Value Line Core Bond Fund

Schedule of Investments (unaudited)

Principal Amount			Value
ASSET-BACKED SECURITIES 3.7%
$	238,957	Ally Auto Receivables Trust, Series 2017-3, Class A4, 2.01%, 3/15/22	$	239,615
	170,000	BMW Vehicle Lease Trust, Series 2019-1, Class A4, 2.92%, 8/22/22		172,725
	225,000	Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24		233,302
	200,000	Discover Card Execution Note Trust, Series 2015-A4, Class A4, 2.19%, 4/17/23		200,140
	330,000	GMF Floorplan Owner Revolving Trust, Series 2018-2, Class A1, 3.13%, 3/15/23 (1)		333,942
	15,245	Honda Auto Receivables Owner Trust, Series 2017-4, Class A3, 2.05%, 11/22/21		15,299
	117,892	Honda Auto Receivables Owner Trust, Series 2018-2, Class A3, 3.01%, 5/18/22		119,237
	200,000	Hyundai Auto Lease Securitization Trust, Series 2019-A, Class A4, 3.05%, 12/15/22 (1)		204,350
	68,000	Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A3, 1.84%, 12/15/22		69,107
	300,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 (1)		307,922
	150,000	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A4, 2.52%, 5/15/23		153,411
	2,873	World Omni Auto Receivables Trust, Series 2018-D, Class A2A, 3.01%, 4/15/22		2,876
TOTAL ASSET-BACKED SECURITIES (Cost $2,024,213)				2,051,926
COMMERCIAL MORTGAGE-BACKED SECURITIES 10.4%
	250,000	BANK, Series 2017-BNK8, Class A4, 3.49%, 11/15/50		285,822
	150,000	BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52		174,245
	288,889	Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47		302,495
	150,000	COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47		163,248
	200,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K029, Class A2, 3.32%, 2/25/23		212,079
	193,925	FHLMC Multifamily Structured Pass-Through Certificates, Series K726, Class A2, 2.91%, 4/25/24		207,489
	250,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26 (2)		286,383
	300,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27 (2)		344,507
	250,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K071, Class A2, 3.29%, 11/25/27		288,251
	250,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28		292,706
	200,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K092, Class A2, 3.30%, 4/25/29		233,562
	450,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K103, Class A2, 2.65%, 11/25/29		507,222
	250,000	FREMF Mortgage Trust, Series 2013-K24, Class B, 3.63%, 11/25/45 (1)(2)		261,946
	150,000	FREMF Mortgage Trust, Series 2013-K34, Class B, 3.86%, 9/25/46 (1)(2)		160,207
	200,000	FREMF Mortgage Trust, Series 2014-K717, Class B, 3.75%, 11/25/47 (1)(2)		203,831
	200,000	FREMF Mortgage Trust, Series 2015-K43, Class B, 3.86%, 2/25/48 (1)(2)		217,661
	223,281	GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52		226,644
	221,351	GNMA, Series 2012-125, Class AB, 2.11%, 2/16/53 (2)		229,878
	165,303	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45		167,959
	13,170	GS Mortgage Securities Trust, Series 2015-GC32, Class A2, 3.06%, 7/10/48		13,221
	63,123	Sequoia Mortgage Trust, Series 2004-8, Class A1, (1-month LIBOR + 0.70%), 0.86%, 9/20/34 (2)		60,663
	180,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.10%, 6/15/49		194,534
	106,550	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50		107,317
	100,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52		114,620
	90,680	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58		95,691
	194,386	WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44		197,729
	190,845	WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.44%, 4/15/45		193,635
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $5,477,538)				5,743,545
CORPORATE BONDS & NOTES 43.4%
BASIC MATERIALS  1.5%
CHEMICALS  1.5%
	125,000	Air Products and Chemicals, Inc., Senior Unsecured Notes, 2.05%, 5/15/30		131,207
	125,000	Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22		134,434

1

September 30, 2020

	100,000	DuPont de Nemours, Inc., Senior Unsecured Notes, 2.17%, 5/1/23	101,031
	125,000	FMC Corp., Senior Unsecured Notes, 3.45%, 10/1/29	139,212
	175,000	LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23 (3)	189,586
	100,000	Nutrien, Ltd., Senior Unsecured Notes, 1.90%, 5/13/23 (3)	103,228
			798,698
COMMUNICATIONS  4.0%
INTERNET  0.8%
	150,000	Alibaba Group Holding, Ltd., Senior Unsecured Notes, 3.60%, 11/28/24	164,749
	125,000	Alphabet, Inc., Senior Unsecured Notes, 1.10%, 8/15/30 (3)	124,447
	150,000	Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28	167,625
			456,821
MEDIA  1.6%
	175,000	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25	202,339
	275,000	Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28	331,380
	150,000	Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26	175,174
	175,000	Walt Disney Co. (The), Guaranteed Notes, 2.65%, 1/13/31 (3)	188,943
			897,836
TELECOMMUNICATIONS  1.6%
	200,000	AT&T, Inc., Senior Unsecured Notes, 3.80%, 2/15/27	225,647
	200,000	Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29	236,195
	175,000	Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33	221,959
	150,000	Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 (3)	173,971
			857,772
			2,212,429
CONSUMER, CYCLICAL  2.9%
AUTO MANUFACTURERS  0.5%
	100,000	Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30	99,431
	200,000	General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23	208,999
			308,430
AUTO PARTS & EQUIPMENT  0.3%
	150,000	Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24	153,000
HOME BUILDERS  0.9%
	150,000	D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24	158,401
	100,000	Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23	107,625
	200,000	Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25	220,000
			486,026
HOME FURNISHINGS  0.4%
	200,000	Whirlpool Corp., Senior Unsecured Notes, 3.70%, 5/1/25 (3)	224,122
LODGING  0.2%
	125,000	Choice Hotels International, Inc., Senior Unsecured Notes, 3.70%, 12/1/29 (3)	132,361
RETAIL  0.6%
	200,000	Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32 (3)	205,194
	100,000	Walgreen Co., Guaranteed Notes, 3.10%, 9/15/22 (3)	104,692
			309,886
			1,613,825
CONSUMER, NON-CYCLICAL  8.7%
BEVERAGES  1.9%
	125,000	Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31	157,256
	150,000	Coca-Cola Co. (The), Senior Unsecured Notes, 1.45%, 6/1/27	154,408
	175,000	Coca-Cola Femsa S.A.B. de C.V., Guaranteed Notes, 2.75%, 1/22/30	186,120
	150,000	Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48	201,866
	200,000	Keurig Dr. Pepper, Inc., Guaranteed Notes, 3.20%, 5/1/30	224,388
	100,000	PepsiCo, Inc., Senior Unsecured Notes, 2.88%, 10/15/49	107,502
			1,031,540
BIOTECHNOLOGY  0.9%
	150,000	Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 (3)	158,944
	100,000	Biogen, Inc., Senior Unsecured Notes, 2.25%, 5/1/30 (3)	102,408
	150,000	Gilead Sciences, Inc., Senior Unsecured Notes, 3.25%, 9/1/22	157,073
	100,000	Gilead Sciences, Inc., Senior Unsecured Notes, 2.60%, 10/1/40	99,436
			517,861
COMMERCIAL SERVICES  0.7%
	200,000	Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26	233,500
	150,000	PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26	163,677
			397,177
FOOD  0.7%
	150,000	Hershey Co. (The), Senior Unsecured Notes, 2.65%, 6/1/50	154,058

2

Schedule of Investments (unaudited) (continued)

	125,000	Kroger Co. (The), Senior Unsecured Notes, 3.85%, 8/1/23	135,474
	100,000	Sysco Corp., Guaranteed Notes, 5.65%, 4/1/25 (3)	118,260
			407,792
HEALTHCARE PRODUCTS  0.8%
	213,000	Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26	247,270
	150,000	Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26	170,937
			418,207
HEALTHCARE SERVICES  1.4%
	100,000	HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25	109,500
	150,000	Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27	171,336
	150,000	Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 (3)	165,006
	150,000	Quest Diagnostics, Inc., Senior Unsecured Notes, 2.80%, 6/30/31	161,562
	150,000	UnitedHealth Group, Inc., Senior Unsecured Notes, 2.88%, 12/15/21	154,714
			762,118
HOUSEHOLD PRODUCTS  0.5%
	125,000	Clorox Co. (The), Senior Unsecured Notes, 3.05%, 9/15/22	130,542
	125,000	Clorox Co. (The), Senior Unsecured Notes, 1.80%, 5/15/30	128,687
			259,229
PHARMACEUTICALS  1.8%
	100,000	AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 (1)	108,923
	150,000	Becton Dickinson and Co., Senior Unsecured Notes, 3.36%, 6/6/24	162,334
	150,000	Bristol-Myers Squibb Co., Senior Unsecured Notes, 5.25%, 8/15/43	211,679
	125,000	Cigna Corp., Guaranteed Notes, 3.40%, 3/1/27	140,171
	150,000	Mylan N.V., Guaranteed Notes, 3.95%, 6/15/26	168,754
	100,000	Pfizer, Inc., Senior Unsecured Notes, 2.55%, 5/28/40	103,959
	100,000	Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25	116,978
			1,012,798
			4,806,722
ENERGY  1.9%
OIL & GAS  1.2%
	125,000	Canadian Natural Resources, Ltd., Senior Unsecured Notes, 2.05%, 7/15/25	127,550
	100,000	EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30 (3)	117,829
	100,000	Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26	115,934
	100,000	Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 (3)	105,548
	150,000	Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37	188,683
			655,544
PIPELINES  0.7%
	250,000	Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28	284,491
	100,000	Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46	104,721
			389,212
			1,044,756
FINANCIAL  13.0%
BANKS  7.9%
	200,000	Australia & New Zealand Banking Group, Ltd., Subordinated Notes, 4.50%, 3/19/24 (1)	219,871
	175,000	Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20	175,233
	200,000	Bank of America Corp. GMTN, Senior Unsecured Notes, 3.50%, 4/19/26	224,089
	150,000	Bank of Montreal, Series E, Senior Unsecured Notes, 3.30%, 2/5/24	162,503
	250,000	Bank of Nova Scotia (The), Senior Unsecured Notes, 2.70%, 8/3/26 (3)	273,816
	150,000	Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25 (2)	162,289
	140,000	Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44	186,685
	150,000	Cooperatieve Rabobank UA MTN, Senior Unsecured Notes, 3.38%, 5/21/25	168,597
	125,000	Credit Suisse AG, Senior Unsecured Notes, 2.95%, 4/9/25	136,470
	100,000	Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24	109,090
	175,000	Goldman Sachs Group, Inc. (The), Senior Unsecured Notes, 3.75%, 2/25/26 (3)	196,964
	150,000	Huntington Bancshares, Inc., Senior Unsecured Notes, 2.30%, 1/14/22	153,329
	150,000	ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23	164,357
	200,000	JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26	232,383
	200,000	JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48 (2)	243,037
	100,000	KeyCorp MTN, Senior Unsecured Notes, 2.55%, 10/1/29	106,393
	250,000	Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21	253,208

3

September 30, 2020

	150,000	Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24	162,978
	150,000	Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24	165,531
	150,000	Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21 (3)	154,038
	200,000	Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21	204,028
	250,000	Wells Fargo & Co., Senior Unsecured Notes, 3.07%, 1/24/23	257,856
	250,000	Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29	249,167
			4,361,912
DIVERSIFIED FINANCIAL SERVICES  1.7%
	100,000	Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27	98,728
	150,000	American Express Co., Senior Unsecured Notes, 3.13%, 5/20/26	167,269
	100,000	BlackRock, Inc., Senior Unsecured Notes, 2.40%, 4/30/30 (3)	109,074
	150,000	Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24	165,060
	200,000	Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24	224,319
	150,000	Visa, Inc., Senior Unsecured Notes, 2.05%, 4/15/30	160,713
			925,163
INSURANCE  1.7%
	200,000	American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22	214,389
	150,000	Aon Corp., Guaranteed Notes, 3.75%, 5/2/29 (3)	173,021
	200,000	CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24	221,610
	150,000	Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48 (2)(3)	169,583
	125,000	Willis North America, Inc., Guaranteed Notes, 2.95%, 9/15/29	134,697
			913,300
REITS  1.7%
	100,000	AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25	110,807
	150,000	Digital Realty Trust L.P., Guaranteed Notes, 3.60%, 7/1/29	172,092
	250,000	Essex Portfolio L.P., Guaranteed Notes, 3.38%, 1/15/23	261,880
	100,000	Life Storage L.P., Guaranteed Notes, 2.20%, 10/15/30	99,745
	100,000	Prologis L.P., Senior Unsecured Notes, 2.25%, 4/15/30	106,288
	175,000	Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28	198,184
			948,996
			7,149,371
INDUSTRIAL  3.3%
AEROSPACE & DEFENSE  0.7%
	150,000	L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28	178,802
	150,000	United Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 (3)	177,619
			356,421
BUILDING MATERIALS  0.2%
	100,000	Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29	113,279
ELECTRONICS  0.9%
	100,000	Agilent Technologies, Inc., Senior Unsecured Notes, 2.10%, 6/4/30	102,789
	100,000	Flex, Ltd., Senior Unsecured Notes, 4.75%, 6/15/25	112,485
	150,000	Keysight Technologies, Inc., Senior Unsecured Notes, 3.00%, 10/30/29	163,973
	100,000	Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30	101,939
			481,186
MISCELLANEOUS MANUFACTURERS  1.0%
	125,000	3M Co., Senior Unsecured Notes, 2.38%, 8/26/29	135,194
	150,000	Ingersoll-Rand Luxembourg Finance S.A., Guaranteed Notes, 4.50%, 3/21/49	189,443
	200,000	Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25	219,162
			543,799
PACKAGING & CONTAINERS  0.5%
	120,000	Ball Corp., Guaranteed Notes, 4.00%, 11/15/23	127,380
	150,000	WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28	170,964
			298,344
			1,793,029
TECHNOLOGY  3.6%
COMPUTERS  0.6%
	150,000	HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27	162,164
	150,000	NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25	155,370
			317,534
SEMICONDUCTORS  1.3%
	150,000	Applied Materials, Inc., Senior Unsecured Notes, 1.75%, 6/1/30	154,557
	150,000	KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29	180,020
	125,000	Lam Research Corp., Senior Unsecured Notes, 4.00%, 3/15/29	149,776
	100,000	Micron Technology, Inc., Senior Unsecured Notes, 2.50%, 4/24/23	103,845

4

Schedule of Investments (unaudited) (continued)

	150,000	Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30 (3)	157,469
			745,667
SOFTWARE  1.7%
	175,000	Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30	188,266
	150,000	Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 (3)	177,874
	200,000	Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29 (3)	227,983
	150,000	Intuit, Inc., Senior Unsecured Notes, 1.65%, 7/15/30 (3)	152,391
	150,000	Oracle Corp., Senior Unsecured Notes, 2.95%, 4/1/30	167,709
			914,223
			1,977,424
UTILITIES  4.5%
ELECTRIC  4.2%
	175,000	CenterPoint Energy, Inc., Senior Unsecured Notes, 2.95%, 3/1/30	191,744
	125,000	Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45	157,037
	200,000	Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28	235,515
	150,000	Duke Energy Carolinas LLC, 2.45%, 2/1/30	162,219
	250,000	Florida Power & Light Co., 4.95%, 6/1/35	346,151
	100,000	Georgia Power Co., Series B, Senior Unsecured Notes, 2.65%, 9/15/29 (3)	107,149
	200,000	Indiana Michigan Power Co., Senior Unsecured Notes, 4.25%, 8/15/48	247,310
	200,000	ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26	223,308
	200,000	National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29	234,821
	125,000	Pinnacle West Capital Corp., Senior Unsecured Notes, 1.30%, 6/15/25	126,986
	150,000	Public Service Enterprise Group, Inc., Senior Unsecured Notes, 2.88%, 6/15/24	160,493
	125,000	Southern Power Co., Series E, Senior Unsecured Notes, 2.50%, 12/15/21	127,953
			2,320,686
GAS  0.3%
	150,000	National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25	165,782
			2,486,468
TOTAL CORPORATE BONDS & NOTES (Cost $22,153,153)			23,882,722
FOREIGN GOVERNMENT OBLIGATIONS 1.3%
	200,000	European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23	212,038
	150,000	Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22	157,261
	175,000	Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27	194,687
	150,000	Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24	164,027
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $676,674)			728,013
LONG-TERM MUNICIPAL SECURITIES 3.6%
		CALIFORNIA  0.4%
	200,000	San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38	220,444
		DISTRICT OF COLUMBIA  0.5%
	250,000	District of Columbia Income Tax Secured Revenue Bonds, Build America Bonds, 4.91%, 12/1/23	281,232
		MICHIGAN  0.4%
	200,000	Lincoln Consolidated School District, General Obligation Limited, Series B, 4.32%, 5/1/37	219,438
		NEW YORK  0.4%
	225,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23	235,220
		TEXAS  1.6%
	250,000	Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33	279,000
	500,000	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43	600,305
			879,305
		WASHINGTON  0.3%
	125,000	Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project, Revenue Bonds, 3.31%, 1/1/43	132,970
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,787,443)			1,968,609

5

September 30, 2020

U.S. GOVERNMENT AGENCY OBLIGATIONS 16.5%
	51,896	FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35	56,818
	229,484	FHLMC Gold PC Pool #A95803, 4.00%, 12/1/40	252,089
	48,185	FHLMC Gold PC Pool #A97264, 4.00%, 2/1/41	53,073
	163,261	FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34	178,079
	84,819	FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41	91,792
	52,552	FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25	55,713
	43,119	FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42	46,306
	42,610	FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42	46,448
	76,753	FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42	83,036
	211,700	FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43	228,580
	284,880	FHLMC Gold Pool #Q34167, 4.00%, 6/1/45	311,886
	296,781	FHLMC Gold Pool #Q57991, 4.00%, 8/1/48	316,692
	250,000	FHLMC Pool #QB3856, 2.00%, 9/1/50	258,526
	376,583	FHLMC Pool #SD8023, 2.50%, 11/1/49	395,327
	645,000	FHLMC Pool #SD8098, 2.00%, 10/1/50	666,998
	250,000	FNMA, 2.38%, 1/19/23 (3)	262,263
	250,000	FNMA, 2.63%, 9/6/24	273,142
	540,000	FNMA, 1.88%, 9/24/26	585,273
	106,032	FNMA Pool #AB2346, 4.50%, 2/1/41	119,056
	80,894	FNMA Pool #AB5231, 2.50%, 5/1/27	84,636
	86,244	FNMA Pool #AB5716, 3.00%, 7/1/27	90,617
	139,357	FNMA Pool #AB8144, 5.00%, 4/1/37	159,757
	95,175	FNMA Pool #AI4285, 5.00%, 6/1/41	107,927
	74,980	FNMA Pool #AJ5888, 4.50%, 11/1/41	84,420
	305,289	FNMA Pool #AR6394, 3.00%, 2/1/43	325,449
	195,529	FNMA Pool #AS5892, 3.50%, 10/1/45	208,372
	59,489	FNMA Pool #AS6102, 3.50%, 11/1/45	63,412
	106,407	FNMA Pool #AS6205, 3.50%, 11/1/45	113,392
	78,179	FNMA Pool #AS6385, 4.00%, 12/1/45	84,739
	157,909	FNMA Pool #AS9459, 4.50%, 4/1/47	171,961
	136,649	FNMA Pool #AS9562, 3.00%, 5/1/47	143,580
	144,589	FNMA Pool #AU4279, 3.00%, 9/1/43	155,453
	158,976	FNMA Pool #AV0703, 4.00%, 12/1/43	174,473
	72,524	FNMA Pool #AW7362, 2.50%, 8/1/29	75,889
	119,868	FNMA Pool #AX0416, 4.00%, 8/1/44	131,447
	100,501	FNMA Pool #AY1670, 3.50%, 2/1/45	107,748
	72,783	FNMA Pool #AY2728, 2.50%, 2/1/30	76,175
	92,049	FNMA Pool #AY4195, 4.00%, 5/1/45	100,632
	109,305	FNMA Pool #BA3885, 3.50%, 11/1/45	116,549
	231,081	FNMA Pool #CA2320, 3.50%, 9/1/48	256,931
	117,265	FNMA Pool #CA5540, 3.00%, 4/1/50	124,756
	124,727	FNMA Pool #MA0641, 4.00%, 2/1/31	135,983
	474,699	FNMA Pool #MA4012, 2.00%, 5/1/35	493,686
	142,372	FNMA Pool #MA4016, 2.50%, 5/1/40	149,459
	247,023	FNMA Pool #MA4077, 2.00%, 7/1/50	255,447
	295,586	FNMA Pool #MA4078, 2.50%, 7/1/50	310,299
	199,474	FNMA Pool #MA4119, 2.00%, 9/1/50	206,278
	41,359	FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28	42,635
	39,489	GNMA, Series 2011-136, Class GB, 2.50%, 5/20/40	40,553
	71,321	GNMA II Pool #5332, 4.00%, 3/20/42	78,419
	75,297	GNMA II Pool #MA1520, 3.00%, 12/20/43	79,245
	48,546	GNMA II Pool #MA2445, 3.50%, 12/20/44	52,018
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $8,767,452)			9,083,434
U.S. TREASURY OBLIGATIONS 16.5%
		U.S. TREASURY NOTES & BONDS  16.5%
	120,000	U.S. Treasury Bonds, 5.38%, 2/15/31 (3)	176,920
	500,000	U.S. Treasury Bonds, 4.38%, 2/15/38	770,156
	230,000	U.S. Treasury Bonds, 3.50%, 2/15/39	323,285
	80,000	U.S. Treasury Bonds, 1.13%, 5/15/40	78,888
	161,000	U.S. Treasury Bonds, 3.88%, 8/15/40	238,670
	1,099,000	U.S. Treasury Bonds, 3.00%, 2/15/48	1,497,044
	552,000	U.S. Treasury Bonds, 2.25%, 8/15/49	658,368
	350,000	U.S. Treasury Notes, 1.75%, 2/28/22	358,012
	990,000	U.S. Treasury Notes, 1.38%, 6/30/23	1,023,490
	1,505,000	U.S. Treasury Notes, 2.25%, 11/15/24	1,629,986
	400,000	U.S. Treasury Notes, 2.13%, 5/31/26	440,000
	250,000	U.S. Treasury Notes, 1.50%, 8/15/26	266,562
	350,000	U.S. Treasury Notes, 1.13%, 2/28/27	365,887
	615,000	U.S. Treasury Notes, 2.75%, 2/15/28	715,682
	500,000	U.S. Treasury Notes, 1.63%, 8/15/29 (3)	544,531
TOTAL U.S. TREASURY NOTES & BONDS (Cost $8,006,681)			9,087,481

6

Schedule of Investments (unaudited) (continued)

Shares			Value
SHORT-TERM INVESTMENTS 10.6%
		MONEY MARKET FUNDS  10.6%
	1,552,660	State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.027%  (4)	$	1,552,660
	4,297,030	State Street Navigator Securities Lending Government Money Market Portfolio  (5)		4,297,030
				5,849,690
Total Short-Term Investments (Cost $5,849,690)				5,849,690
TOTAL INVESTMENT SECURITIES (6) 106.0% (Cost $54,742,844)			$	58,395,420
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS  (6.0)%				(3,327,756	)
NET ASSETS  100.0%			$	55,067,664

(1)	Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors.
(2)	Floating or variable rate security. The rate disclosed is the rate in effect as of September 30, 2020. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets.
(3)	A portion or all of the security was held on loan. As of September 30, 2020, the market value of the securities on loan was $4,492,132.
(4)	Rate reflects 7 day yield as of September 30, 2020.
(5)	Securities with an aggregate market value of $4,492,132 were out on loan in exchange for collateral including $4,297,030 of cash collateral as of September 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle.
(6)	For federal income tax purposes, the aggregate cost was $54,742,844, aggregate gross unrealized appreciation was $3,688,573, aggregate gross unrealized depreciation was $35,997 and the net unrealized appreciation was $3,652,576.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association.
FREMF	Freddie Mac Multifamily.
GMTN	Global Medium Term Note.
GNMA	Government National Mortgage Association.
LIBOR	London Interbank Offered Rate.
MTN	Medium Term Note.
REMIC	Real Estate Mortgage Investment Conduit.

7

The Fund follows fair valuation accounting standards (FASB ASC 820-10) which establishes a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

• Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund 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.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Fund's investments in securities as of September 30, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets
Asset-Backed Securities	$	—	$	2,051,926	$	—	$	2,051,926
Commercial Mortgage-Backed Securities		—		5,743,545		—		5,743,545
Corporate Bonds & Notes*		—		23,882,722		—		23,882,722
Foreign Government Obligations		—		728,013		—		728,013
Long-Term Municipal Securities*		—		1,968,609		—		1,968,609
U.S. Government Agency Obligations		—		9,083,434		—		9,083,434
U.S. Treasury Obligations		—		9,087,481		—		9,087,481
Short-Term Investments		5,849,690		—		—		5,849,690
Total Investments in Securities	$	5,849,690	$	52,545,730	$	—	$	58,395,420

* See Schedule of Investments for further breakdown by category.  

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.

During the period ended September 30, 2020, there were no Level 3 investments. The Schedule of Investments includes a breakdown of the Fund’s investments by category.