UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file Number 811-568
The Value Line Fund, Inc.
--------------------------------------------------
(Exact name of registrant as specified in charter)
220 East 42nd Street, New York, NY 10017
----------------------------------------
David T. Henigson
---------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-907-1500
Date of fiscal year end: December 31, 2005
Date of reporting period: March 31, 2005
Item 1: Schedule of Investments.
The Value Line Fund, Inc.
Schedule of Investments (unaudited) March 31, 2005
Value
Shares (in thousands)
-----------------------------------------------------------------------------
COMMON STOCKS (93.5%)
AUTO & TRUCK (0.5%)
13,000 Oshkosh Truck Corp. $ 1,066
BIOTECHNOLOGY (3.0%)
52,500 Amgen, Inc.* 3,056
45,500 Invitrogen Corp.* 3,149
----------------
6,205
BUILDING MATERIALS (1.6%)
82,500 ElkCorp 3,173
CANADIAN ENERGY (1.5%)
43,700 EnCana Corp. 3,077
CEMENT & AGGREGATES (0.5%)
17,200 Florida Rock Industries, Inc. 1,012
CHEMICAL - BASIC (2.9%)
109,500 Lyondell Chemical Co. 3,057
130,300 Olin Corp. 2,906
----------------
5,963
CHEMICAL - DIVERSIFIED (1.4%)
50,000 Eastman Chemical Co. 2,950
COAL (2.8%)
81,600 Joy Global, Inc. 2,861
60,000 Peabody Energy Corp. 2,782
----------------
5,643
COMPUTER & PERIPHERALS (3.1%)
80,000 Apple Computer, Inc.* 3,334
78,400 Dell, Inc* 3,012
----------------
6,346
COMPUTER SOFTWARE SERVICES (8.8%)
93,200 Anteon International Corp.* 3,628
46,600 Citrix Systems, Inc.* 1,110
76,200 Cognizant Technology Solutions Corp. Class "A"* 3,520
97,200 Macromedia, Inc.* 3,256
69,300 Mercury Interactive Corp.* 3,283
257,400 Oracle Corp.* 3,212
----------------
18,009
DRUG (0.5%)
18,200 Genzyme Corp.* 1,042
EDUCATIONAL SERVICES (0.5%)
22,700 ITT Educational Services, Inc.* 1,101
ELECTRICAL EQUIPMENT (3.4%)
58,000 Rockwell Automation, Inc. 3,285
115,000 Thomas & Betts Corp.* 3,715
----------------
7,000
ELECTRICAL UTILITY - EAST (0.5%)
35,700 Jabil Circuit, Inc.* 1,018
HOME APPLIANCE (0.5%)
11,200 Toro Co. (The) 991
HOME BUILDING (7.4%)
22,800 Beazer Homes USA, Inc. 1,137
31,066 D.R. Horton, Inc. 908
18,900 Hovnanian Enterprises, Inc. Class "A"* 964
20,400 KB Home 2,396
13,200 M.D.C. Holdings, Inc. 919
4,600 NVR, Inc.* 3,611
17,400 Ryland Group, Inc. 1,079
14,100 Standard Pacific Corp. 1,018
40,000 Toll Brothers, Inc.* 3,154
----------------
15,186
HOTEL/GAMING (0.5%)
14,300 Station Casinos, Inc. 966
INDUSTRIAL SERVICES (0.5%)
76,900 TeleTech Holdings, Inc.* 994
INFORMATION SERVICES (2.3%)
62,500 Advisory Board Co. (The)* 2,731
14,100 Getty Images, Inc.* 1,003
11,600 Moody's Corp. 938
----------------
4,672
INSURANCE - LIFE (0.5%)
18,500 Prudential Financial, Inc. 1,062
INTERNET (0.5%)
25,600 CheckFree Corp.* 1,043
MACHINERY (1.5%)
18,100 Actuant Corp. Class "A"* 813
93,300 Columbus McKinnon Corp.* 1,271
45,500 Stewart & Stevenson Services, Inc. 1,041
----------------
3,125
MARITIME (1.8%)
190,900 OMI Corp. 3,656
MEDICAL SERVICES (4.0%)
17,000 Aetna, Inc. 1,274
107,300 Community Health Systems, Inc.* 3,746
15,400 PacifiCare Health Systems, Inc.* 877
22,200 Triad Hospitals, Inc.* 1,112
12,200 UnitedHealth Group Inc. 1,164
----------------
8,173
MEDICAL SUPPLIES (2.1%)
77,000 Affymetrix, Inc.* 3,299
14,900 C. R. Bard, Inc 1,014
----------------
4,313
METAL FABRICATING (0.4%)
23,200 Lone Star Technologies, Inc.* 915
METALS & MINING - DIVERSIFIED (2.1%)
43,700 Allegheny Technologies, Inc. 1,054
89,400 Teck Cominco Ltd. Class "B" 3,314
----------------
4,368
NATURAL GAS - DIVERSIFIED (3.0%)
35,000 EOG Resources, Inc. 1,706
60,000 Southwestern Energy Co.* 3,406
34,000 XTO Energy, Inc. 1,117
----------------
6,229
OILFIELD SERVICES/EQUIPMENT (1.7%)
75,200 Cal Dive International, Inc.* 3,406
PETROLEUM - PRODUCING (0.5%)
20,300 Berry Petroleum Co. Class "A" 1,044
PHARMACY SERVICES (1.5%)
71,200 Walgreen Co. 3,163
PRECISION INSTRUMENT (0.6%)
22,000 Kronos, Inc.* 1,124
RAILROAD (2.8%)
18,400 Canadian National Railway Co. 1,165
25,000 CSX Corp. 1,041
94,900 Norfolk Southern Corp. 3,516
----------------
5,722
RESTAURANT (3.7%)
74,300 CKE Restaurants, Inc.* 1,178
33,300 Darden Restaurants, Inc. 1,022
19,200 P.F. Chang's China Bistro, Inc.* 1,148
53,000 Panera Bread Co. Class "A"* 2,996
34,300 Sonic Corp.* 1,146
----------------
7,490
RETAIL AUTOMOTIVE (0.5%)
31,250 CarMax, Inc.* 984
RETAIL BUILDING SUPPLY (3.5%)
70,900 Building Materials Holding Corp. 3,154
79,500 Home Depot, Inc. (The) 3,040
17,400 Lowe's Cos., Inc. 993
----------------
7,187
RETAIL - SPECIAL LINES (5.0%)
17,500 Abercrombie & Fitch Co. Class "A" 1,002
120,000 American Eagle Outfitters, Inc. 3,546
37,000 Chico's FAS, Inc.* 1,046
17,900 Coach, Inc.* 1,014
75,000 Urban Outfitters, Inc.* 3,598
----------------
10,206
RETAIL STORE (1.2%)
19,200 Kohl's Corp.* 991
16,400 Neiman Marcus Group, Inc. Class "A" 1,501
----------------
2,492
SECURITIES BROKERAGE (0.5%)
12,600 Legg Mason, Inc. 985
SEMICONDUCTOR (1.7%)
84,400 QLogic Corp.* 3,418
SHOE (0.5%)
24,400 Reebok International Ltd. 1,081
STEEL - GENERAL (5.4%)
14,100 Cleveland-Cliffs, Inc. 1,027
107,700 Commercial Metals Co. 3,650
54,000 Nucor Corp. 3,108
63,300 Quanex Corp. 3,375
----------------
11,160
STEEL - INTEGRATED (1.1%)
200,400 AK Steel Holding Corp.* 2,216
TELECOMMUNICATIONS EQUIPMENT (2.2%)
83,300 Harmonic, Inc.* 796
97,300 Marvell Technology Group Ltd.* 3,730
----------------
4,526
TRUCKING (1.0%)
40,000 Swift Transportation Co., Inc.* 886
20,300 Yellow Roadway Corp.* 1,188
----------------
2,074
WIRELESS NETWORKING (2.0%)
140,200 Itron, Inc.* 4,156
TOTAL COMMON STOCKS AND TOTAL INVESTMENT
SECURITIES (93.5%)
(Cost $171,260,000) 191,732
----------------
Value
Principal (in thousands
Amount except per
(in thousands) share amount)
-----------------------------------------------------------------------------
REPURCHASE AGREEMENTS** (7.5%)
(including accrued interest)
$ 8,300 Collateralized by $7,759,000 U.S. Treasury
Bonds, 5.50%, due 8/15/28, with a value
of $8,467,960 (with UBS Warburg LLC,
2.50%, dated 3/31/04, due 4/1/05, delivery
value $8,300,576) $ 8,301
7,100 Collateralized by $7,470,000 U.S. Treasury
Bonds, 3.375%, due 9/15/09, with a value
of $7,245,190 (with Morgan Stanley, 2.40%,
dated 3/31/04, due 4/1/05, delivery
value $7,100,473) 7,100
----------------
TOTAL REPURCHASE AGREEMENTS
(Cost $15,401,000) 15,401
----------------
EXCESS OF LIABILITIES OVER
CASH AND OTHER ASSETS (-1.0%) (2,090)
----------------
NET ASSETS (100.0%) $ 205,043
================
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER OUTSTANDING SHARE
($205,042,599 / 15,023,401 shares outstanding) $ 13.65
================
Glossary:
* Non-income producing
** The Fund's custodian takes possession of the underlying collateral
securities, the value of which exceeds the principal amount of the repurchase
transaction, including accrued interest.
The Fund's unrealized appreciation/depreciation as of March 31, 2005 was as
follows:
Total Net
Unrealized
Total Cost Appreciation Depreciation Appreciation
--------------------------------------------------------------------------------
$ 186,661,000 $23,101,000 $(2,629,000) $20,472,000
--------------------------------------------------------------------------------
Item 2. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Act (17 CFR
270.30a-3(c)) based on their evaluation of these controls and procedures
as of a date within 90 days of filing date of this report, are
approximately designed to ensure that material information relating to the
registrant is made known to such officers and are operating effectively.
(b) The registrant's principal executive officer and principal financial
officer have determined that there have been no significant changes in the
registrant's internal controls or in other factors that could
significantly affect these controls subsequent to the date of their
evaluation, including corrective actions with regard to significant
deficiencies and material weaknesses.
Item 3. Exhibits:
(a) Certifications of principal executive officer and principal financial
officer of the registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
By /s/ Jean B. Buttner
--------------------------
Jean B. Buttner, President
Date: 05/26/2005
--------------------------
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/ Jean B. Buttner
-------------------
Jean B. Buttner, President, Principal Executive Officer
By: /s/ David T. Henigson
---------------------
David T. Henigson, Vice President, Treasurer, Principal Financial Officer
Date: 05/26/2005
--------------------------