# EDGAR Filing Document

**Accession Number:** 0000904170
**File Stem:** 0001193125-26-088815
**Filing Date:** 2026-3
**Character Count:** 287982
**Document Hash:** 7e0d83388d6afe6bf1919d2fb0236ff4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-088815.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-088815

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALUE LINE ASSET ALLOCATION FUND INC
- **CENTRAL INDEX KEY:** 0000904170

**ORGANIZATION NAME:**
- **EIN:** 133719750
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07702
- **FILM NUMBER:** 26716744

**BUSINESS ADDRESS:**
- **STREET 1:** 1605 MAIN STREET
- **STREET 2:** SUITE 912
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236
- **BUSINESS PHONE:** 2129071900

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

## Series and Classes Contracts Data

### VALUE LINE ASSET ALLOCATION FUND INC (Series ID: S000007558)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000020616 | VALUE LINE ASSET ALLOCATION FUND INC | VLAAX           |
| C000162154 | Institutional                        | VLAIX           |

?xml version='1.0' encoding='ASCII'? VALUE LINE ASSET ALLOCATION FUND INC

### 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 811-07702

## Value Line Asset Allocation 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, 2025

#### Date of reporting period: December 31, 2025
<u>Item I</u>. <u>Reports to Stockholders.</u>

(a) A copy of the Tailored Shareholder Report to Stockholders for the period ended 12/31/25 is included with this Form.

![Image](g879082g22l94.jpg)

# Value Line Asset Allocation Fund, Inc.

# Institutional Class VLAIX
**Annual Shareholder Report -** December 31, 2025

This annual shareholder report contains important information about Value Line Asset Allocation Fund, Inc. (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $82 | 0.83% |

---

## How did the Fund perform last year?
The Fund's Institutional Class generated a total return of -2.38% during the 12 months ended December 31, 2025.

• The Fund's relative underperformance of its blended benchmark is attributable primarily to stock selection overall within its equity portfolio. The Fund's fixed income portfolio modestly outperformed the Bloomberg Index.

• The Fund's asset allocation added value, as the Fund was overweight the equity market and underweight the bond market. The 17.88% return of the S&P 500<sup>®</sup> Index outpaced the 7.30% return of the Bloomberg Index.

• The equity portion of the Fund was hurt most by stock selection in information technology. To a lesser degree, weak stock selection in the industrials and financials sectors and having no holdings in communication services, the strongest sector in the S&P 500<sup>®</sup> Index in 2025, also detracted. Contributing most positively was having no exposure to energy, real estate and materials—among the weakest sectors in the S&P 500<sup>®</sup> Index during the annual period.

• Among individual stocks, positions in cloud software company ServiceNow, integrated software and technology services provider exclusively for the public sector Tyler Technologies and mission-critical communication and analytics solutions provider Motorola Solutions detracted most. Each experienced a double-digit share price decline during the annual period due to weaker than expected operating performance.

• The equity portion of the Fund was helped most by not owning three mega-cap laggards-- information technology giant Apple, health insurance and health services provider UnitedHealth Group and e-commerce behemoth Amazon.com.

• The fixed income portion of the Fund was helped most by sector allocation decisions. Overweights in corporate bonds, particularly BBB-rated bonds, and an underweight to U.S. Treasuries contributed most positively. Yield curve positioning also added value. An underweight to securitized debt and duration positioning modestly detracted.

#### Total Return based on a $10,000 Investment
![Growth of 10K Chart](g879082g63k80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Value Line Asset Allocation Fund Inc.-Institutional Class** | **S&P 500<sup>®</sup> Index** | **60/40 S&P 500<sup>®</sup> Index/Bloomberg US Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9701 | $9504 | $9757 |
| **02/16** | $9719 | $9491 | $9777 |
| **03/16** | $10155 | $10135 | $10211 |
| **04/16** | $10188 | $10174 | $10250 |
| **05/16** | $10350 | $10357 | $10362 |
| **06/16** | $10494 | $10384 | $10452 |
| **07/16** | $10649 | $10766 | $10710 |
| **08/16** | $10693 | $10782 | $10714 |
| **09/16** | $10653 | $10784 | $10713 |
| **10/16** | $10451 | $10587 | $10563 |
| **11/16** | $10581 | $10979 | $10698 |
| **12/16** | $10604 | $11196 | $10831 |
| **01/17** | $10785 | $11408 | $10962 |
| **02/17** | $11117 | $11861 | $11253 |
| **03/17** | $11117 | $11875 | $11258 |
| **04/17** | $11369 | $11997 | $11363 |
| **05/17** | $11587 | $12166 | $11494 |
| **06/17** | $11502 | $12242 | $11532 |
| **07/17** | $11635 | $12494 | $11694 |
| **08/17** | $11620 | $12532 | $11757 |
| **09/17** | $11756 | $12790 | $11881 |
| **10/17** | $11963 | $13089 | $12050 |
| **11/17** | $12204 | $13490 | $12265 |
| **12/17** | $12215 | $13640 | $12370 |
| **01/18** | $12694 | $14421 | $12738 |
| **02/18** | $12377 | $13890 | $12408 |
| **03/18** | $12377 | $13537 | $12250 |
| **04/18** | $12311 | $13589 | $12242 |
| **05/18** | $12497 | $13916 | $12454 |
| **06/18** | $12682 | $14002 | $12494 |
| **07/18** | $13057 | $14523 | $12774 |
| **08/18** | $13463 | $14996 | $13056 |
| **09/18** | $13567 | $15081 | $13067 |
| **10/18** | $12833 | $14050 | $12490 |
| **11/18** | $13173 | $14337 | $12673 |
| **12/18** | $12493 | $13042 | $12079 |
| **01/19** | $13204 | $14087 | $12711 |
| **02/19** | $13700 | $14540 | $12953 |
| **03/19** | $14047 | $14822 | $13204 |
| **04/19** | $14419 | $15422 | $13526 |
| **05/19** | $14311 | $14442 | $13106 |
| **06/19** | $14922 | $15460 | $13726 |
| **07/19** | $15118 | $15682 | $13857 |
| **08/19** | $15310 | $15434 | $13869 |
| **09/19** | $15154 | $15723 | $13995 |
| **10/19** | $15222 | $16063 | $14194 |
| **11/19** | $15625 | $16646 | $14500 |
| **12/19** | $15705 | $17149 | $14758 |
| **01/20** | $16174 | $17142 | $14869 |
| **02/20** | $15522 | $15731 | $14241 |
| **03/20** | $14186 | $13788 | $13152 |
| **04/20** | $15298 | $15555 | $14257 |
| **05/20** | $16121 | $16296 | $14691 |
| **06/20** | $16178 | $16620 | $14904 |
| **07/20** | $16773 | $17558 | $15497 |
| **08/20** | $17217 | $18820 | $16115 |
| **09/20** | $17054 | $18105 | $15744 |
| **10/20** | $16744 | $17623 | $15465 |
| **11/20** | $17738 | $19552 | $16541 |
| **12/20** | $18144 | $20304 | $16932 |
| **01/21** | $17564 | $20099 | $16781 |
| **02/21** | $17577 | $20653 | $16962 |
| **03/21** | $17766 | $21558 | $17323 |
| **04/21** | $18518 | $22708 | $17932 |
| **05/21** | $18386 | $22867 | $18031 |
| **06/21** | $18838 | $23401 | $18334 |
| **07/21** | $19508 | $23956 | $18677 |
| **08/21** | $19816 | $24685 | $19004 |
| **09/21** | $19109 | $23537 | $18408 |
| **10/21** | $20083 | $25186 | $19179 |
| **11/21** | $19775 | $25011 | $19122 |
| **12/21** | $20347 | $26132 | $19617 |
| **01/22** | $18951 | $24780 | $18839 |
| **02/22** | $18341 | $24038 | $18416 |
| **03/22** | $18828 | $24931 | $18622 |
| **04/22** | $17512 | $22757 | $17365 |
| **05/22** | $17468 | $22798 | $17429 |
| **06/22** | $16756 | $20916 | $16456 |
| **07/22** | $18030 | $22845 | $17528 |
| **08/22** | $17389 | $21913 | $16901 |
| **09/22** | $16181 | $19895 | $15675 |
| **10/22** | $16739 | $21506 | $16355 |
| **11/22** | $17771 | $22708 | $17144 |
| **12/22** | $17201 | $21399 | $16520 |
| **01/23** | $18099 | $22744 | $17346 |
| **02/23** | $17694 | $22189 | $16913 |
| **03/23** | $18304 | $23004 | $17457 |
| **04/23** | $18374 | $23363 | $17663 |
| **05/23** | $18412 | $23464 | $17632 |
| **06/23** | $19115 | $25015 | $18306 |
| **07/23** | $19315 | $25818 | $18654 |
| **08/23** | $19362 | $25407 | $18428 |
| **09/23** | $18691 | $24196 | $17714 |
| **10/23** | $18463 | $23687 | $17378 |
| **11/23** | $20154 | $25850 | $18645 |
| **12/23** | $20930 | $27025 | $19439 |
| **01/24** | $21294 | $27479 | $19614 |
| **02/24** | $21725 | $28946 | $20131 |
| **03/24** | $21869 | $29878 | $20594 |
| **04/24** | $20879 | $28657 | $19882 |
| **05/24** | $21310 | $30078 | $20608 |
| **06/24** | $21864 | $31157 | $21130 |
| **07/24** | $22613 | $31537 | $21481 |
| **08/24** | $23341 | $32302 | $21917 |
| **09/24** | $23582 | $32992 | $22316 |
| **10/24** | $23044 | $32692 | $21973 |
| **11/24** | $24285 | $34611 | $22840 |
| **12/24** | $22991 | $33786 | $22363 |
| **01/25** | $23580 | $34727 | $22785 |
| **02/25** | $23716 | $34274 | $22807 |
| **03/25** | $23286 | $32343 | $22039 |
| **04/25** | $23501 | $32124 | $21984 |
| **05/25** | $23948 | $34146 | $22751 |
| **06/25** | $24112 | $35882 | $23586 |
| **07/25** | $23829 | $36687 | $23878 |
| **08/25** | $23670 | $37431 | $24283 |
| **09/25** | $23308 | $38797 | $24921 |
| **10/25** | $22539 | $39706 | $25333 |
| **11/25** | $22708 | $39803 | $25433 |
| **12/25** | $22445 | $39827 | $25428 |

---

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

The 60/40 S&P 500<sup>®</sup> Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500<sup>®</sup> Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS).

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **<u><u>1 Year</u></u>** | **<u><u>5 Years</u></u>** | **<u><u>10 Years</u></u>** |
| Institutional Class | (2.38%) | 4.35% | 8.42% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| 60/40 S&P 500<sup>®</sup> Index/Bloomberg US Aggregate Bond Index | 13.70% | 8.47% | 9.78% |

---

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.

#### Annual Shareholder Report - December 31, 2025

# Value Line Asset Allocation Fund, Inc.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $535674389 |
| # of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $5180207 |

---

## Fund Holdings

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

---

| | |
|:---|:---|
| Costco Wholesale Corp. | 4.8% |
| Tyler Technologies, Inc. | 4.5% |
| Republic Services, Inc. | 4.4% |
| Motorola Solutions, Inc. | 4.4% |
| Cadence Design Systems, Inc. | 4.2% |
| ServiceNow, Inc. | 4.2% |
| Stryker Corp. | 3.5% |
| IDEXX Laboratories, Inc. | 3.4% |
| TransDigm Group, Inc. | 3.3% |
| W.R. Berkley Corp. | 3.0% |

---

### **Asset Allocation** (% of Net Assets)
![Group By Asset Type Chart](g879082g98r99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 64.6% |
| Bonds & Notes | 34.6% |
| Cash & Other Assets - Net | 0.8% |

---

### **Common Stock Sectors** (% of Common Stocks)\*

---

| | |
|:---|:---|
| Information Technology | 36.5% |
| Financials | 22.3% |
| Industrials | 19.5% |
| Healthcare | 12.8% |
| Consumer Staples | 7.5% |
| Consumer Discretionary | 1.4% |

---

\* Excludes Short-term Investments, if any.

**Bonds & Notes Sectors** (% of Bonds & Notes)\*

---

| | |
|:---|:---|
| Government | 38.2% |
| Residential Mortgage-Backed Securities | 24.5% |
| Financial | 11.8% |
| Consumer, Non-cyclical | 5.7% |
| Technology | 3.8% |
| Energy | 3.4% |
| Communications | 3.1% |
| Consumer, Cyclical | 2.6% |
| Industrial | 2.4% |
| Utilities | 2.0% |
| Basic Materials | 1.2% |
| Collateralized Mortgage Obligations | 0.7% |
| Commercial Mortgage-Backed Securities | 0.6% |

---

\* 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/](g879082g15a48.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 Asset Allocation Fund, Inc.
Annual Shareholder Report

December 31, 2025

![Image](g879082g22l94.jpg)

# Investor Class VLAAX
**Annual Shareholder Report -** December 31, 2025

This annual shareholder report contains important information about Value Line Asset Allocation Fund, Inc. (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $109 | 1.10% |

---

## How did the Fund perform last year?
The Fund's Investor Class generated a total return of -2.63% during the 12 months ended December 31, 2025.

• The Fund's relative underperformance of its blended benchmark is attributable primarily to stock selection overall within its equity portfolio. The Fund's fixed income portfolio modestly outperformed the Bloomberg Index.

• The Fund's asset allocation added value, as the Fund was overweight the equity market and underweight the bond market. The 17.88% return of the S&P 500<sup>®</sup> Index outpaced the 7.30% return of the Bloomberg Index.

• The equity portion of the Fund was hurt most by stock selection in information technology. To a lesser degree, weak stock selection in the industrials and financials sectors and having no holdings in communication services, the strongest sector in the S&P 500<sup>®</sup> Index in 2025, also detracted. Contributing most positively was having no exposure to energy, real estate and materials—among the weakest sectors in the S&P 500<sup>®</sup> Index during the annual period.

• Among individual stocks, positions in cloud software company ServiceNow, integrated software and technology services provider exclusively for the public sector Tyler Technologies and mission-critical communication and analytics solutions provider Motorola Solutions detracted most. Each experienced a double-digit share price decline during the annual period due to weaker than expected operating performance.

• The equity portion of the Fund was helped most by not owning three mega-cap laggards-- information technology giant Apple, health insurance and health services provider UnitedHealth Group and e-commerce behemoth Amazon.com.

• The fixed income portion of the Fund was helped most by sector allocation decisions. Overweights in corporate bonds, particularly BBB-rated bonds, and an underweight to U.S. Treasuries contributed most positively. Yield curve positioning also added value. An underweight to securitized debt and duration positioning modestly detracted.

#### Total Return based on a $10,000 Investment
![Growth of 10K Chart](g879082g57r97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Value Line Asset Allocation Fund Inc.-Investor Class** | **S&P 500<sup>®</sup> Index** | **60/40 S&P 500<sup>®</sup> Index/Bloomberg US Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9708 | $9504 | $9757 |
| **02/16** | $9719 | $9491 | $9777 |
| **03/16** | $10152 | $10135 | $10211 |
| **04/16** | $10184 | $10174 | $10250 |
| **05/16** | $10343 | $10357 | $10362 |
| **06/16** | $10484 | $10384 | $10452 |
| **07/16** | $10639 | $10766 | $10710 |
| **08/16** | $10678 | $10782 | $10714 |
| **09/16** | $10635 | $10784 | $10713 |
| **10/16** | $10429 | $10587 | $10563 |
| **11/16** | $10559 | $10979 | $10698 |
| **12/16** | $10577 | $11196 | $10831 |
| **01/17** | $10758 | $11408 | $10962 |
| **02/17** | $11087 | $11861 | $11253 |
| **03/17** | $11083 | $11875 | $11258 |
| **04/17** | $11334 | $11997 | $11363 |
| **05/17** | $11549 | $12166 | $11494 |
| **06/17** | $11464 | $12242 | $11532 |
| **07/17** | $11593 | $12494 | $11694 |
| **08/17** | $11575 | $12532 | $11757 |
| **09/17** | $11711 | $12790 | $11881 |
| **10/17** | $11914 | $13089 | $12050 |
| **11/17** | $12147 | $13490 | $12265 |
| **12/17** | $12157 | $13640 | $12370 |
| **01/18** | $12635 | $14421 | $12738 |
| **02/18** | $12315 | $13890 | $12408 |
| **03/18** | $12315 | $13537 | $12250 |
| **04/18** | $12245 | $13589 | $12242 |
| **05/18** | $12426 | $13916 | $12454 |
| **06/18** | $12608 | $14002 | $12494 |
| **07/18** | $12981 | $14523 | $12774 |
| **08/18** | $13378 | $14996 | $13056 |
| **09/18** | $13483 | $15081 | $13067 |
| **10/18** | $12746 | $14050 | $12490 |
| **11/18** | $13082 | $14337 | $12673 |
| **12/18** | $12403 | $13042 | $12079 |
| **01/19** | $13106 | $14087 | $12711 |
| **02/19** | $13595 | $14540 | $12953 |
| **03/19** | $13937 | $14822 | $13204 |
| **04/19** | $14303 | $15422 | $13526 |
| **05/19** | $14195 | $14442 | $13106 |
| **06/19** | $14795 | $15460 | $13726 |
| **07/19** | $14986 | $15682 | $13857 |
| **08/19** | $15173 | $15434 | $13869 |
| **09/19** | $15018 | $15723 | $13995 |
| **10/19** | $15081 | $16063 | $14194 |
| **11/19** | $15479 | $16646 | $14500 |
| **12/19** | $15554 | $17149 | $14758 |
| **01/20** | $16015 | $17142 | $14869 |
| **02/20** | $15368 | $15731 | $14241 |
| **03/20** | $14041 | $13788 | $13152 |
| **04/20** | $15137 | $15555 | $14257 |
| **05/20** | $15950 | $16296 | $14691 |
| **06/20** | $16003 | $16620 | $14904 |
| **07/20** | $16589 | $17558 | $15497 |
| **08/20** | $17022 | $18820 | $16115 |
| **09/20** | $16860 | $18105 | $15744 |
| **10/20** | $16545 | $17623 | $15465 |
| **11/20** | $17523 | $19552 | $16541 |
| **12/20** | $17924 | $20304 | $16932 |
| **01/21** | $17346 | $20099 | $16781 |
| **02/21** | $17354 | $20653 | $16962 |
| **03/21** | $17541 | $21558 | $17323 |
| **04/21** | $18277 | $22708 | $17932 |
| **05/21** | $18143 | $22867 | $18031 |
| **06/21** | $18586 | $23401 | $18334 |
| **07/21** | $19241 | $23956 | $18677 |
| **08/21** | $19542 | $24685 | $19004 |
| **09/21** | $18843 | $23537 | $18408 |
| **10/21** | $19798 | $25186 | $19179 |
| **11/21** | $19489 | $25011 | $19122 |
| **12/21** | $20050 | $26132 | $19617 |
| **01/22** | $18668 | $24780 | $18839 |
| **02/22** | $18065 | $24038 | $18416 |
| **03/22** | $18542 | $24931 | $18622 |
| **04/22** | $17242 | $22757 | $17365 |
| **05/22** | $17194 | $22798 | $17429 |
| **06/22** | $16492 | $20916 | $16456 |
| **07/22** | $17740 | $22845 | $17528 |
| **08/22** | $17103 | $21913 | $16901 |
| **09/22** | $15916 | $19895 | $15675 |
| **10/22** | $16462 | $21506 | $16355 |
| **11/22** | $17472 | $22708 | $17144 |
| **12/22** | $16908 | $21399 | $16520 |
| **01/23** | $17788 | $22744 | $17346 |
| **02/23** | $17385 | $22189 | $16913 |
| **03/23** | $17981 | $23004 | $17457 |
| **04/23** | $18050 | $23363 | $17663 |
| **05/23** | $18082 | $23464 | $17632 |
| **06/23** | $18770 | $25015 | $18306 |
| **07/23** | $18958 | $25818 | $18654 |
| **08/23** | $18999 | $25407 | $18428 |
| **09/23** | $18343 | $24196 | $17714 |
| **10/23** | $18109 | $23687 | $17378 |
| **11/23** | $19770 | $25850 | $18645 |
| **12/23** | $20525 | $27025 | $19439 |
| **01/24** | $20877 | $27479 | $19614 |
| **02/24** | $21296 | $28946 | $20131 |
| **03/24** | $21437 | $29878 | $20594 |
| **04/24** | $20454 | $28657 | $19882 |
| **05/24** | $20877 | $30078 | $20608 |
| **06/24** | $21417 | $31157 | $21130 |
| **07/24** | $22148 | $31537 | $21481 |
| **08/24** | $22848 | $32302 | $21917 |
| **09/24** | $23080 | $32992 | $22316 |
| **10/24** | $22551 | $32692 | $21973 |
| **11/24** | $23766 | $34611 | $22840 |
| **12/24** | $22488 | $33786 | $22363 |
| **01/25** | $23065 | $34727 | $22785 |
| **02/25** | $23193 | $34274 | $22807 |
| **03/25** | $22766 | $32343 | $22039 |
| **04/25** | $22971 | $32124 | $21984 |
| **05/25** | $23404 | $34146 | $22751 |
| **06/25** | $23559 | $35882 | $23586 |
| **07/25** | $23276 | $36687 | $23878 |
| **08/25** | $23115 | $37431 | $24283 |
| **09/25** | $22760 | $38797 | $24921 |
| **10/25** | $22000 | $39706 | $25333 |
| **11/25** | $22155 | $39803 | $25433 |
| **12/25** | $21896 | $39827 | $25428 |

---

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

The 60/40 S&P 500<sup>®</sup> Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500<sup>®</sup> Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS).

## 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 | (2.63%) | 4.09% | 8.15% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| 60/40 S&P 500<sup>®</sup> Index/Bloomberg US Aggregate Bond Index | 13.70% | 8.47% | 9.78% |

---

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.

#### Annual Shareholder Report - December 31, 2025

# Value Line Asset Allocation Fund, Inc.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $535674389 |
| # of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $5180207 |

---

## Fund Holdings

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

---

| | |
|:---|:---|
| Costco Wholesale Corp. | 4.8% |
| Tyler Technologies, Inc. | 4.5% |
| Republic Services, Inc. | 4.4% |
| Motorola Solutions, Inc. | 4.4% |
| Cadence Design Systems, Inc. | 4.2% |
| ServiceNow, Inc. | 4.2% |
| Stryker Corp. | 3.5% |
| IDEXX Laboratories, Inc. | 3.4% |
| TransDigm Group, Inc. | 3.3% |
| W.R. Berkley Corp. | 3.0% |

---

### **Asset Allocation** (% of Net Assets)
![Group By Asset Type Chart](g879082g98r99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 64.6% |
| Bonds & Notes | 34.6% |
| Cash & Other Assets - Net | 0.8% |

---

### **Common Stock Sectors** (% of Common Stocks)\*

---

| | |
|:---|:---|
| Information Technology | 36.5% |
| Financials | 22.3% |
| Industrials | 19.5% |
| Healthcare | 12.8% |
| Consumer Staples | 7.5% |
| Consumer Discretionary | 1.4% |

---

\* Excludes Short-term Investments, if any.

**Bonds & Notes Sectors** (% of Bonds & Notes)\*

---

| | |
|:---|:---|
| Government | 38.2% |
| Residential Mortgage-Backed Securities | 24.5% |
| Financial | 11.8% |
| Consumer, Non-cyclical | 5.7% |
| Technology | 3.8% |
| Energy | 3.4% |
| Communications | 3.1% |
| Consumer, Cyclical | 2.6% |
| Industrial | 2.4% |
| Utilities | 2.0% |
| Basic Materials | 1.2% |
| Collateralized Mortgage Obligations | 0.7% |
| Commercial Mortgage-Backed Securities | 0.6% |

---

\* 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/](g879082g15a48.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 Asset Allocation Fund, Inc.
Annual Shareholder Report

December 31, 2025

------

(b) Not Applicable

<u>Item 2</u> <u>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;(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>

(a) Audit Fees 2025—$41,080

Audit Fees 2024—$47,833

(b) Audit-Related fees – None.

(c) Tax Preparation Fees 2025—$0

Tax Preparation Fees 2024—$0

(d) All Other Fees – None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X

The Value Line Asset Allocation Fund, Inc. (the "Fund") Board has adopted policies and procedures with regard to the pre-approval of services provided by the Audit firm. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Board. As noted above, the Board must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliate Service Providers that related directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Board believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Board.

<u>General Audit Committee Approval Policy:</u>

Potential services by the auditors will be classified by officers of the Fund and the auditors into the four non-restricted service categories denoted above and this "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth in this Policy must be specifically approved by the Audit Committee (or such member or members of the Audit Committee as the Audit Committee may authorize to grant such approval).

------

At least semi-annually, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.

(e) (2) Not applicable.

(f) Not applicable.

(g) Aggregate Non-Audit Fees 2025 -$0

Aggregate Non-Audit Fees 2024 -$0

(h) 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>

(a) A copy of the Annual Financial Statements and Other Information for the period ended 12/31/25 is included with this Form.

------

![](g944190img1d5fcd2d1.gif)

![](g944190imgbbb842122.gif)

![](g944190imgf7b5597d3.gif)

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual Financial Statements and** <br> **Other Information**<br>|
| **December 31, 2025** |

---

**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 audited 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).

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **[Value Line Small Cap Opportunities Fund, Inc.](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_1)[:](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_1)** |  |
| [Schedule of Investments](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_1)  | &nbsp;&nbsp; 3 |
| **[Value Line Mid Cap Focused Fund, Inc.](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_3)[:](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_3)** |  |
| [Schedule of Investments](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_3)  | &nbsp;&nbsp; 5 |
| **[Value Line Select Growth Fund, Inc.](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_5)[:](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_5)** |  |
| [Schedule of Investments](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_5)  | &nbsp;&nbsp; 7 |
| **[Value Line Larger Companies Focused Fund, Inc.](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_6)[:](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_6)** |  |
| [Schedule of Investments](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_6)  | &nbsp;&nbsp; 8 |
| **[Value Line Asset Allocation Fund, Inc.](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_8)[:](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_8)** |  |
| [Schedule of Investments](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_8)  | &nbsp;&nbsp; 10 |
| **[Value Line Capital Appreciation Fund, Inc.](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_12)[:](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_12)** |  |
| [Schedule of Investments](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FI-MDFPPHSOI-484_12)  | &nbsp;&nbsp; 14 |
| **[Statements of Assets and Liabilities](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FS-StatementofAssetsandLiabilities_1)**  | &nbsp;&nbsp; 20 |
| **[Statements of Operations](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FS-StatementofAssetsandLiabilities_4)**  | &nbsp;&nbsp; 23 |
| **[Statements of Changes in Net Assets](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FS-StatementofAssetsandLiabilities_7)**  | &nbsp;&nbsp; 26 |
| **[Financial Highlights](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FIHIC-FinancialHighlights-484_1)**  | &nbsp;&nbsp; 29 |
| **[Notes to Financial Statements](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_NTF-NotestoFinancialStatements-481_1)**  | &nbsp;&nbsp; 35 |
| **[Report of Independent Registered Public Accounting Firm](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_RPA-TOC-Report-481_1)**  | &nbsp;&nbsp; 44 |
| **[Federal Tax Notice](#xx_8b3dd5d2-c628-478f-833e-0b369f6da421_FTN-TOC-FederalTaxNotice-484_1)**  | &nbsp;&nbsp; 45 |

---

------

Value Line Small Cap Opportunities Fund, Inc.

Schedule of Investments

December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 94.8%** | **COMMON STOCKS 94.8%** | **COMMON STOCKS 94.8%** |
| **CONSUMER DISCRETIONARY 7.7%** | **CONSUMER DISCRETIONARY 7.7%** | **CONSUMER DISCRETIONARY 7.7%** |
|  | **ENGINEERING & CONSTRUCTION 1.9%** | **ENGINEERING & CONSTRUCTION 1.9%** |
| 36400 | TopBuild Corp.<sup>(1)(2)</sup>  | &nbsp;&nbsp; $15185716 |
|  | **ENTERTAINMENT 1.4%** | **ENTERTAINMENT 1.4%** |
| 102272 | Churchill Downs, Inc.  | &nbsp;&nbsp; 11636508 |
|  | **HOME BUILDERS 1.6%** | **HOME BUILDERS 1.6%** |
| 21900 | Cavco Industries, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 12937206 |
|  | **RETAIL 2.8%** | **RETAIL 2.8%** |
| 28015 | Group 1 Automotive, Inc.  | &nbsp;&nbsp; 11018300 |
| 41600 | Texas Roadhouse, Inc.  | &nbsp;&nbsp; 6905600 |
| 21800 | Wingstop, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 5199082 |
|  |  | &nbsp;&nbsp; **23122982** |
|  |  | &nbsp;&nbsp; **62882412** |
| **CONSUMER STAPLES 3.0%** | **CONSUMER STAPLES 3.0%** | **CONSUMER STAPLES 3.0%** |
|  | **FOOD 3.0%** | **FOOD 3.0%** |
| 20800 | J & J Snack Foods Corp.  | &nbsp;&nbsp; 1879696 |
| 225000 | Post Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 22286250 |
|  |  | &nbsp;&nbsp; **24165946** |
| **FINANCIALS 7.2%** | **FINANCIALS 7.2%** | **FINANCIALS 7.2%** |
|  | **BANKS 0.1%** | **BANKS 0.1%** |
| 8600 | Walker & Dunlop, Inc.  | &nbsp;&nbsp; 517290 |
|  | **DIVERSIFIED FINANCIALS 1.8%** | **DIVERSIFIED FINANCIALS 1.8%** |
| 12000 | Enova International, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 1886400 |
| 104422 | Stifel Financial Corp.  | &nbsp;&nbsp; 13075723 |
|  |  | &nbsp;&nbsp; **14962123** |
|  | **INSURANCE 5.3%** | **INSURANCE 5.3%** |
| 60000 | Assured Guaranty Ltd.  | &nbsp;&nbsp; 5392200 |
| 47400 | Primerica, Inc.  | &nbsp;&nbsp; 12246264 |
| 263800 | RLI Corp.  | &nbsp;&nbsp; 16877924 |
| 110193 | Selective Insurance Group, Inc.  | &nbsp;&nbsp; 9219848 |
|  |  | &nbsp;&nbsp; **43736236** |
|  |  | &nbsp;&nbsp; **59215649** |
| **HEALTHCARE 8.4%** | **HEALTHCARE 8.4%** | **HEALTHCARE 8.4%** |
|  | **HEALTHCARE PRODUCTS 1.7%** | **HEALTHCARE PRODUCTS 1.7%** |
| 158000 | Merit Medical Systems, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 13926120 |
|  | **HEALTHCARE SERVICES 6.7%** | **HEALTHCARE SERVICES 6.7%** |
| 19000 | Chemed Corp.  | &nbsp;&nbsp; 8129340 |
| 162100 | Ensign Group, Inc.  | &nbsp;&nbsp; 28237820 |
| 32500 | Medpace Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 18253625 |
|  |  | &nbsp;&nbsp; **54620785** |
|  |  | &nbsp;&nbsp; **68546905** |
| **INDUSTRIALS 53.9%** | **INDUSTRIALS 53.9%** | **INDUSTRIALS 53.9%** |
|  | **BUILDING MATERIALS 6.8%** | **BUILDING MATERIALS 6.8%** |
| 208500 | AAON, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 15898125 |
| 19400 | Carlisle Cos., Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 6205284 |
| 6000 | Lennox International, Inc.  | &nbsp;&nbsp; 2913480 |
| 44200 | Simpson Manufacturing Co., Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 7136974 |
| 116500 | SPX Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 23306990 |
|  |  | &nbsp;&nbsp; **55460853** |
|  | **COMMERCIAL SERVICES 0.4%** | **COMMERCIAL SERVICES 0.4%** |
| 63300 | TriNet Group, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 3742929 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 94.8% (continued)** | **COMMON STOCKS 94.8% (continued)** | **COMMON STOCKS 94.8% (continued)** |
| **INDUSTRIALS 53.9% (continued)** | **INDUSTRIALS 53.9% (continued)** | **INDUSTRIALS 53.9% (continued)** |
|  | **COMPUTERS 9.3%** | **COMPUTERS 9.3%** |
| 70100 | CACI International, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; $37349981 |
| 584065 | ExlService Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 24787718 |
| 180000 | Genpact Ltd.  | &nbsp;&nbsp; 8420400 |
| 59600 | Science Applications International Corp.  | &nbsp;&nbsp; 5999336 |
|  |  | &nbsp;&nbsp; **76557435** |
|  | **DISTRIBUTION/WHOLESALE 2.6%** | **DISTRIBUTION/WHOLESALE 2.6%** |
| 276100 | Rush Enterprises, Inc. Class A  | &nbsp;&nbsp; 14892834 |
| 51100 | SiteOne Landscape Supply, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 6365016 |
|  |  | &nbsp;&nbsp; **21257850** |
|  | **ELECTRICAL EQUIPMENT 1.6%** | **ELECTRICAL EQUIPMENT 1.6%** |
| 37000 | Acuity, Inc.  | &nbsp;&nbsp; 13321480 |
|  | **ELECTRONICS 4.2%** | **ELECTRONICS 4.2%** |
| 113600 | Woodward, Inc.  | &nbsp;&nbsp; 34343552 |
|  | **ENGINEERING & CONSTRUCTION 6.6%** | **ENGINEERING & CONSTRUCTION 6.6%** |
| 32700 | Comfort Systems USA, Inc.  | &nbsp;&nbsp; 30518583 |
| 19600 | EMCOR Group, Inc.  | &nbsp;&nbsp; 11991084 |
| 162600 | Exponent, Inc.  | &nbsp;&nbsp; 11294196 |
|  |  | &nbsp;&nbsp; **53803863** |
|  | **HAND/MACHINE TOOLS 2.0%** | **HAND/MACHINE TOOLS 2.0%** |
| 44800 | Franklin Electric Co., Inc.  | &nbsp;&nbsp; 4279744 |
| 77600 | MSA Safety, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 12426864 |
|  |  | &nbsp;&nbsp; **16706608** |
|  | **IRON/STEEL 1.9%** | **IRON/STEEL 1.9%** |
| 49000 | Carpenter Technology Corp.  | &nbsp;&nbsp; 15427160 |
|  | **MACHINERY - DIVERSIFIED 8.3%** | **MACHINERY - DIVERSIFIED 8.3%** |
| 102100 | Applied Industrial Technologies, Inc.  | &nbsp;&nbsp; 26216217 |
| 35800 | Kadant, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 10203716 |
| 114647 | Watts Water Technologies, Inc. Class A  | &nbsp;&nbsp; 31644865 |
|  |  | &nbsp;&nbsp; **68064798** |
|  | **METAL FABRICATE/HARDWARE 4.3%** | **METAL FABRICATE/HARDWARE 4.3%** |
| 78600 | RBC Bearings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 35246598 |
|  | **MISCELLANEOUS MANUFACTURERS 3.8%** | **MISCELLANEOUS MANUFACTURERS 3.8%** |
| 13200 | Enpro, Inc.  | &nbsp;&nbsp; 2826516 |
| 261803 | Federal Signal Corp.  | &nbsp;&nbsp; 28429188 |
|  |  | &nbsp;&nbsp; **31255704** |
|  | **TRUCKING & LEASING 2.1%** | **TRUCKING & LEASING 2.1%** |
| 100100 | GATX Corp.  | &nbsp;&nbsp; 16976960 |
|  |  | &nbsp;&nbsp; **442165790** |
| **INFORMATION TECHNOLOGY 12.4%** | **INFORMATION TECHNOLOGY 12.4%** | **INFORMATION TECHNOLOGY 12.4%** |
|  | **COMPUTERS 0.9%** | **COMPUTERS 0.9%** |
| 75300 | Crane NXT Co.<sup>(2)</sup>  | &nbsp;&nbsp; 3544371 |
| 8860 | Insight Enterprises, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 721824 |
| 21700 | Qualys, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2883930 |
|  |  | &nbsp;&nbsp; **7150125** |
|  | **ELECTRONICS 2.3%** | **ELECTRONICS 2.3%** |
| 91200 | Badger Meter, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 15906192 |
| 21400 | TD SYNNEX Corp.  | &nbsp;&nbsp; 3214922 |
|  |  | &nbsp;&nbsp; **19121114** |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (continued)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 94.8% (continued)** | **COMMON STOCKS 94.8% (continued)** | **COMMON STOCKS 94.8% (continued)** |
| **INFORMATION TECHNOLOGY 12.4% (continued)** | **INFORMATION TECHNOLOGY 12.4% (continued)** | **INFORMATION TECHNOLOGY 12.4% (continued)** |
|  | **INTERNET 1.5%** | **INTERNET 1.5%** |
| 139000 | ePlus, Inc.  | &nbsp;&nbsp; $12190300 |
|  | **MISCELLANEOUS MANUFACTURERS 3.5%** | **MISCELLANEOUS MANUFACTURERS 3.5%** |
| 62700 | Fabrinet<sup>(1)(2)</sup>  | &nbsp;&nbsp; 28546056 |
|  | **SEMICONDUCTORS 1.8%** | **SEMICONDUCTORS 1.8%** |
| 87046 | &nbsp;&nbsp; MACOM Technology Solutions Holdings, <br> Inc.<sup>(1)</sup> <br>| &nbsp;&nbsp; 14909239 |
|  | **SOFTWARE 2.4%** | **SOFTWARE 2.4%** |
| 141800 | ACI Worldwide, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 6779458 |
| 55449 | Appfolio, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 12900210 |
|  |  | &nbsp;&nbsp; **19679668** |
|  |  | &nbsp;&nbsp; **101596502** |
| **MATERIALS 1.7%** | **MATERIALS 1.7%** | **MATERIALS 1.7%** |
|  | **CHEMICALS 0.7%** | **CHEMICALS 0.7%** |
| 36100 | Balchem Corp.  | &nbsp;&nbsp; 5536296 |
|  | **PACKAGING & CONTAINERS 1.0%** | **PACKAGING & CONTAINERS 1.0%** |
| 69300 | AptarGroup, Inc.  | &nbsp;&nbsp; 8451828 |
|  |  | &nbsp;&nbsp; **13988124** |
| **UTILITIES 0.5%** | **UTILITIES 0.5%** | **UTILITIES 0.5%** |
|  | **WATER 0.5%** | **WATER 0.5%** |
| 59900 | American States Water Co.  | &nbsp;&nbsp; 4341552 |
| **TOTAL COMMON STOCKS** <br>**(Cost $464,304,925)** | **TOTAL COMMON STOCKS** <br>**(Cost $464,304,925)** | &nbsp;&nbsp; **776902880** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS 6.8%** | **SHORT-TERM INVESTMENTS 6.8%** |
|  | **MONEY MARKET FUNDS 6.8%** |
| 43575435<br> &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 3.74%<sup>(3)</sup> <br>| &nbsp;&nbsp; $43575435 |
| 12341178<br> &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(4)</sup> <br>| &nbsp;&nbsp; 12341178 |
|  | &nbsp;&nbsp; **55916613** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $55,916,613)** | &nbsp;&nbsp; **55916613** |
| **TOTAL INVESTMENTS IN SECURITIES 101.6%** <br>**(Cost $520,221,538)** | &nbsp;&nbsp; **$832819493** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(1.6)%** | &nbsp;&nbsp; **(12819290)**<br>|
| **NET ASSETS 100.0%** | &nbsp;&nbsp; **$820000203** |

---

&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* *December 31, 2025, the market value of the securities on* *loan was $62,311,467.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate reflects 7 day yield as of December 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Securities with an aggregate market value of* *$62,311,467 were out on loan in exchange for collateral* *including $12,341,178 of cash collateral as of December* *31, 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 December 31, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $776902880 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $776902880 |
| Short-Term Investments  | &nbsp;&nbsp; 55916613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55916613 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $832819493 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $832819493 |

---

&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

December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** |
| **CONSUMER DISCRETIONARY 4.5%** | **CONSUMER DISCRETIONARY 4.5%** | **CONSUMER DISCRETIONARY 4.5%** |
|  | **DISTRIBUTION/WHOLESALE 1.7%** | **DISTRIBUTION/WHOLESALE 1.7%** |
| 125461 | Pool Corp.  | &nbsp;&nbsp; $28699204 |
|  | **ENTERTAINMENT 0.7%** | **ENTERTAINMENT 0.7%** |
| 107590 | Churchill Downs, Inc.  | &nbsp;&nbsp; 12241590 |
|  | **RETAIL 2.1%** | **RETAIL 2.1%** |
| 10000 | AutoZone, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 33915000 |
|  |  | &nbsp;&nbsp; **74855794** |
| **CONSUMER STAPLES 5.9%** | **CONSUMER STAPLES 5.9%** | **CONSUMER STAPLES 5.9%** |
|  | **RETAIL 5.9%** | **RETAIL 5.9%** |
| 174200 | Casey's General Stores, Inc.  | &nbsp;&nbsp; 96282082 |
| **FINANCIALS 15.9%** | **FINANCIALS 15.9%** | **FINANCIALS 15.9%** |
|  | **INSURANCE 10.3%** | **INSURANCE 10.3%** |
| 428592 | American Financial Group, Inc.  | &nbsp;&nbsp; 58579954 |
| 444900 | Brown & Brown, Inc.  | &nbsp;&nbsp; 35458530 |
| 1066506 | W.R. Berkley Corp.<sup>(2)</sup>  | &nbsp;&nbsp; 74783401 |
|  |  | &nbsp;&nbsp; **168821885** |
|  | **SOFTWARE 5.6%** | **SOFTWARE 5.6%** |
| 161757 | MSCI, Inc.  | &nbsp;&nbsp; 92804844 |
|  |  | &nbsp;&nbsp; **261626729** |
| **HEALTHCARE 17.0%** | **HEALTHCARE 17.0%** | **HEALTHCARE 17.0%** |
|  | **ELECTRONICS 1.2%** | **ELECTRONICS 1.2%** |
| 14100 | Mettler-Toledo International, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 19658079 |
|  | **HEALTHCARE PRODUCTS 9.6%** | **HEALTHCARE PRODUCTS 9.6%** |
| 76000 | IDEXX Laboratories, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 51416280 |
| 311015 | STERIS PLC  | &nbsp;&nbsp; 78848523 |
| 104616 | West Pharmaceutical Services, Inc.  | &nbsp;&nbsp; 28784046 |
|  |  | &nbsp;&nbsp; **159048849** |
|  | **HEALTHCARE SERVICES 6.2%** | **HEALTHCARE SERVICES 6.2%** |
| 176000 | ICON PLC<sup>(1)</sup>  | &nbsp;&nbsp; 32070720 |
| 309000 | IQVIA Holdings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 69651690 |
|  |  | &nbsp;&nbsp; **101722410** |
|  |  | &nbsp;&nbsp; **280429338** |
| **INDUSTRIALS 29.1%** | **INDUSTRIALS 29.1%** | **INDUSTRIALS 29.1%** |
|  | **AEROSPACE/DEFENSE 6.2%** | **AEROSPACE/DEFENSE 6.2%** |
| 317297 | HEICO Corp.  | &nbsp;&nbsp; 102674137 |
|  | **BUILDING MATERIALS 4.2%** | **BUILDING MATERIALS 4.2%** |
| 143300 | Lennox International, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 69583614 |
|  | **COMMERCIAL SERVICES 3.7%** | **COMMERCIAL SERVICES 3.7%** |
| 218772 | Cintas Corp.  | &nbsp;&nbsp; 41144450 |
| 324655 | Rollins, Inc.  | &nbsp;&nbsp; 19485793 |
|  |  | &nbsp;&nbsp; **60630243** |
|  | **COMPUTERS 3.4%** | **COMPUTERS 3.4%** |
| 106100 | CACI International, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 56531141 |
|  | **ELECTRONICS 1.1%** | **ELECTRONICS 1.1%** |
| 60411 | Woodward, Inc.  | &nbsp;&nbsp; 18263454 |
|  | **ENGINEERING & CONSTRUCTION 1.8%** | **ENGINEERING & CONSTRUCTION 1.8%** |
| 28000 | Comfort Systems USA, Inc.  | &nbsp;&nbsp; 26132120 |
| 60200 | Exponent, Inc.  | &nbsp;&nbsp; 4181492 |
|  |  | &nbsp;&nbsp; **30313612** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 97.0% (continued)** | **COMMON STOCKS 97.0% (continued)** | **COMMON STOCKS 97.0% (continued)** |
| **INDUSTRIALS 29.1% (continued)** | **INDUSTRIALS 29.1% (continued)** | **INDUSTRIALS 29.1% (continued)** |
|  | **ENVIRONMENTAL CONTROL 7.1%** | **ENVIRONMENTAL CONTROL 7.1%** |
| 116000 | Republic Services, Inc.  | &nbsp;&nbsp; $24583880 |
| 524462 | Waste Connections, Inc.  | &nbsp;&nbsp; 91969656 |
|  |  | &nbsp;&nbsp; **116553536** |
|  | **METAL FABRICATE/HARDWARE 0.4%** | **METAL FABRICATE/HARDWARE 0.4%** |
| 12500 | RBC Bearings, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 5605375 |
|  | **SOFTWARE 1.2%** | **SOFTWARE 1.2%** |
| 86000 | Broadridge Financial Solutions, Inc.  | &nbsp;&nbsp; 19192620 |
|  |  | &nbsp;&nbsp; **479347732** |
| **INFORMATION TECHNOLOGY 24.6%** | **INFORMATION TECHNOLOGY 24.6%** | **INFORMATION TECHNOLOGY 24.6%** |
|  | **COMPUTERS 1.8%** | **COMPUTERS 1.8%** |
| 250210 | CGI, Inc.<sup>(2)</sup>  | &nbsp;&nbsp; 23094383 |
| 24800 | Gartner, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 6256544 |
|  |  | &nbsp;&nbsp; **29350927** |
|  | **MISCELLANEOUS MANUFACTURERS 3.3%** | **MISCELLANEOUS MANUFACTURERS 3.3%** |
| 106500 | Teledyne Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 54392745 |
|  | **SEMICONDUCTORS 4.3%** | **SEMICONDUCTORS 4.3%** |
| 77674 | Monolithic Power Systems, Inc.  | &nbsp;&nbsp; 70400606 |
|  | **SOFTWARE 13.7%** | **SOFTWARE 13.7%** |
| 149600 | Cadence Design Systems, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 46761968 |
| 30900 | Fair Isaac Corp.<sup>(1)</sup>  | &nbsp;&nbsp; 52240158 |
| 85000 | Roper Technologies, Inc.  | &nbsp;&nbsp; 37836050 |
| 196341 | Tyler Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 89128997 |
|  |  | &nbsp;&nbsp; **225967173** |
|  | **TELECOMMUNICATIONS 1.5%** | **TELECOMMUNICATIONS 1.5%** |
| 67000 | Motorola Solutions, Inc.  | &nbsp;&nbsp; 25682440 |
|  |  | &nbsp;&nbsp; **405793891** |
| **TOTAL COMMON STOCKS** <br>**(Cost $1,218,674,973)** | **TOTAL COMMON STOCKS** <br>**(Cost $1,218,674,973)** | &nbsp;&nbsp; **1598335566** |
| **SHORT-TERM INVESTMENTS 4.5%** | **SHORT-TERM INVESTMENTS 4.5%** | **SHORT-TERM INVESTMENTS 4.5%** |
|  | **MONEY MARKET FUNDS 4.5%** | **MONEY MARKET FUNDS 4.5%** |
| 53698873 | &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 3.74%<sup>(3)</sup> <br>| &nbsp;&nbsp; 53698873 |
| 20808518 | &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(4)</sup> <br>| &nbsp;&nbsp; 20808518 |
|  |  | &nbsp;&nbsp; **74507391** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $74,507,391)** | **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $74,507,391)** | &nbsp;&nbsp; **74507391** |
| **TOTAL INVESTMENTS IN SECURITIES 101.5%** <br>**(Cost $1,293,182,364)** | **TOTAL INVESTMENTS IN SECURITIES 101.5%** <br>**(Cost $1,293,182,364)** | &nbsp;&nbsp; **$1672842957** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(1.5)%** | **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(1.5)%** | &nbsp;&nbsp; **(24753174)**<br>|
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | &nbsp;&nbsp; **$1648089783** |

---

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

*See Notes to Financial Statements.*

------

Schedule of Investments (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&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* *December 31, 2025, the market value of the securities on* *loan was $20,065,934.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate reflects 7 day yield as of December 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Securities with an aggregate market value of* *$20,065,934 were out on loan in exchange for collateral* *including $20,808,518 of cash collateral as of December* *31, 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 December 31, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $1598335566 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1598335566 |
| Short-Term Investments  | &nbsp;&nbsp; 74507391 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74507391 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $1672842957 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1672842957 |

---

&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

December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **CONSUMER DISCRETIONARY 2.3%** | **CONSUMER DISCRETIONARY 2.3%** | **CONSUMER DISCRETIONARY 2.3%** |
|  | **RETAIL 2.3%** | **RETAIL 2.3%** |
| 90000 | O'Reilly Automotive, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; $8208900 |
| **CONSUMER STAPLES 6.2%** | **CONSUMER STAPLES 6.2%** | **CONSUMER STAPLES 6.2%** |
|  | **RETAIL 6.2%** | **RETAIL 6.2%** |
| 26100 | Costco Wholesale Corp.  | &nbsp;&nbsp; 22507074 |
| **FINANCIALS 22.6%** | **FINANCIALS 22.6%** | **FINANCIALS 22.6%** |
|  | **COMMERCIAL SERVICES 5.0%** | **COMMERCIAL SERVICES 5.0%** |
| 34573 | S&P Global, Inc.  | &nbsp;&nbsp; 18067504 |
|  | **DIVERSIFIED FINANCIALS 9.5%** | **DIVERSIFIED FINANCIALS 9.5%** |
| 111889 | Intercontinental Exchange, Inc.  | &nbsp;&nbsp; 18121542 |
| 28629 | Mastercard, Inc. Class A  | &nbsp;&nbsp; 16343724 |
|  |  | &nbsp;&nbsp; **34465266** |
|  | **INSURANCE 7.2%** | **INSURANCE 7.2%** |
| 25400 | Arthur J Gallagher & Co.  | &nbsp;&nbsp; 6573266 |
| 74700 | Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp; 13858344 |
| 25300 | Progressive Corp.  | &nbsp;&nbsp; 5761316 |
|  |  | &nbsp;&nbsp; **26192926** |
|  | **SOFTWARE 0.9%** | **SOFTWARE 0.9%** |
| 5600 | MSCI, Inc.  | &nbsp;&nbsp; 3212888 |
|  |  | &nbsp;&nbsp; **81938584** |
| **HEALTHCARE 13.7%** | **HEALTHCARE 13.7%** | **HEALTHCARE 13.7%** |
|  | **HEALTHCARE PRODUCTS 13.7%** | **HEALTHCARE PRODUCTS 13.7%** |
| 23400 | IDEXX Laboratories, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 15830802 |
| 48442 | Stryker Corp.  | &nbsp;&nbsp; 17025910 |
| 29400 | Thermo Fisher Scientific, Inc.  | &nbsp;&nbsp; 17035830 |
|  |  | &nbsp;&nbsp; **49892542** |
| **INDUSTRIALS 27.5%** | **INDUSTRIALS 27.5%** | **INDUSTRIALS 27.5%** |
|  | **AEROSPACE/DEFENSE 6.1%** | **AEROSPACE/DEFENSE 6.1%** |
| 16557 | TransDigm Group, Inc.  | &nbsp;&nbsp; 22018326 |
|  | **BUILDING MATERIALS 5.1%** | **BUILDING MATERIALS 5.1%** |
| 48000 | Trane Technologies PLC  | &nbsp;&nbsp; 18681600 |
|  | **COMMERCIAL SERVICES 5.9%** | **COMMERCIAL SERVICES 5.9%** |
| 114008 | Cintas Corp.  | &nbsp;&nbsp; 21441485 |
|  | **ENVIRONMENTAL CONTROL 7.0%** | **ENVIRONMENTAL CONTROL 7.0%** |
| 77800 | Republic Services, Inc.  | &nbsp;&nbsp; 16488154 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 97.8% (continued)** | **COMMON STOCKS 97.8% (continued)** | **COMMON STOCKS 97.8% (continued)** |
| **INDUSTRIALS 27.5% (continued)** | **INDUSTRIALS 27.5% (continued)** | **INDUSTRIALS 27.5% (continued)** |
|  | **ENVIRONMENTAL CONTROL 7.0% (continued)** | **ENVIRONMENTAL CONTROL 7.0% (continued)** |
| 50251 | Waste Connections, Inc.  | &nbsp;&nbsp; $8812015 |
|  |  | &nbsp;&nbsp; **25300169** |
|  | **MISCELLANEOUS MANUFACTURERS 3.4%** | **MISCELLANEOUS MANUFACTURERS 3.4%** |
| 14000 | Parker-Hannifin Corp.  | &nbsp;&nbsp; 12305440 |
|  |  | &nbsp;&nbsp; **99747020** |
| **INFORMATION TECHNOLOGY 23.9%** | **INFORMATION TECHNOLOGY 23.9%** | **INFORMATION TECHNOLOGY 23.9%** |
|  | **SOFTWARE 18.9%** | **SOFTWARE 18.9%** |
| 67000 | Cadence Design Systems, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 20942860 |
| 16600 | Intuit, Inc.  | &nbsp;&nbsp; 10996172 |
| 28069 | Roper Technologies, Inc.  | &nbsp;&nbsp; 12494354 |
| 118195 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 18106292 |
| 12800 | Synopsys, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 6012416 |
|  |  | &nbsp;&nbsp; **68552094** |
|  | **TELECOMMUNICATIONS 5.0%** | **TELECOMMUNICATIONS 5.0%** |
| 48000 | Motorola Solutions, Inc.  | &nbsp;&nbsp; 18399360 |
|  |  | &nbsp;&nbsp; **86951454** |
| **MATERIALS 1.6%** | **MATERIALS 1.6%** | **MATERIALS 1.6%** |
|  | **CHEMICALS 1.6%** | **CHEMICALS 1.6%** |
| 22100 | Ecolab, Inc.  | &nbsp;&nbsp; 5801692 |
| **TOTAL COMMON STOCKS** <br>**(Cost $169,205,962)** | **TOTAL COMMON STOCKS** <br>**(Cost $169,205,962)** | &nbsp;&nbsp; **355047266** |
| **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%** |
| 8678683 | &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 3.74%<sup>(2)</sup> <br>| &nbsp;&nbsp; 8678683 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,678,683)** | **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,678,683)** | &nbsp;&nbsp; **8678683** |
| **TOTAL INVESTMENTS IN SECURITIES 100.2%** <br>**(Cost $177,884,645)** | **TOTAL INVESTMENTS IN SECURITIES 100.2%** <br>**(Cost $177,884,645)** | &nbsp;&nbsp; **$363725949** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.2)%** | **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.2)%** | &nbsp;&nbsp; **(645387)**<br>|
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | &nbsp;&nbsp; **$363080562** |

---

&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 December 31, 2025.* 

The following table summarizes the inputs used to value the Fund's investments in securities as of December 31, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $355047266 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $355047266 |
| Short-Term Investments  | &nbsp;&nbsp; 8678683 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8678683 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $363725949 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $363725949 |

---

&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

------

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

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **COMMUNICATION SERVICES 18.2%** | **COMMUNICATION SERVICES 18.2%** | **COMMUNICATION SERVICES 18.2%** |
|  | **INTERNET 18.2%** | **INTERNET 18.2%** |
| 86000 | Alphabet, Inc. Class A  | &nbsp;&nbsp; $26918000 |
| 47000 | Meta Platforms, Inc. Class A  | &nbsp;&nbsp; 31024230 |
| 175000 | Netflix, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 16408000 |
| 80000 | Roku, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 8679200 |
|  |  | &nbsp;&nbsp; **83029430** |
| **CONSUMER DISCRETIONARY 11.5%** | **CONSUMER DISCRETIONARY 11.5%** | **CONSUMER DISCRETIONARY 11.5%** |
|  | **AUTO MANUFACTURERS 5.5%** | **AUTO MANUFACTURERS 5.5%** |
| 380000 | Rivian Automotive, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 7489800 |
| 39000 | Tesla, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 17539080 |
|  |  | &nbsp;&nbsp; **25028880** |
|  | **INTERNET 6.0%** | **INTERNET 6.0%** |
| 94000 | Amazon.com, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 21697080 |
| 1100 | Booking Holdings, Inc.  | &nbsp;&nbsp; 5890863 |
|  |  | &nbsp;&nbsp; **27587943** |
|  |  | &nbsp;&nbsp; **52616823** |
| **FINANCIALS 11.2%** | **FINANCIALS 11.2%** | **FINANCIALS 11.2%** |
|  | **DIVERSIFIED FINANCIALS 6.5%** | **DIVERSIFIED FINANCIALS 6.5%** |
| 77000 | Coinbase Global, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 17412780 |
| 34000 | Visa, Inc. Class A  | &nbsp;&nbsp; 11924140 |
|  |  | &nbsp;&nbsp; **29336920** |
|  | **INTERNET 4.7%** | **INTERNET 4.7%** |
| 190000 | Robinhood Markets, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 21489000 |
|  |  | &nbsp;&nbsp; **50825920** |
| **HEALTHCARE 11.6%** | **HEALTHCARE 11.6%** | **HEALTHCARE 11.6%** |
|  | **BIOTECHNOLOGY 6.5%** | **BIOTECHNOLOGY 6.5%** |
| 320000 | Exelixis, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 14025600 |
| 54000 | Insmed, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 9398160 |
| 14000 | Vertex Pharmaceuticals, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 6347040 |
|  |  | &nbsp;&nbsp; **29770800** |
|  | **PHARMACEUTICALS 5.1%** | **PHARMACEUTICALS 5.1%** |
| 4500 | Eli Lilly & Co.  | &nbsp;&nbsp; 4836060 |
| 31500 | Madrigal Pharmaceuticals, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 18343710 |
|  |  | &nbsp;&nbsp; **23179770** |
|  |  | &nbsp;&nbsp; **52950570** |
| **INDUSTRIALS 4.3%** | **INDUSTRIALS 4.3%** | **INDUSTRIALS 4.3%** |
|  | **INTERNET 4.3%** | **INTERNET 4.3%** |
| 241000 | Uber Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 19692110 |
| **INFORMATION TECHNOLOGY 42.6%** | **INFORMATION TECHNOLOGY 42.6%** | **INFORMATION TECHNOLOGY 42.6%** |
|  | **COMPUTERS 2.7%** | **COMPUTERS 2.7%** |
| 26000 | Crowdstrike Holdings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 12187760 |
|  | **INTERNET 7.4%** | **INTERNET 7.4%** |
| 37000 | AppLovin Corp. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 24931340 |
| 55000 | Shopify, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 8853350 |
|  |  | &nbsp;&nbsp; **33784690** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 99.4% (continued)** | **COMMON STOCKS 99.4% (continued)** | **COMMON STOCKS 99.4% (continued)** |
| **INFORMATION TECHNOLOGY 42.6% (continued)** | **INFORMATION TECHNOLOGY 42.6% (continued)** | **INFORMATION TECHNOLOGY 42.6% (continued)** |
|  | **SEMICONDUCTORS 19.2%** | **SEMICONDUCTORS 19.2%** |
| 110000 | Advanced Micro Devices, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; $23557600 |
| 79000 | ARM Holdings PLC ADR<sup>(1)(2)</sup>  | &nbsp;&nbsp; 8635490 |
| 49000 | Broadcom, Inc.  | &nbsp;&nbsp; 16958900 |
| 206000 | NVIDIA Corp.  | &nbsp;&nbsp; 38419000 |
|  |  | &nbsp;&nbsp; **87570990** |
|  | **SOFTWARE 13.3%** | **SOFTWARE 13.3%** |
| 125000 | CoreWeave, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 8951250 |
| 34000 | Microsoft Corp.  | &nbsp;&nbsp; 16443080 |
| 43000 | Salesforce, Inc.  | &nbsp;&nbsp; 11391130 |
| 35000 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 5361650 |
| 85000 | Strategy, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 12915750 |
| 27000 | Workday, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 5799060 |
|  |  | &nbsp;&nbsp; **60861920** |
|  |  | &nbsp;&nbsp; **194405360** |
| **TOTAL COMMON STOCKS** <br>**(Cost $214,047,669)** | **TOTAL COMMON STOCKS** <br>**(Cost $214,047,669)** | &nbsp;&nbsp; **453520213** |
| **SHORT-TERM INVESTMENTS 3.8%** | **SHORT-TERM INVESTMENTS 3.8%** | **SHORT-TERM INVESTMENTS 3.8%** |
|  | **MONEY MARKET FUNDS 3.8%** | **MONEY MARKET FUNDS 3.8%** |
| 2924526 | &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 3.74%<sup>(3)</sup> <br>| &nbsp;&nbsp; 2924526 |
| 14294889 | &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(4)</sup> <br>| &nbsp;&nbsp; 14294889 |
|  |  | &nbsp;&nbsp; **17219415** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $17,219,415)** | **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $17,219,415)** | &nbsp;&nbsp; **17219415** |
| **TOTAL INVESTMENTS IN SECURITIES 103.2%** <br>**(Cost $231,267,084)** | **TOTAL INVESTMENTS IN SECURITIES 103.2%** <br>**(Cost $231,267,084)** | &nbsp;&nbsp; **$470739628** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(3.2)%** | **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(3.2)%** | &nbsp;&nbsp; **(14791167)**<br>|
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | &nbsp;&nbsp; **$455948461** |

---

&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* *December 31, 2025, the market value of the securities on* *loan was $28,687,902.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate reflects 7 day yield as of December 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Securities with an aggregate market value of* *$28,687,902 were out on loan in exchange for collateral* *including $14,294,889 of cash collateral as of December* *31, 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.*

------

December 31, 2025

------

The following table summarizes the inputs used to value the Fund's investments in securities as of December 31, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $453520213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $453520213 |
| Short-Term Investments  | &nbsp;&nbsp; 17219415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17219415 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $470739628 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $470739628 |

---

&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

------

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

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 64.6%** | **COMMON STOCKS 64.6%** | **COMMON STOCKS 64.6%** |
| **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** |
|  | **DISTRIBUTION/WHOLESALE 0.9%** | **DISTRIBUTION/WHOLESALE 0.9%** |
| 20800 | Pool Corp.  | &nbsp;&nbsp; $4758000 |
| **CONSUMER STAPLES 4.8%** | **CONSUMER STAPLES 4.8%** | **CONSUMER STAPLES 4.8%** |
|  | **RETAIL 4.8%** | **RETAIL 4.8%** |
| 30000 | Costco Wholesale Corp.  | &nbsp;&nbsp; 25870200 |
| **FINANCIALS 14.4%** | **FINANCIALS 14.4%** | **FINANCIALS 14.4%** |
|  | **COMMERCIAL SERVICES 2.2%** | **COMMERCIAL SERVICES 2.2%** |
| 22619 | S&P Global, Inc.  | &nbsp;&nbsp; 11820463 |
|  | **DIVERSIFIED FINANCIALS 1.6%** | **DIVERSIFIED FINANCIALS 1.6%** |
| 52944 | Intercontinental Exchange, Inc.  | &nbsp;&nbsp; 8574811 |
|  | **INSURANCE 8.6%** | **INSURANCE 8.6%** |
| 70100 | American Financial Group, Inc.  | &nbsp;&nbsp; 9581268 |
| 57300 | Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp; 10630296 |
| 150200 | RLI Corp.  | &nbsp;&nbsp; 9609796 |
| 228958 | W.R. Berkley Corp.  | &nbsp;&nbsp; 16054535 |
|  |  | &nbsp;&nbsp; **45875895** |
|  | **SOFTWARE 2.0%** | **SOFTWARE 2.0%** |
| 18600 | MSCI, Inc.  | &nbsp;&nbsp; 10671378 |
|  |  | &nbsp;&nbsp; **76942547** |
| **HEALTHCARE 8.3%** | **HEALTHCARE 8.3%** | **HEALTHCARE 8.3%** |
|  | **HEALTHCARE PRODUCTS 6.9%** | **HEALTHCARE PRODUCTS 6.9%** |
| 26812 | IDEXX Laboratories, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 18139122 |
| 53371 | Stryker Corp.  | &nbsp;&nbsp; 18758306 |
|  |  | &nbsp;&nbsp; **36897428** |
|  | **HEALTHCARE SERVICES 1.4%** | **HEALTHCARE SERVICES 1.4%** |
| 17599 | Chemed Corp.  | &nbsp;&nbsp; 7529908 |
|  |  | &nbsp;&nbsp; **44427336** |
| **INDUSTRIALS 12.6%** | **INDUSTRIALS 12.6%** | **INDUSTRIALS 12.6%** |
|  | **AEROSPACE/DEFENSE 4.2%** | **AEROSPACE/DEFENSE 4.2%** |
| 16400 | HEICO Corp.  | &nbsp;&nbsp; 5306876 |
| 13100 | TransDigm Group, Inc.  | &nbsp;&nbsp; 17421035 |
|  |  | &nbsp;&nbsp; **22727911** |
|  | **BUILDING MATERIALS 1.8%** | **BUILDING MATERIALS 1.8%** |
| 19400 | Lennox International, Inc.  | &nbsp;&nbsp; 9420252 |
|  | **COMMERCIAL SERVICES 1.2%** | **COMMERCIAL SERVICES 1.2%** |
| 32846 | Cintas Corp.  | &nbsp;&nbsp; 6177347 |
|  | **ENGINEERING & CONSTRUCTION 0.5%** | **ENGINEERING & CONSTRUCTION 0.5%** |
| 39300 | Exponent, Inc.  | &nbsp;&nbsp; 2729778 |
|  | **ENVIRONMENTAL CONTROL 4.9%** | **ENVIRONMENTAL CONTROL 4.9%** |
| 111803 | Republic Services, Inc.  | &nbsp;&nbsp; 23694409 |
| 16000 | Waste Connections, Inc.  | &nbsp;&nbsp; 2805760 |
|  |  | &nbsp;&nbsp; **26500169** |
|  |  | &nbsp;&nbsp; **67555457** |
| **INFORMATION TECHNOLOGY 23.6%** | **INFORMATION TECHNOLOGY 23.6%** | **INFORMATION TECHNOLOGY 23.6%** |
|  | **COMPUTERS 3.1%** | **COMPUTERS 3.1%** |
| 146900 | CGI, Inc.  | &nbsp;&nbsp; 13558870 |
| 11400 | Gartner, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2875992 |
|  |  | &nbsp;&nbsp; **16434862** |
|  | **SOFTWARE 16.1%** | **SOFTWARE 16.1%** |
| 72700 | Cadence Design Systems, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 22724566 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 64.6% (continued)** | **COMMON STOCKS 64.6% (continued)** | **COMMON STOCKS 64.6% (continued)** |
| **INFORMATION TECHNOLOGY 23.6% (continued)** | **INFORMATION TECHNOLOGY 23.6% (continued)** | **INFORMATION TECHNOLOGY 23.6% (continued)** |
|  | **SOFTWARE 16.1% (continued)** | **SOFTWARE 16.1% (continued)** |
| 10810 | Intuit, Inc.  | &nbsp;&nbsp; $7160760 |
| 22600 | Roper Technologies, Inc.  | &nbsp;&nbsp; 10059938 |
| 147125 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 22538079 |
| 52737 | Tyler Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 23939961 |
|  |  | &nbsp;&nbsp; **86423304** |
|  | **TELECOMMUNICATIONS 4.4%** | **TELECOMMUNICATIONS 4.4%** |
| 61100 | Motorola Solutions, Inc.  | &nbsp;&nbsp; 23420852 |
|  |  | &nbsp;&nbsp; **126279018** |
| **TOTAL COMMON STOCKS** <br>**(Cost $175,721,504)** | **TOTAL COMMON STOCKS** <br>**(Cost $175,721,504)** | &nbsp;&nbsp; **345832558** |
| **EXCHANGE-TRADED FUND 0.2%** | **EXCHANGE-TRADED FUND 0.2%** | **EXCHANGE-TRADED FUND 0.2%** |
| 12500 | iShares MBS ETF  | &nbsp;&nbsp; 1190250 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $1,186,543)** | **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $1,186,543)** | &nbsp;&nbsp; **1190250** |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATION 0.3%** | **COLLATERALIZED MORTGAGE OBLIGATION 0.3%** | **COLLATERALIZED MORTGAGE OBLIGATION 0.3%** |
| $1350927 | &nbsp;&nbsp; FNMA, Series 2023-R02, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 6.17%, <br> 1/25/43<sup>(2)(3)</sup> <br>| &nbsp;&nbsp; 1377351 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $1,358,526)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $1,358,526)** | &nbsp;&nbsp; **1377351** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** |
| 1110713 | &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K055, Class A2, <br> 2.67%, 3/25/26 <br>| &nbsp;&nbsp; 1106515 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,145,436)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,145,436)** | &nbsp;&nbsp; **1106515** |
| **CORPORATE BONDS & NOTES 12.4%** | **CORPORATE BONDS & NOTES 12.4%** | **CORPORATE BONDS & NOTES 12.4%** |
| **BASIC MATERIALS 0.4%** | **BASIC MATERIALS 0.4%** | **BASIC MATERIALS 0.4%** |
|  | **IRON/STEEL 0.2%** | **IRON/STEEL 0.2%** |
| 1200000 | &nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(4)</sup> <br>| &nbsp;&nbsp; 1201557 |
|  | **MINING 0.2%** | **MINING 0.2%** |
| 1200000 | &nbsp;&nbsp; Newmont Corp., Guaranteed Notes, 2.60%, <br> 7/15/32<sup>(4)</sup> <br>| &nbsp;&nbsp; 1092048 |
|  |  | &nbsp;&nbsp; **2293605** |
| **COMMUNICATIONS 1.1%** | **COMMUNICATIONS 1.1%** | **COMMUNICATIONS 1.1%** |
|  | **INTERNET 0.6%** | **INTERNET 0.6%** |
| 1000000 | &nbsp;&nbsp; Amazon.com, Inc., Senior Unsecured Notes, <br> 4.65%, 11/20/35 <br>| &nbsp;&nbsp; 995956 |
| 1200000 | &nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30<sup>(4)</sup> <br>| &nbsp;&nbsp; 1150887 |
| 1200000 | &nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp; 1092458 |
|  |  | &nbsp;&nbsp; **3239301** |
|  | **TELECOMMUNICATIONS 0.5%** | **TELECOMMUNICATIONS 0.5%** |
| 1200000 | &nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp; 1247041 |

---

*See Notes to Financial Statements.*

------

December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 12.4% (continued)** | **CORPORATE BONDS & NOTES 12.4% (continued)** | **CORPORATE BONDS & NOTES 12.4% (continued)** |
| **COMMUNICATIONS 1.1% (continued)** | **COMMUNICATIONS 1.1% (continued)** | **COMMUNICATIONS 1.1% (continued)** |
|  | **TELECOMMUNICATIONS 0.5% (continued)** | **TELECOMMUNICATIONS 0.5% (continued)** |
| $1275000 | &nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, <br> 3.50%, 4/15/31 <br>| &nbsp;&nbsp; $1218977 |
|  |  | &nbsp;&nbsp; **2466018** |
|  |  | &nbsp;&nbsp; **5705319** |
| **CONSUMER, CYCLICAL 0.9%** | **CONSUMER, CYCLICAL 0.9%** | **CONSUMER, CYCLICAL 0.9%** |
|  | **AUTO MANUFACTURERS 0.2%** | **AUTO MANUFACTURERS 0.2%** |
| 1200000 | &nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp; 1217269 |
|  | **LODGING 0.5%** | **LODGING 0.5%** |
| 1200000 | &nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured Notes, <br> 5.38%, 12/15/31 <br>| &nbsp;&nbsp; 1236002 |
| 1200000 | &nbsp;&nbsp; Marriott International, Inc., Senior <br> Unsecured Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp; 1228420 |
|  |  | &nbsp;&nbsp; **2464422** |
|  | **RETAIL 0.2%** | **RETAIL 0.2%** |
| 1225000 | &nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32 <br>| &nbsp;&nbsp; 1062610 |
|  |  | &nbsp;&nbsp; **4744301** |
| **CONSUMER, NON-CYCLICAL 2.0%** | **CONSUMER, NON-CYCLICAL 2.0%** | **CONSUMER, NON-CYCLICAL 2.0%** |
|  | **BIOTECHNOLOGY 0.4%** | **BIOTECHNOLOGY 0.4%** |
| 1210000 | &nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, <br> 2.20%, 2/21/27 <br>| &nbsp;&nbsp; 1187005 |
| 1225000 | &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp; 1092844 |
|  |  | &nbsp;&nbsp; **2279849** |
|  | **COMMERCIAL SERVICES 0.2%** | **COMMERCIAL SERVICES 0.2%** |
| 1200000 | &nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 1230660 |
|  | **HEALTHCARE PRODUCTS 0.5%** | **HEALTHCARE PRODUCTS 0.5%** |
| 1200000 | &nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp; 1226586 |
| 1200000 | &nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 1232112 |
|  |  | &nbsp;&nbsp; **2458698** |
|  | **PHARMACEUTICALS 0.9%** | **PHARMACEUTICALS 0.9%** |
| 1200000 | &nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, <br> 3.20%, 11/21/29 <br>| &nbsp;&nbsp; 1163731 |
| 1200000 | &nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp; 1066693 |
| 1200000 | &nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp; 1203478 |
| 1250000 | &nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53<sup>(4)</sup> <br>| &nbsp;&nbsp; 1183596 |
|  |  | &nbsp;&nbsp; **4617498** |
|  |  | &nbsp;&nbsp; **10586705** |
| **ENERGY 1.2%** | **ENERGY 1.2%** | **ENERGY 1.2%** |
|  | **OIL & GAS 0.5%** | **OIL & GAS 0.5%** |
| 1250000 | &nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed <br> Notes, 5.15%, 1/30/30 <br>| &nbsp;&nbsp; 1285708 |
| 1200000 | &nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp; 1247146 |
|  |  | &nbsp;&nbsp; **2532854** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 12.4% (continued)** | **CORPORATE BONDS & NOTES 12.4% (continued)** | **CORPORATE BONDS & NOTES 12.4% (continued)** |
| **ENERGY 1.2% (continued)** | **ENERGY 1.2% (continued)** | **ENERGY 1.2% (continued)** |
|  | **PIPELINES 0.7%** | **PIPELINES 0.7%** |
| $1250000 | &nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33 <br>| &nbsp;&nbsp; $1073514 |
| 1200000 | &nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp; 1207667 |
| 1250000 | Targa Resources Corp., 6.50%, 3/30/34  | &nbsp;&nbsp; 1364235 |
|  |  | &nbsp;&nbsp; **3645416** |
|  |  | &nbsp;&nbsp; **6178270** |
| **FINANCIAL 4.0%** | **FINANCIAL 4.0%** | **FINANCIAL 4.0%** |
|  | **BANKS 2.7%** | **BANKS 2.7%** |
| 1250000 | &nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR + <br> 2.16%), 5.02%, 7/22/33<sup>(3)</sup> <br>| &nbsp;&nbsp; 1274565 |
| 1250000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (1 day USD <br> SOFR + 1.51%), 4.71%, 2/1/34<sup>(3)</sup> <br>| &nbsp;&nbsp; 1254525 |
| 1200000 | &nbsp;&nbsp; Barclays PLC, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.91%), 5.34%, <br> 9/10/35<sup>(3)</sup> <br>| &nbsp;&nbsp; 1219428 |
| 1250000 | &nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(3)</sup> <br>| &nbsp;&nbsp; 1264980 |
| 1200000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.42%), 5.02%, 10/23/35<sup>(3)</sup> <br>| &nbsp;&nbsp; 1206424 |
| 1200000 | &nbsp;&nbsp; JPMorgan Chase & Co., Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + 1.64%), <br> 3.96%, 11/15/48<sup>(3)</sup> <br>| &nbsp;&nbsp; 965385 |
| 1200000 | &nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 1207643 |
| 1250000 | &nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + <br> 2.56%), 6.34%, 10/18/33<sup>(3)</sup> <br>| &nbsp;&nbsp; 1369965 |
| 1000000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.26%), 4.81%, 10/21/32<sup>(3)</sup> <br>| &nbsp;&nbsp; 1017675 |
| 1200000 | &nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.60%), 4.84%, <br> 2/1/34<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 1208817 |
| 1250000 | &nbsp;&nbsp; Wells Fargo & Co., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(3)</sup> <br>| &nbsp;&nbsp; 1275873 |
| 1300000 | &nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(3)</sup> <br>| &nbsp;&nbsp; 1118656 |
|  |  | &nbsp;&nbsp; **14383936** |
|  | **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; 1154149 |
| 1200000 | &nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), <br> 5.04%, 5/1/34<sup>(3)</sup> <br>| &nbsp;&nbsp; 1230419 |
|  |  | &nbsp;&nbsp; **2384568** |
|  | **REITS 0.9%** | **REITS 0.9%** |
| 1200000 | &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30<sup>(4)</sup> <br>| &nbsp;&nbsp; 1216017 |
| 1200000 | &nbsp;&nbsp; American Tower Corp., Senior Unsecured <br> Notes, 4.70%, 12/15/32<sup>(4)</sup> <br>| &nbsp;&nbsp; 1200260 |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 12.4% (continued)** | **CORPORATE BONDS & NOTES 12.4% (continued)** | **CORPORATE BONDS & NOTES 12.4% (continued)** |
| **FINANCIAL 4.0% (continued)** | **FINANCIAL 4.0% (continued)** | **FINANCIAL 4.0% (continued)** |
|  | **REITS 0.9% (continued)** | **REITS 0.9% (continued)** |
| $1200000 | &nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp; $1231476 |
| 1225000 | &nbsp;&nbsp; Welltower OP LLC, Senior Unsecured Notes, <br> 4.25%, 4/15/28 <br>| &nbsp;&nbsp; 1233306 |
|  |  | &nbsp;&nbsp; **4881059** |
|  |  | &nbsp;&nbsp; **21649563** |
| **INDUSTRIAL 0.8%** | **INDUSTRIAL 0.8%** | **INDUSTRIAL 0.8%** |
|  | **AEROSPACE/DEFENSE 0.2%** | **AEROSPACE/DEFENSE 0.2%** |
| 1250000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp; 1129952 |
|  | **ELECTRONICS 0.2%** | **ELECTRONICS 0.2%** |
| 1200000 | &nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31 <br>| &nbsp;&nbsp; 1071829 |
|  | **MISCELLANEOUS MANUFACTURERS 0.2%** | **MISCELLANEOUS MANUFACTURERS 0.2%** |
| 1200000 | &nbsp;&nbsp; Teledyne Technologies, Inc., 2.25%, <br> 4/1/28<sup>(4)</sup> <br>| &nbsp;&nbsp; 1153858 |
|  | **PACKAGING & CONTAINERS 0.2%** | **PACKAGING & CONTAINERS 0.2%** |
| 1200000 | &nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp; 1109528 |
|  |  | &nbsp;&nbsp; **4465167** |
| **TECHNOLOGY 1.3%** | **TECHNOLOGY 1.3%** | **TECHNOLOGY 1.3%** |
|  | **COMPUTERS 0.4%** | **COMPUTERS 0.4%** |
| 1200000 | &nbsp;&nbsp; Dell International LLC/EMC Corp., <br> Guaranteed Notes, 5.40%, 4/15/34<sup>(4)</sup> <br>| &nbsp;&nbsp; 1232309 |
| 1200000 | &nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31<sup>(4)</sup> <br>| &nbsp;&nbsp; 1095281 |
|  |  | &nbsp;&nbsp; **2327590** |
|  | **SEMICONDUCTORS 0.7%** | **SEMICONDUCTORS 0.7%** |
| 1265000 | &nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured <br> Notes, 2.80%, 10/1/41 <br>| &nbsp;&nbsp; 933025 |
| 1225000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp; 1208363 |
| 1200000 | &nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp; 1280281 |
|  |  | &nbsp;&nbsp; **3421669** |
|  | **SOFTWARE 0.2%** | **SOFTWARE 0.2%** |
| 1200000 | &nbsp;&nbsp; Roper Technologies, Inc., Senior Unsecured <br> Notes, 5.10%, 9/15/35<sup>(4)</sup> <br>| &nbsp;&nbsp; 1209124 |
|  |  | &nbsp;&nbsp; **6958383** |
| **UTILITIES 0.7%** | **UTILITIES 0.7%** | **UTILITIES 0.7%** |
|  | **ELECTRIC 0.5%** | **ELECTRIC 0.5%** |
| 1275000 | &nbsp;&nbsp; Duke Energy Corp., Senior Unsecured <br> Notes, 4.50%, 8/15/32<sup>(4)</sup> <br>| &nbsp;&nbsp; 1270790 |
| 1200000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30<sup>(4)</sup> <br>| &nbsp;&nbsp; 1237964 |
|  |  | &nbsp;&nbsp; **2508754** |
|  | **GAS 0.2%** | **GAS 0.2%** |
| 1200000 | &nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp; 1165858 |
|  |  | &nbsp;&nbsp; **3674612** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $66,097,830)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $66,097,830)** | &nbsp;&nbsp; **66255925** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **LONG-TERM MUNICIPAL SECURITIES 0.9%** | **LONG-TERM MUNICIPAL SECURITIES 0.9%** | **LONG-TERM MUNICIPAL SECURITIES 0.9%** |
|  | **CALIFORNIA 0.3%** | **CALIFORNIA 0.3%** |
| $1250000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp; $1358585 |
|  | **HAWAII 0.2%** | **HAWAII 0.2%** |
| 1200000 | &nbsp;&nbsp; State of Hawaii, Series GN, GO, 4.62%, <br> 10/1/32 <br>| &nbsp;&nbsp; 1225774 |
|  | **MICHIGAN 0.2%** | **MICHIGAN 0.2%** |
| 1200000 | University of Michigan, 5.18%, 4/1/35  | &nbsp;&nbsp; 1214399 |
|  | **NEW YORK 0.2%** | **NEW YORK 0.2%** |
| 1200000 | &nbsp;&nbsp; Empire State Development Corp., Series <br> B-3, 3.90%, 3/15/33 <br>| &nbsp;&nbsp; 1182582 |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $4,919,436)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $4,919,436)** | &nbsp;&nbsp; **4981340** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.4%** |
| 822565 | FHLMC Pool #QB2462, 3.00%, 8/1/50  | &nbsp;&nbsp; 734367 |
| 1611825 | FHLMC Pool #QB2958, 3.00%, 9/1/50  | &nbsp;&nbsp; 1437494 |
| 3309738 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp; 3244590 |
| 2365226 | FHLMC Pool #QG6306, 5.00%, 7/1/53  | &nbsp;&nbsp; 2367891 |
| 1688316 | FHLMC Pool #SD8108, 3.00%, 11/1/50  | &nbsp;&nbsp; 1506245 |
| 707221 | FHLMC Pool #ZS4647, 3.50%, 1/1/46  | &nbsp;&nbsp; 670122 |
| 1121829 | FNMA Pool #AS0516, 3.00%, 9/1/43  | &nbsp;&nbsp; 1036006 |
| 181140 | FNMA Pool #AX9528, 3.50%, 2/1/45  | &nbsp;&nbsp; 172086 |
| 998305 | FNMA Pool #BM3634, 3.50%, 5/1/47  | &nbsp;&nbsp; 943548 |
| 4438086 | FNMA Pool #CB2403, 2.50%, 12/1/51  | &nbsp;&nbsp; 3769759 |
| 6943914 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp; 6822634 |
| 2145561 | FNMA Pool #FM2202, 4.00%, 12/1/48  | &nbsp;&nbsp; 2073213 |
| 772444 | FNMA Pool #FM9509, 3.00%, 11/1/36  | &nbsp;&nbsp; 746413 |
| 1010862 | FNMA Pool #FM9760, 3.50%, 11/1/51  | &nbsp;&nbsp; 941443 |
| 924804 | FNMA Pool #MA4222, 3.50%, 12/1/50  | &nbsp;&nbsp; 863384 |
| 1204932 | FNMA Pool #MA4494, 3.00%, 12/1/51  | &nbsp;&nbsp; 1073355 |
| 1874562 | FNMA Pool #MA4495, 3.50%, 12/1/51  | &nbsp;&nbsp; 1737282 |
| 2101395 | FNMA Pool #MA5283, MBS, 4.00%, 2/1/54  | &nbsp;&nbsp; 1994786 |
| 5285482 | &nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp; 4561530 |
| 9260060 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp; 8331265 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $46,759,020)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $46,759,020)** | &nbsp;&nbsp; **45027413** |
| **U.S. TREASURY OBLIGATIONS 12.2%** | **U.S. TREASURY OBLIGATIONS 12.2%** | **U.S. TREASURY OBLIGATIONS 12.2%** |
| 6000000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp; 5382422 |
| 3000000 | U.S. Treasury Bonds, 3.63%, 5/15/53  | &nbsp;&nbsp; 2426836 |
| 3000000 | U.S. Treasury Bonds, 4.25%, 8/15/54  | &nbsp;&nbsp; 2712422 |
| 3500000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp; 3517955 |
| 8500300 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp; 8334943 |
| 5000000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp; 4924609 |
| 8000000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp; 7998750 |
| 5000000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp; 4592578 |
| 8000000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp; 7457188 |
| 6000000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp; 5950078 |
| 6500000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp; 6479687 |
| 5500000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp; 5545547 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $64,973,519)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $64,973,519)** | &nbsp;&nbsp; **65323015** |

---

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

*See Notes to Financial Statements.*

------

December 31, 2025

------

---

| | |
|:---|:---|
| <br>**Shares** | <br>**Value** |
| **SHORT-TERM INVESTMENTS 2.7%** | **SHORT-TERM INVESTMENTS 2.7%** |
|  | **MONEY MARKET FUNDS 2.7%** |
| 6367750<br> &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 3.74%<sup>(5)</sup> <br>| &nbsp;&nbsp; $6367750 |
| 8173753<br> &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(6)</sup> <br>| &nbsp;&nbsp; 8173753 |
|  | &nbsp;&nbsp; **14541503** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $14,541,503)** | &nbsp;&nbsp; **14541503** |
| **TOTAL INVESTMENTS IN SECURITIES 101.9%** <br>**(Cost $376,703,317)** | &nbsp;&nbsp; **$545635870** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(1.9)%** | &nbsp;&nbsp; **(9961481)**<br>|
| **NET ASSETS 100.0%** | &nbsp;&nbsp; **$535674389** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Pursuant to Rule 144A under the Securities Act of 1933,* *this security can only be sold to qualified institutional* *investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Floating or variable rate security. The rate disclosed is* *the rate in effect as of December 31, 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;*(4)* *A portion or all of the security was held on loan. As of* *December 31, 2025, the market value of the securities on* *loan was $13,615,399.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Rate reflects 7 day yield as of December 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *Securities with an aggregate market value of* *$13,615,399 were out on loan in exchange for collateral* *including $8,173,753 of cash collateral as of December* *31, 2025. The collateral was invested in a cash collateral* *reinvestment vehicle. See Note 1(K).* 

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

---

| | |
|:---|:---|
| *ETF* | *Exchange Traded Fund.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association.* |
| *GNMA* | *Government National Mortgage Association.* |
| *REITS* | *Real Estate Investment Trusts.* |
| *SOFR* | *Secured Overnight Financing Rate.* |

---

The following table summarizes the inputs used to value the Fund's investments in securities as of December 31, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $345832558 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $345832558 |
| Exchange-Traded Fund  | &nbsp;&nbsp; 1190250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1190250 |
| Collateralized Mortgage Obligation  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1377351 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1377351 |
| Commercial Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1106515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1106515 |
| Corporate Bonds & Notes\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 66255925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66255925 |
| Long-Term Municipal Securities\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4981340 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4981340 |
| Residential Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 45027413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45027413 |
| U.S. Treasury Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 65323015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65323015 |
| Short-Term Investments  | &nbsp;&nbsp; 14541503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14541503 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $361564311 | &nbsp;&nbsp; $184071559 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $545635870 |

---

&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

------

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

---

| | | |
|:---|:---|:---|
| <br>**Shares** |  | <br>**Value** |
| **COMMON STOCKS 65.1%** | **COMMON STOCKS 65.1%** | **COMMON STOCKS 65.1%** |
| **COMMUNICATION SERVICES 10.8%** | **COMMUNICATION SERVICES 10.8%** | **COMMUNICATION SERVICES 10.8%** |
|  | **INTERNET 10.2%** | **INTERNET 10.2%** |
| 66000 | Alphabet, Inc. Class A  | &nbsp;&nbsp; $20658000 |
| 31000 | Meta Platforms, Inc. Class A  | &nbsp;&nbsp; 20462790 |
| 98000 | Netflix, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 9188480 |
| 38000 | Roku, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 4122620 |
|  |  | &nbsp;&nbsp; **54431890** |
|  | **MEDIA 0.6%** | **MEDIA 0.6%** |
| 28000 | Walt Disney Co.  | &nbsp;&nbsp; 3185560 |
|  |  | &nbsp;&nbsp; **57617450** |
| **CONSUMER DISCRETIONARY 8.6%** | **CONSUMER DISCRETIONARY 8.6%** | **CONSUMER DISCRETIONARY 8.6%** |
|  | **AUTO MANUFACTURERS 2.5%** | **AUTO MANUFACTURERS 2.5%** |
| 210000 | Rivian Automotive, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 4139100 |
| 20000 | Tesla, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 8994400 |
|  |  | &nbsp;&nbsp; **13133500** |
|  | **ENTERTAINMENT 0.4%** | **ENTERTAINMENT 0.4%** |
| 60000 | DraftKings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 2067600 |
|  | **INTERNET 5.1%** | **INTERNET 5.1%** |
| 43000 | Alibaba Group Holding Ltd. ADR<sup>(2)</sup>  | &nbsp;&nbsp; 6302940 |
| 74000 | Amazon.com, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 17080680 |
| 700 | Booking Holdings, Inc.  | &nbsp;&nbsp; 3748731 |
|  |  | &nbsp;&nbsp; **27132351** |
|  | **LODGING 0.6%** | **LODGING 0.6%** |
| 11000 | Hilton Worldwide Holdings, Inc.  | &nbsp;&nbsp; 3159750 |
|  |  | &nbsp;&nbsp; **45493201** |
| **ENERGY 0.6%** | **ENERGY 0.6%** | **ENERGY 0.6%** |
|  | **OIL & GAS 0.6%** | **OIL & GAS 0.6%** |
| 22000 | Diamondback Energy, Inc.  | &nbsp;&nbsp; 3307260 |
| **FINANCIALS 8.6%** | **FINANCIALS 8.6%** | **FINANCIALS 8.6%** |
|  | **0.9%** | **0.9%** |
| 31000 | Blackstone, Inc.  | &nbsp;&nbsp; 4778340 |
|  | **BANKS 2.8%** | **BANKS 2.8%** |
| 95000 | Bank of America Corp.  | &nbsp;&nbsp; 5225000 |
| 6000 | Goldman Sachs Group, Inc.  | &nbsp;&nbsp; 5274000 |
| 13000 | JPMorgan Chase & Co.  | &nbsp;&nbsp; 4188860 |
|  |  | &nbsp;&nbsp; **14687860** |
|  | **DIVERSIFIED FINANCIALS 3.6%** | **DIVERSIFIED FINANCIALS 3.6%** |
| 40000 | Coinbase Global, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 9045600 |
| 64000 | Interactive Brokers Group, Inc. Class A  | &nbsp;&nbsp; 4115840 |
| 18000 | Visa, Inc. Class A  | &nbsp;&nbsp; 6312780 |
|  |  | &nbsp;&nbsp; **19474220** |
|  | **INTERNET 1.3%** | **INTERNET 1.3%** |
| 62000 | Robinhood Markets, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 7012200 |
|  |  | &nbsp;&nbsp; **45952620** |
| **HEALTHCARE 6.3%** | **HEALTHCARE 6.3%** | **HEALTHCARE 6.3%** |
|  | **BIOTECHNOLOGY 3.4%** | **BIOTECHNOLOGY 3.4%** |
| 215000 | Exelixis, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 9423450 |
| 27000 | Insmed, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 4699080 |
| 8000 | Vertex Pharmaceuticals, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 3626880 |
|  |  | &nbsp;&nbsp; **17749410** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 65.1% (continued)** | **COMMON STOCKS 65.1% (continued)** | **COMMON STOCKS 65.1% (continued)** |
| **HEALTHCARE 6.3% (continued)** | **HEALTHCARE 6.3% (continued)** | **HEALTHCARE 6.3% (continued)** |
|  | **PHARMACEUTICALS 2.9%** | **PHARMACEUTICALS 2.9%** |
| 5000 | Eli Lilly & Co.  | &nbsp;&nbsp; $5373400 |
| 17500 | Madrigal Pharmaceuticals, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp; 10190950 |
|  |  | &nbsp;&nbsp; **15564350** |
|  |  | &nbsp;&nbsp; **33313760** |
| **INDUSTRIALS 3.5%** | **INDUSTRIALS 3.5%** | **INDUSTRIALS 3.5%** |
|  | **AIRLINES 0.7%** | **AIRLINES 0.7%** |
| 56000 | Delta Air Lines, Inc.  | &nbsp;&nbsp; 3886400 |
|  | **INTERNET 2.8%** | **INTERNET 2.8%** |
| 200000 | Lyft, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp; 3874000 |
| 135000 | Uber Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 11030850 |
|  |  | &nbsp;&nbsp; **14904850** |
|  |  | &nbsp;&nbsp; **18791250** |
| **INFORMATION TECHNOLOGY 26.7%** | **INFORMATION TECHNOLOGY 26.7%** | **INFORMATION TECHNOLOGY 26.7%** |
|  | **COMPUTERS 2.3%** | **COMPUTERS 2.3%** |
| 31000 | Apple, Inc.  | &nbsp;&nbsp; 8427660 |
| 8200 | Crowdstrike Holdings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 3843832 |
|  |  | &nbsp;&nbsp; **12271492** |
|  | **INTERNET 2.7%** | **INTERNET 2.7%** |
| 15500 | AppLovin Corp. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 10444210 |
| 25000 | Shopify, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 4024250 |
|  |  | &nbsp;&nbsp; **14468460** |
|  | **SEMICONDUCTORS 14.6%** | **SEMICONDUCTORS 14.6%** |
| 84000 | Advanced Micro Devices, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 17989440 |
| 42000 | ARM Holdings PLC ADR<sup>(1)</sup>  | &nbsp;&nbsp; 4591020 |
| 42000 | Broadcom, Inc.  | &nbsp;&nbsp; 14536200 |
| 53000 | Micron Technology, Inc.  | &nbsp;&nbsp; 15126730 |
| 113000 | NVIDIA Corp.  | &nbsp;&nbsp; 21074500 |
| 15000 | NXP Semiconductors NV  | &nbsp;&nbsp; 3255900 |
| 7000 | QUALCOMM, Inc.  | &nbsp;&nbsp; 1197350 |
|  |  | &nbsp;&nbsp; **77771140** |
|  | **SOFTWARE 7.1%** | **SOFTWARE 7.1%** |
| 60000 | CoreWeave, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 4296600 |
| 26000 | Microsoft Corp.  | &nbsp;&nbsp; 12574120 |
| 24000 | Salesforce, Inc.  | &nbsp;&nbsp; 6357840 |
| 16000 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 2451040 |
| 53000 | Strategy, Inc.<sup>(1)</sup>  | &nbsp;&nbsp; 8053350 |
| 18000 | Workday, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp; 3866040 |
|  |  | &nbsp;&nbsp; **37598990** |
|  |  | &nbsp;&nbsp; **142110082** |
| **TOTAL COMMON STOCKS** <br>**(Cost $140,723,107)** | **TOTAL COMMON STOCKS** <br>**(Cost $140,723,107)** | &nbsp;&nbsp; **346585623** |
| **EXCHANGE-TRADED FUND 0.6%** | **EXCHANGE-TRADED FUND 0.6%** | **EXCHANGE-TRADED FUND 0.6%** |
| 31000 | iShares MBS ETF  | &nbsp;&nbsp; 2951820 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $2,960,372)** | **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $2,960,372)** | &nbsp;&nbsp; **2951820** |

---

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

*See Notes to Financial Statements.*

------

December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.2%** |
| $405883 | &nbsp;&nbsp; FNMA, Series 2023-R02, Class 1M1, (30 <br> day USD SOFR Average + 2.30%), <br> 6.17%, 1/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; $413822 |
| 392988 | &nbsp;&nbsp; FNMA, Series 2023-R04, Class 1M1, (30 <br> day USD SOFR Average + 2.30%), <br> 6.17%, 5/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp; 400378 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $803,376)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $803,376)** | &nbsp;&nbsp; **814200** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** |
| 223934 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K055, <br> Class A2, 2.67%, 3/25/26 <br>| &nbsp;&nbsp; 223088 |
| 255000 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K064, <br> Class A2, 3.22%, 3/25/27 <br>| &nbsp;&nbsp; 253237 |
| 249741 | &nbsp;&nbsp; FHLMC Multifamily Structured <br> Pass-Through Certificates, Series K074, <br> Class A2, 3.60%, 1/25/28 <br>| &nbsp;&nbsp; 248550 |
| 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; 249434 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,025,272)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,025,272)** | &nbsp;&nbsp; **974309** |
| **CORPORATE BONDS & NOTES 9.9%** | **CORPORATE BONDS & NOTES 9.9%** | **CORPORATE BONDS & NOTES 9.9%** |
| **BASIC MATERIALS 0.7%** | **BASIC MATERIALS 0.7%** | **BASIC MATERIALS 0.7%** |
|  | **CHEMICALS 0.3%** | **CHEMICALS 0.3%** |
| 500000 | &nbsp;&nbsp; Eastman Chemical Co., Senior Unsecured <br> Notes, 5.63%, 2/20/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 515847 |
| 500000 | &nbsp;&nbsp; Mosaic Co., Senior Unsecured Notes, <br> 4.05%, 11/15/27 <br>| &nbsp;&nbsp; 499715 |
| 500000 | &nbsp;&nbsp; Sherwin-Williams Co., Senior Unsecured <br> Notes, 5.15%, 8/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 508803 |
|  |  | &nbsp;&nbsp; **1524365** |
|  | **IRON/STEEL 0.2%** | **IRON/STEEL 0.2%** |
| 500000 | &nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(2)</sup> <br>| &nbsp;&nbsp; 500648 |
| 500000 | &nbsp;&nbsp; Steel Dynamics, Inc., Senior Unsecured <br> Notes, 3.25%, 1/15/31 <br>| &nbsp;&nbsp; 475352 |
|  |  | &nbsp;&nbsp; **976000** |
|  | **MINING 0.2%** | **MINING 0.2%** |
| 500000 | &nbsp;&nbsp; Freeport-McMoRan, Inc., Guaranteed <br> Notes, 4.63%, 8/1/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 503764 |
| 500000 | &nbsp;&nbsp; Newmont Corp., Guaranteed Notes, <br> 2.60%, 7/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 455020 |
| 500000 | &nbsp;&nbsp; Rio Tinto Finance USA Ltd., Guaranteed <br> Notes, 5.20%, 11/2/40 <br>| &nbsp;&nbsp; 498644 |
|  |  | &nbsp;&nbsp; **1457428** |
|  |  | &nbsp;&nbsp; **3957793** |
| **COMMUNICATIONS 0.8%** | **COMMUNICATIONS 0.8%** | **COMMUNICATIONS 0.8%** |
|  | **INTERNET 0.3%** | **INTERNET 0.3%** |
| 500000 | &nbsp;&nbsp; Alphabet, Inc., Senior Unsecured Notes, <br> 5.35%, 11/15/45 <br>| &nbsp;&nbsp; 496842 |
| 500000 | &nbsp;&nbsp; Amazon.com, Inc., Senior Unsecured <br> Notes, 4.65%, 11/20/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 497978 |
| 500000 | &nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 479536 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** |
| **COMMUNICATIONS 0.8% (continued)** | **COMMUNICATIONS 0.8% (continued)** | **COMMUNICATIONS 0.8% (continued)** |
|  | **INTERNET 0.3% (continued)** | **INTERNET 0.3% (continued)** |
| $500000 | &nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp; $455191 |
|  |  | &nbsp;&nbsp; **1929547** |
|  | **MEDIA 0.1%** | **MEDIA 0.1%** |
| 500000 | &nbsp;&nbsp; Comcast Corp., Guaranteed Notes, 4.25%, <br> 1/15/33<sup>(2)</sup> <br>| &nbsp;&nbsp; 488914 |
|  | **TELECOMMUNICATIONS 0.4%** | **TELECOMMUNICATIONS 0.4%** |
| 600000 | &nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, <br> 2.55%, 12/1/33 <br>| &nbsp;&nbsp; 512082 |
| 500000 | &nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp; 519601 |
| 500000 | &nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, <br> 3.50%, 4/15/31 <br>| &nbsp;&nbsp; 478030 |
| 500000 | &nbsp;&nbsp; Verizon Communications, Inc., Senior <br> Unsecured Notes, 5.75%, 11/30/45<sup>(2)</sup> <br>| &nbsp;&nbsp; 496429 |
|  |  | &nbsp;&nbsp; **2006142** |
|  |  | &nbsp;&nbsp; **4424603** |
| **CONSUMER, CYCLICAL 0.7%** | **CONSUMER, CYCLICAL 0.7%** | **CONSUMER, CYCLICAL 0.7%** |
|  | **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; 507195 |
|  | **HOME BUILDERS 0.1%** | **HOME BUILDERS 0.1%** |
| 500000 | &nbsp;&nbsp; Lennar Corp., Senior Unsecured Notes, <br> 5.20%, 7/30/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 514032 |
|  | **LODGING 0.2%** | **LODGING 0.2%** |
| 500000 | &nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured <br> Notes, 5.38%, 12/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp; 515001 |
| 500000 | &nbsp;&nbsp; Marriott International, Inc., Senior <br> Unsecured Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp; 511841 |
|  |  | &nbsp;&nbsp; **1026842** |
|  | **RETAIL 0.3%** | **RETAIL 0.3%** |
| 600000 | &nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 520463 |
| 500000 | &nbsp;&nbsp; Lowe's Cos., Inc., Senior Unsecured Notes, <br> 4.50%, 10/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 497300 |
| 500000 | &nbsp;&nbsp; McDonald's Corp., Senior Unsecured <br> Notes, 4.70%, 12/9/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 496312 |
|  |  | &nbsp;&nbsp; **1514075** |
|  |  | &nbsp;&nbsp; **3562144** |
| **CONSUMER, NON-CYCLICAL 1.6%** | **CONSUMER, NON-CYCLICAL 1.6%** | **CONSUMER, NON-CYCLICAL 1.6%** |
|  | **AGRICULTURE 0.1%** | **AGRICULTURE 0.1%** |
| 500000 | &nbsp;&nbsp; Bunge Ltd. Finance Corp., Guaranteed <br> Notes, 4.65%, 9/17/34 <br>| &nbsp;&nbsp; 490589 |
|  | **BEVERAGES 0.1%** | **BEVERAGES 0.1%** |
| 500000 | &nbsp;&nbsp; PepsiCo, Inc., Senior Unsecured Notes, <br> 5.00%, 7/23/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 510824 |
|  | **BIOTECHNOLOGY 0.3%** | **BIOTECHNOLOGY 0.3%** |
| 500000 | &nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, <br> 2.20%, 2/21/27 <br>| &nbsp;&nbsp; 490498 |
| 500000 | &nbsp;&nbsp; Gilead Sciences, Inc., Senior Unsecured <br> Notes, 4.60%, 9/1/35 <br>| &nbsp;&nbsp; 494148 |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** |
| **CONSUMER, NON-CYCLICAL 1.6% (continued)** | **CONSUMER, NON-CYCLICAL 1.6% (continued)** | **CONSUMER, NON-CYCLICAL 1.6% (continued)** |
|  | **BIOTECHNOLOGY 0.3% (continued)** | **BIOTECHNOLOGY 0.3% (continued)** |
| $500000 | &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp; $446059 |
|  |  | &nbsp;&nbsp; **1430705** |
|  | **COMMERCIAL SERVICES 0.2%** | **COMMERCIAL SERVICES 0.2%** |
| 500000 | &nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp; 512775 |
| 500000 | &nbsp;&nbsp; Service Corp. International, Senior <br> Unsecured Notes, 4.00%, 5/15/31 <br>| &nbsp;&nbsp; 477904 |
|  |  | &nbsp;&nbsp; **990679** |
|  | **HEALTHCARE PRODUCTS 0.5%** | **HEALTHCARE PRODUCTS 0.5%** |
| 500000 | &nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp; 511077 |
| 500000 | &nbsp;&nbsp; Medtronic, Inc., Guaranteed Notes, 4.38%, <br> 3/15/35 <br>| &nbsp;&nbsp; 490387 |
| 500000 | &nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 513380 |
| 500000 | &nbsp;&nbsp; Thermo Fisher Scientific, Inc., Senior <br> Unsecured Notes, 4.79%, 10/7/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 501529 |
| 500000 | &nbsp;&nbsp; Zimmer Biomet Holdings, Inc., Senior <br> Unsecured Notes, 2.60%, 11/24/31 <br>| &nbsp;&nbsp; 451504 |
|  |  | &nbsp;&nbsp; **2467877** |
|  | **PHARMACEUTICALS 0.4%** | **PHARMACEUTICALS 0.4%** |
| 500000 | &nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, <br> 3.20%, 11/21/29 <br>| &nbsp;&nbsp; 484888 |
| 500000 | &nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp; 444456 |
| 500000 | &nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp; 501449 |
| 500000 | &nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53<sup>(2)</sup> <br>| &nbsp;&nbsp; 473438 |
| 500000 | &nbsp;&nbsp; Sanofi SA, Senior Unsecured Notes, <br> 4.20%, 11/3/32 <br>| &nbsp;&nbsp; 499237 |
|  |  | &nbsp;&nbsp; **2403468** |
|  |  | &nbsp;&nbsp; **8294142** |
| **ENERGY 1.0%** | **ENERGY 1.0%** | **ENERGY 1.0%** |
|  | **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; 514283 |
| 500000 | &nbsp;&nbsp; Hess Corp., Senior Unsecured Notes, <br> 4.30%, 4/1/27<sup>(2)</sup> <br>| &nbsp;&nbsp; 502115 |
| 500000 | &nbsp;&nbsp; Marathon Petroleum Corp., Senior <br> Unsecured Notes, 5.15%, 3/1/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 514588 |
| 500000 | &nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp; 519644 |
| 500000 | &nbsp;&nbsp; Valero Energy Corp., Senior Unsecured <br> Notes, 5.15%, 2/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 514565 |
|  |  | &nbsp;&nbsp; **2565195** |
|  | **PIPELINES 0.5%** | **PIPELINES 0.5%** |
| 600000 | &nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33<sup>(2)</sup> <br>| &nbsp;&nbsp; 515287 |
| 500000 | &nbsp;&nbsp; Enterprise Products Operating LLC, <br> Guaranteed Notes, 4.60%, 1/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp; 506143 |
| 500000 | &nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp; 503194 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** |
| **ENERGY 1.0% (continued)** | **ENERGY 1.0% (continued)** | **ENERGY 1.0% (continued)** |
|  | **PIPELINES 0.5% (continued)** | **PIPELINES 0.5% (continued)** |
| $500000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA <br> Finance Corp., Senior Unsecured Notes, <br> 5.60%, 1/15/36 <br>| &nbsp;&nbsp; $505783 |
| 500000 | Targa Resources Corp., 6.50%, 3/30/34  | &nbsp;&nbsp; 545694 |
|  |  | &nbsp;&nbsp; **2576101** |
|  |  | &nbsp;&nbsp; **5141296** |
| **FINANCIAL 3.2%** | **FINANCIAL 3.2%** | **FINANCIAL 3.2%** |
|  | **BANKS 1.8%** | **BANKS 1.8%** |
| 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; 509826 |
| 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; 501810 |
| 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; 508095 |
| 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; 503976 |
| 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; 505992 |
| 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; 502677 |
| 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; 504619 |
| 500000 | &nbsp;&nbsp; JPMorgan Chase & Co., Subordinated <br> Notes, 4.13%, 12/15/26<sup>(2)</sup> <br>| &nbsp;&nbsp; 500900 |
| 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; 402244 |
| 500000 | &nbsp;&nbsp; KeyCorp, Senior Unsecured Notes, 4.10%, <br> 4/30/28<sup>(2)</sup> <br>| &nbsp;&nbsp; 500261 |
| 500000 | &nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(2)(4)</sup> <br>| &nbsp;&nbsp; 503185 |
| 500000 | &nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + <br> 2.56%), 6.34%, 10/18/33<sup>(4)</sup> <br>| &nbsp;&nbsp; 547986 |
| 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; 501337 |
| 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>(2)(4)</sup> <br>| &nbsp;&nbsp; 508837 |
| 500000 | &nbsp;&nbsp; Regions Financial Corp., Senior Unsecured <br> Notes, (1 day USD SOFR + 2.06%), <br> 5.50%, 9/6/35<sup>(2)(4)</sup> <br>| &nbsp;&nbsp; 515023 |
| 500000 | &nbsp;&nbsp; Royal Bank of Canada, Senior Unsecured <br> Notes, 5.00%, 2/1/33 <br>| &nbsp;&nbsp; 514720 |
| 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; 503674 |
| 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; 510349 |

---

*See Notes to Financial Statements.*

------

December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** |
| **FINANCIAL 3.2% (continued)** | **FINANCIAL 3.2% (continued)** | **FINANCIAL 3.2% (continued)** |
|  | **BANKS 1.8% (continued)** | **BANKS 1.8% (continued)** |
| $500000 | &nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(4)</sup> <br>| &nbsp;&nbsp; $430252 |
|  |  | &nbsp;&nbsp; **9475763** |
|  | **DIVERSIFIED FINANCIALS 0.5%** | **DIVERSIFIED FINANCIALS 0.5%** |
| 500000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, <br> 3.30%, 1/30/32 <br>| &nbsp;&nbsp; 461660 |
| 500000 | &nbsp;&nbsp; Ally Financial, Inc., Senior Unsecured <br> Notes, 4.75%, 6/9/27<sup>(2)</sup> <br>| &nbsp;&nbsp; 504347 |
| 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; 512674 |
| 500000 | &nbsp;&nbsp; Capital One Financial Corp., Senior <br> Unsecured Notes, 4.10%, 2/9/27<sup>(2)</sup> <br>| &nbsp;&nbsp; 500338 |
| 500000 | &nbsp;&nbsp; Charles Schwab Corp., Senior Unsecured <br> Notes, 1 day USD SOFR + 1.23%, <br> 4.91%, 11/14/36<sup>(4)</sup> <br>| &nbsp;&nbsp; 496643 |
|  |  | &nbsp;&nbsp; **2475662** |
|  | **INSURANCE 0.1%** | **INSURANCE 0.1%** |
| 500000 | &nbsp;&nbsp; Chubb INA Holdings LLC, Guaranteed <br> Notes, 4.90%, 8/15/35 <br>| &nbsp;&nbsp; 502120 |
|  | **REITS 0.8%** | **REITS 0.8%** |
| 500000 | &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30 <br>| &nbsp;&nbsp; 506674 |
| 500000 | &nbsp;&nbsp; American Tower Corp., Senior Unsecured <br> Notes, 4.70%, 12/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 500108 |
| 500000 | &nbsp;&nbsp; Equinix, Inc., Senior Unsecured Notes, <br> 2.50%, 5/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp; 452491 |
| 500000 | &nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp; 513115 |
| 500000 | &nbsp;&nbsp; Host Hotels & Resorts LP, Senior <br> Unsecured Notes, 3.50%, 9/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 476830 |
| 500000 | &nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured <br> Notes, 2.25%, 12/1/31 <br>| &nbsp;&nbsp; 443498 |
| 500000 | &nbsp;&nbsp; Prologis LP, Senior Unsecured Notes, <br> 4.75%, 6/15/33 <br>| &nbsp;&nbsp; 504220 |
| 500000 | &nbsp;&nbsp; Sabra Health Care LP, Guaranteed Notes, <br> 3.20%, 12/1/31 <br>| &nbsp;&nbsp; 457487 |
| 500000 | &nbsp;&nbsp; Welltower OP LLC, Senior Unsecured <br> Notes, 4.25%, 4/15/28 <br>| &nbsp;&nbsp; 503390 |
|  |  | &nbsp;&nbsp; **4357813** |
|  |  | &nbsp;&nbsp; **16811358** |
| **INDUSTRIAL 0.5%** | **INDUSTRIAL 0.5%** | **INDUSTRIAL 0.5%** |
|  | **AEROSPACE/DEFENSE 0.2%** | **AEROSPACE/DEFENSE 0.2%** |
| 500000 | &nbsp;&nbsp; General Electric Co., Senior Unsecured <br> Notes, 4.90%, 1/29/36<sup>(2)</sup> <br>| &nbsp;&nbsp; 507635 |
| 500000 | &nbsp;&nbsp; Lockheed Martin Corp., Senior Unsecured <br> Notes, 4.40%, 8/15/30 <br>| &nbsp;&nbsp; 504804 |
| 500000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp; 451981 |
|  |  | &nbsp;&nbsp; **1464420** |
|  | **ELECTRONICS 0.1%** | **ELECTRONICS 0.1%** |
| 600000 | &nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp; 535915 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** | **CORPORATE BONDS & NOTES 9.9% (continued)** |
| **INDUSTRIAL 0.5% (continued)** | **INDUSTRIAL 0.5% (continued)** | **INDUSTRIAL 0.5% (continued)** |
|  | **MISCELLANEOUS MANUFACTURERS 0.1%** | **MISCELLANEOUS MANUFACTURERS 0.1%** |
| $500000 | &nbsp;&nbsp; Teledyne Technologies, Inc., 2.25%, <br> 4/1/28<sup>(2)</sup> <br>| &nbsp;&nbsp; $480774 |
|  | **PACKAGING & CONTAINERS 0.1%** | **PACKAGING & CONTAINERS 0.1%** |
| 500000 | &nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp; 462303 |
|  |  | &nbsp;&nbsp; **2943412** |
| **TECHNOLOGY 0.8%** | **TECHNOLOGY 0.8%** | **TECHNOLOGY 0.8%** |
|  | **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; 513462 |
| 500000 | &nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior <br> Unsecured Notes, 5.00%, 10/15/34 <br>| &nbsp;&nbsp; 495607 |
| 500000 | &nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp; 456367 |
|  |  | &nbsp;&nbsp; **1465436** |
|  | **SEMICONDUCTORS 0.3%** | **SEMICONDUCTORS 0.3%** |
| 500000 | &nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured <br> Notes, 2.80%, 10/1/41 <br>| &nbsp;&nbsp; 368784 |
| 500000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp; 493210 |
| 500000 | &nbsp;&nbsp; Microchip Technology, Inc., Guaranteed <br> Notes, 5.05%, 2/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 510194 |
| 500000 | &nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp; 533451 |
|  |  | &nbsp;&nbsp; **1905639** |
|  | **SOFTWARE 0.2%** | **SOFTWARE 0.2%** |
| 500000 | &nbsp;&nbsp; Oracle Corp., Senior Unsecured Notes, <br> 2.88%, 3/25/31 <br>| &nbsp;&nbsp; 449296 |
| 500000 | &nbsp;&nbsp; Roper Technologies, Inc., Senior <br> Unsecured Notes, 5.10%, 9/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp; 503802 |
|  |  | &nbsp;&nbsp; **953098** |
|  |  | &nbsp;&nbsp; **4324173** |
| **UTILITIES 0.6%** | **UTILITIES 0.6%** | **UTILITIES 0.6%** |
|  | **ELECTRIC 0.5%** | **ELECTRIC 0.5%** |
| 500000 | &nbsp;&nbsp; Duke Energy Corp., Senior Unsecured <br> Notes, 4.50%, 8/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp; 498349 |
| 500000 | &nbsp;&nbsp; National Grid PLC, Senior Unsecured <br> Notes, 5.42%, 1/11/34 <br>| &nbsp;&nbsp; 517171 |
| 500000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp; 515818 |
| 500000 | Southern Co., 5.70%, 3/15/34  | &nbsp;&nbsp; 526385 |
| 500000 | &nbsp;&nbsp; Virginia Electric & Power Co., Series C, <br> Senior Unsecured Notes, 4.90%, <br> 9/15/35 <br>| &nbsp;&nbsp; 497632 |
|  |  | &nbsp;&nbsp; **2555355** |
|  | **GAS 0.1%** | **GAS 0.1%** |
| 500000 | &nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp; 485774 |
|  |  | &nbsp;&nbsp; **3041129** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $51,695,381)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $51,695,381)** | &nbsp;&nbsp; **52500050** |
| **LONG-TERM MUNICIPAL SECURITIES 0.7%** | **LONG-TERM MUNICIPAL SECURITIES 0.7%** | **LONG-TERM MUNICIPAL SECURITIES 0.7%** |
|  | **CALIFORNIA 0.1%** | **CALIFORNIA 0.1%** |
| 500000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp; 543434 |

---

*See Notes to Financial Statements.*

------

Schedule of Investments (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **LONG-TERM MUNICIPAL SECURITIES 0.7% (continued)** | **LONG-TERM MUNICIPAL SECURITIES 0.7% (continued)** | **LONG-TERM MUNICIPAL SECURITIES 0.7% (continued)** |
|  | **CONNECTICUT 0.1%** | **CONNECTICUT 0.1%** |
| $500000 | City of Norwich, GO, 2.47%, 8/1/28  | &nbsp;&nbsp; $484403 |
|  | **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; 492756 |
| 500000 | &nbsp;&nbsp; State of Hawaii, Series GN, GO, 4.62%, <br> 10/1/32 <br>| &nbsp;&nbsp; 510739 |
|  |  | &nbsp;&nbsp; **1003495** |
|  | **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; 523739 |
|  | **MICHIGAN 0.1%** | **MICHIGAN 0.1%** |
| 500000 | University of Michigan, 5.18%, 4/1/35  | &nbsp;&nbsp; 505999 |
|  | **NEW YORK 0.1%** | **NEW YORK 0.1%** |
| 500000 | &nbsp;&nbsp; Empire State Development Corp., Series <br> B-3, 3.90%, 3/15/33 <br>| &nbsp;&nbsp; 492742 |
| 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; 448858 |
|  |  | &nbsp;&nbsp; **941600** |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,939,728)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,939,728)** | &nbsp;&nbsp; **4002670** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.8%** |
| 1308441 | FHLMC Pool #QB9661, 2.50%, 3/1/51  | &nbsp;&nbsp; 1106810 |
| 546280 | FHLMC Pool #QD2419, 3.00%, 12/1/51  | &nbsp;&nbsp; 488417 |
| 1325588 | FHLMC Pool #QE8017, 3.50%, 8/1/52  | &nbsp;&nbsp; 1228512 |
| 1634439 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp; 1602267 |
| 926913 | FHLMC Pool #QG6306, 5.00%, 7/1/53  | &nbsp;&nbsp; 927957 |
| 152192 | FHLMC Pool #RA6817, 2.50%, 2/1/52  | &nbsp;&nbsp; 130367 |
| 394511 | FHLMC Pool #SB8215, 4.00%, 3/1/38  | &nbsp;&nbsp; 389522 |
| 2082191 | FHLMC Pool #SD4553, 3.00%, 9/1/53  | &nbsp;&nbsp; 1844536 |
| 319314 | FHLMC Pool #SD8093, 3.50%, 9/1/50  | &nbsp;&nbsp; 298106 |
| 872681 | FHLMC Pool #SD8108, 3.00%, 11/1/50  | &nbsp;&nbsp; 778570 |
| 1721908 | FHLMC Pool #SD8255, 3.50%, 10/1/52  | &nbsp;&nbsp; 1595807 |
| 2081738 | FHLMC Pool #SD8256, 4.00%, 10/1/52  | &nbsp;&nbsp; 1985772 |
| 1942894 | &nbsp;&nbsp; FHLMC Pool #SD8266, MBS, 4.50%, <br> 11/1/52 <br>| &nbsp;&nbsp; 1904050 |
| 1436895 | FHLMC Pool #SD8328, 4.50%, 6/1/53  | &nbsp;&nbsp; 1404975 |
| 291 | FNMA Pool #AH3226, 5.00%, 2/1/41  | &nbsp;&nbsp; 299 |
| 436076 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp; 392927 |
| 862598 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp; 847532 |
| 125123 | FNMA Pool #FM2202, 4.00%, 12/1/48  | &nbsp;&nbsp; 120904 |
| 282341 | FNMA Pool #FM4140, 2.50%, 9/1/50  | &nbsp;&nbsp; 243538 |
| 1237621 | FNMA Pool #FS3526, 4.00%, 12/1/52  | &nbsp;&nbsp; 1180419 |
| 119768 | FNMA Pool #MA4222, 3.50%, 12/1/50  | &nbsp;&nbsp; 111814 |
| 1887543 | FNMA Pool #MA4512, 2.50%, 1/1/52  | &nbsp;&nbsp; 1609852 |
| 1116265 | FNMA Pool #MA5131, 3.50%, 7/1/53  | &nbsp;&nbsp; 1034518 |
| 709682 | FNMA Pool #MA5283, MBS, 4.00%, 2/1/54  | &nbsp;&nbsp; 673678 |
| 1067211 | &nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, <br> 3.00%, 6/20/51 <br>| &nbsp;&nbsp; 189778 |
| 1465618 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp; 1345126 |
| 2175881 | &nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp; 1877851 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.8% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.8% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.8% (continued)** |
| $3790580 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp; $3410381 |
| 1025927 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp; 977451 |
| 1200467 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp; 1195022 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $31,220,475)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $31,220,475)** | &nbsp;&nbsp; **30896758** |
| **U.S. TREASURY OBLIGATIONS 11.7%** | **U.S. TREASURY OBLIGATIONS 11.7%** | **U.S. TREASURY OBLIGATIONS 11.7%** |
| 3000000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp; 2733516 |
| 5000000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp; 4485351 |
| 1500000 | U.S. Treasury Bonds, 4.25%, 8/15/54  | &nbsp;&nbsp; 1356211 |
| 2000000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp; 2010260 |
| 3000400 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp; 2942033 |
| 7000000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp; 6894453 |
| 4000000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp; 3999375 |
| 4000000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp; 3674062 |
| 4000000 | U.S. Treasury Notes, 3.75%, 5/31/30  | &nbsp;&nbsp; 4009844 |
| 9000000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp; 8389336 |
| 7000000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp; 6941758 |
| 8000000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp; 7975000 |
| 7000000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp; 7057969 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $61,829,948)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $61,829,948)** | &nbsp;&nbsp; **62469168** |

---

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

---

| | |
|:---|:---|
| <br>**Shares** | <br>**Value** |
| **SHORT-TERM INVESTMENTS 8.1%** | **SHORT-TERM INVESTMENTS 8.1%** |
|  | **MONEY MARKET FUNDS 8.1%** |
| 26514770<br> &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 3.74%<sup>(5)</sup> <br>| &nbsp;&nbsp; 26514770 |
| 16818603<br> &nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(6)</sup> <br>| &nbsp;&nbsp; 16818603 |
|  | &nbsp;&nbsp; **43333373** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $43,333,373)** | &nbsp;&nbsp; **43333373** |
| **TOTAL INVESTMENTS IN SECURITIES 102.3%** <br>**(Cost $337,531,032)** | &nbsp;&nbsp; **$544527971** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(2.3)%** | &nbsp;&nbsp; **(12015824)**<br>|
| **NET ASSETS 100.0%** | &nbsp;&nbsp; **$532512147** |

---

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

*See Notes to Financial Statements.*

------

December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&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* *December 31, 2025, the market value of the securities on* *loan was $21,387,868.* 

&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 December 31, 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 December 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *Securities with an aggregate market value of* *$21,387,868 were out on loan in exchange for collateral* *including $16,818,603 of cash collateral as of December* *31, 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.* |
| *ETF* | *Exchange Traded Fund.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association.* |
| *GNMA* | *Government National Mortgage Association.* |
| *REITS* | *Real Estate Investment Trusts.* |
| *SOFR* | *Secured Overnight Financing Rate.* |

---

The following table summarizes the inputs used to value the Fund's investments in securities as of December 31, 2025 (See Note 1(B)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\*  | &nbsp;&nbsp; $346585623 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $346585623 |
| Exchange-Traded Fund  | &nbsp;&nbsp; 2951820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2951820 |
| Collateralized Mortgage Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 814200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 814200 |
| Commercial Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 974309 | &nbsp;&nbsp; — | &nbsp;&nbsp; 974309 |
| Corporate Bonds & Notes\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 52500050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52500050 |
| Long-Term Municipal Securities\*  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4002670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4002670 |
| Residential Mortgage-Backed Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; 30896758 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30896758 |
| U.S. Treasury Obligations  | &nbsp;&nbsp; — | &nbsp;&nbsp; 62469168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62469168 |
| Short-Term Investments  | &nbsp;&nbsp; 43333373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43333373 |
| **Total Investments in Securities**  | &nbsp;&nbsp; $392870816 | &nbsp;&nbsp; $151657155 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $544527971 |

---

&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 December 31, 2025

------

&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; $832819493 | &nbsp;&nbsp; $1672842957 |
| Receivable for capital shares sold  | &nbsp;&nbsp; 821631 | &nbsp;&nbsp; 1681148 |
| Dividends and interest receivable  | &nbsp;&nbsp; 267385 | &nbsp;&nbsp; 641576 |
| Receivable for securities sold  | &nbsp;&nbsp; 245225 | &nbsp;&nbsp; 1768254 |
| Prepaid expenses  | &nbsp;&nbsp; 24304 | &nbsp;&nbsp; 30919 |
| Receivable for securities lending income  | &nbsp;&nbsp; 7033 | &nbsp;&nbsp; 1963 |
| **Total Assets**  | &nbsp;&nbsp; 834185071 | &nbsp;&nbsp; 1676966817 |
| **Liabilities:** |  |  |
| Payable upon return of securities on loan (See Note 1(k))  | &nbsp;&nbsp; 12341178 | &nbsp;&nbsp; 20808518 |
| Payable for securities purchased  | &nbsp;&nbsp; 686719 | &nbsp;&nbsp; 3650645 |
| Payable for capital shares redeemed  | &nbsp;&nbsp; 284522 | &nbsp;&nbsp; 2858351 |
| Accrued expenses: |  |  |
| Advisory fee  | &nbsp;&nbsp; 533149 | &nbsp;&nbsp; 935166 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 123423 | &nbsp;&nbsp; 236948 |
| Service and distribution plan fees  | &nbsp;&nbsp; 77406 | &nbsp;&nbsp; 93747 |
| Auditing and legal fees payable  | &nbsp;&nbsp; 50842 | &nbsp;&nbsp; 89498 |
| Printing fee payable  | &nbsp;&nbsp; 44099 | &nbsp;&nbsp; 115871 |
| Custody and accounting fees payable  | &nbsp;&nbsp; 17098 | &nbsp;&nbsp; 30954 |
| Transfer agent fees  | &nbsp;&nbsp; 14306 | &nbsp;&nbsp; 42163 |
| Directors' fees and expenses  | &nbsp;&nbsp; — | &nbsp;&nbsp; 848 |
| Other  | &nbsp;&nbsp; 12126 | &nbsp;&nbsp; 14325 |
| **Total Liabilities**  | &nbsp;&nbsp; 14184868 | &nbsp;&nbsp; 28877034 |
| **Commitments and contingent liabilities** (See Note 5) |  |  |
| **Net Assets**  | &nbsp;&nbsp; $820000203 | &nbsp;&nbsp; $1648089783 |
| **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; $13541 | &nbsp;&nbsp; $48261516 |
| Additional paid-in capital  | &nbsp;&nbsp; 496321586 | &nbsp;&nbsp; 1209105958 |
| Distributable Earnings/(Loss)  | &nbsp;&nbsp; 323665076 | &nbsp;&nbsp; 390722309 |
| **Net Assets**  | &nbsp;&nbsp; $820000203 | &nbsp;&nbsp; $1648089783 |
| **Net Asset Value Per Share** |  |  |
| **Investor Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $354955531 | &nbsp;&nbsp; $431077190 |
| Shares Outstanding  | &nbsp;&nbsp; 5981077 | &nbsp;&nbsp; 12717483 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $59.35 | &nbsp;&nbsp; $33.90 |
| **Institutional Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $465044672 | &nbsp;&nbsp; $1217012593 |
| Shares Outstanding  | &nbsp;&nbsp; 7559603 | &nbsp;&nbsp; 35544033 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $61.52 | &nbsp;&nbsp; $34.24 |
| \*Includes securities on loan of  | &nbsp;&nbsp; $62311467 | &nbsp;&nbsp; $20065934 |
| Cost of investments  | &nbsp;&nbsp; $520221538 | &nbsp;&nbsp; $1293182364 |

---

*See Notes to Financial Statements.*

------

Statements of Assets and Liabilities

at December 31, 2025 (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; $363725949 | &nbsp;&nbsp; $470739628 |
| Cash  | &nbsp;&nbsp; 45120 | &nbsp;&nbsp; — |
| Dividends and interest receivable  | &nbsp;&nbsp; 171112 | &nbsp;&nbsp; 24077 |
| Receivable for capital shares sold  | &nbsp;&nbsp; 17365 | &nbsp;&nbsp; 94317 |
| Prepaid expenses  | &nbsp;&nbsp; 12835 | &nbsp;&nbsp; 11018 |
| Receivable for securities lending income  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3548 |
| **Total Assets**  | &nbsp;&nbsp; 363972381 | &nbsp;&nbsp; 470872588 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed  | &nbsp;&nbsp; 477528 | &nbsp;&nbsp; 143301 |
| Payable upon return of securities on loan (See Note 1(k))  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14294889 |
| Accrued expenses: |  |  |
| Advisory fee  | &nbsp;&nbsp; 224162 | &nbsp;&nbsp; 279614 |
| Service and distribution plan fees  | &nbsp;&nbsp; 74827 | &nbsp;&nbsp; 96067 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 32337 | &nbsp;&nbsp; 25632 |
| Auditing and legal fees payable  | &nbsp;&nbsp; 20647 | &nbsp;&nbsp; 34425 |
| Transfer agent fees  | &nbsp;&nbsp; 16771 | &nbsp;&nbsp; 8693 |
| Custody and accounting fees payable  | &nbsp;&nbsp; 12728 | &nbsp;&nbsp; 12973 |
| Directors' fees and expenses  | &nbsp;&nbsp; 191 | &nbsp;&nbsp; — |
| Other  | &nbsp;&nbsp; 32628 | &nbsp;&nbsp; 28533 |
| **Total Liabilities**  | &nbsp;&nbsp; 891819 | &nbsp;&nbsp; 14924127 |
| **Commitments and contingent liabilities** (See Note 5) |  |  |
| **Net Assets**  | &nbsp;&nbsp; $363080562 | &nbsp;&nbsp; $455948461 |
| **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; $11602318 | &nbsp;&nbsp; $10390612 |
| Additional paid-in capital  | &nbsp;&nbsp; 147751769 | &nbsp;&nbsp; 191675723 |
| Distributable Earnings/(Loss)  | &nbsp;&nbsp; 203726475 | &nbsp;&nbsp; 253882126 |
| **Net Assets**  | &nbsp;&nbsp; $363080562 | &nbsp;&nbsp; $455948461 |
| **Net Asset Value Per Share** |  |  |
| **Investor Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $344853683 | &nbsp;&nbsp; $437103301 |
| Shares Outstanding  | &nbsp;&nbsp; 11028222 | &nbsp;&nbsp; 9971881 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $31.27 | &nbsp;&nbsp; $43.83 |
| **Institutional Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $18226879 | &nbsp;&nbsp; $18845160 |
| Shares Outstanding  | &nbsp;&nbsp; 574096 | &nbsp;&nbsp; 418731 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $31.75 | &nbsp;&nbsp; $45.01 |
| \*Includes securities on loan of  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28687902 |
| Cost of investments  | &nbsp;&nbsp; $177884645 | &nbsp;&nbsp; $231267084 |

---

*See Notes to Financial Statements.*

------

Statements of Assets and Liabilities

at December 31, 2025 (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; $545635870 | &nbsp;&nbsp; $544527971 |
| Cash  | &nbsp;&nbsp; — | &nbsp;&nbsp; 364 |
| Dividends and interest receivable  | &nbsp;&nbsp; 1858789 | &nbsp;&nbsp; 1534288 |
| Receivable for capital shares sold  | &nbsp;&nbsp; 288954 | &nbsp;&nbsp; 189828 |
| Prepaid expenses  | &nbsp;&nbsp; 21835 | &nbsp;&nbsp; 11257 |
| Receivable for securities lending income  | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 4629 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3883607 |
| **Total Assets**  | &nbsp;&nbsp; 547807023 | &nbsp;&nbsp; 550151944 |
| **Liabilities:** |  |  |
| Payable upon return of securities on loan (See Note 1(k))  | &nbsp;&nbsp; 8173753 | &nbsp;&nbsp; 16818603 |
| Payable for capital shares redeemed  | &nbsp;&nbsp; 3357554 | &nbsp;&nbsp; 264048 |
| Accrued expenses: |  |  |
| Advisory fee  | &nbsp;&nbsp; 323990 | &nbsp;&nbsp; 301758 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 94230 | &nbsp;&nbsp; 50058 |
| Service and distribution plan fees  | &nbsp;&nbsp; 57730 | &nbsp;&nbsp; 91840 |
| Printing fee payable  | &nbsp;&nbsp; 44229 | &nbsp;&nbsp; 24995 |
| Custody and accounting fees payable  | &nbsp;&nbsp; 22078 | &nbsp;&nbsp; 17938 |
| Transfer agent fees  | &nbsp;&nbsp; 17736 | &nbsp;&nbsp; 11603 |
| Directors' fees and expenses  | &nbsp;&nbsp; 755 | &nbsp;&nbsp; — |
| Other  | &nbsp;&nbsp; 40579 | &nbsp;&nbsp; 58954 |
| **Total Liabilities**  | &nbsp;&nbsp; 12132634 | &nbsp;&nbsp; 17639797 |
| **Commitments and contingent liabilities** (See Note 5) |  |  |
| **Net Assets**  | &nbsp;&nbsp; $535674389 | &nbsp;&nbsp; $532512147 |
| **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; $15215 | &nbsp;&nbsp; $37043476 |
| Additional paid-in capital  | &nbsp;&nbsp; 316801358 | &nbsp;&nbsp; 278873902 |
| Distributable Earnings/(Loss)  | &nbsp;&nbsp; 218857816 | &nbsp;&nbsp; 216594769 |
| **Net Assets**  | &nbsp;&nbsp; $535674389 | &nbsp;&nbsp; $532512147 |
| **Net Asset Value Per Share** |  |  |
| **Investor Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $260572633 | &nbsp;&nbsp; $425877484 |
| Shares Outstanding  | &nbsp;&nbsp; 7408214 | &nbsp;&nbsp; 29624872 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $35.17 | &nbsp;&nbsp; $14.38 |
| **Institutional Class** |  |  |
| Net Assets  | &nbsp;&nbsp; $275101756 | &nbsp;&nbsp; $106634663 |
| Shares Outstanding  | &nbsp;&nbsp; 7806876 | &nbsp;&nbsp; 7418604 |
| Net Asset Value, Offering and Redemption Price per Outstanding Share  | &nbsp;&nbsp; $35.24 | &nbsp;&nbsp; $14.37 |
| \*Includes securities on loan of  | &nbsp;&nbsp; $13615399 | &nbsp;&nbsp; $21387868 |
| Cost of investments  | &nbsp;&nbsp; $376703317 | &nbsp;&nbsp; $337531032 |

---

*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 $124,147, respectively)  | &nbsp;&nbsp; $6258450 | &nbsp;&nbsp; $15907504 |
| Securities lending income (Net)  | &nbsp;&nbsp; 58392 | &nbsp;&nbsp; 25433 |
| **Total Income**  | &nbsp;&nbsp; 6316842 | &nbsp;&nbsp; 15932937 |
| **Expenses:** |  |  |
| Advisory fees  | &nbsp;&nbsp; 5772259 | &nbsp;&nbsp; 12267698 |
| Service and distribution plan fees  | &nbsp;&nbsp; 886263 | &nbsp;&nbsp; 1227919 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 855851 | &nbsp;&nbsp; 1832268 |
| Auditing and legal fees  | &nbsp;&nbsp; 172267 | &nbsp;&nbsp; 391657 |
| Transfer agent fees  | &nbsp;&nbsp; 151500 | &nbsp;&nbsp; 359845 |
| Registration and filing fees  | &nbsp;&nbsp; 104997 | &nbsp;&nbsp; 246393 |
| Custody and accounting fees  | &nbsp;&nbsp; 104778 | &nbsp;&nbsp; 187359 |
| Directors' fees and expenses  | &nbsp;&nbsp; 89989 | &nbsp;&nbsp; 232109 |
| Printing and postage fees  | &nbsp;&nbsp; 78076 | &nbsp;&nbsp; 185843 |
| Compliance and tax service fees  | &nbsp;&nbsp; 34949 | &nbsp;&nbsp; 72902 |
| Fund administration fees  | &nbsp;&nbsp; 33405 | &nbsp;&nbsp; 33405 |
| Insurance fees  | &nbsp;&nbsp; 27695 | &nbsp;&nbsp; 72678 |
| Other  | &nbsp;&nbsp; 48247 | &nbsp;&nbsp; 66129 |
| Total Expenses Before Fees Waived (See Note 5)  | &nbsp;&nbsp; 8360276 | &nbsp;&nbsp; 17176205 |
| Less: Fees Waived/Reimbursed by the Advisor  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Expenses  | &nbsp;&nbsp; 8360276 | &nbsp;&nbsp; 17176205 |
| **Net Investment Income/(Loss)**  | &nbsp;&nbsp; (2043434)<br>| &nbsp;&nbsp; (1243268)<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; 59533857 | &nbsp;&nbsp; 45013415 |
| Foreign currency transactions  | &nbsp;&nbsp; — | &nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp; 59533857 | &nbsp;&nbsp; 45014250 |
| **Change in Net Unrealized Appreciation/(Depreciation) of:** |  |  |
| Investments in securities  | &nbsp;&nbsp; (6504087)<br>| &nbsp;&nbsp; (21748160)<br>|
| **Net Realized Gain/(Loss) and Change in Net Unrealized** <br> **Appreciation/(Depreciation) on Investments and Foreign Exchange** <br> **Transactions** <br>| &nbsp;&nbsp; 53029770 | &nbsp;&nbsp; 23266090 |
| **Net Increase/(Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; $50986336 | &nbsp;&nbsp; $22022822 |

---

*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 $9,761 and $0, respectively)  | &nbsp;&nbsp; $4994800 | &nbsp;&nbsp; $885633 |
| Securities lending income (Net)  | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 36664 |
| **Total Income**  | &nbsp;&nbsp; 4995097 | &nbsp;&nbsp; 922297 |
| **Expenses:** |  |  |
| Advisory fees  | &nbsp;&nbsp; 3027936 | &nbsp;&nbsp; 3012473 |
| Service and distribution plan fees  | &nbsp;&nbsp; 982247 | &nbsp;&nbsp; 995111 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 218369 | &nbsp;&nbsp; 129328 |
| Auditing and legal fees  | &nbsp;&nbsp; 102265 | &nbsp;&nbsp; 102101 |
| Transfer agent fees  | &nbsp;&nbsp; 87711 | &nbsp;&nbsp; 83954 |
| Custody and accounting fees  | &nbsp;&nbsp; 75182 | &nbsp;&nbsp; 76805 |
| Registration and filing fees  | &nbsp;&nbsp; 71886 | &nbsp;&nbsp; 82791 |
| Directors' fees and expenses  | &nbsp;&nbsp; 51184 | &nbsp;&nbsp; 47320 |
| Fund administration fees  | &nbsp;&nbsp; 33405 | &nbsp;&nbsp; 33405 |
| Compliance and tax service fees  | &nbsp;&nbsp; 25710 | &nbsp;&nbsp; 25186 |
| Printing and postage fees  | &nbsp;&nbsp; 24943 | &nbsp;&nbsp; 19059 |
| Insurance fees  | &nbsp;&nbsp; 15918 | &nbsp;&nbsp; 13700 |
| Other  | &nbsp;&nbsp; 42345 | &nbsp;&nbsp; 43217 |
| Total Expenses Before Fees Waived (See Note 5)  | &nbsp;&nbsp; 4759101 | &nbsp;&nbsp; 4664450 |
| Less: Fees Waived/Reimbursed by the Advisor  | &nbsp;&nbsp; (28163)<br>| &nbsp;&nbsp; (45588)<br>|
| Net Expenses  | &nbsp;&nbsp; 4730938 | &nbsp;&nbsp; 4618862 |
| **Net Investment Income/(Loss)**  | &nbsp;&nbsp; 264159 | &nbsp;&nbsp; (3696565)<br>|
| **Net Realized and Unrealized Gain/(Loss) on Investments:** |  |  |
| **Net Realized Gain/(Loss) From:** |  |  |
| Investments in securities  | &nbsp;&nbsp; 37076831 | &nbsp;&nbsp; 43716495 |
| **Change in Net Unrealized Appreciation/(Depreciation) of:** |  |  |
| Investments in securities  | &nbsp;&nbsp; (43330046)<br>| &nbsp;&nbsp; 60055245 |
| **Net Realized Gain/(Loss) and Change in Net Unrealized** <br> **Appreciation/(Depreciation) on Investments and Foreign Exchange** <br> **Transactions** <br>| &nbsp;&nbsp; (6253215)<br>| &nbsp;&nbsp; 103771740 |
| **Net Increase/(Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; $(5989056)<br>| &nbsp;&nbsp; $100075175 |

---

*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; $11386351 | &nbsp;&nbsp; $6125451 |
| Dividends (net of foreign withholding tax of $12,854 and $10,799, respectively)  | &nbsp;&nbsp; 7164724 | &nbsp;&nbsp; 2208935 |
| Securities lending income (Net)  | &nbsp;&nbsp; 29666 | &nbsp;&nbsp; 46413 |
| **Total Income**  | &nbsp;&nbsp; 18580741 | &nbsp;&nbsp; 8380799 |
| **Expenses:** |  |  |
| Advisory fees  | &nbsp;&nbsp; 5180207 | &nbsp;&nbsp; 3143973 |
| Service and distribution plan fees  | &nbsp;&nbsp; 839863 | &nbsp;&nbsp; 978830 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 709145 | &nbsp;&nbsp; 319793 |
| Auditing and legal fees  | &nbsp;&nbsp; 181845 | &nbsp;&nbsp; 118854 |
| Transfer agent fees  | &nbsp;&nbsp; 136932 | &nbsp;&nbsp; 107755 |
| Custody and accounting fees  | &nbsp;&nbsp; 127997 | &nbsp;&nbsp; 106270 |
| Registration and filing fees  | &nbsp;&nbsp; 114182 | &nbsp;&nbsp; 93799 |
| Directors' fees and expenses  | &nbsp;&nbsp; 104227 | &nbsp;&nbsp; 57699 |
| Printing and postage fees  | &nbsp;&nbsp; 55797 | &nbsp;&nbsp; 28951 |
| Compliance and tax service fees  | &nbsp;&nbsp; 43256 | &nbsp;&nbsp; 26277 |
| Fund administration fees  | &nbsp;&nbsp; 33405 | &nbsp;&nbsp; 33405 |
| Insurance fees  | &nbsp;&nbsp; 33258 | &nbsp;&nbsp; 17523 |
| Other  | &nbsp;&nbsp; 51043 | &nbsp;&nbsp; 45174 |
| Recoupment (See Note 5)  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4324 |
| Total Expenses Before Fees Waived (See Note 5)  | &nbsp;&nbsp; 7611157 | &nbsp;&nbsp; 5082627 |
| Less: Fees Waived/Reimbursed by the Advisor  | &nbsp;&nbsp; — | &nbsp;&nbsp; (47304)<br>|
| Net Expenses  | &nbsp;&nbsp; 7611157 | &nbsp;&nbsp; 5035323 |
| **Net Investment Income/(Loss)**  | &nbsp;&nbsp; 10969584 | &nbsp;&nbsp; 3345476 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign** <br> **Exchange Transactions:**<br>|  |  |
| **Net Realized Gain/(Loss) From:** |  |  |
| Investments in securities  | &nbsp;&nbsp; 93217424 | &nbsp;&nbsp; 38855265 |
| Foreign currency transactions  | &nbsp;&nbsp; 431 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 93217855 | &nbsp;&nbsp; 38855265 |
| **Change in Net Unrealized Appreciation/(Depreciation) of:** |  |  |
| Investments in securities  | &nbsp;&nbsp; (117546034)<br>| &nbsp;&nbsp; 48422977 |
| **Net Realized Gain/(Loss) and Change in Net Unrealized** <br> **Appreciation/(Depreciation) on Investments** <br>| &nbsp;&nbsp; (24328179)<br>| &nbsp;&nbsp; 87278242 |
| **Net Increase/(Decrease) in Net Assets from Operations**  | &nbsp;&nbsp; $(13358595)<br>| &nbsp;&nbsp; $90623718 |

---

*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.** |
|  | **Year Ended** <br>**December 31, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income/(loss)  | &nbsp;&nbsp; $(2043434)<br>| &nbsp;&nbsp; $(1497405)<br>| &nbsp;&nbsp; $(1243268)<br>| &nbsp;&nbsp; $3833994 |
| Net realized gain/(loss) on <br> investments <br>| &nbsp;&nbsp; 59533857 | &nbsp;&nbsp; 7015341 | &nbsp;&nbsp; 45014250 | &nbsp;&nbsp; 18058433 |
| Change in net unrealized <br> appreciation/(depreciation) on <br> investments <br>| &nbsp;&nbsp; (6504087)<br>| &nbsp;&nbsp; 75347654 | &nbsp;&nbsp; (21748160)<br>| &nbsp;&nbsp; 75328430 |
| **Net increase/(decrease) in** <br> **net assets from operations** <br>| &nbsp;&nbsp; 50986336 | &nbsp;&nbsp; 80865590 | &nbsp;&nbsp; 22022822 | &nbsp;&nbsp; 97220857 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (21606809)<br>| &nbsp;&nbsp; (327637)<br>| &nbsp;&nbsp; (9249983)<br>| &nbsp;&nbsp; (5183716)<br>|
| Institutional Class  | &nbsp;&nbsp; (27393681)<br>| &nbsp;&nbsp; (321146)<br>| &nbsp;&nbsp; (26050607)<br>| &nbsp;&nbsp; (16504048)<br>|
|  | &nbsp;&nbsp; (49000490)<br>| &nbsp;&nbsp; (648783)<br>| &nbsp;&nbsp; (35300590)<br>| &nbsp;&nbsp; (21687764)<br>|
| **Share Transactions:** |  |  |  |  |
| **Proceeds from sale of shares** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 30810811 | &nbsp;&nbsp; 33429929 | &nbsp;&nbsp; 51290421 | &nbsp;&nbsp; 180220740 |
| Institutional Class  | &nbsp;&nbsp; 201389789 | &nbsp;&nbsp; 178438467 | &nbsp;&nbsp; 451602026 | &nbsp;&nbsp; 802124218 |
| **Proceeds from reinvestment** <br> **of distributions to** <br> **shareholders**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 21324405 | &nbsp;&nbsp; 323450 | &nbsp;&nbsp; 9036210 | &nbsp;&nbsp; 5067158 |
| Institutional Class  | &nbsp;&nbsp; 25584448 | &nbsp;&nbsp; 311969 | &nbsp;&nbsp; 24382547 | &nbsp;&nbsp; 15083052 |
| **Cost of shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (55966737)<br>| &nbsp;&nbsp; (41711128)<br>| &nbsp;&nbsp; (153255050)<br>| &nbsp;&nbsp; (110036937)<br>|
| Institutional Class  | &nbsp;&nbsp; (129354275)<br>| &nbsp;&nbsp; (60731980)<br>| &nbsp;&nbsp; (660349391)<br>| &nbsp;&nbsp; (291194925)<br>|
| **Net increase/(decrease) in** <br> **net assets from capital** <br> **share transactions** <br>| &nbsp;&nbsp; 93788441 | &nbsp;&nbsp; 110060707 | &nbsp;&nbsp; (277293237)<br>| &nbsp;&nbsp; 601263306 |
| **Total increase/(decrease) in** <br> **net assets** <br>| &nbsp;&nbsp; 95774287 | &nbsp;&nbsp; 190277514 | &nbsp;&nbsp; (290571005)<br>| &nbsp;&nbsp; 676796399 |
| **Net Assets:** |  |  |  |  |
| Beginning of year  | &nbsp;&nbsp; 724225916 | &nbsp;&nbsp; 533948402 | &nbsp;&nbsp; 1938660788 | &nbsp;&nbsp; 1261864389 |
| End of year  | &nbsp;&nbsp; $820000203 | &nbsp;&nbsp; $724225916 | &nbsp;&nbsp; $1648089783 | &nbsp;&nbsp; $1938660788 |
| **Capital Share Transactions:** |  |  |  |  |
| **Shares sold** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 517998 | &nbsp;&nbsp; 575978 | &nbsp;&nbsp; 1484067 | &nbsp;&nbsp; 5221824 |
| Institutional Class  | &nbsp;&nbsp; 3294337 | &nbsp;&nbsp; 3031691 | &nbsp;&nbsp; 12919348 | &nbsp;&nbsp; 22911540 |
| **Shares issued to shareholders** <br> **in reinvestment of** <br> **distributions**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 357732 | &nbsp;&nbsp; 5389 | &nbsp;&nbsp; 267264 | &nbsp;&nbsp; 146534 |
| Institutional Class  | &nbsp;&nbsp; 414055 | &nbsp;&nbsp; 5037 | &nbsp;&nbsp; 713984 | &nbsp;&nbsp; 433048 |
| **Shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (932124)<br>| &nbsp;&nbsp; (728802)<br>| &nbsp;&nbsp; (4411536)<br>| &nbsp;&nbsp; (3156512)<br>|
| Institutional Class  | &nbsp;&nbsp; (2121925)<br>| &nbsp;&nbsp; (1028623)<br>| &nbsp;&nbsp; (18828388)<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.** |
|  | **Year Ended** <br>**December 31, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income/(loss)  | &nbsp;&nbsp; $264159 | &nbsp;&nbsp; $274553 | &nbsp;&nbsp; $(3696565)<br>| &nbsp;&nbsp; $(2953094)<br>|
| Net realized gain/(loss) on <br> investments <br>| &nbsp;&nbsp; 37076831 | &nbsp;&nbsp; 39213079 | &nbsp;&nbsp; 43716495 | &nbsp;&nbsp; 17320858 |
| Change in net unrealized <br> appreciation/(depreciation) on <br> investments <br>| &nbsp;&nbsp; (43330046)<br>| &nbsp;&nbsp; 10650653 | &nbsp;&nbsp; 60055245 | &nbsp;&nbsp; 65878673 |
| **Net increase/(decrease) in** <br> **net assets from operations** <br>| &nbsp;&nbsp; (5989056)<br>| &nbsp;&nbsp; 50138285 | &nbsp;&nbsp; 100075175 | &nbsp;&nbsp; 80246437 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (27927021)<br>| &nbsp;&nbsp; (41322432)<br>| &nbsp;&nbsp; (25948653)<br>| &nbsp;&nbsp; (9147902)<br>|
| Institutional Class  | &nbsp;&nbsp; (1572222)<br>| &nbsp;&nbsp; (1898338)<br>| &nbsp;&nbsp; (1051345)<br>| &nbsp;&nbsp; (201183)<br>|
|  | &nbsp;&nbsp; (29499243)<br>| &nbsp;&nbsp; (43220770)<br>| &nbsp;&nbsp; (26999998)<br>| &nbsp;&nbsp; (9349085)<br>|
| **Share Transactions:** |  |  |  |  |
| **Proceeds from sale of shares** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 4443382 | &nbsp;&nbsp; 4869456 | &nbsp;&nbsp; 44245718 | &nbsp;&nbsp; 27158976 |
| Institutional Class  | &nbsp;&nbsp; 9800520 | &nbsp;&nbsp; 6634980 | &nbsp;&nbsp; 15534479 | &nbsp;&nbsp; 3295308 |
| **Proceeds from reinvestment** <br> **of distributions to** <br> **shareholders**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 26932154 | &nbsp;&nbsp; 40041408 | &nbsp;&nbsp; 25011018 | &nbsp;&nbsp; 8870293 |
| Institutional Class  | &nbsp;&nbsp; 1527443 | &nbsp;&nbsp; 1834753 | &nbsp;&nbsp; 1051345 | &nbsp;&nbsp; 200510 |
| **Cost of shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (58082726)<br>| &nbsp;&nbsp; (44176119)<br>| &nbsp;&nbsp; (51873911)<br>| &nbsp;&nbsp; (61045603)<br>|
| Institutional Class  | &nbsp;&nbsp; (9527294)<br>| &nbsp;&nbsp; (10180833)<br>| &nbsp;&nbsp; (8590700)<br>| &nbsp;&nbsp; (5980133)<br>|
| **Net increase/(decrease) in** <br> **net assets from capital** <br> **share transactions** <br>| &nbsp;&nbsp; (24906521)<br>| &nbsp;&nbsp; (976355)<br>| &nbsp;&nbsp; 25377949 | &nbsp;&nbsp; (27500649)<br>|
| **Total increase/(decrease) in** <br> **net assets** <br>| &nbsp;&nbsp; (60394820)<br>| &nbsp;&nbsp; 5941160 | &nbsp;&nbsp; 98453126 | &nbsp;&nbsp; 43396703 |
| **Net Assets:** |  |  |  |  |
| Beginning of year  | &nbsp;&nbsp; 423475382 | &nbsp;&nbsp; 417534222 | &nbsp;&nbsp; 357495335 | &nbsp;&nbsp; 314098632 |
| End of year  | &nbsp;&nbsp; $363080562 | &nbsp;&nbsp; $423475382 | &nbsp;&nbsp; $455948461 | &nbsp;&nbsp; $357495335 |
| **Capital Share Transactions:** |  |  |  |  |
| **Shares sold** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 125396 | &nbsp;&nbsp; 131813 | &nbsp;&nbsp; 1010284 | &nbsp;&nbsp; 894244 |
| Institutional Class  | &nbsp;&nbsp; 269311 | &nbsp;&nbsp; 173294 | &nbsp;&nbsp; 345366 | &nbsp;&nbsp; 95819 |
| **Shares issued to shareholders** <br> **in reinvestment of** <br> **distributions**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 866877 | &nbsp;&nbsp; 1143387 | &nbsp;&nbsp; 581922 | &nbsp;&nbsp; 239608 |
| Institutional Class  | &nbsp;&nbsp; 48429 | &nbsp;&nbsp; 51654 | &nbsp;&nbsp; 23829 | &nbsp;&nbsp; 5297 |
| **Shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (1669183)<br>| &nbsp;&nbsp; (1191356)<br>| &nbsp;&nbsp; (1228920)<br>| &nbsp;&nbsp; (1865181)<br>|
| Institutional Class  | &nbsp;&nbsp; (267753)<br>| &nbsp;&nbsp; (264212)<br>| &nbsp;&nbsp; (197552)<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.** |
|  | **Year Ended** <br>**December 31, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**December 31, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income/(loss)  | &nbsp;&nbsp; $10969584 | &nbsp;&nbsp; $13304992 | &nbsp;&nbsp; $3345476 | &nbsp;&nbsp; $3790674 |
| Net realized gain/(loss) on <br> investments and foreign <br> currency <br>| &nbsp;&nbsp; 93217855 | &nbsp;&nbsp; 57232243 | &nbsp;&nbsp; 38855265 | &nbsp;&nbsp; 32437181 |
| Change in net unrealized <br> appreciation/(depreciation) on <br> investments <br>| &nbsp;&nbsp; (117546034)<br>| &nbsp;&nbsp; 17951692 | &nbsp;&nbsp; 48422977 | &nbsp;&nbsp; 50588606 |
| **Net increase/(decrease) in** <br> **net assets from operations** <br>| &nbsp;&nbsp; (13358595)<br>| &nbsp;&nbsp; 88488927 | &nbsp;&nbsp; 90623718 | &nbsp;&nbsp; 86816461 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (29714417)<br>| &nbsp;&nbsp; (34389742)<br>| &nbsp;&nbsp; (24491734)<br>| &nbsp;&nbsp; (2975222)<br>|
| Institutional Class  | &nbsp;&nbsp; (35562766)<br>| &nbsp;&nbsp; (51237719)<br>| &nbsp;&nbsp; (6507532)<br>| &nbsp;&nbsp; (892162)<br>|
|  | &nbsp;&nbsp; (65277183)<br>| &nbsp;&nbsp; (85627461)<br>| &nbsp;&nbsp; (30999266)<br>| &nbsp;&nbsp; (3867384)<br>|
| **Share Transactions:** |  |  |  |  |
| **Proceeds from sale of shares** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 13614737 | &nbsp;&nbsp; 24316188 | &nbsp;&nbsp; 35687103 | &nbsp;&nbsp; 19226168 |
| Institutional Class  | &nbsp;&nbsp; 46949187 | &nbsp;&nbsp; 74611090 | &nbsp;&nbsp; 29338739 | &nbsp;&nbsp; 9866513 |
| **Proceeds from reinvestment** <br> **of distributions to** <br> **shareholders**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 28977131 | &nbsp;&nbsp; 33233765 | &nbsp;&nbsp; 23132239 | &nbsp;&nbsp; 2768898 |
| Institutional Class  | &nbsp;&nbsp; 34299356 | &nbsp;&nbsp; 49728616 | &nbsp;&nbsp; 6299188 | &nbsp;&nbsp; 864193 |
| **Cost of shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (112738780)<br>| &nbsp;&nbsp; (79291306)<br>| &nbsp;&nbsp; (57764464)<br>| &nbsp;&nbsp; (59469561)<br>|
| Institutional Class  | &nbsp;&nbsp; (296585843)<br>| &nbsp;&nbsp; (153928303)<br>| &nbsp;&nbsp; (27694308)<br>| &nbsp;&nbsp; (36085170)<br>|
| **Net increase/(decrease) in** <br> **net assets from capital** <br> **share transactions** <br>| &nbsp;&nbsp; (285484212)<br>| &nbsp;&nbsp; (51329950)<br>| &nbsp;&nbsp; 8998497 | &nbsp;&nbsp; (62828959)<br>|
| **Total increase/(decrease) in** <br> **net assets** <br>| &nbsp;&nbsp; (364119990)<br>| &nbsp;&nbsp; (48468484)<br>| &nbsp;&nbsp; 68622949 | &nbsp;&nbsp; 20120118 |
| **Net Assets:** |  |  |  |  |
| Beginning of year  | &nbsp;&nbsp; 899794379 | &nbsp;&nbsp; 948262863 | &nbsp;&nbsp; 463889198 | &nbsp;&nbsp; 443769080 |
| End of year  | &nbsp;&nbsp; $535674389 | &nbsp;&nbsp; $899794379 | &nbsp;&nbsp; $532512147 | &nbsp;&nbsp; $463889198 |
| **Capital Share Transactions:** |  |  |  |  |
| **Shares sold** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 333135 | &nbsp;&nbsp; 569921 | &nbsp;&nbsp; 2520476 | &nbsp;&nbsp; 1660941 |
| Institutional Class  | &nbsp;&nbsp; 1143391 | &nbsp;&nbsp; 1721610 | &nbsp;&nbsp; 2057215 | &nbsp;&nbsp; 856283 |
| **Shares issued to shareholders** <br> **in reinvestment of** <br> **distributions**<br>|  |  |  |  |
| Investor Class  | &nbsp;&nbsp; 824620 | &nbsp;&nbsp; 812760 | &nbsp;&nbsp; 1642905 | &nbsp;&nbsp; 216659 |
| Institutional Class  | &nbsp;&nbsp; 974413 | &nbsp;&nbsp; 1213781 | &nbsp;&nbsp; 447704 | &nbsp;&nbsp; 67621 |
| **Shares redeemed** |  |  |  |  |
| Investor Class  | &nbsp;&nbsp; (2802439)<br>| &nbsp;&nbsp; (1847061)<br>| &nbsp;&nbsp; (4375708)<br>| &nbsp;&nbsp; (5188420)<br>|
| Institutional Class  | &nbsp;&nbsp; (7424071)<br>| &nbsp;&nbsp; (3567997)<br>| &nbsp;&nbsp; (1982746)<br>| &nbsp;&nbsp; (3135323)<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 year:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended** <br>**December 31,** | **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** | **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &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; (0.24)<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>| 4.03 | 7.60 | 9.59 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (1.21)<br>| 22.68 |
| Total from investment operations  | 3.79 | 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; (3.80)<br>| &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; (3.80)<br>| &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 year**  | &nbsp;&nbsp; $59.35 | &nbsp;&nbsp; $59.36 | &nbsp;&nbsp; $52.01 | &nbsp;&nbsp; $42.99 | &nbsp;&nbsp; $48.36 | &nbsp;&nbsp; $53.12 |
| **Total return**  | 6.35<br> %<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 year (in thousands)  | &nbsp;&nbsp; $354956 | &nbsp;&nbsp; $358369 | &nbsp;&nbsp; $321658 | &nbsp;&nbsp; $275060 | &nbsp;&nbsp; $328455 | &nbsp;&nbsp; $386766 |
| Ratio of expenses to average net assets  | 1.21<br> %<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; (0.40)%<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; 16<br> %<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** |
|  | **Year Ended** <br>**December 31,** | **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** | **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &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; (0.09)<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>| 4.16 | 7.82 | 9.84 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.26)<br>| 23.07 |
| Total from investment operations  | 4.07 | 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; (3.80)<br>| &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; (3.80)<br>| &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 year**  | &nbsp;&nbsp; $61.52 | &nbsp;&nbsp; $61.25 | &nbsp;&nbsp; $53.54 | &nbsp;&nbsp; $44.14 | &nbsp;&nbsp; $49.52 | &nbsp;&nbsp; $54.19 |
| **Total return**  | 6.61<br> %<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; $465045 | &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>| 0.97<br> %<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  | 0.97<br> %<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; (0.15)%<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; 16<br> %<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 year.*

<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 year:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Investor Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $34.36 | &nbsp;&nbsp;&nbsp;&nbsp; $32.24 | &nbsp;&nbsp;&nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp;&nbsp; $31.24 | &nbsp;&nbsp;&nbsp;&nbsp; $28.29 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<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>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.42 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.52 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.57)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.57)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $33.90 | &nbsp;&nbsp;&nbsp;&nbsp; $34.36 | &nbsp;&nbsp;&nbsp;&nbsp; $32.24 | &nbsp;&nbsp;&nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp;&nbsp; $31.24 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.88<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $431077 | &nbsp;&nbsp;&nbsp;&nbsp; $528378 | &nbsp;&nbsp;&nbsp;&nbsp; $424471 | &nbsp;&nbsp;&nbsp;&nbsp; $274371 | &nbsp;&nbsp;&nbsp;&nbsp; $318184 |
| Ratio of expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<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>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)%<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>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 %<sup>(3)</sup><br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp; **Value Line Mid Cap Focused Fund, Inc.** <br>**Institutional Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp; $34.62 | &nbsp;&nbsp;&nbsp; $32.48 | &nbsp;&nbsp;&nbsp; $26.60 | &nbsp;&nbsp;&nbsp; $31.46 | &nbsp;&nbsp;&nbsp; $28.39 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(4)</sup><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>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.45 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (2.57)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (2.57)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp; $34.24 | &nbsp;&nbsp;&nbsp; $34.62 | &nbsp;&nbsp;&nbsp; $32.48 | &nbsp;&nbsp;&nbsp; $26.60 | &nbsp;&nbsp;&nbsp; $31.46 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.38<br> %<br>| &nbsp;&nbsp;&nbsp; (9.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.24<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp; $1217013 | &nbsp;&nbsp;&nbsp; $1410282 | &nbsp;&nbsp;&nbsp; $837394 | &nbsp;&nbsp;&nbsp; $253758 | &nbsp;&nbsp;&nbsp; $177272 |
| Ratio of gross expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<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>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<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>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp; — %<sup>(5)</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>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 0 %<sup>(3)</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 year.*

<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> *Amount is less than 0.50%.*

<sup>(4)</sup> *Amount is less than $.005.*

<sup>(5)</sup> *Amount rounds to less than 0.005%*

*See Notes to Financial Statements.*

------

Value Line Select Growth Fund, Inc.

Financial Highlights

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Investor Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $34.61 | &nbsp;&nbsp;&nbsp;&nbsp; $34.25 | &nbsp;&nbsp;&nbsp;&nbsp; $28.74 | &nbsp;&nbsp;&nbsp;&nbsp; $40.46 | &nbsp;&nbsp;&nbsp;&nbsp; $37.49 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp; (8.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.08 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp; (8.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.83 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.86)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.86)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $31.27 | &nbsp;&nbsp;&nbsp;&nbsp; $34.61 | &nbsp;&nbsp;&nbsp;&nbsp; $34.25 | &nbsp;&nbsp;&nbsp;&nbsp; $28.74 | &nbsp;&nbsp;&nbsp;&nbsp; $40.46 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; (1.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.16<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $344854 | &nbsp;&nbsp;&nbsp;&nbsp; $405077 | &nbsp;&nbsp;&nbsp;&nbsp; $397990 | &nbsp;&nbsp;&nbsp;&nbsp; $331514 | &nbsp;&nbsp;&nbsp;&nbsp; $486661 |
| Ratio of expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<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>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Select Growth Fund, Inc.** <br>**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended** <br>**December 31,** | &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended** <br>**December 31,** | &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended** <br>**December 31,** | &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended** <br>**December 31,** | &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended** <br>**December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $35.10 | &nbsp;&nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp;&nbsp; $29.01 | &nbsp;&nbsp;&nbsp;&nbsp; $40.69 | &nbsp;&nbsp;&nbsp;&nbsp; $37.58 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp; (8.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp; (8.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.97 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.86)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.86)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp;&nbsp; $35.10 | &nbsp;&nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp;&nbsp; $29.01 | &nbsp;&nbsp;&nbsp;&nbsp; $40.69 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; (1.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.47<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $18227 | &nbsp;&nbsp;&nbsp;&nbsp; $18398 | &nbsp;&nbsp;&nbsp;&nbsp; $19544 | &nbsp;&nbsp;&nbsp;&nbsp; $10801 | &nbsp;&nbsp;&nbsp;&nbsp; $15739 |
| Ratio of gross expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3<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 year.*

*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 year:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Investor Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $36.25 | &nbsp;&nbsp;&nbsp;&nbsp; $29.41 | &nbsp;&nbsp;&nbsp;&nbsp; $18.49 | &nbsp;&nbsp;&nbsp;&nbsp; $34.36 | &nbsp;&nbsp;&nbsp;&nbsp; $38.35 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp; (13.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;&nbsp; (13.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Less distributions:** |  |  |  |  |  |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.93)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.93)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $43.83 | &nbsp;&nbsp;&nbsp;&nbsp; $36.25 | &nbsp;&nbsp;&nbsp;&nbsp; $29.41 | &nbsp;&nbsp;&nbsp;&nbsp; $18.49 | &nbsp;&nbsp;&nbsp;&nbsp; $34.36 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 28.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $437103 | &nbsp;&nbsp;&nbsp;&nbsp; $348335 | &nbsp;&nbsp;&nbsp;&nbsp; $304094 | &nbsp;&nbsp;&nbsp;&nbsp; $200602 | &nbsp;&nbsp;&nbsp;&nbsp; $367681 |
| Ratio of gross expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<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>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<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>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Larger Companies Focused Fund, Inc.** <br>**Institutional Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $37.07 | &nbsp;&nbsp;&nbsp;&nbsp; $29.99 | &nbsp;&nbsp;&nbsp;&nbsp; $18.80 | &nbsp;&nbsp;&nbsp;&nbsp; $34.79 | &nbsp;&nbsp;&nbsp;&nbsp; $38.68 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;11.28 | &nbsp;&nbsp;&nbsp;&nbsp; (13.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| **Less distributions:** |  |  |  |  |  |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.93)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.93)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $45.01 | &nbsp;&nbsp;&nbsp;&nbsp; $37.07 | &nbsp;&nbsp;&nbsp;&nbsp; $29.99 | &nbsp;&nbsp;&nbsp;&nbsp; $18.80 | &nbsp;&nbsp;&nbsp;&nbsp; $34.79 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 28.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $18845 | &nbsp;&nbsp;&nbsp;&nbsp; $9160 | &nbsp;&nbsp;&nbsp;&nbsp; $10004 | &nbsp;&nbsp;&nbsp;&nbsp; $4080 | &nbsp;&nbsp;&nbsp;&nbsp; $8730 |
| Ratio of gross expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<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>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<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>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<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 year.*

*See Notes to Financial Statements.*

------

Value Line Asset Allocation Fund, Inc.

Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended** <br>**December 31,** | **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** | **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &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>  | 0.49 | 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>| &nbsp;&nbsp; (1.56)<br>| 3.40 | 7.46 | &nbsp;&nbsp; (3.84)<br>| 2.59 | 8.65 |
| Total from investment operations  | &nbsp;&nbsp; (1.07)<br>| 3.94 | 7.88 | &nbsp;&nbsp; (3.71)<br>| 2.62 | 8.65 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; (0.70)<br>| &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; (3.60)<br>| &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; (4.30)<br>| &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 year**  | &nbsp;&nbsp; $35.17 | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp; $40.72 | &nbsp;&nbsp; $36.87 | &nbsp;&nbsp; $42.79 | &nbsp;&nbsp; $43.14 |
| **Total return**  | &nbsp;&nbsp; (2.63)%<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 year (in thousands)  | &nbsp;&nbsp; $260573 | &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>| 1.10<br> %<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>| 1.20<br> %<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; 14<br> %<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** |
|  | **Year Ended** <br>**December 31,** | **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** | **2024** | **2023** | **2022\*** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &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>  | 0.60 | 0.65 | 0.51 | 0.20 | 0.15 | 0.11 |
| Net gains/(losses) on securities (both <br> realized and unrealized) <br>| &nbsp;&nbsp; (1.57)<br>| 3.41 | 7.49 | &nbsp;&nbsp; (3.85)<br>| 2.61 | 8.68 |
| Total from investment operations  | &nbsp;&nbsp; (0.97)<br>| 4.06 | 8.00 | &nbsp;&nbsp; (3.65)<br>| 2.76 | 8.79 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp; (0.82)<br>| &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; (3.60)<br>| &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; (4.42)<br>| &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 year**  | &nbsp;&nbsp; $35.24 | &nbsp;&nbsp; $40.63 | &nbsp;&nbsp; $40.80 | &nbsp;&nbsp; $36.93 | &nbsp;&nbsp; $42.89 | &nbsp;&nbsp; $43.24 |
| **Total return**  | &nbsp;&nbsp; (2.38)%<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; $275102 | &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<br> %<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<br> %<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>| 1.46<br> %<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; 14<br> %<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 year.*

<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 year:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** | &nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Investor Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp;&nbsp; $7.87 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp;&nbsp; $12.90 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(2)</sup><br>|
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $14.38 | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp;&nbsp; $7.87 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 20.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.79<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $425877 | &nbsp;&nbsp;&nbsp;&nbsp; $376812 | &nbsp;&nbsp;&nbsp;&nbsp; $348142 | &nbsp;&nbsp;&nbsp;&nbsp; $277895 | &nbsp;&nbsp;&nbsp;&nbsp; $508549 |
| Ratio of gross expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<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>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<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>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<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;&nbsp;&nbsp; (0.35)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Value Line Capital Appreciation Fund, Inc.** <br>**Institutional Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp;&nbsp; $7.86 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp;&nbsp; $12.90 |
| **Income/(loss) from investment operations:** | **Income/(loss) from investment operations:** |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net gains/(losses) on securities (both realized and <br> unrealized) <br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>|
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.38)<br>|
| **Net asset value, end of year**  | &nbsp;&nbsp;&nbsp;&nbsp; $14.37 | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp;&nbsp; $7.86 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 |
| **Total return**  | &nbsp;&nbsp;&nbsp;&nbsp; 21.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.13<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp; $106635 | &nbsp;&nbsp;&nbsp;&nbsp; $87077 | &nbsp;&nbsp;&nbsp;&nbsp; $95627 | &nbsp;&nbsp;&nbsp;&nbsp; $80814 | &nbsp;&nbsp;&nbsp;&nbsp; $184329 |
| Ratio of gross expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<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>|
| Ratio of net expenses to average net assets  | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<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>|
| Ratio of net investment income/(loss) to average <br> net assets <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<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;&nbsp; (0.10)%<br>|
| Portfolio turnover rate  | &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<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 year.*

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

*See Notes to Financial Statements.*

------

Notes to Financial Statements

December 31, 2025

------

&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. and Value Line Capital Appreciation Fund, Inc. (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 offer two classes of shares: Investor Class shares and Institutional 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 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. |

---

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.

**(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:

------

Notes to Financial Statements (continued)

------

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

• 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 December 31, 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 Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09") during the year ended December 31, 2025. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management has determined the adoption of the amendments will not have a material impact on its financial statements.

**(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. and Value Line Capital Appreciation Fund, Inc. 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.

**(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 distribute all of their net investment income annually. Net realized capital gains, if any, are distributed to shareholders annually or more frequently if necessary, to comply with the Internal Revenue Code.

**(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.

------

December 31, 2025

------

Class Specific Expenses:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Total** |
| **Value Line Small Cap Opportunities Fund, Inc.** |  |  |  |
| Transfer agent fees  | &nbsp;&nbsp; $33417 | &nbsp;&nbsp; $118083 | &nbsp;&nbsp; $151500 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 409471 | &nbsp;&nbsp; 446380 | &nbsp;&nbsp; 855851 |
| Registration and filing fees  | &nbsp;&nbsp; 39485 | &nbsp;&nbsp; 50772 | &nbsp;&nbsp; 90257 |
| Other  | &nbsp;&nbsp; 22292 | &nbsp;&nbsp; 25955 | &nbsp;&nbsp; 48247 |

---

&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; $92821 | &nbsp;&nbsp; $267024 | &nbsp;&nbsp; $359845 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 434777 | &nbsp;&nbsp; 1397491 | &nbsp;&nbsp; 1832268 |
| Registration and filing fees  | &nbsp;&nbsp; 61639 | &nbsp;&nbsp; 147187 | &nbsp;&nbsp; 208826 |
| Other  | &nbsp;&nbsp; 17968 | &nbsp;&nbsp; 48161 | &nbsp;&nbsp; 66129 |

---

&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; $86622 | &nbsp;&nbsp; $1089 | &nbsp;&nbsp; $87711 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 205285 | &nbsp;&nbsp; 13084 | &nbsp;&nbsp; 218369 |
| Registration and filing fees  | &nbsp;&nbsp; 33057 | &nbsp;&nbsp; 29729 | &nbsp;&nbsp; 62786 |
| Other  | &nbsp;&nbsp; 38182 | &nbsp;&nbsp; 4163 | &nbsp;&nbsp; 42345 |

---

&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; $81464 | &nbsp;&nbsp; $2490 | &nbsp;&nbsp; $83954 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 119769 | &nbsp;&nbsp; 9559 | &nbsp;&nbsp; 129328 |
| Registration and filing fees  | &nbsp;&nbsp; 35606 | &nbsp;&nbsp; 39292 | &nbsp;&nbsp; 74898 |
| Other  | &nbsp;&nbsp; 39783 | &nbsp;&nbsp; 3434 | &nbsp;&nbsp; 43217 |

---

&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; $44617 | &nbsp;&nbsp; $92315 | &nbsp;&nbsp; $136932 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 346448 | &nbsp;&nbsp; 362697 | &nbsp;&nbsp; 709145 |
| Registration and filing fees  | &nbsp;&nbsp; 33332 | &nbsp;&nbsp; 61814 | &nbsp;&nbsp; 95146 |
| Other  | &nbsp;&nbsp; 21614 | &nbsp;&nbsp; 29429 | &nbsp;&nbsp; 51043 |

---

&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; $79589 | &nbsp;&nbsp; $28166 | &nbsp;&nbsp; $107755 |
| Sub-transfer agent fees  | &nbsp;&nbsp; 255504 | &nbsp;&nbsp; 64289 | &nbsp;&nbsp; 319793 |
| Registration and filing fees  | &nbsp;&nbsp; 44737 | &nbsp;&nbsp; 39267 | &nbsp;&nbsp; 84004 |
| Other  | &nbsp;&nbsp; 34977 | &nbsp;&nbsp; 10197 | &nbsp;&nbsp; 45174 |

---

------

Notes to Financial Statements (continued)

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&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 December 31, 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; $62311467<br>| &nbsp;&nbsp; $64451966<br>|
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 20065934<br>| &nbsp;&nbsp; 20808518<br>|
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 28687902<br>| &nbsp;&nbsp; 29590648<br>|

---

------

December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Fund**  | **Value of Securities**<br> **Loaned**<br>| **Value of**<br> **Collateral\***<br>|
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; $13615399<br>| &nbsp;&nbsp; $13918638<br>|
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 21387868<br>| &nbsp;&nbsp; 21852748 |

---

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

*\** *Value Line Small Cap Opportunities Fund, Inc., Value Line Mid Cap Focused Fund, Inc., Value Line Larger Companies Focused* *Fund, Inc., Value Line Asset Allocation Fund, Inc. and Value Line Capital Appreciation Fund, Inc. received cash collateral of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* *$12,341,178, $20,808,518, $14,294,889, $8,173,753 and $16,818,603 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 $52,780,993 in the form of* *U.S. Government obligations, ranging from 0.01% — 6.13%, maturing 1/15/2026 — 8/15/2055, Value Line Larger Companies* *Focused Fund, Inc. received non cash-collateral of $15,295,759 in the form of U.S. Government obligations, ranging from 0.01%* *— 6.13%, maturing 2/28/2026 — 2/15/2055, Value Line Asset Allocation Fund, Inc. received non cash-collateral of $5,744,885,* *ranging from 0.13% — 6.13%, maturing 1/15/2026 — 2/15/2055 and Value Line Capital Appreciation Fund, Inc. received non* *cash-collateral of $5,034,145 in the form of U.S. Government obligations, ranging 0.13% — 6.13%, maturing 1/15/2026 —* *2/15/2055. 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 year ended December 31, 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; $143808840 | &nbsp;&nbsp; $122012511 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 189532701 | &nbsp;&nbsp; 493716510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 30430033 | &nbsp;&nbsp; 85935606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 157643894 | &nbsp;&nbsp; 162845054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 51017300 | &nbsp;&nbsp; 302930137 | &nbsp;&nbsp; 56521881 | &nbsp;&nbsp; 109047179 |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 149009496 | &nbsp;&nbsp; 178890414 | &nbsp;&nbsp; 50871752 | &nbsp;&nbsp; 30717177 |

---

------

Notes to Financial Statements (continued)

------

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

**4. Income Taxes**

At December 31, 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; $520069416 | &nbsp;&nbsp; $331545384 | &nbsp;&nbsp; $(18795307)<br>| &nbsp;&nbsp; $312750077 |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 1293182364 | &nbsp;&nbsp; 445199102 | &nbsp;&nbsp; (65538509)<br>| &nbsp;&nbsp; 379660593 |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 177884815 | &nbsp;&nbsp; 187492402 | &nbsp;&nbsp; (1651268)<br>| &nbsp;&nbsp; 185841134 |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 232474012 | &nbsp;&nbsp; 252114051 | &nbsp;&nbsp; (13848435)<br>| &nbsp;&nbsp; 238265616 |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 377095991 | &nbsp;&nbsp; 177164995 | &nbsp;&nbsp; (8625116)<br>| &nbsp;&nbsp; 168539879 |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 341811032 | &nbsp;&nbsp; 216547727 | &nbsp;&nbsp; (13830788)<br>| &nbsp;&nbsp; 202716939 |

---

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, 2025, 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>| $— | $10914999 | $— | $312750077 | $— | $— | $323665076 |
| Value Line Mid Cap <br> Focused Fund, Inc. <br>|  | 11061716 |  | 379660593 |  |  | 390722309 |
| Value Line Select <br> Growth Fund, Inc. <br>|  | 17885341 |  | 185841134 |  |  | 203726475 |
| Value Line Larger <br> Companies Focused <br> Fund, Inc. <br>| 144883 | 15471627 |  | 238265616 |  |  | 253882126 |
| Value Line Asset <br> Allocation Fund, Inc. <br>|  | 50317937 |  | 168539879 |  |  | 218857816 |
| Value Line Capital <br> Appreciation Fund, <br> Inc. <br>| 3820086 | 10057744 |  | 202716939 |  |  | 216594769 |

---

At December 31, 2025, none of the funds had a capital loss carry forward.

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, 2025, the Funds did not have any such losses.

A reclassification has been made on the Statements of Assets and Liabilities to increase/(decrease) total distributable earnings/(loss) and additional paid-in capital for the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Distributable** <br>**Earnings/(Loss)** | **Total Distributable** <br>**Earnings/(Loss)** |  |
| Fund | **Undistributed Net** <br>**Investment** <br>**Income/(Loss)**<br>| **Accumulated Net** <br>**Realized Gains/(Losses)**<br>| **Additional** <br>**Paid-In Capital**<br>|
| Value Line Small Cap Opportunities Fund, Inc.  | &nbsp;&nbsp; $2043886 | &nbsp;&nbsp; $(452)<br>| &nbsp;&nbsp; $(2043434)<br>|
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 753705 | &nbsp;&nbsp; 488728 | &nbsp;&nbsp; (1242433)<br>|
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 11907 | &nbsp;&nbsp; (11907)<br>| &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 3696565 | &nbsp;&nbsp; (3696565)<br>| &nbsp;&nbsp; — |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 323989 | &nbsp;&nbsp; (323989)<br>| &nbsp;&nbsp; — |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 229599 | &nbsp;&nbsp; (229599)<br>| &nbsp;&nbsp; — |

---

------

December 31, 2025

------

These reclassifications were primarily due to net operating losses. Net assets were not affected by these reclassifications.

The tax composition of distributions paid to shareholders during fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** <br>**Distributions Paid from** | **Year Ended December 31, 2025** <br>**Distributions Paid from** | **Year Ended December 31, 2025** <br>**Distributions Paid from** | **Year Ended December 31, 2025** <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; $49000490 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49000490 |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 491382 | &nbsp;&nbsp; 34809208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35300590 |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 275081 | &nbsp;&nbsp; 29224162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29499243 |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; — | &nbsp;&nbsp; 26999998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26999998 |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 11419107 | &nbsp;&nbsp; 53858076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65277183 |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 7411113 | &nbsp;&nbsp; 23588153 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30999266 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 |

---

&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. and Value Line Capital Appreciation Fund, Inc. and managing each Fund's investments for the year ended December 31, 2025, the Adviser was paid a fee at an annual rate of 0.75%, 0.65%, 0.73%, 0.73%, 0.64% and 0.65%, 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. (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.

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 for the Institutional Class and 1.15% of the average daily net assets for the Investor Class (the "Fund-Level Expense Limitation").

------

Notes to Financial Statements (continued)

------

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 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), 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.

As of December 31, 2025, fees contractually waived/reimbursed by the Adviser amounted to $28,163, $45,588 and $47,304 for the Value Line Select Growth Fund, Inc., Value Line Larger Companies Focused Fund, Inc. and Value Line Capital Appreciation Fund, respectively. As of December 31, 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.  | December 31, 2026 | &nbsp;&nbsp; $28799 | &nbsp;&nbsp; $— |
| Value Line Select Growth Fund, Inc.  | December 31, 2027 | &nbsp;&nbsp; 29672 | &nbsp;&nbsp; — |
| Value Line Select Growth Fund, Inc.  | December 31, 2028 | &nbsp;&nbsp; 28163 | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | December 31, 2026 | &nbsp;&nbsp; 33805 | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | December 31, 2027 | &nbsp;&nbsp; 25375 | &nbsp;&nbsp; — |
| Value Line Larger Companies Focused Fund, Inc.  | December 31, 2028 | &nbsp;&nbsp; 45588 | &nbsp;&nbsp; — |
| Value Line Capital Appreciation Fund, Inc.  | December 31, 2026 | &nbsp;&nbsp; 41652 | &nbsp;&nbsp; — |
| Value Line Capital Appreciation Fund, Inc.  | December 31, 2027 | &nbsp;&nbsp; 44608 | &nbsp;&nbsp; — |
| Value Line Capital Appreciation Fund, Inc.  | December 31, 2028 | &nbsp;&nbsp; 47304 | &nbsp;&nbsp; — |

---

During the year ended December 31, 2025, the Advisor recouped previously waived and reimbursed fees from Value Line Capital Appreciation Fund, Inc. in amount of $4,324.

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.

------

December 31, 2025

------

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

**6. Segment Reporting**

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.

------

Report of Independent Registered Public Accounting Firm

------

To the Board of Directors and Shareholders 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. and Value Line Capital Appreciation Fund, Inc

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Value Line Small Cap Opportunities Fund, Inc. (1)

Value Line Mid Cap Focused Fund, Inc. (2)

Value Line Select Growth Fund, Inc. (2)

Value Line Asset Allocation Fund, Inc. (1)

Value Line Capital Appreciation Fund, Inc. (2)

Value Line Larger Companies Focused Fund, Inc. (2)

<sup>(1)</sup>

Statement of operations for the year ended December 31, 2025, statement of changes in net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the period April 1, 2022 through December 31, 2022 and for each of the two years in the period ended March 31, 2022

<sup>(2)</sup>

Statement of operations for the year ended December 31, 2025, statement of changes in net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 17, 2026

We have served as the auditor of one or more investment companies in the Value Line Funds since 1983.

------

Federal Tax Notice (unaudited)

------

Each Fund designates the following amounts distributed during the fiscal year ended December 31, 2025, if any, as capital gain dividends, dividends eligible for the corporate dividends received deduction and/or qualified dividend income:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **% of** <br>**Qualifying** <br>**Dividend** <br>**Income**<br>| **% of** <br>**Dividends** <br>**Eligible for the** <br>**Corporate** <br>**Dividends** <br>**Received** <br>**Deduction**<br>| **Long-Term** <br>**Capital Gains**<br>|
| Value Line Small Cap Opportunities Fund, Inc.  | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; $49000490 |
| Value Line Mid Cap Focused Fund, Inc.  | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 34809208 |
| Value Line Select Growth Fund, Inc.  | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 29224162 |
| Value Line Larger Companies Focused Fund, Inc.  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 26999998 |
| Value Line Asset Allocation Fund, Inc.  | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 53858076 |
| Value Line Capital Appreciation Fund, Inc.  | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 23588153 |

---

*Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to Form N-PORT within 60 days of the end of such fiscal quarter. Regulatory filings of Forms N-PORT are available on the SEC's website at http://www.sec.gov.*

*A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, and information regarding how the Funds voted these proxies for the 12-month period ended June 30 is available through the Funds' website at http://www.vlfunds.com and on the SEC's website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-243-2729.*

------

![](g944190img737f0fc84.gif)

![](g944190img289d10675.gif)

![](g944190imga628e5156.gif)

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**

**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**

------

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.

------

(b) Not Applicable

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

<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

Item 16. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c)) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively.

(b) The registrant's principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls 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

Item 18. Recovery of Erroneously Awarded Compensation

Not Applicable

Item 19. Exhibits.

(a) [Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers attached hereto as Exhibit 100.COE](d879082dex99codeeth.htm)

(b) (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](d879082dex99cert.htm) .

(2) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.](d879082dex99906cert.htm)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| By: | /s/ Mitchell E. Appel |
|  | Mitchell E. Appel, President |
| Date: | February 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Mitchell E. Appel |
|  | Mitchell E. Appel, President, Principal Executive Officer |
| Date: | February 26, 2026 |
| By: | /s/ James Gallo |
|  | James Gallo, Treasurer, Principal Financial Officer |
| Date: | February 26, 2026 |

---

## Ex-99.Code

**VALUE LINE FUNDS** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**Covered Officers/Purpose of the Code** 

This Code of ethics (this "Code") of the Value Line Funds (the "Funds") applies to the Funds' Principal Executive Officer ("President") and Principal Financial Officer and Treasurer ("Treasurer") (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and, in the case of a Covered Officer employed by the Funds' investment adviser, the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. Each Covered Officer is an employee of the investment adviser or a service provider ("Service Provider") to the Funds. The Funds', the investment adviser's and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the investment adviser and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and/or the Investment Advisers Act, as applicable to the Covered Officer, such activity will be deemed to have been handled ethically. In addition, it is recognized by the Board of Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than for the benefit of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. not use material non-public knowledge of portfolio transactions made or
contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that may warrant discussion with the Board's Audit Committee if material in order to ensure adherence to the Code. Examples of these include:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. the receipt of any entertainment from any company with which the Funds has current or prospective business
dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII. any ownership interest in, or any consulting or employment relationship with, any Service Providers, other than
the Funds' investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIII. a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIV. Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XV. each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds
to others, whether within or outside the Funds, including to the Funds' directors and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVI. each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Funds and the Funds' investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in
other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVII. it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVIII. upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIX. annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XX. not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential
violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXI. notify a member of the Board's Audit Committee promptly if he or she knows of any violation of this Code.
Failure to do so is itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXII. report at least annually any change in his or her affiliations from the prior year.

------

The Board's Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers<sup>2</sup> sought by the President will be considered by the Board's Audit Committee.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXIII. the Board's Audit Committee will take all appropriate action to investigate any potential violations
reported to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXIV. if, after such investigation, the Board's Audit Committee believes that no violation has occurred, the
Board's Audit Committee is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXV. any matter that the Board's Audit Committee believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXVI. if the Board concurs that a violation has occurred, it will inform and make a recommendation, which will be
considered appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a
recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXVII. any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds and the Funds' investment adviser's, principal underwriter's and service providers' codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the independent directors.

---

| | |
|:---|:---|
| 2 | Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.  |

---

------

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the respective Service Providers.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

Principal Executive Officer and President – Mitchell Appel

Principal Financial Officer and Treasurer – James A. Gallo

------

**VALUE LINE FUNDS** 

<u>CERTIFICATION</u> 

<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER</u> 

I, ___________________, Principal Executive Officer of the Value Line Funds, hereby certify that I have received and read the Code of Ethics for Principal Executive and Principal Financial Officers ("Code") of the Value Line Funds. I further certify that I understand and will comply with the requirements of the Code.

---

| |
|:---|
| NAME: Mitchell Appel |
| DATE: |

---

------

**VALUE LINE FUNDS** 

<u>CERTIFICATION CODE OF ETHICS FOR</u> 

<u>PRINCIPAL FINANCIAL OFFICER AND TREASURER</u> 

I, ___________________, Principal Financial Officer and Treasurer of the Value Line Funds, hereby certify that I have received and read the Code of Ethics for Principal Executive and Principal Financial Officers ("Code") of the Value Line Funds. I further certify that I understand and will comply with the requirements of the Code.

---

| |
|:---|
| NAME: James Gallo |
| DATE: |

---

## 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 Asset Allocation Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of the Value Line Asset
Allocation 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

------

&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: February 26, 2026

---

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

---

------

**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 Asset Allocation Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of the Value Line Asset
Allocation 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

------

&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: February 26, 2026

---

| | |
|:---|:---|
| By: | _/s/ James Gallo |
|  | James Gallo |
|  | Treasurer |
|  | Value Line Asset Allocation Fund, Inc. |

---

## 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 Asset Allocation Fund, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The periodic report on Form N-CSR of the Registrant for the period
ended 12/31/25 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: February 26, 2026

---

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

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The periodic report on Form N-CSR of the Registrant for the period
ended 12/31/25 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: February 26, 2026

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| | |
|:---|:---|
| By: | /s/ James Gallo |
|  | James Gallo |
|  | Treasurer |
|  | Value Line Asset Allocation Fund, Inc. |

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