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
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The Value Line Fund, Inc.
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(Exact name of registrant as specified in charter)
220 East 42nd Street, New York, NY 10017
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David T. Henigson
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-907-1500
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Date of fiscal year end: December 31, 2004
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Date of reporting period: September 30, 2005
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Item 1: Schedule of Investments.
The Value Line Fund, Inc.
Schedule of Investments (unaudited) September 30, 2005
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Value
Shares (in thousands)
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COMMON STOCKS (96.0%)
ADVERTISING (0.8%)
53,000 Monster Worldwide, Inc.* $ 1,628
AEROSPACE/DEFENSE (0.7%)
90,000 AAR CORP.* 1,546
APPAREL (0.9%)
96,000 Guess?, Inc.* 2,057
BIOTECHNOLOGY (5.0%)
37,500 Amgen, Inc.* 2,988
34,000 Genentech, Inc.* 2,863
34,150 Invitrogen Corp.* 2,569
42,000 Techne Corp.* 2,393
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10,813
BUILDING MATERIALS (1.8%)
28,000 Universal Forest Products, Inc. 1,605
42,500 Watsco, Inc. 2,257
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3,862
CANADIAN ENERGY (2.2%)
62,400 EnCana Corp. 3,639
25,000 Talisman Energy, Inc. 1,221
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4,860
CEMENT & AGGREGATES (1.9%)
13,000 Eagle Materials, Inc. 1,578
41,000 Florida Rock Industries, Inc. 2,628
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4,206
COAL (4.5%)
18,000 CONSOL Energy, Inc. 1,373
68,100 Joy Global, Inc. 3,436
26,900 Park Electrochemical Corp. 717
52,000 Peabody Energy Corp. 4,386
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9,912
COMPUTER & PERIPHERALS (2.4%)
37,000 Apple Computer, Inc.* 1,984
112,000 Hewlett-Packard Co. 3,270
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5,254
COMPUTER SOFTWARE SERVICES (7.9%)
115,000 Accenture Ltd. Class "A" (Bermuda)* 2,928
54,200 Anteon International Corp.* 2,318
34,000 Autodesk, Inc.* 1,579
49,800 Fiserv, Inc.* 2,284
50,000 Intergraph Corp.* 2,235
55,000 ManTech International Corp.* 1,453
44,000 Paychex, Inc. 1,631
219,000 Western Digital Corp.* 2,832
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17,260
DIVERSIFIED COMPANY (1.4%)
79,000 GATX Corp. 3,124
DRUG (3.2%)
83,000 Biovail Corp.* 1,940
68,000 Celgene Corp.* 3,694
25,000 Pharmaceutical Product Development, Inc. 1,438
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7,072
E-COMMERCE (1.7%)
94,000 Internet Security Systems, Inc.* 2,257
84,000 Oakley, Inc. 1,457
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3,714
ELECTRICAL EQUIPMENT (1.6%)
177,700 Corning, Inc.* 3,435
ELECTRICAL UTILITY - EAST (1.0%)
70,000 Jabil Circuit, Inc.* 2,164
ENTERTAINMENT (0.6%)
82,000 Plexus Corp.* 1,401
ENVIRONMENTAL (0.6%)
23,500 Stericycle. Inc.* 1,343
GROCERY (0.8%)
13,000 Whole Foods Market, Inc. 1,748
HEALTH CARE INFORMATION SYSTEMS (1.6%)
23,800 Cerner Corp.* 2,069
118,000 WebMD Corp.* 1,307
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3,376
HOMEBUILDING (4.1%)
30,000 Beazer Homes USA, Inc. 1,760
30,000 KB Home 2,196
27,400 Pulte Homes, Inc. 1,176
38,200 Standard Pacific Corp. 1,586
50,000 Toll Brothers, Inc.* 2,233
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8,951
HOTEL/GAMING (1.1%)
56,000 MGM MIRAGE* 2,451
INFORMATION SERVICES (1.2%)
51,500 Advisory Board Co. (The)* 2,680
INSURANCE PROPERTY - CASUALTY (1.5%)
35,500 Allmerica Financial Corp.* 1,460
38,000 St. Paul Travelers Companies, Inc. (The) 1,705
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3,165
MACHINERY (1.0%)
93,300 Columbus McKinnon Corp.* 2,207
MARITIME (0.6%)
45,000 Astec Industries, Inc.* 1,278
MEDICAL SERVICES (1.9%)
89,000 Allscripts Healthcare Solutions, Inc.* 1,604
70,500 LCA-Vision, Inc. 2,617
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4,221
MEDICAL SUPPLIES (3.4%)
40,000 Advanced Neuromodulation Systems, Inc.* 1,898
13,500 Alcon, Inc. 1,726
37,000 Mentor Corp. 2,035
40,000 Respironics, Inc.* 1,687
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7,346
METAL FABRICATING (0.9%)
51,500 Champion Enterprises, Inc.* 761
23,200 Lone Star Technologies, Inc.* 1,290
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2,051
METALS & MINING - DIVERSIFIED (0.8%)
57,000 Allegheny Technologies, Inc. 1,766
NATURAL GAS - DIVERSIFIED (8.8%)
18,000 Allergan, Inc. 1,649
34,000 Cabot Oil & Gas Corp. 1,717
22,500 Devon Energy Corp. 1,544
52,000 EOG Resources, Inc. 3,895
25,000 Newfield Exploration Co.* 1,228
18,000 Questar Corp. 1,586
67,000 Southwestern Energy Co.* 4,918
24,000 Western Gas Resources, Inc. 1,230
34,000 XTO Energy, Inc. 1,541
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19,308
NEWSPAPER (1.1%)
60,000 Trinity Industries, Inc. 2,429
OILFIELD SERVICES/EQUIPMENT (3.2%)
40,000 Cal Dive International, Inc.* 2,536
36,000 Halliburton Co. 2,467
24,000 Schlumberger Ltd. 2,025
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7,028
PETROLEUM - PRODUCING (2.8%)
40,000 Burlington Resources, Inc. 3,253
36,000 Chesapeake Energy Corp. 1,377
30,400 Noble Energy, Inc. 1,426
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6,056
PHARMACY SERVICES (1.4%)
23,000 Cooper Cameron Corp.* 1,700
20,600 Express Scripts, Inc.* 1,281
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2,981
POWER INDUSTRY (0.7%)
43,500 Headwaters, Inc.* 1,627
R.E.I.T. (0.6%)
75,000 Veeco Instruments, Inc.* 1,203
RAILROAD (0.5%)
25,000 CSX Corp. 1,162
RETAIL AUTOMOTIVE (0.5%)
30,000 Advance Auto Parts, Inc.* 1,160
RETAIL BUILDING SUPPLY (2.0%)
46,900 Building Materials Holding Corp. 4,371
RETAIL - SPECIAL LINES (1.3%)
35,000 Bed Bath & Beyond, Inc.* 1,406
73,500 Brightpoint, Inc.* 1,407
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2,813
RETAIL STORE (1.0%)
64,000 Nordstrom, Inc. 2,196
SECURITIES BROKERAGE (1.5%)
5,000 Chicago Mercantile Exchange Holdings, Inc. 1,687
14,000 Legg Mason, Inc. 1,536
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3,223
SEMICONDUCTOR (4.5%)
150,000 LSI Logic Corp.* 1,478
74,000 Motorola, Inc. 1,635
111,000 NVIDIA Corp.* 3,805
85,000 Texas Instruments, Inc. 2,882
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9,800
STEEL - GENERAL (0.7%)
51,500 ATMI, Inc.* 1,597
TELECOMMUNICATIONS EQUIPMENT (3.8%)
100,000 ADTRAN, Inc. 3,150
76,000 Juniper Networks, Inc.* 1,808
74,800 Marvell Technology Group Ltd.* 3,449
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8,407
TRUCKING (1.0%)
144,600 Goodyear Tire & Rubber Co. (The)* 2,254
WIRELESS NETWORKING (3.5%)
97,200 Itron, Inc.* 4,438
242,000 Powerwave Technologies, Inc.* 3,144
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7,582
TOTAL COMMON STOCKS AND
TOTAL INVESTMENT
SECURITIES (96.0%)
(Cost $177,960,000) $ 210,088
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Principal
Amount
(in thousands)
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REPURCHASE AGREEMENT** (3.2%)
(including accrued interest)
$ 7,000 With UBS Warburg LLC, 3.25%, dated 9/30/05,
due 10/3/05, delivery value $7,002,000
(collateralized by $5,707,000 U.S. Treasury Bonds,
6.375%, due 8/15/27, with a value of $7,119,483)
(Cost $7,001,000) $ 7,001
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CASH AND OTHER ASSETS
IN EXCESS OF LIABILITIES (0.8%) 1,647
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NET ASSETS (100.0%) $ 218,736
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NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
OUTSTANDING SHARE
($218,735,621 / 14,427,626 shares of
capital stock outstanding) $ 15.16
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* 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 September 30, 2005 was as
follows:
Total Net
Unrealized
Total Cost Appreciation Depreciation Appreciation
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$ 184,961,000 $34,796,000 $(2,668,000) $32,128,000
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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
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Jean B. Buttner, President
Date: 11/28/05
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Jean B. Buttner
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Jean B. Buttner, President, Principal Executive Officer
By: /s/ David T. Henigson
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David T. Henigson, Vice President, Treasurer, Principal
Financial Officer
Date: 11/28/05
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