Item I.
|
Reports to Stockholders.
|
|
A copy of the Semi -Annual Report to Stockholders for the period ended 7/31/12 is included with this Form. |
INVESTMENT ADVISER
|
EULAV Asset Management
7 Times Square 21st Floor New York, NY 10036-6524
|
S E M I – A N N U A L R E P O R T
|
|
J u l y 3 1 , 2 0 1 2
|
|||
DISTRIBUTOR
|
EULAV Securities LLC
|
||
7 Times Square 21st Floor
|
|||
New York, NY 10036-6524
|
|||
CUSTODIAN BANK
|
State Street Bank and Trust Co.
|
||
225 Franklin Street
|
|||
Boston, MA 02110
|
|||
SHAREHOLDER
|
State Street Bank and Trust Co.
|
||
SERVICING AGENT
|
c/o BFDS
|
||
P.O. Box 219729
|
|||
Kansas City, MO 64121-9729
|
|||
INDEPENDENT
|
PricewaterhouseCoopers LLP
|
Value Line
Aggressive
Income Trust
|
|
REGISTERED PUBLIC
|
300 Madison Avenue
|
||
ACCOUNTING FIRM
|
New York, NY 10017
|
||
LEGAL COUNSEL
|
Peter D. Lowenstein, Esq.
|
||
496 Valley Road
|
|||
Cos Cob, CT 06807-0272
|
|||
DIRECTORS
|
Mitchell E. Appel
|
||
Joyce E. Heinzerling
|
|||
Francis C. Oakley
|
|||
David H. Porter
|
|||
Paul Craig Roberts
|
|||
Nancy-Beth Sheerr
|
|||
Daniel S. Vandivort
|
|||
OFFICERS
|
Mitchell E. Appel
|
||
President
|
|||
Michael J. Wagner
|
|||
Chief Compliance Officer
|
|||
Emily D. Washington
|
|||
Treasurer and Secretary
|
|||
![]() |
|||
This unaudited report is issued for information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of the Trust (obtainable from the Distributor).
|
|||
#00088206
|
To Our Value Line Aggressive
|
Sincerely,
|
|
/s/ Mitchell Appel
|
|
Mitchell Appel, President
|
|
/s/ Jeff Geffen
|
|
Jeff Geffen, Portfolio Manager
|
(1)
|
The Barclays Capital U.S. Corporate High Yield Index is representative of the broad based fixed-income market. It includes non-investment grade corporate bonds. The returns for the Index do not reflect charges, expenses, or taxes, and it is not possible to directly invest in this unmanaged Index.
|
Past performance does not guarantee future results. Investment return and principal value of an investment can fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; and that current performance may be lower or higher than the performance data quoted. Investors should carefully consider the investment objectives, risks, charges and expense of a fund. This and other important information about a fund is contained in the fund’s prospectus. A copy of our fund’s prospectus can be obtained by going to our website at www.vlfunds.com or calling 800.243.2729.
|
Income Trust Shareholders
|
Beginning
account value
2/1/12
|
Ending
account value
7/31/12
|
Expenses
paid during
period 2/1/12
thru 7/31/12*
|
||||||||
Actual
|
$
|
1,000.00
|
$
|
1,042.01
|
$
|
6.46
|
||||
Hypothetical (5% return before expenses)
|
$
|
1,000.00
|
$
|
1,018.54
|
$
|
6.39
|
*
|
Expenses are equal to the Trust’s annualized expense ratio of 1.27% multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. This expense ratio may differ from the expense ratio shown in the Financial Highlights.
|
Portfolio Highlights at July 31, 2012 (unaudited)
|
Issue
|
Principal
Amount
|
Value
|
Percentage of
Net Assets
|
|||||||
Briggs & Stratton Corp., Guaranteed Notes, 6.88%, 12/15/20
|
$
|
500,000
|
$
|
535,000
|
1.7%
|
|
||||
Ball Corp., Guaranteed Notes, 5.00%, 3/15/22
|
500,000
|
528,750
|
1.7%
|
|
||||||
Ally Financial, Inc., Guaranteed Notes, 8.00%, 3/15/20
|
400,000
|
475,500
|
1.5%
|
|
||||||
Constellation Brands, Inc., Guaranteed Notes, 6.00%, 5/1/22
|
400,000
|
441,500
|
1.4%
|
|
||||||
Peabody Energy Corp., Guaranteed Notes, 7.38%, 11/1/16
|
400,000
|
440,000
|
1.4%
|
|
||||||
Hertz Corp. (The), Guaranteed Notes, 7.38%, 1/15/21
|
400,000
|
431,500
|
1.4%
|
|
||||||
Plains Exploration & Production Co., Guaranteed Notes, 6.63%, 5/1/21
|
400,000
|
424,000
|
1.4%
|
|
||||||
Terex Corp., Senior Subordinated Notes, 8.00%, 11/15/17
|
400,000
|
421,000
|
1.3%
|
|
||||||
Bausch & Lomb, Inc., Senior Unsecured Notes, 9.88%, 11/1/15
|
400,000
|
417,500
|
1.3%
|
|
||||||
Cie Generale de Geophysique-Veritas, Guaranteed Notes, 7.75%, 5/15/17
|
400,000
|
416,500
|
1.3%
|
|
||||||
Asset Allocation – Percentage of Total Net Assets
|
Sector Weightings – Percentage of Total Investment Securities*
|
*
|
Sector weightings exclude short-term investments and collateral for securities on loan.
|
Value Line Aggressive Income Trust | |
Schedule of Investments (unaudited)
|
July 31, 2012
|
Principal
Amount
|
Value
|
||||||
CORPORATE BONDS & NOTES (90.7%)
|
|||||||
BASIC MATERIALS (2.6%)
|
|||||||
$
|
200,000
|
AK Steel Corp., Guaranteed
|
|||||
Notes, 7.63%, 5/15/20 (1)
|
$
|
169,000
|
|||||
250,000
|
FMG Resources Pty Ltd.,
|
||||||
Guaranteed Notes, 7.00%,
|
|||||||
11/1/15 (1) (2)
|
256,250
|
||||||
400,000
|
United States Steel Corp., Senior
|
||||||
Unsecured Notes, 6.05%,
|
|||||||
6/1/17 (1)
|
398,000
|
||||||
823,250
|
|||||||
COMMUNICATIONS (12.2%)
|
|||||||
250,000 |
Cablevision Systems Corp.,
|
||||||
Senior Unsecured Notes,
|
|||||||
7.75%, 4/15/18
|
271,875
|
||||||
200,000
|
CenturyLink, Inc., Series T,
|
||||||
Senior Unsecured Notes,
|
|||||||
5.80%, 3/15/22
|
212,242
|
||||||
250,000
|
Cincinnati Bell, Inc., Guaranteed
|
||||||
Notes, 8.38%, 10/15/20
|
260,625
|
||||||
300,000
|
Crown Castle International
|
||||||
Corp., Senior Unsecured
|
|||||||
Notes, 9.00%, 1/15/15
|
327,187
|
||||||
300,000
|
DISH DBS Corp., Guaranteed
|
||||||
Notes, 7.13%, 2/1/16
|
331,125
|
||||||
200,000
|
DISH DBS Corp., Guaranteed
|
||||||
Notes, 6.75%, 6/1/21
|
218,750
|
||||||
150,000
|
Frontier Communications Corp.,
|
||||||
Senior Unsecured Notes,
|
|||||||
8.50%, 4/15/20 (1)
|
162,375
|
||||||
150,000
|
Intelsat Jackson Holdings SA,
|
||||||
Guaranteed Notes, 7.50%,
|
|||||||
4/1/21
|
160,500
|
||||||
350,000
|
MetroPCS Wireless, Inc.,
|
||||||
Guaranteed Notes, 6.63%,
|
|||||||
11/15/20
|
353,500
|
||||||
250,000
|
Nielsen Finance LLC / Nielsen
|
||||||
Finance Co., Guaranteed
|
|||||||
Notes, 7.75%, 10/15/18
|
281,250
|
||||||
150,000
|
NII Capital Corp., Guaranteed
|
||||||
Notes, 7.63%, 4/1/21
|
114,750
|
||||||
350,000
|
Sprint Capital Corp., Guaranteed
|
||||||
Notes, 8.75%, 3/15/32
|
348,250
|
Principal
Amount
|
Value
|
||||||
$
|
400,000
|
Virgin Media Finance PLC,
|
|||||
Guaranteed Notes, 5.25%,
|
|||||||
2/15/22 (1)
|
$ |
414,000
|
|||||
200,000
|
Wind Acquisition Finance SA,
|
||||||
Secured Notes, 11.75%,
|
|||||||
7/15/17 (2)
|
166,000
|
||||||
200,000
|
Windstream Corp., Guaranteed
|
||||||
Notes, 7.50%, 6/1/22
|
209,000
|
||||||
3,831,429
|
|||||||
CONSUMER, CYCLICAL (16.3%)
|
|||||||
200,000
|
American Axle & Manufacturing,
|
||||||
Inc., Guaranteed Notes, 7.88%,
|
|||||||
3/1/17 (1)
|
207,500
|
||||||
200,000
|
Boyd Gaming Corp., Senior
|
||||||
Subordinated Notes, 6.75%,
|
|||||||
4/15/14
|
199,750
|
||||||
250,000
|
Chrysler Group LLC /
|
||||||
CG Co-Issuer, Inc., Secured
|
|||||||
Notes, 8.00%, 6/15/19 (1)
|
260,000
|
||||||
250,000
|
Cooper Tire & Rubber Co.,
|
||||||
Senior Unsecured Notes,
|
|||||||
7.63%, 3/15/27
|
246,562
|
||||||
300,000
|
Dana Holding Corp., Senior
|
||||||
Unsecured Notes, 6.50%,
|
|||||||
2/15/19
|
318,375
|
||||||
250,000
|
Ford Motor Co., Senior
|
||||||
Unsecured Notes, 7.45%,
|
|||||||
7/16/31
|
310,312
|
||||||
350,000
|
Goodyear Tire & Rubber Co.
|
||||||
(The), Guaranteed Notes,
|
|||||||
8.25%, 8/15/20 (1)
|
381,500
|
||||||
150,000
|
Gymboree Corp., Guaranteed
|
||||||
Notes, 9.13%, 12/1/18 (1)
|
140,063
|
||||||
300,000
|
Hanesbrands, Inc., Guaranteed
|
||||||
Notes, 6.38%, 12/15/20
|
320,625
|
||||||
315,000
|
Lear Corp., Guaranteed Notes,
|
||||||
7.88%, 3/15/18
|
344,531
|
||||||
115,000
|
Lennar Corp., Series B,
|
||||||
Guaranteed Notes, 6.50%,
|
|||||||
4/15/16
|
122,763
|
||||||
200,000
|
Macy’s Retail Holdings, Inc.,
|
||||||
Guaranteed Notes, 8.13%,
|
|||||||
8/15/35
|
219,210
|
||||||
100,000
|
McJunkin Red Man Corp.,
|
||||||
Senior Secured Notes,
|
|||||||
9.50%, 12/15/16
|
108,250
|
Value Line Aggressive Income Trust
|
July 31, 2012
|
Principal
Amount
|
Value
|
||||||
$
|
300,000
|
Meritor, Inc., Guaranteed Notes,
|
|||||
8.13%, 9/15/15 (1)
|
$
|
307,875
|
|||||
300,000
|
MGM Resorts International,
|
||||||
Guaranteed Notes, 7.75%,
|
|||||||
3/15/22 (1)
|
300,750
|
||||||
200,000
|
Navistar International Corp.,
|
||||||
Guaranteed Notes, 8.25%,
|
|||||||
11/1/21 (1)
|
187,500
|
||||||
300,000
|
PEP Boys-Manny, Moe & Jack
|
||||||
(The), Guaranteed Notes,
|
|||||||
7.50%, 12/15/14
|
303,753
|
||||||
150,000
|
Rite Aid Corp., Senior Secured
|
||||||
Notes, 9.75%, 6/12/16
|
165,375
|
||||||
300,000
|
Royal Caribbean Cruises Ltd.,
|
||||||
Senior Unsecured Notes,
|
|||||||
7.50%, 10/15/27
|
304,125
|
||||||
140,000
|
Scientific Games Corp.,
|
||||||
Guaranteed Notes, 8.13%,
|
|||||||
9/15/18
|
151,900
|
||||||
200,000
|
Wynn Las Vegas LLC / Wynn
|
||||||
Las Vegas Capital Corp.,
|
|||||||
7.75%, 8/15/20
|
222,000
|
||||||
5,122,719
|
|||||||
CONSUMER, NON-CYCLICAL (19.6%)
|
|
||||||
350,000
|
Alere, Inc., Guaranteed Notes,
|
||||||
9.00%, 5/15/16
|
363,125
|
||||||
150,000
|
American Greetings Corp.,
|
||||||
Guaranteed Notes, 7.38%,
|
|||||||
12/1/21
|
159,000
|
||||||
250,000
|
Avis Budget Car Rental LLC /
|
||||||
Avis Budget Finance, Inc.,
|
|||||||
Guaranteed Notes, 8.25%,
|
|||||||
1/15/19
|
268,437
|
||||||
400,000
|
Bausch & Lomb, Inc., Senior
|
||||||
Unsecured Notes, 9.88%,
|
|||||||
11/1/15
|
417,500
|
||||||
204,000
|
Chiquita Brands International,
|
||||||
Inc., Senior Unsecured Notes,
|
|||||||
7.50%, 11/1/14
|
199,920
|
||||||
150,000
|
CHS / Community Health
|
||||||
Systems, Inc., Guaranteed
|
|||||||
Notes, 7.13%, 7/15/20
|
157,125
|
||||||
400,000
|
Constellation Brands, Inc.,
|
||||||
Guaranteed Notes, 6.00%,
|
|||||||
5/1/22
|
441,500
|
Principal
Amount
|
Value
|
||||||
$
|
100,000
|
CoreLogic, Inc., Guaranteed
|
|||||
Notes, 7.25%, 6/1/21
|
$ |
107,250
|
|||||
77,000
|
DaVita, Inc., Guaranteed
|
||||||
Notes, 6.63%, 11/1/20
|
81,620
|
||||||
300,000
|
Dean Foods Co., Guaranteed
|
||||||
Notes, 7.00%, 6/1/16 (1)
|
309,000
|
||||||
150,000
|
Del Monte Corp., Guaranteed
|
||||||
Notes, 7.63%, 2/15/19
|
148,875
|
||||||
300,000
|
Deluxe Corp., Guaranteed Notes,
|
||||||
7.00%, 3/15/19
|
315,750
|
||||||
200,000
|
Fresenius Medical Care US
|
||||||
Finance II, Inc., Guaranteed
|
|||||||
Notes, 5.88%, 1/31/22 (2)
|
213,750
|
||||||
175,000
|
Harland Clarke Holdings Corp.,
|
||||||
Guaranteed Notes, 9.50%,
|
|||||||
5/15/15
|
153,125
|
||||||
250,000
|
HCA, Inc., Senior Unsecured
|
||||||
Notes, 6.50%, 2/15/16
|
273,125
|
||||||
400,000
|
Hertz Corp. (The), Guaranteed
|
||||||
Notes, 7.38%, 1/15/21
|
431,500
|
||||||
200,000
|
Jarden Corp., Guaranteed Notes,
|
||||||
6.13%, 11/15/22
|
214,250
|
||||||
150,000
|
Kinetic Concepts, Inc. / KCI
|
||||||
USA, Inc., Guaranteed
|
|||||||
Notes, 10.50%, 11/1/18 (2)
|
158,625
|
||||||
250,000
|
R.R. Donnelley & Sons Co.,
|
||||||
Senior Unsecured Notes,
|
|||||||
7.25%, 5/15/18 (1)
|
247,500
|
||||||
300,000
|
Reynolds Group Issuer, Inc. /
|
||||||
Reynolds Group Issuer LLC,
|
|||||||
Guaranteed Notes, 8.50%,
|
|||||||
5/15/18
|
302,250
|
||||||
200,000
|
ServiceMaster Co., Guaranteed
|
||||||
Notes, 8.00%, 2/15/20
|
221,750
|
||||||
200,000
|
Spectrum Brands, Inc.,
|
||||||
Guaranteed Notes, 6.75%,
|
|||||||
3/15/20 (2)
|
209,000
|
||||||
150,000
|
United Rentals North America,
|
||||||
Inc., Guaranteed Notes,
|
|||||||
8.38%, 9/15/20 (1)
|
159,000
|
||||||
100,000
|
UR Merger Sub Corp.,
|
||||||
Guaranteed Notes, 7.63%,
|
|||||||
4/15/22 (2)
|
106,375
|
||||||
250,000
|
Valeant Pharmaceuticals
|
||||||
International, Guaranteed
|
|||||||
Notes, 6.75%, 8/15/21 (1) (2)
|
253,125
|
Value Line Aggressive Income Trust
|
Schedule of Investments (unaudited)
|
Principal
Amount
|
Value
|
||||||
$
|
150,000
|
Vanguard Health Holding Co.
|
|||||
II LLC / Vanguard Holding
|
|||||||
Co. II, Inc., Guaranteed Notes,
|
|||||||
7.75%, 2/1/19
|
$ |
156,000
|
|||||
100,000
|
Warner Chilcott Co. LLC /
|
||||||
Warner Chilcott Finance LLC,
|
|||||||
Guaranteed Notes, 7.75%,
|
|||||||
9/15/18
|
108,125
|
||||||
6,176,602
|
|||||||
ENERGY (14.2%)
|
|||||||
175,000
|
Atlas Pipeline Partners L.P.,
|
||||||
Guaranteed Notes, 8.75%,
|
|||||||
6/15/18
|
187,688
|
||||||
350,000
|
Bill Barrett Corp., Guaranteed
|
||||||
Notes, 7.63%, 10/1/19
|
363,125
|
||||||
400,000
|
Cie Generale de Geophysique-
|
||||||
Veritas, Guaranteed Notes,
|
|||||||
7.75%, 5/15/17
|
416,500
|
||||||
250,000
|
CONSOL Energy, Inc.,
|
||||||
Guaranteed Notes, 8.25%,
|
|||||||
4/1/20
|
265,625
|
||||||
150,000
|
Energy Transfer Equity L.P.,
|
||||||
Senior Secured Notes, 7.50%,
|
|||||||
10/15/20
|
171,375
|
||||||
150,000
|
Energy XXI Gulf Coast, Inc.,
|
||||||
Guaranteed Notes, 7.75%,
|
|||||||
6/15/19
|
157,500
|
||||||
350,000
|
Forest Oil Corp., Guaranteed
|
||||||
Notes, 7.25%, 6/15/19 (1)
|
337,750
|
||||||
300,000
|
Frontier Oil Corp., Guaranteed
|
||||||
Notes, 8.50%, 9/15/16
|
315,000
|
||||||
250,000
|
Linn Energy LLC / Linn Energy
|
||||||
Finance Corp., Guaranteed
|
|||||||
Notes, 7.75%, 2/1/21
|
263,750
|
||||||
300,000
|
McMoRan Exploration Co.,
|
||||||
Guaranteed Notes, 11.88%,
|
|||||||
11/15/14
|
312,750
|
||||||
400,000
|
Peabody Energy Corp.,
|
||||||
Guaranteed Notes, 7.38%,
|
|||||||
11/1/16
|
440,000
|
||||||
400,000
|
Plains Exploration &
|
||||||
Production Co., Guaranteed
|
|||||||
Notes, 6.63%, 5/1/21
|
424,000
|
||||||
150,000
|
Samson Investment Co., Senior
|
||||||
Unsecured Notes, 9.75%,
|
|||||||
2/15/20 (2)
|
155,625
|
Principal
Amount
|
Value
|
||||||
$
|
250,000
|
SandRidge Energy, Inc.,
|
|||||
Guaranteed Notes, 8.00%,
|
|||||||
6/1/18 (2)
|
$ |
260,000
|
|||||
250,000
|
SM Energy Co., Senior
|
||||||
Unsecured Notes, 6.63%,
|
|||||||
2/15/19
|
258,750
|
||||||
150,000
|
Targa Resources Partners L.P. /
|
||||||
Targa Resources Partners
|
|||||||
Finance Corp., Guaranteed
|
|||||||
Notes, 6.38%, 8/1/22 (2)
|
153,750
|
||||||
4,483,188
|
|||||||
FINANCIAL (5.5%)
|
|||||||
150,000
|
Aircastle Ltd., Senior Unsecured
|
||||||
Notes, 7.63%, 4/15/20
|
160,500
|
||||||
400,000
|
Ally Financial, Inc., Guaranteed
|
||||||
Notes, 8.00%, 3/15/20
|
475,500
|
||||||
135,000
|
Citigroup Capital III, Guaranteed
|
||||||
Notes, 7.63%, 12/1/36
|
147,287
|
||||||
250,000
|
Icahn Enterprises L.P. / Icahn
|
||||||
Enterprises Finance Corp.,
|
|||||||
Guaranteed Notes, 8.00%,
|
|||||||
1/15/18
|
265,625
|
||||||
250,000
|
International Lease Finance
|
||||||
Corp., Senior Unsecured
|
|||||||
Notes, 8.25%, 12/15/20 (1)
|
293,125
|
||||||
250,000
|
LBG Capital No.1 PLC,
|
||||||
Guaranteed Notes, 7.88%,
|
|||||||
11/1/20 (2)
|
235,938
|
||||||
200,000
|
SLM Corp., Senior Unsecured
|
||||||
Notes, 5.63%, 8/1/33
|
174,500
|
||||||
1,752,475
|
|||||||
INDUSTRIAL (12.4%)
|
|||||||
350,000
|
Alliant Techsystems, Inc.,
|
||||||
Guaranteed Notes, 6.88%,
|
|||||||
9/15/20 (1)
|
376,250
|
||||||
500,000
|
Ball Corp., Guaranteed Notes,
|
||||||
5.00%, 3/15/22
|
528,750
|
||||||
200,000
|
Bombardier, Inc., Senior
|
||||||
Unsecured Notes, 5.75%,
|
|||||||
3/15/22 (2)
|
201,000
|
||||||
500,000
|
Briggs & Stratton Corp.,
|
||||||
Guaranteed Notes, 6.88%,
|
|||||||
12/15/20
|
535,000
|
||||||
260,000
|
Covanta Holding Corp., Senior
|
||||||
Unsecured Notes, 7.25%,
|
|||||||
12/1/20
|
285,363
|
Value Line Aggressive Income Trust
|
July 31, 2012
|
Principal
Amount
|
Value
|
||||||
$
|
200,000
|
Crown Americas LLC / Crown
|
|||||
Americas Capital Corp. III,
|
|||||||
Guaranteed Notes, 6.25%,
|
|||||||
2/1/21
|
$
|
221,000
|
|||||
400,000
|
General Cable Corp., Guaranteed
|
||||||
Notes, 7.13%, 4/1/17
|
412,000
|
||||||
200,000
|
Masco Corp., Senior Unsecured
|
||||||
Notes, 7.13%, 3/15/20
|
223,418
|
||||||
135,000
|
Navios Maritime Holdings, Inc. /
|
||||||
Navios Maritime Finance
|
|||||||
US, Inc., Senior Secured
|
|||||||
Notes, 8.88%, 11/1/17
|
136,350
|
||||||
400,000
|
Terex Corp., Senior Subordinated
|
||||||
Notes, 8.00%, 11/15/17 (1)
|
421,000
|
||||||
150,000
|
TransDigm, Inc., Guaranteed
|
||||||
Notes, 7.75%, 12/15/18
|
167,250
|
||||||
400,000
|
USG Corp., Senior Unsecured
|
||||||
Notes, 6.30%, 11/15/16
|
389,500
|
||||||
3,896,881
|
|||||||
TECHNOLOGY (3.3%)
|
|||||||
250,000
|
Advanced Micro Devices, Inc.,
|
||||||
Senior Unsecured Notes,
|
|||||||
8.13%, 12/15/17
|
263,125
|
||||||
81,000
|
Broadridge Financial Solutions,
|
||||||
Inc., Senior Unsecured Notes,
|
|||||||
6.13%, 6/1/17
|
87,023
|
||||||
350,000
|
First Data Corp., Guaranteed
|
||||||
Notes, 9.88%, 9/24/15 (1)
|
355,250
|
||||||
300,000
|
Seagate Technology HDD
|
||||||
Holdings, Guaranteed Notes,
|
|||||||
6.80%, 10/1/16
|
333,750
|
||||||
1,039,148
|
|||||||
UTILITIES (4.6%)
|
|||||||
350,000
|
AES Corp. (The), Senior
|
||||||
Unsecured Notes, 8.00%,
|
|||||||
10/15/17
|
406,875
|
||||||
300,000
|
Calpine Corp., Senior Secured
|
||||||
Notes, 7.88%, 1/15/23 (2)
|
341,250
|
||||||
350,000
|
GenOn Energy, Inc., Senior
|
||||||
Unsecured Notes, 7.63%,
|
|||||||
6/15/14
|
372,750
|
||||||
300,000
|
NRG Energy, Inc., Guaranteed
|
||||||
Notes, 8.50%, 6/15/19 (1)
|
321,000
|
||||||
1,441,875
|
Principal
Amount
|
Value
|
||||||
TOTAL CORPORATE BONDS
|
|||||||
& NOTES
|
|||||||
(Cost $27,367,682) (90.7%)
|
$
|
28,567,567
|
|||||
CONVERTIBLE CORPORATE BONDS & NOTES (1.7%)
|
|||||||
COMMUNICATIONS (1.1%)
|
|||||||
$
|
100,000
|
Anixter International, Inc.,
|
|||||
Senior Unsecured Notes,
|
|||||||
1.00%, 2/15/13
|
110,000
|
||||||
250,000
|
Leap Wireless International,
|
||||||
Inc., Senior Unsecured Notes,
|
|||||||
4.50%, 7/15/14
|
235,000
|
||||||
345,000
|
|||||||
CONSUMER, CYCLICAL (0.3%)
|
|||||||
100,000
|
Group 1 Automotive, Inc.,
|
||||||
Senior Unsecured Notes,
|
|||||||
2.25%, 6/15/36 (3)
|
110,000
|
||||||
CONSUMER, NON-CYCLICAL (0.3%)
|
|||||||
89,000
|
Omnicare, Inc., Guaranteed
|
||||||
Notes, 3.25%, 12/15/35
|
85,551
|
||||||
TOTAL CONVERTIBLE
|
|||||||
CORPORATE BONDS &
|
|||||||
NOTES
|
|||||||
(Cost $517,681) (1.7%)
|
540,551
|
||||||
Shares
|
Value
|
||||||
CONVERTIBLE PREFERRED STOCKS (1.1%)
|
|||||||
ENERGY (0.1%)
|
|||||||
1,000
|
Apache Corp., Convertible Fixed,
|
||||||
Series D, 6.00% (1)
|
48,570
|
||||||
FINANCIAL (1.0%)
|
|||||||
2,000
|
Hartford Financial Services
|
||||||
Group, Inc. (The), Series F,
|
|||||||
7.25% (1)
|
35,160
|
||||||
3,000
|
Wintrust Financial Corp.,
|
||||||
7.50%
|
166,358
|
||||||
100
|
Bank of America Corp.,
|
||||||
Series L, 7.25% (1)
|
101,700
|
||||||
303,218
|
|||||||
TOTAL CONVERTIBLE
|
|||||||
PREFERRED STOCKS
|
|||||||
(Cost $373,586) (1.1%)
|
351,788
|
Value Line Aggressive Income Trust
|
Schedule of Investments (unaudited)
|
Shares
|
Value
|
||||||
COMMON STOCKS (0.6%)
|
|||||||
FINANCIALS (0.3%)
|
|||||||
3,000
|
Hospitality Properties Trust
|
||||||
REIT
|
$
|
72,810
|
|||||
UTILITIES (0.3%)
|
|||||||
2,000
|
FirstEnergy Corp.
|
100,440
|
|||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $141,751) (0.6%)
|
173,250
|
||||||
Principal
Amount
|
Value
|
||||||
SHORT-TERM INVESTMENTS (4.1%)
|
|||||||
REPURCHASE AGREEMENTS (4.1%)
|
|||||||
$
|
1,300,000
|
With Morgan Stanley, 0.15%,
|
|||||
dated 07/31/12, due 08/01/12,
|
|||||||
delivery value $1,300,005
|
|||||||
(collateralized by $1,150,000
|
|||||||
U.S. Treasury Notes 3.1250%
|
|||||||
due 05/15/21, with a value of
|
|||||||
$1,334,602)
|
1,300,000
|
||||||
TOTAL SHORT-TERM
|
|||||||
INVESTMENTS
|
|||||||
(Cost $1,300,000) (4.1%)
|
1,300,000
|
||||||
Shares
|
Value
|
||||||
COLLATERAL FOR SECURITIES ON LOAN (20.4%)
|
|||||||
6,415,067
|
Value Line Funds Collateral
|
||||||
Account
|
6,415,067
|
||||||
TOTAL COLLATERAL FOR
|
|||||||
SECURITIES ON LOAN
|
|||||||
(Cost $6,415,067) (20.4%)
|
6,415,067
|
Value
|
|||||
TOTAL INVESTMENT
|
|||||
SECURITIES (118.6%)
|
|||||
(Cost $36,115,767)
|
$
|
37,348,223
|
|||
EXCESS OF LIABILITIES OVER
|
|||||
CASH AND OTHER ASSETS
|
|||||
(-18.6%)
|
(5,855,211
|
)
|
|||
NET ASSETS (100%)
|
$
|
31,493,012
|
|||
NET ASSET VALUE OFFERING AND
|
|||||
REDEMPTION PRICE, PER
|
|||||
OUTSTANDING SHARE
|
|||||
($31,493,012 ÷ 6,325,450 shares
|
|||||
outstanding)
|
$
|
4.98
|
(1)
|
A portion or all of the security was held on loan. As of July 31, 2012, the market value of the securities on loan was $6,301,974.
|
(2)
|
Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors.
|
(3)
|
Step Bond - The rate shown is as of July 31, 2012 and will reset at a future date.
|
REIT
|
Real Estate Investment Trust.
|
Statement of Assets and Liabilities
at July 31, 2012 (unaudited)
|
||||
Assets:
|
||||
Investment securities, at value
(Cost - $34,815,767) (securities on loan, at value, $6,301,974) |
$
|
36,048,223
|
||
Repurchase agreement
(Cost - $1,300,000) |
1,300,000
|
|||
Cash
|
54,980
|
|||
Interest and dividends receivable
|
557,312
|
|||
Receivable for securities sold
|
37,267
|
|||
Prepaid expenses
|
12,183
|
|||
Receivable for securities lending income
|
3,277
|
|||
Receivable for trust shares sold
|
205
|
|||
Other
|
47
|
|||
Total Assets
|
38,013,494
|
|||
Liabilities:
|
||||
Payable upon return of collateral for
securities on loan |
6,415,067
|
|||
Dividends payable to shareholders
|
34,594
|
|||
Payable for trust shares redeemed
|
30,174
|
|||
Accrued expenses:
|
||||
Advisory fee
|
14,723
|
|||
Service and distribution plan fees
|
4,026
|
|||
Other
|
21,898
|
|||
Total Liabilities
|
6,520,482
|
|||
Net Assets
|
$
|
31,493,012
|
||
Net assets consist of:
|
||||
Shares of beneficial interest, at $0.01 par value
(authorized unlimited, outstanding 6,325,450 shares) |
$
|
63,255
|
||
Additional paid-in capital
|
31,482,090
|
|||
Distributions in excess of net investment
income |
(37,870
|
)
|
||
Accumulated net realized loss on
investments |
(1,246,919
|
)
|
||
Net unrealized appreciation of
investments |
1,232,456
|
|||
Net Assets
|
$
|
31,493,012
|
||
Net Asset Value, Offering and Redemption
Price per Outstanding Share ($31,493,012 ÷ 6,325,450 shares outstanding) |
$
|
4.98
|
||
Statement of Operations
for the Six Months Ended July 31, 2012 (unaudited)
|
||||
Investment Income:
|
||||
Interest
|
$
|
1,106,795
|
||
Dividends
|
17,267
|
|||
Securities lending income
|
5,112
|
|||
Total Income
|
1,129,174
|
|||
Expenses:
|
||||
Advisory fee
|
118,628
|
|||
Service and distribution plan fees
|
39,543
|
|||
Auditing and legal fees
|
19,049
|
|||
Printing and postage
|
18,332
|
|||
Transfer agent fees
|
15,788
|
|||
Registration and filing fees
|
15,064
|
|||
Custodian fees
|
13,834
|
|||
Trustees’ fees and expenses
|
3,313
|
|||
Insurance
|
1,909
|
|||
Other
|
3,453
|
|||
Total Expenses Before Fees Waived and
Custody Credits |
248,913
|
|||
Less: Advisory Fees Waived
|
(31,634
|
)
|
||
Less: Service and Distribution Plan
Fees Waived
|
(15,817
|
)
|
||
Less: Custody Credits
|
(215
|
)
|
||
Net Expenses
|
201,247
|
|||
Net Investment Income
|
927,927
|
|||
Net Realized and Unrealized Gain/(Loss)
on Investments: |
||||
Net Realized Gain
|
509,968
|
|||
Change in Net Unrealized
|
||||
Appreciation/(Depreciation)
|
(167,940
|
)
|
||
Net Realized Gain and Change
in Net Unrealized Appreciation/ (Depreciation) on Investments |
342,028
|
|||
Net Increase in Net Assets from
Operations |
$
|
1,269,955
|
Statement of Changes in Net Assets
for the Six Months Ended July 31, 2012 (unaudited) and for the Year Ended January 31, 2012
|
Six Months Ended
July 31, 2012
(unaudited)
|
Year Ended
January 31, 2012
|
|||||||
Operations:
|
||||||||
Net investment income
|
$
|
927,927
|
$
|
1,950,280
|
||||
Net realized gain on investments
|
509,968
|
1,085,696
|
||||||
Change in net unrealized appreciation/(depreciation)
|
(167,940
|
)
|
(1,326,754
|
)
|
||||
Net increase in net assets from operations
|
1,269,955
|
1,709,222
|
||||||
Distributions to Shareholders:
|
||||||||
Net investment income
|
(927,927
|
)
|
(1,950,884
|
)
|
||||
Trust Share Transactions:
|
||||||||
Proceeds from sale of shares
|
1,037,581
|
2,010,996
|
||||||
Proceeds from reinvestment of dividends to shareholders
|
714,520
|
1,495,168
|
||||||
Cost of shares redeemed*
|
(2,804,181
|
)
|
(5,946,471
|
)
|
||||
Net decrease in net assets from Trust share transactions
|
(1,052,080
|
)
|
(2,440,307
|
)
|
||||
Total Decrease in Net Assets
|
(710,052
|
)
|
(2,681,969
|
)
|
||||
Net Assets:
|
||||||||
Beginning of period
|
32,203,064
|
34,885,033
|
||||||
End of period
|
$
|
31,493,012
|
$
|
32,203,064
|
||||
Distributions in excess of net investment income, at end of period:
|
$
|
(37,870
|
)
|
$
|
(37,870
|
)
|
*
|
Net of redemption fees (see Note 1K and Note 2).
|
Value Line Aggressive Income Trust
|
Notes to Financial Statements (unaudited)
|
•
|
Level 1– Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Trust 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.
|
Value Line Aggressive Income Trust
|
July 31, 2012
|
Investments in
Securities: |
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
Corporate Bonds &
Notes |
$ | 0 | $ | 28,567,567 | $ | 0 | $ | 28,567,567 | ||||||||
Convertible
Corporate Bonds & Notes |
0 | 540,551 | 0 | 540,551 | ||||||||||||
Convertible
Preferred Stocks |
351,788 | 0 | 0 | 351,788 | ||||||||||||
Common Stocks
|
173,250 | 0 | 0 | 173,250 | ||||||||||||
Short-Term
Investments |
0 | 1,300,000 | 0 | 1,300,000 | ||||||||||||
Collateral for
Securities on Loan |
0 | 6,415,067 | 0 | 6,415,067 | ||||||||||||
Total Investments
in Securities |
$ | 525,038 | $ | 36,823,185 | $ | 0 | $ | 37,348,223 |
Value Line Aggressive Income Trust
|
Notes to Financial Statements (unaudited)
|
Value Line Aggressive Income Trust
|
July 31, 2012
|
Value of
Securities
Loaned
|
Value of Cash
Collateral
|
Total
Collateral
(including
Calculated
Mark)
|
||
$6,301,974
|
$6,415,067
|
$6,431,620
|
Six Months Ended
July 31, 2012
(unaudited)
|
Year Ended
January 31, 2012
|
|||||||
Shares sold
|
209,724 | 413,006 | ||||||
Shares issued to
shareholders in reinvestment of dividends |
144,528 | 307,024 | ||||||
Shares
redeemed |
(570,542 | ) | (1,220,003 | ) | ||||
Net decrease
|
(216,290 | ) | (499,973 | ) | ||||
Dividends per
share from net investment income |
$ | 0.1439 | $ | 0.2899 |
Value Line Aggressive Income Trust
|
Notes to Financial Statements (unaudited)
|
|
Six Months Ended
July 31, 2012
(unaudited)
|
|||
Purchases:
|
||||
Investment Securities
|
$
|
6,023,877
|
||
Sales:
|
||||
Investment Securities
|
$
|
7,560,258
|
Cost of investments for tax
purposes |
$
|
36,115,767
|
||
Gross tax unrealized appreciation
|
$
|
1,512,683
|
||
Gross tax unrealized depreciation
|
(280,227
|
)
|
||
Net tax unrealized appreciation
on investments |
$
|
1,232,456
|
Financial Highlights
|
Six Months Ended July 31, 2012 (unaudited) |
||||||||||||||||||||||||
Years Ended January 31, | ||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net asset value, beginning of period
|
$
|
4.92
|
$
|
4.95
|
$
|
4.70
|
$
|
3.89
|
$
|
4.83
|
$
|
5.06
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.14
|
0.29
|
0.30
|
0.28
|
0.32
|
0.34
|
||||||||||||||||||
Net gains or (losses) on securities
(both realized and unrealized)
|
0.06
|
(0.03
|
)
|
0.25
|
0.81
|
(0.95
|
)
|
(0.23
|
)
|
|||||||||||||||
Total from investment operations
|
0.20
|
0.26
|
0.55
|
1.09
|
(0.63
|
)
|
0.11
|
|||||||||||||||||
Redemption fees
|
0.00
|
(1)
|
0.00
|
(1)
|
0.00
|
(1)
|
0.00
|
(1)
|
0.00
|
(1)
|
0.00
|
(1)
|
||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.14
|
)
|
(0.29
|
)
|
(0.30
|
)
|
(0.28
|
)
|
(0.31
|
)
|
(0.34
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
4.98
|
$
|
4.92
|
$
|
4.95
|
$
|
4.70
|
$
|
3.89
|
$
|
4.83
|
||||||||||||
Total return
|
4.20
|
%(2)
|
5.48
|
%
|
12.01
|
%
|
28.92
|
%
|
(13.42
|
)%
|
2.14
|
%
|
||||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
31,493
|
$
|
32,203
|
$
|
34,885
|
$
|
37,787
|
$
|
25,924
|
$
|
32,459
|
||||||||||||
Ratio of expenses to average net assets(3)
|
1.57
|
%(4)
|
1.55
|
%
|
1.48
|
%(5)
|
1.56
|
%
|
1.50
|
%
|
1.28
|
%
|
||||||||||||
Ratio of expenses to average net assets(6)
|
1.27
|
%(4)
|
1.25
|
%
|
1.13
|
%(7)
|
1.13
|
%
|
0.98
|
%
|
0.77
|
%
|
||||||||||||
Ratio of net investment income to
average net assets
|
5.87
|
%(4)
|
5.95
|
%
|
6.20
|
%
|
6.51
|
%
|
7.17
|
%
|
6.76
|
%
|
||||||||||||
Portfolio turnover rate
|
20
|
%(2)
|
50
|
%
|
42
|
%
|
51
|
%
|
39
|
%
|
30
|
%
|
(1)
|
Amount is less than $.01 per share.
|
(2)
|
Not annualized.
|
(3)
|
Ratio reflects expenses grossed up for the custody credit arrangement and grossed up for the waiver of a portion of the advisory fee by the Adviser and a portion of the service and distribution plan fees by the Distributor. The ratio of expenses to average net assets, net of custody credits, but exclusive of the fee waivers would have been 1.48% for the year ended January 31, 2009, 1.27% for the year ended January 31, 2008 and would have been unchanged for the other periods shown.
|
(4)
|
Annualized.
|
(5)
|
Ratio reflects expenses grossed up for the reimbursement by Value Line, Inc. of certain expenses incurred by the Trust.
|
(6)
|
Ratio reflects expenses net of the custody credit arrangement and net of the waivers of a portion of the advisory fee by the Adviser and a portion of the service and distribution plan fees by the Distributor.
|
(7)
|
Ratio reflects expenses net of the reimbursement by Value Line, Inc. of certain expenses incurred by the Trust.
|
Management of the Trust
|
Name, Address, and YOB
|
Position
|
Length of
Time Served
|
Principal Occupation
During the Past 5 Years
|
Other
Directorships
Held by Trustee
|
||||
Interested Trustee*
|
||||||||
Mitchell E. Appel
YOB: 1970
|
Trustee
|
Since 2010
|
President of each of the Value Line Funds since June 2008; Chief Financial Officer of Value Line, Inc. (“Value Line”) from April 2008 to December 2010 and from September 2005 to November 2007; Director from February 2010 to December 2010; Chief Financial Officer of XTF Asset Management from November 2007 to April 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011.
|
None
|
||||
Non-Interested Trustees
|
||||||||
Joyce E. Heinzerling
500 East 77th Street
New York, NY 10162
YOB: 1956
|
Trustee
|
Since 2008
|
President, Meridian Fund Advisers LLC. (consultants) since April 2009; General Counsel, Archery Capital LLC (private investment fund) until April 2009.
|
Burnham Investors
Trust, since 2004
(4 funds).
|
||||
Francis C. Oakley
54 Scott Hill Road
Williamstown, MA 01267
YOB: 1931
|
Trustee
|
Since 2000
|
Professor of History, Williams College, (1961-2002). Professor Emeritus since 2002; President Emeritus since 1994 and President, (1985-1994); Chairman (1993-1997) and Interim President (2002-2003) of the American Council of Learned Societies. Trustee since 1997 and Chairman of the Board since 2005, National Humanities Center.
|
None
|
||||
David H. Porter
5 Birch Run Drive
Saratoga Springs, NY 12866
YOB: 1935
|
Trustee
|
Since 1997
|
Professor, Skidmore College since 2008; Visiting Professor of Classics, Williams College, (1999-2008); President Emeritus, Skidmore College since 1999 and President, (1987-1998).
|
None
|
Management of the Trust
|
Name, Address, and YOB
|
Position
|
Length of
Time Served
|
Principal Occupation
During the Past 5 Years
|
Other
Directorships
Held by Trustee
|
||||
Paul Craig Roberts
169 Pompano St.
Panama City Beach, FL 32413
YOB: 1939
|
Trustee
|
Since 1986
|
Chairman, Institute for Political Economy.
|
None
|
||||
Nancy-Beth Sheerr
1409 Beaumont Drive
Gladwyne, PA 19035
YOB: 1949
|
Trustee
|
Since 1996
|
Senior Financial Adviser, Veritable L.P. (Investment Adviser).
|
None
|
||||
Daniel S. Vandivort
59 Indian Head Road
Riverside, CT 06878
YOB: 1954
|
Trustee (Lead Independent Trustee since 2010)
|
Since 2008
|
President, Chief Investment Officer, Weiss, Peck and Greer/Robeco Investment Management (2005-2007); Managing Director, Weiss, Peck and Greer, (1995-2005).
|
None
|
||||
Officers
|
||||||||
Mitchell E. Appel
YOB: 1970
|
President
|
Since 2008
|
President of each of the Value Line Funds since June 2008; Chief Financial Officer of Value Line from April 2008 to December 2010 and from September 2005 to November 2007; Director from February 2010 to December 2010; Chief Financial Officer of XTF Asset Management from November 2007 to April 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011.
|
|||||
Michael J. Wagner
YOB: 1950
|
Chief Compliance Officer
|
Since 2009
|
Chief Compliance Officer of the Value Line Funds since June 2009; President of Northern Lights Compliance Service, LLC (formerly Fund Compliance Services, LLC (2006 – present)) and Senior Vice President (2004 – 2006) and President and Chief Operations Officer (2003 – 2006) of Gemini Fund Services, LLC; Director of Constellation Trust Company until 2008.
|
|||||
Emily D. Washington
YOB: 1979
|
Treasurer and Secretary
|
Since 2008
|
Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since August 2008 and Secretary since 2010; Associate Director of Mutual Fund Accounting at Value Line until August 2008.
|
*
|
Mr. Appel is an “interested person” as defined in the Investment Company Act of 1940 by virtue of his position with the Adviser and Distributor.
|
The Trust’s Statement of Additional Information (SAI) includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-800-243-2729 or on the Trust’s website, www.vlfunds.com.
|
Value Line Aggressive Income Trust
|
Value Line Aggressive Income Trust
|
Value Line Aggressive Income Trust
|
The Value Line Family of Funds
|
*
|
Only available through the purchase of Guardian Investor, a tax deferred variable annuity, or ValuePlus, a variable life insurance policy.
|
Item 11.
|
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 a date within 90 days of the filing date of this report, are appropriately 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 12.
|
Exhibits.
|
|
(a) |
(1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT.
|
|
(2) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
|
||
By: | /s/ Mitchell E. Appell | |
Mitchell E. Appel, President | ||
Date: | October 1, 2012 | |
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. Appell | |
Mitchell E. Appel, President, Principal Executive Officer | ||
By: | /s/ Emily D. Washington | |
Emily D. Washington, Treasurer, Principal Financial Officer | ||
Date: | October 1, 2012 |
1.
|
I have reviewed this report on Form N-CSR of the Value Line Aggressive Income Trust:
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have;
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared.
|
(b)
|
Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation: and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: October 1, 2012 | |||
|
By:
|
/s/ Mitchell E. Appel | |
Mitchell E. Appel | |||
President | |||
Value Line Aggressive Income Trust |
1.
|
I have reviewed this report on Form N-CSR of the Value Line Aggressive Income Trust:
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have;
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared.
|
(b)
|
Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation: and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: October 1, 2012 | |||
|
By:
|
/s/ Emily D. Washington | |
Emily D. Washington | |||
Treasurer | |||
Value Line Aggressive Income Trust |
1.
|
The periodic report on Form N-CSR of the Registrant for the period ended 7/31/12 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and
|
2.
|
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
Date: October 1, 2012
|
By:
|
/s/ Mitchell E. Appel | |
Mitchell E. Appel | |||
President | |||
Value Line Aggressive Income Trust |
1.
|
The periodic report on Form N-CSR of the Registrant for the period ended 7/31/12 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and
|
2.
|
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
Date: October 1, 2012
|
By:
|
/s/ Emily D. Washington | |
Emily D. Washington | |||
Treasurer | |||
Value Line Aggressive Income Trust |
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