Value Line Core Bond Fund
Schedule of Investments (unaudited)
| Principal Amount | Value | |||||||
| ASSET-BACKED SECURITIES 2.0% | ||||||||
| $ | 100,000 | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | $ | 101,888 | ||||
| 220,000 | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(1) | 235,519 | ||||||
| 150,000 | Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, 4/15/26 | 158,769 | ||||||
| 50,889 | Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A3, 1.84%, 12/15/22 | 51,147 | ||||||
| 450,000 | Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(1) | 455,896 | ||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $1,013,703) | 1,003,219 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 9.4% | ||||||||
| 250,000 | BANK, Series 2017-BNK8, Class A4, 3.49%, 11/15/50 | 274,392 | ||||||
| 150,000 | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | 167,309 | ||||||
| 218,410 | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | 227,064 | ||||||
| 150,000 | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | 159,605 | ||||||
| 180,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | 192,538 | ||||||
| 250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(2) | 275,496 | ||||||
| 200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(2) | 221,470 | ||||||
| 300,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27(2) | 330,474 | ||||||
| 250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K071, Class A2, 3.29%, 11/25/27 | 277,182 | ||||||
| 250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | 282,332 | ||||||
| 200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K092, Class A2, 3.30%, 4/25/29 | 223,959 | ||||||
| 450,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K103, Class A2, 2.65%, 11/25/29 | 485,342 | ||||||
| 250,000 | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.63%, 11/25/45(1)(2) | 256,844 | ||||||
| 150,000 | FREMF Mortgage Trust, Series 2013-K34, Class B, 3.85%, 9/25/46(1)(2) | 157,589 | ||||||
| 200,000 | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.86%, 2/25/48(1)(2) | 215,313 | ||||||
| 194,013 | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | 195,953 | ||||||
| 190,912 | GNMA, Series 2012-125, Class AB, 2.11%, 2/16/53(2) | 194,094 | ||||||
| 48,670 | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | 48,784 | ||||||
| 12,800 | GS Mortgage Securities Trust, Series 2015-GC32, Class A2, 3.06%, 7/10/48 | 13,035 | ||||||
| 45,032 | Sequoia Mortgage Trust, Series 2004-8, Class A1, (1-month LIBOR + 0.70)%, 0.79%, 9/20/34(2) | 44,949 | ||||||
| 180,000 | Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.10%, 6/15/49 | 190,257 | ||||||
| 40,655 | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | 40,779 | ||||||
| 100,000 | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | 110,069 | ||||||
| 70,864 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 | 73,997 | ||||||
| 35,840 | WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.44%, 4/15/45 | 35,907 | ||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,567,325) | 4,694,733 | |||||||
| CORPORATE BONDS & NOTES 44.4% | ||||||||
| BASIC MATERIALS 3.2% | ||||||||
| CHEMICALS 1.7% | ||||||||
| 125,000 | Air Products and Chemicals, Inc., Senior Unsecured Notes, 2.05%, 5/15/30 | 126,221 | ||||||
| 175,000 | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | 182,965 | ||||||
| 150,000 | Ecolab, Inc., Senior Unsecured Notes, 1.30%, 1/30/31 | 141,106 | ||||||
| 100,000 | FMC Corp., Senior Unsecured Notes, 3.45%, 10/1/29 | 107,820 | ||||||
| 150,000 | LYB International Finance II B.V., Guaranteed Notes, 3.50%, 3/2/27 | 163,304 | ||||||
| 125,000 | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | 142,382 | ||||||
| 863,798 | ||||||||
| IRON & STEEL 0.7% | ||||||||
| 135,000 | ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29(3) | 148,271 | ||||||
| 165,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 176,540 | ||||||
| 324,811 | ||||||||
| 1 |
September 30, 2021
| Principal Amount | Value | |||||||
| CORPORATE BONDS & NOTES 44.4% (continued) | ||||||||
| BASIC MATERIALS 3.2% (continued) | ||||||||
| MINING 0.8% | ||||||||
| $ | 140,000 | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42(3) | $ | 168,239 | ||||
| 175,000 | Teck Resources Ltd., Senior Unsecured Notes, 6.13%, 10/1/35 | 226,475 | ||||||
| 394,714 | ||||||||
| COMMUNICATIONS 4.1% | ||||||||
| INTERNET 0.6% | ||||||||
| 160,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | 184,400 | ||||||
| 125,000 | VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31 | 127,043 | ||||||
| 311,443 | ||||||||
| MEDIA 1.5% | ||||||||
| 175,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | 196,745 | ||||||
| 175,000 | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | 201,089 | ||||||
| 125,000 | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | 142,000 | ||||||
| 175,000 | Walt Disney Co., Guaranteed Notes, 2.65%, 1/13/31(3) | 182,634 | ||||||
| 722,468 | ||||||||
| TELECOMMUNICATIONS 2.0% | ||||||||
| 228,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 223,988 | ||||||
| 200,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 232,060 | ||||||
| 125,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 131,829 | ||||||
| 175,000 | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | 208,102 | ||||||
| 175,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 201,191 | ||||||
| 997,170 | ||||||||
| 2,031,081 | ||||||||
| CONSUMER, CYCLICAL 3.5% | ||||||||
| AUTO MANUFACTURERS 1.0% | ||||||||
| 100,000 | American Honda Finance Corp., Senior Unsecured Notes, 1.00%, 9/10/25 | 99,484 | ||||||
| 185,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 190,087 | ||||||
| 200,000 | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | 208,656 | ||||||
| 498,227 | ||||||||
| HOME BUILDERS 1.3% | ||||||||
| 150,000 | D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24 | 157,111 | ||||||
| 150,000 | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | 161,817 | ||||||
| 142,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(3) | 164,665 | ||||||
| 140,000 | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | 157,633 | ||||||
| 641,226 | ||||||||
| HOME FURNISHINGS 0.4% | ||||||||
| 200,000 | Whirlpool Corp., Senior Unsecured Notes, 3.70%, 5/1/25 | 216,420 | ||||||
| HOUSEWARES 0.4% | ||||||||
| 165,000 | Newell Brands, Inc., Senior Unsecured Notes, 4.70%, 4/1/26 | 181,917 | ||||||
| RETAIL 0.4% | ||||||||
| 100,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 111,452 | ||||||
| 100,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | 110,044 | ||||||
| 221,496 | ||||||||
| 1,759,286 | ||||||||
| CONSUMER, NON-CYCLICAL 9.4% | ||||||||
| AGRICULTURE 0.5% | ||||||||
| 200,000 | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | 215,259 | ||||||
| BEVERAGES 1.5% | ||||||||
| 125,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(3) | 151,620 | ||||||
| 150,000 | Coca-Cola Co., Senior Unsecured Notes, 1.45%, 6/1/27 | 151,339 | ||||||
| 125,000 | Coca-Cola Femsa SAB de CV, Guaranteed Notes, 2.75%, 1/22/30 | 128,954 | ||||||
| 150,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 196,052 | ||||||
| 125,000 | Keurig Dr. Pepper, Inc., Guaranteed Notes, 3.20%, 5/1/30 | 134,483 | ||||||
| 762,448 | ||||||||
| BIOTECHNOLOGY 0.8% | ||||||||
| 150,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | 155,114 | ||||||
| 100,000 | Illumina, Inc., Senior Unsecured Notes, 2.55%, 3/23/31 | 100,811 | ||||||
| 2 |
Schedule of Investments (unaudited) (continued)
| Principal Amount |
Value | |||||||
| CORPORATE BONDS & NOTES 44.4% (continued) | ||||||||
| CONSUMER, NON-CYCLICAL 9.4% (continued) | ||||||||
| BIOTECHNOLOGY 0.8% (continued) | ||||||||
| $ | 150,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | $ | 142,537 | ||||
| 398,462 | ||||||||
| COMMERCIAL SERVICES 1.1% | ||||||||
| 100,000 | Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | 113,565 | ||||||
| 150,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | 160,198 | ||||||
| 155,000 | Service Corp. International, Senior Unsecured Notes, 4.00%, 5/15/31 | 160,231 | ||||||
| 125,000 | United Rentals North America, Inc., Guaranteed Notes, 5.50%, 5/15/27 | 131,313 | ||||||
| 565,307 | ||||||||
| FOOD 0.9% | ||||||||
| 100,000 | Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27 | 97,339 | ||||||
| 175,000 | Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26 | 185,519 | ||||||
| 150,000 | Sysco Corp., Guaranteed Notes, 5.65%, 4/1/25 | 172,458 | ||||||
| 455,316 | ||||||||
| HEALTHCARE PRODUCTS 0.5% | ||||||||
| 100,000 | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | 112,124 | ||||||
| 125,000 | Thermo Fisher Scientific, Inc., Senior Unsecured Notes, 4.13%, 3/25/25 | 137,482 | ||||||
| 249,606 | ||||||||
| HEALTHCARE SERVICES 1.8% | ||||||||
| 115,000 | Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | 123,261 | ||||||
| 100,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 109,000 | ||||||
| 150,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 167,625 | ||||||
| 150,000 | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | 167,272 | ||||||
| 150,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 158,731 | ||||||
| 125,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 156,760 | ||||||
| 882,649 | ||||||||
| HOUSEHOLD PRODUCTS 0.2% | ||||||||
| 100,000 | Clorox Co., Senior Unsecured Notes, 3.05%, 9/15/22 | 101,927 | ||||||
| PHARMACEUTICALS 2.1% | ||||||||
| 115,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 123,159 | ||||||
| 150,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27 | 166,027 | ||||||
| 165,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 192,262 | ||||||
| 150,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50 | 150,549 | ||||||
| 140,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 141,868 | ||||||
| 150,000 | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | 165,173 | ||||||
| 100,000 | Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25 | 112,519 | ||||||
| 1,051,557 | ||||||||
| 4,682,531 | ||||||||
| ENERGY 4.4% | ||||||||
| OIL & GAS 2.3% | ||||||||
| 150,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 153,522 | ||||||
| 125,000 | Diamondback Energy, Inc., Guaranteed Notes, 2.88%, 12/1/24 | 131,230 | ||||||
| 125,000 | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(3) | 145,793 | ||||||
| 135,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27(3) | 149,869 | ||||||
| 150,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | 166,125 | ||||||
| 100,000 | Phillips 66, Guaranteed Notes, 1.30%, 2/15/26 | 99,387 | ||||||
| 150,000 | Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 | 155,609 | ||||||
| 150,000 | Suncor Energy, Inc., Senior Unsecured Notes, 3.10%, 5/15/25 | 159,672 | ||||||
| 1,161,207 | ||||||||
| OIL & GAS SERVICES 0.3% | ||||||||
| 150,000 | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(3) | 151,539 | ||||||
| PIPELINES 1.8% | ||||||||
| 125,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 138,296 | ||||||
| 100,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 100,290 | ||||||
| 100,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 120,594 | ||||||
| 250,000 | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | 283,152 | ||||||
| 3 |
September 30, 2021
| Principal Amount | Value | |||||||
| CORPORATE BONDS & NOTES 44.4% (continued) | ||||||||
| ENERGY 4.4% (continued) | ||||||||
| PIPELINES 1.8% (continued) | ||||||||
| $ | 100,000 | Magellan Midstream Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 | $ | 110,631 | ||||
| 125,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 142,196 | ||||||
| 895,159 | ||||||||
| 2,207,905 | ||||||||
| FINANCIAL 11.7% | ||||||||
| BANKS 6.1% | ||||||||
| 125,000 | Australia & New Zealand Banking Group Ltd., Subordinated Notes, 4.50%, 3/19/24(1) | 135,664 | ||||||
| 150,000 | Bank of America Corp., Senior Unsecured Notes, 3.50%, 4/19/26 | 163,834 | ||||||
| 100,000 | Bank of Montreal, Series E, Senior Unsecured Notes, 3.30%, 2/5/24 | 106,325 | ||||||
| 100,000 | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | 111,799 | ||||||
| 125,000 | CIT Group, Inc., Senior Unsecured Notes, (SOFR + 3.83)%, 3.93%, 6/19/24(2) | 130,733 | ||||||
| 150,000 | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90)%, 3.35%, 4/24/25(2) | 159,315 | ||||||
| 130,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 172,799 | ||||||
| 150,000 | Comerica, Inc., Senior Unsecured Notes, 4.00%, 2/1/29 | 171,039 | ||||||
| 100,000 | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | 106,683 | ||||||
| 175,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 191,960 | ||||||
| 100,000 | HSBC Holdings PLC, Senior Unsecured Notes, 3.90%, 5/25/26 | 110,099 | ||||||
| 125,000 | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27 | 139,961 | ||||||
| 200,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | 224,789 | ||||||
| 150,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38)%, 3.96%, 11/15/48(2) | 173,476 | ||||||
| 100,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29 | 103,973 | ||||||
| 150,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 161,247 | ||||||
| 200,000 | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | 215,702 | ||||||
| 125,000 | National Australia Bank Ltd., Senior Unsecured Notes, 2.50%, 7/12/26 | 132,544 | ||||||
| 350,000 | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | 363,495 | ||||||
| 3,075,437 | ||||||||
| DIVERSIFIED FINANCIAL SERVICES 2.2% | ||||||||
| 175,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26(3) | 173,142 | ||||||
| 175,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 188,142 | ||||||
| 150,000 | Ally Financial, Inc., Senior Unsecured Notes, 5.13%, 9/30/24 | 167,919 | ||||||
| 150,000 | American Express Co., Senior Unsecured Notes, 3.13%, 5/20/26 | 162,378 | ||||||
| 140,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 151,618 | ||||||
| 100,000 | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | 108,801 | ||||||
| 140,000 | Synchrony Financial, Senior Unsecured Notes, 4.25%, 8/15/24 | 151,264 | ||||||
| 1,103,264 | ||||||||
| INSURANCE 1.1% | ||||||||
| 135,000 | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30(3) | 128,811 | ||||||
| 200,000 | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | 214,914 | ||||||
| 175,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67)%, 5.70%, 9/15/48(2)(3) | 204,654 | ||||||
| 548,379 | ||||||||
| REITS 2.3% | ||||||||
| 100,000 | American Tower Corp., Senior Unsecured Notes, 2.95%, 1/15/25 | 105,607 | ||||||
| 100,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 102,434 | ||||||
| 150,000 | Crown Castle International Corp., Senior Unsecured Notes, 3.80%, 2/15/28 | 164,826 | ||||||
| 125,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 125,706 | ||||||
| 100,000 | Kimco Realty Corp., 2.25%, 12/1/31 | 97,568 | ||||||
| 125,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 123,809 | ||||||
| 100,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 101,689 | ||||||
| 130,000 | Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29 | 136,816 | ||||||
| 175,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | 198,495 | ||||||
| 1,156,950 | ||||||||
| 5,884,030 | ||||||||
| INDUSTRIAL 3.5% | ||||||||
| AEROSPACE & DEFENSE 0.5% | ||||||||
| 100,000 | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | 114,021 | ||||||
| 4 |
Schedule of Investments (unaudited) (continued)
| Principal Amount | Value | |||||||
| CORPORATE BONDS & NOTES 44.4% (continued) | ||||||||
| INDUSTRIAL 3.5% (continued) | ||||||||
| AEROSPACE & DEFENSE 0.5% (continued) | ||||||||
| $ | 120,000 | Teledyne Technologies, Inc., Senior Unsecured Notes, 1.60%, 4/1/26 | $ | 120,821 | ||||
| 234,842 | ||||||||
| BUILDING MATERIALS 0.9% | ||||||||
| 160,000 | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | 154,513 | ||||||
| 125,000 | Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29 | 139,342 | ||||||
| 150,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 164,503 | ||||||
| 458,358 | ||||||||
| ELECTRONICS 0.7% | ||||||||
| 100,000 | Amphenol Corp., 2.20%, 9/15/31 | 99,046 | ||||||
| 150,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | 166,438 | ||||||
| 100,000 | Jabil, Inc., Senior Unsecured Notes, 1.70%, 4/15/26 | 100,474 | ||||||
| 365,958 | ||||||||
| MISCELLANEOUS MANUFACTURERS 0.8% | ||||||||
| 200,000 | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | 216,123 | ||||||
| 150,000 | Trane Technologies Luxembourg Finance SA, Guaranteed Notes, 4.50%, 3/21/49 | 184,688 | ||||||
| 400,811 | ||||||||
| PACKAGING & CONTAINERS 0.3% | ||||||||
| 150,000 | Ball Corp., Guaranteed Notes, 4.88%, 3/15/26 | 165,750 | ||||||
| TRANSPORTATION 0.3% | ||||||||
| 125,000 | United Parcel Service, Inc., Senior Unsecured Notes, 2.50%, 9/1/29 | 130,855 | ||||||
| 1,756,574 | ||||||||
| TECHNOLOGY 3.0% | ||||||||
| COMPUTERS 0.9% | ||||||||
| 100,000 | Dell International LLC / EMC Corp., 4.90%, 10/1/26 | 115,278 | ||||||
| 150,000 | HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27 | 160,099 | ||||||
| 175,000 | NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25 | 179,164 | ||||||
| 454,541 | ||||||||
| SEMICONDUCTORS 0.7% | ||||||||
| 100,000 | Analog Devices, Inc., 2.80%, 10/1/41 | 99,532 | ||||||
| 150,000 | Micron Technology, Inc., Senior Unsecured Notes, 2.50%, 4/24/23 | 154,392 | ||||||
| 100,000 | Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30 | 101,919 | ||||||
| 355,843 | ||||||||
| SOFTWARE 1.4% | ||||||||
| 150,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | 170,576 | ||||||
| 125,000 | Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29 | 136,126 | ||||||
| 115,000 | Intuit, Inc., Senior Unsecured Notes, 1.65%, 7/15/30 | 111,930 | ||||||
| 125,000 | Oracle Corp., Senior Unsecured Notes, 2.95%, 4/1/30 | 130,809 | ||||||
| 150,000 | salesforce.com, Inc., Senior Unsecured Notes, 2.70%, 7/15/41 | 149,220 | ||||||
| 698,661 | ||||||||
| 1,509,045 | ||||||||
| UTILITIES 1.6% | ||||||||
| ELECTRIC 1.2% | ||||||||
| 100,000 | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | 120,742 | ||||||
| 100,000 | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | 113,510 | ||||||
| 150,000 | Duke Energy Carolinas LLC, 2.45%, 2/1/30 | 153,484 | ||||||
| 100,000 | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | 107,842 | ||||||
| 125,000 | Pinnacle West Capital Corp., Senior Unsecured Notes, 1.30%, 6/15/25 | 125,136 | ||||||
| 620,714 | ||||||||
| GAS 0.4% | ||||||||
| 175,000 | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | 194,933 | ||||||
| 815,647 | ||||||||
| TOTAL CORPORATE BONDS & NOTES (Cost $21,555,505) | 22,229,422 | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS 0.9% | ||||||||
| 150,000 | European Bank for Reconstruction & Development, Senior Unsecured Notes, 2.75%, 3/7/23 | 155,346 | ||||||
| 135,000 | Export-Import Bank of Korea, Senior Unsecured Notes, 1.13%, 12/29/26 | 134,001 | ||||||
| 5 |
September 30, 2021
| Principal Amount | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS 0.9% (continued) | ||||||||
| $ | 150,000 | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | $ | 161,064 | ||||
| TOTAL
FOREIGN GOVERNMENT OBLIGATIONS (Cost $437,148) | 450,411 | |||||||
| LONG-TERM MUNICIPAL SECURITIES 3.9% | ||||||||
| CALIFORNIA 0.4% | ||||||||
| 200,000 | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | 206,567 | ||||||
| DISTRICT OF COLUMBIA 0.5% | ||||||||
| 250,000 | District of Columbia Income Tax Secured Revenue Bonds, Build America Bonds, Ser. F, 4.91%, 12/1/23 | 273,657 | ||||||
| MICHIGAN 0.4% | ||||||||
| 200,000 | Lincoln Consolidated School District, General Obligation Limited, Series B, 4.32%, 5/1/37 | 223,232 | ||||||
| NEW YORK 0.3% | ||||||||
| 125,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, Ser. E-2, 2.63%, 2/1/23 | 128,963 | ||||||
| RHODE ISLAND 0.2% | ||||||||
| 100,000 | Narragansett Bay Commission, Wastewater System, Revenue Refunding Bonds, 2.46%, 9/1/35 | 102,067 | ||||||
| TEXAS 1.8% | ||||||||
| 250,000 | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | 274,752 | ||||||
| 500,000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | 608,516 | ||||||
| 883,268 | ||||||||
| WASHINGTON 0.3% | ||||||||
| 125,000 | Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project, Revenue Bonds, 3.31%, 1/1/43 | 130,270 | ||||||
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,783,496) | 1,948,024 | |||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 13.1% | ||||||||
| MORTGAGE SECURITIES 13.1% | ||||||||
| 23,429 | FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35 | 25,767 | ||||||
| 119,906 | FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 | 131,426 | ||||||
| 49,087 | FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 | 53,148 | ||||||
| 25,215 | FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 | 26,713 | ||||||
| 24,764 | FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 | 26,898 | ||||||
| 20,327 | FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 | 22,273 | ||||||
| 49,849 | FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 | 54,302 | ||||||
| 161,966 | FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 | 174,009 | ||||||
| 189,649 | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | 209,277 | ||||||
| 150,865 | FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 | 161,803 | ||||||
| 244,518 | FHLMC Pool #QB2958, 3.00%, 9/1/50 | 256,797 | ||||||
| 223,875 | FHLMC Pool #QB3856, 2.00%, 9/1/50 | 224,497 | ||||||
| 232,271 | FHLMC Pool #QB5314, 2.50%, 11/1/50 | 239,558 | ||||||
| 296,068 | FHLMC Pool #QB8153, 2.50%, 1/1/51 | 306,014 | ||||||
| 218,234 | FHLMC Pool #SB8078, 1.50%, 12/1/35 | 220,516 | ||||||
| 192,456 | FHLMC Pool #SD8023, 2.50%, 11/1/49 | 198,494 | ||||||
| 567,065 | FHLMC Pool #SD8098, 2.00%, 10/1/50 | 568,642 | ||||||
| 286,527 | FHLMC Pool #SD8134, 2.00%, 3/1/51 | 287,324 | ||||||
| 64,188 | FNMA Pool #AB2346, 4.50%, 2/1/41 | 71,928 | ||||||
| 54,034 | FNMA Pool #AB5231, 2.50%, 5/1/27 | 56,541 | ||||||
| 56,352 | FNMA Pool #AB5716, 3.00%, 7/1/27 | 59,434 | ||||||
| 76,712 | FNMA Pool #AB8144, 5.00%, 4/1/37 | 86,796 | ||||||
| 74,260 | FNMA Pool #AI4285, 5.00%, 6/1/41 | 83,920 | ||||||
| 53,502 | FNMA Pool #AJ5888, 4.50%, 11/1/41 | 59,957 | ||||||
| 230,338 | FNMA Pool #AR6394, 3.00%, 2/1/43 | 246,540 | ||||||
| 91,731 | FNMA Pool #AS5892, 3.50%, 10/1/45 | 98,621 | ||||||
| 29,251 | FNMA Pool #AS6102, 3.50%, 11/1/45 | 31,440 | ||||||
| 53,509 | FNMA Pool #AS6205, 3.50%, 11/1/45 | 57,518 | ||||||
| 38,951 | FNMA Pool #AS6385, 4.00%, 12/1/45 | 42,574 | ||||||
| 87,980 | FNMA Pool #AS9459, 4.50%, 4/1/47 | 96,306 | ||||||
| 85,228 | FNMA Pool #AS9562, 3.00%, 5/1/47 | 90,164 | ||||||
| 100,136 | FNMA Pool #AU4279, 3.00%, 9/1/43 | 106,603 | ||||||
| 89,559 | FNMA Pool #AV0703, 4.00%, 12/1/43 | 98,596 | ||||||
| 42,638 | FNMA Pool #AW7362, 2.50%, 8/1/29 | 44,568 | ||||||
| 95,396 | FNMA Pool #AX0416, 4.00%, 8/1/44 | 105,455 | ||||||
| 58,462 | FNMA Pool #AY1670, 3.50%, 2/1/45 | 62,941 | ||||||
| 62,454 | FNMA Pool #AY2728, 2.50%, 2/1/30 | 65,362 | ||||||
| 46,798 | FNMA Pool #AY4195, 4.00%, 5/1/45 | 51,248 | ||||||
| 55,746 | FNMA Pool #BA3885, 3.50%, 11/1/45 | 59,905 | ||||||
| 171,807 | FNMA Pool #CA2320, 3.50%, 9/1/48 | 188,347 | ||||||
| 91,739 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 97,850 | ||||||
| 88,327 | FNMA Pool #MA0641, 4.00%, 2/1/31 | 95,925 | ||||||
| 105,683 | FNMA Pool #MA4012, 2.00%, 5/1/35 | 109,130 | ||||||
| 192,677 | FNMA Pool #MA4077, 2.00%, 7/1/50 | 193,213 | ||||||
| 169,411 | FNMA Pool #MA4119, 2.00%, 9/1/50 | 169,883 | ||||||
| 367,799 | FNMA Pool #MA4208, 2.00%, 12/1/50 | 368,822 | ||||||
| 6 |
Schedule of Investments (unaudited) (continued)
| Principal Amount | Value | ||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 13.1% | |||||||||
| $ | 98,216 | FNMA Pool #MA4355, 2.00%, 6/1/51 | $ | 98,489 | |||||
| 28,280 | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | 29,113 | |||||||
| 16,224 | GNMA, Series 2011-136, Class GB, 2.50%, 5/20/40 | 16,474 | |||||||
| 48,715 | GNMA II Pool #5332, 4.00%, 3/20/42 | 53,710 | |||||||
| 53,953 | GNMA II Pool #MA1520, 3.00%, 12/20/43 | 57,102 | |||||||
| 29,067 | GNMA II Pool #MA2445, 3.50%, 12/20/44 | 31,095 | |||||||
| 193,736 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 203,733 | |||||||
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $6,527,710) | 6,576,761 | ||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 2.2% | |||||||||
| 250,000 | FNMA, 2.38%, 1/19/23 | 257,066 | |||||||
| 250,000 | FNMA, 2.63%, 9/6/24(3) | 265,587 | |||||||
| 540,000 | FNMA, 1.88%, 9/24/26(3) | 562,957 | |||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,020,063) |
1,085,610 | ||||||||
| U.S. TREASURY OBLIGATIONS 19.9% | |||||||||
| U.S. TREASURY NOTES & BONDS 19.9% | |||||||||
| 120,000 | U.S. Treasury Bonds, 5.38%, 2/15/31 | 161,395 | |||||||
| 245,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 334,827 | |||||||
| 415,000 | U.S. Treasury Bonds, 3.50%, 2/15/39 | 516,497 | |||||||
| 155,000 | U.S. Treasury Bonds, 1.13%, 5/15/40 | 133,688 | |||||||
| 180,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 206,114 | |||||||
| 654,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 775,654 | |||||||
| 1,616,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,670,477 | |||||||
| 101,843 | U.S. Treasury Inflation Indexed Note, 0.13%, 7/15/31 | 112,017 | |||||||
| 170,000 | U.S. Treasury Notes, 1.38%, 6/30/23 | 173,387 | |||||||
| 500,000 | U.S. Treasury Notes, 0.13%, 7/15/23 | 498,945 | |||||||
| 800,000 | U.S. Treasury Notes, 0.13%, 8/31/23 | 797,812 | |||||||
| 1,035,000 | U.S. Treasury Notes, 2.25%, 11/15/24 | 1,089,297 | |||||||
| 620,000 | U.S. Treasury Notes, 1.50%, 8/15/26 | 635,330 | |||||||
| 350,000 | U.S. Treasury Notes, 0.75%, 8/31/26 | 346,090 | |||||||
| 350,000 | U.S. Treasury Notes, 1.13%, 2/28/27 | 351,012 | |||||||
| 100,000 | U.S. Treasury Notes, 0.63%, 11/30/27 | 96,504 | |||||||
| 790,000 | U.S. Treasury Notes, 2.75%, 2/15/28 | 863,723 | |||||||
| 100,000 | U.S. Treasury Notes, 1.25%, 6/30/28 | 99,707 | |||||||
| 250,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 254,404 | |||||||
| 500,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 502,676 | |||||||
| 390,000 | U.S. Treasury Notes, 1.13%, 2/15/31(3) | 377,386 | |||||||
| TOTAL U.S. TREASURY NOTES & BONDS (Cost $9,876,615) | 9,996,942 | ||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS 7.0% | ||||||||
| MONEY MARKET FUNDS 7.0% | ||||||||
| 1,973,811 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (4) | $ | 1,973,811 | |||||
| 1,535,512 | State Street Navigator Securities Lending Government Money Market Portfolio (5) | 1,535,512 | ||||||
| 3,509,323 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,509,323) | 3,509,323 | |||||||
| TOTAL INVESTMENT IN SECURITIES 102.8% (Cost $50,290,888) | $ | 51,494,445 | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (2.8)% | (1,419,220 | ) | ||||||
| NET ASSETS(6) 100% | $ | 50,075,225 | ||||||
| (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, 2021. 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, 2021, the market value of the securities on loan was $2,758,686. |
| (4) | Rate reflects 7 day yield as of September 30, 2021. |
| (5) | Securities with an aggregate market value of $2,758,686 were out on loan in exchange for collateral including $1,535,512 of cash collateral as of September 30, 2021. The collateral was invested in a cash collateral reinvestment vehicle. |
| (6) | For federal income tax purposes, the aggregate cost was $50,290,888, aggregate gross unrealized appreciation was $1,612,622, aggregate gross unrealized depreciation was $409,065 and the net unrealized appreciation was $1,203,557. |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association. |
| FREMF | Freddie Mac Multifamily. |
| GNMA | Government National Mortgage Association. |
| LIBOR | London Interbank Offered Rate. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| 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, 2021:
| Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Asset-Backed Securities | $ | — | $ | 1,003,219 | $ | — | $ | 1,003,219 | ||||||||
| Commercial Mortgage-Backed Securities | — | 4,694,733 | — | 4,694,733 | ||||||||||||
| Corporate Bonds & Notes* | — | 22,229,422 | — | 22,229,422 | ||||||||||||
| Foreign Government Obligations | — | 450,411 | — | 450,411 | ||||||||||||
| Long-Term Municipal Securities* | — | 1,948,024 | — | 1,948,024 | ||||||||||||
| Residential Mortgage-Backed Securities | — | 6,576,761 | — | 6,576,761 | ||||||||||||
| U.S. Government Agency Obligations | — | 1,085,610 | — | 1,085,610 | ||||||||||||
| U.S. Treasury Obligations | — | 9,996,942 | — | 9,996,942 | ||||||||||||
| Short-Term Investments | 3,509,323 | — | — | 3,509,323 | ||||||||||||
| Total Investments in Securities | $ | 3,509,323 | $ | 47,985,122 | $ | — | $ | 51,494,445 | ||||||||
* 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, 2021, there were no Level 3 investments.