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, 2007
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Date of reporting period: September 30, 2007
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ITEM 1: SCHEDULE OF INVESTMENTS.
A copy of Schedule of Investments for
the period ended 9/30/07 is included with this Form.
Item 1: Schedule of Investments.
A copy of Schedule of Investments for the period ended 9/30/07 is included
with this Form.
The Value Line Fund, Inc.
SCHEDULE OF INVESTMENTS (UNAUDITED) SEPTEMBER 30, 2007
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SHARES VALUE
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COMMON STOCKS (97.2%)
AEROSPACE/DEFENSE (2.0%)
317,000 Bombardier, Inc. Class B * $1,886,677
15,000 Precision Castparts Corp. 2,219,700
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4,106,377
AUTO PARTS (1.1%)
62,000 LKQ Corp. * 2,158,220
BEVERAGE - SOFT DRINK (3.0%)
34,000 Coca-Cola Co. (The) 1,953,980
36,000 Hansen Natural Corp. * 2,040,480
64,000 PepsiAmericas, Inc. 2,076,160
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6,070,620
BIOTECHNOLOGY (0.9%)
23,000 Invitrogen Corp. * 1,879,790
BUILDING MATERIALS (2.0%)
15,000 Fluor Corp. 2,159,700
26,000 Jacobs Engineering Group, Inc. * 1,965,080
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4,124,780
CHEMICAL - BASIC (1.1%)
21,000 Potash Corporation of
Saskatchewan, Inc. 2,219,700
CHEMICAL - DIVERSIFIED (1.0%)
23,000 Monsanto Co. 1,972,020
CHEMICAL - SPECIALTY (1.0%)
52,000 Penford Corp. 1,960,400
COMPUTER & PERIPHERALS (4.0%)
14,000 Apple, Inc. * 2,149,560
98,000 EMC Corp. * 2,038,400
16,000 International Business Machines Corp. 1,884,800
44,000 Sigma Designs, Inc. * 2,122,560
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8,195,320
COMPUTER SOFTWARE &
SERVICES (3.8%)
35,000 Computer Sciences Corp. * 1,956,500
76,000 Jack Henry & Associates, Inc. 1,965,360
93,000 Oracle Corp. * 2,013,450
43,000 Paychex, Inc. 1,763,000
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7,698,310
DIVERSIFIED COMPANIES (4.9%)
32,000 Chemed Corp. 1,989,120
47,000 FARO Technologies, Inc. * 2,075,050
34,500 Honeywell International, Inc. 2,051,715
38,000 McDermott International, Inc. * 2,055,040
21,000 Valmont Industries, Inc. 1,781,850
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9,952,775
DRUG (5.8%)
30,000 Biogen Idec, Inc. * 1,989,900
24,000 Covance, Inc. * 1,869,600
52,000 LifeCell Corp. * 1,953,640
38,000 Merck & Co., Inc. 1,964,220
16,000 Novo Nordisk A/S ADR 1,936,640
SHARES VALUE
-------------------------------------------- ---------------
64,000 Schering-Plough Corp. $2,024,320
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11,738,320
EDUCATIONAL SERVICES (4.0%)
56,000 DeVry, Inc. 2,072,560
17,000 ITT Educational Services, Inc. * 2,068,730
222,000 SkillSoft PLC ADR * 1,995,780
11,500 Strayer Education, Inc. 1,939,245
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8,076,315
ELECTRICAL EQUIPMENT (3.9%)
79,000 Corning, Inc. 1,947,350
38,000 FLIR Systems, Inc. * 2,104,820
18,000 Garmin Ltd. 2,149,200
26,000 Rockwell Automation, Inc. 1,807,260
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8,008,630
ELECTRONICS (0.9%)
46,000 Cubic Corp. 1,939,820
ENVIRONMENTAL (0.9%)
32,000 Stericycle, Inc. * 1,829,120
FINANCIAL SERVICES -
DIVERSIFIED (2.9%)
28,000 American International Group, Inc. 1,894,200
44,000 Aon Corp. 1,971,640
72,000 Janus Capital Group, Inc. 2,036,160
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5,902,000
FOOD PROCESSING (1.0%)
68,000 Fresh Del Monte Produce, Inc. 1,955,000
FURNITURE/HOME FURNISHINGS (1.1%)
61,000 Tempur-Pedic International, Inc . 2,180,750
HOUSEHOLD PRODUCTS (1.8%)
18,000 Energizer Holdings, Inc. * 1,995,300
56,000 Tupperware Brands Corp. 1,763,440
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3,758,740
HUMAN RESOURCES (1.0%)
71,000 CDI Corp. 1,979,480
INDUSTRIAL SERVICES (0.9%)
36,000 FTI Consulting, Inc. * 1,811,160
INTERNET (3.9%)
23,000 Amazon.com, Inc. * 2,142,450
52,000 eBay, Inc. * 2,029,040
82,000 Eclipsys Corp. * 1,912,240
21,000 Priceline.com, Inc. * 1,863,750
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7,947,480
MACHINERY (5.0%)
32,000 Actuant Corp. Class A 2,079,040
60,000 Applied Industrial Technologies, Inc. 1,849,800
28,000 Bucyrus International, Inc. Class A 2,042,040
36,000 CNH Global N.V. 2,186,640
46,000 Manitowoc Company, Inc. (The) 2,036,880
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10,194,400
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1
The Value Line Fund, Inc.
SEPTEMBER 30, 2007
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SHARES VALUE
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MEDICAL SERVICES (1.0%)
38,000 Aetna, Inc. $2,062,260
MEDICAL SUPPLIES (5.7%)
14,000 Alcon, Inc. 2,014,880
34,000 ArthroCare Corp. * 1,900,260
37,000 Charles River Laboratories
International, Inc. * 2,077,550
9,000 Intuitive Surgical, Inc. * 2,070,000
31,000 Kinetic Concepts, Inc. * 1,744,680
41,000 St. Jude Medical, Inc. * 1,806,870
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11,614,240
METALS & MINING DIVERSIFIED
(2.2%)
29,000 BHP Billiton Ltd. ADR 2,279,400
17,000 Southern Copper Corp. 2,105,110
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4,384,510
NATURAL GAS - DIVERSIFIED (1.0%)
58,000 Williams Companies, Inc. (The) 1,975,480
OILFIELD SERVICES/EQUIPMENT
(7.8%)
22,000 Cameron International Corp. * 2,030,380
16,000 Core Laboratories N.V. * 2,038,240
18,000 Diamond Offshore Drilling, Inc. 2,039,220
40,000 Noble Corp. 1,962,000
51,000 Rowan Companies, Inc. 1,865,580
19,000 Schlumberger Ltd. 1,995,000
27,000 Smith International, Inc. 1,927,800
30,000 Weatherford International Ltd. * 2,015,400
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15,873,620
PACKAGING & CONTAINER (1.0%)
50,000 Owens-Illinois, Inc. * 2,072,500
PAPER & FOREST PRODUCTS (1.0%)
55,000 International Paper Co. 1,972,850
PHARMACY SERVICES (1.9%)
35,000 Express Scripts, Inc. * 1,953,700
42,000 Walgreen Co. 1,984,080
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3,937,780
PRECISION INSTRUMENT (2.9%)
65,000 Axsys Technologies, Inc. * 2,012,400
34,000 KLA-Tencor Corp. 1,896,520
57,000 National Instruments Corp. 1,956,810
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5,865,730
RECREATION (0.9%)
121,000 Callaway Golf Co. 1,937,210
RETAIL - SPECIAL LINES (1.1%)
40,000 GameStop Corp. Class A * 2,254,000
RETAIL BUILDING SUPPLY (0.9%)
42,000 Fastenal Co. 1,907,220
SHARES VALUE
-------------------------------------------- ---------------
SEMICONDUCTOR (2.0%)
116,000 ANADIGICS, Inc. * $2,097,280
55,000 NVIDIA Corp. * 1,993,200
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4,090,480
SEMICONDUCTOR - EQUIPMENT (0.9%)
35,000 Varian Semiconductor Equipment 1,873,200
Associates, Inc. *
SHOE (1.1%)
20,000 Deckers Outdoor Corp. * 2,196,000
TELECOMMUNICATIONS EQUIPMENT
(4.8%)
23,000 Anixter International, Inc. * 1,896,350
53,000 Ciena Corp. * 2,018,240
62,000 Cisco Systems, Inc. * 2,052,820
35,000 CommScope, Inc. * 1,758,400
55,000 Nokia Oyj ADR 2,086,150
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9,811,960
TIRE & RUBBER (1.0%)
82,000 Cooper Tire & Rubber Co. 2,000,800
WIRELESS NETWORKING (2.1%)
22,000 Itron, Inc. * 2,047,540
23,000 Research In Motion Ltd. * 2,266,650
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4,314,190
TOTAL COMMON STOCKS AND TOTAL
INVESTMENT SECURITIES
(97.2%)
(COST $171,410,387) 197,803,557
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PRINCIPAL
AMOUNT VALUE
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REPURCHASE AGREEMENTS (1) (2.8%)
$ 5,700,000 With Morgan Stanley, 3.80%,
dated 9/28/07,
due10/1/07, delivery
value $5,701,805
(collateralized by
$5,715,00 U.S. Treasury
Notes 4.50%, due 2/28/11,
with a value of
$5,809,792) 5,700,000
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TOTAL REPURCHASE
AGREEMENTS
(COST $5,700,000) 5,700,000
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CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES (0.0%) 51,612
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NET ASSETS (100.0%) $ 203,555,169
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NET ASSET VALUE OFFERING AND REDEMPTION
PRICE, PER OUTSTANDING SHARE
($203,555,169 / 14,061,947 SHARES
OUTSTANDING) $ 14.48
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2
The Value Line Fund, Inc.
SCHEDULE OF INVESTMENTS (UNAUDITED)
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* 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 September 30, 2007 was
as follows:
TOTAL NET
UNREALIZED
TOTAL COST APPRECIATION DEPRECIATION APPRECIATION
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$177,110,387 $27,129,764 $(736,594) $26,393,170
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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
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Jean B. Buttner, President
Date: November 29, 2007
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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: November 29, 2007
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