IQVIA Holdings, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 48695310 |
|  |  | &nbsp;&nbsp; **114125384** |
|  |  | &nbsp;&nbsp; **276273180** |
| **INDUSTRIALS 27.9%** | **INDUSTRIALS 27.9%** | **INDUSTRIALS 27.9%** |
|  | **AEROSPACE/DEFENSE 7.3%** | **AEROSPACE/DEFENSE 7.3%** |
| 445293 | HEICO Corp.  | &nbsp;&nbsp; 146056104 |
|  | **BUILDING MATERIALS 4.5%** | **BUILDING MATERIALS 4.5%** |
| 157000 | Lennox International, Inc.  | &nbsp;&nbsp; 89998680 |
|  | **COMMERCIAL SERVICES 3.3%** | **COMMERCIAL SERVICES 3.3%** |
| 218772 | Cintas Corp.  | &nbsp;&nbsp; 48757716 |
| 304655 | Rollins, Inc.  | &nbsp;&nbsp; 17188635 |
|  |  | &nbsp;&nbsp; **65946351** |
|  | **COMPUTERS 2.6%** | **COMPUTERS 2.6%** |
| 106100 | CACI International, Inc. Class A<sup>(2)</sup>  | &nbsp;&nbsp; 50577870 |
|  | **DISTRIBUTION/WHOLESALE 1.1%** | **DISTRIBUTION/WHOLESALE 1.1%** |
| 50500 | Watsco, Inc.  | &nbsp;&nbsp; 22301810 |
|  | **ENGINEERING & CONSTRUCTION 2.5%** | **ENGINEERING & CONSTRUCTION 2.5%** |
| 73400 | Comfort Systems USA, Inc.  | &nbsp;&nbsp; 39357814 |
| 143200 | Exponent, Inc.  | &nbsp;&nbsp; 10698472 |
|  |  | &nbsp;&nbsp; **50056286** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 97.2% (continued)** | **COMMON STOCKS 97.2% (continued)** | **COMMON STOCKS 97.2% (continued)** |
| **INDUSTRIALS 27.9% (continued)** | **INDUSTRIALS 27.9% (continued)** | **INDUSTRIALS 27.9% (continued)** |
|  | **ENVIRONMENTAL CONTROL 6.6%** | **ENVIRONMENTAL CONTROL 6.6%** |
| 116000 | Republic Services, Inc.  | &nbsp;&nbsp; $28606760 |
| 554462 | Waste Connections, Inc.  | &nbsp;&nbsp; 103529145 |
|  |  | &nbsp;&nbsp; **132135905** |
|  |  | &nbsp;&nbsp; **557073006** |
| **INFORMATION TECHNOLOGY 30.7%** | **INFORMATION TECHNOLOGY 30.7%** | **INFORMATION TECHNOLOGY 30.7%** |
|  | **COMPUTERS 5.2%** | **COMPUTERS 5.2%** |
| 250210 | CGI, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 26229514 |
| 193800 | Gartner, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 78337836 |
|  |  | &nbsp;&nbsp; **104567350** |
|  | **INTERNET 2.9%** | **INTERNET 2.9%** |
| 321700 | CDW Corp.  | &nbsp;&nbsp; 57452403 |
|  | **MISCELLANEOUS MANUFACTURERS 2.4%** | **MISCELLANEOUS MANUFACTURERS 2.4%** |
| 93000 | Teledyne Technologies, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 47644830 |
|  | **SEMICONDUCTORS 4.3%** | **SEMICONDUCTORS 4.3%** |
| 116274 | Monolithic Power Systems, Inc.  | &nbsp;&nbsp; 85040478 |
|  | **SOFTWARE 14.5%** | **SOFTWARE 14.5%** |
| 18900 | ANSYS, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 6638058 |
| 149600 | Cadence Design Systems, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 46099240 |
| 43300 | Fair Isaac Corp.<sup>(2)</sup>  | &nbsp;&nbsp; 79150668 |
| 73700 | Roper Technologies, Inc.  | &nbsp;&nbsp; 41776108 |
| 196341 | Tyler Technologies, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 116398799 |
|  |  | &nbsp;&nbsp; **290062873** |
|  | **TELECOMMUNICATIONS 1.4%** | **TELECOMMUNICATIONS 1.4%** |
| 67000 | Motorola Solutions, Inc.  | &nbsp;&nbsp; 28170820 |
|  |  | &nbsp;&nbsp; **612938754** |
| **MATERIALS 2.1%** | **MATERIALS 2.1%** | **MATERIALS 2.1%** |
|  | **PACKAGING & CONTAINERS 2.1%** | **PACKAGING & CONTAINERS 2.1%** |
| 268600 | AptarGroup, Inc.  | &nbsp;&nbsp; 42017098 |
| **TOTAL COMMON STOCKS** <br>**(Cost $1,504,501,030)** | **TOTAL COMMON STOCKS** <br>**(Cost $1,504,501,030)** | &nbsp;&nbsp; **1938740582** |
| **SHORT-TERM INVESTMENTS 3.2%** | **SHORT-TERM INVESTMENTS 3.2%** | **SHORT-TERM INVESTMENTS 3.2%** |
|  | **MONEY MARKET FUNDS 3.2%** | **MONEY MARKET FUNDS 3.2%** |
| 46844401 | &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.27%<sup>(3)</sup> <br>| &nbsp;&nbsp; 46844401 |
| 15825000 | &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(4)</sup> <br>| &nbsp;&nbsp; 15825000 |
|  |  | &nbsp;&nbsp; **62669401** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $62,669,401)** | **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $62,669,401)** | &nbsp;&nbsp; **62669401** |
| **TOTAL INVESTMENTS IN SECURITIES 100.4%** <br>**(Cost $1,567,170,431)** | **TOTAL INVESTMENTS IN SECURITIES 100.4%** <br>**(Cost $1,567,170,431)** | &nbsp;&nbsp; **$2001409983** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.4)%** | **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.4)%** | &nbsp;&nbsp; **(7222205)**<br>|
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | &nbsp;&nbsp; **$1994187778** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to Financial Statements.*

------

June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *A portion or all of the security was held on loan. As of* *June 30, 2025, the market value of the securities on loan* *was $57,814,212.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate reflects 7 day yield as of June 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Securities with an aggregate market value of* *$57,814,212 were out on loan in exchange for collateral* *including $15,825,000 of cash collateral as of June 30,* *2025. The collateral was invested in a cash collateral* *reinvestment vehicle. See note 1(K).* 

The following table summarizes the inputs used to value the Fund's investments in securities as of June 30, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $1938740582 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1938740582 |
| Short-Term Investments  | &nbsp;&nbsp; 62669401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62669401 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $2001409983 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2001409983 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *See Schedule of Investments for further breakdown by category.*

*See Notes to Financial Statements.*

------

Value Line Select Growth Fund, Inc.

Schedule of Investments (unaudited)

June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** |
| **CONSUMER STAPLES 5.9%** | **CONSUMER STAPLES 5.9%** | **CONSUMER STAPLES 5.9%** |
|  | **RETAIL 5.9%** | **RETAIL 5.9%** |
| 26100 | Costco Wholesale Corp.  | &nbsp;&nbsp; $25837434 |
| **FINANCIALS 20.0%** | **FINANCIALS 20.0%** | **FINANCIALS 20.0%** |
|  | **COMMERCIAL SERVICES 4.2%** | **COMMERCIAL SERVICES 4.2%** |
| 34573 | S&P Global, Inc.  | &nbsp;&nbsp; 18229997 |
|  | **DIVERSIFIED FINANCIALS 7.8%** | **DIVERSIFIED FINANCIALS 7.8%** |
| 116889 | Intercontinental Exchange, Inc.  | &nbsp;&nbsp; 21445625 |
| 22100 | Mastercard, Inc. Class A  | &nbsp;&nbsp; 12418874 |
|  |  | &nbsp;&nbsp; **33864499** |
|  | **INSURANCE 7.2%** | **INSURANCE 7.2%** |
| 25400 | Arthur J Gallagher & Co.  | &nbsp;&nbsp; 8131048 |
| 74700 | Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp; 16332408 |
| 25300 | Progressive Corp.  | &nbsp;&nbsp; 6751558 |
|  |  | &nbsp;&nbsp; **31215014** |
|  | **SOFTWARE 0.8%** | **SOFTWARE 0.8%** |
| 5600 | MSCI, Inc.  | &nbsp;&nbsp; 3229744 |
|  |  | &nbsp;&nbsp; **86539254** |
| **HEALTHCARE 14.8%** | **HEALTHCARE 14.8%** | **HEALTHCARE 14.8%** |
|  | **HEALTHCARE PRODUCTS 12.9%** | **HEALTHCARE PRODUCTS 12.9%** |
| 54600 | Danaher Corp.  | &nbsp;&nbsp; 10785684 |
| 23400 | IDEXX Laboratories, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 12550356 |
| 52442 | Stryker Corp.  | &nbsp;&nbsp; 20747629 |
| 29400 | Thermo Fisher Scientific, Inc.  | &nbsp;&nbsp; 11920524 |
|  |  | &nbsp;&nbsp; **56004193** |
|  | **PHARMACEUTICALS 1.9%** | **PHARMACEUTICALS 1.9%** |
| 53000 | Zoetis, Inc.  | &nbsp;&nbsp; 8265350 |
|  |  | &nbsp;&nbsp; **64269543** |
| **INDUSTRIALS 25.3%** | **INDUSTRIALS 25.3%** | **INDUSTRIALS 25.3%** |
|  | **AEROSPACE/DEFENSE 7.3%** | **AEROSPACE/DEFENSE 7.3%** |
| 20657 | TransDigm Group, Inc.  | &nbsp;&nbsp; 31411860 |
|  | **BUILDING MATERIALS 4.8%** | **BUILDING MATERIALS 4.8%** |
| 48000 | Trane Technologies PLC  | &nbsp;&nbsp; 20995680 |
|  | **COMMERCIAL SERVICES 6.4%** | **COMMERCIAL SERVICES 6.4%** |
| 124008 | Cintas Corp.  | &nbsp;&nbsp; 27637663 |
|  | **ENVIRONMENTAL CONTROL 6.8%** | **ENVIRONMENTAL CONTROL 6.8%** |
| 81800 | Republic Services, Inc.  | &nbsp;&nbsp; 20172698 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 97.7% (continued)** | **COMMON STOCKS 97.7% (continued)** | **COMMON STOCKS 97.7% (continued)** |
| **INDUSTRIALS 25.3% (continued)** | **INDUSTRIALS 25.3% (continued)** | **INDUSTRIALS 25.3% (continued)** |
|  | **ENVIRONMENTAL CONTROL 6.8% (continued)** | **ENVIRONMENTAL CONTROL 6.8% (continued)** |
| 50251 | Waste Connections, Inc.  | &nbsp;&nbsp; $9382867 |
|  |  | &nbsp;&nbsp; **29555565** |
|  |  | &nbsp;&nbsp; **109600768** |
| **INFORMATION TECHNOLOGY 30.3%** | **INFORMATION TECHNOLOGY 30.3%** | **INFORMATION TECHNOLOGY 30.3%** |
|  | **COMPUTERS 4.1%** | **COMPUTERS 4.1%** |
| 59372 | Accenture PLC Class A  | &nbsp;&nbsp; 17745697 |
|  | **SOFTWARE 21.6%** | **SOFTWARE 21.6%** |
| 67000 | Cadence Design Systems, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 20646050 |
| 26600 | Intuit, Inc.  | &nbsp;&nbsp; 20950958 |
| 28069 | Roper Technologies, Inc.  | &nbsp;&nbsp; 15910632 |
| 23639 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 24302783 |
| 22800 | Synopsys, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 11689104 |
|  |  | &nbsp;&nbsp; **93499527** |
|  | **TELECOMMUNICATIONS 4.6%** | **TELECOMMUNICATIONS 4.6%** |
| 48000 | Motorola Solutions, Inc.  | &nbsp;&nbsp; 20182080 |
|  |  | &nbsp;&nbsp; **131427304** |
| **MATERIALS 1.4%** | **MATERIALS 1.4%** | **MATERIALS 1.4%** |
|  | **CHEMICALS 1.4%** | **CHEMICALS 1.4%** |
| 22100 | Ecolab, Inc.  | &nbsp;&nbsp; 5954624 |
| **TOTAL COMMON STOCKS** <br>**(Cost $179,145,699)** | **TOTAL COMMON STOCKS** <br>**(Cost $179,145,699)** | &nbsp;&nbsp; **423628927** |
| **SHORT-TERM INVESTMENTS 2.4%** | **SHORT-TERM INVESTMENTS 2.4%** | **SHORT-TERM INVESTMENTS 2.4%** |
|  | **MONEY MARKET FUNDS 2.4%** | **MONEY MARKET FUNDS 2.4%** |
| 10422360 | &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.27%<sup>(2)</sup> <br>| &nbsp;&nbsp; 10422360 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $10,422,360)** | **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $10,422,360)** | &nbsp;&nbsp; **10422360** |
| **TOTAL INVESTMENTS IN SECURITIES 100.1%** <br>**(Cost $189,568,059)** | **TOTAL INVESTMENTS IN SECURITIES 100.1%** <br>**(Cost $189,568,059)** | &nbsp;&nbsp; **$434051287** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.1)%** | **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.1)%** | &nbsp;&nbsp; **(539609)**<br>|
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | &nbsp;&nbsp; **$433511678** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Rate reflects 7 day yield as of June 30, 2025.* 

The following table summarizes the inputs used to value the Fund's investments in securities as of June 30, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $423628927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $423628927 |
| Short-Term Investments  | &nbsp;&nbsp; 10422360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10422360 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $434051287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $434051287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *See Schedule of Investments for further breakdown by category.*

*See Notes to Financial Statements.*

------

Value Line Larger Companies Focused Fund, Inc.

Schedule of Investments (unaudited)

June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **COMMUNICATION SERVICES 20.0%** | **COMMUNICATION SERVICES 20.0%** | **COMMUNICATION SERVICES 20.0%** |
|  | **INTERNET 20.0%** | **INTERNET 20.0%** |
| 86000 | Alphabet, Inc. Class A  | &nbsp;&nbsp; $15155780 |
| 48000 | Meta Platforms, Inc. Class A  | &nbsp;&nbsp; 35428320 |
| 16000 | Netflix, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 21426080 |
| 95000 | Roku, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 8349550 |
| 460000 | Snap, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 3997400 |
|  |  | &nbsp;&nbsp; **84357130** |
| **CONSUMER DISCRETIONARY 11.9%** | **CONSUMER DISCRETIONARY 11.9%** | **CONSUMER DISCRETIONARY 11.9%** |
|  | **AUTO MANUFACTURERS 4.1%** | **AUTO MANUFACTURERS 4.1%** |
| 380000 | Rivian Automotive, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 5221200 |
| 38000 | Tesla, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 12071080 |
|  |  | &nbsp;&nbsp; **17292280** |
|  | **ENTERTAINMENT 2.1%** | **ENTERTAINMENT 2.1%** |
| 210000 | DraftKings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 9006900 |
|  | **INTERNET 5.7%** | **INTERNET 5.7%** |
| 80000 | Amazon.com, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 17551200 |
| 1100 | Booking Holdings, Inc.  | &nbsp;&nbsp; 6368164 |
|  |  | &nbsp;&nbsp; **23919364** |
|  |  | &nbsp;&nbsp; **50218544** |
| **ENERGY 0.9%** | **ENERGY 0.9%** | **ENERGY 0.9%** |
|  | **OIL & GAS 0.9%** | **OIL & GAS 0.9%** |
| 27000 | Diamondback Energy, Inc.  | &nbsp;&nbsp; 3709800 |
| **FINANCIALS 12.0%** | **FINANCIALS 12.0%** | **FINANCIALS 12.0%** |
|  | **DIVERSIFIED FINANCIALS 7.2%** | **DIVERSIFIED FINANCIALS 7.2%** |
| 50000 | Coinbase Global, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 17524500 |
| 36000 | Visa, Inc. Class A  | &nbsp;&nbsp; 12781800 |
|  |  | &nbsp;&nbsp; **30306300** |
|  | **INTERNET 4.8%** | **INTERNET 4.8%** |
| 215000 | Robinhood Markets, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 20130450 |
|  |  | &nbsp;&nbsp; **50436750** |
| **HEALTHCARE 9.5%** | **HEALTHCARE 9.5%** | **HEALTHCARE 9.5%** |
|  | **BIOTECHNOLOGY 5.2%** | **BIOTECHNOLOGY 5.2%** |
| 345000 | Exelixis, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 15205875 |
| 14700 | Vertex Pharmaceuticals, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 6544440 |
|  |  | &nbsp;&nbsp; **21750315** |
|  | **HEALTHCARE PRODUCTS 2.2%** | **HEALTHCARE PRODUCTS 2.2%** |
| 178000 | Exact Sciences Corp.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 9458920 |
|  | **PHARMACEUTICALS 2.1%** | **PHARMACEUTICALS 2.1%** |
| 4500 | Eli Lilly & Co.  | &nbsp;&nbsp; 3507885 |
| 18000 | Madrigal Pharmaceuticals, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 5447520 |
|  |  | &nbsp;&nbsp; **8955405** |
|  |  | &nbsp;&nbsp; **40164640** |
| **INDUSTRIALS 4.6%** | **INDUSTRIALS 4.6%** | **INDUSTRIALS 4.6%** |
|  | **INTERNET 4.6%** | **INTERNET 4.6%** |
| 205000 | Uber Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 19126500 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 98.8% (continued)** | **COMMON STOCKS 98.8% (continued)** | **COMMON STOCKS 98.8% (continued)** |
| **INFORMATION TECHNOLOGY 39.9%** | **INFORMATION TECHNOLOGY 39.9%** | **INFORMATION TECHNOLOGY 39.9%** |
|  | **COMPUTERS 3.1%** | **COMPUTERS 3.1%** |
| 26000 | Crowdstrike Holdings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; $13242060 |
|  | **INTERNET 1.5%** | **INTERNET 1.5%** |
| 56000 | Shopify, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 6459600 |
|  | **SEMICONDUCTORS 19.7%** | **SEMICONDUCTORS 19.7%** |
| 125000 | Advanced Micro Devices, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 17737500 |
| 60000 | ARM Holdings PLC ADR<sup>(1)(2)</sup>  | &nbsp;&nbsp; 9704400 |
| 52000 | Broadcom, Inc.  | &nbsp;&nbsp; 14333800 |
| 260000 | NVIDIA Corp.  | &nbsp;&nbsp; 41077400 |
|  |  | &nbsp;&nbsp; **82853100** |
|  | **SOFTWARE 15.6%** | **SOFTWARE 15.6%** |
| 39000 | AppLovin Corp. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 13653120 |
| 32000 | Microsoft Corp.  | &nbsp;&nbsp; 15917120 |
| 36000 | MicroStrategy, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 14552280 |
| 32000 | Salesforce, Inc.  | &nbsp;&nbsp; 8726080 |
| 7000 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 7196560 |
| 23000 | Workday, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 5520000 |
|  |  | &nbsp;&nbsp; **65565160** |
|  |  | &nbsp;&nbsp; **168119920** |
| **TOTAL COMMON STOCKS** <br>**(Cost $185,122,745)** | **TOTAL COMMON STOCKS** <br>**(Cost $185,122,745)** | &nbsp;&nbsp; **416133284** |
| **SHORT-TERM INVESTMENTS 3.6%** | **SHORT-TERM INVESTMENTS 3.6%** | **SHORT-TERM INVESTMENTS 3.6%** |
|  | **MONEY MARKET FUNDS 3.6%** | **MONEY MARKET FUNDS 3.6%** |
| 4840597 | &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.27%<sup>(3)</sup> <br>| &nbsp;&nbsp; 4840597 |
| 10332404 | &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(4)</sup> <br>| &nbsp;&nbsp; 10332404 |
|  |  | &nbsp;&nbsp; **15173001** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,173,001)** | **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,173,001)** | &nbsp;&nbsp; **15173001** |
| **TOTAL INVESTMENTS IN SECURITIES 102.4%** <br>**(Cost $200,295,746)** | **TOTAL INVESTMENTS IN SECURITIES 102.4%** <br>**(Cost $200,295,746)** | &nbsp;&nbsp; **$431306285** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(2.4)%** | **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(2.4)%** | &nbsp;&nbsp; **(9954477)**<br>|
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | &nbsp;&nbsp; **$421351808** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *A portion or all of the security was held on loan. As of* *June 30, 2025, the market value of the securities on loan* *was $29,220,868.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate reflects 7 day yield as of June 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Securities with an aggregate market value of* *$29,220,868 were out on loan in exchange for collateral* *including $10,332,404 of cash collateral as of June 30,* *2025. The collateral was invested in a cash collateral* *reinvestment vehicle. See note 1(K).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipt.*

*See Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

The following table summarizes the inputs used to value the Fund's investments in securities as of June 30, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $416133284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $416133284 |
| Short-Term Investments  | &nbsp;&nbsp; 15173001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15173001 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $431306285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $431306285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *See Schedule of Investments for further breakdown by category.*

*See Notes to Financial Statements.*

------

Value Line Asset Allocation Fund, Inc.

Schedule of Investments (unaudited)

June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 64.0%** | **COMMON STOCKS 64.0%** | **COMMON STOCKS 64.0%** |
| **CONSUMER DISCRETIONARY 1.2%** | **CONSUMER DISCRETIONARY 1.2%** | **CONSUMER DISCRETIONARY 1.2%** |
|  | **DISTRIBUTION/WHOLESALE 1.2%** | **DISTRIBUTION/WHOLESALE 1.2%** |
| 34800 | Pool Corp.<sup>(1)</sup>  | &nbsp;&nbsp; $10143504 |
| **CONSUMER STAPLES 3.4%** | **CONSUMER STAPLES 3.4%** | **CONSUMER STAPLES 3.4%** |
|  | **RETAIL 3.4%** | **RETAIL 3.4%** |
| 30000 | Costco Wholesale Corp.  | &nbsp;&nbsp; 29698200 |
| **FINANCIALS 12.7%** | **FINANCIALS 12.7%** | **FINANCIALS 12.7%** |
|  | **COMMERCIAL SERVICES 2.0%** | **COMMERCIAL SERVICES 2.0%** |
| 33619 | S&P Global, Inc.  | &nbsp;&nbsp; 17726962 |
|  | **DIVERSIFIED FINANCIALS 3.8%** | **DIVERSIFIED FINANCIALS 3.8%** |
| 180944 | Intercontinental Exchange, Inc.  | &nbsp;&nbsp; 33197796 |
|  | **INSURANCE 5.7%** | **INSURANCE 5.7%** |
| 70100 | American Financial Group, Inc.  | &nbsp;&nbsp; 8847321 |
| 57300 | Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp; 12528072 |
| 150200 | RLI Corp.  | &nbsp;&nbsp; 10847444 |
| 228958 | W.R. Berkley Corp.  | &nbsp;&nbsp; 16821544 |
|  |  | &nbsp;&nbsp; **49044381** |
|  | **SOFTWARE 1.2%** | **SOFTWARE 1.2%** |
| 18600 | MSCI, Inc.  | &nbsp;&nbsp; 10727364 |
|  |  | &nbsp;&nbsp; **110696503** |
| **HEALTHCARE 7.1%** | **HEALTHCARE 7.1%** | **HEALTHCARE 7.1%** |
|  | **HEALTHCARE PRODUCTS 4.8%** | **HEALTHCARE PRODUCTS 4.8%** |
| 26812 | IDEXX Laboratories, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 14380348 |
| 69371 | Stryker Corp.  | &nbsp;&nbsp; 27445249 |
|  |  | &nbsp;&nbsp; **41825597** |
|  | **HEALTHCARE SERVICES 1.2%** | **HEALTHCARE SERVICES 1.2%** |
| 22699 | Chemed Corp.  | &nbsp;&nbsp; 11052824 |
|  | **PHARMACEUTICALS 1.1%** | **PHARMACEUTICALS 1.1%** |
| 60000 | Zoetis, Inc.  | &nbsp;&nbsp; 9357000 |
|  |  | &nbsp;&nbsp; **62235421** |
| **INDUSTRIALS 14.7%** | **INDUSTRIALS 14.7%** | **INDUSTRIALS 14.7%** |
|  | **AEROSPACE/DEFENSE 4.5%** | **AEROSPACE/DEFENSE 4.5%** |
| 16400 | HEICO Corp.  | &nbsp;&nbsp; 5379200 |
| 22000 | TransDigm Group, Inc.  | &nbsp;&nbsp; 33454080 |
|  |  | &nbsp;&nbsp; **38833280** |
|  | **BUILDING MATERIALS 1.6%** | **BUILDING MATERIALS 1.6%** |
| 24400 | Lennox International, Inc.  | &nbsp;&nbsp; 13987056 |
|  | **COMMERCIAL SERVICES 4.1%** | **COMMERCIAL SERVICES 4.1%** |
| 158846 | Cintas Corp.  | &nbsp;&nbsp; 35402008 |
|  | **DISTRIBUTION/WHOLESALE 0.3%** | **DISTRIBUTION/WHOLESALE 0.3%** |
| 5400 | Watsco, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2384748 |
|  | **ENGINEERING & CONSTRUCTION 0.3%** | **ENGINEERING & CONSTRUCTION 0.3%** |
| 39300 | Exponent, Inc.  | &nbsp;&nbsp; 2936103 |
|  | **ENVIRONMENTAL CONTROL 3.9%** | **ENVIRONMENTAL CONTROL 3.9%** |
| 125803 | Republic Services, Inc.  | &nbsp;&nbsp; 31024278 |
| 16000 | Waste Connections, Inc.  | &nbsp;&nbsp; 2987520 |
|  |  | &nbsp;&nbsp; **34011798** |
|  |  | &nbsp;&nbsp; **127554993** |
| **INFORMATION TECHNOLOGY 24.9%** | **INFORMATION TECHNOLOGY 24.9%** | **INFORMATION TECHNOLOGY 24.9%** |
|  | **COMPUTERS 3.6%** | **COMPUTERS 3.6%** |
| 22751 | Accenture PLC Class A  | &nbsp;&nbsp; 6800047 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 64.0% (continued)** | **COMMON STOCKS 64.0% (continued)** | **COMMON STOCKS 64.0% (continued)** |
| **INFORMATION TECHNOLOGY 24.9% (continued)** | **INFORMATION TECHNOLOGY 24.9% (continued)** | **INFORMATION TECHNOLOGY 24.9% (continued)** |
|  | **COMPUTERS 3.6% (continued)** | **COMPUTERS 3.6% (continued)** |
| 146900 | CGI, Inc.  | &nbsp;&nbsp; $15399527 |
| 23400 | Gartner, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 9458748 |
|  |  | &nbsp;&nbsp; **31658322** |
|  | **INTERNET 0.4%** | **INTERNET 0.4%** |
| 22000 | CDW Corp.  | &nbsp;&nbsp; 3928980 |
|  | **SOFTWARE 17.9%** | **SOFTWARE 17.9%** |
| 72700 | Cadence Design Systems, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 22402505 |
| 13600 | Fair Isaac Corp.<sup>(2)</sup>  | &nbsp;&nbsp; 24860256 |
| 24810 | Intuit, Inc.  | &nbsp;&nbsp; 19541100 |
| 22600 | Roper Technologies, Inc.  | &nbsp;&nbsp; 12810584 |
| 30525 | ServiceNow, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 31382142 |
| 25800 | Synopsys, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 13227144 |
| 52737 | Tyler Technologies, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 31264603 |
|  |  | &nbsp;&nbsp; **155488334** |
|  | **TELECOMMUNICATIONS 3.0%** | **TELECOMMUNICATIONS 3.0%** |
| 61100 | Motorola Solutions, Inc.  | &nbsp;&nbsp; 25690106 |
|  |  | &nbsp;&nbsp; **216765742** |
| **TOTAL COMMON STOCKS** <br>**(Cost $254,596,350)** | **TOTAL COMMON STOCKS** <br>**(Cost $254,596,350)** | &nbsp;&nbsp; **557094363** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS 0.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.5%** |
| $1405781 | &nbsp;&nbsp; FHLMC, Series 2023-DNA1, Class M1A, <br> REMIC, (30 day USD SOFR Average + <br> 2.10%), 6.41%, 3/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 1426432 |
| 1540077 | &nbsp;&nbsp; FNMA, Series 2023-R02, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 6.61%, <br> 1/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 1571767 |
| 1531230 | &nbsp;&nbsp; FNMA, Series 2023-R04, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 6.61%, <br> 5/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 1563294 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $4,491,516)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $4,491,516)** | &nbsp;&nbsp; **4561493** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.7%** |
| 1207061 | &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K055, Class A2, <br> 2.67%, 3/25/26 <br>| &nbsp;&nbsp; 1191496 |
| 1580000 | &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K064, Class A2, <br> 3.22%, 3/25/27 <br>| &nbsp;&nbsp; 1556088 |
| 750000 | &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K084, Class A2, <br> 3.78%, 10/25/28<sup>(4)</sup> <br>| &nbsp;&nbsp; 743456 |
| 1215876 | &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K089, Class A1, <br> 3.34%, 10/25/28 <br>| &nbsp;&nbsp; 1197479 |
| 93531 | &nbsp;&nbsp; GNMA, Series 2013-12, Class B, 2.07%, <br> 11/16/52<sup>(4)</sup> <br>| &nbsp;&nbsp; 88030 |
| 1000000 | &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2021-L7, Class A4, 2.32%, 10/15/54 <br>| &nbsp;&nbsp; 866828 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $6,201,588)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $6,201,588)** | &nbsp;&nbsp; **5643377** |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.2%** | **CORPORATE BONDS & NOTES 10.2%** | **CORPORATE BONDS & NOTES 10.2%** |
| **BASIC MATERIALS 0.4%** | **BASIC MATERIALS 0.4%** | **BASIC MATERIALS 0.4%** |
|  | **IRON/STEEL 0.1%** | **IRON/STEEL 0.1%** |
| $1200000 | &nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(1)</sup> <br>| &nbsp;&nbsp; $1184982 |
|  | **MINING 0.3%** | **MINING 0.3%** |
| 1265000 | &nbsp;&nbsp; Freeport-McMoRan, Inc., Guaranteed Notes, <br> 4.63%, 8/1/30 <br>| &nbsp;&nbsp; 1251923 |
| 1200000 | &nbsp;&nbsp; Newmont Corp., Guaranteed Notes, 2.60%, <br> 7/15/32<sup>(1)</sup> <br>| &nbsp;&nbsp; 1060917 |
|  |  | &nbsp;&nbsp; **2312840** |
|  |  | &nbsp;&nbsp; **3497822** |
| **COMMUNICATIONS 0.9%** | **COMMUNICATIONS 0.9%** | **COMMUNICATIONS 0.9%** |
|  | **INTERNET 0.4%** | **INTERNET 0.4%** |
| 1200000 | &nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30 <br>| &nbsp;&nbsp; 1132000 |
| 1250000 | &nbsp;&nbsp; Netflix, Inc., Senior Unsecured Notes, <br> 4.90%, 8/15/34<sup>(1)</sup> <br>| &nbsp;&nbsp; 1274218 |
| 1200000 | &nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp; 1075322 |
|  |  | &nbsp;&nbsp; **3481540** |
|  | **MEDIA 0.1%** | **MEDIA 0.1%** |
| 1200000 | &nbsp;&nbsp; Comcast Corp., Guaranteed Notes, 4.15%, <br> 10/15/28 <br>| &nbsp;&nbsp; 1197728 |
|  | **TELECOMMUNICATIONS 0.4%** | **TELECOMMUNICATIONS 0.4%** |
| 1240000 | &nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, 2.55%, <br> 12/1/33 <br>| &nbsp;&nbsp; 1037763 |
| 1200000 | &nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp; 1223515 |
| 1275000 | &nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, <br> 3.50%, 4/15/31 <br>| &nbsp;&nbsp; 1197117 |
|  |  | &nbsp;&nbsp; **3458395** |
|  |  | &nbsp;&nbsp; **8137663** |
| **CONSUMER, CYCLICAL 0.7%** | **CONSUMER, CYCLICAL 0.7%** | **CONSUMER, CYCLICAL 0.7%** |
|  | **AUTO MANUFACTURERS 0.1%** | **AUTO MANUFACTURERS 0.1%** |
| 1200000 | &nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp; 1176214 |
|  | **HOME BUILDERS 0.2%** | **HOME BUILDERS 0.2%** |
| 1200000 | &nbsp;&nbsp; Lennar Corp., Senior Unsecured Notes, <br> 5.20%, 7/30/30 <br>| &nbsp;&nbsp; 1222567 |
|  | **LODGING 0.3%** | **LODGING 0.3%** |
| 1200000 | &nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured Notes, <br> 5.38%, 12/15/31 <br>| &nbsp;&nbsp; 1216773 |
| 1200000 | &nbsp;&nbsp; Marriott International, Inc., Senior <br> Unsecured Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp; 1200199 |
|  |  | &nbsp;&nbsp; **2416972** |
|  | **RETAIL 0.1%** | **RETAIL 0.1%** |
| 1225000 | &nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32 <br>| &nbsp;&nbsp; 1047977 |
|  |  | &nbsp;&nbsp; **5863730** |
| **CONSUMER, NON-CYCLICAL 1.3%** | **CONSUMER, NON-CYCLICAL 1.3%** | **CONSUMER, NON-CYCLICAL 1.3%** |
|  | **AGRICULTURE 0.1%** | **AGRICULTURE 0.1%** |
| 1200000 | &nbsp;&nbsp; Bunge Ltd. Finance Corp., Guaranteed <br> Notes, 4.65%, 9/17/34 <br>| &nbsp;&nbsp; 1164322 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** |
| **CONSUMER, NON-CYCLICAL 1.3% (continued)** | **CONSUMER, NON-CYCLICAL 1.3% (continued)** | **CONSUMER, NON-CYCLICAL 1.3% (continued)** |
|  | **BIOTECHNOLOGY 0.3%** | **BIOTECHNOLOGY 0.3%** |
| $1210000 | &nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, <br> 2.20%, 2/21/27 <br>| &nbsp;&nbsp; $1170450 |
| 1225000 | &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp; 1063938 |
|  |  | &nbsp;&nbsp; **2234388** |
|  | **COMMERCIAL SERVICES 0.1%** | **COMMERCIAL SERVICES 0.1%** |
| 1200000 | &nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34 <br>| &nbsp;&nbsp; 1218873 |
|  | **HEALTHCARE PRODUCTS 0.3%** | **HEALTHCARE PRODUCTS 0.3%** |
| 1200000 | &nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp; 1217588 |
| 1200000 | &nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35 <br>| &nbsp;&nbsp; 1222832 |
|  |  | &nbsp;&nbsp; **2440420** |
|  | **PHARMACEUTICALS 0.5%** | **PHARMACEUTICALS 0.5%** |
| 1200000 | &nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, <br> 3.20%, 11/21/29 <br>| &nbsp;&nbsp; 1147803 |
| 1200000 | &nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp; 1041771 |
| 1200000 | &nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp; 1189106 |
| 1250000 | &nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53 <br>| &nbsp;&nbsp; 1180012 |
|  |  | &nbsp;&nbsp; **4558692** |
|  |  | &nbsp;&nbsp; **11616695** |
| **ENERGY 1.0%** | **ENERGY 1.0%** | **ENERGY 1.0%** |
|  | **OIL & GAS 0.6%** | **OIL & GAS 0.6%** |
| 1250000 | &nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed <br> Notes, 5.15%, 1/30/30 <br>| &nbsp;&nbsp; 1278521 |
| 1325000 | &nbsp;&nbsp; Hess Corp., Senior Unsecured Notes, <br> 4.30%, 4/1/27 <br>| &nbsp;&nbsp; 1321892 |
| 1200000 | &nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp; 1232704 |
| 1200000 | &nbsp;&nbsp; Valero Energy Corp., Senior Unsecured <br> Notes, 5.15%, 2/15/30 <br>| &nbsp;&nbsp; 1223736 |
|  |  | &nbsp;&nbsp; **5056853** |
|  | **PIPELINES 0.4%** | **PIPELINES 0.4%** |
| 1250000 | &nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33 <br>| &nbsp;&nbsp; 1038647 |
| 1200000 | &nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp; 1191380 |
| 1250000 | Targa Resources Corp., 6.50%, 3/30/34  | &nbsp;&nbsp; 1343258 |
|  |  | &nbsp;&nbsp; **3573285** |
|  |  | &nbsp;&nbsp; **8630138** |
| **FINANCIAL 3.9%** | **FINANCIAL 3.9%** | **FINANCIAL 3.9%** |
|  | **BANKS 2.5%** | **BANKS 2.5%** |
| 1250000 | &nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR + <br> 2.16%), 5.02%, 7/22/33<sup>(4)</sup> <br>| &nbsp;&nbsp; 1264635 |
| 1250000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (1 day USD <br> SOFR + 1.51%), 4.71%, 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 1236220 |
| 1200000 | &nbsp;&nbsp; Barclays PLC, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.91%), 5.34%, <br> 9/10/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 1190993 |

---

*See Notes to Financial Statements.*

------

June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** |
| **FINANCIAL 3.9% (continued)** | **FINANCIAL 3.9% (continued)** | **FINANCIAL 3.9% (continued)** |
|  | **BANKS 2.5% (continued)** | **BANKS 2.5% (continued)** |
| $1200000 | &nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(4)</sup> <br>| &nbsp;&nbsp; $1194561 |
| 1250000 | &nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(4)</sup> <br>| &nbsp;&nbsp; 1247199 |
| 1200000 | &nbsp;&nbsp; Fifth Third Bancorp, Senior Unsecured <br> Notes, (1 day USD SOFR + 1.49%), <br> 4.90%, 9/6/30<sup>(1)(4)</sup> <br>| &nbsp;&nbsp; 1213311 |
| 1200000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.42%), 5.02%, 10/23/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 1185485 |
| 1200000 | &nbsp;&nbsp; HSBC Holdings PLC, Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + 1.80%), <br> 4.58%, 6/19/29<sup>(4)</sup> <br>| &nbsp;&nbsp; 1201733 |
| 1325000 | &nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes, <br> 4.13%, 12/15/26 <br>| &nbsp;&nbsp; 1323483 |
| 1200000 | &nbsp;&nbsp; JPMorgan Chase & Co., Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + 1.64%), <br> 3.96%, 11/15/48<sup>(4)</sup> <br>| &nbsp;&nbsp; 959445 |
| 1200000 | &nbsp;&nbsp; KeyCorp, Senior Unsecured Notes, 4.10%, <br> 4/30/28 <br>| &nbsp;&nbsp; 1192435 |
| 1200000 | &nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 1183043 |
| 1250000 | &nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + <br> 2.56%), 6.34%, 10/18/33<sup>(4)</sup> <br>| &nbsp;&nbsp; 1357135 |
| 1200000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.26%), 4.81%, 10/21/32<sup>(4)</sup> <br>| &nbsp;&nbsp; 1202759 |
| 1200000 | &nbsp;&nbsp; Regions Financial Corp., Senior Unsecured <br> Notes, (1 day USD SOFR + 2.06%), <br> 5.50%, 9/6/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 1203001 |
| 1200000 | &nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.60%), 4.84%, <br> 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 1184903 |
| 1250000 | &nbsp;&nbsp; Wells Fargo & Co., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(4)</sup> <br>| &nbsp;&nbsp; 1277144 |
| 1300000 | &nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(4)</sup> <br>| &nbsp;&nbsp; 1107878 |
|  |  | &nbsp;&nbsp; **21725363** |
|  | **DIVERSIFIED FINANCIALS 0.4%** | **DIVERSIFIED FINANCIALS 0.4%** |
| 1250000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, 3.30%, <br> 1/30/32 <br>| &nbsp;&nbsp; 1132487 |
| 1200000 | &nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), <br> 5.04%, 5/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 1211369 |
| 1250000 | &nbsp;&nbsp; Capital One Financial Corp., Senior <br> Unsecured Notes, 4.10%, 2/9/27 <br>| &nbsp;&nbsp; 1244147 |
|  |  | &nbsp;&nbsp; **3588003** |
|  | **REITS 1.0%** | **REITS 1.0%** |
| 1200000 | &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30<sup>(1)</sup> <br>| &nbsp;&nbsp; 1208569 |
| 1200000 | American Tower Corp., 5.50%, 3/15/28  | &nbsp;&nbsp; 1233351 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** |
| **FINANCIAL 3.9% (continued)** | **FINANCIAL 3.9% (continued)** | **FINANCIAL 3.9% (continued)** |
|  | **REITS 1.0% (continued)** | **REITS 1.0% (continued)** |
| $1250000 | &nbsp;&nbsp; Equinix, Inc., Senior Unsecured Notes, <br> 2.50%, 5/15/31 <br>| &nbsp;&nbsp; $1107477 |
| 1200000 | &nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp; 1218779 |
| 1250000 | &nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured <br> Notes, 2.25%, 12/1/31 <br>| &nbsp;&nbsp; 1082507 |
| 1200000 | &nbsp;&nbsp; Sabra Health Care LP, Guaranteed Notes, <br> 3.20%, 12/1/31 <br>| &nbsp;&nbsp; 1069348 |
| 1225000 | &nbsp;&nbsp; Welltower OP LLC, Senior Unsecured Notes, <br> 4.25%, 4/15/28 <br>| &nbsp;&nbsp; 1226904 |
|  |  | &nbsp;&nbsp; **8146935** |
|  |  | &nbsp;&nbsp; **33460301** |
| **INDUSTRIAL 0.5%** | **INDUSTRIAL 0.5%** | **INDUSTRIAL 0.5%** |
|  | **AEROSPACE/DEFENSE 0.1%** | **AEROSPACE/DEFENSE 0.1%** |
| 1250000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp; 1106405 |
|  | **ELECTRONICS 0.1%** | **ELECTRONICS 0.1%** |
| 1200000 | &nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31 <br>| &nbsp;&nbsp; 1050910 |
|  | **MISCELLANEOUS MANUFACTURERS 0.2%** | **MISCELLANEOUS MANUFACTURERS 0.2%** |
| 1200000 | Teledyne Technologies, Inc., 2.25%, 4/1/28  | &nbsp;&nbsp; 1139538 |
|  | **PACKAGING & CONTAINERS 0.1%** | **PACKAGING & CONTAINERS 0.1%** |
| 1200000 | &nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp; 1081782 |
|  |  | &nbsp;&nbsp; **4378635** |
| **TECHNOLOGY 0.9%** | **TECHNOLOGY 0.9%** | **TECHNOLOGY 0.9%** |
|  | **COMPUTERS 0.4%** | **COMPUTERS 0.4%** |
| 1200000 | &nbsp;&nbsp; Dell International LLC/EMC Corp., <br> Guaranteed Notes, 5.40%, 4/15/34 <br>| &nbsp;&nbsp; 1222099 |
| 1200000 | &nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior <br> Unsecured Notes, 5.00%, 10/15/34 <br>| &nbsp;&nbsp; 1164022 |
| 1200000 | &nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31 <br>| &nbsp;&nbsp; 1083726 |
|  |  | &nbsp;&nbsp; **3469847** |
|  | **SEMICONDUCTORS 0.4%** | **SEMICONDUCTORS 0.4%** |
| 1265000 | &nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured <br> Notes, 2.80%, 10/1/41 <br>| &nbsp;&nbsp; 920478 |
| 1225000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp; 1188244 |
| 1200000 | &nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp; 1255878 |
|  |  | &nbsp;&nbsp; **3364600** |
|  | **SOFTWARE 0.1%** | **SOFTWARE 0.1%** |
| 1200000 | &nbsp;&nbsp; Fiserv, Inc., Senior Unsecured Notes, <br> 4.20%, 10/1/28 <br>| &nbsp;&nbsp; 1193497 |
|  |  | &nbsp;&nbsp; **8027944** |
| **UTILITIES 0.6%** | **UTILITIES 0.6%** | **UTILITIES 0.6%** |
|  | **ELECTRIC 0.4%** | **ELECTRIC 0.4%** |
| 1275000 | &nbsp;&nbsp; Duke Energy Corp., Senior Unsecured <br> Notes, 4.50%, 8/15/32 <br>| &nbsp;&nbsp; 1246612 |
| 1200000 | &nbsp;&nbsp; National Grid PLC, Senior Unsecured Notes, <br> 5.42%, 1/11/34 <br>| &nbsp;&nbsp; 1232785 |
| 1200000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30<sup>(1)</sup> <br>| &nbsp;&nbsp; 1227927 |
|  |  | &nbsp;&nbsp; **3707324** |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** | **CORPORATE BONDS & NOTES 10.2% (continued)** |
| **UTILITIES 0.6% (continued)** | **UTILITIES 0.6% (continued)** | **UTILITIES 0.6% (continued)** |
|  | **GAS 0.2%** | **GAS 0.2%** |
| $1200000 | &nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp; $1151011 |
|  |  | &nbsp;&nbsp; **4858335** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $89,453,147)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $89,453,147)** | &nbsp;&nbsp; **88471263** |
| **LONG-TERM MUNICIPAL SECURITIES 1.0%** | **LONG-TERM MUNICIPAL SECURITIES 1.0%** | **LONG-TERM MUNICIPAL SECURITIES 1.0%** |
|  | **CALIFORNIA 0.3%** | **CALIFORNIA 0.3%** |
| 1200000 | &nbsp;&nbsp; Regents of the University of California <br> Medical Center Pooled Revenue, Series Q, <br> 4.13%, 5/15/32 <br>| &nbsp;&nbsp; 1176823 |
| 1250000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp; 1337839 |
|  |  | &nbsp;&nbsp; **2514662** |
|  | **HAWAII 0.1%** | **HAWAII 0.1%** |
| 1200000 | State of Hawaii, GO, 4.62%, 10/1/32  | &nbsp;&nbsp; 1216766 |
|  | **MICHIGAN 0.1%** | **MICHIGAN 0.1%** |
| 1200000 | University of Michigan, 5.18%, 4/1/35  | &nbsp;&nbsp; 1195583 |
|  | **MINNESOTA 0.1%** | **MINNESOTA 0.1%** |
| 1195000 | &nbsp;&nbsp; Minnesota Housing Finance Agency, Series <br> J, 5.85%, 7/1/44 <br>| &nbsp;&nbsp; 1197416 |
|  | **NEW YORK 0.2%** | **NEW YORK 0.2%** |
| 1250000 | &nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue, (ST AID <br> WITHHLDG), 4.80%, 7/15/26 <br>| &nbsp;&nbsp; 1257361 |
|  | **TEXAS 0.2%** | **TEXAS 0.2%** |
| 1250000 | &nbsp;&nbsp; City of Austin Electric Utility Revenue, <br> Series A, 2.84%, 11/15/27 <br>| &nbsp;&nbsp; 1220666 |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $8,550,842)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $8,550,842)** | &nbsp;&nbsp; **8602454** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 7.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 7.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 7.8%** |
| 23169 | &nbsp;&nbsp; FHLMC, Series 4151, Class PA, 2.00%, <br> 1/15/33 <br>| &nbsp;&nbsp; 22002 |
| 3669 | &nbsp;&nbsp; FHLMC Gold PC Pool #G08488, 3.50%, <br> 4/1/42 <br>| &nbsp;&nbsp; 3449 |
| 848821 | FHLMC Pool #QB2462, 3.00%, 8/1/50  | &nbsp;&nbsp; 742401 |
| 1695652 | FHLMC Pool #QB2958, 3.00%, 9/1/50  | &nbsp;&nbsp; 1482002 |
| 3448572 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp; 3303756 |
| 2511508 | FHLMC Pool #QG6306, 5.00%, 7/1/53  | &nbsp;&nbsp; 2472711 |
| 708181 | FHLMC Pool #RA6817, 2.50%, 2/1/52  | &nbsp;&nbsp; 593042 |
| 665656 | FHLMC Pool #RB5022, 3.00%, 11/1/39  | &nbsp;&nbsp; 622772 |
| 589543 | FHLMC Pool #SD7514, 3.50%, 4/1/50  | &nbsp;&nbsp; 537851 |
| 1757406 | FHLMC Pool #SD8108, 3.00%, 11/1/50  | &nbsp;&nbsp; 1536716 |
| 688135 | FHLMC Pool #SD8196, 3.50%, 2/1/52  | &nbsp;&nbsp; 622585 |
| 744951 | FHLMC Pool #ZS4647, 3.50%, 1/1/46  | &nbsp;&nbsp; 689888 |
| 1190627 | FNMA Pool #AS0516, 3.00%, 9/1/43  | &nbsp;&nbsp; 1073860 |
| 188920 | FNMA Pool #AX9528, 3.50%, 2/1/45  | &nbsp;&nbsp; 175656 |
| 24723 | FNMA Pool #AZ6194, 3.50%, 10/1/45  | &nbsp;&nbsp; 23047 |
| 1027707 | FNMA Pool #BM3634, 3.50%, 5/1/47  | &nbsp;&nbsp; 948346 |
| 934296 | FNMA Pool #BP5709, 2.50%, 5/1/50  | &nbsp;&nbsp; 784524 |
| 689078 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp; 607384 |
| 4571040 | FNMA Pool #CB2403, 2.50%, 12/1/51  | &nbsp;&nbsp; 3800579 |
| 7117401 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp; 6821666 |
| 2224495 | FNMA Pool #FM2202, 4.00%, 12/1/48  | &nbsp;&nbsp; 2105473 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 7.8% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 7.8% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 7.8% (continued)** |
| $892628 | FNMA Pool #FM3254, 3.50%, 5/1/49  | &nbsp;&nbsp; $826664 |
| 883814 | FNMA Pool #FM4140, 2.50%, 9/1/50  | &nbsp;&nbsp; 743358 |
| 873823 | FNMA Pool #FM9509, 3.00%, 11/1/36  | &nbsp;&nbsp; 836956 |
| 1022569 | FNMA Pool #FM9760, 3.50%, 11/1/51  | &nbsp;&nbsp; 927693 |
| 1600052 | FNMA Pool #FM9834, 3.50%, 6/1/49  | &nbsp;&nbsp; 1464406 |
| 1372665 | FNMA Pool #FM9939, 4.00%, 1/1/52  | &nbsp;&nbsp; 1279053 |
| 813844 | FNMA Pool #MA4055, 2.50%, 6/1/50  | &nbsp;&nbsp; 683878 |
| 2590393 | FNMA Pool #MA4078, 2.50%, 7/1/50  | &nbsp;&nbsp; 2172153 |
| 1081367 | FNMA Pool #MA4222, 3.50%, 12/1/50  | &nbsp;&nbsp; 984240 |
| 1265765 | FNMA Pool #MA4494, 3.00%, 12/1/51  | &nbsp;&nbsp; 1103149 |
| 1989835 | FNMA Pool #MA4495, 3.50%, 12/1/51  | &nbsp;&nbsp; 1804037 |
| 2160904 | FNMA Pool #MA5283, MBS, 4.00%, 2/1/54  | &nbsp;&nbsp; 2010091 |
| 6437 | &nbsp;&nbsp; FNMA REMIC Trust Series 2013-18, Series <br> 2013-18, Class AE, 2.00%, 3/25/28 <br>| &nbsp;&nbsp; 6288 |
| 26371 | &nbsp;&nbsp; FNMA REMIC Trust Series 2013-41, Series <br> 2013-41, Class WD, 2.00%, 11/25/42 <br>| &nbsp;&nbsp; 24479 |
| 6746632 | &nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, 3.00%, <br> 6/20/51 <br>| &nbsp;&nbsp; 1219031 |
| 956228 | GNMA II Pool #MA3937, 3.50%, 9/20/46  | &nbsp;&nbsp; 887925 |
| 632315 | GNMA II Pool #MA7054, 3.50%, 12/20/50  | &nbsp;&nbsp; 577485 |
| 3000313 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp; 2740167 |
| 5550010 | &nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp; 4717599 |
| 9757397 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp; 8633775 |
| 2695746 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp; 2517287 |
| 2984229 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp; 2931814 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $73,428,334)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $73,428,334)** | &nbsp;&nbsp; **68061238** |
| **U.S. TREASURY OBLIGATIONS 11.9%** | **U.S. TREASURY OBLIGATIONS 11.9%** | **U.S. TREASURY OBLIGATIONS 11.9%** |
| 7000000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp; 6320508 |
| 1000000 | U.S. Treasury Bonds, 1.13%, 5/15/40  | &nbsp;&nbsp; 621719 |
| 8000000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp; 7145625 |
| 3000000 | U.S. Treasury Bonds, 3.63%, 5/15/53  | &nbsp;&nbsp; 2446875 |
| 3000000 | U.S. Treasury Bonds, 4.25%, 8/15/54  | &nbsp;&nbsp; 2739609 |
| 5000000 | U.S. Treasury Notes, 3.00%, 9/30/25  | &nbsp;&nbsp; 4983724 |
| 3000000 | U.S. Treasury Notes, 4.63%, 2/28/26  | &nbsp;&nbsp; 3008350 |
| 8800000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp; 8846320 |
| 12500300 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp; 12125291 |
| 4000000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp; 3904844 |
| 4200000 | U.S. Treasury Notes, 1.63%, 8/15/29<sup>(1)</sup>  | &nbsp;&nbsp; 3867609 |
| 9000000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp; 8955352 |
| 5500000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp; 4977070 |
| 10000000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp; 9225000 |
| 10000000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp; 9847656 |
| 9300000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp; 9203004 |
| 5000000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp; 5007812 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $103,130,234)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $103,130,234)** | &nbsp;&nbsp; **103226368** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to Financial Statements.*

------

June 30, 2025

------

---

| | |
|:---|:---|
| <br>**Shares** | <br>**Value** |
| **SHORT-TERM INVESTMENTS 3.6%** | **SHORT-TERM INVESTMENTS 3.6%** |
|  | **MONEY MARKET FUNDS 3.6%** |
| 29472093<br> &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.27%<sup>(5)</sup> <br>| &nbsp;&nbsp; $29472093 |
| 2119570<br> &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(6)</sup> <br>| &nbsp;&nbsp; 2119570 |
|  | &nbsp;&nbsp; **31591663** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $31,591,663)** | &nbsp;&nbsp; **31591663** |
| **TOTAL INVESTMENTS IN SECURITIES 99.7%** <br>**(Cost $571,443,674)** | &nbsp;&nbsp; **$867252219** |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** <br> **0.3%** | &nbsp;&nbsp; **2611501** |
| **NET ASSETS 100.0%** | &nbsp;&nbsp; **$869863720** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *A portion or all of the security was held on loan. As of* *June 30, 2025, the market value of the securities on loan* *was $19,399,190.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Pursuant to Rule 144A under the Securities Act of 1933,* *this security can only be sold to qualified institutional* *investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Floating or variable rate security. The rate disclosed is* *the rate in effect as of June 30, 2025. The information in* *parentheses represents the benchmark and reference* *rate for each relevant security and the rate adjusts based* *upon the reference rate and spread. The security may be* *further subject to interest rate floor and caps. For* *securities which do not indicate a reference rate and* *spread in their descriptions, the interest rate adjusts* *periodically based on current interest rates and, for* *mortgage-backed securities, prepayments in the* *underlying pool of assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Rate reflects 7 day yield as of June 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *Securities with an aggregate market value of* *$19,399,190 were out on loan in exchange for collateral* *including $2,119,570 of cash collateral as of June 30,* *2025. The collateral was invested in a cash collateral* *reinvestment vehicle. See note 1(K).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association.* |
| *GNMA* | *Government National Mortgage* <br> *Association.*<br>|
| *REITS* | *Real Estate Investment Trusts.* |
| *REMIC* | *Real Estate Mortgage Investment Conduit.* |
| *SOFR* | *Secured Overnight Financing Rate.* |
| *ST AID WITHHLDG* | *State Aid Withholding.* |

---

The following table summarizes the inputs used to value the Fund's investments in securities as of June 30, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $557094363 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $557094363 |
| Collateralized Mortgage Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4561493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4561493 |
| Commercial Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5643377 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5643377 |
| Corporate Bonds & Notes\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 88471263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88471263 |
| Long-Term Municipal Securities\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 8602454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8602454 |
| Residential Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 68061238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68061238 |
| U.S. Treasury Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 103226368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103226368 |
| Short-Term Investments  | &nbsp;&nbsp; 31591663 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31591663 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $588686026 | &nbsp;&nbsp; $278566193 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $867252219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *See Schedule of Investments for further breakdown by category.*

*See Notes to Financial Statements.*

------

Value Line Capital Appreciation Fund, Inc.

Schedule of Investments (unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 66.1%** | **COMMON STOCKS 66.1%** | **COMMON STOCKS 66.1%** |
| **COMMUNICATION SERVICES 11.0%** | **COMMUNICATION SERVICES 11.0%** | **COMMUNICATION SERVICES 11.0%** |
|  | **INTERNET 10.2%** | **INTERNET 10.2%** |
| 74000 | Alphabet, Inc. Class A  | &nbsp;&nbsp; $13041020 |
| 27400 | Meta Platforms, Inc. Class A  | &nbsp;&nbsp; 20223666 |
| 8500 | Netflix, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 11382605 |
| 55000 | Roku, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 4833950 |
|  |  | &nbsp;&nbsp; **49481241** |
|  | **MEDIA 0.8%** | **MEDIA 0.8%** |
| 30000 | Walt Disney Co.  | &nbsp;&nbsp; 3720300 |
|  |  | &nbsp;&nbsp; **53201541** |
| **CONSUMER DISCRETIONARY 8.9%** | **CONSUMER DISCRETIONARY 8.9%** | **CONSUMER DISCRETIONARY 8.9%** |
|  | **AUTO MANUFACTURERS 2.2%** | **AUTO MANUFACTURERS 2.2%** |
| 240000 | Rivian Automotive, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 3297600 |
| 23000 | Tesla, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 7306180 |
|  |  | &nbsp;&nbsp; **10603780** |
|  | **ENTERTAINMENT 0.8%** | **ENTERTAINMENT 0.8%** |
| 95000 | DraftKings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 4074550 |
|  | **INTERNET 4.6%** | **INTERNET 4.6%** |
| 29000 | Alibaba Group Holding Ltd. ADR  | &nbsp;&nbsp; 3288890 |
| 67500 | Amazon.com, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 14808825 |
| 700 | Booking Holdings, Inc.  | &nbsp;&nbsp; 4052468 |
|  |  | &nbsp;&nbsp; **22150183** |
|  | **LODGING 0.7%** | **LODGING 0.7%** |
| 12000 | Hilton Worldwide Holdings, Inc.  | &nbsp;&nbsp; 3196080 |
|  | **RETAIL 0.6%** | **RETAIL 0.6%** |
| 53000 | Chipotle Mexican Grill, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2975950 |
|  |  | &nbsp;&nbsp; **43000543** |
| **ENERGY 0.7%** | **ENERGY 0.7%** | **ENERGY 0.7%** |
|  | **OIL & GAS 0.7%** | **OIL & GAS 0.7%** |
| 25000 | Diamondback Energy, Inc.  | &nbsp;&nbsp; 3435000 |
| **FINANCIALS 9.8%** | **FINANCIALS 9.8%** | **FINANCIALS 9.8%** |
|  | **1.0%** | **1.0%** |
| 34000 | Blackstone, Inc.  | &nbsp;&nbsp; 5085720 |
|  | **BANKS 3.0%** | **BANKS 3.0%** |
| 110000 | Bank of America Corp.  | &nbsp;&nbsp; 5205200 |
| 7600 | Goldman Sachs Group, Inc.  | &nbsp;&nbsp; 5378900 |
| 13000 | JPMorgan Chase & Co.  | &nbsp;&nbsp; 3768830 |
|  |  | &nbsp;&nbsp; **14352930** |
|  | **COMMERCIAL SERVICES 0.5%** | **COMMERCIAL SERVICES 0.5%** |
| 32000 | PayPal Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2378240 |
|  | **DIVERSIFIED FINANCIALS 3.8%** | **DIVERSIFIED FINANCIALS 3.8%** |
| 19000 | Coinbase Global, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 6659310 |
| 73000 | Interactive Brokers Group, Inc. Class A  | &nbsp;&nbsp; 4044930 |
| 22000 | Visa, Inc. Class A  | &nbsp;&nbsp; 7811100 |
|  |  | &nbsp;&nbsp; **18515340** |
|  | **INTERNET 1.5%** | **INTERNET 1.5%** |
| 80000 | Robinhood Markets, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 7490400 |
|  |  | &nbsp;&nbsp; **47822630** |
| **HEALTHCARE 7.1%** | **HEALTHCARE 7.1%** | **HEALTHCARE 7.1%** |
|  | **BIOTECHNOLOGY 3.4%** | **BIOTECHNOLOGY 3.4%** |
| 38000 | BioMarin Pharmaceutical, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2088860 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 66.1% (continued)** | **COMMON STOCKS 66.1% (continued)** | **COMMON STOCKS 66.1% (continued)** |
| **HEALTHCARE 7.1% (continued)** | **HEALTHCARE 7.1% (continued)** | **HEALTHCARE 7.1% (continued)** |
|  | **BIOTECHNOLOGY 3.4% (continued)** | **BIOTECHNOLOGY 3.4% (continued)** |
| 250000 | Exelixis, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; $11018750 |
| 8000 | Vertex Pharmaceuticals, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 3561600 |
|  |  | &nbsp;&nbsp; **16669210** |
|  | **HEALTHCARE PRODUCTS 1.2%** | **HEALTHCARE PRODUCTS 1.2%** |
| 105000 | Exact Sciences Corp.<sup>(1)</sup>  | &nbsp;&nbsp; 5579700 |
|  | **PHARMACEUTICALS 2.5%** | **PHARMACEUTICALS 2.5%** |
| 27000 | Dexcom, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2356830 |
| 5000 | Eli Lilly & Co.  | &nbsp;&nbsp; 3897650 |
| 13000 | Madrigal Pharmaceuticals, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 3934320 |
| 12000 | Zoetis, Inc.  | &nbsp;&nbsp; 1871400 |
|  |  | &nbsp;&nbsp; **12060200** |
|  |  | &nbsp;&nbsp; **34309110** |
| **INDUSTRIALS 3.9%** | **INDUSTRIALS 3.9%** | **INDUSTRIALS 3.9%** |
|  | **AIRLINES 0.7%** | **AIRLINES 0.7%** |
| 64000 | Delta Air Lines, Inc.  | &nbsp;&nbsp; 3147520 |
|  | **INTERNET 3.2%** | **INTERNET 3.2%** |
| 240000 | Lyft, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 3782400 |
| 128000 | Uber Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 11942400 |
|  |  | &nbsp;&nbsp; **15724800** |
|  |  | &nbsp;&nbsp; **18872320** |
| **INFORMATION TECHNOLOGY 24.7%** | **INFORMATION TECHNOLOGY 24.7%** | **INFORMATION TECHNOLOGY 24.7%** |
|  | **COMPUTERS 2.2%** | **COMPUTERS 2.2%** |
| 33000 | Apple, Inc.  | &nbsp;&nbsp; 6770610 |
| 8200 | Crowdstrike Holdings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 4176342 |
|  |  | &nbsp;&nbsp; **10946952** |
|  | **INTERNET 0.7%** | **INTERNET 0.7%** |
| 28000 | Shopify, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 3229800 |
|  | **SEMICONDUCTORS 13.0%** | **SEMICONDUCTORS 13.0%** |
| 103000 | Advanced Micro Devices, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 14615700 |
| 38000 | ARM Holdings PLC ADR<sup>(1)(2)</sup>  | &nbsp;&nbsp; 6146120 |
| 38000 | Broadcom, Inc.  | &nbsp;&nbsp; 10474700 |
| 55000 | Micron Technology, Inc.  | &nbsp;&nbsp; 6778750 |
| 121000 | NVIDIA Corp.  | &nbsp;&nbsp; 19116790 |
| 16000 | NXP Semiconductors NV  | &nbsp;&nbsp; 3495840 |
| 15000 | QUALCOMM, Inc.  | &nbsp;&nbsp; 2388900 |
|  |  | &nbsp;&nbsp; **63016800** |
|  | **SOFTWARE 8.8%** | **SOFTWARE 8.8%** |
| 20000 | AppLovin Corp. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 7001600 |
| 3100 | Intuit, Inc.  | &nbsp;&nbsp; 2441653 |
| 24500 | Microsoft Corp.  | &nbsp;&nbsp; 12186545 |
| 26500 | MicroStrategy, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 10712095 |
| 15500 | Salesforce, Inc.  | &nbsp;&nbsp; 4226695 |
| 3200 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 3289856 |
| 13000 | Workday, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 3120000 |
|  |  | &nbsp;&nbsp; **42978444** |
|  |  | &nbsp;&nbsp; **120171996** |
| **TOTAL COMMON STOCKS** <br>**(Cost $136,339,273)** | **TOTAL COMMON STOCKS** <br>**(Cost $136,339,273)** | &nbsp;&nbsp; **320813140** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to Financial Statements.*

------

June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS 0.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.3%** |
| $422364 | &nbsp;&nbsp; FHLMC, Series 2023-DNA1, Class M1A, <br> REMIC, (30 day USD SOFR Average + <br> 2.10%), 6.41%, 3/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; $428569 |
| 462713 | &nbsp;&nbsp; FNMA, Series 2023-R02, Class 1M1, (30 <br> day USD SOFR Average + 2.30%), <br> 6.61%, 1/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 472234 |
| 460055 | &nbsp;&nbsp; FNMA, Series 2023-R04, Class 1M1, (30 <br> day USD SOFR Average + 2.30%), <br> 6.61%, 5/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 469688 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $1,351,855)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $1,351,855)** | &nbsp;&nbsp; **1370491** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.3%** |
| 327344 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K052, <br> Class A2, 3.15%, 11/25/25 <br>| &nbsp;&nbsp; 325444 |
| 243359 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K055, <br> Class A2, 2.67%, 3/25/26 <br>| &nbsp;&nbsp; 240221 |
| 255000 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K064, <br> Class A2, 3.22%, 3/25/27 <br>| &nbsp;&nbsp; 251141 |
| 250000 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K074, <br> Class A2, 3.60%, 1/25/28 <br>| &nbsp;&nbsp; 247165 |
| 250000 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K084, <br> Class A2, 3.78%, 10/25/28<sup>(4)</sup> <br>| &nbsp;&nbsp; 247819 |
| 61132 | &nbsp;&nbsp; GNMA, Series 2013-12, Class AB, 1.83%, <br> 11/16/52 <br>| &nbsp;&nbsp; 57113 |
| 93531 | &nbsp;&nbsp; GNMA, Series 2013-12, Class B, 2.07%, <br> 11/16/52<sup>(4)</sup> <br>| &nbsp;&nbsp; 88030 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,568,620)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,568,620)** | &nbsp;&nbsp; **1456933** |
| **CORPORATE BONDS & NOTES 8.0%** | **CORPORATE BONDS & NOTES 8.0%** | **CORPORATE BONDS & NOTES 8.0%** |
| **BASIC MATERIALS 0.4%** | **BASIC MATERIALS 0.4%** | **BASIC MATERIALS 0.4%** |
|  | **CHEMICALS 0.1%** | **CHEMICALS 0.1%** |
| 500000 | &nbsp;&nbsp; Mosaic Co., Senior Unsecured Notes, <br> 4.05%, 11/15/27 <br>| &nbsp;&nbsp; 496245 |
|  | **IRON/STEEL 0.1%** | **IRON/STEEL 0.1%** |
| 500000 | &nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(2)</sup> <br>| &nbsp;&nbsp; 493743 |
|  | **MINING 0.2%** | **MINING 0.2%** |
| 500000 | &nbsp;&nbsp; Freeport-McMoRan, Inc., Guaranteed <br> Notes, 4.63%, 8/1/30 <br>| &nbsp;&nbsp; 494831 |
| 500000 | &nbsp;&nbsp; Newmont Corp., Guaranteed Notes, <br> 2.60%, 7/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 442049 |
|  |  | &nbsp;&nbsp; **936880** |
|  |  | &nbsp;&nbsp; **1926868** |
| **COMMUNICATIONS 0.7%** | **COMMUNICATIONS 0.7%** | **COMMUNICATIONS 0.7%** |
|  | **INTERNET 0.3%** | **INTERNET 0.3%** |
| 500000 | &nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 471667 |
| 500000 | &nbsp;&nbsp; Netflix, Inc., Senior Unsecured Notes, <br> 4.90%, 8/15/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 509687 |
| 500000 | &nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp; 448051 |
|  |  | &nbsp;&nbsp; **1429405** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** |
| **COMMUNICATIONS 0.7% (continued)** | **COMMUNICATIONS 0.7% (continued)** | **COMMUNICATIONS 0.7% (continued)** |
|  | **MEDIA 0.1%** | **MEDIA 0.1%** |
| $500000 | &nbsp;&nbsp; Comcast Corp., Guaranteed Notes, 3.95%, <br> 10/15/25 <br>| &nbsp;&nbsp; $499221 |
|  | **TELECOMMUNICATIONS 0.3%** | **TELECOMMUNICATIONS 0.3%** |
| 600000 | &nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, <br> 2.55%, 12/1/33 <br>| &nbsp;&nbsp; 502144 |
| 500000 | &nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp; 509798 |
| 500000 | &nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, <br> 3.50%, 4/15/31 <br>| &nbsp;&nbsp; 469457 |
|  |  | &nbsp;&nbsp; **1481399** |
|  |  | &nbsp;&nbsp; **3410025** |
| **CONSUMER, CYCLICAL 0.5%** | **CONSUMER, CYCLICAL 0.5%** | **CONSUMER, CYCLICAL 0.5%** |
|  | **AUTO MANUFACTURERS 0.1%** | **AUTO MANUFACTURERS 0.1%** |
| 500000 | &nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp; 490089 |
|  | **HOME BUILDERS 0.1%** | **HOME BUILDERS 0.1%** |
| 500000 | &nbsp;&nbsp; Lennar Corp., Senior Unsecured Notes, <br> 5.20%, 7/30/30 <br>| &nbsp;&nbsp; 509403 |
|  | **LODGING 0.2%** | **LODGING 0.2%** |
| 500000 | &nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured <br> Notes, 5.38%, 12/15/31 <br>| &nbsp;&nbsp; 506989 |
| 500000 | &nbsp;&nbsp; Marriott International, Inc., Senior <br> Unsecured Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp; 500083 |
|  |  | &nbsp;&nbsp; **1007072** |
|  | **RETAIL 0.1%** | **RETAIL 0.1%** |
| 600000 | &nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 513295 |
|  |  | &nbsp;&nbsp; **2519859** |
| **CONSUMER, NON-CYCLICAL 1.1%** | **CONSUMER, NON-CYCLICAL 1.1%** | **CONSUMER, NON-CYCLICAL 1.1%** |
|  | **AGRICULTURE 0.1%** | **AGRICULTURE 0.1%** |
| 500000 | &nbsp;&nbsp; Bunge Ltd. Finance Corp., Guaranteed <br> Notes, 4.65%, 9/17/34 <br>| &nbsp;&nbsp; 485134 |
|  | **BIOTECHNOLOGY 0.2%** | **BIOTECHNOLOGY 0.2%** |
| 500000 | &nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, <br> 2.20%, 2/21/27 <br>| &nbsp;&nbsp; 483657 |
| 500000 | &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp; 434260 |
|  |  | &nbsp;&nbsp; **917917** |
|  | **COMMERCIAL SERVICES 0.2%** | **COMMERCIAL SERVICES 0.2%** |
| 500000 | &nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34 <br>| &nbsp;&nbsp; 507864 |
| 500000 | &nbsp;&nbsp; Service Corp. International, Senior <br> Unsecured Notes, 4.00%, 5/15/31 <br>| &nbsp;&nbsp; 467839 |
|  |  | &nbsp;&nbsp; **975703** |
|  | **HEALTHCARE PRODUCTS 0.2%** | **HEALTHCARE PRODUCTS 0.2%** |
| 500000 | &nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp; 507329 |
| 500000 | &nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35 <br>| &nbsp;&nbsp; 509513 |
|  |  | &nbsp;&nbsp; **1016842** |
|  | **PHARMACEUTICALS 0.4%** | **PHARMACEUTICALS 0.4%** |
| 500000 | &nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, <br> 3.20%, 11/21/29 <br>| &nbsp;&nbsp; 478251 |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** |
| **CONSUMER, NON-CYCLICAL 1.1% (continued)** | **CONSUMER, NON-CYCLICAL 1.1% (continued)** | **CONSUMER, NON-CYCLICAL 1.1% (continued)** |
|  | **PHARMACEUTICALS 0.4% (continued)** | **PHARMACEUTICALS 0.4% (continued)** |
| $500000 | &nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp; $434072 |
| 500000 | &nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp; 495461 |
| 500000 | &nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53<sup>(2)</sup> <br>| &nbsp;&nbsp; 472005 |
|  |  | &nbsp;&nbsp; **1879789** |
|  |  | &nbsp;&nbsp; **5275385** |
| **ENERGY 0.8%** | **ENERGY 0.8%** | **ENERGY 0.8%** |
|  | **OIL & GAS 0.5%** | **OIL & GAS 0.5%** |
| 500000 | &nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed <br> Notes, 5.15%, 1/30/30 <br>| &nbsp;&nbsp; 511408 |
| 500000 | &nbsp;&nbsp; Hess Corp., Senior Unsecured Notes, <br> 4.30%, 4/1/27 <br>| &nbsp;&nbsp; 498827 |
| 500000 | &nbsp;&nbsp; Marathon Petroleum Corp., Senior <br> Unsecured Notes, 5.15%, 3/1/30 <br>| &nbsp;&nbsp; 509482 |
| 500000 | &nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp; 513627 |
| 500000 | &nbsp;&nbsp; Valero Energy Corp., Senior Unsecured <br> Notes, 5.15%, 2/15/30 <br>| &nbsp;&nbsp; 509890 |
|  |  | &nbsp;&nbsp; **2543234** |
|  | **PIPELINES 0.3%** | **PIPELINES 0.3%** |
| 600000 | &nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33 <br>| &nbsp;&nbsp; 498550 |
| 500000 | &nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp; 496409 |
| 500000 | Targa Resources Corp., 6.50%, 3/30/34<sup>(2)</sup>  | &nbsp;&nbsp; 537303 |
|  |  | &nbsp;&nbsp; **1532262** |
|  |  | &nbsp;&nbsp; **4075496** |
| **FINANCIAL 2.9%** | **FINANCIAL 2.9%** | **FINANCIAL 2.9%** |
|  | **BANKS 1.9%** | **BANKS 1.9%** |
| 500000 | &nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR <br> + 2.16%), 5.02%, 7/22/33<sup>(4)</sup> <br>| &nbsp;&nbsp; 505854 |
| 500000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (1 day <br> USD SOFR + 1.51%), 4.71%, 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 494488 |
| 500000 | &nbsp;&nbsp; Barclays PLC, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.91%), 5.34%, <br> 9/10/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 496247 |
| 500000 | &nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(4)</sup> <br>| &nbsp;&nbsp; 497733 |
| 500000 | &nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(4)</sup> <br>| &nbsp;&nbsp; 498879 |
| 500000 | &nbsp;&nbsp; Fifth Third Bancorp, Senior Unsecured <br> Notes, (1 day USD SOFR + 1.49%), <br> 4.90%, 9/6/30<sup>(2)(4)</sup> <br>| &nbsp;&nbsp; 505546 |
| 500000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.42%), 5.02%, 10/23/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 493952 |
| 500000 | &nbsp;&nbsp; HSBC Holdings PLC, Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + <br> 1.80%), 4.58%, 6/19/29<sup>(4)</sup> <br>| &nbsp;&nbsp; 500722 |
| 500000 | &nbsp;&nbsp; JPMorgan Chase & Co., Subordinated <br> Notes, 4.13%, 12/15/26 <br>| &nbsp;&nbsp; 499428 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** |
| **FINANCIAL 2.9% (continued)** | **FINANCIAL 2.9% (continued)** | **FINANCIAL 2.9% (continued)** |
|  | **BANKS 1.9% (continued)** | **BANKS 1.9% (continued)** |
| $500000 | &nbsp;&nbsp; JPMorgan Chase & Co., Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + <br> 1.64%), 3.96%, 11/15/48<sup>(4)</sup> <br>| &nbsp;&nbsp; $399769 |
| 500000 | &nbsp;&nbsp; KeyCorp, Senior Unsecured Notes, 4.10%, <br> 4/30/28<sup>(2)</sup> <br>| &nbsp;&nbsp; 496848 |
| 500000 | &nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 492935 |
| 500000 | &nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + <br> 2.56%), 6.34%, 10/18/33<sup>(4)</sup> <br>| &nbsp;&nbsp; 542854 |
| 500000 | &nbsp;&nbsp; NatWest Group PLC, Senior Unsecured <br> Notes, (1 yr. CMT + 1.35%), 5.85%, <br> 3/2/27<sup>(4)</sup> <br>| &nbsp;&nbsp; 504410 |
| 500000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.26%), 4.81%, 10/21/32<sup>(4)</sup> <br>| &nbsp;&nbsp; 501150 |
| 500000 | &nbsp;&nbsp; Regions Financial Corp., Senior Unsecured <br> Notes, (1 day USD SOFR + 2.06%), <br> 5.50%, 9/6/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 501250 |
| 500000 | &nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.60%), 4.84%, <br> 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 493710 |
| 500000 | &nbsp;&nbsp; Wells Fargo & Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.07%), <br> 5.71%, 4/22/28<sup>(4)</sup> <br>| &nbsp;&nbsp; 510858 |
| 500000 | &nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(2)(4)</sup> <br>| &nbsp;&nbsp; 426107 |
|  |  | &nbsp;&nbsp; **9362740** |
|  | **DIVERSIFIED FINANCIALS 0.3%** | **DIVERSIFIED FINANCIALS 0.3%** |
| 500000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, <br> 3.30%, 1/30/32 <br>| &nbsp;&nbsp; 452995 |
| 500000 | &nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), <br> 5.04%, 5/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 504737 |
| 500000 | &nbsp;&nbsp; Capital One Financial Corp., Senior <br> Unsecured Notes, 4.10%, 2/9/27 <br>| &nbsp;&nbsp; 497658 |
|  |  | &nbsp;&nbsp; **1455390** |
|  | **REITS 0.7%** | **REITS 0.7%** |
| 500000 | &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 503570 |
| 500000 | American Tower Corp., 5.50%, 3/15/28  | &nbsp;&nbsp; 513896 |
| 500000 | &nbsp;&nbsp; Equinix, Inc., Senior Unsecured Notes, <br> 2.50%, 5/15/31 <br>| &nbsp;&nbsp; 442991 |
| 500000 | &nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp; 507825 |
| 500000 | &nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured <br> Notes, 2.25%, 12/1/31 <br>| &nbsp;&nbsp; 433003 |
| 500000 | &nbsp;&nbsp; Sabra Health Care LP, Guaranteed Notes, <br> 3.20%, 12/1/31 <br>| &nbsp;&nbsp; 445562 |
| 500000 | &nbsp;&nbsp; Welltower OP LLC, Senior Unsecured <br> Notes, 4.25%, 4/15/28 <br>| &nbsp;&nbsp; 500777 |
|  |  | &nbsp;&nbsp; **3347624** |
|  |  | &nbsp;&nbsp; **14165754** |

---

*See Notes to Financial Statements.*

------

June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** | **CORPORATE BONDS & NOTES 8.0% (continued)** |
| **INDUSTRIAL 0.4%** | **INDUSTRIAL 0.4%** | **INDUSTRIAL 0.4%** |
|  | **AEROSPACE/DEFENSE 0.1%** | **AEROSPACE/DEFENSE 0.1%** |
| $500000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp; $442562 |
|  | **ELECTRONICS 0.1%** | **ELECTRONICS 0.1%** |
| 600000 | &nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31 <br>| &nbsp;&nbsp; 525455 |
|  | **MISCELLANEOUS MANUFACTURERS 0.1%** | **MISCELLANEOUS MANUFACTURERS 0.1%** |
| 500000 | &nbsp;&nbsp; Teledyne Technologies, Inc., 2.25%, <br> 4/1/28 <br>| &nbsp;&nbsp; 474808 |
|  | **PACKAGING & CONTAINERS 0.1%** | **PACKAGING & CONTAINERS 0.1%** |
| 500000 | &nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp; 450742 |
|  |  | &nbsp;&nbsp; **1893567** |
| **TECHNOLOGY 0.7%** | **TECHNOLOGY 0.7%** | **TECHNOLOGY 0.7%** |
|  | **COMPUTERS 0.3%** | **COMPUTERS 0.3%** |
| 500000 | &nbsp;&nbsp; Dell International LLC/EMC Corp., <br> Guaranteed Notes, 5.40%, 4/15/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 509208 |
| 500000 | &nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior <br> Unsecured Notes, 5.00%, 10/15/34 <br>| &nbsp;&nbsp; 485009 |
| 500000 | &nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp; 451553 |
|  |  | &nbsp;&nbsp; **1445770** |
|  | **SEMICONDUCTORS 0.3%** | **SEMICONDUCTORS 0.3%** |
| 500000 | &nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured <br> Notes, 2.80%, 10/1/41 <br>| &nbsp;&nbsp; 363825 |
| 500000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp; 484998 |
| 500000 | &nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp; 523282 |
|  |  | &nbsp;&nbsp; **1372105** |
|  | **SOFTWARE 0.1%** | **SOFTWARE 0.1%** |
| 500000 | &nbsp;&nbsp; Fiserv, Inc., Senior Unsecured Notes, <br> 4.20%, 10/1/28 <br>| &nbsp;&nbsp; 497290 |
|  |  | &nbsp;&nbsp; **3315165** |
| **UTILITIES 0.5%** | **UTILITIES 0.5%** | **UTILITIES 0.5%** |
|  | **ELECTRIC 0.4%** | **ELECTRIC 0.4%** |
| 500000 | &nbsp;&nbsp; Duke Energy Corp., Senior Unsecured <br> Notes, 4.50%, 8/15/32 <br>| &nbsp;&nbsp; 488867 |
| 500000 | &nbsp;&nbsp; National Grid PLC, Senior Unsecured <br> Notes, 5.42%, 1/11/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 513660 |
| 500000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 511636 |
| 500000 | Southern Co., 5.70%, 3/15/34  | &nbsp;&nbsp; 522487 |
|  |  | &nbsp;&nbsp; **2036650** |
|  | **GAS 0.1%** | **GAS 0.1%** |
| 500000 | &nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp; 479588 |
|  |  | &nbsp;&nbsp; **2516238** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $38,693,604)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $38,693,604)** | &nbsp;&nbsp; **39098357** |
| **LONG-TERM MUNICIPAL SECURITIES 0.8%** | **LONG-TERM MUNICIPAL SECURITIES 0.8%** | **LONG-TERM MUNICIPAL SECURITIES 0.8%** |
|  | **CALIFORNIA 0.2%** | **CALIFORNIA 0.2%** |
| 500000 | &nbsp;&nbsp; Regents of the University of California <br> Medical Center Pooled Revenue, Series <br> Q, 4.13%, 5/15/32 <br>| &nbsp;&nbsp; 490343 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **LONG-TERM MUNICIPAL SECURITIES 0.8% (continued)** | **LONG-TERM MUNICIPAL SECURITIES 0.8% (continued)** | **LONG-TERM MUNICIPAL SECURITIES 0.8% (continued)** |
|  | **CALIFORNIA 0.2% (continued)** | **CALIFORNIA 0.2% (continued)** |
| $500000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp; $535136 |
|  |  | &nbsp;&nbsp; **1025479** |
|  | **HAWAII 0.2%** | **HAWAII 0.2%** |
| 500000 | &nbsp;&nbsp; City & County Honolulu Wastewater <br> System Revenue, Series B, 2.50%, <br> 7/1/27 <br>| &nbsp;&nbsp; 485682 |
| 500000 | State of Hawaii, GO, 4.62%, 10/1/32  | &nbsp;&nbsp; 506985 |
|  |  | &nbsp;&nbsp; **992667** |
|  | **ILLINOIS 0.1%** | **ILLINOIS 0.1%** |
| 500000 | &nbsp;&nbsp; Illinois State Toll Highway Authority, <br> Series B, 5.85%, 12/1/34 <br>| &nbsp;&nbsp; 523842 |
|  | **MICHIGAN 0.1%** | **MICHIGAN 0.1%** |
| 500000 | University of Michigan, 5.18%, 4/1/35  | &nbsp;&nbsp; 498159 |
|  | **MINNESOTA 0.1%** | **MINNESOTA 0.1%** |
| 500000 | &nbsp;&nbsp; Minnesota Housing Finance Agency, Series <br> J, 5.85%, 7/1/44 <br>| &nbsp;&nbsp; 501011 |
|  | **NEW YORK 0.1%** | **NEW YORK 0.1%** |
| 500000 | &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured Revenue, <br> Series D-3, 2.25%, 11/1/31 <br>| &nbsp;&nbsp; 440405 |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,930,482)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,930,482)** | &nbsp;&nbsp; **3981563** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.7%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.7%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.7%** |
| 38614 | &nbsp;&nbsp; FHLMC, Series 4151, Class PA, 2.00%, <br> 1/15/33 <br>| &nbsp;&nbsp; 36670 |
| 5688 | &nbsp;&nbsp; FHLMC Gold PC Pool #A47613, 5.00%, <br> 11/1/35 <br>| &nbsp;&nbsp; 5779 |
| 69401 | FHLMC Gold Pool #C09027, 3.00%, 2/1/43  | &nbsp;&nbsp; 62817 |
| 1379075 | FHLMC Pool #QB9661, 2.50%, 3/1/51  | &nbsp;&nbsp; 1144144 |
| 581391 | FHLMC Pool #QD2419, 3.00%, 12/1/51  | &nbsp;&nbsp; 507249 |
| 1377825 | FHLMC Pool #QE8017, 3.50%, 8/1/52  | &nbsp;&nbsp; 1241010 |
| 1702998 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp; 1631485 |
| 984240 | FHLMC Pool #QG6306, 5.00%, 7/1/53  | &nbsp;&nbsp; 969035 |
| 157374 | FHLMC Pool #RA6817, 2.50%, 2/1/52  | &nbsp;&nbsp; 131787 |
| 442171 | FHLMC Pool #SB8215, 4.00%, 3/1/38  | &nbsp;&nbsp; 432651 |
| 2171527 | FHLMC Pool #SD4553, 3.00%, 9/1/53  | &nbsp;&nbsp; 1881597 |
| 330589 | FHLMC Pool #SD8093, 3.50%, 9/1/50  | &nbsp;&nbsp; 300895 |
| 908394 | FHLMC Pool #SD8108, 3.00%, 11/1/50  | &nbsp;&nbsp; 794320 |
| 1795641 | FHLMC Pool #SD8255, 3.50%, 10/1/52  | &nbsp;&nbsp; 1619376 |
| 2167286 | FHLMC Pool #SD8256, 4.00%, 10/1/52  | &nbsp;&nbsp; 2019177 |
| 2029217 | &nbsp;&nbsp; FHLMC Pool #SD8266, MBS, 4.50%, <br> 11/1/52 <br>| &nbsp;&nbsp; 1944826 |
| 1498238 | FHLMC Pool #SD8328, 4.50%, 6/1/53  | &nbsp;&nbsp; 1434332 |
| 299 | FNMA Pool #AH3226, 5.00%, 2/1/41  | &nbsp;&nbsp; 302 |
| 87583 | FNMA Pool #AL0657, 5.00%, 8/1/41  | &nbsp;&nbsp; 88673 |
| 73736 | FNMA Pool #AQ1853, 3.00%, 11/1/42  | &nbsp;&nbsp; 66811 |
| 104124 | FNMA Pool #AU5409, 3.00%, 8/1/43  | &nbsp;&nbsp; 93093 |
| 459385 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp; 404922 |
| 884149 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp; 847412 |
| 129726 | FNMA Pool #FM2202, 4.00%, 12/1/48  | &nbsp;&nbsp; 122785 |
| 294605 | FNMA Pool #FM4140, 2.50%, 9/1/50  | &nbsp;&nbsp; 247786 |
| 78659 | FNMA Pool #FM9760, 3.50%, 11/1/51  | &nbsp;&nbsp; 71361 |
| 116477 | FNMA Pool #FM9834, 3.50%, 6/1/49  | &nbsp;&nbsp; 106603 |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.7% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.7% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.7% (continued)** |
| $1293128 | FNMA Pool #FS3526, 4.00%, 12/1/52  | &nbsp;&nbsp; $1204186 |
| 140044 | FNMA Pool #MA4222, 3.50%, 12/1/50  | &nbsp;&nbsp; 127466 |
| 1967960 | FNMA Pool #MA4512, 2.50%, 1/1/52  | &nbsp;&nbsp; 1637557 |
| 1151696 | FNMA Pool #MA5131, 3.50%, 7/1/53  | &nbsp;&nbsp; 1037953 |
| 729779 | FNMA Pool #MA5283, MBS, 4.00%, 2/1/54  | &nbsp;&nbsp; 678847 |
| 10728 | &nbsp;&nbsp; FNMA REMIC Trust Series 2013-18, Series <br> 2013-18, Class AE, 2.00%, 3/25/28 <br>| &nbsp;&nbsp; 10480 |
| 1124439 | &nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, <br> 3.00%, 6/20/51 <br>| &nbsp;&nbsp; 203172 |
| 41575 | GNMA II Pool #MA1521, 3.50%, 12/20/43  | &nbsp;&nbsp; 38722 |
| 72868 | GNMA II Pool #MA1839, 4.00%, 4/20/44  | &nbsp;&nbsp; 69293 |
| 80975 | GNMA II Pool #MA4836, 3.00%, 11/20/47  | &nbsp;&nbsp; 72478 |
| 191610 | GNMA II Pool #MA7054, 3.50%, 12/20/50  | &nbsp;&nbsp; 174996 |
| 1535044 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp; 1401946 |
| 2284780 | &nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp; 1942100 |
| 3994164 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp; 3534212 |
| 1064013 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp; 993575 |
| 1257967 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp; 1235872 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $33,674,953)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $33,674,953)** | &nbsp;&nbsp; **32569753** |
| **U.S. TREASURY OBLIGATIONS 10.3%** | **U.S. TREASURY OBLIGATIONS 10.3%** | **U.S. TREASURY OBLIGATIONS 10.3%** |
| 2000000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp; 1805859 |
| 2500000 | U.S. Treasury Bonds, 1.13%, 5/15/40  | &nbsp;&nbsp; 1554297 |
| 1750000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp; 1563106 |
| 1500000 | U.S. Treasury Bonds, 4.25%, 8/15/54  | &nbsp;&nbsp; 1369805 |
| 500000 | U.S. Treasury Notes, 3.00%, 9/30/25  | &nbsp;&nbsp; 498372 |
| 4000000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp; 4021055 |
| 6000400 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp; 5820388 |
| 5000000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp; 4881055 |
| 7000000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp; 6965273 |
| 4800000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp; 4343625 |
| 1000000 | U.S. Treasury Notes, 3.75%, 5/31/30  | &nbsp;&nbsp; 997773 |
| 6000000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp; 5535000 |
| 3500000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp; 3446680 |
| 6250000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp; 6184814 |
| 1000000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp; 1001563 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $49,561,079)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $49,561,079)** | &nbsp;&nbsp; **49988665** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <br>**Shares** | <br>**Value** |
| **SHORT-TERM INVESTMENTS 7.4%** | **SHORT-TERM INVESTMENTS 7.4%** |
|  | **MONEY MARKET FUNDS 7.4%** |
| 29455500<br> &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.27%<sup>(5)</sup> <br>| &nbsp;&nbsp; 29455500 |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS 7.4% (continued)** | **SHORT-TERM INVESTMENTS 7.4% (continued)** |
|  | **MONEY MARKET FUNDS 7.4% (continued)** |
| 6466069<br> &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(6)</sup> <br>| &nbsp;&nbsp; $6466069 |
|  | &nbsp;&nbsp; **35921569** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $35,921,569)** | &nbsp;&nbsp; **35921569** |
| **TOTAL INVESTMENTS IN SECURITIES 99.9%** <br>**(Cost $301,041,435)** | &nbsp;&nbsp; **$485200471** |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** <br> **0.1%** | &nbsp;&nbsp; **470771** |
| **NET ASSETS 100.0%** | &nbsp;&nbsp; **$485671242** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *A portion or all of the security was held on loan. As of* *June 30, 2025, the market value of the securities on loan* *was $26,009,601.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Pursuant to Rule 144A under the Securities Act of 1933,* *this security can only be sold to qualified institutional* *investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Floating or variable rate security. The rate disclosed is* *the rate in effect as of June 30, 2025. The information in* *parentheses represents the benchmark and reference* *rate for each relevant security and the rate adjusts based* *upon the reference rate and spread. The security may be* *further subject to interest rate floor and caps. For* *securities which do not indicate a reference rate and* *spread in their descriptions, the interest rate adjusts* *periodically based on current interest rates and, for* *mortgage-backed securities, prepayments in the* *underlying pool of assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Rate reflects 7 day yield as of June 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *Securities with an aggregate market value of* *$26,009,601 were out on loan in exchange for collateral* *including $6,466,069 of cash collateral as of June 30,* *2025. The collateral was invested in a cash collateral* *reinvestment vehicle. See note 1(K).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt.* |
| *CMT* | *Constant Maturity Treasury.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association.* |
| *GNMA* | *Government National Mortgage Association.* |
| *REITS* | *Real Estate Investment Trusts.* |
| *REMIC* | *Real Estate Mortgage Investment Conduit.* |
| *SOFR* | *Secured Overnight Financing Rate.* |

---

*See Notes to Financial Statements.*

------

June 30, 2025

------

The following table summarizes the inputs used to value the Fund's investments in securities as of June 30, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $320813140 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $320813140 |
| Collateralized Mortgage Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1370491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1370491 |
| Commercial Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1456933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1456933 |
| Corporate Bonds & Notes\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 39098357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39098357 |
| Long-Term Municipal Securities\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3981563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3981563 |
| Residential Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 32569753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32569753 |
| U.S. Treasury Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 49988665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49988665 |
| Short-Term Investments  | &nbsp;&nbsp; 35921569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35921569 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $356734709 | &nbsp;&nbsp; $128465762 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $485200471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *See Schedule of Investments for further breakdown by category.*

*See Notes to Financial Statements.*

------

Value Line Core Bond Fund

Schedule of Investments (unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS 1.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 1.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 1.8%** |
| $199134 | &nbsp;&nbsp; FHLMC, Series 2023-DNA1, Class M1A, <br> REMIC, (30 day USD SOFR Average + <br> 2.10%), 6.41%, 3/25/43<sup>(1)(2)</sup> <br>| &nbsp;&nbsp; $202060 |
| 218158 | &nbsp;&nbsp; FNMA, Series 2023-R02, Class 1M1, (30 <br> day USD SOFR Average + 2.30%), <br> 6.61%, 1/25/43<sup>(1)(2)</sup> <br>| &nbsp;&nbsp; 222647 |
| 216905 | &nbsp;&nbsp; FNMA, Series 2023-R04, Class 1M1, (30 <br> day USD SOFR Average + 2.30%), <br> 6.61%, 5/25/43<sup>(1)(2)</sup> <br>| &nbsp;&nbsp; 221447 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $636,241)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $636,241)** | &nbsp;&nbsp; **646154** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%** |
| 200000 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K092, <br> Class A2, 3.30%, 4/25/29 <br>| &nbsp;&nbsp; 194554 |
| 121868 | &nbsp;&nbsp; GNMA, Series 2012-125, Class AB, 2.11%, <br> 2/16/53<sup>(2)</sup> <br>| &nbsp;&nbsp; 100953 |
| 85584 | &nbsp;&nbsp; GNMA, Series 2013-12, Class AB, 1.83%, <br> 11/16/52 <br>| &nbsp;&nbsp; 79958 |
| 25110 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2004-8, <br> Class A1, (1 mo. USD Term SOFR + <br> 0.81%), 5.13%, 9/20/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 21929 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $466,495)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $466,495)** | &nbsp;&nbsp; **397394** |
| **CORPORATE BONDS & NOTES 31.0%** | **CORPORATE BONDS & NOTES 31.0%** | **CORPORATE BONDS & NOTES 31.0%** |
| **BASIC MATERIALS 1.2%** | **BASIC MATERIALS 1.2%** | **BASIC MATERIALS 1.2%** |
|  | **IRON/STEEL 0.4%** | **IRON/STEEL 0.4%** |
| 150000 | &nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(3)</sup> <br>| &nbsp;&nbsp; 148123 |
|  | **MINING 0.8%** | **MINING 0.8%** |
| 145000 | &nbsp;&nbsp; Freeport-McMoRan, Inc., Guaranteed <br> Notes, 4.63%, 8/1/30 <br>| &nbsp;&nbsp; 143501 |
| 150000 | &nbsp;&nbsp; Newmont Corp., Guaranteed Notes, <br> 2.60%, 7/15/32<sup>(3)</sup> <br>| &nbsp;&nbsp; 132614 |
|  |  | &nbsp;&nbsp; **276115** |
|  |  | &nbsp;&nbsp; **424238** |
| **COMMUNICATIONS 2.8%** | **COMMUNICATIONS 2.8%** | **COMMUNICATIONS 2.8%** |
|  | **INTERNET 1.2%** | **INTERNET 1.2%** |
| 150000 | &nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30 <br>| &nbsp;&nbsp; 141500 |
| 150000 | &nbsp;&nbsp; Netflix, Inc., Senior Unsecured Notes, <br> 4.90%, 8/15/34<sup>(3)</sup> <br>| &nbsp;&nbsp; 152906 |
| 150000 | &nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp; 134415 |
|  |  | &nbsp;&nbsp; **428821** |
|  | **MEDIA 0.4%** | **MEDIA 0.4%** |
| 150000 | &nbsp;&nbsp; Comcast Corp., Guaranteed Notes, 4.15%, <br> 10/15/28 <br>| &nbsp;&nbsp; 149716 |
|  | **TELECOMMUNICATIONS 1.2%** | **TELECOMMUNICATIONS 1.2%** |
| 150000 | &nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, <br> 2.55%, 12/1/33 <br>| &nbsp;&nbsp; 125536 |
| 150000 | &nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp; 152940 |
| 150000 | &nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, <br> 3.50%, 4/15/31 <br>| &nbsp;&nbsp; 140837 |
|  |  | &nbsp;&nbsp; **419313** |
|  |  | &nbsp;&nbsp; **997850** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** |
| **CONSUMER, CYCLICAL 2.1%** | **CONSUMER, CYCLICAL 2.1%** | **CONSUMER, CYCLICAL 2.1%** |
|  | **AUTO MANUFACTURERS 0.4%** | **AUTO MANUFACTURERS 0.4%** |
| $150000 | &nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp; $147027 |
|  | **HOME BUILDERS 0.4%** | **HOME BUILDERS 0.4%** |
| 150000 | &nbsp;&nbsp; Lennar Corp., Senior Unsecured Notes, <br> 5.20%, 7/30/30 <br>| &nbsp;&nbsp; 152821 |
|  | **LODGING 0.9%** | **LODGING 0.9%** |
| 150000 | &nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured <br> Notes, 5.38%, 12/15/31 <br>| &nbsp;&nbsp; 152096 |
| 150000 | &nbsp;&nbsp; Marriott International, Inc., Senior <br> Unsecured Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp; 150025 |
|  |  | &nbsp;&nbsp; **302121** |
|  | **RETAIL 0.4%** | **RETAIL 0.4%** |
| 150000 | &nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32 <br>| &nbsp;&nbsp; 128324 |
|  |  | &nbsp;&nbsp; **730293** |
| **CONSUMER, NON-CYCLICAL 4.5%** | **CONSUMER, NON-CYCLICAL 4.5%** | **CONSUMER, NON-CYCLICAL 4.5%** |
|  | **AGRICULTURE 0.4%** | **AGRICULTURE 0.4%** |
| 150000 | &nbsp;&nbsp; Bunge Ltd. Finance Corp., Guaranteed <br> Notes, 4.65%, 9/17/34 <br>| &nbsp;&nbsp; 145540 |
|  | **BIOTECHNOLOGY 0.8%** | **BIOTECHNOLOGY 0.8%** |
| 160000 | &nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, <br> 2.20%, 2/21/27 <br>| &nbsp;&nbsp; 154770 |
| 150000 | &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp; 130278 |
|  |  | &nbsp;&nbsp; **285048** |
|  | **COMMERCIAL SERVICES 0.8%** | **COMMERCIAL SERVICES 0.8%** |
| 150000 | &nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34 <br>| &nbsp;&nbsp; 152359 |
| 155000 | &nbsp;&nbsp; Service Corp. International, Senior <br> Unsecured Notes, 4.00%, 5/15/31 <br>| &nbsp;&nbsp; 145030 |
|  |  | &nbsp;&nbsp; **297389** |
|  | **HEALTHCARE PRODUCTS 0.9%** | **HEALTHCARE PRODUCTS 0.9%** |
| 150000 | &nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp; 152199 |
| 150000 | &nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35 <br>| &nbsp;&nbsp; 152854 |
|  |  | &nbsp;&nbsp; **305053** |
|  | **PHARMACEUTICALS 1.6%** | **PHARMACEUTICALS 1.6%** |
| 150000 | &nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, <br> 3.20%, 11/21/29 <br>| &nbsp;&nbsp; 143475 |
| 150000 | &nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp; 130222 |
| 150000 | &nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp; 148638 |
| 150000 | &nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53 <br>| &nbsp;&nbsp; 141602 |
|  |  | &nbsp;&nbsp; **563937** |
|  |  | &nbsp;&nbsp; **1596967** |
| **ENERGY 3.0%** | **ENERGY 3.0%** | **ENERGY 3.0%** |
|  | **OIL & GAS 1.7%** | **OIL & GAS 1.7%** |
| 150000 | &nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed <br> Notes, 5.15%, 1/30/30 <br>| &nbsp;&nbsp; 153423 |

---

*See Notes to Financial Statements.*

------

June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** |
| **ENERGY 3.0% (continued)** | **ENERGY 3.0% (continued)** | **ENERGY 3.0% (continued)** |
|  | **OIL & GAS 1.7% (continued)** | **OIL & GAS 1.7% (continued)** |
| $150000 | &nbsp;&nbsp; Hess Corp., Senior Unsecured Notes, <br> 4.30%, 4/1/27 <br>| &nbsp;&nbsp; $149648 |
| 150000 | &nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp; 154088 |
| 150000 | &nbsp;&nbsp; Valero Energy Corp., Senior Unsecured <br> Notes, 5.15%, 2/15/30 <br>| &nbsp;&nbsp; 152967 |
|  |  | &nbsp;&nbsp; **610126** |
|  | **PIPELINES 1.3%** | **PIPELINES 1.3%** |
| 150000 | &nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33 <br>| &nbsp;&nbsp; 124638 |
| 150000 | &nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp; 148922 |
| 150000 | Targa Resources Corp., 6.50%, 3/30/34  | &nbsp;&nbsp; 161191 |
|  |  | &nbsp;&nbsp; **434751** |
|  |  | &nbsp;&nbsp; **1044877** |
| **FINANCIAL 11.7%** | **FINANCIAL 11.7%** | **FINANCIAL 11.7%** |
|  | **BANKS 7.6%** | **BANKS 7.6%** |
| 150000 | &nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR <br> + 2.16%), 5.02%, 7/22/33<sup>(2)</sup> <br>| &nbsp;&nbsp; 151756 |
| 150000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (1 day <br> USD SOFR + 1.51%), 4.71%, 2/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 148346 |
| 150000 | &nbsp;&nbsp; Barclays PLC, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.91%), 5.34%, <br> 9/10/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 148874 |
| 150000 | &nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 149320 |
| 150000 | &nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(2)</sup> <br>| &nbsp;&nbsp; 149664 |
| 150000 | &nbsp;&nbsp; Fifth Third Bancorp, Senior Unsecured <br> Notes, (1 day USD SOFR + 1.49%), <br> 4.90%, 9/6/30<sup>(2)(3)</sup> <br>| &nbsp;&nbsp; 151664 |
| 150000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.42%), 5.02%, 10/23/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 148186 |
| 150000 | &nbsp;&nbsp; HSBC Holdings PLC, Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + <br> 1.80%), 4.58%, 6/19/29<sup>(2)</sup> <br>| &nbsp;&nbsp; 150217 |
| 150000 | &nbsp;&nbsp; JPMorgan Chase & Co., Subordinated <br> Notes, 4.13%, 12/15/26 <br>| &nbsp;&nbsp; 149828 |
| 150000 | &nbsp;&nbsp; JPMorgan Chase & Co., Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + <br> 1.64%), 3.96%, 11/15/48<sup>(2)</sup> <br>| &nbsp;&nbsp; 119931 |
| 150000 | &nbsp;&nbsp; KeyCorp, Senior Unsecured Notes, 4.10%, <br> 4/30/28 <br>| &nbsp;&nbsp; 149055 |
| 150000 | &nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 147880 |
| 150000 | &nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + <br> 2.56%), 6.34%, 10/18/33<sup>(2)</sup> <br>| &nbsp;&nbsp; 162856 |
| 150000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.26%), 4.81%, 10/21/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 150345 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** |
| **FINANCIAL 11.7% (continued)** | **FINANCIAL 11.7% (continued)** | **FINANCIAL 11.7% (continued)** |
|  | **BANKS 7.6% (continued)** | **BANKS 7.6% (continued)** |
| $150000 | &nbsp;&nbsp; Regions Financial Corp., Senior Unsecured <br> Notes, (1 day USD SOFR + 2.06%), <br> 5.50%, 9/6/35<sup>(2)</sup> <br>| &nbsp;&nbsp; $150375 |
| 150000 | &nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.60%), 4.84%, <br> 2/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 148113 |
| 150000 | &nbsp;&nbsp; Wells Fargo & Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.07%), <br> 5.71%, 4/22/28<sup>(2)</sup> <br>| &nbsp;&nbsp; 153257 |
| 150000 | &nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(2)</sup> <br>| &nbsp;&nbsp; 127832 |
|  |  | &nbsp;&nbsp; **2657499** |
|  | **DIVERSIFIED FINANCIALS 1.2%** | **DIVERSIFIED FINANCIALS 1.2%** |
| 150000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, <br> 3.30%, 1/30/32 <br>| &nbsp;&nbsp; 135898 |
| 150000 | &nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), <br> 5.04%, 5/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 151421 |
| 150000 | &nbsp;&nbsp; Capital One Financial Corp., Senior <br> Unsecured Notes, 4.10%, 2/9/27 <br>| &nbsp;&nbsp; 149298 |
|  |  | &nbsp;&nbsp; **436617** |
|  | **REITS 2.9%** | **REITS 2.9%** |
| 150000 | &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30<sup>(3)</sup> <br>| &nbsp;&nbsp; 151071 |
| 150000 | American Tower Corp., 5.50%, 3/15/28  | &nbsp;&nbsp; 154169 |
| 150000 | &nbsp;&nbsp; Equinix, Inc., Senior Unsecured Notes, <br> 2.50%, 5/15/31 <br>| &nbsp;&nbsp; 132897 |
| 150000 | &nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp; 152347 |
| 150000 | &nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured <br> Notes, 2.25%, 12/1/31 <br>| &nbsp;&nbsp; 129901 |
| 150000 | &nbsp;&nbsp; Sabra Health Care LP, Guaranteed Notes, <br> 3.20%, 12/1/31 <br>| &nbsp;&nbsp; 133669 |
| 150000 | &nbsp;&nbsp; Welltower OP LLC, Senior Unsecured <br> Notes, 4.25%, 4/15/28 <br>| &nbsp;&nbsp; 150233 |
|  |  | &nbsp;&nbsp; **1004287** |
|  |  | &nbsp;&nbsp; **4098403** |
| **INDUSTRIAL 1.5%** | **INDUSTRIAL 1.5%** | **INDUSTRIAL 1.5%** |
|  | **AEROSPACE/DEFENSE 0.4%** | **AEROSPACE/DEFENSE 0.4%** |
| 150000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp; 132768 |
|  | **ELECTRONICS 0.3%** | **ELECTRONICS 0.3%** |
| 150000 | &nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31 <br>| &nbsp;&nbsp; 131364 |
|  | **MISCELLANEOUS MANUFACTURERS 0.4%** | **MISCELLANEOUS MANUFACTURERS 0.4%** |
| 150000 | &nbsp;&nbsp; Teledyne Technologies, Inc., 2.25%, <br> 4/1/28 <br>| &nbsp;&nbsp; 142442 |
|  | **PACKAGING & CONTAINERS 0.4%** | **PACKAGING & CONTAINERS 0.4%** |
| 150000 | &nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp; 135223 |
|  |  | &nbsp;&nbsp; **541797** |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** | **CORPORATE BONDS & NOTES 31.0% (continued)** |
| **TECHNOLOGY 2.0%** | **TECHNOLOGY 2.0%** | **TECHNOLOGY 2.0%** |
|  | **COMPUTERS 0.4%** | **COMPUTERS 0.4%** |
| $150000 | &nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31 <br>| &nbsp;&nbsp; $135466 |
|  | **SEMICONDUCTORS 1.2%** | **SEMICONDUCTORS 1.2%** |
| 150000 | &nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured <br> Notes, 2.80%, 10/1/41 <br>| &nbsp;&nbsp; 109148 |
| 150000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp; 145499 |
| 150000 | &nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp; 156985 |
|  |  | &nbsp;&nbsp; **411632** |
|  | **SOFTWARE 0.4%** | **SOFTWARE 0.4%** |
| 150000 | &nbsp;&nbsp; Fiserv, Inc., Senior Unsecured Notes, <br> 4.20%, 10/1/28 <br>| &nbsp;&nbsp; 149187 |
|  |  | &nbsp;&nbsp; **696285** |
| **UTILITIES 2.2%** | **UTILITIES 2.2%** | **UTILITIES 2.2%** |
|  | **ELECTRIC 1.8%** | **ELECTRIC 1.8%** |
| 150000 | &nbsp;&nbsp; Duke Energy Corp., Senior Unsecured <br> Notes, 4.50%, 8/15/32 <br>| &nbsp;&nbsp; 146660 |
| 150000 | &nbsp;&nbsp; National Grid PLC, Senior Unsecured <br> Notes, 5.42%, 1/11/34 <br>| &nbsp;&nbsp; 154098 |
| 150000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30<sup>(3)</sup> <br>| &nbsp;&nbsp; 153491 |
| 150000 | Southern Co., 5.70%, 3/15/34  | &nbsp;&nbsp; 156746 |
|  |  | &nbsp;&nbsp; **610995** |
|  | **GAS 0.4%** | **GAS 0.4%** |
| 150000 | &nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp; 143877 |
|  |  | &nbsp;&nbsp; **754872** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $10,939,797)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $10,939,797)** | &nbsp;&nbsp; **10885582** |
| **LONG-TERM MUNICIPAL SECURITIES 3.1%** | **LONG-TERM MUNICIPAL SECURITIES 3.1%** | **LONG-TERM MUNICIPAL SECURITIES 3.1%** |
|  | **CALIFORNIA 0.9%** | **CALIFORNIA 0.9%** |
| 150000 | &nbsp;&nbsp; Regents of the University of California <br> Medical Center Pooled Revenue, Series <br> Q, 4.13%, 5/15/32 <br>| &nbsp;&nbsp; 147103 |
| 150000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp; 160540 |
|  |  | &nbsp;&nbsp; **307643** |
|  | **HAWAII 0.4%** | **HAWAII 0.4%** |
| 150000 | State of Hawaii, GO, 4.62%, 10/1/32  | &nbsp;&nbsp; 152096 |
|  | **ILLINOIS 0.5%** | **ILLINOIS 0.5%** |
| 150000 | &nbsp;&nbsp; Illinois State Toll Highway Authority, <br> Series B, 5.85%, 12/1/34 <br>| &nbsp;&nbsp; 157153 |
|  | **MARYLAND 0.4%** | **MARYLAND 0.4%** |
| 150000 | &nbsp;&nbsp; Maryland Department of Housing & <br> Community Development, Series F, <br> (GNMA/FNMA/FHLMC), 5.06%, 3/1/33 <br>| &nbsp;&nbsp; 150380 |
|  | **MINNESOTA 0.4%** | **MINNESOTA 0.4%** |
| 150000 | &nbsp;&nbsp; Minnesota Housing Finance Agency, Series <br> J, 5.85%, 7/1/44 <br>| &nbsp;&nbsp; 150303 |
|  | **VIRGINIA 0.5%** | **VIRGINIA 0.5%** |
| 175000 | &nbsp;&nbsp; City of Norfolk, GO, (ST AID WITHHLDG), <br> 1.70%, 10/1/30 <br>| &nbsp;&nbsp; 155060 |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $1,051,714)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $1,051,714)** | &nbsp;&nbsp; **1072635** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6%** |
| $60332 | &nbsp;&nbsp; FHLMC Gold PC Pool #C91749, 4.00%, <br> 1/1/34 <br>| &nbsp;&nbsp; $59746 |
| 27087 | &nbsp;&nbsp; FHLMC Gold PC Pool #G06224, 3.50%, <br> 1/1/41 <br>| &nbsp;&nbsp; 25512 |
| 14508 | &nbsp;&nbsp; FHLMC Gold PC Pool #Q06307, 3.50%, <br> 2/1/42 <br>| &nbsp;&nbsp; 13640 |
| 14699 | &nbsp;&nbsp; FHLMC Gold PC Pool #Q08656, 4.00%, <br> 6/1/42 <br>| &nbsp;&nbsp; 14109 |
| 30472 | &nbsp;&nbsp; FHLMC Gold PC Pool #Q08903, 3.50%, <br> 6/1/42 <br>| &nbsp;&nbsp; 28641 |
| 96214 | &nbsp;&nbsp; FHLMC Gold PC Pool #Q14593, 3.00%, <br> 1/1/43 <br>| &nbsp;&nbsp; 87227 |
| 108550 | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45  | &nbsp;&nbsp; 103179 |
| 15221 | FHLMC Gold Pool #Q57991, 4.00%, 8/1/48  | &nbsp;&nbsp; 14442 |
| 162597 | FHLMC Pool #QB2958, 3.00%, 9/1/50  | &nbsp;&nbsp; 142110 |
| 163311 | FHLMC Pool #QB5314, 2.50%, 11/1/50  | &nbsp;&nbsp; 136782 |
| 186325 | FHLMC Pool #QB8153, 2.50%, 1/1/51  | &nbsp;&nbsp; 156135 |
| 711002 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp; 681145 |
| 118134 | FHLMC Pool #SD8023, 2.50%, 11/1/49  | &nbsp;&nbsp; 99245 |
| 115602 | FHLMC Pool #SD8163, 3.50%, 8/1/51  | &nbsp;&nbsp; 104792 |
| 374476 | FHLMC Pool #SD8173, 2.50%, 10/1/51  | &nbsp;&nbsp; 310764 |
| 905160 | FHLMC Pool #SD8256, 4.00%, 10/1/52  | &nbsp;&nbsp; 843303 |
| 42241 | FNMA Pool #AB2346, 4.50%, 2/1/41  | &nbsp;&nbsp; 42097 |
| 9816 | FNMA Pool #AB5231, 2.50%, 5/1/27  | &nbsp;&nbsp; 9652 |
| 10274 | FNMA Pool #AB5716, 3.00%, 7/1/27  | &nbsp;&nbsp; 10132 |
| 36420 | FNMA Pool #AI4285, 5.00%, 6/1/41  | &nbsp;&nbsp; 36799 |
| 191312 | FNMA Pool #AR6394, 3.00%, 2/1/43  | &nbsp;&nbsp; 173026 |
| 49607 | FNMA Pool #AS5892, 3.50%, 10/1/45  | &nbsp;&nbsp; 46022 |
| 16557 | FNMA Pool #AS6102, 3.50%, 11/1/45  | &nbsp;&nbsp; 15340 |
| 28138 | FNMA Pool #AS6205, 3.50%, 11/1/45  | &nbsp;&nbsp; 26070 |
| 22954 | FNMA Pool #AS6385, 4.00%, 12/1/45  | &nbsp;&nbsp; 21755 |
| 56610 | FNMA Pool #AS9562, 3.00%, 5/1/47  | &nbsp;&nbsp; 50028 |
| 61984 | FNMA Pool #AU4279, 3.00%, 9/1/43  | &nbsp;&nbsp; 55944 |
| 47415 | FNMA Pool #AV0703, 4.00%, 12/1/43  | &nbsp;&nbsp; 45637 |
| 14514 | FNMA Pool #AW7362, 2.50%, 8/1/29  | &nbsp;&nbsp; 14052 |
| 55698 | FNMA Pool #AX0416, 4.00%, 8/1/44  | &nbsp;&nbsp; 52692 |
| 35568 | FNMA Pool #AY1670, 3.50%, 2/1/45  | &nbsp;&nbsp; 33071 |
| 19251 | FNMA Pool #AY4195, 4.00%, 5/1/45  | &nbsp;&nbsp; 18278 |
| 25296 | FNMA Pool #BA3885, 3.50%, 11/1/45  | &nbsp;&nbsp; 23394 |
| 118424 | FNMA Pool #CA2320, 3.50%, 9/1/48  | &nbsp;&nbsp; 109384 |
| 55126 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp; 48591 |
| 612523 | FNMA Pool #CB0856, 3.00%, 6/1/51  | &nbsp;&nbsp; 532759 |
| 738265 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp; 707589 |
| 902700 | FNMA Pool #FM9834, 3.50%, 6/1/49  | &nbsp;&nbsp; 826172 |
| 33886 | FNMA Pool #MA0641, 4.00%, 2/1/31  | &nbsp;&nbsp; 33635 |
| 55437 | FNMA Pool #MA4012, 2.00%, 5/1/35  | &nbsp;&nbsp; 50964 |
| 399550 | FNMA Pool #MA4548, 2.50%, 2/1/52  | &nbsp;&nbsp; 332336 |
| 4291 | &nbsp;&nbsp; FNMA REMIC Trust Series 2013-18, Series <br> 2013-18, Class AE, 2.00%, 3/25/28 <br>| &nbsp;&nbsp; 4192 |
| 3620 | &nbsp;&nbsp; GNMA, Series 2011-136, Class GB, 2.50%, <br> 5/20/40 <br>| &nbsp;&nbsp; 3557 |
| 1124439 | &nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, <br> 3.00%, 6/20/51 <br>| &nbsp;&nbsp; 203172 |
| 28410 | GNMA II Pool #5332, 4.00%, 3/20/42  | &nbsp;&nbsp; 27167 |

---

*See Notes to Financial Statements.*

------

June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6% (continued)** |
| $106247 | GNMA II Pool #MA3937, 3.50%, 9/20/46  | &nbsp;&nbsp; $98658 |
| 95805 | GNMA II Pool #MA7054, 3.50%, 12/20/50  | &nbsp;&nbsp; 87498 |
| 104662 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp; 95587 |
| 757921 | &nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp; 644245 |
| 1155792 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp; 1022695 |
| 361399 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp; 337474 |
| 348925 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp; 342797 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $9,729,760)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $9,729,760)** | &nbsp;&nbsp; **9003233** |
| **U.S. TREASURY OBLIGATIONS 34.4%** | **U.S. TREASURY OBLIGATIONS 34.4%** | **U.S. TREASURY OBLIGATIONS 34.4%** |
| 1300000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp; 1173809 |
| 650000 | U.S. Treasury Bonds, 1.13%, 5/15/40  | &nbsp;&nbsp; 404117 |
| 500000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp; 446602 |
| 600000 | U.S. Treasury Bonds, 2.25%, 2/15/52  | &nbsp;&nbsp; 366492 |
| 150000 | U.S. Treasury Notes, 3.00%, 9/30/25  | &nbsp;&nbsp; 149512 |
| 800000 | U.S. Treasury Notes, 4.63%, 2/28/26  | &nbsp;&nbsp; 802227 |
| 1100000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp; 1105790 |
| 986300 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp; 956711 |
| 500000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp; 488105 |
| 1150000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp; 1144295 |
| 1200000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp; 1085906 |
| 1550000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp; 1429875 |
| 850000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp; 837051 |
| 1500000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp; 1484355 |
| 200000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp; 200312 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $12,141,445)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $12,141,445)** | &nbsp;&nbsp; **12075159** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <br>**Shares** | <br>**Value** |
| **SHORT-TERM INVESTMENTS 2.6%** | **SHORT-TERM INVESTMENTS 2.6%** |
|  | **MONEY MARKET FUNDS 2.6%** |
| 792179<br> &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.27%<sup>(4)</sup> <br>| &nbsp;&nbsp; 792179 |
| 131200<br> &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(5)</sup> <br>| &nbsp;&nbsp; 131200 |
|  | &nbsp;&nbsp; **923379** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $923,379)** | &nbsp;&nbsp; **923379** |
| **TOTAL INVESTMENTS IN SECURITIES 99.6%** <br>**(Cost $35,888,831)** | &nbsp;&nbsp; **$35003536** |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** <br> **0.4%** | &nbsp;&nbsp; **137538** |
| **NET ASSETS 100.0%** | &nbsp;&nbsp; **$35141074** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Pursuant to Rule 144A under the Securities Act of 1933,* *this security can only be sold to qualified institutional* *investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Floating or variable rate security. The rate disclosed is* *the rate in effect as of June 30, 2025. The information in* *parentheses represents the benchmark and reference* *rate for each relevant security and the rate adjusts based* *upon the reference rate and spread. The security may be* *further subject to interest rate floor and caps. For* *securities which do not indicate a reference rate and* *spread in their descriptions, the interest rate adjusts* *periodically based on current interest rates and, for* *mortgage-backed securities, prepayments in the* *underlying pool of assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *A portion or all of the security was held on loan. As of* *June 30, 2025, the market value of the securities on loan* *was $850,011.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Rate reflects 7 day yield as of June 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Securities with an aggregate market value of $850,011* *were out on loan in exchange for collateral including* *$131,200 of cash collateral as of June 30, 2025. The* *collateral was invested in a cash collateral reinvestment* *vehicle. See note 1(K).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association.* |
| *GNMA* | *Government National Mortgage* <br> *Association.*<br>|
| *REITS* | *Real Estate Investment Trusts.* |
| *REMIC* | *Real Estate Mortgage Investment Conduit.* |
| *SOFR* | *Secured Overnight Financing Rate.* |
| *ST AID WITHHLDG* | *State Aid Withholding.* |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

The following table summarizes the inputs used to value the Fund's investments in securities as of June 30, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Collateralized Mortgage Obligations  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $646154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $646154 |
| Commercial Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 397394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 397394 |
| Corporate Bonds & Notes\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 10885582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10885582 |
| Long-Term Municipal Securities\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1072635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1072635 |
| Residential Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9003233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9003233 |
| U.S. Treasury Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 12075159 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12075159 |
| Short-Term Investments  | &nbsp;&nbsp; 923379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 923379 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $923379 | &nbsp;&nbsp; $34080157 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35003536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *See Schedule of Investments for further breakdown by category.*

*See Notes to Financial Statements.*

------

Statements of Assets and Liabilities

at June 30, 2025 (unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Value Line Small Cap** <br>**Opportunities Fund, Inc.**<br>| &nbsp;&nbsp; **Value Line Mid Cap** <br>**Focused** <br>**Fund, Inc.**<br>|
| **Assets:** |  |  |
| Investments in securities, at value\*  | &nbsp;&nbsp; $757322268 | &nbsp;&nbsp; $2001409983 |
| Receivable for capital shares sold  | &nbsp;&nbsp; 1352958 | &nbsp;&nbsp; 12194625 |
| Receivable for securities sold  | &nbsp;&nbsp; 274206 | &nbsp;&nbsp; — |
| Dividends and interest receivable  | &nbsp;&nbsp; 269672 | &nbsp;&nbsp; 715211 |
| Prepaid expenses  | &nbsp;&nbsp; 68873 | &nbsp;&nbsp; 138184 |
| Receivable for securities lending income  | &nbsp;&nbsp; 4036 | &nbsp;&nbsp; 3207 |
| **Total Assets**  | &nbsp;&nbsp; 759292013 | &nbsp;&nbsp; 2014461210 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed  | &nbsp;&nbsp; 342236 | &nbsp;&nbsp; 1491792 |
| Payable for securities purchased  | &nbsp;&nbsp; 307278 | &nbsp;&nbsp; 1245262 |
| Payable upon return of securities on loan(See Note 1(k))  | &nbsp;&nbsp; — | &nbsp;&nbsp; 15825000 |
| Accrued expenses: |  |  |
| Advisory fee  | &nbsp;&nbsp; 457011 | &nbsp;&nbsp; 1048555 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 105636 | &nbsp;&nbsp; 290811 |
| Service and distribution plan fees  | &nbsp;&nbsp; 71525 | &nbsp;&nbsp; 103813 |
| Auditing and legal fees payable  | &nbsp;&nbsp; 41729 | &nbsp;&nbsp; 94667 |
| Custody and accounting fees payable  | &nbsp;&nbsp; 23809 | &nbsp;&nbsp; 40281 |
| Transfer agent fees  | &nbsp;&nbsp; 8338 | &nbsp;&nbsp; 66076 |
| Directors' fees and expenses  | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1846 |
| Other  | &nbsp;&nbsp; 29406 | &nbsp;&nbsp; 65329 |
| **Total Liabilities**  | &nbsp;&nbsp; 1388115 | &nbsp;&nbsp; 20273432 |
| **Commitments and contingent liabilities**(See Note 5) |  |  |
| **Net Assets**  | &nbsp;&nbsp; $757903898 | &nbsp;&nbsp; $1994187778 |
| **Net assets consist of:** |  |  |
| Capital stock, at $0.001 and $1.00 par value, respectively (authorized <br> 300,000,000 and 50,000,000 shares, respectively) <br>| &nbsp;&nbsp; $12489 | &nbsp;&nbsp; $55777917 |
| Additional paid-in capital  | &nbsp;&nbsp; 433609690 | &nbsp;&nbsp; 1468325978 |
| Distributable Earnings/(Loss)  | &nbsp;&nbsp; 324281719 | &nbsp;&nbsp; 470083883 |
| **Net Assets**  | &nbsp;&nbsp; $757903898 | &nbsp;&nbsp; $1994187778 |
| **Net Asset Value Per Share** |  |  |
| **Investor Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $354695113 | &nbsp;&nbsp; $507599010 |
| Shares Outstanding  | &nbsp;&nbsp; 5946109 | &nbsp;&nbsp; 14289344 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $59.65 | &nbsp;&nbsp; $35.52 |
| **Institutional Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $403208785 | &nbsp;&nbsp; $1486588768 |
| Shares Outstanding  | &nbsp;&nbsp; 6542516 | &nbsp;&nbsp; 41488573 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $61.63 | &nbsp;&nbsp; $35.83 |
| \*Includes securities on loan of  | &nbsp;&nbsp; $53102491 | &nbsp;&nbsp; $57814212 |
| Cost of investments  | &nbsp;&nbsp; $456599692 | &nbsp;&nbsp; $1567170431 |

---

*See Notes to Financial Statements.*

------

Statements of Assets and Liabilities

at June 30, 2025 (unaudited) (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Value Line Select** <br>**Growth** <br>**Fund, Inc.**<br>| &nbsp;&nbsp; **Value Line Larger** <br>**Companies Focused** <br>**Fund, Inc.**<br>|
| **Assets:** |  |  |
| Investments in securities, at value\*  | &nbsp;&nbsp; $434051287 | &nbsp;&nbsp; $431306285 |
| Dividends and interest receivable  | &nbsp;&nbsp; 180543 | &nbsp;&nbsp; 25004 |
| Receivable for capital shares sold  | &nbsp;&nbsp; 62227 | &nbsp;&nbsp; 756495 |
| Prepaid expenses  | &nbsp;&nbsp; 47131 | &nbsp;&nbsp; 43994 |
| Receivable for securities lending income  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2931 |
| **Total Assets**  | &nbsp;&nbsp; 434341188 | &nbsp;&nbsp; 432134709 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed  | &nbsp;&nbsp; 355031 | &nbsp;&nbsp; 48744 |
| Payable upon return of securities on loan(See Note 1(k))  | &nbsp;&nbsp; — | &nbsp;&nbsp; 10332404 |
| Accrued expenses: |  |  |
| Advisory fee  | &nbsp;&nbsp; 256883 | &nbsp;&nbsp; 232030 |
| Service and distribution plan fees  | &nbsp;&nbsp; 84030 | &nbsp;&nbsp; 78366 |
| Transfer agent fees  | &nbsp;&nbsp; 30609 | &nbsp;&nbsp; 13715 |
| Auditing and legal fees payable  | &nbsp;&nbsp; 28965 | &nbsp;&nbsp; 23716 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 24678 | &nbsp;&nbsp; 8328 |
| Custody and accounting fees payable  | &nbsp;&nbsp; 18561 | &nbsp;&nbsp; 18023 |
| Directors' fees and expenses  | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 305 |
| Other  | &nbsp;&nbsp; 29708 | &nbsp;&nbsp; 27270 |
| **Total Liabilities**  | &nbsp;&nbsp; 829510 | &nbsp;&nbsp; 10782901 |
| **Commitments and contingent liabilities**(See Note 5) |  |  |
| **Net Assets**  | &nbsp;&nbsp; $433511678 | &nbsp;&nbsp; $421351808 |
| **Net assets consist of:** |  |  |
| Capital stock, at $1.00 par value (authorized 100,000,000 and 50,000,000 shares, <br> respectively) <br>| &nbsp;&nbsp; $11697031 | &nbsp;&nbsp; $9674321 |
| Additional paid-in capital  | &nbsp;&nbsp; 153717914 | &nbsp;&nbsp; 161870267 |
| Distributable Earnings/(Loss)  | &nbsp;&nbsp; 268096733 | &nbsp;&nbsp; 249807220 |
| **Net Assets**  | &nbsp;&nbsp; $433511678 | &nbsp;&nbsp; $421351808 |
| **Net Asset Value Per Share** |  |  |
| **Investor Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $412149564 | &nbsp;&nbsp; $407830500 |
| Shares Outstanding  | &nbsp;&nbsp; 11129077 | &nbsp;&nbsp; 9370879 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $37.03 | &nbsp;&nbsp; $43.52 |
| **Institutional Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $21362114 | &nbsp;&nbsp; $13521308 |
| Shares Outstanding  | &nbsp;&nbsp; 567954 | &nbsp;&nbsp; 303442 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $37.61 | &nbsp;&nbsp; $44.56 |
| \*Includes securities on loan of  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29220868 |
| Cost of investments  | &nbsp;&nbsp; $189568059 | &nbsp;&nbsp; $200295746 |

---

*See Notes to Financial Statements.*

------

Statements of Assets and Liabilities

at June 30, 2025 (unaudited) (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Value Line Asset** <br>**Allocation Fund, Inc.**<br>| &nbsp;&nbsp; **Value Line Capital** <br>**Appreciation** <br>**Fund, Inc.**<br>|
| **Assets:** |  |  |
| Investments in securities, at value\*  | &nbsp;&nbsp; $867252219 | &nbsp;&nbsp; $485200471 |
| Receivable for securities sold  | &nbsp;&nbsp; 3044623 | &nbsp;&nbsp; 6543107 |
| Dividends and interest receivable  | &nbsp;&nbsp; 2858664 | &nbsp;&nbsp; 1359514 |
| Receivable for capital shares sold  | &nbsp;&nbsp; 221650 | &nbsp;&nbsp; 566013 |
| Prepaid expenses  | &nbsp;&nbsp; 64422 | &nbsp;&nbsp; 42219 |
| Receivable for securities lending income  | &nbsp;&nbsp; 2463 | &nbsp;&nbsp; 3754 |
| **Total Assets**  | &nbsp;&nbsp; 873444041 | &nbsp;&nbsp; 493715078 |
| **Liabilities:** |  |  |
| Payable upon return of securities on loan(See Note 1(k))  | &nbsp;&nbsp; 2119570 | &nbsp;&nbsp; 6466069 |
| Payable for capital shares redeemed  | &nbsp;&nbsp; 630008 | &nbsp;&nbsp; 81838 |
| Dividends payable to shareholders  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1476 |
| Payable for securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 999682 |
| Accrued expenses: |  |  |
| Advisory fee  | &nbsp;&nbsp; 454794 | &nbsp;&nbsp; 244330 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 115908 | &nbsp;&nbsp; 39045 |
| Service and distribution plan fees  | &nbsp;&nbsp; 72571 | &nbsp;&nbsp; 76772 |
| Auditing and legal fees payable  | &nbsp;&nbsp; 55388 | &nbsp;&nbsp; 29420 |
| Transfer agent fees  | &nbsp;&nbsp; 37611 | &nbsp;&nbsp; 23321 |
| Custody and accounting fees payable  | &nbsp;&nbsp; 34094 | &nbsp;&nbsp; 25941 |
| Directors' fees and expenses  | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 495 |
| Other  | &nbsp;&nbsp; 58737 | &nbsp;&nbsp; 55447 |
| **Total Liabilities**  | &nbsp;&nbsp; 3580321 | &nbsp;&nbsp; 8043836 |
| **Commitments and contingent liabilities**(See Note 5) |  |  |
| **Net Assets**  | &nbsp;&nbsp; $869863720 | &nbsp;&nbsp; $485671242 |
| **Net assets consist of:** |  |  |
| Capital stock, at $0.001 and $1.00 par value, respectively (authorized 300,000,000 <br> and 75,000,000 shares, respectively) <br>| &nbsp;&nbsp; $20441 | &nbsp;&nbsp; $34609061 |
| Additional paid-in capital  | &nbsp;&nbsp; 531049678 | &nbsp;&nbsp; 246706841 |
| Distributable Earnings/(Loss)  | &nbsp;&nbsp; 338793601 | &nbsp;&nbsp; 204355340 |
| **Net Assets**  | &nbsp;&nbsp; $869863720 | &nbsp;&nbsp; $485671242 |
| **Net Asset Value Per Share** |  |  |
| **Investor Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $354367137 | &nbsp;&nbsp; $389858924 |
| Shares Outstanding  | &nbsp;&nbsp; 8343818 | &nbsp;&nbsp; 27786614 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $42.47 | &nbsp;&nbsp; $14.03 |
| **Institutional Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $515496583 | &nbsp;&nbsp; $95812318 |
| Shares Outstanding  | &nbsp;&nbsp; 12097385 | &nbsp;&nbsp; 6822447 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $42.61 | &nbsp;&nbsp; $14.04 |
| \*Includes securities on loan of  | &nbsp;&nbsp; $19399190 | &nbsp;&nbsp; $26009601 |
| Cost of investments  | &nbsp;&nbsp; $571443674 | &nbsp;&nbsp; $301041435 |

---

*See Notes to Financial Statements.*

------

Statements of Assets and Liabilities

at June 30, 2025 (unaudited) (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Value Line Core** <br>**Bond Fund**<br>|
| **Assets:** |  |
| Investments in securities, at value\*  | &nbsp;&nbsp; $35003536 |
| Dividends and interest receivable  | &nbsp;&nbsp; 320704 |
| Prepaid expenses  | &nbsp;&nbsp; 24669 |
| Receivable for capital shares sold  | &nbsp;&nbsp; 700 |
| Receivable for securities lending income  | &nbsp;&nbsp; 181 |
| Receivable from Adviser  | &nbsp;&nbsp; 131 |
| **Total Assets**  | &nbsp;&nbsp; 35349921 |
| **Liabilities:** |  |
| Payable upon return of securities on loan(See Note 1(k))  | &nbsp;&nbsp; 131200 |
| Payable for capital shares redeemed  | &nbsp;&nbsp; 9759 |
| Dividends payable to shareholders  | &nbsp;&nbsp; 8735 |
| Accrued expenses: |  |
| Custody and accounting fees payable  | &nbsp;&nbsp; 17494 |
| Auditing and legal fees payable  | &nbsp;&nbsp; 9493 |
| Transfer agent fees  | &nbsp;&nbsp; 9430 |
| Printing fee payable  | &nbsp;&nbsp; 5568 |
| Directors' fees and expenses  | &nbsp;&nbsp; 130 |
| Other  | &nbsp;&nbsp; 17038 |
| **Total Liabilities**  | &nbsp;&nbsp; 208847 |
| **Commitments and contingent liabilities**(See Note 5) |  |
| **Net Assets**  | &nbsp;&nbsp; $35141074 |
| **Net assets consist of:** |  |
| Capital stock, at $0.01 par value (authorized unlimited shares)  | &nbsp;&nbsp; $27030 |
| Additional paid-in capital  | &nbsp;&nbsp; 41332863 |
| Distributable Earnings/(Loss)  | &nbsp;&nbsp; (6218819)<br>|
| **Net Assets**  | &nbsp;&nbsp; $35141074 |
| **Net Asset Value Per Share** |  |
| **Investor Class**  |  |
| Net Assets  | &nbsp;&nbsp; $35141074 |
| Shares Outstanding  | &nbsp;&nbsp; 2702956 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $13.00 |
| \*Includes securities on loan of  | &nbsp;&nbsp; $850011 |
| Cost of investments  | &nbsp;&nbsp; $35888831 |

---

*See Notes to Financial Statements.*

------

Statements of Operations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Value Line Small Cap** <br>**Opportunities Fund, Inc.**<br>| &nbsp;&nbsp; **Value Line Mid Cap** <br>**Focused** <br>**Fund, Inc.**<br>|
| **Investment Income:** |  |  |
| Dividends (net of foreign withholding tax of $0 and $60,206, respectively)  | &nbsp;&nbsp; $2667597 | &nbsp;&nbsp; $7731153 |
| Securities lending income (Net)  | &nbsp;&nbsp; 17611 | &nbsp;&nbsp; 10155 |
| **Total Income**  | &nbsp;&nbsp; 2685208 | &nbsp;&nbsp; 7741308 |
| **Expenses:** |  |  |
| Advisory fees  | &nbsp;&nbsp; 2668608 | &nbsp;&nbsp; 6204824 |
| Service and distribution plan fees  | &nbsp;&nbsp; 427961 | &nbsp;&nbsp; 632672 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 364877 | &nbsp;&nbsp; 910255 |
| Auditing and legal fees  | &nbsp;&nbsp; 92001 | &nbsp;&nbsp; 230892 |
| Transfer agent fees  | &nbsp;&nbsp; 57341 | &nbsp;&nbsp; 178156 |
| Custody and accounting fees  | &nbsp;&nbsp; 50009 | &nbsp;&nbsp; 90408 |
| Directors' fees and expenses  | &nbsp;&nbsp; 41759 | &nbsp;&nbsp; 111129 |
| Registration and filing fees  | &nbsp;&nbsp; 40327 | &nbsp;&nbsp; 118530 |
| Printing and postage fees  | &nbsp;&nbsp; 27752 | &nbsp;&nbsp; 69546 |
| Fund administration fees  | &nbsp;&nbsp; 16567 | &nbsp;&nbsp; 16567 |
| Compliance and tax service fees  | &nbsp;&nbsp; 16213 | &nbsp;&nbsp; 34560 |
| Insurance fees  | &nbsp;&nbsp; 12810 | &nbsp;&nbsp; 32174 |
| Other  | &nbsp;&nbsp; 22315 | &nbsp;&nbsp; 29767 |
| Total Expenses Before Fees Waived (See Note 5)  | &nbsp;&nbsp; 3838540 | &nbsp;&nbsp; 8659480 |
| Less: Fees Waived/Reimbursed by the Advisor  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Expenses  | &nbsp;&nbsp; 3838540 | &nbsp;&nbsp; 8659480 |
| **Net Investment Income/(Loss)**  | &nbsp;&nbsp; (1153332)<br>| &nbsp;&nbsp; (918172)<br>|
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign** <br> **Exchange Transactions:**<br>|  |  |
| **Net Realized Gain/(Loss) From:** |  |  |
| Investments in securities  | &nbsp;&nbsp; 24178721 | &nbsp;&nbsp; 35413093 |
| Foreign currency transactions  | &nbsp;&nbsp; — | &nbsp;&nbsp; (103)<br>|
|  | &nbsp;&nbsp; 24178721 | &nbsp;&nbsp; 35412990 |
| **Change in Net Unrealized Appreciation/(Depreciation) of:** |  |  |
| Investments in securities  | &nbsp;&nbsp; (18379466)<br>| &nbsp;&nbsp; 32830799 |
| Foreign Currency  | &nbsp;&nbsp; — | &nbsp;&nbsp; 622 |
|  | &nbsp;&nbsp; (18379466)<br>| &nbsp;&nbsp; 32831421 |
| **Net Realized Gain/(Loss) and Change in Net Unrealized** <br> **Appreciation/(Depreciation) on Investments and Foreign Exchange** <br> **Transactions** <br>| &nbsp;&nbsp; 5799255 | &nbsp;&nbsp; 68244411 |
| **Net Increase/(Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; $4645923 | &nbsp;&nbsp; $67326239 |

---

*See Notes to Financial Statements.*

------

Statements of Operations (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Value Line Select** <br>**Growth** <br>**Fund, Inc.**<br>| &nbsp;&nbsp; **Value Line Larger** <br>**Companies Focused** <br>**Fund, Inc.**<br>|
| **Investment Income:** |  |  |
| Dividends (net of foreign withholding tax of $4,746 and $0, respectively)  | &nbsp;&nbsp; $1672396 | &nbsp;&nbsp; $437867 |
| Securities lending income (Net)  | &nbsp;&nbsp; — | &nbsp;&nbsp; 17730 |
| **Total Income**  | &nbsp;&nbsp; 1672396 | &nbsp;&nbsp; 455597 |
| **Expenses:** |  |  |
| Advisory fees  | &nbsp;&nbsp; 1542757 | &nbsp;&nbsp; 1295426 |
| Service and distribution plan fees  | &nbsp;&nbsp; 501507 | &nbsp;&nbsp; 433107 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 93089 | &nbsp;&nbsp; 36593 |
| Auditing and legal fees  | &nbsp;&nbsp; 61683 | &nbsp;&nbsp; 50352 |
| Transfer agent fees  | &nbsp;&nbsp; 51400 | &nbsp;&nbsp; 44636 |
| Custody and accounting fees  | &nbsp;&nbsp; 37638 | &nbsp;&nbsp; 35909 |
| Registration and filing fees  | &nbsp;&nbsp; 27677 | &nbsp;&nbsp; 28117 |
| Directors' fees and expenses  | &nbsp;&nbsp; 25615 | &nbsp;&nbsp; 20478 |
| Fund administration fees  | &nbsp;&nbsp; 16567 | &nbsp;&nbsp; 16567 |
| Compliance and tax service fees  | &nbsp;&nbsp; 12226 | &nbsp;&nbsp; 11918 |
| Printing and postage fees  | &nbsp;&nbsp; 12007 | &nbsp;&nbsp; 10203 |
| Insurance fees  | &nbsp;&nbsp; 8643 | &nbsp;&nbsp; 6990 |
| Other  | &nbsp;&nbsp; 20708 | &nbsp;&nbsp; 19717 |
| Total Expenses Before Fees Waived (See Note 5)  | &nbsp;&nbsp; 2411517 | &nbsp;&nbsp; 2010013 |
| Less: Fees Waived/Reimbursed by the Advisor  | &nbsp;&nbsp; (11544)<br>| &nbsp;&nbsp; (15702)<br>|
| Net Expenses  | &nbsp;&nbsp; 2399973 | &nbsp;&nbsp; 1994311 |
| **Net Investment Income/(Loss)**  | &nbsp;&nbsp; (727577)<br>| &nbsp;&nbsp; (1538714)<br>|
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign** <br> **Exchange Transactions:**<br>|  |  |
| **Net Realized Gain/(Loss) From:** |  |  |
| Investments in securities  | &nbsp;&nbsp; 14297642 | &nbsp;&nbsp; 18945745 |
| Foreign currency transactions  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 14297658 | &nbsp;&nbsp; 18945745 |
| **Change in Net Unrealized Appreciation/(Depreciation) of:** |  |  |
| Investments in securities  | &nbsp;&nbsp; 15311878 | &nbsp;&nbsp; 51593240 |
| **Net Realized Gain/(Loss) and Change in Net Unrealized** <br> **Appreciation/(Depreciation) on Investments and Foreign Exchange** <br> **Transactions** <br>| &nbsp;&nbsp; 29609536 | &nbsp;&nbsp; 70538985 |
| **Net Increase/(Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; $28881959 | &nbsp;&nbsp; $69000271 |

---

*See Notes to Financial Statements.*

------

Statements of Operations (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Value Line Asset** <br>**Allocation Fund, Inc.**<br>| &nbsp;&nbsp; **Value Line Capital** <br>**Appreciation** <br>**Fund, Inc.**<br>|
| **Investment Income:** |  |  |
| Interest  | &nbsp;&nbsp; $6101497 | &nbsp;&nbsp; $2861638 |
| Dividends (net of foreign withholding tax of $6,207 and $5,932, respectively)  | &nbsp;&nbsp; 2636329 | &nbsp;&nbsp; 1152700 |
| Securities lending income (Net)  | &nbsp;&nbsp; 20436 | &nbsp;&nbsp; 24705 |
| **Total Income**  | &nbsp;&nbsp; 8758262 | &nbsp;&nbsp; 4039043 |
| **Expenses:** |  |  |
| Advisory fees  | &nbsp;&nbsp; 2777955 | &nbsp;&nbsp; 1445572 |
| Service and distribution plan fees  | &nbsp;&nbsp; 445678 | &nbsp;&nbsp; 452442 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 361607 | &nbsp;&nbsp; 129728 |
| Auditing and legal fees  | &nbsp;&nbsp; 123447 | &nbsp;&nbsp; 64090 |
| Transfer agent fees  | &nbsp;&nbsp; 80612 | &nbsp;&nbsp; 56821 |
| Custody and accounting fees  | &nbsp;&nbsp; 67401 | &nbsp;&nbsp; 51875 |
| Directors' fees and expenses  | &nbsp;&nbsp; 53391 | &nbsp;&nbsp; 26709 |
| Registration and filing fees  | &nbsp;&nbsp; 45265 | &nbsp;&nbsp; 32897 |
| Printing and postage fees  | &nbsp;&nbsp; 36301 | &nbsp;&nbsp; 15784 |
| Compliance and tax service fees  | &nbsp;&nbsp; 20175 | &nbsp;&nbsp; 12582 |
| Insurance fees  | &nbsp;&nbsp; 18931 | &nbsp;&nbsp; 9303 |
| Fund administration fees  | &nbsp;&nbsp; 16567 | &nbsp;&nbsp; 16567 |
| Other  | &nbsp;&nbsp; 25119 | &nbsp;&nbsp; 21583 |
| Total Expenses Before Fees Waived (See Note 5)  | &nbsp;&nbsp; 4072449 | &nbsp;&nbsp; 2335953 |
| Less: Fees Waived/Reimbursed by the Advisor  | &nbsp;&nbsp; — | &nbsp;&nbsp; (18443)<br>|
| Net Expenses  | &nbsp;&nbsp; 4072449 | &nbsp;&nbsp; 2317510 |
| **Net Investment Income/(Loss)**  | &nbsp;&nbsp; 4685813 | &nbsp;&nbsp; 1721533 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign** <br> **Exchange Transactions:**<br>|  |  |
| **Net Realized Gain/(Loss) From:** |  |  |
| Investments in securities  | &nbsp;&nbsp; 27284044 | &nbsp;&nbsp; 20078416 |
| Foreign currency transactions  | &nbsp;&nbsp; (173)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 27283871 | &nbsp;&nbsp; 20078416 |
| **Change in Net Unrealized Appreciation/(Depreciation) of:** |  |  |
| Investments in securities  | &nbsp;&nbsp; 9329958 | &nbsp;&nbsp; 25585074 |
| Foreign Currency  | &nbsp;&nbsp; 365 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 9330323 | &nbsp;&nbsp; 25585074 |
| **Net Realized Gain/(Loss) and Change in Net Unrealized** <br> **Appreciation/(Depreciation) on Investments** <br>| &nbsp;&nbsp; 36614194 | &nbsp;&nbsp; 45663490 |
| **Net Increase/(Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; $41300007 | &nbsp;&nbsp; $47385023 |

---

*See Notes to Financial Statements.*

------

Statements of Operations (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Value Line Core** <br>**Bond Fund**<br>|
| **Investment Income:** |  |
| Interest  | &nbsp;&nbsp; $764861 |
| Dividends  | &nbsp;&nbsp; 24201 |
| Securities lending income (Net)  | &nbsp;&nbsp; 1713 |
| **Total Income**  | &nbsp;&nbsp; 790775 |
| **Expenses:** |  |
| Advisory fees  | &nbsp;&nbsp; 50974 |
| Service and distribution plan fees  | &nbsp;&nbsp; 43845 |
| Custody and accounting fees  | &nbsp;&nbsp; 34681 |
| Transfer agent fees  | &nbsp;&nbsp; 22131 |
| Fund administration fees  | &nbsp;&nbsp; 16567 |
| Registration and filing fees  | &nbsp;&nbsp; 16428 |
| Auditing and legal fees  | &nbsp;&nbsp; 13695 |
| Printing and postage fees  | &nbsp;&nbsp; 7617 |
| Compliance and tax service fees  | &nbsp;&nbsp; 5786 |
| Directors' fees and expenses  | &nbsp;&nbsp; 2069 |
| Insurance fees  | &nbsp;&nbsp; 46 |
| Other  | &nbsp;&nbsp; 17141 |
| Total Expenses Before Fees Waived (See Note 5)  | &nbsp;&nbsp; 230980 |
| Less: Service and Distribution Plan Fees Waived  | &nbsp;&nbsp; (43845)<br>|
| Less: Fees Waived/Reimbursed by the Advisor  | &nbsp;&nbsp; (46830)<br>|
| Net Expenses  | &nbsp;&nbsp; 140305 |
| **Net Investment Income/(Loss)**  | &nbsp;&nbsp; 650470 |
| **Net Realized and Unrealized Gain/(Loss) on Investments:** |  |
| **Net Realized Gain/(Loss) From:** |  |
| Investments in securities  | &nbsp;&nbsp; (256089)<br>|
| **Change in Net Unrealized Appreciation/(Depreciation) of:** |  |
| Investments in securities  | &nbsp;&nbsp; 871350 |
| **Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on** <br> **Investments** <br>| &nbsp;&nbsp; 615261 |
| **Net Increase/(Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; $1265731 |

---

*See Notes to Financial Statements.*

------

Statements of Changes in Net Assets

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Line Small Cap** <br>**Opportunities Fund, Inc.** | **Value Line Small Cap** <br>**Opportunities Fund, Inc.** | &nbsp;&nbsp; **Value Line Mid Cap** <br>**Focused Fund, Inc.** | &nbsp;&nbsp; **Value Line Mid Cap** <br>**Focused Fund, Inc.** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**June 30, 2025** <br>**(unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income/(loss)  | &nbsp;&nbsp; $(1153332)<br>| &nbsp;&nbsp; $(1497405)<br>| &nbsp;&nbsp; $(918172)<br>| &nbsp;&nbsp; $3833994 |
| Net realized gain/(loss) on <br> investments <br>| &nbsp;&nbsp; 24178721 | &nbsp;&nbsp; 7015341 | &nbsp;&nbsp; 35412990 | &nbsp;&nbsp; 18058433 |
| Change in net unrealized <br> appreciation/(depreciation) on <br> investments <br>| &nbsp;&nbsp; (18379466)<br>| &nbsp;&nbsp; 75347654 | &nbsp;&nbsp; 32831421 | &nbsp;&nbsp; 75328430 |
| **Net increase/(decrease) in net** <br> **assets from operations** <br>| &nbsp;&nbsp; 4645923 | &nbsp;&nbsp; 80865590 | &nbsp;&nbsp; 67326239 | &nbsp;&nbsp; 97220857 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; (327637)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5183716)<br>|
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; (321146)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (16504048)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (648783)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21687764)<br>|
| **Share Transactions:** |  |  |  |  |
| **Proceeds from sale of shares** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 19368169 | &nbsp;&nbsp; 33429929 | &nbsp;&nbsp; 32962993 | &nbsp;&nbsp; 180220740 |
| Institutional Class  | &nbsp;&nbsp; 105398689 | &nbsp;&nbsp; 178438467 | &nbsp;&nbsp; 299016333 | &nbsp;&nbsp; 802124218 |
| **Proceeds from reinvestment of** <br> **distributions to shareholders**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 323450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5067158 |
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 311969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15083052 |
| **Cost of shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (24460811)<br>| &nbsp;&nbsp; (41711128)<br>| &nbsp;&nbsp; (70510906)<br>| &nbsp;&nbsp; (110036937)<br>|
| Institutional Class  | &nbsp;&nbsp; (71273988)<br>| &nbsp;&nbsp; (60731980)<br>| &nbsp;&nbsp; (273267669)<br>| &nbsp;&nbsp; (291194925)<br>|
| **Net increase/(decrease) in net** <br> **assets from capital share** <br> **transactions** <br>| &nbsp;&nbsp; 29032059 | &nbsp;&nbsp; 110060707 | &nbsp;&nbsp; (11799249)<br>| &nbsp;&nbsp; 601263306 |
| **Total increase in net assets**  | &nbsp;&nbsp; 33677982 | &nbsp;&nbsp; 190277514 | &nbsp;&nbsp; 55526990 | &nbsp;&nbsp; 676796399 |
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 724225916 | &nbsp;&nbsp; 533948402 | &nbsp;&nbsp; 1938660788 | &nbsp;&nbsp; 1261864389 |
| End of period  | &nbsp;&nbsp; $757903898 | &nbsp;&nbsp; $724225916 | &nbsp;&nbsp; $1994187778 | &nbsp;&nbsp; $1938660788 |
| **Capital Share Transactions:** |  |  |  |  |
| **Shares sold** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 331949 | &nbsp;&nbsp; 575978 | &nbsp;&nbsp; 961067 | &nbsp;&nbsp; 5221824 |
| Institutional Class  | &nbsp;&nbsp; 1781931 | &nbsp;&nbsp; 3031691 | &nbsp;&nbsp; 8611391 | &nbsp;&nbsp; 22911540 |
| **Shares issued to shareholders in** <br> **reinvestment of distributions**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 146534 |
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 433048 |
| **Shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (423311)<br>| &nbsp;&nbsp; (728802)<br>| &nbsp;&nbsp; (2049411)<br>| &nbsp;&nbsp; (3156512)<br>|
| Institutional Class  | &nbsp;&nbsp; (1212551)<br>| &nbsp;&nbsp; (1028623)<br>| &nbsp;&nbsp; (7861907)<br>| &nbsp;&nbsp; (8386941)<br>|

---

*See Notes to Financial Statements.*

------

Statements of Changes in Net Assets (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Line Select** <br>**Growth Fund, Inc.** | **Value Line Select** <br>**Growth Fund, Inc.** | &nbsp;&nbsp; **Value Line Larger Companies** <br>**Focused Fund, Inc.** | &nbsp;&nbsp; **Value Line Larger Companies** <br>**Focused Fund, Inc.** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**June 30, 2025** <br>**(unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income/(loss)  | &nbsp;&nbsp; $(727577)<br>| &nbsp;&nbsp; $274553 | &nbsp;&nbsp; $(1538714)<br>| &nbsp;&nbsp; $(2953094)<br>|
| Net realized gain/(loss) on <br> investments and foreign currency <br>| &nbsp;&nbsp; 14297658 | &nbsp;&nbsp; 39213079 | &nbsp;&nbsp; 18945745 | &nbsp;&nbsp; 17320858 |
| Change in net unrealized <br> appreciation/(depreciation) on <br> investments <br>| &nbsp;&nbsp; 15311878 | &nbsp;&nbsp; 10650653 | &nbsp;&nbsp; 51593240 | &nbsp;&nbsp; 65878673 |
| **Net increase/(decrease) in net** <br> **assets from operations** <br>| &nbsp;&nbsp; 28881959 | &nbsp;&nbsp; 50138285 | &nbsp;&nbsp; 69000271 | &nbsp;&nbsp; 80246437 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; (41322432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9147902)<br>|
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1898338)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (201183)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (43220770)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9349085)<br>|
| **Share Transactions:** |  |  |  |  |
| **Proceeds from sale of shares** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 2948062 | &nbsp;&nbsp; 4869456 | &nbsp;&nbsp; 9295642 | &nbsp;&nbsp; 27158976 |
| Institutional Class  | &nbsp;&nbsp; 6538107 | &nbsp;&nbsp; 6634980 | &nbsp;&nbsp; 5610392 | &nbsp;&nbsp; 3295308 |
| **Proceeds from reinvestment of** <br> **distributions to shareholders**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (12761)<br>| &nbsp;&nbsp; 40041408 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8870293 |
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1834753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 200510 |
| **Cost of shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (23327660)<br>| &nbsp;&nbsp; (44176119)<br>| &nbsp;&nbsp; (17363678)<br>| &nbsp;&nbsp; (61045603)<br>|
| Institutional Class  | &nbsp;&nbsp; (4991411)<br>| &nbsp;&nbsp; (10180833)<br>| &nbsp;&nbsp; (2686154)<br>| &nbsp;&nbsp; (5980133)<br>|
| **Net increase/(decrease) in net** <br> **assets from capital share** <br> **transactions** <br>| &nbsp;&nbsp; (18845663)<br>| &nbsp;&nbsp; (976355)<br>| &nbsp;&nbsp; (5143798)<br>| &nbsp;&nbsp; (27500649)<br>|
| **Total increase in net assets**  | &nbsp;&nbsp; 10036296 | &nbsp;&nbsp; 5941160 | &nbsp;&nbsp; 63856473 | &nbsp;&nbsp; 43396703 |
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 423475382 | &nbsp;&nbsp; 417534222 | &nbsp;&nbsp; 357495335 | &nbsp;&nbsp; 314098632 |
| End of period  | &nbsp;&nbsp; $433511678 | &nbsp;&nbsp; $423475382 | &nbsp;&nbsp; $421351808 | &nbsp;&nbsp; $357495335 |
| **Capital Share Transactions:** |  |  |  |  |
| **Shares sold** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 82374 | &nbsp;&nbsp; 131813 | &nbsp;&nbsp; 240341 | &nbsp;&nbsp; 894244 |
| Institutional Class  | &nbsp;&nbsp; 180493 | &nbsp;&nbsp; 173294 | &nbsp;&nbsp; 132962 | &nbsp;&nbsp; 95819 |
| **Shares issued to shareholders in** <br> **reinvestment of distributions**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (355)<br>| &nbsp;&nbsp; 1143387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 239608 |
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 51654 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5297 |
| **Shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (658074)<br>| &nbsp;&nbsp; (1191356)<br>| &nbsp;&nbsp; (478057)<br>| &nbsp;&nbsp; (1865181)<br>|
| Institutional Class  | &nbsp;&nbsp; (136648)<br>| &nbsp;&nbsp; (264212)<br>| &nbsp;&nbsp; (76608)<br>| &nbsp;&nbsp; (187662)<br>|

---

*See Notes to Financial Statements.*

------

Statements of Changes in Net Assets (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Line Asset** <br>**Allocation Fund, Inc.** | **Value Line Asset** <br>**Allocation Fund, Inc.** | &nbsp;&nbsp; **Value Line Capital** <br>**Appreciation Fund, Inc.** | &nbsp;&nbsp; **Value Line Capital** <br>**Appreciation Fund, Inc.** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**June 30, 2025** <br>**(unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income/(loss)  | &nbsp;&nbsp; $4685813 | &nbsp;&nbsp; $13304992 | &nbsp;&nbsp; $1721533 | &nbsp;&nbsp; $3790674 |
| Net realized gain/(loss) on <br> investments and foreign currency <br>| &nbsp;&nbsp; 27283871 | &nbsp;&nbsp; 57232243 | &nbsp;&nbsp; 20078416 | &nbsp;&nbsp; 32437181 |
| Change in net unrealized <br> appreciation/(depreciation) on <br> investments <br>| &nbsp;&nbsp; 9330323 | &nbsp;&nbsp; 17951692 | &nbsp;&nbsp; 25585074 | &nbsp;&nbsp; 50588606 |
| **Net increase/(decrease) in net** <br> **assets from operations** <br>| &nbsp;&nbsp; 41300007 | &nbsp;&nbsp; 88488927 | &nbsp;&nbsp; 47385023 | &nbsp;&nbsp; 86816461 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; (34389742)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2975222)<br>|
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; (51237719)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (892162)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (85627461)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3867384)<br>|
| **Share Transactions:** |  |  |  |  |
| **Proceeds from sale of shares** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 7885913 | &nbsp;&nbsp; 24316188 | &nbsp;&nbsp; 10501595 | &nbsp;&nbsp; 19226168 |
| Institutional Class  | &nbsp;&nbsp; 32290454 | &nbsp;&nbsp; 74611090 | &nbsp;&nbsp; 9493744 | &nbsp;&nbsp; 9866513 |
| **Proceeds from reinvestment of** <br> **distributions to shareholders**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 33233765 | &nbsp;&nbsp; (1315)<br>| &nbsp;&nbsp; 2768898 |
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 49728616 | &nbsp;&nbsp; — | &nbsp;&nbsp; 864193 |
| **Cost of shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (37161550)<br>| &nbsp;&nbsp; (79291306)<br>| &nbsp;&nbsp; (35433934)<br>| &nbsp;&nbsp; (59469561)<br>|
| Institutional Class  | &nbsp;&nbsp; (74245483)<br>| &nbsp;&nbsp; (153928303)<br>| &nbsp;&nbsp; (10163069)<br>| &nbsp;&nbsp; (36085170)<br>|
| **Net increase/(decrease) in net** <br> **assets from capital share** <br> **transactions** <br>| &nbsp;&nbsp; (71230666)<br>| &nbsp;&nbsp; (51329950)<br>| &nbsp;&nbsp; (25602979)<br>| &nbsp;&nbsp; (62828959)<br>|
| **Total increase/(decrease) in net** <br> **assets** <br>| &nbsp;&nbsp; (29930659)<br>| &nbsp;&nbsp; (48468484)<br>| &nbsp;&nbsp; 21782044 | &nbsp;&nbsp; 20120118 |
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 899794379 | &nbsp;&nbsp; 948262863 | &nbsp;&nbsp; 463889198 | &nbsp;&nbsp; 443769080 |
| End of period  | &nbsp;&nbsp; $869863720 | &nbsp;&nbsp; $899794379 | &nbsp;&nbsp; $485671242 | &nbsp;&nbsp; $463889198 |
| **Capital Share Transactions:** |  |  |  |  |
| **Shares sold** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 190590 | &nbsp;&nbsp; 569921 | &nbsp;&nbsp; 802033 | &nbsp;&nbsp; 1660941 |
| Institutional Class  | &nbsp;&nbsp; 784516 | &nbsp;&nbsp; 1721610 | &nbsp;&nbsp; 733236 | &nbsp;&nbsp; 856283 |
| **Shares issued to shareholders in** <br> **reinvestment of distributions**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 812760 | &nbsp;&nbsp; (103)<br>| &nbsp;&nbsp; 216659 |
| Institutional Class  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67621 |
| **Shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (899670)<br>| &nbsp;&nbsp; (1847061)<br>| &nbsp;&nbsp; (2852515)<br>| &nbsp;&nbsp; (5188420)<br>|
| Institutional Class  | &nbsp;&nbsp; (1800274)<br>| &nbsp;&nbsp; (3567997)<br>| &nbsp;&nbsp; (807220)<br>| &nbsp;&nbsp; (3135323)<br>|

---

*See Notes to Financial Statements.*

------

Statements of Changes in Net Assets (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Value Line Core** <br>**Bond Fund** | **Value Line Core** <br>**Bond Fund** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>|
| **Operations:** |  |  |
| Net investment income/(loss)  | &nbsp;&nbsp; $650470 | &nbsp;&nbsp; $1287892 |
| Net realized gain/(loss) on investments  | &nbsp;&nbsp; (256089)<br>| &nbsp;&nbsp; (1691974)<br>|
| Change in net unrealized appreciation/(depreciation) on investments  | &nbsp;&nbsp; 871350 | &nbsp;&nbsp; 650316 |
| **Net increase/(decrease) in net assets from operations**  | &nbsp;&nbsp; 1265731 | &nbsp;&nbsp; 246234 |
| **Distributions to Shareholders from:** |  |  |
| Investor Class  | &nbsp;&nbsp; (699042)<br>| &nbsp;&nbsp; (1360814)<br>|
| **Share Transactions (Investor Class):** |  |  |
| **Proceeds from sale of shares**  | &nbsp;&nbsp; 1147594 | &nbsp;&nbsp; 2005221 |
| **Proceeds from reinvestment of distributions to shareholders**  | &nbsp;&nbsp; 632178 | &nbsp;&nbsp; 1240207 |
| **Cost of shares redeemed**  | &nbsp;&nbsp; (2594656)<br>| &nbsp;&nbsp; (4687337)<br>|
| **Net increase/(decrease) in net assets from capital share transactions**  | &nbsp;&nbsp; (814884)<br>| &nbsp;&nbsp; (1441909)<br>|
| **Total decrease in net assets**  | &nbsp;&nbsp; (248195)<br>| &nbsp;&nbsp; (2556489)<br>|
| **Net Assets:** |  |  |
| Beginning of period  | &nbsp;&nbsp; 35389269 | &nbsp;&nbsp; 37945758 |
| End of period  | &nbsp;&nbsp; $35141074 | &nbsp;&nbsp; $35389269 |
| **Capital Share Transactions (Investor Class):** |  |  |
| **Shares sold**  | &nbsp;&nbsp; 89133 | &nbsp;&nbsp; 153909 |
| **Shares issued to shareholders in reinvestment of dividends**  | &nbsp;&nbsp; 48858 | &nbsp;&nbsp; 95630 |
| **Shares redeemed**  | &nbsp;&nbsp; (201641)<br>| &nbsp;&nbsp; (359916)<br>|

---

*See Notes to Financial Statements.*

------

Value Line Small Cap Opportunities Fund, Inc.

Financial Highlights

------

**Selected data for a share of capital stock outstanding throughout each period:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Investor Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Investor Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Investor Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Investor Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Investor Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Investor Class** |
|  | **Six Months** <br> **Ended** <br>**June 30,**<br>| **Year Ended** <br>**December 31,** | **Year Ended** <br>**December 31,** | **Period** <br>**Ended** <br>**December 31,**<br>| **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $59.36 | &nbsp;&nbsp; $52.01 | &nbsp;&nbsp; $42.99 | &nbsp;&nbsp; $48.36 | &nbsp;&nbsp; $53.12 | &nbsp;&nbsp; $34.69 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| 0.42 | 7.60 | 9.59 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (1.21)<br>| 22.68 |
| Total from investment operations  | 0.29 | 7.40 | 9.45 | &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp; (1.49)<br>| 22.46 |
| **Less distributions:** |  |  |  |  |  |  |
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (4.03)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (4.03)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $59.65 | &nbsp;&nbsp; $59.36 | &nbsp;&nbsp; $52.01 | &nbsp;&nbsp; $42.99 | &nbsp;&nbsp; $48.36 | &nbsp;&nbsp; $53.12 |
| **Total return**  | 0.49 %<sup>(2)</sup><br>| 14.24<br> %<br>| 22.00<br> %<br>| &nbsp;&nbsp; (8.73 )%<sup>(2)</sup><br>| &nbsp;&nbsp; (3.34)%<br>| 65.92<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (in thousands)  | &nbsp;&nbsp; $354695 | &nbsp;&nbsp; $358369 | &nbsp;&nbsp; $321658 | &nbsp;&nbsp; $275060 | &nbsp;&nbsp; $328455 | &nbsp;&nbsp; $386766 |
| Ratio of expenses to average net assets  | 1.20 %<sup>(3)</sup><br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.18 %<sup>(3)</sup><br>| 1.16<br> %<br>| 1.18<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp; (0.45 )%<sup>(3)</sup><br>| &nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.09 )%<sup>(3)</sup><br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.48)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 6 %<sup>(2)</sup><br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 4 %<sup>(2)</sup><br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Institutional Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Institutional Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Institutional Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Institutional Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Institutional Class** | **Value Line Small Cap Opportunities Fund, Inc.** <br>**Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended** <br>**December 31,** | **Year Ended** <br>**December 31,** | **Period** <br>**Ended** <br>**December 31,**<br>| **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $61.25 | &nbsp;&nbsp; $53.54 | &nbsp;&nbsp; $44.14 | &nbsp;&nbsp; $49.52 | &nbsp;&nbsp; $54.19 | &nbsp;&nbsp; $35.25 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>| 0.05 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| 0.44 | 7.82 | 9.84 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.26)<br>| 23.07 |
| Total from investment operations  | 0.38 | 7.76 | 9.83 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (1.40)<br>| 22.97 |
| **Less distributions:** |  |  |  |  |  |  |
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (4.03)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (4.03)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $61.63 | &nbsp;&nbsp; $61.25 | &nbsp;&nbsp; $53.54 | &nbsp;&nbsp; $44.14 | &nbsp;&nbsp; $49.52 | &nbsp;&nbsp; $54.19 |
| **Total return**  | 0.62 %<sup>(2)</sup><br>| 14.50<br> %<br>| 22.29<br> %<br>| &nbsp;&nbsp; (8.54 )%<sup>(2)</sup><br>| &nbsp;&nbsp; (3.10)%<br>| 66.33<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp; $403209 | &nbsp;&nbsp; $365857 | &nbsp;&nbsp; $212291 | &nbsp;&nbsp; $93453 | &nbsp;&nbsp; $126593 | &nbsp;&nbsp; $119237 |
| Ratio of gross expenses to average net <br> assets <br>| 0.95 %<sup>(3)</sup><br>| 0.97<br> %<br>| 0.98<br> %<br>| 0.99 %<sup>(3)</sup><br>| 0.95<br> %<br>| 0.96<br> %<br>|
| Ratio of net expenses to average net assets  | 0.95 %<sup>(3)</sup><br>| 0.96<br> %<br>| 0.93<br> %<br>| 0.93 %<sup>(3)</sup><br>| 0.91<br> %<br>| 0.93<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp; (0.20 )%<sup>(3)</sup><br>| &nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp; (0.01)%<br>| 0.15 %<sup>(3)</sup><br>| &nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp; (0.21)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 6 %<sup>(2)</sup><br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 4 %<sup>(2)</sup><br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *For the nine month period ended December 31, 2022.*

<sup>(1)</sup> *Per share amounts are calculated based on average shares outstanding during the period.*

<sup>(2)</sup> *Not annualized.*

<sup>(3)</sup> *Annualized.*

*See Notes to Financial Statements.*

------

Value Line Mid Cap Focused Fund, Inc.

Financial Highlights

------

**Selected data for a share of capital stock outstanding throughout each period:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp; **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $34.36 | &nbsp;&nbsp; $32.24 | &nbsp;&nbsp; $26.41 | &nbsp;&nbsp; $31.24 | &nbsp;&nbsp; $28.29 | &nbsp;&nbsp; $25.49 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10 <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.12)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.19)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.21)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $35.52 | &nbsp;&nbsp; $34.36 | &nbsp;&nbsp; $32.24 | &nbsp;&nbsp; $26.41 | &nbsp;&nbsp; $31.24 | &nbsp;&nbsp; $28.29 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 3.38 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.11<br> %<br>| &nbsp;&nbsp; (9.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.96<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (in thousands)  | &nbsp;&nbsp; $507599 | &nbsp;&nbsp; $528378 | &nbsp;&nbsp; $424471 | &nbsp;&nbsp; $274371 | &nbsp;&nbsp; $318184 | &nbsp;&nbsp; $332898 |
| Ratio of expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp; (0.28 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33 %<sup>(2)</sup><br>| &nbsp;&nbsp; (0.46)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 5 %<sup>(3)</sup><br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 0 %<sup>(5)</sup><br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp; **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $34.62 | &nbsp;&nbsp; $32.48 | &nbsp;&nbsp; $26.60 | &nbsp;&nbsp; $31.46 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $25.59 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.04)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.19)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.30)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $35.83 | &nbsp;&nbsp; $34.62 | &nbsp;&nbsp; $32.48 | &nbsp;&nbsp; $26.60 | &nbsp;&nbsp; $31.46 | &nbsp;&nbsp; $28.39 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 3.49 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.38<br> %<br>| &nbsp;&nbsp; (9.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.24<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp; $1486589 | &nbsp;&nbsp; $1410282 | &nbsp;&nbsp; $837394 | &nbsp;&nbsp; $253758 | &nbsp;&nbsp; $177272 | &nbsp;&nbsp; $138967 |
| Ratio of gross expenses to average net <br> assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp; (0.03 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63 %<sup>(2)</sup><br>| &nbsp;&nbsp; (0.15)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 5 %<sup>(3)</sup><br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 0 %<sup>(5)</sup><br>| &nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Per share amounts are calculated based on average shares outstanding during the period.*

<sup>(2)</sup> *Includes income resulting from special dividends. For the year ended December 31, 2021, without these dividends, the per share value for the* *Investor Class and Institutional Class would have been $(0.18) and $(0.09), respectively, and the ratio for the Investor Class and Institutional* *Class would have been (0.59)% and (0.30)%, respectively.* 

<sup>(3)</sup> *Not annualized.*

<sup>(4)</sup> *Annualized.*

<sup>(5)</sup> *Amount is less than 0.50%.*

*See Notes to Financial Statements.*

------

Value Line Select Growth Fund, Inc.

Financial Highlights

------

**Selected data for a share of capital stock outstanding throughout each period:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp; **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $34.61 | &nbsp;&nbsp; $34.25 | &nbsp;&nbsp; $28.74 | &nbsp;&nbsp; $40.46 | &nbsp;&nbsp; $37.49 | &nbsp;&nbsp; $38.93 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp; (8.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp; (8.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (10.18)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (10.18)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $37.03 | &nbsp;&nbsp; $34.61 | &nbsp;&nbsp; $34.25 | &nbsp;&nbsp; $28.74 | &nbsp;&nbsp; $40.46 | &nbsp;&nbsp; $37.49 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 6.99 %<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.11<br> %<br>| &nbsp;&nbsp; (20.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.12<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (in thousands)  | &nbsp;&nbsp; $412150 | &nbsp;&nbsp; $405077 | &nbsp;&nbsp; $397990 | &nbsp;&nbsp; $331514 | &nbsp;&nbsp; $486661 | &nbsp;&nbsp; $451806 |
| Ratio of expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp; (0.36 )%<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp; (0.43)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 2 %<sup>(2)</sup><br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended** <br>**December 31,** | **Year Ended** <br>**December 31,** | **Year Ended** <br>**December 31,** | **Year Ended** <br>**December 31,** | **Period** <br>**Ended** <br>**December 31,**<br>|
|  | **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020**<sup>(4)</sup> <br>|
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $35.10 | &nbsp;&nbsp; $34.69 | &nbsp;&nbsp; $29.01 | &nbsp;&nbsp; $40.69 | &nbsp;&nbsp; $37.58 | &nbsp;&nbsp; $36.44 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp; (0.02)<br>| 0.11 | 0.12 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.15)<br>| 0.02 |
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| 2.53 | 4.26 | 8.98 | &nbsp;&nbsp; (8.15)<br>| 9.12 | 11.30 |
| Total from investment operations  | 2.51 | 4.37 | 9.10 | &nbsp;&nbsp; (8.19)<br>| 8.97 | 11.32 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (10.18)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (10.18)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $37.61 | &nbsp;&nbsp; $35.10 | &nbsp;&nbsp; $34.69 | &nbsp;&nbsp; $29.01 | &nbsp;&nbsp; $40.69 | &nbsp;&nbsp; $37.58 |
| **Total return**  | 7.12 %<sup>(2)</sup><br>| 12.49<br> %<br>| 31.41<br> %<br>| &nbsp;&nbsp; (20.45)%<br>| 24.47<br> %<br>| 31.78 %<sup>(2)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp; $21362 | &nbsp;&nbsp; $18398 | &nbsp;&nbsp; $19544 | &nbsp;&nbsp; $10801 | &nbsp;&nbsp; $15739 | &nbsp;&nbsp; $11963 |
| Ratio of gross expenses to average net <br> assets <br>| 1.02 %<sup>(3)</sup><br>| 1.03<br> %<br>| 1.10<br> %<br>| 1.11<br> %<br>| 1.04<br> %<br>| 1.96 %<sup>(3)</sup><br>|
| Ratio of net expenses to average net assets  | 0.90 %<sup>(3)</sup><br>| 0.89<br> %<br>| 0.91<br> %<br>| 0.88<br> %<br>| 0.88<br> %<br>| 0.91 %<sup>(3)</sup><br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp; (0.11 )%<sup>(3)</sup><br>| 0.30<br> %<br>| 0.36<br> %<br>| &nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp; (0.37)%<br>| 0.08 %<sup>(3)</sup><br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 2 %<sup>(2)</sup><br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 12 %<sup>(2)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Per share amounts are calculated based on average shares outstanding during the period.*

<sup>(2)</sup> *Not annualized.*

<sup>(3)</sup> *Annualized.*

<sup>(4)</sup> *Commenced operations on May 1, 2020.*

*See Notes to Financial Statements.*

------

Value Line Larger Companies Focused Fund, Inc.

Financial Highlights

------

**Selected data for a share of capital stock outstanding throughout each period:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp; **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $36.25 | &nbsp;&nbsp; $29.41 | &nbsp;&nbsp; $18.49 | &nbsp;&nbsp; $34.36 | &nbsp;&nbsp; $38.35 | &nbsp;&nbsp; $28.87 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp; (13.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;13.42 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;10.92 | &nbsp;&nbsp; (13.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;13.13 |
| **Less distributions:** |  |  |  |  |  |  |
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp; (3.65)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp; (3.65)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $43.52 | &nbsp;&nbsp; $36.25 | &nbsp;&nbsp; $29.41 | &nbsp;&nbsp; $18.49 | &nbsp;&nbsp; $34.36 | &nbsp;&nbsp; $38.35 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 20.06 %<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.06<br> %<br>| &nbsp;&nbsp; (38.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.98<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (in thousands)  | &nbsp;&nbsp; $407831 | &nbsp;&nbsp; $348335 | &nbsp;&nbsp; $304094 | &nbsp;&nbsp; $200602 | &nbsp;&nbsp; $367681 | &nbsp;&nbsp; $394389 |
| Ratio of gross expenses to average net <br> assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp; (0.87 )%<sup>(3)</sup><br>| &nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp; (0.61)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.87)%<br>| &nbsp;&nbsp; (0.86)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 23 %<sup>(2)</sup><br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp; **2025** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp;&nbsp;&nbsp; $37.07 | &nbsp;&nbsp;&nbsp; $29.99 | &nbsp;&nbsp;&nbsp; $18.80 | &nbsp;&nbsp;&nbsp; $34.79 | &nbsp;&nbsp;&nbsp; $38.68 | &nbsp;&nbsp;&nbsp; $29.03 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;11.28 | &nbsp;&nbsp;&nbsp; (13.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;13.30 |
| **Less distributions:** |  |  |  |  |  |  |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp;&nbsp; (3.65)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp;&nbsp; (3.65)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp;&nbsp;&nbsp; $44.56 | &nbsp;&nbsp;&nbsp; $37.07 | &nbsp;&nbsp;&nbsp; $29.99 | &nbsp;&nbsp;&nbsp; $18.80 | &nbsp;&nbsp;&nbsp; $34.79 | &nbsp;&nbsp;&nbsp; $38.68 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 20.21 %<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.52<br> %<br>| &nbsp;&nbsp;&nbsp; (38.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.36<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $13521 | &nbsp;&nbsp;&nbsp; $9160 | &nbsp;&nbsp;&nbsp; $10004 | &nbsp;&nbsp;&nbsp; $4080 | &nbsp;&nbsp;&nbsp; $8730 | &nbsp;&nbsp;&nbsp; $6519 |
| Ratio of gross expenses to average net <br> assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.88 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62 )%<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp; (0.63)%<br>| &nbsp;&nbsp;&nbsp; (0.62)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 23 %<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Per share amounts are calculated based on average shares outstanding during the period.*

<sup>(2)</sup> *Not annualized.*

<sup>(3)</sup> *Annualized.*

*See Notes to Financial Statements.*

------

Value Line Asset Allocation Fund, Inc.

Financial Highlights

------

**Selected data for a share of capital stock outstanding throughout each period:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Line Asset Allocation Fund, Inc.** <br>**Investor Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Investor Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Investor Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Investor Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Investor Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Investor Class** |
|  | **Six Months** <br> **Ended** <br>**June 30,**<br>| **Year Ended** <br>**December 31,** | **Year Ended** <br>**December 31,** | **Period** <br>**Ended** <br>**December 31,**<br>| **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp; $40.72 | &nbsp;&nbsp; $36.87 | &nbsp;&nbsp; $42.79 | &nbsp;&nbsp; $43.14 | &nbsp;&nbsp; $34.72 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | 0.19 | 0.54 | 0.42 | 0.13 | 0.03 | 0.00 <br><sup>(2)</sup><br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| 1.74 | 3.40 | 7.46 | &nbsp;&nbsp; (3.84)<br>| 2.59 | 8.65 |
| Total from investment operations  | 1.93 | 3.94 | 7.88 | &nbsp;&nbsp; (3.71)<br>| 2.62 | 8.65 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $42.47 | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp; $40.72 | &nbsp;&nbsp; $36.87 | &nbsp;&nbsp; $42.79 | &nbsp;&nbsp; $43.14 |
| **Total return**  | 4.76 %<sup>(3)</sup><br>| 9.57<br> %<br>| 21.39<br> %<br>| &nbsp;&nbsp; (8.81 )%<sup>(3)</sup><br>| 5.70<br> %<br>| 24.93<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (in thousands)  | &nbsp;&nbsp; $354367 | &nbsp;&nbsp; $367042 | &nbsp;&nbsp; $387504 | &nbsp;&nbsp; $372165 | &nbsp;&nbsp; $499220 | &nbsp;&nbsp; $621482 |
| Ratio of gross expenses to average net <br> assets <br>| 1.09 %<sup>(4)</sup><br>| 1.06<br> %<br>| 1.06<br> %<br>| 1.04 %<sup>(4)</sup><br>| 1.02<br> %<br>| 1.03<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| 0.92 %<sup>(4)</sup><br>| 1.26<br> %<br>| 1.06<br> %<br>| 0.45 %<sup>(4)</sup><br>| 0.07<br> %<br>| 0.01<br> %<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 10 %<sup>(3)</sup><br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 37 %<sup>(3)</sup><br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Line Asset Allocation Fund, Inc.** <br>**Institutional Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Institutional Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Institutional Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Institutional Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Institutional Class** | **Value Line Asset Allocation Fund, Inc.** <br>**Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended** <br>**December 31,** | **Year Ended** <br>**December 31,** | **Period** <br>**Ended** <br>**December 31,**<br>| **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $40.63 | &nbsp;&nbsp; $40.80 | &nbsp;&nbsp; $36.93 | &nbsp;&nbsp; $42.89 | &nbsp;&nbsp; $43.24 | &nbsp;&nbsp; $34.82 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | 0.24 | 0.65 | 0.51 | 0.20 | 0.15 | 0.11 |
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| 1.74 | 3.41 | 7.49 | &nbsp;&nbsp; (3.85)<br>| 2.61 | 8.68 |
| Total from investment operations  | 1.98 | 4.06 | 8.00 | &nbsp;&nbsp; (3.65)<br>| 2.76 | 8.79 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.23)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $42.61 | &nbsp;&nbsp; $40.63 | &nbsp;&nbsp; $40.80 | &nbsp;&nbsp; $36.93 | &nbsp;&nbsp; $42.89 | &nbsp;&nbsp; $43.24 |
| **Total return**  | 4.87 %<sup>(3)</sup><br>| 9.85<br> %<br>| 21.68<br> %<br>| &nbsp;&nbsp; (8.65 )%<sup>(3)</sup><br>| 5.98<br> %<br>| 25.24<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp; $515497 | &nbsp;&nbsp; $532752 | &nbsp;&nbsp; $560759 | &nbsp;&nbsp; $575324 | &nbsp;&nbsp; $920487 | &nbsp;&nbsp; $1165569 |
| Ratio of gross expenses to average net <br> assets <br>| 0.83 %<sup>(4)</sup><br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.81 %<sup>(4)</sup><br>| 0.77<br> %<br>| 0.78<br> %<br>|
| Ratio of net expenses to average net assets  | 0.83 %<sup>(4)</sup><br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.80 %<sup>(4)</sup><br>| 0.77<br> %<br>| 0.78<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| 1.18 %<sup>(4)</sup><br>| 1.50<br> %<br>| 1.28<br> %<br>| 0.68 %<sup>(4)</sup><br>| 0.32<br> %<br>| 0.26<br> %<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 10 %<sup>(3)</sup><br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 37 %<sup>(3)</sup><br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *For the nine month period ended December 31, 2022.*

<sup>(1)</sup> *Per share amounts are calculated based on average shares outstanding during the period.*

<sup>(2)</sup> *Amount is less than $0.01 per share.*

<sup>(3)</sup> *Not annualized.*

<sup>(4)</sup> *Annualized.*

*See Notes to Financial Statements.*

------

Value Line Capital Appreciation Fund, Inc.

Financial Highlights

------

**Selected data for a share of capital stock outstanding throughout each period:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp; **2025** <br>**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $12.39 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $10.25 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.00 )<sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.71)<br>|
| **Total distributions**  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp; $14.03 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $12.39 | &nbsp;&nbsp; $12.90 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 11.08 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.44<br> %<br>| &nbsp;&nbsp; (29.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.03<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (in thousands)  | &nbsp;&nbsp; $389859 | &nbsp;&nbsp; $376812 | &nbsp;&nbsp; $348142 | &nbsp;&nbsp; $277895 | &nbsp;&nbsp; $508549 | &nbsp;&nbsp; $560243 |
| Ratio of expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.28)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp; 22 %<sup>(3)</sup><br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp; **2025** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $7.86 | &nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp; $12.90 | &nbsp;&nbsp;&nbsp; $10.22 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp;&nbsp; $14.04 | &nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $7.86 | &nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp; $12.90 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 11.16 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.91<br> %<br>| &nbsp;&nbsp;&nbsp; (29.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.42<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp; $95812 | &nbsp;&nbsp;&nbsp; $87077 | &nbsp;&nbsp;&nbsp; $95627 | &nbsp;&nbsp;&nbsp; $80814 | &nbsp;&nbsp;&nbsp; $184329 | &nbsp;&nbsp;&nbsp; $121927 |
| Ratio of gross expenses to average net <br> assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.06)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp; 22 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Per share amounts are calculated based on average shares outstanding during the period.*

<sup>(2)</sup> *Amount is less than $0.01 per share.*

<sup>(3)</sup> *Not annualized.*

<sup>(4)</sup> *Annualized.*

*See Notes to Financial Statements.*

------

Value Line Core Bond Fund

Financial Highlights

------

**Selected data for a share of capital stock outstanding throughout each period:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value Line Core Bond Fund** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Core Bond Fund** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Core Bond Fund** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Core Bond Fund** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Core Bond Fund** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Core Bond Fund** <br>**Investor Class** |
|  | &nbsp;&nbsp;&nbsp; **Six Months** <br> **Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp; **2025** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period**  | &nbsp;&nbsp;&nbsp; $12.79 | &nbsp;&nbsp;&nbsp; $13.19 | &nbsp;&nbsp;&nbsp; $12.98 | &nbsp;&nbsp;&nbsp; $15.11 | &nbsp;&nbsp;&nbsp; $15.84 | &nbsp;&nbsp;&nbsp; $15.26 |
| **Income/(loss) from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period**  | &nbsp;&nbsp;&nbsp; $13.00 | &nbsp;&nbsp;&nbsp; $12.79 | &nbsp;&nbsp;&nbsp; $13.19 | &nbsp;&nbsp;&nbsp; $12.98 | &nbsp;&nbsp;&nbsp; $15.11 | &nbsp;&nbsp;&nbsp; $15.84 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 3.66 %<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72<br> %<br>| &nbsp;&nbsp;&nbsp; (12.58)%<br>| &nbsp;&nbsp;&nbsp; (2.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.77<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp; $35141 | &nbsp;&nbsp;&nbsp; $35389 | &nbsp;&nbsp;&nbsp; $37946 | &nbsp;&nbsp;&nbsp; $40746 | &nbsp;&nbsp;&nbsp; $50267 | &nbsp;&nbsp;&nbsp; $53854 |
| Ratio of gross expenses to average net <br> assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Ratio of net investment income/(loss) to <br> average net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71 %<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp; 25 %<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Per share amounts are calculated based on average shares outstanding during the period.*

<sup>(2)</sup> *Not annualized.*

<sup>(3)</sup> *Annualized.*

*See Notes to Financial Statements.*

------

Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Significant Accounting Policies**

Value Line Small Cap Opportunities Fund, Inc., Value Line Mid Cap Focused Fund, Inc., Value Line Select Growth Fund, Inc., Value Line Larger Companies Focused Fund, Inc., Value Line Asset Allocation Fund, Inc., Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund (individually a "Fund" and collectively, the "Funds") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as diversified, open-end management investment companies. The Funds each (except for Value Line Core Bond Fund) offer two classes of shares: Investor Class shares and Institutional Class shares. Value Line Core Bond Fund offers only Investor Class shares. Investor Class shares are available to any investor who meets the Fund's minimum purchase requirement. Institutional Class shares are designed for investors who meet certain administrative, service and account size criteria. The Value Line Family of Funds (the "Value Line Funds") is a family of mutual funds that consists of a variety of equity, fixed income, and hybrid funds. The investment objective of each Fund is listed below.

---

| | |
|:---|:---|
| **Fund**  | **Investment Goal** |
| Value Line Small Cap Opportunities Fund, Inc. | The Fund seeks long-term capital growth. |
| Value Line Mid Cap Focused Fund, Inc. | The Fund seeks long-term capital growth. |
| Value Line Select Growth Fund, Inc. | The Fund seeks long-term capital growth. |
| Value Line Larger Companies Focused Fund, Inc. | The Fund seeks long-term capital growth. |
| Value Line Asset Allocation Fund, Inc. | The Fund seeks high total investment return. |
| Value Line Capital Appreciation Fund, Inc. | The Fund seeks capital appreciation and income. |
| Value Line Core Bond Fund | &nbsp;&nbsp; The Fund seeks to maximize current income and secondarily <br> capital appreciation.<br>|

---

Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services — Investment Companies.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

**(A) Security Valuation:** In accordance with Rule 2a-5 under the 1940 Act, the Board of Directors (the "Board") has designated EULAV Asset Management (the "Adviser") as its valuation designee (the "Valuation Designee"). As Valuation Designee, the Adviser, subject to the oversight of the Board, is responsible for making fair valuation determinations in accordance with procedures (the "Pricing Procedures") approved by the Board. The Adviser's day-to-day responsibilities as Valuation Designee are performed by a pricing committee established by the Adviser (the "Committee").

Securities listed on a securities exchange are valued at the closing sales prices on the date as of which the net asset value ("NAV") is being determined. Securities traded on the National Association of Securities Dealers Automated Quotations ("NASDAQ") Stock Market are valued at the NASDAQ Official Closing Price. In the absence of closing sales prices for such securities and for securities traded in the over-the-counter market, the security is valued at the midpoint between the latest available and representative asked and bid prices. Short-term instruments with maturities of 60 days or less at the date of purchase are valued at amortized cost, which approximates fair value. Short-term instruments with maturities greater than 60 days at the date of purchase are valued at the midpoint between the latest available and representative asked and bid prices, and commencing 60 days prior to maturity such securities are valued at amortized cost.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily NAV which is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 P.M. Eastern Time) on each day on which the NYSE is open for business. NAV per share is determined by dividing the funds' total net assets by the funds' total number of shares outstanding at the time of calculation.

Bonds and other fixed income securities are calculated on the valuation date by reference to valuations obtained from an independent pricing service that determines valuations for normal institutional-size trading units of debt securities, without exclusive reliance upon quoted prices. This service takes into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data in determining valuations. Bonds and fixed income securities are valued at the evaluated bid on the date as of which the NAV is being determined.

The Committee monitors the continued appropriateness of methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Committee determines that a valuation method may no longer be appropriate, another valuation method may be selected. The Board shall review the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Committee. In addition, the Funds may use the fair value of a security when the closing market price on the primary exchange where the security is traded no longer reflects the value of a security due to factors affecting one or more relevant securities markets or the specific issuer.

------

June 30, 2025 (unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(B) Fair Value Measurements:** The Funds follow fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

• 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.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

An investment asset's or liability's level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.

**(C) Federal Income Taxes:** It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to regulated investment companies, as defined in applicable sections of the Internal Revenue Code, and to distribute all of its investment income and capital gains to its shareholders. Therefore, no provision for federal income tax is required.

As of June 30, 2025, and for all open tax years, management has analyzed the Funds' tax positions taken on federal and state income tax returns, and has concluded that no provision for federal or state income tax is required in the Funds' financial statements. The Funds' federal and state income tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and the state departments of revenue. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(D) Security Transactions and Income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are calculated using the identified cost method. Interest income on investments, adjusted for amortization of discount and premium, if applicable, is earned from settlement date and recognized on the accrual basis. Dividend income is recorded on the ex-dividend date.

The Value Line Asset Allocation Fund, Inc., Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund may purchase mortgage pass-through securities on a to-be-announced ("TBA") basis, with payment and delivery scheduled for a future date. These Funds may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a "TBA roll"). A TBA roll is treated by the Fund as a purchase transaction and a sale transaction in which the Fund realizes a gain or loss. The Fund's use of TBA rolls may cause the Fund to experience higher portfolio turnover and higher transaction costs. The Fund could be exposed to possible risk if there is an adverse market reaction, expenses or delays in connection with TBA transactions, or if the counterparty fails to complete the transaction.

The Value Line Core Bond Fund may invest in Treasury Inflation-Protected Securities ("TIPS"). The principal value and interest payout of TIPS are periodically adjusted according to the rate of inflation based on the Consumer Price Index. The adjustments for principal and income due to inflation are reflected in interest income in the Fund's Statement of Operations.

**(E) Fund Distributions:** Income dividends and capital gains distributions are automatically reinvested in additional shares of each Fund unless the shareholder has requested otherwise. Income earned by the Fund on weekends, holidays and other days on which the Fund is closed for business is declared as a dividend on the next day on which the Fund is open for business. The Funds (except for Value Line Core Bond Fund) distribute all of their net investment income annually. Value Line Core Bond Fund declares and pays dividends from its net investment income monthly. Net realized capital gains, if any, are distributed to shareholders annually or more frequently if necessary, to comply with the Internal Revenue Code.

------

Notes to Financial Statements (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(F) Class Allocations:** All income earned and expenses incurred by the Funds are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the shares of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each Fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated between the share classes based on respective net assets.

Class Specific Expenses:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Total** |
| **Value Line Small Cap Opportunities Fund, Inc.** |  |  |  |
| Transfer agent fees  | &nbsp;&nbsp; $18047 | &nbsp;&nbsp; $39294 | &nbsp;&nbsp; $57341 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 179110 | &nbsp;&nbsp; 185767 | &nbsp;&nbsp; 364877 |
| Registration and filing fees  | &nbsp;&nbsp; 17692 | &nbsp;&nbsp; 18072 | &nbsp;&nbsp; 35764 |
| Other  | &nbsp;&nbsp; 10706 | &nbsp;&nbsp; 11609 | &nbsp;&nbsp; 22315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Total** |
| **Value Line Mid Cap Focused Fund, Inc.** |  |  |  |
| Transfer agent fees  | &nbsp;&nbsp; $48931 | &nbsp;&nbsp; $129225 | &nbsp;&nbsp; $178156 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 216398 | &nbsp;&nbsp; 693857 | &nbsp;&nbsp; 910255 |
| Registration and filing fees  | &nbsp;&nbsp; 29088 | &nbsp;&nbsp; 78519 | &nbsp;&nbsp; 107607 |
| Other  | &nbsp;&nbsp; 8233 | &nbsp;&nbsp; 21534 | &nbsp;&nbsp; 29767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Total** |
| **Value Line Select Growth Fund, Inc.** |  |  |  |
| Transfer agent fees  | &nbsp;&nbsp; $50311 | &nbsp;&nbsp; $1089 | &nbsp;&nbsp; $51400 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 87897 | &nbsp;&nbsp; 5192 | &nbsp;&nbsp; 93089 |
| Registration and filing fees  | &nbsp;&nbsp; 12595 | &nbsp;&nbsp; 11696 | &nbsp;&nbsp; 24291 |
| Other  | &nbsp;&nbsp; 18892 | &nbsp;&nbsp; 1816 | &nbsp;&nbsp; 20708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Total** |
| **Value Line Larger Companies Focused Fund, Inc.** |  |  |  |
| Transfer agent fees  | &nbsp;&nbsp; $43398 | &nbsp;&nbsp; $1238 | &nbsp;&nbsp; $44636 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 34212 | &nbsp;&nbsp; 2381 | &nbsp;&nbsp; 36593 |
| Registration and filing fees  | &nbsp;&nbsp; 12839 | &nbsp;&nbsp; 13422 | &nbsp;&nbsp; 26261 |
| Other  | &nbsp;&nbsp; 18358 | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 19717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Total** |
| **Value Line Asset Allocation Fund, Inc.** |  |  |  |
| Transfer agent fees  | &nbsp;&nbsp; $27183 | &nbsp;&nbsp; $53429 | &nbsp;&nbsp; $80612 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 165329 | &nbsp;&nbsp; 196278 | &nbsp;&nbsp; 361607 |
| Registration and filing fees  | &nbsp;&nbsp; 14585 | &nbsp;&nbsp; 23058 | &nbsp;&nbsp; 37643 |
| Other  | &nbsp;&nbsp; 10465 | &nbsp;&nbsp; 14654 | &nbsp;&nbsp; 25119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Total** |
| **Value Line Capital Appreciation Fund, Inc.** |  |  |  |
| Transfer agent fees  | &nbsp;&nbsp; $43622 | &nbsp;&nbsp; $13199 | &nbsp;&nbsp; $56821 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 101394 | &nbsp;&nbsp; 28334 | &nbsp;&nbsp; 129728 |
| Registration and filing fees  | &nbsp;&nbsp; 15783 | &nbsp;&nbsp; 13583 | &nbsp;&nbsp; 29366 |
| Other  | &nbsp;&nbsp; 16853 | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 21583 |

---

------

June 30, 2025 (unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(G) Foreign Currency Translation:** The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities which are denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange at the valuation date. The Funds do not isolate changes in the value of investments caused by foreign exchange rate differences from the changes due to other circumstances.

Income and expenses are translated to U.S. dollars based upon the rates of exchange on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from currency fluctuations realized between the trade and settlement dates on securities transactions, the differences between the U.S. dollar amounts of dividends, interest, and foreign withholding taxes recorded by the Funds, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments, at the end of the fiscal period, resulting from changes in the exchange rates. The effect of the change in foreign exchange rates on the value of investments is included in realized gain/(loss) on investments and change in net unrealized appreciation/(depreciation) on investments.

**(H) Representations and Indemnifications:** In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, management expects the risk of loss to be remote.

**(I) Accounting for Real Estate Investment Trusts:** The Funds may own shares of Real Estate Investment Trusts ("REITs") which report information on the source of their distributions annually. Distributions received from REITs during the year which represent a return of capital are recorded as a reduction of cost and distributions which represent a capital gain dividend are recorded as a realized long-term capital gain on investments.

**(J) Foreign Taxes:** The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

**(K) Securities Lending:** Under an agreement with State Street Bank & Trust Company ("State Street"), the Funds can lend their securities to brokers, dealers and other financial institutions approved by the Board. The Funds or the borrower may terminate the loan at any time. By lending their investment securities, the Funds attempt to increase their net investment income through receipt of interest on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Funds. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Generally, in the event of a counter-party default, the Funds have the right to use the collateral to offset the losses incurred. The lending fees received and the Funds' portion of the interest income earned on the cash collateral are included in "Securities lending income (Net)" in the Statements of Operations.

Upon entering into a securities lending transaction, the Funds receive cash or other securities as collateral in an amount equal to or exceeding 102% of the current market value of the loaned securities. Any cash received as collateral is invested by State Street, acting in its capacity as securities lending agent (the "Agent"), in the Value Line Funds collateral account, which is subsequently invested into joint repurchase agreements and/or State Street Navigator Securities Lending Government Money Market Portfolio. When the Funds invest the cash collateral in the State Street Navigator Securities Lending Government Money Market Portfolio, a portion of the dividends received on the collateral is rebated to the borrower of the securities and the remainder is split between the Agent and the Funds. Investments made with the cash collateral are disclosed in the Schedules of Investments.

As of June 30, 2025, certain Funds loaned securities which were collateralized by cash and other securities. The value of the securities on loan and the value of the related collateral were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Value of Securities** <br>**Loaned**<br>| **Value of** <br>**Collateral\***<br>|
| Value Line Small Cap Opportunities Fund, Inc.  | &nbsp;&nbsp; $53102491<br>| &nbsp;&nbsp; $53702332<br>|
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 57814212<br>| &nbsp;&nbsp; 58964500<br>|
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 29220868<br>| &nbsp;&nbsp; 29359600<br>|
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 19399190<br>| &nbsp;&nbsp; 19790275<br>|

---

------

Notes to Financial Statements (continued)

------

---

| | | |
|:---|:---|:---|
| **Fund**  | **Value of Securities**<br> **Loaned**<br>| **Value of**<br> **Collateral\***<br>|
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; $26009601<br>| &nbsp;&nbsp; $26066423<br>|
| Value Line Core Bond Fund  | &nbsp;&nbsp; 850011<br>| &nbsp;&nbsp; 864775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Value Line Mid Cap Focused Fund, Inc., Value Line Larger Companies Focused Fund, Inc., Value Line Asset Allocation Fund, Inc.,* *Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund received cash collateral of $15,825,000, $10,332,404,* *$2,119,570, $6,466,069 and $131,200 respectively, which was subsequently invested in the State Street Navigator Securities* *Lending Government Money Market Portfolio as reported in the Schedule of Investments. In addition, Value Line Small Cap* *Opportunities Fund, Inc. received non cash-collateral of $53,702,332 in the form of U.S. Government obligations, ranging from* *0.01% — 5.38%, maturing 7/31/25 — 2/15/55, Value Line Mid Cap Focused Fund, Inc. received non cash-collateral of* *$43,139,500 in the form of U.S. Government obligations, ranging from 0.25% — 5.00%, maturing 7/31/25 — 4/30/26, Value* *Line Larger Companies Focused Fund, Inc. received non cash-collateral of $19,027,196 in the form of U.S. Government* *obligations, ranging from 0.01% — 4.75%, maturing 8/15/25 — 5/15/54, Value Line Asset Allocation Fund, Inc. received non* *cash-collateral of $17,670,705 in the form of U.S. Government obligations, ranging from 0.13% — 5.38%, maturing 9/30/25 —* *5/15/54, Value Line Capital Appreciation Fund, Inc. received non cash-collateral of $19,600,354 in the form of U.S. Government* *obligations, ranging from 0.01% — 5.38%, maturing 7/31/25 — 2/15/55 and Value Line Core Bond Fund received non* *cash-collateral of $733,575 in the form of U.S. Government obligations, ranging from 0.13% — 5.38%, maturing 9/30/25 —* *5/15/54. The Funds cannot sell or repledge the non-cash collateral which accordingly is not reflected in the Schedule of* *Investments. The value of securities loaned is determined at the close of business of the Funds and any additional required* *collateral is delivered to the Funds on the next business day.* 

**(L) Other Risks:** The value of the Funds' shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the Funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the Funds' investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**(M) Subsequent Events:** Management has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require adjustment to or disclosure in the financial statements.

**2. Investment Risks**

Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association ("GNMA" or "Ginnie Mae"), a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association ("FNMA" or "Fannie Mae") and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

**3. Purchases and Sales of Securities**

Purchases and sales of securities, excluding short-term investments, for the period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Purchases of** <br>**Investment** <br>**Securities** <br>**Excluding** <br>**U.S. Government** <br>**Securities**<br>| **Sales of** <br>**Investment** <br>**Securities** <br>**Excluding** <br>**U.S. Government** <br>**Securities**<br>| **Purchases of** <br>**U.S. Government** <br>**Obligations**<br>| **Sales of U.S.** <br>**Government** <br>**Obligations**<br>|
| Value Line Small Cap Opportunities Fund, Inc.  | &nbsp;&nbsp; $56632299 | &nbsp;&nbsp; $42147748 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 96622952 | &nbsp;&nbsp; 109158683 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 6759505 | &nbsp;&nbsp; 29546152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 82438220 | &nbsp;&nbsp; 91793555 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 41850283 | &nbsp;&nbsp; 119481784 | &nbsp;&nbsp; 45972891 | &nbsp;&nbsp; 37426357 |

---

------

June 30, 2025 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Purchases of**<br> **Investment**<br> **Securities**<br> **Excluding**<br> **U.S. Government**<br> **Securities**<br>| **Sales of**<br> **Investment**<br> **Securities**<br> **Excluding**<br> **U.S. Government**<br> **Securities**<br>| **Purchases of**<br> **U.S. Government**<br> **Obligations**<br>| **Sales of U.S.**<br> **Government**<br> **Obligations**<br>|
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; $72921799 | &nbsp;&nbsp; $104261535 | &nbsp;&nbsp; $24197168 | &nbsp;&nbsp; $15166516 |
| Value Line Core Bond Fund  | &nbsp;&nbsp; 4257700 | &nbsp;&nbsp; 6066845 | &nbsp;&nbsp; 5494481 | &nbsp;&nbsp; 2731855 |

---

**4. Income Taxes**

At June 30, 2025, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Cost of** <br>**Investments** <br>**for Tax Basis** <br>**Purposes**<br>| **Gross Tax Basis** <br>**Unrealized** <br>**Appreciation**<br>| **Gross Tax Basis** <br>**Unrealized** <br>**Depreciation**<br>| **Net Tax Basis** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**on Investments**<br>|
| Value Line Small Cap Opportunities Fund, Inc.  | &nbsp;&nbsp; $456599692 | &nbsp;&nbsp; $310879256 | &nbsp;&nbsp; $(10156680)<br>| &nbsp;&nbsp; $300722576 |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 1567170431 | &nbsp;&nbsp; 512703449 | &nbsp;&nbsp; (78463897)<br>| &nbsp;&nbsp; 434239552 |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 189568059 | &nbsp;&nbsp; 245452548 | &nbsp;&nbsp; (969320)<br>| &nbsp;&nbsp; 244483228 |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 200295746 | &nbsp;&nbsp; 234605942 | &nbsp;&nbsp; (3595403)<br>| &nbsp;&nbsp; 231010539 |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 571443674 | &nbsp;&nbsp; 309413159 | &nbsp;&nbsp; (13604614)<br>| &nbsp;&nbsp; 295808545 |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 301041435 | &nbsp;&nbsp; 187466776 | &nbsp;&nbsp; (3307740)<br>| &nbsp;&nbsp; 184159036 |
| Value Line Core Bond Fund  | &nbsp;&nbsp; 35888831 | &nbsp;&nbsp; 318461 | &nbsp;&nbsp; (1203756)<br>| &nbsp;&nbsp; (885295)<br>|

---

Net unrealized appreciation/depreciation differs for financial statements and tax purposes primarily due to wash sales, return of capital distribution received, and market premium amortization.

As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Gain**<br>| **Other** <br>**Timing** <br>**Differences**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Late Year** <br>**Deferrals**<br>| **Distributable** <br>**Earnings (Loss)**<br>|
| Value Line Small Cap <br> Opportunities Fund, <br> Inc. <br>| $— | $381632 | $— | $319254164 | $— | $— | $319635796 |
| Value Line Mid Cap <br> Focused Fund, Inc. <br>| 489724 | 859167 |  | 401408753 |  |  | 402757644 |
| Value Line Select <br> Growth Fund, Inc. <br>| 10922 | 10032672 |  | 229171180 |  |  | 239214774 |
| Value Line Larger <br> Companies Focused <br> Fund, Inc. <br>|  | 8819227 |  | 171987722 |  |  | 180806949 |
| Value Line Asset <br> Allocation Fund, Inc. <br>| 144348 | 11218482 |  | 286130764 |  |  | 297493594 |
| Value Line Capital <br> Appreciation Fund, <br> Inc. <br>| 1554177 | 7476052 |  | 147940088 |  |  | 156970317 |
| Value Line Core Bond <br> Fund <br>| 64363 |  |  | (1896888)<br>| (4952983)<br>|  | (6785508)<br>|

---

------

Notes to Financial Statements (continued)

------

At December 31, 2024, the Value Line Core Bond Fund has net short-term capital loss carryforwards of $336,556 and net long-term capital loss carryforwards of $4,616,427. These losses can be carried forward indefinitely.

During the current fiscal year, the Value Line Larger Companies Focused Fund and the Value Line Capital Appreciation Fund utilized $2,782,700 and $24,073,115, respectively, of capital loss carryforwards to offset current year realized gains.

In accordance with federal tax laws applicable to investment companies, all or a portion of losses resulting from capital loss or net specified losses realized between November 1 and the Funds' fiscal year-end are not recognized for tax purposes until the subsequent year (late-year loss deferrals); however, such losses are recognized for financial reporting purposes in the year realized. As of December 31, 2024, the Funds did not have any such losses.

The tax composition of distributions paid to shareholders during fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** <br>**Distributions Paid from**  | **Year Ended December 31, 2024** <br>**Distributions Paid from**  | **Year Ended December 31, 2024** <br>**Distributions Paid from**  | **Year Ended December 31, 2024** <br>**Distributions Paid from**  |
| **Fund**  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>| **Total** <br>**Distributions** <br>**Paid**<br>|
| Value Line Small Cap Opportunities Fund, Inc.  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $648783 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $648783 |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 4094514 | &nbsp;&nbsp; 17593250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21687764 |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 435871 | &nbsp;&nbsp; 42784899 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43220770 |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9349085 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9349085 |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 14385904 | &nbsp;&nbsp; 71241557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85627461 |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 3867384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3867384 |
| Value Line Core Bond Fund  | &nbsp;&nbsp; 1360814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1360814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** <br>**Distributions Paid from** | **Year Ended December 31, 2023** <br>**Distributions Paid from** | **Year Ended December 31, 2023** <br>**Distributions Paid from** | **Year Ended December 31, 2023** <br>**Distributions Paid from** |
| **Fund**  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>| **Total** <br>**Distributions** <br>**Paid**<br>|
| Value Line Small Cap Opportunities Fund, Inc.  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4203633 | &nbsp;&nbsp; $41 | &nbsp;&nbsp; $4203674 |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 1929904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1929904 |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; — | &nbsp;&nbsp; 38347362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38347362 |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 10582983 | &nbsp;&nbsp; 76783722 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87366705 |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 3516980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3516980 |
| Value Line Core Bond Fund  | &nbsp;&nbsp; 1164055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1164055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Investment Advisory Fees, Service and Distribution Fees and Transactions With Affiliates**

For providing advisory services to the Value Line Small Cap Opportunities Fund, Inc., Value Line Mid Cap Focused Fund, Inc., Value Line Select Growth Fund, Inc., Value Line Larger Companies Focused Fund, Inc., Value Line Asset Allocation Fund, Inc., Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund, and managing each Fund's investments for the period ended June 30, 2025, the Adviser was paid a fee at an annual rate of 0.75%, 0.65%, 0.73%, 0.73%, 0.64%, 0.64% and 0.29%, respectively, of each Fund's average daily net assets. The investment advisory agreement between each Fund and the Adviser provides for a combined fee for both advisory services and Administrative Services (as defined in the investment advisory agreement) at an annual rate, based on each Fund's average daily net assets, equal to 0.75% for Value Line Select Growth Fund, Inc., Value Line Larger Companies Focused Fund, Inc. and Value Line Small Cap Opportunities Fund and 0.70% on the first $100 million of average daily net assets, and 0.65% on the remaining net assets for Value Line Mid Cap Focused Fund, Inc. and Value Line Capital Appreciation Fund, Inc. and 0.65% on the first $750 million of average daily net assets, and 0.60% on the net assets over $750 million for Value Line Asset Allocation Fund, Inc. and 0.50% for Value Line Core Bond Fund (the "Combined Rate"). The advisory fee component paid by each Fund to the Adviser for each period is calculated by subtracting the amount paid by each Fund for Administrative Services with respect to the same period from the respective Combined Rate. The Adviser provides (or arranges for the provision of) such Administrative Services pursuant to a separate administration agreement with the Funds.

------

June 30, 2025 (unaudited)

------

From January 1, 2025 through April 30, 2025, for the Value Line Larger Companies Focused Fund, the Adviser had contractually agreed to waive certain Fund-wide fees and assumed certain Fund-wide expenses to the extent necessary to limit such expenses (excluding brokerage commissions, interest, taxes, and certain non-routine Fund-wide expenses) to 0.90% of the average daily net assets of each class. Effective May 1, 2025, for the Value Line Larger Companies Focused Fund (Institutional Class), the Adviser contractually agreed to waive through April 30, 2026 certain Fund-wide fees and further assume certain class specific expenses to the extent necessary to limit such expenses (excluding brokerage commissions, interest, taxes, and certain non-routine Fund-wide expenses) to 0.90% of the average daily net assets of the Institutional class (the "Class-Level Expense Limitation 1").

Effective May 1, 2023, for the Value Line Core Bond Fund, the Adviser and the Distributor have agreed to waive a portion of their advisory and Rule 12b-1 fee, and the Adviser has further agreed to reimburse certain expenses of the Fund to the extent necessary to limit the Fund's total annual operating expenses (other than those attributable to interest, taxes, brokerage and futures commissions, and extraordinary expenses not incurred in the ordinary course of the Fund's business) to 0.80% of the Fund's average daily net assets (the "Fund-Level Expense Limitation 2"). Prior to May 1, 2023 the Fund-Level Expense Limitation 2 was 0.90%. The Adviser and the Distributor may subsequently recover from the Value Line Core Bond Fund reimbursed expenses and/or waived fees (within 3 years from the month in which the waiver/reimbursement occurred) to the extent that the Fund's expense ratio is less than the Expense Limitation. The Fund-Level Expense Limitation 2 can be terminated or modified before May 1, 2026 only with the agreement of the Fund's Board.

For Value Line Asset Allocation Fund, Inc., the Adviser contractually agreed to waive and not recoup a portion of its annual advisory fee rate by 0.05% with respect to the portion of the Fund's average daily net assets that exceed $750 million. This contractual waiver creates a breakpoint in the advisory fee.

The Funds have a Service and Distribution Plan (the "Plan"), adopted pursuant to Rule 12b-1 under the 1940 Act, which compensates EULAV Securities, LLC (the "Distributor") for advertising, marketing and distributing the Funds' shares and for servicing the Funds' shareholders at an annual rate of 0.25% of the Funds' average daily net assets attributable to Investor Class shares. Institutional Class shares do not pay Rule 12b-1 distribution and service fees, and are not subject to the Plan.

The Funds (except Value Line Core Bond Fund) have a Sub-Transfer Agent Plan (the "sub TA plan") which compensates financial intermediaries that provide sub-transfer agency and related services to investors that hold their Fund shares of such class in omnibus accounts maintained by the financial intermediaries with the Funds. The sub-transfer agency fee, which the Fund may pay directly to the financial intermediary or indirectly via the Distributor, will not exceed (unless approved by the Board) the lower of: (i) the aggregate amount of additional transfer agency fees and expenses that the Funds would otherwise pay to the transfer agent if each subaccount in the omnibus account for such class of shares maintained by the financial intermediary with the Funds were a direct account with the Funds or (ii) the amount by which the fees charged by the financial intermediary for including the Funds on its platform and providing shareholder, sub-transfer agency and related services exceed the amount paid under the Funds' Plan with respect to each Fund's assets attributable to shares held by the financial intermediary in the omnibus account. If the sub-transfer agency fee is paid to financial intermediaries indirectly via the Distributor, the Distributor does not retain any amount thereof and such fee otherwise reduces the amount that the Distributor is contractually obligated to pay to the financial intermediary.

The Adviser agreed to pay or reimburse certain class-specific expenses of the Value Line Select Growth Fund, Inc., Value Line Larger Companies Focused Fund, Inc., and Value Line Capital Appreciation Fund, Inc. attributable to the Institutional Class, so that the Institutional Class bears its class-specific fees and expenses at the same annual percentage of its average daily net assets as the Investor Class's class-specific fees and expenses (excluding the 12b-1 fees paid by the Investor Class and certain non-routine class-specific expenses, if applicable) (the "Class Expense Limitation", together with the Fund-level Expense Limitations (attributable to the Value Line Larger Companies Focused Fund and Value Line Core Bond Fund), the "Expense Limitations"). The Adviser may subsequently recover from the Fund contractually reimbursed expenses and/or waived fees (within 3 years from the month in which the waiver/reimbursement occurred) to the extent that such class' expense ratio is less than the applicable Expense Limitation or, if lower, the Expense Limitation in effect when the waiver or reimbursement occurred. The Class Expense Limitation can be terminated or modified only with the agreement of the Board of Directors.

------

Notes to Financial Statements (continued)

------

As of June 30, 2025, fees contractually waived/reimbursed by the Adviser amounted to $11,544, $15,702, $18,443 and $46,830 for the Value Line Select Growth Fund, Inc., Value Line Larger Companies Focused Fund, Inc., Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund, respectively. As of June 30, 2025, the Adviser and Distributor may seek reimbursement of the remaining waived fees and reimbursed expenses as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **Expiration for the 12** <br>**months ended**<br>| **Fees Waived and** <br>**Reimbursed by** <br>**the Adviser**<br>| **Fees Waived and** <br>**Reimbursed by** <br>**the Distributor**<br>|
| Value Line Select Growth Fund, Inc.  | June 30, 2025 | &nbsp;&nbsp; $28477 | &nbsp;&nbsp; $— |
| Value Line Select Growth Fund, Inc.  | June 30, 2026 | &nbsp;&nbsp; 36211 | &nbsp;&nbsp; — |
| Value Line Select Growth Fund, Inc.  | June 30, 2027 | &nbsp;&nbsp; 24248 | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | June 30, 2025 | &nbsp;&nbsp; 21766 | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | June 30, 2026 | &nbsp;&nbsp; 34902 | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | June 30, 2027 | &nbsp;&nbsp; 28764 | &nbsp;&nbsp; — |
| Value Line Capital Appreciation Fund, Inc.  | June 30, 2025 | &nbsp;&nbsp; 35191 | &nbsp;&nbsp; — |
| Value Line Capital Appreciation Fund, Inc.  | June 30, 2026 | &nbsp;&nbsp; 39867 | &nbsp;&nbsp; — |
| Value Line Capital Appreciation Fund, Inc.  | June 30, 2027 | &nbsp;&nbsp; 41329 | &nbsp;&nbsp; — |
| Value Line Core Bond Fund  | June 30, 2025 | &nbsp;&nbsp; 32866 | &nbsp;&nbsp; — |
| Value Line Core Bond Fund  | June 30, 2026 | &nbsp;&nbsp; 97305 | &nbsp;&nbsp; — |
| Value Line Core Bond Fund  | June 30, 2027 | &nbsp;&nbsp; 86980 | &nbsp;&nbsp; 43845 |

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In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds' rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds' financial statements.

**6. Recent Accounting Standards**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations. The President and Principal Financial Officer act as each Fund's chief operating decision maker ("CODM"), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, as described in its respective prospectus, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

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**FACTORS CONSIDERED BY THE BOARD IN APPROVING CONTINUANCE OF THE INVESTMENT ADVISORY AGREEMENTS FOR VALUE LINE SMALL CAP OPPORTUNITIES FUND, INC., VALUE LINE MID CAP FOCUSED FUND, INC., VALUE LINE SELECT GROWTH FUND, INC., VALUE LINE LARGER COMPANIES FOCUSED FUND, INC., VALUE LINE ASSET ALLOCATION FUND, INC., VALUE LINE CAPITAL APPRECIATION FUND, INC., AND VALUE LINE CORE BOND FUND**

The Investment Company Act of 1940 (the "1940 Act") requires the Boards of Directors (the "Board") of Value Line Small Cap Opportunities Fund, Inc., Value Line Mid Cap Focused Fund, Inc., Value Line Select Growth Fund, Inc., Value Line Larger Companies Focused Fund, Inc., Value Line Asset Allocation Fund, Inc., Value Line Capital Appreciation Fund, Inc., and Value Line Core Bond Fund (each, a "Fund" and collectively, the "Funds"), including a majority of each Board's Directors who are not "interested persons," as that term is defined in the 1940 Act (the "Independent Directors"), to annually consider the continuance of each Fund's investment advisory agreement (each, an "Agreement") with its investment adviser, EULAV Asset Management (the "Adviser").

As part of the process in considering the continuance of each Fund's Agreement, the Board requested, and the Adviser provided, such information as the Board deemed to be reasonably necessary to evaluate the terms of such Agreement. At meetings held throughout the year, including the meeting specifically focused upon the review of each Agreement, the Independent Directors met in executive sessions separately from the non-Independent Director of the Funds and any officers of the Adviser. In considering the continuance of each Agreement, the Independent Directors relied upon the assistance of counsel to the Independent Directors and representatives of Broadridge Financial Solutions, Inc., an independent mutual fund board consulting service.

Both in the meeting specifically focused upon the review of the Agreements and at other meetings, the Board, including the Independent Directors, received materials relating to the Adviser's investment and management services under the Agreements. These materials included information for each Fund regarding, among other things: (i) the Fund's investment performance, performance-related metrics and risk-related metrics over various periods of time and comparisons thereof to similar information regarding the Fund's benchmark index, the Fund's category of comparable funds (the "Category") (as objectively classified, selected and prepared by Broadridge Financial Solutions, Inc. utilizing the classification system of Morningstar, Inc., an independent evaluation service (together, "Broadridge/Morningstar")), and the Fund's more narrow peer group of comparable funds (the "Peer Group") (again, as objectively classified, selected and prepared by Broadridge/Morningstar); (ii) the Fund's investment process, portfolio holdings, investment restrictions, valuation procedures, and financial statements; (iii) purchases and redemptions of the Fund's shares; (iv) the Adviser's view of the general investment outlook in the markets in which the Fund invests; (v) arrangements with respect to the distribution of the Fund's shares; (vi) the allocation and cost of the Fund's brokerage (none of which were effected through any affiliate of the Adviser, including EULAV Securities LLC (the "Distributor")); and (vii) the overall nature, quality and extent of services provided by the Adviser.

As part of their review, the Board requested, and the Adviser provided, additional information in order to evaluate the quality of the Adviser's services and the reasonableness of its fees under each Fund's Agreement. In a separate executive session, the Independent Directors reviewed information for each Fund, which included data comparing: (i) advisory, administrative, distribution, custody, accounting, audit, legal, transfer agency, and other non-management expenses incurred by the Fund to those incurred by the Fund's Peer Group and Category; (ii) the Fund's expense ratio to those of its Peer Group and Category; and (iii) the Fund's investment performance, performance-related metrics and risk-related metrics over various time periods to similar information regarding the Fund's benchmark index, Peer Group and Category.

In classifying a Fund within a Category, Broadridge/Morningstar considered the characteristics of the Fund's actual portfolio holdings over various periods of time relative to the market and other factors that distinguish a particular investment strategy under Broadridge/Morningstar's methodology with the objective to permit meaningful comparisons. Broadridge/Morningstar classified Value Line Small Cap Opportunities Fund, Inc. within its Small Growth category and classified Value Line Mid Cap Focused Fund, Inc. within its Mid-Cap Growth category. Broadridge/Morningstar classified Value Line Select Growth Fund, Inc. and Value Line Larger Companies Focused Fund, Inc. within its Large Growth category. Broadridge/Morningstar classified Value Line Asset Allocation Fund, Inc. and Value Line Capital Appreciation Fund, Inc. within its Moderate Allocation category. Further, Broadridge/Morningstar classified Value Line Core Bond Fund within its Intermediate Core Bond category.

In preparing a Peer Group for each Fund, Broadridge/Morningstar considered the Fund's most recent portfolio holdings in light of the same factors used in classifying a Fund within a Category, as well as additional factors including similarity of expense structure (e.g., same share class characteristics) and net asset size. Generally, Broadridge/Morningstar prefers to select peer funds that range in net assets from no less than half the size, to no more than twice the size, of the relevant Fund and to select roughly equal number of funds that are smaller and larger than the Fund. Broadridge/Morningstar considers, in the construction of each Fund's Category and Peer Group, funds issuing investor class shares (with a 12b-1 fee of 25 basis points) and funds issuing A shares, which have a front-end load and the same 12b-1 fee of 25 basis points. As a result, the final Peer Group for each Fund is drawn from retail load and no-load funds with similar investment style, expense structure and asset size as the Fund. The final Peer Group consists of the relevant Fund and: 13 other funds for Value Line Small Cap Opportunities Fund, Inc.; 10 other funds for Value Line Mid Cap Focused Fund, Inc.; 11 other funds for Value Line Select Growth Fund, Inc.; 11 other funds for Value Line Larger Companies Focused Fund, Inc.; 12 other

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funds for Value Line Asset Allocation Fund, Inc.; 9 other funds for Value Line Capital Appreciation Fund, Inc.; and 12 other funds for Value Line Core Bond Fund. In seeking peers for Value Line Asset Allocation Fund, Inc., funds with average credit quality falling below a credit rating of B were eliminated.

In their executive session, the Independent Directors also reviewed information regarding: (a) the financial results and condition of the Adviser and the Distributor and their profitability from the services that have been performed for each Fund and the Value Line family of funds; (b) the Adviser's investment management staffing and resources; (c) the ownership, control and day-to-day management of the Adviser; (d) each Fund's potential for achieving economies of scale; and (e) potential "fall-out" benefits to the Adviser. In support of its review of the statistical information, the Board discussed with Broadridge/Morningstar the description of the methodology used by Broadridge/Morningstar to determine each Fund's Peer Group and Category and the results of the statistical information prepared by Broadridge/Morningstar.

The Board observed that there is a range of investment options available to shareholders of the Funds, including other mutual funds, and that each Fund's shareholders have chosen to invest in the Fund.

The following summarizes matters considered by the Board in connection with its continuance of each of the Agreements. However, the Board did not identify any single factor as all-important or controlling, each Director may have weighed certain factors differently, and the summary does not detail all the matters that were considered.

**<u>Investment Performance.</u>** The Board reviewed each Fund's overall investment performance and compared it to its Peer Group, Category and benchmark index, including considering as appropriate their respective relative risk profiles.

*Value Line Small Cap Opportunities Fund, Inc.* The Board noted that the Fund outperformed the Peer Group and Category medians and the benchmark index for the one-year, three-year, five-year, and ten-year periods ended December 31, 2024.

*Value Line Mid Cap Focused Fund, Inc.* The Board noted that the Fund underperformed the Peer Group and Category medians and the benchmark index for the one-year period ended December 31, 2024. The Board further noted that the Fund outperformed the Peer Group and Category medians, but underperformed the benchmark index, for the three-year, five-year, and ten-year periods ended December 31, 2024.

*Value Line Select Growth Fund, Inc.* The Board noted that the Fund underperformed the benchmark index and the Peer Group and Category medians, for the one-year, three-year, five-year, and ten-year periods ended December 31, 2024. The Board discussed with the Adviser the reasons for the underperformance.

*Value Line Larger Companies Focused Fund, Inc.* The Board noted that the Fund outperformed the benchmark index, but underperformed the Peer Group and Category medians, for the one-year and ten-year periods ended December 31, 2024. The Board further noted the Fund outperformed the Peer Group and Category medians, but underperformed the benchmark index, for the three-year period ended December 31, 2024. The Board also noted that the Fund underperformed the Peer Group and Category medians and the benchmark index for the five-year period ended December 31, 2024.

*Value Line Asset Allocation Fund, Inc.* The Board noted that the Fund underperformed the Peer Group and Category medians and the benchmark index for the one-year period ended December 31, 2024. The Board further noted the Fund's performance was above the Category median, equal to the Peer Group median, but below the benchmark index, for the three-year period ended December 31, 2024. The Board also noted the Fund outperformed the Category median, but underperformed the Peer Group median and the benchmark index, for the five-year period ended December 31, 2024. The Board noted that the Fund outperformed the Peer Group and Category medians, but underperformed the benchmark index, for the ten-year period ended December 31, 2024.

*Value Line Capital Appreciation Fund, Inc.* The Board noted that the Fund outperformed the Peer Group and Category medians, but underperformed the benchmark index, for the one-year, three-year, five-year, and ten-year periods ended December 31, 2024.

*Value Line Core Bond Fund.* The Board noted that the Fund underperformed the Peer Group and Category medians, as well as the benchmark index, for the one-year, five-year, and ten-year periods ended December 31, 2024. The Board also noted that the Fund's performance was below the Category median and the benchmark index, and equal to the Peer Group median, for the three-year period ended December 31, 2024.

**<u>The Adviser's Personnel and Methods.</u>** The Board reviewed the background of the portfolio managers responsible for the daily management of each Fund's portfolio, seeking to achieve the applicable Fund's investment objectives and adhering to such Fund's investment strategies. The Independent Directors also engaged in discussions with the Adviser's senior management responsible for the overall functioning of each Fund's investment operations. The Board viewed favorably: (i) the Adviser's use of analytic tools in support of the portfolio management, compliance and shareholder relation functions which the Adviser previously committed resources to acquire; (ii) the quality and continuity of the Adviser's staff attributable in part to its actions taken to attract and retain personnel, including its ongoing improvements to employee benefit programs, and previous increases in base compensation and merit-based compensation for certain staff members to be more industry competitive; and (iii) that the Adviser continues to receive the Value Line ranking systems without additional cost beyond amounts required to be paid under the Adviser's charter document. The Board also considered the Adviser's transition to operating from the Adviser's Florida office following the closure of its New York City headquarters in November 2024. The Board concluded that each Fund's management team and the Adviser's overall resources

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(including human resources, financial capital and liquidity) were adequate, and that the Adviser had investment management capabilities and personnel essential to performing its duties under the Agreement, including while operating remotely under the Adviser's business continuity plan.

**<u>Adviser's Fee.</u>** The Board considered the Adviser's fee rate under each Fund's Agreement relative to the advisory fee rate applicable to the funds in such Fund's Peer Group and Category before applicable fee waivers. After a review of the information provided to the Board, the Board concluded that each Fund's advisory fee rate for compensation for the services provided and costs borne by the Adviser under its Agreement was satisfactory for the purpose of approving continuance of such Fund's Agreement.

*Value Line Small Cap Opportunities Fund, Inc.* Before giving effect to fee waivers applicable to certain funds in the Peer Group and Category, the Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's advisory fee rate payable under the Agreement was less than the advisory fee rate of the Peer Group and Category medians.

*Value Line Mid Cap Focused Fund, Inc.* Before giving effect to fee waivers applicable to certain funds in the Peer Group and Category, the Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's advisory fee rate payable under the Agreement was less than the advisory fee rate of the Peer Group and Category medians.

*Value Line Select Growth Fund, Inc.* Before giving effect to fee waivers applicable to certain funds in the Peer Group and Category (including the Fund), the Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's advisory fee rate payable under the Agreement was less than the median advisory fee rate of the Peer Group but greater than the median advisory fee rate of the Category.

*Value Line Larger Companies Focused Fund, Inc.* Before giving effect to fee waivers applicable to certain funds in the Peer Group and Category (including the Fund), the Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's advisory fee rate payable under its Agreement was less than the median advisory fee rate of the Peer Group but greater than the median advisory fee rate of the Category.

*Value Line Asset Allocation Fund, Inc.* Before giving effect to fee waivers applicable to certain funds in the Peer Group and Category, the Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's advisory fee rate under the Agreement was greater than the advisory fee rate of the Peer Group and Category medians.

*Value Line Capital Appreciation Fund, Inc.* Before giving effect to fee waivers applicable to certain funds in the Peer Group and Category, the Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's advisory fee rate payable under the Agreement was greater than the advisory fee rate of the Peer Group and Category medians.

*Value Line Core Bond Fund.* Before giving effect to fee waivers applicable to certain funds in the Peer Group and Category, the Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's advisory fee rate payable under the Agreement was less than the advisory fee rate of the Peer Group and Category medians.

**<u>Expenses.</u>** The Board also considered each Fund's total expense ratio relative to its Peer Group and Category medians. For Funds offering more than one class of shares, the Board compared expense ratios of the Peer Group and Category medians to those of the Fund's Investor Class Shares, not Institutional Class Shares. The Board considered the class-level contractual expense limitation agreement, pursuant to which the Adviser (and, with respect to periods prior to September 17, 2020, the Distributor) agreed to waive certain class-specific sub-transfer agency fees and pay certain class-specific expenses incurred by the Institutional Class to the extent necessary to contractually limit the class-specific fees and expenses of the Institutional Class to the same percentage of its average daily net assets as the class-specific fees and expenses of the Investor Class (excluding Rule 12b-1 fees and any extraordinary expenses incurred in different amounts by the classes). This expense limitation agreement can be terminated without shareholder approval only by agreement of the Fund's Board. The Board noted that the expense limitation agreement was terminated effective August 1, 2022 for Value Line Asset Allocation Fund, Inc., effective May 1, 2023 for Value Line Mid Cap Focused Fund, Inc., and effective May 1, 2024 for Value Line Small Cap Opportunities Fund, Inc.

For Value Line Larger Companies Focused Fund, Inc., the Adviser and the Board agreed that the Adviser will, effective May 1, 2025, no longer commit to waive certain Fund-wide fees and further assume certain Fund-wide expenses to the extent necessary to limit such expenses (excluding brokerage commissions, interest, taxes, and certain non-routine Fund-wide expenses) to 0.90% of the average daily net assets of the Institutional Class and 1.15% of the average daily net assets of the Investor Class through May 1, 2025. The Board noted that the Value Line Larger Companies Fund, Inc. had operated below the cap in recent years, so no waiver had been necessary. For Value Line Core Bond Fund, the Adviser, the Distributor and the Board agreed to continue the Fund's existing expense limitation agreement pursuant to which the Adviser and the Distributor waive a proportionate amount of their advisory fees and Rule 12b-1 fees, respectively, and the Adviser further reimburses certain expenses of the Fund, to the extent necessary to contractually limit the Fund's total annual operating expenses (other than those attributable to interest, taxes, brokerage and futures commissions, and extraordinary expenses not incurred in the ordinary course of the Fund's business) to 0.80% of the Fund's average daily net assets through May 1, 2026. The expense limitation agreement for Value Line Core Bond Fund can be terminated or modified before May 1, 2026 only with the approval of the Fund's Board.

Each expense limitation agreement provides that the Adviser and the Distributor, as applicable, may subsequently recover from assets attributable to the relevant class the waived fees and/or reimbursed expenses (within 3 years from the month in which the waiver/reimbursement occurred) to the extent its expense ratio (subject to the exclusions noted above) is less than the applicable

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expense limitation or, if lower, the expense limitation in effect when the waiver or reimbursement occurred. After a review of the information provided to the Board, the Board concluded that each Fund's average expense ratio was satisfactory for the purpose of approving continuance of the Fund's Agreement.

*Value Line Small Cap Opportunities Fund, Inc.* The Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was less than that of the Peer Group and Category medians before and after giving effect to fee waivers applicable to certain funds in the Peer Group and Category.

*Value Line Mid Cap Focused Fund, Inc.* The Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was lower than that of the Peer Group and Category medians both before and after giving effect to fee waivers applicable to certain funds in the Peer Group and Category.

*Value Line Select Growth Fund, Inc.* The Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was greater than that of the Category median, but less than that of the Peer Group median, before and after giving effect to fee waivers applicable to certain funds in the Peer Group and Category.

*Value Line Larger Companies Focused Fund, Inc.* The Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was greater than that of the Category median, but less than that of the Peer Group median, before and after giving effect to fee waivers applicable to certain funds in the Peer Group and Category.

*Value Line Asset Allocation Fund, Inc.* The Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was greater than that of the Peer Group median before and after giving effect to fee waivers applicable to certain funds in the Peer Group. The Board also noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was equal to that of the Category median before, but greater than that of the Category median after, giving effect to fee waivers applicable to certain funds in the Category.

*Value Line Capital Appreciation Fund, Inc.* The Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was lower than that of the Peer Group median before, but greater than that of the Peer Group median after, giving effect to fee waivers applicable to certain funds in the Peer Group. The Board also noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was greater than that of the Category median both before and after giving effect to fee waivers applicable to certain funds in the Category.

*Value Line Core Bond Fund.* The Board noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was higher than that of the Category median both before and after giving effect to fee waivers applicable to the Fund and certain funds in the Category. The Board also noted that, for the most recent fiscal year for which audited financial data is available, the Fund's expense ratio was greater than that of the Peer Group median before, but equal to that of the Peer Group median after, giving effect to fee waivers applicable to the Fund and certain funds in the Peer Group.

**<u>Nature, Extent and Quality of Services.</u>** The Board considered the nature, extent and quality of other services provided by the Adviser and the Distributor. At meetings held throughout the year, the Board reviewed the resources and effectiveness of the Adviser's overall compliance program, as well as the services provided by the Distributor. The Board viewed favorably the additional resources devoted by the Adviser to enhance its and the Fund's overall compliance program and treasury function. The Board reviewed the services provided by the Adviser and the Distributor in supervising each of the Fund's third-party service providers. The Board also reviewed the services of the Distributor in engaging financial intermediaries to provide sub-transfer agency and related services to shareholders who hold their shares of a Fund in omnibus accounts. The Board noted that the Distributor and the Adviser retained no portion of a Fund's sub-transfer agency fees as compensation for these services. However, the Distributor and the Adviser would benefit from a Fund's payment of such fees to financial intermediaries if such payment were to reduce amounts that the Distributor or the Adviser would otherwise pay out of their own resources to the financial intermediaries. Based on this review, the Board concluded that the nature, quality, cost, and extent of such other services provided by the Adviser and the Distributor were satisfactory, reliable and beneficial to each Fund's shareholders.

**<u>Profitability.</u>** The Board considered the level of profitability of the Adviser and the Distributor with respect to each Fund individually and in the aggregate for all the funds within the Value Line group of funds, including the impact of the restructuring of the Adviser and Distributor in 2010 and certain actions taken during the current and prior years. These actions included the reduction (voluntary in some instances, contractual or permanent in other instances) of management, sub-transfer agency and/or Rule 12b-1 fees for certain funds, the Funds' policy prohibiting the Adviser's use of soft dollar research, and the cessation of trading through the Distributor. The Board also considered the Adviser's continued attention to the rationalization and differentiation of funds within the Value Line group of funds to better identify opportunities for savings and efficiencies among the funds. The Board concluded that the profitability of the Adviser and the Distributor with respect to each Fund, including the financial results derived from each Fund's Agreement, was within a range the Board considered reasonable in the overall context of its consideration of the continuance of the Agreements.

**<u>Other Benefits.</u>** The Board also considered the character and amount of other direct and incidental benefits received by the Adviser and the Distributor from their association with each Fund. The Board concluded that potential "fall-out" benefits that the Adviser and the Distributor may receive, such as greater name recognition, appear to be reasonable, and may in some cases benefit the Funds.

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**<u>Economies of Scale.</u>**

*Value Line Small Cap Opportunities Fund, Inc.* The Board considered that, given both the current and anticipated size of the Fund, any perceived and potential economies of scale were not yet a significant consideration for the Fund and that the addition of breakpoints to the fee structure was not currently necessary.

*Value Line Mid Cap Focused Fund, Inc.* The Board noted the Agreement includes a breakpoint applicable to the Adviser's fee under which the Adviser is paid 0.68% on the first $100 million of the Fund's average daily net assets and 0.63% on any additional assets. The Board considered that, given the current and anticipated size of the Fund, any perceived and potential economies of scale were not yet a significant consideration for the Fund and that the addition of more breakpoints to the fee structure was not currently necessary.

*Value Line Select Growth Fund, Inc.* The Board considered that, given both the current and anticipated size of the Fund, any perceived and potential economies of scale were not yet a significant consideration for the Fund and that the addition of breakpoints to the fee structure was not currently necessary.

*Value Line Larger Companies Focused Fund, Inc.* The Board considered that, given both the current and anticipated size of the Fund, any perceived and potential economies of scale were not yet a significant consideration for the Fund and that the addition of breakpoints to the fee structure was not currently necessary.

*Value Line Asset Allocation Fund, Inc.* The Board noted favorably that the Adviser had agreed in 2019 to a contractual fee reduction that lowers its annual advisory fee rate by 0.05% with respect to the portion of the Fund's average daily net assets that exceed $750 million. This contractual fee reduction, which creates a breakpoint in the advisory fee when the Fund's assets reach $750 million, can be terminated without shareholder approval only by agreement of the Fund's Board. The Board considered that, given both the current and anticipated size of the Fund and the fee breakpoint implemented in 2019, the current advisory fee structure remained adequate to account for any perceived and potential economies of scale for the Fund and that the addition of more breakpoints to the fee structure was not currently necessary.

*Value Line Capital Appreciation Fund, Inc.* The Board noted the Agreement includes a breakpoint applicable to the Adviser's fee under which the Adviser is paid 0.68% on the first $100 million of the Fund's average daily net assets and 0.63% on any additional assets. The Board considered that, given the current and anticipated size of the Fund, any perceived and potential economies of scale were not yet a significant consideration for the Fund and that the addition of more breakpoints to the fee structure was not currently necessary.

*Value Line Core Bond Fund.* The Board considered that, given both the current and anticipated size of each Fund, any perceived and potential economies of scale were not yet a significant consideration for the Fund and that the addition of breakpoints to the fee structure was not currently necessary.

**<u>Fees and Services Provided for Other Comparable Funds/Accounts Managed by the Adviser.</u>** The Board was informed by the Adviser that the Adviser does not currently manage any non-mutual fund account that has similar objectives and policies as those of the Funds.

**<u>Conclusion.</u>** The Board examined the totality of the information it was provided at the meeting specifically addressing approval of each Fund's Agreement and at other meetings held during the past year and did not identify any single controlling factor. Based on its evaluation of all material factors deemed relevant and with the advice of independent counsel, the Board concluded that the rate at which each Fund pays a fee to the Adviser under its Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining. Further, the Board concluded that each Fund's Agreement, and the Adviser's fee rate thereunder, is fair and reasonable and voted to continue each Fund's Agreement.

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In 1950, Value Line started its first mutual fund. For seven decades, knowledgeable investors and financial advisors have been relying on the Value Line Funds to help them build their financial futures. Over the years, Value Line Funds has evolved into what it is today - a diversified family of mutual funds with a wide range of investment objectives.

**Strategies That Have Stood the Test of Time**

**1950Value Line Mid Cap Focused Fund**

**1952Value Line Capital Appreciation Fund**

**1956Value Line Select Growth Fund**

**1972Value Line Larger Companies Focused Fund**

**1986Value Line Core Bond Fund**

**1993Value Line Small Cap Opportunities Fund**

**1993Value Line Asset Allocation Fund**

**2015**Institutional shares launched for the **Value Line**

**Larger Companies Focused Fund, Small Cap**

**Opportunities Fund, Asset Allocation Fund**

**and Capital Appreciation Fund**

**2017**Insitutional shares launched for the

**Value Line Mid Cap Focused Fund**

**2020**Institutional shares launched for the

**Value Line Select Growth Fund**

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For more complete information about any of the Value Line Funds, including charges and expenses, send for a prospectus from EULAV Securities LLC, 1605 Main Street, Suite 912, Sarasota, Florida 34236 or call 1-800-243-2729, 9am-5pm CST, Monday-Friday, or visit us at www.vlfunds.com. Read the prospectus carefully before you invest or send money.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

<u>Item 8</u>. <u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>

Included in Item 7

<u>Item 9</u>. <u>Proxy Disclosure for Open End Management Investment Companies.</u>

Not Applicable.

<u>Item 10</u> <u>Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.</u>

Included in Item 7

<u>Item 11</u>. <u>Statement Regarding Basis for Approval of Investment Advisory Contracts.</u>

Included in item 7

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<u>Item 12.</u> <u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>

Not Applicable

<u>Item 13.</u> <u>Portfolio Managers of Closed-End Management Investment Companies.</u>

Not Applicable

<u>Item 14.</u> <u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>

Not Applicable

<u>Item 16.</u> <u>Controls and Procedures</u>

(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 during the period covered by this report, including corrective actions with regard to significant deficiencies and material weaknesses.

<u>Item 17.</u> <u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>

Not Applicable

<u>Item 18.</u> <u>Recovery of Erroneously Awarded Compensation</u>

Not Applicable

<u>Item 19.</u> <u>Exhibits.</u>

(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.](d25810dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.](d25810dex99906cert.htm)

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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.

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| | |
|:---|:---|
| By: | /s/ Mitchell E. Appel |
|  | Mitchell E. Appel, President |
| Date: | August 28, 2025 |

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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.

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| | |
|:---|:---|
| By: | /s/ Mitchell E. Appel |
|  | Mitchell E. Appel, President, Principal Executive Officer |
| Date: | August 28, 2025 |
| By: | /s/ James Gallo |
|  | James Gallo, Treasurer, Principal Financial Officer |
| Date: | August 28, 2025 |

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## Ex-99.Cert

<u>Exhibit 99.CERT</u> 

**CERTIFICATION PURSUANT TO RULE 30a-2 UNDER THE** 

**INVESTMENT COMPANY ACT OF 1940 (17 CFR 270.30a-2)** 

I, <u>Mitchell E. Appel,</u> President of the Value Line Select Growth Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of the Value Line Select
Growth Fund, Inc.:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation: and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: August 28, 2025

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| | |
|:---|:---|
| By: | /s/ Mitchell E. Appel |
|  | Mitchell E. Appel |
|  | President |
|  | Value Line Select Growth Fund, Inc. |

---

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**CERTIFICATION PURSUANT TO RULE 30a-2 UNDER THE** 

**INVESTMENT COMPANY ACT OF 1940 (17 CFR 270.30a-2)** 

I, <u>James Gallo,</u> Treasurer of the Value Line Select Growth Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of the Value Line Select
Growth Fund, Inc.:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation: and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: August 28, 2025

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| | |
|:---|:---|
| By: | /s/ James Gallo |
|  | James Gallo |
|  | Treasurer |
|  | Value Line Select Growth Fund, Inc. |

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## Exhibit 99.906

<u>Exhibit 99.906.CERT</u> 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED** 

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

I, <u>Mitchell E. Appel</u>, President of the Value Line Select Growth Fund, Inc. (the "Registrant"), certify that:

1. The periodic report on Form N-CSR of the Registrant for the period
ended 6/30/25 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

Date:_<u>August</u> 28, 2025

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| | |
|:---|:---|
| By: | /s/ Mitchell E. Appel |
|  | Mitchell E. Appel |
|  | President |
|  | Value Line Select Growth Fund, Inc. |

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**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED** 

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

I, <u>James Gallo</u>,, Treasurer of the Value Line Select Growth Fund, Inc. (the "Registrant"), certify that:

1. The periodic report on Form N-CSR of the Registrant for the period
ended 6/30/25 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

Date: August 28, 2025

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| | |
|:---|:---|
| By: | /s/ James Gallo |
|  | James Gallo |
|  | Treasurer |
|  | Value Line Select Growth Fund, Inc. |

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