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
----------------------------------------
Stephen R Anastasio, Treasurer, Principal Financial Officer
------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-907-1500
------------
Date of fiscal year end: December 31, 2007
-----------------
Date of reporting period: March 31, 2007
--------------
Item 1: Schedule of Investments.
A copy of Schedule of Investments for the period ended 3/31/07 is included
with this Form.
The Value Line Fund, Inc.
Schedule of Investments (unaudited) March 31, 2007
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS (97.3%)
ADVERTISING (1.9%)
18,000 Omnicom Group, Inc. $ 1,842,840
24,000 WPP Group PLC ADR 1,823,760
--------------
3,666,600
AEROSPACE/DEFENSE (1.9%)
36,000 DRS Technologies, Inc. 1,878,120
18,000 Precision Castparts Corp. 1,872,900
--------------
3,751,020
AIR TRANSPORT (1.9%)
59,000 AMR Corp. * 1,796,550
50,000 Continental Airlines, Inc. Class B * 1,819,500
--------------
3,616,050
APPAREL (2.9%)
50,000 Guess?, Inc. 2,024,500
33,000 Phillips-Van Heusen Corp. 1,940,400
61,000 Warnaco Group, Inc. (The) * 1,732,400
--------------
5,697,300
BANK (0.9%)
53,000 Synovus Financial Corp. 1,714,020
BIOTECHNOLOGY (0.9%)
31,000 Amgen, Inc. * 1,732,280
BUILDING MATERIALS (1.0%)
95,000 Apogee Enterprises, Inc. 1,903,800
CABLE TV (2.0%)
73,000 Comcast Corp. Class A * 1,859,310
86,000 DIRECTV Group, Inc. (The) * 1,984,020
--------------
3,843,330
CHEMICAL - BASIC (1.9%)
40,000 E.I. du Pont de Nemours and Co. 1,977,200
11,000 Potash Corporation of Saskatchewan, Inc. 1,759,230
--------------
3,736,430
CHEMICAL - DIVERSIFIED (2.0%)
48,000 Albemarle Corp. 1,984,320
41,000 Cabot Corp. 1,956,930
--------------
3,941,250
CHEMICAL - SPECIALTY (1.9%)
90,000 Hercules, Inc. * 1,758,600
82,000 Tredegar Corp. 1,868,780
--------------
3,627,380
COMPUTER SOFTWARE & SERVICES (6.7%)
20,000 Cognizant Technology Solutions Corp. Class A * 1,765,400
52,000 Cognos, Inc. * 2,048,280
71,000 Electronic Data Systems Corp. 1,965,280
35,000 Infosys Technologies Ltd. ADR 1,758,750
76,000 Jack Henry & Associates, Inc. 1,827,800
109,000 Oracle Corp. * 1,976,170
46,000 Paychex, Inc. 1,742,020
--------------
13,083,700
DIVERSIFIED COMPANIES (1.9%)
36,000 Acuity Brands, Inc. 1,959,840
39,000 Honeywell International, Inc. 1,796,340
--------------
3,756,180
DRUG (4.1%)
39,000 Forest Laboratories, Inc. * 2,006,160
68,000 Immucor, Inc. * 2,001,240
82,000 Schering-Plough Corp. 2,091,820
39,000 Sepracor, Inc. * 1,818,570
--------------
7,917,790
E-COMMERCE (3.0%)
38,000 Akamai Technologies, Inc. * 1,896,960
122,000 Interwoven, Inc. * 2,061,800
210,000 TIBCO Software, Inc. * 1,789,200
--------------
5,747,960
EDUCATIONAL SERVICES (3.2%)
74,000 DeVry, Inc. 2,171,900
235,000 SkillSoft PLC ADR * 1,964,600
16,000 Strayer Education, Inc. 2,000,000
--------------
6,136,500
ELECTRICAL EQUIPMENT (2.1%)
58,000 FLIR Systems, Inc. * 2,068,860
37,000 Garmin Ltd. 2,003,550
--------------
4,072,410
ELECTRONICS (1.9%)
78,000 Agilysys, Inc. 1,752,660
51,000 Avnet, Inc. * 1,843,140
--------------
3,595,800
ENTERTAINMENT (1.0%)
54,000 Walt Disney Co. (The) 1,859,220
ENVIRONMENTAL (1.0%)
146,000 Allied Waste Industries, Inc. * 1,838,140
FINANCIAL SERVICES - DIVERSIFIED (3.0%)
30,000 American International Group, Inc. 2,016,600
44,000 CNA Financial Corp. * 1,895,960
15,000 Franklin Resources, Inc. 1,812,450
--------------
5,725,010
FOREIGN TELECOMMUNICATIONS (1.1%)
57,000 Telefonaktiebolaget LM Ericsson ADR 2,114,130
FURNITURE/HOME FURNISHINGS (0.8%)
62,000 Tempur-Pedic International, Inc. 1,611,380
GROCERY (2.0%)
67,000 Kroger Co. (The) 1,892,750
52,000 Safeway, Inc. 1,905,280
--------------
3,798,030
--------------------------------------------------------------------------------
1
The Value Line Fund, Inc.
March 31, 2007
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
HOTEL/GAMING (1.9%)
28,000 MGM MIRAGE * $ 1,946,560
45,000 WMS Industries, Inc. * 1,765,800
--------------
3,712,360
HUMAN RESOURCES (0.9%)
61,000 CDI Corp. 1,764,120
INDUSTRIAL SERVICES (3.9%)
53,000 CB Richard Ellis Group, Inc. Class A * 1,811,540
32,000 Corrections Corp. of America * 1,689,920
79,000 Quanta Services, Inc. * 1,992,380
56,000 TeleTech Holdings, Inc. * 2,054,640
--------------
7,548,480
INFORMATION SERVICES (0.9%)
29,000 FactSet Research Systems, Inc. 1,822,650
INTERNET (1.0%)
37,000 Priceline.com, Inc. * 1,970,620
MEDICAL SUPPLIES (5.0%)
15,000 Alcon, Inc. 1,977,300
59,000 Cytyc Corp. * 2,018,390
38,000 Kinetic Concepts, Inc. * 1,924,320
29,000 Stryker Corp. 1,923,280
22,000 Zimmer Holdings, Inc. * 1,879,020
--------------
9,722,310
METALS & MINING DIVERSIFIED (3.0%)
19,000 Allegheny Technologies, Inc. 2,027,110
40,000 Brush Engineered Materials, Inc. * 1,938,800
27,000 Southern Copper Corp. 1,934,820
--------------
5,900,730
NEWSPAPER (1.0%)
78,000 News Corp. Class B 1,908,660
OFFICE EQUIPMENT & SUPPLIES (2.0%)
37,000 OfficeMax, Inc. 1,951,380
116,000 Xerox Corp. * 1,959,240
--------------
3,910,620
PACKAGING & CONTAINER (1.9%)
54,000 Rock-Tenn Co. Class A 1,792,800
60,000 Sealed Air Corp. 1,896,000
--------------
3,688,800
PAPER & FOREST PRODUCTS (1.0%)
55,000 International Paper Co. 2,002,000
PHARMACY SERVICES (1.0%)
41,000 Walgreen Co. 1,881,490
PRECISION INSTRUMENT (3.0%)
57,000 FEI Co. * 2,055,420
60,000 II-VI, Inc. * 2,031,000
31,000 Waters Corp. * 1,798,000
--------------
5,884,420
RECREATION (1.9%)
30,000 Harley-Davidson, Inc. 1,762,500
70,000 Mattel, Inc. 1,929,900
--------------
3,692,400
RETAIL - SPECIAL LINES (4.1%)
47,000 Aeropostale, Inc. * 1,890,810
42,000 Coach, Inc. * 2,102,100
42,000 NBTY, Inc. * 2,227,680
125,000 PC Connection, Inc. * 1,787,500
--------------
8,008,090
RETAIL STORE (4.9%)
59,000 Big Lots, Inc. * 1,845,520
48,000 Dollar Tree Stores, Inc. * 1,835,520
28,000 Kohl's Corp. * 2,145,080
35,000 Nordstrom, Inc. 1,852,900
32,000 Target Corp. 1,896,320
--------------
9,575,340
SEMICONDUCTOR (1.0%)
125,000 Integrated Device Technology, Inc. * 1,927,500
SEMICONDUCTOR - EQUIPMENT (2.9%)
61,000 ATMI, Inc. * 1,864,770
60,000 Novellus Systems, Inc. * 1,921,200
34,000 Varian Semiconductor Equipment
Associates, Inc. * 1,814,920
--------------
5,600,890
TELECOMMUNICATION SERVICES (1.1%)
53,000 AT&T, Inc. 2,089,790
TELECOMMUNICATIONS EQUIPMENT (3.0%)
70,000 Ciena Corp. * 1,956,500
80,000 Cisco Systems, Inc. * 2,042,400
54,000 Polycom, Inc. * 1,799,820
--------------
5,798,720
WIRELESS NETWORKING (0.9%)
13,000 Research In Motion Ltd. * 1,774,370
--------------------------------------------------------------------------------
2
The Value Line Fund, Inc.
Schedule of Investments (unaudited)
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS AND TOTAL INVESTMENT
SECURITIES (97.3%)
(Cost $172,767,543) 188,670,070
--------------
Principal
Amount Value
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (1) (3.0%)
$ 5,800,000 With Morgan Stanley, 5.05%, dated
3/30/07, due 4/2/07, delivery
value $5,802,441 (collateralized
by $5,905,000 U.S. Treasury Notes
3.875%, due 7/31/07, with a value
of $5,919,518) $ 5,800,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $5,800,000) 5,800,000
--------------
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-0.3%) (491,206)
--------------
NET ASSETS (100%) $ 193,978,864
--------------
NET ASSET VALUE OFFERING AND REDEMPTION PRICE,
PER OUTSTANDING SHARE
($193,978,864 / 15,038,363 shares outstanding) $ 12.90
--------------
* Non-income producing.
(1) 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.
ADR American Depositary Receipt
The Fund's unrealized appreciation/(depreciation) as of March 31, 2007 was
as follows:
Total Net
Unrealized
Total Cost Appreciation Depreciation Appreciation
--------------------------------------------------------------------------------
$178,567,543 $18,631,156 $(2,728,629) $15,902,527
--------------------------------------------------------------------------------
3
Item 2. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Act (17 CFR
270.30a-2(c)) based on their evaluation of these controls and procedures
as of the date within 90 days of filing date of this report, are
approximately designed to ensure that material information relating to the
registrant is made known to such officers and are operating effectively.
(b) The registrant's principal executive officer and principal financial
officer have determined that there have been no significant changes in the
registrant's internal controls or in other factors that could
significantly affect these controls subsequent to the date of their
evaluation, including corrective actions with regard to significant
deficiencies and material weaknesses.
Item 3. Exhibits:
(a) Certifications of principal executive officer and principal financial
officer of the registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
By: /s/ Jean B. Buttner
--------------------------
Jean B. Buttner, President
Date: May 30, 2007
------------
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/ Stephen R. Anastasio
------------------------------------------------------------
Stephen R. Anastasio, Treasurer, Principal Financial Officer
Date: May 30, 2007
------------