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, 2004
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ITEM 1: SCHEDULE OF INVESTMENTS.
A copy of Schedule of Investments for the period ended 9/30/04 is
included with this Form.
THE VALUE LINE FUND
Schedule of Investments
September 30, 2004(Unaudited)
Percent of Total
Security Description Shares Market Value Net Assets
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COMMON STOCK
AEROSPACE/DEFENSE
Armor Holdings, Inc. 93,000 3,869,730 2.0%
L-3 Communications Holdings, Inc. 48,400 3,242,800 1.7%
United Industrial Corp. 35,000 1,151,150 0.6%
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8,263,680 4.2%
AIR TRANSPORT
FedEx Corp. 12,200 1,045,418 0.5%
AUTO & TRUCK
Toyota Motor Corp. 13,200 1,008,216 0.5%
AUTO PARTS
Tenneco Automotive Inc. 75,000 982,500 0.5%
BIOTECHNOLOGY
Amgen Inc. 25,000 1,417,000 0.7%
BUILDING MATERIALS
Trex Co., Inc. 20,000 885,600 0.5%
CHEMICAL - DIVERSIFIED
Eastman Chemical Company 69,500 3,304,725 1.7%
COAL
Joy Global, Inc. 30,000 1,031,400 0.5%
COMPUTER & PERIFERALS
DELL INC 47,700 1,698,120 1.0%
COMPUTER SOFTWARE SERVICES
Adobe Systems, Inc. 30,000 1,484,100 0.8%
ANTEON INTERNATIONAL CORP. 30,300 1,110,495 0.6%
Autodesk, Inc. 72,900 3,545,127 1.8%
Macromedia, Inc. 61,000 1,224,880 0.6%
Symantec Corp. 70,000 3,841,600 2.0%
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11,206,202 5.7%
DIVERSIFIED COMPANY
CENDANT CORP. 50,100 1,082,160 0.6%
ESCO TECHNOLOGIES, INC. 49,000 3,320,240 1.7%
PARK OHIO HOLDINGS CORP. 82,500 1,476,750 0.8%
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5,879,150 3.0%
DRUG
Biogen Idec, Inc. 50,600 3,095,202 1.6%
Celgene Corp. 18,300 1,065,609 0.5%
Pfizer, Inc. 29,000 887,400 0.5%
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5,048,211 2.6%
E-COMMERCE
Sapient Corp. 194,700 1,485,561 0.8%
TIBCO SOFTWARE, INC. 68,400 582,084 0.3%
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2,067,645 1.1%
ELECTRIAL EQUIPMENT
FLIR Systems, Inc. 60,000 3,510,000 1.8%
ROCKWELL AUTOMATION, INC. 27,300 1,056,510 0.5%
Thomas & Betts Corp. 118,000 3,164,760 1.6%
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7,731,270 4.0%
ELECTRONICS
Agilysys, Inc. 87,400 1,511,146 0.8%
Harman International Industries, Inc. 35,100 3,782,025 1.9%
INTERMAGNETICS GEN CORP 130,000 3,009,500 1.5%
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8,302,671 4.2%
Page 1
Percent of Total
Security Description Shares Market Value Net Assets
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ENTERTAINMENT
UNIVISION COMMUNICATIONS INC 29,200 923,012 0.5%
FINANCIAL SERVICES
American International Group, Inc. 35,500 2,413,645 1.2%
GROCERY
SMART + FINAL INC 60,000 1,005,600 0.5%
HOME APPLIANCES
BLACK + DECKER CORPORATION 14,400 1,115,136 0.6%
HOME BUILDING
M.D.C. HOLDINGS INC 8,000 584,800 0.3%
HOTEL/GAMING
Station Casinos, Inc. 21,800 1,069,072 0.5%
HUMAN RESOURCES
Korn/Ferry International 109,500 1,996,185 1.0%
INDUSTRIAL SERVICES
Navigant Consulting, Inc. 154,300 3,388,428 1.7%
INSURANCE - PROPERTY/CASUALTY
American Financial Group, Inc. 105,500 3,153,395 1.6%
OHIO CAS CORP 51,500 1,077,895 0.6%
SAFECO CORP 20,800 949,520 0.5%
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5,180,810 2.6%
INTERNET
eBay, Inc. 23,600 2,169,784 1.1%
MACHINERY
AGCO CORP 51,600 1,167,192 0.6%
MEDICAL SERVICES
Aetna Inc. 6,200 619,566 0.3%
Anthem, Inc. 12,000 1,047,000 0.5%
COMMUNITY HEALTH SYS INC NEW 21,700 578,956 0.3%
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2,245,522 1.1%
MEDICAL SUPPLIES
Bard (C.R.), Inc. 18,900 1,070,307 0.5%
BIOMET INC 22,000 1,031,360 0.5%
BIOSITE INC 79,000 3,867,840 2.0%
CYTYC CORP 131,400 3,173,310 1.6%
Fisher Scientific International, Inc. 28,500 1,662,405 0.8%
MEDTRONIC INC 20,400 1,058,760 0.5%
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11,863,982 6.1%
METAL FABRICATING
LONE STAR TECHNOLOGIES INC 100,000 3,780,000 1.9%
TIMKEN CO 40,400 994,648 0.5%
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4,774,648 2.4%
METALS & MINING
Brush Engineered Materials Inc. 100,000 2,071,000 1.1%
PHELPS DODGE CORP 13,100 1,205,593 0.6%
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3,276,593 1.7%
NATURAL GAS - DIVERSIFIED
Southwestern Energy Co. 12,500 524,875 0.3%
XTO ENERGY INC 35,000 1,136,800 0.6%
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1,661,675 0.8%
OILFIELD SERVICES/EQUIPMENT
BAKER HUGHES INC 25,000 1,093,000 0.6%
CAL DIVE INTL INC 33,000 1,175,460 0.6%
INPUT/OUTPUT INC 330,000 3,402,300 1.7%
Schlumberger Ltd. 16,800 1,130,808 0.6%
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6,801,568 3.5%
Page 2
Percent of Total
Security Description Shares Market Value Net Assets
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PACKAGING & CONTAINER
BALL CORP 19,000 711,170 0.4%
PAPER & FOREST PRODUCTS
Georgia-Pacific Corp. 63,900 2,297,205 1.2%
Potlatch Corp. 78,000 3,651,180 1.9%
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5,948,385 3.0%
PETROLEUM - INTERGRATED
VALERO ENERGY CORP 10,000 802,100 0.4%
PHARMACY
WALGREEN CO 54,700 1,959,901 1.0%
POWER INDUSTRY
HEADWATERS INC 53,700 1,657,182 0.8%
PRECISION INSTRUMENT
II VI INC 90,000 3,150,900 1.6%
RAILROAD
Norfolk Southern Corp. 124,000 3,687,760 2.0%
RECREATION
HARLEY DAVIDSON INC 16,600 986,704 0.5%
RETAIL - SPECIAL LINES
American Eagle Outfitters, Inc. 107,200 3,950,320 2.0%
FOSSIL INC 35,200 1,089,088 0.6%
Guitar Center, Inc. 70,500 3,052,650 1.6%
SOTHEBYS HLDGS INC 64,000 1,006,080 0.5%
Urban Outfitters, Inc. 112,000 3,852,800 2.0%
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12,950,938 6.6%
RETAIL BUILDING SUPPLY
BUILDING MATLS HLDG CORP 56,500 1,554,880 0.8%
FASTENAL CO 16,600 956,160 0.5%
Home Depot, Inc. (The) 90,700 3,555,440 1.8%
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6,066,480 3.1%
RETAIL STORE
Penney (J.C.) Co., Inc. 85,000 2,998,800 1.5%
SEMI-CONDUCTOR
CREE INC 120,000 3,663,600 1.9%
Motorola, Inc. 90,000 1,623,600 0.8%
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5,287,200 2.7%
STEEL - GENERAL
CARPENTER TECHNOLOGY CORP 24,900 1,188,726 0.6%
COMMERCIAL METALS CO 16,100 639,492 0.3%
NUCOR CORP 29,000 2,649,730 1.4%
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4,477,948 2.3%
TELECOMMUNICATIONS EQUIPMENT
JUNIPER NETWORKS INC 114,500 2,702,200 1.4%
Marvell Technology Group Ltd. 120,600 3,151,278 1.6%
QUALCOMM Inc. 75,000 2,928,000 1.5%
TELLABS INC 108,200 994,358 0.5%
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9,775,836 5.0%
TELECOMMUNICATIONS SERVICES
Western Wireless Corp. Class "A" 112,700 2,897,517 1.5%
TIOLETRIES/COSMETICS
Chattem, Inc. 111,400 3,592,650 1.8%
Nu Skin Enterprises, Inc. Class "A" 126,300 2,969,313 1.5%
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6,561,963 3.4%
Page 3
Percent of Total
Security Description Shares Market Value Net Assets
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TRUCKING
ARKANSAS BEST CORP 28,000 1,025,360 0.5%
FORWARD AIR CORP 26,200 1,048,524 0.5%
Hunt (J.B.) Transport Services, Inc. 81,000 3,008,340 1.5%
YELLOW ROADWAY CORP 22,000 1,031,580 0.5%
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6,113,804 3.1%
WIRELESS NETWORKING
Research In Motion Ltd. 49,000 3,740,660 2.0%
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TOTAL COMMON STOCK AND TOTAL
INVESTMENT SECURITIES ($174,136,071.70) 191,284,708 97.8%
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PRINCIPAL AMOUNT PAR VALUE
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REPURCHASE AGREEMENT (2.3%)
(INCLUDING ACCRUED INTEREST)
Collateralized by $3,769,000 U.S. Treasury
Bonds 6.75%, due 8/15/26, with a value of $4,697,116
(with UBS Warburg LLC, 1.55% dated 9/30/04, due $ 4,600,000
10/1/04, delivery value $4,600,198)................... ------------- $ 4,600,198
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EXCESS OF LIABILITIES OVER CASH
AND OTHER ASSETS (-0.1%).............................. (199,372)
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NET ASSETS (100.0%)................................... $ 195,685,534
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NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER OUTSTANDING SHARE
($195,685,534 / 13,873,952 SHARES OF CAPITAL STOCK
OUTSTANDING).......................................... $ 14.10
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Page 4
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
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Jean B. Buttner, President
Date: November 29, 2004
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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: November 29, 2004
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