NPORT-EX 2 NPORT_V109_93594796_0922.htm EDGAR HTML
Value Line Core Bond Fund
Schedule of Investments (unaudited)
September 30, 2022
 
Principal
Amount
 

Value
ASSET-BACKED SECURITIES 0.8%
$  $200,000
Ford Credit Auto Owner Trust, Series 2018-1,
Class A, 3.19%, 7/15/31(1) 
$   192,324
  150,000
Ford Credit Floorplan Master Owner Trust,
Series 2019-2, Class A, 3.06%, 4/15/26 
   145,816
TOTAL ASSET-BACKED SECURITIES
(Cost $380,957)
338,140
COMMERCIAL MORTGAGE-BACKED SECURITIES 5.2%
  150,000
COMM Mortgage Trust, Series 2014-UBS2,
Class AM, 4.20%, 3/10/47 
   146,166
  180,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K058, Class A2, 2.65%,
8/25/26 
   167,682
  250,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K061, Class A2, 3.35%,
11/25/26(2) 
   239,417
  200,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K063, Class A2, 3.43%,
1/25/27(2) 
   191,278
  300,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K069, Class A2, 3.19%,
9/25/27(2) 
   282,436
  200,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K092, Class A2, 3.30%,
4/25/29 
   186,531
  450,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K103, Class A2, 2.65%,
11/25/29 
   400,761
  175,000
FREMF Mortgage Trust, Series 2015-K43,
Class B, 3.86%, 2/25/48(1)(2) 
   168,250
  142,404
GNMA, Series 2012-125, Class AB, 2.11%,
2/16/53(2) 
   125,133
  136,622
GNMA, Series 2013-12, Class AB, 1.83%,
11/16/52 
   129,142
   39,456
Sequoia Mortgage Trust, Series 2004-8,
Class A1, (1-month LIBOR + 0.70%),
3.69%, 9/20/34(2) 
    35,322
   50,132
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS2, Class ASB, 3.46%,
7/15/58 
    49,047
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $2,453,195)
2,121,165
CORPORATE BONDS & NOTES 35.4%
BASIC MATERIALS 1.6%
 
CHEMICALS 0.8%
  200,000
Celanese U.S. Holdings LLC, Guaranteed
Notes, 4.63%, 11/15/22 
   199,998
  125,000
Nutrien Ltd., Senior Unsecured Notes, 4.20%,
4/1/29 
   115,627
 
 
   315,625
 
IRON/STEEL 0.6%
  135,000
ArcelorMittal SA, Senior Unsecured Notes,
4.25%, 7/16/29(3) 
   120,826
  165,000
Steel Dynamics, Inc., Senior Unsecured
Notes, 3.25%, 1/15/31 
   134,508
 
 
   255,334
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.4% (continued)
BASIC MATERIALS 1.6% (continued)
 
MINING 0.2%
$  120,000
Freeport-McMoRan, Inc., Guaranteed Notes,
4.63%, 8/1/30(3) 
$   105,188
 
 
   676,147
COMMUNICATIONS 3.3%
 
INTERNET 0.8%
  125,000
Expedia Group, Inc., Guaranteed Notes,
3.25%, 2/15/30 
   101,337
  120,000
Netflix, Inc., Senior Unsecured Notes, 4.88%,
4/15/28 
   112,178
  125,000
VeriSign, Inc., Senior Unsecured Notes,
2.70%, 6/15/31(3) 
    96,918
 
 
   310,433
 
MEDIA 1.1%
  175,000
Charter Communications
Operating LLC/Charter Communications
Operating Capital, Senior Secured Notes,
4.91%, 7/23/25 
   170,678
  175,000
Comcast Corp., Guaranteed Notes, 4.15%,
10/15/28 
   165,422
  125,000
Discovery Communications LLC, Guaranteed
Notes, 4.90%, 3/11/26(3) 
   120,981
 
 
   457,081
 
TELECOMMUNICATIONS 1.4%
  190,000
AT&T, Inc., Senior Unsecured Notes, 2.55%,
12/1/33 
   140,587
  200,000
Motorola Solutions, Inc., Senior Unsecured
Notes, 4.60%, 5/23/29 
   184,109
  150,000
T-Mobile USA, Inc., Guaranteed Notes, 3.50%,
4/15/31 
   126,586
  175,000
Vodafone Group PLC, Senior Unsecured Notes,
4.25%, 9/17/50 
   125,259
 
 
   576,541
 
 
 1,344,055
CONSUMER, CYCLICAL 3.7%
 
AUTO MANUFACTURERS 1.0%
  175,000
Cummins, Inc., Senior Unsecured Notes,
1.50%, 9/1/30 
   134,731
  170,000
Ford Motor Credit Co. LLC, Senior Unsecured
Notes, 3.38%, 11/13/25 
   150,224
  150,000
General Motors Financial Co., Inc., Senior
Unsecured Notes, 5.00%, 4/9/27 
   142,248
 
 
   427,203
 
HOME BUILDERS 1.2%
  200,000
Lennar Corp., Guaranteed Notes, 4.88%,
12/15/23 
   199,249
  142,000
PulteGroup, Inc., Guaranteed Notes, 5.00%,
1/15/27(3) 
   137,767
  140,000
Toll Brothers Finance Corp., Guaranteed
Notes, 4.88%, 11/15/25 
   134,577
 
 
   471,593
 
LODGING 0.3%
  135,000
Marriott International, Inc., Senior Unsecured
Notes, 5.00%, 10/15/27 
   130,436
See Supplementary Notes to Financial Statements.
1
Schedule of Investments (unaudited) (continued)
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.4% (continued)
CONSUMER, CYCLICAL 3.7% (continued)
 
RETAIL 1.2%
$  150,000
AutoZone, Inc., Senior Unsecured Notes,
3.75%, 6/1/27 
$   141,051
  175,000
Costco Wholesale Corp., Senior Unsecured
Notes, 1.75%, 4/20/32(3) 
   134,835
  150,000
Dollar General Corp., Senior Unsecured Notes,
3.50%, 4/3/30(3) 
   131,514
  100,000
O'Reilly Automotive, Inc., Senior Unsecured
Notes, 3.60%, 9/1/27 
    92,901
 
 
   500,301
 
 
 1,529,533
CONSUMER, NON-CYCLICAL 6.9%
 
AGRICULTURE 0.3%
  150,000
Bunge Ltd. Finance Corp., Guaranteed Notes,
3.25%, 8/15/26(3) 
   137,940
 
BEVERAGES 0.9%
  125,000
Anheuser-Busch InBev Worldwide, Inc.,
Guaranteed Notes, 4.90%, 1/23/31(3) 
   122,857
  150,000
Constellation Brands, Inc., Guaranteed Notes,
5.25%, 11/15/48 
   134,426
  125,000
Diageo Capital PLC, Guaranteed Notes,
2.00%, 4/29/30 
   100,122
 
 
   357,405
 
BIOTECHNOLOGY 0.6%
  150,000
Amgen, Inc., Senior Unsecured Notes, 2.20%,
2/21/27(3) 
   133,247
  150,000
Regeneron Pharmaceuticals, Inc., Senior
Unsecured Notes, 1.75%, 9/15/30 
   113,480
 
 
   246,727
 
COMMERCIAL SERVICES 0.6%
  150,000
PayPal Holdings, Inc., Senior Unsecured
Notes, 2.65%, 10/1/26(3) 
   137,717
  155,000
Service Corp. International, Senior Unsecured
Notes, 4.00%, 5/15/31 
   124,822
 
 
   262,539
 
FOOD 0.4%
  175,000
Kroger Co., Senior Unsecured Notes, 2.65%,
10/15/26 
   159,446
 
HEALTHCARE PRODUCTS 0.2%
  100,000
Baxter International, Inc., Senior Unsecured
Notes, 1.73%, 4/1/31 
    74,046
 
HEALTHCARE SERVICES 1.3%
  150,000
Centene Corp., Senior Unsecured Notes,
4.63%, 12/15/29 
   134,790
  150,000
HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 
   148,168
  150,000
Laboratory Corp. of America Holdings, Senior
Unsecured Notes, 2.95%, 12/1/29(3) 
   127,455
  125,000
UnitedHealth Group, Inc., Senior Unsecured
Notes, 4.63%, 11/15/41 
   111,500
 
 
   521,913
 
PHARMACEUTICALS 2.6%
  150,000
AbbVie, Inc., Senior Unsecured Notes, 2.95%,
11/21/26 
   137,481
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.4% (continued)
CONSUMER, NON-CYCLICAL 6.9% (continued)
 
PHARMACEUTICALS 2.6% (continued)
$  125,000
AstraZeneca PLC, Senior Unsecured Notes,
1.38%, 8/6/30(3) 
$    96,431
  150,000
Becton Dickinson and Co., Senior Unsecured
Notes, 3.70%, 6/6/27(3) 
   139,653
  125,000
CVS Health Corp., Senior Unsecured Notes,
1.75%, 8/21/30 
    95,330
  165,000
Merck & Co., Inc., Senior Unsecured Notes,
3.90%, 3/7/39 
   140,365
  160,000
Novartis Capital Corp., Guaranteed Notes,
2.75%, 8/14/50 
   108,088
  140,000
Takeda Pharmaceutical Co. Ltd., Senior
Unsecured Notes, 3.03%, 7/9/40 
    98,885
  125,000
Teva Pharmaceutical Finance Netherlands III
BV, Guaranteed Notes, 3.15%, 10/1/26 
   102,563
  165,000
Utah Acquisition Sub, Inc., Guaranteed Notes,
3.95%, 6/15/26 
   150,483
 
 
 1,069,279
 
 
 2,829,295
ENERGY 4.2%
 
OIL & GAS 1.7%
  150,000
Canadian Natural Resources Ltd., Senior
Unsecured Notes, 2.05%, 7/15/25(3) 
   136,786
  165,000
EOG Resources, Inc., Senior Unsecured Notes,
4.38%, 4/15/30 
   157,070
  135,000
Hess Corp., Senior Unsecured Notes, 4.30%,
4/1/27 
   127,053
  150,000
Occidental Petroleum Corp., Senior Unsecured
Notes, 5.50%, 12/1/25 
   150,750
  125,000
TotalEnergies Capital International SA,
Guaranteed Notes, 3.46%, 2/19/29(3) 
   113,919
 
 
   685,578
 
OIL & GAS SERVICES 0.3%
  150,000
Schlumberger Finance Canada Ltd.,
Guaranteed Notes, 1.40%, 9/17/25(3) 
   136,151
 
PIPELINES 2.2%
  125,000
Boardwalk Pipelines LP, Guaranteed Notes,
4.95%, 12/15/24 
   123,727
  150,000
Enbridge, Inc., Guaranteed Notes, 2.50%,
8/1/33(3) 
   112,270
  125,000
Enterprise Products Operating LLC,
Guaranteed Notes, 4.85%, 8/15/42 
   105,953
  200,000
Kinder Morgan, Inc., Guaranteed Notes,
4.30%, 3/1/28 
   187,266
  125,000
Magellan Midstream Partners LP, Senior
Unsecured Notes, 4.25%, 9/15/46 
    93,543
  125,000
Targa Resources Corp., Guaranteed Notes,
5.20%, 7/1/27 
   120,321
  150,000
TransCanada PipeLines Ltd., Senior
Unsecured Notes, 4.25%, 5/15/28 
   138,933
 
 
   882,013
 
 
 1,703,742
See Supplementary Notes to Financial Statements.
2
September 30, 2022
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.4% (continued)
FINANCIAL 12.4%
 
BANKS 5.2%
$  200,000
Bank of America Corp. MTN, Senior
Unsecured Notes, (SOFR + 1.33%), 4.30%,
4/2/26(2)(3) 
$   198,862
  100,000
Barclays PLC, Senior Unsecured Notes,
4.34%, 1/10/28 
    89,142
  170,000
Citigroup, Inc., Senior Unsecured Notes,
(3-month LIBOR + 0.90%), 3.35%,
4/24/25(2) 
   163,979
  130,000
Citigroup, Inc., Subordinated Notes, 5.30%,
5/6/44 
   113,300
  150,000
First-Citizens Bank & Trust Co., Senior
Unsecured Notes, (SOFR + 3.83%), 3.93%,
6/19/24(2) 
   147,990
  175,000
Goldman Sachs Group, Inc., Senior
Unsecured Notes, 3.75%, 2/25/26 
   165,815
  175,000
JPMorgan Chase & Co., Senior Unsecured
Notes, (3-month LIBOR + 1.38%), 3.96%,
11/15/48(2) 
   131,073
  150,000
KeyCorp, Senior Unsecured Notes, 2.55%,
10/1/29(3) 
   122,526
  175,000
Lloyds Banking Group PLC, Senior Unsecured
Notes, 3.90%, 3/12/24 
   171,287
  150,000
Morgan Stanley, Subordinated Notes, 4.88%,
11/1/22 
   150,029
  125,000
Morgan Stanley, Series F, Senior Unsecured
Notes, 3.88%, 4/29/24 
   122,742
  125,000
Northern Trust Corp., Senior Unsecured
Notes, 1.95%, 5/1/30 
    98,985
  150,000
PNC Financial Services Group, Inc. (The),
Senior Unsecured Notes, (SOFR + 0.98%),
2.31%, 4/23/32(2)(3) 
   117,864
  200,000
Wells Fargo & Co., Senior Unsecured Notes,
(SOFR + 1.32%), 3.77%, 4/25/26(2) 
   198,978
  175,000
Zions Bancorp NA, Subordinated Notes,
3.25%, 10/29/29(3) 
   143,690
 
 
 2,136,262
 
DIVERSIFIED FINANCIALS 3.0%
  175,000
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, Guaranteed Notes, 1.75%,
1/30/26(3) 
   149,710
  175,000
Air Lease Corp., Senior Unsecured Notes,
3.63%, 4/1/27 
   155,121
  150,000
Ally Financial, Inc., Senior Unsecured Notes,
4.75%, 6/9/27 
   138,448
  175,000
American Express Co., Senior Unsecured
Notes, (SOFR + 0.72%), 3.31%, 5/3/24(2) 
   174,418
  175,000
Charles Schwab Corp., Senior Unsecured
Notes, (SOFR + 1.05%), 3.86%, 3/3/27(2) 
   173,714
  165,000
Discover Financial Services, Senior Unsecured
Notes, 3.95%, 11/6/24 
   160,915
  100,000
Stifel Financial Corp., Senior Unsecured
Notes, 4.25%, 7/18/24 
    98,261
  190,000
Synchrony Financial, Senior Unsecured Notes,
4.25%, 8/15/24 
   185,309
 
 
 1,235,896
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.4% (continued)
FINANCIAL 12.4% (continued)
 
INSURANCE 1.5%
$  150,000
Aflac, Inc., Senior Unsecured Notes, 3.60%,
4/1/30 
$   134,943
  135,000
Allstate Corp., Senior Unsecured Notes,
1.45%, 12/15/30 
   101,918
  200,000
CNA Financial Corp., Senior Unsecured Notes,
3.95%, 5/15/24 
   196,242
  175,000
Prudential Financial, Inc., Junior
Subordinated Notes, (3-month LIBOR +
2.67%), 5.70%, 9/15/48(2)(3) 
   163,406
 
 
   596,509
 
REITS 2.7%
  125,000
AvalonBay Communities, Inc., Senior
Unsecured Notes, 2.45%, 1/15/31 
   101,923
  150,000
Crown Castle, Inc., Senior Unsecured Notes,
3.80%, 2/15/28 
   135,793
  125,000
Digital Realty Trust LP, Guaranteed Notes,
3.60%, 7/1/29(3) 
   109,532
  100,000
Duke Realty LP, Senior Unsecured Notes,
4.00%, 9/15/28(3) 
    92,535
  150,000
Equinix, Inc., Senior Unsecured Notes,
2.50%, 5/15/31(3) 
   115,508
  150,000
Kimco Realty Corp., Senior Unsecured Notes,
2.25%, 12/1/31(3) 
   112,470
  150,000
Life Storage LP, Guaranteed Notes, 2.20%,
10/15/30 
   113,978
  125,000
Prologis LP, Senior Unsecured Notes, 2.25%,
4/15/30 
   102,061
  155,000
Sabra Health Care LP, Guaranteed Notes,
3.90%, 10/15/29 
   126,433
  125,000
Welltower, Inc., Senior Unsecured Notes,
4.25%, 4/15/28(3) 
   116,251
 
 
 1,126,484
 
 
 5,095,151
INDUSTRIAL 1.8%
 
BUILDING MATERIALS 0.6%
  160,000
Masco Corp., Senior Unsecured Notes, 2.00%,
10/1/30 
   120,427
  150,000
Vulcan Materials Co., Senior Unsecured Notes,
3.50%, 6/1/30 
   128,254
 
 
   248,681
 
ELECTRONICS 0.7%
  160,000
Amphenol Corp., Senior Unsecured Notes,
2.20%, 9/15/31(3) 
   123,906
  150,000
Flex Ltd., Senior Unsecured Notes, 4.75%,
6/15/25 
   146,553
 
 
   270,459
 
MACHINERY - DIVERSIFIED 0.2%
  125,000
John Deere Capital Corp., Senior Unsecured
Notes, 2.45%, 1/9/30 
   105,468
 
TRANSPORTATION 0.3%
  175,000
CSX Corp., Senior Unsecured Notes, 3.35%,
9/15/49 
   123,005
 
 
   747,613
See Supplementary Notes to Financial Statements.
3
Schedule of Investments (unaudited) (continued)
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.4% (continued)
TECHNOLOGY 1.2%
 
COMPUTERS 0.3%
$  135,000
Dell International LLC / EMC Corp., Senior
Unsecured Notes, 4.90%, 10/1/26 
$   130,100
 
SEMICONDUCTORS 0.2%
  140,000
Analog Devices, Inc., Senior Unsecured Notes,
2.80%, 10/1/41 
    99,007
 
SOFTWARE 0.7%
  150,000
Adobe, Inc., Senior Unsecured Notes, 2.30%,
2/1/30 
   124,844
  150,000
Electronic Arts, Inc., Senior Unsecured Notes,
4.80%, 3/1/26 
   148,934
 
 
   273,778
 
 
   502,885
UTILITIES 0.3%
 
ELECTRIC 0.3%
  150,000
Duke Energy Corp., Senior Unsecured Notes,
4.50%, 8/15/32 
   135,585
TOTAL CORPORATE BONDS & NOTES
(Cost $16,867,605)
14,564,006
FOREIGN GOVERNMENT OBLIGATIONS 0.4%
  150,000
European Bank for Reconstruction &
Development, Senior Unsecured Notes,
2.75%, 3/7/23 
   149,232
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $149,963)
149,232
LONG-TERM MUNICIPAL SECURITIES 2.4%
 
CALIFORNIA 0.4%
  200,000
San Marcos California Unified School District,
Refunding Revenue Bonds, 3.17%, 8/1/38 
   151,327
 
CONNECTICUT 0.2%
  125,000
Hartford County Metropolitan District Clean
Water Project Revenue, Series B, 2.17%,
4/1/34 
    93,850
 
DISTRICT OF COLUMBIA 0.5%
  200,000
District of Columbia Income Tax Secured
Revenue Bonds, Build America Bonds,
Series F, 4.91%, 12/1/23 
   201,484
 
OREGON 0.3%
  145,000
State of Oregon, Series C, GO, 2.38%, 5/1/36 
   108,092
 
TEXAS 1.0%
  500,000
Tarrant County Cultural Education Facilities
Finance Corp., Revenue Bonds, Baylor
Health Care System Project, Series C,
4.45%, 11/15/43 
   435,740
TOTAL LONG-TERM MUNICIPAL SECURITIES
(Cost $1,181,192)
990,493
U.S. GOVERNMENT AGENCY OBLIGATIONS 1.1%
  250,000
FNMA, 2.63%, 9/6/24 
   242,929
  240,000
FNMA, 1.88%, 9/24/26(3) 
   219,432
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $483,516)
462,361
RESIDENTIAL MORTGAGE-BACKED SECURITIES 24.6%
1,065,000
Fannie Mae, 4.00%, 10/1/52 
   988,453
1,250,000
Fannie Mae, 4.50%, 10/1/52 
 1,191,016
Principal
Amount
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES 24.6% (continued)
$2,100,000
Fannie Mae, 5.50%, 10/1/52 
$ 2,089,188
   21,676
FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35 
    21,195
   94,059
FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 
    89,852
   37,385
FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 
    34,519
   13,299
FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 
    12,900
   19,085
FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 
    17,563
   19,686
FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 
    18,677
   40,111
FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 
    36,887
  135,481
FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 
   121,616
  161,577
FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 
   153,708
   67,173
FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 
    63,544
  206,526
FHLMC Pool #QB2958, 3.00%, 9/1/50 
   181,178
  198,021
FHLMC Pool #QB5314, 2.50%, 11/1/50 
   167,765
  243,963
FHLMC Pool #QB8153, 2.50%, 1/1/51 
   206,617
  145,852
FHLMC Pool #SD8023, 2.50%, 11/1/49 
   123,564
  164,853
FHLMC Pool #SD8163, 3.50%, 8/1/51 
   148,944
  457,019
FHLMC Pool #SD8173, 2.50%, 10/1/51 
   386,016
   53,232
FNMA Pool #AB2346, 4.50%, 2/1/41 
    52,169
   38,162
FNMA Pool #AB5231, 2.50%, 5/1/27 
    36,670
   36,951
FNMA Pool #AB5716, 3.00%, 7/1/27 
    35,796
   50,779
FNMA Pool #AI4285, 5.00%, 6/1/41 
    51,165
  221,518
FNMA Pool #AR6394, 3.00%, 2/1/43 
   198,912
   64,596
FNMA Pool #AS5892, 3.50%, 10/1/45 
    59,364
   21,249
FNMA Pool #AS6102, 3.50%, 11/1/45 
    19,527
   38,571
FNMA Pool #AS6205, 3.50%, 11/1/45 
    35,446
   29,565
FNMA Pool #AS6385, 4.00%, 12/1/45 
    28,060
   70,218
FNMA Pool #AS9562, 3.00%, 5/1/47 
    62,314
   80,517
FNMA Pool #AU4279, 3.00%, 9/1/43 
    72,078
   65,283
FNMA Pool #AV0703, 4.00%, 12/1/43 
    61,764
   30,552
FNMA Pool #AW7362, 2.50%, 8/1/29 
    28,386
   77,242
FNMA Pool #AX0416, 4.00%, 8/1/44 
    72,776
   44,940
FNMA Pool #AY1670, 3.50%, 2/1/45 
    41,298
   28,207
FNMA Pool #AY4195, 4.00%, 5/1/45 
    26,705
   37,169
FNMA Pool #BA3885, 3.50%, 11/1/45 
    34,128
  151,313
FNMA Pool #CA2320, 3.50%, 9/1/48 
   138,384
   70,252
FNMA Pool #CA5540, 3.00%, 4/1/50 
    61,774
  735,167
FNMA Pool #CB0856, 3.00%, 6/1/51 
   644,223
1,200,840
FNMA Pool #FM9834, 3.50%, 6/1/49 
 1,093,062
   66,042
FNMA Pool #MA0641, 4.00%, 2/1/31 
    63,030
   82,162
FNMA Pool #MA4012, 2.00%, 5/1/35 
    72,756
  478,977
FNMA Pool #MA4548, 2.50%, 2/1/52 
   404,194
   18,247
FNMA REMIC Trust Series 2013-18, Series
2013-18, Class AE, 2.00%, 3/25/28 
    17,320
    9,581
GNMA, Series 2011-136, Class GB, 2.50%,
5/20/40 
     9,495
1,424,945
GNMA, Series 2021-98, Class 2021-IG, IO,
3.00%, 6/20/51 
   216,724
   38,027
GNMA II Pool #5332, 4.00%, 3/20/42 
    36,560
  141,980
GNMA II Pool #MA3937, 3.50%, 9/20/46 
   131,215
  129,138
GNMA II Pool #MA7054, 3.50%, 12/20/50 
   118,547
  135,524
GNMA II Pool #MA7651, 3.50%, 10/20/51 
   123,887
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $11,123,020)
10,100,931
See Supplementary Notes to Financial Statements.
4
September 30, 2022
Principal
Amount
 
Value
U.S. TREASURY OBLIGATIONS 24.8%
$  120,000
U.S. Treasury Bonds, 5.38%, 2/15/31 
$   132,623
  425,000
U.S. Treasury Bonds, 4.38%, 2/15/38 
   452,094
  650,000
U.S. Treasury Bonds, 3.50%, 2/15/39 
   618,592
  350,000
U.S. Treasury Bonds, 1.13%, 5/15/40 
   218,750
  380,000
U.S. Treasury Bonds, 2.88%, 5/15/43 
   313,396
  964,000
U.S. Treasury Bonds, 3.00%, 2/15/48 
   812,434
2,056,000
U.S. Treasury Bonds, 2.25%, 8/15/49 
 1,504,896
  150,000
U.S. Treasury Bonds, 2.88%, 5/15/52 
   125,813
  110,543
U.S. Treasury Inflation Indexed Note, 0.13%,
7/15/31 
    96,227
  500,000
U.S. Treasury Notes, 0.13%, 7/15/23 
   484,355
  550,000
U.S. Treasury Notes, 0.13%, 8/31/23 
   529,676
  340,000
U.S. Treasury Notes, 0.25%, 11/15/23 
   324,992
1,085,000
U.S. Treasury Notes, 2.25%, 11/15/24 
 1,041,134
  200,000
U.S. Treasury Notes, 3.00%, 9/30/25 
   193,063
  620,000
U.S. Treasury Notes, 1.50%, 8/15/26 
   560,930
  350,000
U.S. Treasury Notes, 1.13%, 2/28/27 
   308,328
  100,000
U.S. Treasury Notes, 0.63%, 11/30/27 
    84,125
  790,000
U.S. Treasury Notes, 2.75%, 2/15/28 
   740,224
  175,000
U.S. Treasury Notes, 1.25%, 6/30/28 
   150,056
  500,000
U.S. Treasury Notes, 1.63%, 8/15/29 
   431,328
  675,000
U.S. Treasury Notes, 1.50%, 2/15/30 
   573,038
  625,000
U.S. Treasury Notes, 1.13%, 2/15/31 
   505,981
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $12,002,968)
10,202,055
 

Shares
 

Value
SHORT-TERM INVESTMENTS 20.1%
 
MONEY MARKET FUNDS 20.1%
6,610,478
State Street Institutional U.S. Government
Money Market Fund, Premier Class,
2.94%(4) 
 6,610,478
1,641,347
State Street Navigator Securities Lending
Government Money Market Portfolio(5) 
 1,641,347
 
 
 8,251,825
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,251,825)
8,251,825
TOTAL INVESTMENTS IN SECURITIES 114.8%
(Cost $52,894,241)
$47,180,208
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS
(14.8)%
(6,082,485)
NET ASSETS(6) 100.0%
$41,097,723
 
(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, 2022. 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, 2022, the market value of the securities
on loan was $2,535,135.
(4)
Rate reflects 7 day yield as of September 30, 2022.
(5)
Securities with an aggregate market value of $2,535,135
were out on loan in exchange for $1,641,347 of cash
collateral as of September 30, 2022. The collateral was
invested in a cash collateral reinvestment vehicle.
(6)
For federal income tax purposes, the aggregate cost was
$52,894,241, aggregate gross unrealized appreciation
was $13,470, aggregate gross unrealized depreciation
was $5,727,503 and the net unrealized depreciation was
$5,714,033.
 
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.
MTN
Medium Term Note.
REMIC
Real Estate Mortgage Investment Conduit.
SOFR
Secured Overnight Financing Rate.
See Supplementary Notes to Financial Statements.
5
Supplementary Notes to Schedule of Investments
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 are 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 the 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, 2022: 
Investments in Securities:
Level 1
Level 2
Level 3
Total
Assets
 
 
 
 
Asset-Backed Securities 
$—
$338,140
$—
$338,140
Commercial Mortgage-Backed Securities 
—
2,121,165
—
2,121,165
Corporate Bonds & Notes* 
—
14,564,006
—
14,564,006
Foreign Government Obligations 
—
149,232
—
149,232
Long-Term Municipal Securities* 
—
990,493
—
990,493
U.S. Government Agency Obligations 
—
462,361
—
462,361
Residential Mortgage-Backed Securities 
—
10,100,931
—
10,100,931
U.S. Treasury Obligations 
—
10,202,055
—
10,202,055
Short-Term Investments 
8,251,825
—
—
8,251,825
Total Investments in Securities 
$8,251,825
$38,928,383
$—
$47,180,208
 
*
See Schedule of Investments for further breakdown by category.
An investments asset or liability 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, 2022, there were no Level 3 investments.
6