NPORT-EX 2 NPORT_V109_63682034_0923.htm EDGAR HTML
Value Line Core Bond Fund
Schedule of Investments (unaudited)
September 30, 2023
 
Principal
Amount
 

Value
COLLATERALIZED MORTGAGE OBLIGATIONS 2.5%
$  300,761
FHLMC, Series 2023-DNA1, Class M1A, REMIC,
(SOFR30A + 2.10%), 7.42%, 3/25/43(1)(2) 
$303,523
  299,396
FNMA, Series 2023-R02, Class 1M1, (SOFR30A
+ 2.30%), 7.62%, 1/25/43(1)(2) 
303,327
  311,422
FNMA, Series 2023-R04, Class 1M1, (SOFR30A
+ 2.30%), 7.62%, 5/25/43(1)(2) 
315,348
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $914,491)
922,198
COMMERCIAL MORTGAGE-BACKED SECURITIES 2.8%
  150,000
COMM Mortgage Trust, Series 2014-UBS2,
Class AM, 4.20%, 3/10/47 
148,275
  300,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K069, Class A2, 3.19%,
9/25/27(2) 
278,717
  200,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K092, Class A2, 3.30%,
4/25/29 
182,418
  175,000
FREMF Mortgage Trust, Series 2015-K43,
Class B, 3.86%, 2/25/48(1)(2) 
168,498
  134,135
GNMA, Series 2012-125, Class AB, 2.11%,
2/16/53(2) 
104,435
  100,418
GNMA, Series 2013-12, Class AB, 1.83%,
11/16/52 
91,166
   32,298
Sequoia Mortgage Trust, Series 2004-8,
Class A1, (SOFR + 0.70%), 6.14%,
9/20/34(2) 
28,134
   28,441
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS2, Class ASB, 3.46%,
7/15/58 
27,765
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,167,573)
1,029,408
CORPORATE BONDS & NOTES 32.9%
BASIC MATERIALS 0.7%
 
IRON/STEEL 0.4%
  165,000
Steel Dynamics, Inc., Senior Unsecured
Notes, 3.25%, 1/15/31 
139,661
 
MINING 0.3%
  145,000
Freeport-McMoRan, Inc., Guaranteed Notes,
4.63%, 8/1/30 
130,642
 
 
270,303
COMMUNICATIONS 3.3%
 
INTERNET 0.7%
  150,000
Expedia Group, Inc., Guaranteed Notes,
3.25%, 2/15/30(3) 
126,870
  150,000
Netflix, Inc., Senior Unsecured Notes, 4.88%,
4/15/28(3) 
145,338
 
 
272,208
 
MEDIA 0.8%
  150,000
Charter Communications
Operating LLC/Charter Communications
Operating Capital, Senior Secured Notes,
4.91%, 7/23/25 
146,573
  150,000
Comcast Corp., Guaranteed Notes, 4.15%,
10/15/28(3) 
142,088
 
 
288,661
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 32.9% (continued)
COMMUNICATIONS 3.3% (continued)
 
TELECOMMUNICATIONS 1.8%
$  150,000
AT&T, Inc., Senior Unsecured Notes, 2.55%,
12/1/33 
$110,173
  150,000
Bell Canada Co. (The), 5.10%, 5/11/33 
140,222
  150,000
Cisco Systems, Inc., 2.50%, 9/20/26 
139,251
  150,000
T-Mobile USA, Inc., Guaranteed Notes, 3.50%,
4/15/31 
126,836
  175,000
Vodafone Group PLC, Senior Unsecured Notes,
4.25%, 9/17/50 
126,877
 
 
643,359
 
 
1,204,228
CONSUMER, CYCLICAL 3.8%
 
AUTO MANUFACTURERS 1.1%
  150,000
Cummins, Inc., Senior Unsecured Notes,
1.50%, 9/1/30 
117,139
  170,000
Ford Motor Credit Co. LLC, Senior Unsecured
Notes, 3.38%, 11/13/25 
157,729
  150,000
General Motors Financial Co., Inc., Senior
Unsecured Notes, 5.00%, 4/9/27 
143,981
 
 
418,849
 
HOME BUILDERS 0.4%
  152,000
PulteGroup, Inc., Guaranteed Notes, 5.00%,
1/15/27 
148,601
 
LODGING 0.8%
  150,000
Hyatt Hotels Corp., Senior Unsecured Notes,
1.80%, 10/1/24 
143,902
  150,000
Marriott International, Inc., 4.90%, 4/15/29 
143,018
 
 
286,920
 
RETAIL 1.5%
  150,000
AutoZone, Inc., Senior Unsecured Notes,
3.75%, 6/1/27 
141,342
  150,000
Costco Wholesale Corp., Senior Unsecured
Notes, 1.75%, 4/20/32(3) 
114,824
  150,000
McDonald's Corp., Senior Unsecured Notes,
4.60%, 9/9/32(3) 
141,107
  150,000
O'Reilly Automotive, Inc., Senior Unsecured
Notes, 3.60%, 9/1/27(3) 
140,078
 
 
537,351
 
 
1,391,721
CONSUMER, NON-CYCLICAL 7.5%
 
BEVERAGES 1.3%
  125,000
Anheuser-Busch InBev Worldwide, Inc.,
Guaranteed Notes, 4.90%, 1/23/31(3) 
121,702
  150,000
Constellation Brands, Inc., 2.25%, 8/1/31 
116,849
  150,000
Constellation Brands, Inc., Guaranteed Notes,
5.25%, 11/15/48 
132,950
  135,000
Diageo Capital PLC, Guaranteed Notes,
2.00%, 4/29/30 
109,519
 
 
481,020
 
BIOTECHNOLOGY 1.1%
  160,000
Amgen, Inc., Senior Unsecured Notes, 2.20%,
2/21/27 
143,631
  150,000
Gilead Sciences, Inc., 4.60%, 9/1/35 
137,264
See Supplementary Notes to Financial Statements.
1
Schedule of Investments (unaudited) (continued)
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 32.9% (continued)
CONSUMER, NON-CYCLICAL 7.5% (continued)
 
BIOTECHNOLOGY 1.1% (continued)
$  150,000
Regeneron Pharmaceuticals, Inc., Senior
Unsecured Notes, 1.75%, 9/15/30 
$115,417
 
 
396,312
 
COMMERCIAL SERVICES 0.7%
  150,000
PayPal Holdings, Inc., Senior Unsecured
Notes, 2.65%, 10/1/26 
138,342
  155,000
Service Corp. International, Senior Unsecured
Notes, 4.00%, 5/15/31 
127,252
 
 
265,594
 
HEALTHCARE PRODUCTS 0.4%
  150,000
Stryker Corp., 3.38%, 11/1/25 
143,560
 
HEALTHCARE SERVICES 1.2%
  150,000
Centene Corp., Senior Unsecured Notes,
4.63%, 12/15/29 
135,094
  150,000
Elevance Health, Inc., 4.75%, 2/15/33 
139,618
  150,000
HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 
148,413
 
 
423,125
 
PHARMACEUTICALS 2.8%
  150,000
AbbVie, Inc., Senior Unsecured Notes, 2.95%,
11/21/26 
139,201
  150,000
Astrazeneca Finance LLC, 4.88%, 3/3/28 
147,371
  150,000
Becton Dickinson and Co., Senior Unsecured
Notes, 3.70%, 6/6/27 
140,571
  150,000
CVS Health Corp., Senior Unsecured Notes,
1.75%, 8/21/30 
115,425
  150,000
Eli Lilly & Co., 4.70%, 2/27/33 
144,400
  150,000
Merck & Co., Inc., Senior Unsecured Notes,
3.90%, 3/7/39 
124,712
  140,000
Takeda Pharmaceutical Co. Ltd., Senior
Unsecured Notes, 3.03%, 7/9/40 
97,205
  125,000
Teva Pharmaceutical Finance Netherlands III
BV, Guaranteed Notes, 3.15%, 10/1/26 
111,409
 
 
1,020,294
 
 
2,729,905
ENERGY 3.0%
 
OIL & GAS 1.2%
  150,000
Canadian Natural Resources Ltd., Senior
Unsecured Notes, 2.05%, 7/15/25 
139,982
  150,000
Hess Corp., Senior Unsecured Notes, 4.30%,
4/1/27 
142,482
  150,000
Occidental Petroleum Corp., Senior Unsecured
Notes, 5.50%, 12/1/25(3) 
148,038
 
 
430,502
 
PIPELINES 1.8%
  150,000
Boardwalk Pipelines LP, Guaranteed Notes,
4.95%, 12/15/24 
147,795
  150,000
Enbridge, Inc., Guaranteed Notes, 2.50%,
8/1/33 
111,264
  150,000
Energy Transfer LP, 5.25%, 4/15/29 
143,825
  150,000
Enterprise Products Operating LLC,
Guaranteed Notes, 4.85%, 8/15/42 
129,401
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 32.9% (continued)
ENERGY 3.0% (continued)
 
PIPELINES 1.8% (continued)
$  150,000
Targa Resources Corp., Guaranteed Notes,
5.20%, 7/1/27(3) 
$146,988
 
 
679,273
 
 
1,109,775
FINANCIAL 9.7%
 
BANKS 4.8%
  150,000
Bank of America Corp., (SOFR + 2.16%),
5.02%, 7/22/33(2)(3) 
138,007
  160,000
Citigroup, Inc., Senior Unsecured Notes,
(SOFR + 1.16%), 3.35%, 4/24/25(2) 
157,146
  155,000
Citigroup, Inc., Subordinated Notes, 5.30%,
5/6/44 
132,416
  175,000
Goldman Sachs Group, Inc., Senior
Unsecured Notes, 3.75%, 2/25/26 
166,360
  150,000
JPMorgan Chase & Co., Subordinated Notes,
4.13%, 12/15/26 
142,566
  175,000
JPMorgan Chase & Co., Senior Unsecured
Notes, (SOFR + 1.64%), 3.96%,
11/15/48(2) 
127,684
  175,000
Lloyds Banking Group PLC, Senior Unsecured
Notes, 3.90%, 3/12/24 
173,246
  150,000
Morgan Stanley, (SOFR + 2.56%), 6.34%,
10/18/33(2) 
150,855
  150,000
NatWest Group PLC, (1 yr. CMT + 1.35%),
5.85%, 3/2/27(2) 
148,045
  150,000
Northern Trust Corp., Senior Unsecured
Notes, 1.95%, 5/1/30(3) 
119,438
  160,000
Royal Bank of Canada, 5.00%, 2/1/33 
149,081
  150,000
Wells Fargo & Co., Senior Unsecured Notes,
(SOFR + 1.32%), 6.64%, 4/25/26(2)(3) 
150,855
 
 
1,755,699
 
DIVERSIFIED FINANCIALS 2.1%
  175,000
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, Guaranteed Notes, 1.75%,
1/30/26 
157,932
  150,000
Air Lease Corp., Senior Unsecured Notes,
3.63%, 4/1/27 
135,719
  160,000
Ally Financial, Inc., Senior Unsecured Notes,
4.75%, 6/9/27(3) 
147,491
  155,000
American Express Co., 4.90%, 2/13/26 
152,068
  165,000
Discover Financial Services, Senior Unsecured
Notes, 3.95%, 11/6/24 
160,459
 
 
753,669
 
INSURANCE 0.7%
  150,000
Aflac, Inc., Senior Unsecured Notes, 3.60%,
4/1/30 
132,841
  125,000
Prudential Financial, Inc., Junior
Subordinated Notes, (3-month LIBOR +
2.67%), 5.70%, 9/15/48(2) 
114,587
 
 
247,428
 
REITS 2.1%
  150,000
American Tower Corp., 5.50%, 3/15/28 
147,163
  150,000
Equinix, Inc., Senior Unsecured Notes,
2.50%, 5/15/31 
117,090
See Supplementary Notes to Financial Statements.
2
September 30, 2023
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 32.9% (continued)
FINANCIAL 9.7% (continued)
 
REITS 2.1% (continued)
$  150,000
Extra Space Storage LP, 2.20%, 10/15/30 
$116,312
  150,000
Kimco Realty Corp., Senior Unsecured Notes,
2.25%, 12/1/31 
112,593
  150,000
Welltower, Inc., Senior Unsecured Notes,
4.25%, 4/15/28 
139,741
  150,000
Weyerhaeuser Co., 4.75%, 5/15/26 
146,381
 
 
779,280
 
 
3,536,076
INDUSTRIAL 1.6%
 
ELECTRONICS 0.7%
  160,000
Amphenol Corp., Senior Unsecured Notes,
2.20%, 9/15/31 
125,114
  150,000
Flex Ltd., Senior Unsecured Notes, 4.75%,
6/15/25 
146,350
 
 
271,464
 
MISCELLANEOUS MANUFACTURERS 0.4%
  150,000
Teledyne Technologies, Inc., 2.25%, 4/1/28 
129,051
 
TRANSPORTATION 0.5%
  150,000
CSX Corp., Senior Unsecured Notes, 3.35%,
9/15/49 
100,030
  150,000
Union Pacific Corp., Senior Unsecured Notes,
3.25%, 2/5/50 
101,016
 
 
201,046
 
 
601,561
TECHNOLOGY 2.5%
 
COMPUTERS 0.8%
  150,000
Apple, Inc., 4.65%, 2/23/46 
133,655
  150,000
Dell International LLC/EMC Corp., Senior
Unsecured Notes, 4.90%, 10/1/26 
146,348
 
 
280,003
 
SEMICONDUCTORS 0.9%
  140,000
Analog Devices, Inc., Senior Unsecured Notes,
2.80%, 10/1/41 
93,454
  150,000
Broadcom, Inc., 4.30%, 11/15/32 
130,866
  150,000
NVIDIA Corp., 3.50%, 4/1/40 
118,098
 
 
342,418
 
SOFTWARE 0.8%
  150,000
Adobe, Inc., Senior Unsecured Notes, 2.30%,
2/1/30(3) 
126,218
  150,000
Oracle Corp., 6.25%, 11/9/32(3) 
151,853
 
 
278,071
 
 
900,492
UTILITIES 0.8%
 
ELECTRIC 0.8%
  150,000
Duke Energy Corp., Senior Unsecured Notes,
4.50%, 8/15/32 
134,934
  150,000
Southern Co., 5.70%, 3/15/34 
146,901
 
 
281,835
TOTAL CORPORATE BONDS & NOTES
(Cost $13,378,452)
12,025,896
Principal
Amount
 
Value
LONG-TERM MUNICIPAL SECURITIES 2.3%
 
CALIFORNIA 0.4%
$  150,000
Regents of the University of California
Medical Center Pooled Revenue, Series Q,
4.13%, 5/15/32 
$136,343
 
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 
199,722
 
OREGON 0.3%
  145,000
State of Oregon, Series C, GO, 2.38%, 5/1/36 
103,279
 
TEXAS 1.1%
  500,000
Tarrant County Cultural Education Facilities
Finance Corp., Revenue Bonds, Baylor
Health Care System Project, Series C,
Series C, 4.45%, 11/15/43 
416,490
TOTAL LONG-TERM MUNICIPAL SECURITIES
(Cost $988,713)
855,834
U.S. GOVERNMENT AGENCY OBLIGATIONS 0.7%
  250,000
FNMA, 2.63%, 9/6/24(3) 
243,515
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $250,288)
243,515
RESIDENTIAL MORTGAGE-BACKED SECURITIES 33.2%
   19,826
FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35 
18,944
   79,964
FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 
74,328
   33,188
FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 
29,499
    5,427
FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 
5,263
   16,976
FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 
15,088
   18,992
FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 
17,296
   35,424
FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 
31,467
  112,659
FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 
96,446
  136,558
FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 
124,859
   28,823
FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 
26,184
  175,908
FHLMC Pool #QB2958, 3.00%, 9/1/50 
146,238
  187,451
FHLMC Pool #QB5314, 2.50%, 11/1/50 
149,929
  224,045
FHLMC Pool #QB8153, 2.50%, 1/1/51 
179,202
  787,212
FHLMC Pool #QF1236, 4.50%, 10/1/52 
723,149
  134,527
FHLMC Pool #SD8023, 2.50%, 11/1/49 
107,702
  143,735
FHLMC Pool #SD8163, 3.50%, 8/1/51 
124,028
  426,320
FHLMC Pool #SD8173, 2.50%, 10/1/51 
339,293
1,014,358
FHLMC Pool #SD8256, 4.00%, 10/1/52 
903,546
  993,127
FHLMC Pool #SD8300, 5.50%, 2/1/53 
960,121
   49,098
FNMA Pool #AB2346, 4.50%, 2/1/41 
46,384
   25,787
FNMA Pool #AB5231, 2.50%, 5/1/27 
24,641
   25,339
FNMA Pool #AB5716, 3.00%, 7/1/27 
24,366
   46,399
FNMA Pool #AI4285, 5.00%, 6/1/41 
45,034
  206,313
FNMA Pool #AR6394, 3.00%, 2/1/43 
176,390
   57,929
FNMA Pool #AS5892, 3.50%, 10/1/45 
50,850
   19,319
FNMA Pool #AS6102, 3.50%, 11/1/45 
16,952
   34,337
FNMA Pool #AS6205, 3.50%, 11/1/45 
30,134
   25,550
FNMA Pool #AS6385, 4.00%, 12/1/45 
23,243
   65,332
FNMA Pool #AS9562, 3.00%, 5/1/47 
55,083
   73,896
FNMA Pool #AU4279, 3.00%, 9/1/43 
63,167
   59,084
FNMA Pool #AV0703, 4.00%, 12/1/43 
54,082
   24,329
FNMA Pool #AW7362, 2.50%, 8/1/29 
22,133
See Supplementary Notes to Financial Statements.
3
Schedule of Investments (unaudited) (continued)
Principal
Amount
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES 33.2% (continued)
$   70,723
FNMA Pool #AX0416, 4.00%, 8/1/44 
$64,264
   41,115
FNMA Pool #AY1670, 3.50%, 2/1/45 
36,158
   24,752
FNMA Pool #AY4195, 4.00%, 5/1/45 
22,586
   32,882
FNMA Pool #BA3885, 3.50%, 11/1/45 
28,843
1,052,661
FNMA Pool #BX7762, 5.00%, 3/1/53 
993,927
  131,761
FNMA Pool #CA2320, 3.50%, 9/1/48 
116,232
   64,461
FNMA Pool #CA5540, 3.00%, 4/1/50 
53,982
  719,996
FNMA Pool #CB0856, 3.00%, 6/1/51 
597,397
  803,050
FNMA Pool #CB5892, 4.50%, 3/1/53 
737,764
1,068,723
FNMA Pool #FM9834, 3.50%, 6/1/49 
933,907
   53,050
FNMA Pool #MA0641, 4.00%, 2/1/31 
49,256
   71,573
FNMA Pool #MA4012, 2.00%, 5/1/35 
62,003
  451,366
FNMA Pool #MA4548, 2.50%, 2/1/52 
358,969
1,001,630
FNMA Pool #MA4979, 5.50%, 4/1/53 
968,341
  790,386
FNMA Pool #MA5106, 5.00%, 8/1/53 
746,049
  750,000
FNMA Pool #MA5166, 6.00%, 10/1/53 
740,413
   12,541
FNMA REMIC Trust Series 2013-18, Series
2013-18, Class AE, 2.00%, 3/25/28 
11,842
    7,042
GNMA, Series 2011-136, Class GB, 2.50%,
5/20/40 
6,678
1,307,914
GNMA, Series 2021-98, Class IG, IO, 3.00%,
6/20/51 
194,903
   34,087
GNMA II Pool #5332, 4.00%, 3/20/42 
31,531
  126,047
GNMA II Pool #MA3937, 3.50%, 9/20/46 
112,062
  115,999
GNMA II Pool #MA7054, 3.50%, 12/20/50 
102,212
  123,697
GNMA II Pool #MA7651, 3.50%, 10/20/51 
108,608
  407,174
GNMA II Pool #MA8945, 4.00%, 6/20/53 
366,902
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $13,556,789)
12,149,870
U.S. TREASURY OBLIGATIONS 23.4%
  120,000
U.S. Treasury Bonds, 5.38%, 2/15/31 
125,798
  250,000
U.S. Treasury Bonds, 4.38%, 2/15/38 
242,236
  650,000
U.S. Treasury Bonds, 3.50%, 2/15/39 
561,514
  425,000
U.S. Treasury Bonds, 1.13%, 5/15/40 
243,943
  800,000
U.S. Treasury Bonds, 2.88%, 5/15/43 
592,688
  800,000
U.S. Treasury Bonds, 3.00%, 2/15/48 
585,313
1,550,000
U.S. Treasury Bonds, 2.25%, 8/15/49 
964,875
  300,000
U.S. Treasury Notes, 2.25%, 3/31/24 
295,301
  150,000
U.S. Treasury Notes, 2.38%, 8/15/24 
146,033
1,235,000
U.S. Treasury Notes, 2.25%, 11/15/24 
1,193,029
  300,000
U.S. Treasury Notes, 3.00%, 9/30/25 
288,363
  550,000
U.S. Treasury Notes, 4.50%, 7/15/26 
544,930
  150,000
U.S. Treasury Notes, 2.25%, 8/15/27 
137,074
  450,000
U.S. Treasury Notes, 2.75%, 2/15/28 
416,180
  200,000
U.S. Treasury Notes, 3.50%, 1/31/30 
187,461
  300,000
U.S. Treasury Notes, 1.50%, 2/15/30 
248,672
  700,000
U.S. Treasury Notes, 1.13%, 2/15/31 
552,125
  525,000
U.S. Treasury Notes, 2.75%, 8/15/32 
454,617
  850,000
U.S. Treasury Notes, 3.38%, 5/15/33 
770,844
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $10,173,297)
8,550,996
 

Shares
 

Value
SHORT-TERM INVESTMENTS 2.7%
 
MONEY MARKET FUNDS 2.5%
  508,090
State Street Institutional U.S. Government
Money Market Fund, Premier Class,
5.29%(4) 
$508,090
  400,690
State Street Navigator Securities Lending
Government Money Market Portfolio(5) 
400,690
 
 
908,780
 
Principal
Amount
 

 
U.S. TREASURY OBLIGATIONS 0.2%
  100,000
U.S. Treasury Bills, 0.10%, 11/21/23 
99,254
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,008,034)
1,008,034
TOTAL INVESTMENTS IN SECURITIES 100.5%
(Cost $41,437,637)
$36,785,751
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS
(0.5)%
(194,053
)
NET ASSETS(6) 100.0%
$36,591,698
 
(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, 2023. 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, 2023, the market value of the securities
on loan was $2,234,419.
(4)
Rate reflects 7 day yield as of September 30, 2023.
(5)
Securities with an aggregate market value of $2,234,419
were out on loan in exchange for $400,690 of cash
collateral as of September 30, 2023. The collateral was
invested in a cash collateral reinvestment vehicle.
(6)
For federal income tax purposes, the aggregate cost was
$41,437,637, aggregate gross unrealized appreciation
was $8,509, aggregate gross unrealized depreciation was
$4,660,395 and the net unrealized depreciation was
$4,651,886.
 
CMT
Constant Maturity Treasury
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.
REITS
Real Estate Investment Trusts.
REMIC
Real Estate Mortgage Investment Conduit.
SOFR
Secured Overnight Financing Rate.
See Supplementary Notes to Financial Statements.
4
Supplementary Notes to Schedule of Investments
The Fund follows fair valuation accounting standards (FASB ASC 820-10) which establish 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, 2023: 
Investments in Securities:
Level 1
Level 2
Level 3
Total
Assets
Collateralized Mortgage Obligations 
$—
$922,198
$—
$922,198
Commercial Mortgage-Backed Securities 
—
1,029,408
—
1,029,408
Corporate Bonds & Notes* 
—
12,025,896
—
12,025,896
Long-Term Municipal Securities* 
—
855,834
—
855,834
U.S. Government Agency Obligations 
—
243,515
—
243,515
Residential Mortgage-Backed Securities 
—
12,149,870
—
12,149,870
U.S. Treasury Obligations 
—
8,550,996
—
8,550,996
Short-Term Investments 
908,780
99,254
—
1,008,034
Total Investments in Securities 
$908,780
$35,876,971
$—
$36,785,751
 
*
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, 2023, there were no Level 3 investments.
5