Edgar Filing: VALUE LINE FUND INC

t71939_nq.htm

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 811-02265

The Value Line Fund, Inc.

(Exact name of registrant as specified in charter)

7 Times Square, New York, NY 10036

Mitchell E. Appel

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2011

Item 1: Schedule of Investments.

A copy of Schedule of Investments for the period ended 9/30/11 is included with this Form.

The Value Line Fund, Inc.

Schedule of Investments (unaudited)	September 30, 2011

Shares			Value
COMMON STOCKS (99.9%)

		CONSUMER DISCRETIONARY (21.5%)
	6,700	AutoZone, Inc. *	$	2,138,573
	14,000	Bed Bath & Beyond, Inc. *		802,340
	15,800	BorgWarner, Inc. *		956,374
	22,400	Brinker International, Inc.		468,608
	13,000	Buckle, Inc. (The)		499,980
	9,000	Buffalo Wild Wings, Inc. *		538,200
	4,100	Chipotle Mexican Grill, Inc. *		1,242,095
	11,700	Coach, Inc.		606,411
	17,500	Darden Restaurants, Inc.		748,125
	17,000	Deckers Outdoor Corp. *		1,585,420
	9,000	Dick’s Sporting Goods, Inc. *		301,140
	25,000	DIRECTV Class A *		1,056,250
	12,000	Dollar Tree, Inc. *		901,320
	24,000	Domino’s Pizza, Inc. *		654,000
	3,800	Fossil, Inc. *		308,028
	9,300	Genuine Parts Co.		472,440
	13,000	Gildan Activewear, Inc.		335,920
	2,900	Guess?, Inc.		82,621
	15,400	Hanesbrands, Inc. *		385,154
	28,600	Johnson Controls, Inc.		754,182
	21,000	LKQ Corp. *		507,360
	6,000	Lululemon Athletica, Inc. *		291,900
	15,300	McDonald’s Corp.		1,343,646
	2,000	Netflix, Inc. *		226,320
	11,600	New Oriental Education & Technology Group, Inc. ADR *		266,452
	8,000	NIKE, Inc. Class B		684,080
	2,000	O’Reilly Automotive, Inc. *		133,260
	13,000	Panera Bread Co. Class A *		1,351,220
	14,400	Penn National Gaming, Inc. *		479,376
	4,500	Priceline.com, Inc. *		2,022,570
	4,000	Ralph Lauren Corp.		518,800
	5,000	Shaw Communications, Inc. Class B		101,000
	3,000	Tim Hortons, Inc.		138,840
	22,000	TJX Companies, Inc. (The)		1,220,340
	6,000	Ulta Salon, Cosmetics & Fragrance, Inc. *		373,380
	8,300	Under Armour, Inc. Class A *		551,203
	16,000	Warnaco Group, Inc. (The) *		737,440
	4,600	Wynn Resorts Ltd.		529,368
	34,800	Yum! Brands, Inc.		1,718,772
				28,032,508
		CONSUMER STAPLES (11.4%)
	1,400	Boston Beer Co., Inc. (The) Class A *		101,780
	4,900	British American Tobacco PLC ADR		415,177
	9,500	Bunge Ltd.		553,755
	15,400	Casey’s General Stores, Inc.		672,210
	32,000	Church & Dwight Co., Inc.		1,414,400
	12,700	Corn Products International, Inc.		498,348
	9,000	Costco Wholesale Corp.		739,080
	24,000	Diamond Foods, Inc.		1,914,960
	36,000	Flowers Foods, Inc.		700,560
	18,000	General Mills, Inc.		692,460
	22,000	Green Mountain Coffee Roasters, Inc. *		2,044,680
	11,400	Herbalife Ltd.		611,040
	41,000	Hormel Foods Corp.		1,107,820
	21,100	J&J Snack Foods Corp.		1,013,855
	7,000	Molson Coors Brewing Co. Class B		277,270

Shares			Value
	7,000	PepsiCo, Inc.	$	433,300
	8,000	Ruddick Corp.		311,920
	15,700	TreeHouse Foods, Inc. *		970,888
	6,000	Whole Foods Market, Inc.		391,860
				14,865,363
		ENERGY (2.2%)
	7,000	Cabot Oil & Gas Corp.		433,370
	9,000	Chesapeake Energy Corp.		229,950
	2,300	Core Laboratories N.V.		206,609
	12,000	Devon Energy Corp.		665,280
	14,000	Enbridge, Inc.		447,020
	6,000	Oil States International, Inc. *		305,520
	16,000	Southwestern Energy Co. *		533,280
				2,821,029
		FINANCIALS (3.4%)
	9,000	Affiliated Managers Group, Inc. *		702,450
	20,000	AFLAC, Inc.		699,000
	2,000	Axis Capital Holdings Ltd.		51,880
	14,000	Bank of Montreal		781,900
	3,000	BlackRock, Inc.		444,030
	7,000	M&T Bank Corp.		489,300
	8,000	Royal Bank of Canada		365,760
	13,500	Stifel Financial Corp. *		358,560
	13,000	T. Rowe Price Group, Inc.		621,010
				4,513,890
		HEALTH CARE (16.3%)
	13,600	Alexion Pharmaceuticals, Inc. *		871,216
	12,600	Allergan, Inc.		1,037,988
	3,300	Bio-Rad Laboratories, Inc. Class A *		299,541
	7,000	C.R. Bard, Inc.		612,780
	14,400	Catalyst Health Solutions, Inc. *		830,736
	18,200	Cerner Corp. *		1,247,064
	24,400	Computer Programs & Systems, Inc.		1,614,060
	8,000	DaVita, Inc. *		501,360
	3,000	DENTSPLY International, Inc.		92,070
	26,000	Edwards Lifesciences Corp. *		1,853,280
	11,700	Endo Pharmaceuticals Holdings, Inc. *		327,483
	24,000	Express Scripts, Inc. *		889,680
	13,700	Henry Schein, Inc. *		849,537
	6,600	IDEXX Laboratories, Inc. *		455,202
	13,000	Illumina, Inc. *		531,960
	1,000	Intuitive Surgical, Inc. *		364,280
	14,000	Medco Health Solutions, Inc. *		656,460
	9,100	MEDNAX, Inc. *		570,024
	3,000	Mettler-Toledo International, Inc. *		419,880
	15,000	Novo Nordisk A/S ADR		1,492,800
	17,500	Owens & Minor, Inc.		498,400
	18,000	ResMed, Inc. *		518,220
	6,600	Techne Corp.		448,866
	18,000	Teva Pharmaceutical Industries Ltd. ADR		669,960
	8,200	Thermo Fisher Scientific, Inc. *		415,248
	22,000	UnitedHealth Group, Inc.		1,014,640
	17,400	Universal Health Services, Inc. Class B		591,600
	9,000	Volcano Corp. *		266,670
	6,000	Waters Corp. *		452,940
	14,000	WellPoint, Inc.		913,920
				21,307,865

The Value Line Fund, Inc.

September 30, 2011

Shares			Value
		INDUSTRIALS (19.0%)
	26,500	AMETEK, Inc.	$	873,705
	7,800	C.H. Robinson Worldwide, Inc.		534,066
	12,100	Canadian National Railway Co.		805,618
	9,500	Carlisle Companies, Inc.		302,860
	22,000	Chicago Bridge & Iron Co. N.V.		629,860
	15,000	CLARCOR, Inc.		620,700
	7,000	Clean Harbors, Inc. *		359,100
	23,700	Danaher Corp.		993,978
	20,000	Donaldson Co., Inc.		1,096,000
	20,000	Eaton Corp.		710,000
	8,700	Elbit Systems Ltd.		345,390
	4,400	Esterline Technologies Corp. *		228,096
	12,000	Fastenal Co.		399,360
	6,000	FedEx Corp.		406,080
	10,000	Gardner Denver, Inc.		635,500
	9,300	Graco, Inc.		317,502
	8,950	HEICO Corp.		440,698
	15,000	IDEX Corp.		467,400
	18,200	IHS, Inc. Class A *		1,361,542
	21,400	Iron Mountain, Inc.		676,668
	11,700	ITT Corp.		491,400
	6,800	J.B. Hunt Transport Services, Inc.		245,616
	12,600	Kansas City Southern *		629,496
	15,700	Kirby Corp. *		826,448
	7,400	L-3 Communications Holdings, Inc.		458,578
	2,300	Middleby Corp. (The) *		162,058
	6,200	Parker Hannifin Corp.		391,406
	4,400	Precision Castparts Corp.		684,024
	21,000	Republic Services, Inc.		589,260
	85,000	Rollins, Inc.		1,590,350
	13,400	Roper Industries, Inc.		923,394
	12,000	Stericycle, Inc. *		968,640
	6,800	Toro Co. (The)		335,036
	9,000	Union Pacific Corp.		735,030
	12,400	United Technologies Corp.		872,464
	9,500	URS Corp. *		281,770
	8,000	Valmont Industries, Inc.		623,520
	6,300	Verisk Analytics, Inc. Class A *		219,051
	4,900	W.W. Grainger, Inc.		732,746
	25,300	Waste Connections, Inc.		855,646
				24,820,056
		INFORMATION TECHNOLOGY (14.5%)
	22,600	Accenture PLC Class A		1,190,568
	12,000	Acme Packet, Inc. *		511,080
	22,000	Advent Software, Inc. *		458,700
	8,300	Alliance Data Systems Corp. *		769,410
	7,000	Amphenol Corp. Class A		285,390
	13,500	ANSYS, Inc. *		662,040
	7,000	Ariba, Inc. *		193,970
	4,300	Baidu, Inc. ADR *		459,713
	25,000	Check Point Software Technologies Ltd. *		1,319,000
	21,400	Cognizant Technology Solutions Corp. Class A *		1,341,780
	7,000	Equinix, Inc. *		621,810
	5,700	F5 Networks, Inc. *		404,985
	3,300	FactSet Research Systems, Inc.		293,601
	1,200	Google, Inc. Class A *		617,256
	34,000	Informatica Corp. *		1,392,300
	3,000	MasterCard, Inc. Class A		951,480

Shares			Value
	9,400	MICROS Systems, Inc. *	$	412,754
	12,000	Netgear, Inc. *		310,680
	24,000	Open Text Corp. *		1,250,880
	58,000	Oracle Corp.		1,666,920
	9,000	Rackspace Hosting, Inc. *		307,260
	7,000	Rovi Corp. *		300,860
	7,000	Salesforce.com, Inc. *		799,960
	15,300	Solera Holdings, Inc.		772,650
	12,000	SuccessFactors, Inc. *		275,880
	3,000	Teradata Corp. *		160,590
	20,000	TIBCO Software, Inc. *		447,800
	6,000	VMware, Inc. Class A *		482,280
	8,100	Wright Express Corp. *		308,124
				18,969,721
		MATERIALS (8.4%)
	15,800	Albemarle Corp.		638,320
	23,000	Ball Corp.		713,460
	8,200	CF Industries Holdings, Inc.		1,011,798
	38,000	Crown Holdings, Inc. *		1,163,180
	10,000	Cytec Industries, Inc.		351,400
	19,000	FMC Corp.		1,314,040
	8,100	NewMarket Corp.		1,230,147
	10,000	Packaging Corp. of America		233,000
	11,300	Praxair, Inc.		1,056,324
	8,000	Rock-Tenn Co. Class A		389,440
	14,000	Scotts Miracle-Gro Co. (The) Class A		624,400
	12,400	Sigma-Aldrich Corp.		766,196
	25,900	Silgan Holdings, Inc.		951,566
	10,100	Solutia, Inc. *		129,785
	11,400	Valspar Corp. (The)		355,794
				10,928,850
		TELECOMMUNICATION SERVICES (0.8%)
	10,000	American Tower Corp. Class A *		538,000
	13,000	Crown Castle International Corp. *		528,710
				1,066,710
		UTILITIES (2.4%)
	14,000	ITC Holdings Corp.		1,084,020
	10,600	NSTAR		474,986
	9,600	Oneok, Inc.		633,984
	23,000	Questar Corp.		407,330
	15,300	Wisconsin Energy Corp.		478,737
				3,079,057
		TOTAL COMMON STOCKS AND TOTAL INVESTMENT SECURITIES (99.9%) (Cost $106,715,353)		130,405,049
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%)				119,143
NET ASSETS (1) (100%)			$	130,524,192
NET ASSET VALUE OFFERING AND REDEMPTION PRICE, PER OUTSTANDING SHARE ($130,524,192 ÷ 15,560,234 shares outstanding)			$	8.39

*	Non-income producing.

The Value Line Fund, Inc.

Schedule of Investments (unaudited)

(1)	For federal income tax purposes, the aggregate cost was $106,715,353, aggregate gross unrealized appreciation was $30,731,878, aggregate gross unrealized depreciation was $7,042,182 and the net unrealized appreciation was $23,689,696.
ADR	American Depositary Receipt.

The Fund follows fair valuation accounting standards (FASB ASC 820-10) 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 in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:


●	Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;
●	Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;
●	Level 3 – Inputs that are unobservable.

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

The following table summarizes the inputs used to value the Fund’s net assets as of September 30, 2011:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	130,405,049	$	0	$	0	$	130,405,049

Total Investments in Securities	$	130,405,049	$	0	$	0	$	130,405,049

The Fund follows the updated provisions surrounding fair value measurements and disclosures on transfers in and out of all levels of the fair value hierarchy on a gross basis and the reasons for the transfers as well as to disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy.

For the period ended September 30, 2011, there was no significant transfer activity between Level 1 and Level 2.

For the period ended September 30, 2011, there were no Level 3 investments. The Schedule of Investments includes a breakdown of the Schedule’s investments by category.

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/ Mitchell E. Appel
	Mitchell E. Appel, President

Date:	November 18, 2011

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

By:	/s/ Emily D. Washington
	Emily D. Washington, Treasurer, Principal Financial Officer

Date:	November 18, 2011