NPORT-EX 2 NPORT_V109_53896335_0324.htm EDGAR HTML
Value Line Core Bond Fund
Schedule of Investments (unaudited)
March 31, 2024
 
Principal
Amount
 

Value
COLLATERALIZED MORTGAGE OBLIGATIONS 2.3%
$  277,454
FHLMC, Series 2023-DNA1, Class M1A, REMIC,
(SOFR30A + 2.10%), 7.42%, 3/25/43(1)(2) 
$283,075
  276,913
FNMA, Series 2023-R02, Class 1M1, (SOFR30A
+ 2.30%), 7.62%, 1/25/43(1)(2) 
283,488
  286,022
FNMA, Series 2023-R04, Class 1M1, (SOFR30A
+ 2.30%), 7.62%, 5/25/43(1)(2) 
291,912
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $843,079)
858,475
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.6%
  200,000
FHLMC Multifamily Structured Pass-Through
Certificates, Series K092, Class A2, 3.30%,
4/25/29 
188,399
  175,000
FREMF Mortgage Trust, Series 2015-K43,
Class B, 3.73%, 2/25/48(1)(2) 
171,659
  127,647
GNMA, Series 2012-125, Class AB, 2.11%,
2/16/53(2) 
104,800
   96,241
GNMA, Series 2013-12, Class AB, 1.83%,
11/16/52 
88,741
   29,661
Sequoia Mortgage Trust, Series 2004-8,
Class A1, (SOFR + 0.81%), 6.14%,
9/20/34(2) 
25,637
   17,987
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS2, Class ASB, 3.46%,
7/15/58 
17,776
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $683,086)
597,012
CORPORATE BONDS & NOTES 35.6%
BASIC MATERIALS 1.9%
 
CHEMICALS 0.4%
  150,000
Eastman Chemical Co., Senior Unsecured
Notes, 5.63%, 2/20/34 
150,832
 
IRON/STEEL 0.8%
  150,000
ArcelorMittal SA, Senior Unsecured Notes,
4.25%, 7/16/29 
143,135
  150,000
Steel Dynamics, Inc., Senior Unsecured
Notes, 3.25%, 1/15/31 
133,572
 
 
276,707
 
MINING 0.7%
  145,000
Freeport-McMoRan, Inc., Guaranteed Notes,
4.63%, 8/1/30(3) 
139,267
  150,000
Newmont Corp., Guaranteed Notes, 2.60%,
7/15/32 
125,541
 
 
264,808
 
 
692,347
COMMUNICATIONS 3.4%
 
INTERNET 0.8%
  150,000
Expedia Group, Inc., Guaranteed Notes,
3.25%, 2/15/30(3) 
135,027
  150,000
Netflix, Inc., Senior Unsecured Notes, 4.88%,
4/15/28 
149,789
 
 
284,816
 
MEDIA 0.8%
  150,000
Charter Communications
Operating LLC/Charter Communications
Operating Capital, Senior Secured Notes,
4.91%, 7/23/25 
148,174
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.6% (continued)
COMMUNICATIONS 3.4% (continued)
 
MEDIA 0.8% (continued)
$  150,000
Comcast Corp., Guaranteed Notes, 4.15%,
10/15/28 
$146,401
 
 
294,575
 
TELECOMMUNICATIONS 1.8%
  150,000
AT&T, Inc., Senior Unsecured Notes, 2.55%,
12/1/33 
120,146
  150,000
Cisco Systems, Inc., 5.50%, 1/15/40 
157,863
  150,000
Motorola Solutions, Inc., Senior Unsecured
Notes, 2.30%, 11/15/30 
125,913
  150,000
T-Mobile USA, Inc., Guaranteed Notes, 3.50%,
4/15/31 
135,462
  150,000
Vodafone Group PLC, Senior Unsecured Notes,
4.25%, 9/17/50 
121,080
 
 
660,464
 
 
1,239,855
CONSUMER, CYCLICAL 3.5%
 
AUTO MANUFACTURERS 1.2%
  150,000
Cummins, Inc., Senior Unsecured Notes,
1.50%, 9/1/30 
122,685
  150,000
Ford Motor Credit Co. LLC, Senior Unsecured
Notes, 6.05%, 3/5/31 
151,067
  150,000
General Motors Financial Co., Inc., 5.80%,
1/7/29 
152,642
 
 
426,394
 
HOME BUILDERS 0.4%
  152,000
PulteGroup, Inc., Guaranteed Notes, 5.00%,
1/15/27 
151,388
 
LODGING 0.8%
  150,000
Hyatt Hotels Corp., Senior Unsecured Notes,
1.80%, 10/1/24 
146,843
  150,000
Marriott International, Inc., 4.90%,
4/15/29(3) 
148,817
 
 
295,660
 
RETAIL 1.1%
  150,000
Costco Wholesale Corp., Senior Unsecured
Notes, 1.75%, 4/20/32 
121,519
  150,000
McDonald's Corp., Senior Unsecured Notes,
4.60%, 9/9/32 
147,588
  150,000
TJX Cos., Inc. (The), 2.25%, 9/15/26(3) 
141,355
 
 
410,462
 
 
1,283,904
CONSUMER, NON-CYCLICAL 6.7%
 
BEVERAGES 0.7%
  150,000
Constellation Brands, Inc., 2.25%, 8/1/31 
123,898
  150,000
Constellation Brands, Inc., Guaranteed Notes,
5.25%, 11/15/48 
143,240
 
 
267,138
 
BIOTECHNOLOGY 1.1%
  160,000
Amgen, Inc., Senior Unsecured Notes, 2.20%,
2/21/27 
148,158
  150,000
Gilead Sciences, Inc., 4.60%, 9/1/35 
143,727
See Supplementary Notes to Financial Statements.
1
Schedule of Investments (unaudited) (continued)
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.6% (continued)
CONSUMER, NON-CYCLICAL 6.7% (continued)
 
BIOTECHNOLOGY 1.1% (continued)
$  150,000
Regeneron Pharmaceuticals, Inc., Senior
Unsecured Notes, 1.75%, 9/15/30 
$122,761
 
 
414,646
 
COMMERCIAL SERVICES 0.8%
  150,000
PayPal Holdings, Inc., Senior Unsecured
Notes, 2.65%, 10/1/26 
141,593
  155,000
Service Corp. International, Senior Unsecured
Notes, 4.00%, 5/15/31 
137,323
 
 
278,916
 
HEALTHCARE PRODUCTS 0.7%
  150,000
Smith & Nephew PLC, Senior Unsecured
Notes, 2.03%, 10/14/30 
123,784
  150,000
Stryker Corp., 3.38%, 11/1/25 
145,667
 
 
269,451
 
HEALTHCARE SERVICES 0.8%
  150,000
Elevance Health, Inc., 4.75%, 2/15/33 
146,383
  150,000
HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 
149,564
 
 
295,947
 
PHARMACEUTICALS 2.6%
  150,000
AbbVie, Inc., Senior Unsecured Notes, 2.95%,
11/21/26 
142,860
  150,000
Becton Dickinson and Co., Senior Unsecured
Notes, 3.70%, 6/6/27 
144,111
  150,000
CVS Health Corp., Senior Unsecured Notes,
1.75%, 8/21/30 
123,211
  150,000
Eli Lilly & Co., 4.70%, 2/27/33 
149,613
  150,000
Merck & Co., Inc., Senior Unsecured Notes,
3.90%, 3/7/39 
132,559
  150,000
Pfizer Investment Enterprises Pte. Ltd.,
4.65%, 5/19/30 
148,545
  165,000
Takeda Pharmaceutical Co. Ltd., Senior
Unsecured Notes, 3.03%, 7/9/40 
124,343
 
 
965,242
 
 
2,491,340
ENERGY 4.8%
 
OIL & GAS 2.0%
  150,000
BP Capital Markets America, Inc., Guaranteed
Notes, 4.70%, 4/10/29 
149,624
  150,000
Hess Corp., Senior Unsecured Notes, 4.30%,
4/1/27 
147,077
  150,000
Marathon Oil Corp., Senior Unsecured Notes,
4.40%, 7/15/27 
145,761
  150,000
Occidental Petroleum Corp., Senior Unsecured
Notes, 5.50%, 12/1/25 
149,896
  150,000
Phillips 66 Co., Guaranteed Notes, 5.25%,
6/15/31 
152,000
 
 
744,358
 
PIPELINES 2.8%
  150,000
Boardwalk Pipelines LP, Guaranteed Notes,
4.95%, 12/15/24 
149,134
  150,000
Cheniere Energy, Inc., Senior Unsecured
Notes, 4.63%, 10/15/28 
145,342
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.6% (continued)
ENERGY 4.8% (continued)
 
PIPELINES 2.8% (continued)
$  150,000
Enbridge, Inc., Guaranteed Notes, 2.50%,
8/1/33 
$120,864
  150,000
Energy Transfer LP, 5.25%, 4/15/29 
150,166
  150,000
Enterprise Products Operating LLC,
Guaranteed Notes, 4.85%, 8/15/42 
140,768
  150,000
Kinder Morgan, Inc., 5.20%, 6/1/33(3) 
147,723
  150,000
Targa Resources Corp., 6.50%, 3/30/34 
161,171
 
 
1,015,168
 
 
1,759,526
FINANCIAL 9.1%
 
BANKS 4.4%
  150,000
Bank of America Corp., (SOFR + 2.16%),
5.02%, 7/22/33(2)(3) 
147,639
  150,000
Bank of New York Mellon Corp., (SOFR +
1.51%), 4.71%, 2/1/34(2) 
144,736
  150,000
Citigroup, Inc., Senior Unsecured Notes,
(SOFR + 2.09%), 4.91%, 5/24/33(2) 
144,610
  165,000
Citigroup, Inc., Subordinated Notes, 5.30%,
5/6/44 
160,263
  175,000
Goldman Sachs Group, Inc., Senior
Unsecured Notes, 3.75%, 2/25/26 
170,853
  150,000
JPMorgan Chase & Co., Subordinated Notes,
4.13%, 12/15/26 
146,258
  150,000
JPMorgan Chase & Co., Senior Unsecured
Notes, (SOFR + 1.64%), 3.96%,
11/15/48(2) 
122,677
  150,000
Morgan Stanley, (SOFR + 2.56%), 6.34%,
10/18/33(2) 
160,492
  150,000
NatWest Group PLC, (1 yr. CMT + 1.35%),
5.85%, 3/2/27(2) 
150,720
  160,000
Royal Bank of Canada, 5.00%, 2/1/33 
159,428
  150,000
Wells Fargo & Co., (SOFR + 2.13%), 4.61%,
4/25/53(2)(3) 
132,540
 
 
1,640,216
 
DIVERSIFIED FINANCIALS 2.0%
  175,000
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, Guaranteed Notes, 1.75%,
1/30/26 
163,399
  150,000
Ally Financial, Inc., Senior Unsecured Notes,
4.75%, 6/9/27 
145,715
  150,000
American Express Co., Senior Unsecured
Notes, (SOFR + 1.28%), 5.28%, 7/27/29(2) 
150,933
  150,000
Discover Financial Services, Senior Unsecured
Notes, 4.10%, 2/9/27 
144,714
  150,000
Synchrony Financial, 4.88%, 6/13/25 
147,768
 
 
752,529
 
INSURANCE 0.4%
  150,000
Aflac, Inc., Senior Unsecured Notes, 3.60%,
4/1/30 
139,527
 
REITS 2.3%
  150,000
American Tower Corp., 5.50%, 3/15/28 
151,256
  150,000
Crown Castle, Inc., Senior Unsecured Notes,
3.80%, 2/15/28 
142,007
See Supplementary Notes to Financial Statements.
2
March 31, 2024
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.6% (continued)
FINANCIAL 9.1% (continued)
 
REITS 2.3% (continued)
$  150,000
Equinix, Inc., Senior Unsecured Notes,
2.50%, 5/15/31 
$125,123
  150,000
Kimco Realty Corp., Senior Unsecured Notes,
2.25%, 12/1/31 
120,950
  150,000
Welltower, Inc., Senior Unsecured Notes,
4.25%, 4/15/28 
145,429
  150,000
Weyerhaeuser Co., 4.75%, 5/15/26 
148,605
 
 
833,370
 
 
3,365,642
INDUSTRIAL 2.1%
 
AEROSPACE/DEFENSE 0.4%
  150,000
RTX Corp., 4.50%, 6/1/42 
133,836
 
ELECTRONICS 0.7%
  160,000
Amphenol Corp., Senior Unsecured Notes,
2.20%, 9/15/31 
132,424
  150,000
Flex Ltd., Senior Unsecured Notes, 4.75%,
6/15/25 
148,240
 
 
280,664
 
MISCELLANEOUS MANUFACTURERS 0.4%
  150,000
Teledyne Technologies, Inc., 2.25%, 4/1/28 
134,884
 
TRANSPORTATION 0.6%
  150,000
CSX Corp., Senior Unsecured Notes, 3.35%,
9/15/49 
107,960
  150,000
Union Pacific Corp., Senior Unsecured Notes,
3.25%, 2/5/50 
109,324
 
 
217,284
 
 
766,668
TECHNOLOGY 3.3%
 
COMPUTERS 1.1%
  150,000
Apple, Inc., 4.65%, 2/23/46 
144,287
  150,000
Dell International LLC/EMC Corp., Senior
Unsecured Notes, 4.90%, 10/1/26 
149,074
  150,000
Kyndryl Holdings, Inc., Senior Unsecured
Notes, 3.15%, 10/15/31 
126,219
 
 
419,580
 
SEMICONDUCTORS 1.4%
  150,000
Analog Devices, Inc., Senior Unsecured Notes,
2.80%, 10/1/41 
108,893
  150,000
Broadcom, Inc., 4.30%, 11/15/32 
140,941
  150,000
Micron Technology, Inc., Senior Unsecured
Notes, 5.30%, 1/15/31 
150,868
  150,000
NVIDIA Corp., 3.50%, 4/1/40 
127,002
 
 
527,704
 
SOFTWARE 0.8%
  150,000
Adobe, Inc., Senior Unsecured Notes, 2.30%,
2/1/30 
132,007
  150,000
Oracle Corp., 6.25%, 11/9/32 
160,491
 
 
292,498
 
 
1,239,782
Principal
Amount
 
Value
CORPORATE BONDS & NOTES 35.6% (continued)
UTILITIES 0.8%
 
ELECTRIC 0.8%
$  150,000
Duke Energy Corp., Senior Unsecured Notes,
4.50%, 8/15/32 
$142,193
  150,000
Southern Co., 5.70%, 3/15/34 
154,702
 
 
296,895
TOTAL CORPORATE BONDS & NOTES
(Cost $13,730,083)
13,135,959
LONG-TERM MUNICIPAL SECURITIES 2.3%
 
CALIFORNIA 0.8%
  150,000
Regents of the University of California
Medical Center Pooled Revenue, Series Q,
4.13%, 5/15/32 
143,727
  150,000
State of California, GO, 5.70%, 10/1/32 
160,142
 
 
303,869
 
OREGON 0.3%
  145,000
State of Oregon, Series C, GO, 2.38%, 5/1/36 
112,313
 
TEXAS 1.2%
  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 
448,627
TOTAL LONG-TERM MUNICIPAL SECURITIES
(Cost $944,052)
864,809
RESIDENTIAL MORTGAGE-BACKED SECURITIES 27.7%
   74,787
FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 
72,434
   31,430
FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 
29,034
    3,071
FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 
3,042
   16,053
FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 
14,802
   15,624
FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 
14,738
   34,437
FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 
31,737
  108,595
FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 
97,528
  126,710
FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 
120,162
   28,329
FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 
26,800
  173,850
FHLMC Pool #QB2958, 3.00%, 9/1/50 
150,766
  181,377
FHLMC Pool #QB5314, 2.50%, 11/1/50 
150,966
  221,126
FHLMC Pool #QB8153, 2.50%, 1/1/51 
184,155
  778,857
FHLMC Pool #QF1236, 4.50%, 10/1/52 
741,610
  130,080
FHLMC Pool #SD8023, 2.50%, 11/1/49 
108,505
  133,000
FHLMC Pool #SD8163, 3.50%, 8/1/51 
119,621
  412,967
FHLMC Pool #SD8173, 2.50%, 10/1/51 
342,630
  990,454
FHLMC Pool #SD8256, 4.00%, 10/1/52 
917,213
   46,679
FNMA Pool #AB2346, 4.50%, 2/1/41 
45,779
   20,778
FNMA Pool #AB5231, 2.50%, 5/1/27 
19,997
   20,807
FNMA Pool #AB5716, 3.00%, 7/1/27 
20,132
   45,562
FNMA Pool #AI4285, 5.00%, 6/1/41 
45,409
  202,135
FNMA Pool #AR6394, 3.00%, 2/1/43 
180,489
   55,767
FNMA Pool #AS5892, 3.50%, 10/1/45 
50,851
   18,619
FNMA Pool #AS6102, 3.50%, 11/1/45 
16,978
   32,543
FNMA Pool #AS6205, 3.50%, 11/1/45 
29,674
   23,834
FNMA Pool #AS6385, 4.00%, 12/1/45 
22,574
   61,694
FNMA Pool #AS9562, 3.00%, 5/1/47 
54,166
   70,860
FNMA Pool #AU4279, 3.00%, 9/1/43 
63,268
See Supplementary Notes to Financial Statements.
3
Schedule of Investments (unaudited) (continued)
Principal
Amount
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES 27.7% (continued)
$   55,830
FNMA Pool #AV0703, 4.00%, 12/1/43 
$52,896
   21,612
FNMA Pool #AW7362, 2.50%, 8/1/29 
20,410
   59,378
FNMA Pool #AX0416, 4.00%, 8/1/44 
55,996
   39,100
FNMA Pool #AY1670, 3.50%, 2/1/45 
35,724
   24,361
FNMA Pool #AY4195, 4.00%, 5/1/45 
23,081
   31,178
FNMA Pool #BA3885, 3.50%, 11/1/45 
28,429
  999,267
FNMA Pool #BX7762, 5.00%, 3/1/53 
977,302
  129,825
FNMA Pool #CA2320, 3.50%, 9/1/48 
119,313
   62,100
FNMA Pool #CA5540, 3.00%, 4/1/50 
54,264
  712,173
FNMA Pool #CB0856, 3.00%, 6/1/51 
614,928
  789,076
FNMA Pool #CB5892, 4.50%, 3/1/53 
751,718
1,024,345
FNMA Pool #FM9834, 3.50%, 6/1/49 
932,424
   47,172
FNMA Pool #MA0641, 4.00%, 2/1/31 
45,834
   67,090
FNMA Pool #MA4012, 2.00%, 5/1/35 
59,887
  438,598
FNMA Pool #MA4548, 2.50%, 2/1/52 
363,525
  769,751
FNMA Pool #MA5106, 5.00%, 8/1/53 
750,987
    9,791
FNMA REMIC Trust Series 2013-18, Series
2013-18, Class AE, 2.00%, 3/25/28 
9,329
    6,039
GNMA, Series 2011-136, Class GB, 2.50%,
5/20/40 
5,778
1,254,135
GNMA, Series 2021-98, Class IG, IO, 3.00%,
6/20/51 
200,776
   32,531
GNMA II Pool #5332, 4.00%, 3/20/42 
31,279
  120,212
GNMA II Pool #MA3937, 3.50%, 9/20/46 
110,554
  110,756
GNMA II Pool #MA7054, 3.50%, 12/20/50 
101,678
  119,155
GNMA II Pool #MA7651, 3.50%, 10/20/51 
108,641
  849,410
GNMA II Pool #MA7705, MBS, 2.50%,
11/20/51 
723,814
  398,368
GNMA II Pool #MA8945, 4.00%, 6/20/53 
372,685
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $11,148,502)
10,226,312
U.S. TREASURY OBLIGATIONS 27.8%
  250,000
U.S. Treasury Bonds, 4.38%, 2/15/38 
255,020
  500,000
U.S. Treasury Bonds, 3.50%, 2/15/39 
459,355
  760,000
U.S. Treasury Bonds, 1.13%, 5/15/40 
474,852
1,000,000
U.S. Treasury Bonds, 2.88%, 5/15/43 
794,570
1,050,000
U.S. Treasury Bonds, 3.00%, 2/15/48 
821,256
1,400,000
U.S. Treasury Bonds, 2.25%, 8/15/49 
933,570
  500,000
U.S. Treasury Bonds, 2.25%, 2/15/52 
328,887
  750,000
U.S. Treasury Notes, 2.25%, 11/15/24 
736,406
  150,000
U.S. Treasury Notes, 3.00%, 9/30/25 
146,098
  350,000
U.S. Treasury Notes, 4.63%, 2/28/26(3) 
349,713
  575,000
U.S. Treasury Notes, 4.50%, 7/15/26 
574,147
1,826,300
U.S. Treasury Notes, 2.25%, 8/15/27 
1,705,236
  350,000
U.S. Treasury Notes, 2.75%, 2/15/28 
330,395
  600,000
U.S. Treasury Notes, 1.50%, 2/15/30 
515,836
  500,000
U.S. Treasury Notes, 1.13%, 2/15/31 
410,020
  450,000
U.S. Treasury Notes, 2.75%, 8/15/32 
403,611
  825,000
U.S. Treasury Notes, 3.38%, 5/15/33 
772,857
  250,000
U.S. Treasury Notes, 3.88%, 8/15/33 
243,359
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,380,445)
10,255,188
 

Shares
 

Value
SHORT-TERM INVESTMENTS 3.6%
 
MONEY MARKET FUNDS 3.6%
  819,043
State Street Institutional U.S. Government
Money Market Fund, Premier Class,
5.26%(4) 
$819,043
  513,563
State Street Navigator Securities Lending
Government Money Market Portfolio(5) 
513,563
 
 
1,332,606
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,332,606)
1,332,606
TOTAL INVESTMENTS IN SECURITIES 100.9%
(Cost $40,061,853)
$37,270,361
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS
(0.9)%
(325,953
)
NET ASSETS(6) 100.0%
$36,944,408
 
(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 March 31, 2024. 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
March 31, 2024, the market value of the securities on
loan was $1,352,878.
(4)
Rate reflects 7 day yield as of March 31, 2024.
(5)
Securities with an aggregate market value of $1,352,878
were out on loan in exchange for $513,563 of cash
collateral as of March 31, 2024. The collateral was
invested in a cash collateral reinvestment vehicle.
(6)
For federal income tax purposes, the aggregate cost was
$40,061,853, aggregate gross unrealized appreciation
was $118,748, aggregate gross unrealized depreciation
was $2,910,240 and the net unrealized depreciation was
$2,791,492.
 
CMT
Constant Maturity Treasury.
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association.
FREMF
Freddie Mac Multifamily.
GNMA
Government National Mortgage Association.
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 March 31, 2024: 
Investments in Securities:
Level 1
Level 2
Level 3
Total
Assets
Collateralized Mortgage Obligations 
$—
$858,475
$—
$858,475
Commercial Mortgage-Backed Securities 
—
597,012
—
597,012
Corporate Bonds & Notes* 
—
13,135,959
—
13,135,959
Long-Term Municipal Securities* 
—
864,809
—
864,809
Residential Mortgage-Backed Securities 
—
10,226,312
—
10,226,312
U.S. Treasury Obligations 
—
10,255,188
—
10,255,188
Short-Term Investments 
1,332,606
—
—
1,332,606
Total Investments in Securities 
$1,332,606
$35,937,755
$—
$37,270,361
 
*
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 March 31, 2024, there were no Level 3 investments.
5