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.
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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
Date of fiscal year end: December 31, 2006
Date of reporting period: March 31, 2006
Item 1: Schedule of Investments.
The Value Line Fund, Inc.
Schedule of Investments (unaudited) March 31, 2006
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Shares Value
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COMMON STOCKS (96.5%)
ADVERTISING (1.1%)
53,000 Monster Worldwide, Inc. * $ 2,642,580
AEROSPACE/DEFENSE (2.5%)
90,000 AAR Corp. * 2,563,200
52,000 United Industrial Corp. 3,168,360
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5,731,560
APPAREL (2.0%)
20,000 Gildan Activewear, Inc. * 950,400
96,000 Guess?, Inc. * 3,754,560
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4,704,960
CANADIAN ENERGY (1.6%)
36,000 Petro-Canada 1,713,240
36,000 Talisman Energy, Inc. 1,914,480
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3,627,720
CEMENT & AGGREGATES (0.9%)
33,000 Eagle Materials, Inc. 2,104,080
CHEMICAL - SPECIALTY (0.8%)
35,000 Ceradyne, Inc. * 1,746,500
COMPUTER & PERIPHERALS (4.5%)
37,000 Apple Computer, Inc. * 2,320,640
112,000 Hewlett-Packard Co. 3,684,800
83,000 Ingram Micro, Inc. * 1,660,000
145,000 Western Digital Corp. * 2,817,350
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10,482,790
COMPUTER SOFTWARE & SERVICES (6.2%)
91,000 Accenture Ltd. 2,736,370
138,000 BMC Software, Inc. * 2,989,080
69,000 Ceridian Corp. * 1,756,050
56,000 Citrix Systems, Inc. * 2,122,400
81,000 Jack Henry & Associates, Inc. 1,852,470
69,000 Paychex, Inc. 2,874,540
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14,330,910
DIVERSIFIED COMPANIES (3.6%)
79,000 McDermott International, Inc. * 4,301,550
21,000 Sequa Corp. * 2,053,800
28,000 Walter Industries, Inc. 1,865,360
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8,220,710
DRUG (2.7%)
104,000 Biovail Corp. 2,532,400
30,000 Gilead Sciences, Inc. * 1,866,600
50,000 Pharmaceutical Product Development,
Inc. 1,730,500
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6,129,500
E-COMMERCE (1.0%)
94,000 Internet Security Systems, Inc. * 2,254,120
ELECTRICAL EQUIPMENT (3.2%)
136,000 Corning, Inc. * 3,659,760
55,000 General Cable Corp. * 1,668,150
40,000 Thomas & Betts Corp. * 2,055,200
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7,383,110
ELECTRONICS (5.0%)
105,000 AVX Corp. 1,858,500
51,000 Benchmark Electronics, Inc. * 1,955,850
125,000 Micrel, Inc. * 1,852,500
107,000 Plexus Corp. * 4,019,990
75,000 Technitrol, Inc. 1,798,500
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11,485,340
ENTERTAINMENT TECHNOLOGY (1.4%)
105,000 Omnivision Technologies, Inc. * 3,171,000
ENVIRONMENTAL (0.9%)
56,000 Waste Management, Inc. 1,976,800
FOREIGN ELECTRONICS (0.8%)
81,000 Matsushita Electric Industrial Co., Ltd. 1,793,340
FURNITURE/HOME FURNISHINGS (0.8%)
107,000 Steelcase, Inc. 1,926,000
HEALTH CARE INFORMATION SYSTEMS (0.7%)
89,000 Allscripts Healthcare Solutions, Inc. * 1,629,590
HUMAN RESOURCES (0.8%)
114,000 MPS Group, Inc. * 1,744,200
INDUSTRIAL SERVICES (2.7%)
54,000 Amdocs Ltd. * 1,947,240
42,000 C.H. Robinson Worldwide, Inc. 2,061,780
25,000 Expeditors International of
Washington, Inc. 2,159,750
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6,168,770
INFORMATION SERVICES (0.9%)
28,000 Moody's Corp. 2,000,880
INSURANCE - PROPERTY & CASUALTY (0.8%)
33,000 Berkley (W.R.) Corp. 1,915,980
500 Hanover Insurance Group, Inc. 26,210
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1,942,190
INTERNET (2.0%)
33,000 CheckFree Corp. * 1,666,500
The Value Line Fund, Inc.
March 31, 2006
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Shares Value
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112,000 E*Trade Financial Corp. * $ 3,021,760
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4,688,260
MACHINERY (3.2%)
37,000 Dover Corp. 1,796,720
104,000 JLG Industries, Inc. 3,202,160
42,000 MSC Industrial Direct Co., Inc. 2,268,840
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7,267,720
MANUFACTURED HOUSING/RECREATIONAL VEHICLE (1.4%)
112,000 Champion Enterprises, Inc. * 1,675,520
27,800 Thor Industries, Inc. 1,483,408
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3,158,928
MARITIME (0.8%)
27,000 Kirby Corp. * 1,838,970
MEDICAL SUPPLIES (2.9%)
42,000 Digene Corp. * 1,642,200
83,000 Molecular Devices Corp. * 2,752,280
40,000 Varian Medical Systems, Inc. * 2,246,400
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6,640,880
METALS FABRICATING (1.4%)
60,000 Trinity Industries, Inc. 3,263,400
NATURAL GAS - DIVERSIFIED (0.1%)
7,400 Cabot Oil & Gas Corp. 354,682
NEWSPAPER (0.8%)
105,000 News Corp. 1,843,800
OILFIELD SERVICES/EQUIPMENT (5.2%)
80,000 Helix Energy Solutions Group, Inc. * 3,032,000
24,000 Schlumberger Ltd. 3,037,680
44,000 TETRA Technologies, Inc. * 2,069,760
33,000 Tidewater, Inc. 1,822,590
42,000 Weatherford International Ltd. * 1,921,500
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11,883,530
PETROLEUM - INTEGRATED (0.7%)
20,000 Petroleo Brasileiro S.A. - Petrobras 1,733,400
PHARMACY SERVICES (1.6%)
20,600 Express Scripts, Inc. * 1,810,740
52,000 HealthExtras, Inc. * 1,835,600
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3,646,340
PRECISION INSTRUMENT (2.2%)
45,000 Agilent Technologies, Inc. * 1,689,750
54,000 National Instruments Corp. 1,761,480
80,000 Newport Corp. * 1,508,800
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4,960,030
RAILROAD (0.6%)
25,000 CSX Corp. 1,495,000
RESTAURANT (0.8%)
47,000 Starbucks Corp. * 1,769,080
RETAIL - SPECIAL LINES (1.8%)
81,000 Circuit City Stores, Inc. 1,982,880
47,000 Dress Barn, Inc. (The) * 2,253,650
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4,236,530
RETAIL BUILDING SUPPLY (1.9%)
40,000 Fastenal Co. 1,893,600
60,000 Home Depot, Inc. (The) 2,538,000
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4,431,600
SECURITIES BROKERAGE (5.5%)
200,000 Charles Schwab Corp. (The) 3,442,000
5,000 Chicago Mercantile Exchange Holdings, Inc. 2,237,500
12,000 Goldman Sachs Group, Inc. (The) 1,883,520
66,000 Investment Technology Group, Inc. * 3,286,800
13,000 Lehman Brothers Holdings, Inc. 1,878,890
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12,728,710
SEMICONDUCTOR (7.8%)
48,643 Advanced Micro Devices, Inc. * 1,608,260
187,643 Amkor Technology, Inc. * 1,620,000
36,142 Cymer, Inc. * 1,635,840
120,143 Integrated Device Technology, Inc. * 1,783,200
113,143 Intersil Corp. 3,267,960
47,143 Microchip Technology, Inc. 1,706,100
111,143 NVIDIA Corp. * 6,355,860
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17,977,220
STEEL - GENERAL (0.8%)
20,000 Reliance Steel & Aluminum Co. 1,878,400
TELECOMMUNICATIONS EQUIPMENT (5.8%)
70,500 Broadcom Corp. * 3,042,780
85,000 Cisco Systems, Inc. * 1,841,950
76,000 CommScope, Inc. * 2,169,800
74,800 Marvell Technology Group Ltd. * 4,046,680
46,000 QUALCOMM, Inc. 2,328,060
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13,429,270
WIRELESS NETWORKING (4.3%)
114,250 Brightpoint, Inc. * 3,548,605
132,000 Palm, Inc. * 3,057,120
The Value Line Fund, Inc.
Schedule of Investments (unaudited)
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Shares Value
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242,000 Powerwave Technologies, Inc. * $ 3,264,580
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9,870,305
TOTAL COMMON STOCK AND TOTAL INVESTMENT
SECURITIES (96.5%)
(Cost $184,612,400) 222,292,705
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Principal
Amount Value
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REPURCHASE AGREEMENTS ** (1.9%)
$ 2,000,000 With Morgan Stanley Dean Witter &
Co., 4.44%, dated 3/31/06, due
4/3/06, delivery value $2,000,247
(collateralized by $1,695,000 U.S.
Treasury Notes 6.5%, due 11/15/26,
with a value of $2,044,935) 2,000,000
2,300,000 With UBS Securities, LLC, 4.48%,
dated 3/31/06, due 4/3/06,
delivery value $2,300,286
(collateralized by $1,997,000 U.S.
Treasury Notes 6.375%, due
8/15/27, with a value of
$2,351,652) 2,300,000
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TOTAL REPURCHASE AGREEMENTS (Cost $4,300,000) 4,300,000
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CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (1.6%) 3,651,933
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NET ASSETS (100%) $230,244,638
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NET ASSET VALUE OFFERING AND REDEMPTION PRICE,
PER OUTSTANDING SHARE
($230,244,638 / 15,949,784 shares outstanding ) $ 14.44
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* Non-income producing security
** 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, 2006 was as
follows:
Total Net
Unrealized
Total Cost Appreciation Depreciation Appreciation
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$ 188,912,400 $ 38,931,260 $ (1,250,955) $ 37,680,305
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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: May 22, 2006
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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/ Stephen R Anastasio
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Stephen R Anastasio, Treasurer, Principal Financial Officer
Date: May 22, 2006
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