NPORT-EX 2 NPORT_242281856759769.htm

 

Value Line Capital Appreciation Fund, Inc.

Schedule of Investments (unaudited)

 

Shares      Value 
COMMON STOCKS 81.7%     
        COMMUNICATION SERVICES 11.5%     
        INTERNET 9.1%     
  8,400   Alphabet, Inc. Class A *  $12,311,040 
  58,000   Facebook, Inc. Class A *   15,190,200 
  20,000   Netflix, Inc. *   10,000,600 
  85,000   Tencent Holdings, Ltd. ADR (1)   5,750,250 
  200,000   Twitter, Inc. *   8,900,000 
          52,152,090 
        MEDIA 0.8%     
  37,000   Walt Disney Co. (The)   4,590,960 
            
        SOFTWARE 1.6%     
  113,000   Activision Blizzard, Inc.   9,147,350 
          65,890,400 
        CONSUMER DISCRETIONARY 13.1%     
        ENTERTAINMENT 0.7%     
  18,000   Vail Resorts, Inc.   3,851,460 
            
        HOME BUILDERS 1.1%     
  78,000   Lennar Corp. Class A   6,371,040 
            
        INTERNET 5.3%     
  23,000   Alibaba Group Holding, Ltd. ADR *   6,761,540 
  7,400   Amazon.com, Inc. *   23,300,602 
          30,062,142 
        LEISURE TIME 1.7%     
  98,000   Peloton Interactive, Inc. Class A *   9,725,520 
            
        LODGING 0.8%     
  55,000   Hilton Worldwide Holdings, Inc.   4,692,600 
            
        RETAIL 3.5%     
  15,000   Home Depot, Inc.   4,165,650 
  80,000   Starbucks Corp.   6,873,600 
  45,000   TJX Companies, Inc. (The)   2,504,250 
  29,000   Ulta Beauty, Inc. *   6,495,420 
          20,038,920 
          74,741,682 
        CONSUMER STAPLES 1.4%     
        BEVERAGES 0.9%     
  28,000   Constellation Brands, Inc. Class A   5,306,280 
            
        COSMETICS/PERSONAL CARE 0.5%     
  13,000   Estee Lauder Companies, Inc. (The) Class A   2,837,250 
          8,143,530 
        ENERGY 1.4%     
        OIL & GAS 1.4%     
  135,000   Diamondback Energy, Inc.  4,066,200 
  48,000   Pioneer Natural Resources Co.   4,127,520 
          8,193,720 
        FINANCIALS 3.4%     
        BANKS 2.6%     
  320,000   Bank of America Corp.   7,708,800 
  70,000   JPMorgan Chase & Co.   6,738,900 
          14,447,700 
        DIVERSIFIED FINANCIAL SERVICES 0.8%     
  90,000   Blackstone Group, Inc. (The) Class A   4,698,000 
          19,145,700 
        HEALTHCARE 19.5%     
        BIOTECHNOLOGY 15.3%     
  138,000   Alexion Pharmaceuticals, Inc. *   15,791,340 
  1,275,000   Amarin Corp. PLC ADR *(1)   5,367,750 
  225,213   Biohaven Pharmaceutical Holding Co., Ltd. *   14,641,097 
  80,000   BioMarin Pharmaceutical, Inc. *   6,086,400 
  145,000   Exact Sciences Corp. *(1)   14,782,750 
  850,000   Exelixis, Inc. *   20,782,500 
  86,000   Intercept Pharmaceuticals, Inc. *(1)   3,565,560 
  24,500   Vertex Pharmaceuticals, Inc. *   6,666,940 
          87,684,337 
        HEALTHCARE PRODUCTS 1.0%     
  68,000   Edwards Lifesciences Corp. *   5,427,760 
            
        PHARMACEUTICALS 3.2%     
  100,000   Bristol-Myers Squibb Co.   6,029,000 
  18,500   DexCom, Inc. *   7,626,255 
  27,000   Zoetis, Inc.   4,464,990 
          18,120,245 
          111,232,342 
        INDUSTRIALS 1.0%     
        INTERNET 1.0%     
  200,000   Lyft, Inc. Class A *(1)   5,510,000 
            
        INFORMATION TECHNOLOGY 29.8%     
        COMMERCIAL SERVICES 1.9%     
  55,000   PayPal Holdings, Inc. *   10,836,650 
            
        COMPUTERS 4.2%     
  132,000   Apple, Inc.   15,286,920 

 

1

 

September 30, 2020

 

Shares     Value 
  65,000   Crowdstrike Holdings, Inc. Class A *  $8,925,800 
          24,212,720 
        DIVERSIFIED FINANCIALS 1.6%     
  44,000   Visa, Inc. Class A   8,798,680 
            
        INTERNET 2.8%     
  8,000   Shopify, Inc. Class A *   8,183,760 
  77,000   Zendesk, Inc. *   7,924,840 
          16,108,600 
        SEMICONDUCTORS 6.9%     
  15,000   Broadcom, Inc.   5,464,800 
  170,000   Micron Technology, Inc. *   7,983,200 
  18,000   NVIDIA Corp.   9,741,960 
  63,000   NXP Semiconductors N.V.   7,863,030 
  73,000   QUALCOMM, Inc.   8,590,640 
          39,643,630 
        SOFTWARE 12.4%     
  14,000   Adobe, Inc. *   6,866,020 
  32,000   Microsoft Corp.   6,730,560 
  25,000   RingCentral, Inc. Class A *   6,865,250 
  31,000   Salesforce.com, Inc. *   7,790,920 
  21,500   ServiceNow, Inc. *   10,427,500 
  290,000   Slack Technologies, Inc. Class A *(1)   7,789,400 
  49,000   Splunk, Inc. *   9,218,370 
  31,000   Twilio, Inc. Class A *   7,659,790 
  34,000   Workday, Inc. Class A *   7,314,420 
          70,662,230 
          170,262,510 
        REAL ESTATE 0.6%     
        REITS 0.6%     
  15,000   American Tower Corp. REIT   3,625,950 
TOTAL COMMON STOCKS
(Cost $331,637,302)		   466,745,834 
         
Principal
Amount		     Value 
  ASSET-BACKED SECURITIES 0.5%     
$ 121,640   Ally Auto Receivables Trust, Series 2018-2, Class A3, 2.92%, 11/15/22  $123,054 
  150,000   BMW Vehicle Lease Trust, Series 2019-1, Class A4, 2.92%, 8/22/22   152,404 
  208,000   Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24   215,675 
  255,000   Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, 1/20/23   256,740 
  232,208   Honda Auto Receivables Owner Trust, Series 2018-1I, Class A3, 2.60%, 2/15/22   234,175 
  250,000   Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, 9/15/23  250,727 
  425,000   Hyundai Auto Receivables Trust, Series 2017-B, Class A4, 1.96%, 2/15/23   428,301 
  500,000   Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31 (2)   533,583 
  150,000   Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 (2)   153,961 
  400,000   World Omni Automobile Lease Securitization Trust, Series 2019-B, Class A3, 2.03%, 11/15/22   408,173 
TOTAL ASSET-BACKED SECURITIES
(Cost $2,734,759)		   2,756,793 
      
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.3%     
  250,000   BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52   290,408 
  288,889   Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47   302,495 
  100,000   COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47   108,832 
  76,021   FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21   76,305 
  100,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K029, Class A2, 3.32%, 2/25/23   106,039 
  242,406   FHLMC Multifamily Structured Pass-Through Certificates, Series K726, Class A2, 2.91%, 4/25/24   259,361 
  250,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24 (3)   270,680 
  100,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K043, Class A2, 3.06%, 12/25/24   109,717 
  100,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K731, Class A2, 3.60%, 2/25/25 (3)   110,218 
  500,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25   556,775 
  250,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26   273,929 
  100,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26   115,086 
  255,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27   291,158 
  150,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27   171,554 

 

2

 

Schedule of Investments (unaudited) (continued)

 

Principal
Amount		     Value 
$ 250,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28  $292,706 
  250,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28 (3)   295,708 
  100,000   FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29   118,480 
  790,428   FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29   849,329 
  250,000   FREMF Mortgage Trust, Series 2013-K24, Class B, 3.63%, 11/25/45 (2)(3)   261,946 
  250,000   FREMF Mortgage Trust, Series 2014-K717, Class B, 3.75%, 11/25/47 (2)(3)   254,789 
  159,486   GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52   161,889 
  150,000   GNMA, Series 2013-12, Class B, 2.11%, 11/16/52 (3)   153,910 
  162,061   GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45   164,666 
  189,890   Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/15/48   201,545 
  200,000   Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52   227,555 
  250,000   UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45   259,166 
  385,000   UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46   401,718 
  27,378   Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48   27,368 
  200,000   Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48   220,463 
  106,550   Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50   107,317 
  150,000   Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52   171,930 
  194,386   WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44   197,729 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $7,130,225)		   7,410,771 
      
CORPORATE BONDS & NOTES 5.1%     
        BASIC MATERIALS 0.2%     
        CHEMICALS 0.2%     
125,000   Air Products and Chemicals, Inc., Senior Unsecured Notes, 2.05%, 5/15/30  131,207 
  175,000   Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22   188,207 
  125,000   DuPont de Nemours, Inc., Senior Unsecured Notes, 2.17%, 5/1/23   126,289 
  150,000   Ecolab, Inc., Senior Unsecured Notes, 1.30%, 1/30/31 (1)   146,872 
  100,000   FMC Corp., Senior Unsecured Notes, 3.45%, 10/1/29   111,370 
  200,000   LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23   216,669 
          920,614 
        COMMUNICATIONS 0.5%     
        INTERNET 0.2%     
  150,000   Alibaba Group Holding, Ltd., Senior Unsecured Notes, 3.60%, 11/28/24   164,749 
  255,000   Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34   351,555 
  200,000   Baidu, Inc., Senior Unsecured Notes, 4.38%, 5/14/24   219,205 
  175,000   Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28   195,562 
          931,071 
        MEDIA 0.1%     
  175,000   Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25   202,339 
  250,000   Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25   286,948 
  150,000   Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26   175,174 
  150,000   Walt Disney Co. (The), Guaranteed Notes, 2.65%, 1/13/31 (1)   161,951 
          826,412 
        TELECOMMUNICATIONS 0.2%     
  200,000   AT&T, Inc., Senior Unsecured Notes, 3.80%, 2/15/27   225,647 
  200,000   Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29   236,195 
  150,000   Rogers Communications, Inc., Guaranteed Notes, 4.50%, 3/15/43   184,188 
  250,000   Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33   317,084 

 

3

 

September 30, 2020

 

Principal
Amount		     Value 
$ 100,000   Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 (1)  $115,981 
          1,079,095 
          2,836,578 
        CONSUMER, CYCLICAL 0.3%     
        AUTO MANUFACTURERS 0.0%     
  150,000   Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30   149,146 
            
        AUTO PARTS & EQUIPMENT 0.0%     
  175,000   Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24 (1)   178,500 
            
        HOME BUILDERS 0.1%     
  125,000   D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24   132,000 
  125,000   Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23   134,532 
          266,532 
        HOME FURNISHINGS 0.1%     
  200,000   Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 (1)   243,205 
            
        RETAIL 0.1%     
  125,000   AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27   142,241 
  100,000   Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32   102,597 
  125,000   O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27   142,192 
  150,000   Walgreen Co., Guaranteed Notes, 3.10%, 9/15/22 (1)   157,039 
          544,069 
          1,381,452 
        CONSUMER, NON-CYCLICAL 1.0%     
        AGRICULTURE 0.0%     
  150,000   Bunge, Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26   161,753 
            
        BEVERAGES 0.2%     
  150,000   Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31   188,707 
  150,000   Coca-Cola Co. (The), Senior Unsecured Notes, 1.45%, 6/1/27   154,408 
  150,000   Coca-Cola Femsa S.A.B. de C.V., Guaranteed Notes, 2.75%, 1/22/30   159,531 
  150,000   Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48   201,866 
  125,000   Keurig Dr. Pepper, Inc., Guaranteed Notes, 3.20%, 5/1/30   140,243 
  100,000   PepsiCo, Inc., Senior Unsecured Notes, 2.88%, 10/15/49   107,502 
          952,257 
        BIOTECHNOLOGY 0.1%     
  150,000   Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 (1)  158,944 
  100,000   Biogen, Inc., Senior Unsecured Notes, 2.25%, 5/1/30 (1)   102,408 
  150,000   Gilead Sciences, Inc., Senior Unsecured Notes, 2.60%, 10/1/40   149,154 
  125,000   Gilead Sciences, Inc., Senior Unsecured Notes, 3.25%, 9/1/22   130,894 
          541,400 
        COMMERCIAL SERVICES 0.0%     
  150,000   Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26   175,125 
  100,000   Global Payments, Inc., Senior Unsecured Notes, 2.90%, 5/15/30 (1)   107,001 
          282,126 
        FOOD 0.1%     
  150,000   Hershey Co. (The), Senior Unsecured Notes, 2.65%, 6/1/50   154,058 
  125,000   Mondelez International, Inc., Senior Unsecured Notes, 1.50%, 2/4/31   121,850 
  150,000   Sysco Corp., Guaranteed Notes, 5.65%, 4/1/25 (1)   177,390 
          453,298 
        HEALTHCARE PRODUCTS 0.1%     
  235,000   Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26   272,810 
  125,000   Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26   142,447 
  100,000   Danaher Corp., Senior Unsecured Notes, 3.35%, 9/15/25   111,636 
          526,893 
        HEALTHCARE SERVICES 0.2%     
  150,000   Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24   164,789 
  125,000   HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25   136,875 
  200,000   Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27   228,448 
  125,000   Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 (1)   137,505 
  125,000   Quest Diagnostics, Inc., Senior Unsecured Notes, 2.80%, 6/30/31   134,635 
  150,000   UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41   196,812 
          999,064 
        HOUSEHOLD PRODUCTS 0.0%     
  150,000   Clorox Co. (The), Senior Unsecured Notes, 1.80%, 5/15/30   154,424 

 

4

 

Schedule of Investments (unaudited) (continued)

 

Principal
Amount		     Value 
        PHARMACEUTICALS 0.3%     
$ 125,000   AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 (2)  $136,153 
  150,000   AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30   145,904 
  150,000   Becton Dickinson and Co., Senior Unsecured Notes, 3.36%, 6/6/24   162,334 
  100,000   Bristol-Myers Squibb Co., Senior Unsecured Notes, 5.25%, 8/15/43   141,120 
  150,000   Cigna Corp., Senior Unsecured Notes, 2.40%, 3/15/30   155,568 
  150,000   CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 (1)   146,586 
  150,000   Johnson & Johnson, Senior Unsecured Notes, 1.30%, 9/1/30   151,236 
  150,000   Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39   186,122 
  150,000   Mylan N.V., Guaranteed Notes, 3.95%, 6/15/26   168,755 
  100,000   Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 3.03%, 7/9/40   103,632 
  200,000   Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25   233,955 
          1,731,365 
          5,802,580 
        ENERGY 0.3%     
        OIL & GAS 0.2%     
  125,000   ConocoPhillips Co., Guaranteed Notes, 4.95%, 3/15/26   149,354 
  100,000   Continental Resources, Inc., Guaranteed Notes, 4.50%, 4/15/23   95,300 
  150,000   Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26 (1)   173,902 
  200,000   Phillips 66, Guaranteed Notes, 4.30%, 4/1/22 (1)   210,938 
  150,000   Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29   158,322 
  150,000   Total Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 (1)   172,423 
  175,000   Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37   220,130 
          1,180,369 
        OIL & GAS SERVICES 0.0%     
  150,000   Schlumberger Finance Canada, Ltd., Guaranteed Notes, 1.40%, 9/17/25 (1)   151,357 
            
        PIPELINES 0.1%     
  200,000   Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42   226,646 
  200,000   Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 (1)   227,593 
  100,000   Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46  104,721 
          558,960 
          1,890,686 
        FINANCIAL 1.6%     
        BANKS 0.9%     
  150,000   Australia & New Zealand Banking Group, Ltd., Subordinated Notes, 4.50%, 3/19/24 (2)   164,903 
  100,000   Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20   100,133 
  150,000   Bank of America Corp. GMTN, Senior Unsecured Notes, 3.50%, 4/19/26   168,067 
  200,000   Bank of Nova Scotia (The), Senior Unsecured Notes, 2.70%, 8/3/26   219,052 
  125,000   Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28   139,195 
  250,000   Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 2.25%, 1/28/25   263,673 
  175,000   Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44   233,357 
  150,000   Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25 (3)   162,289 
  150,000   Cooperatieve Rabobank UA MTN, Senior Unsecured Notes, 3.38%, 5/21/25   168,597 
  100,000   Credit Suisse AG, Senior Unsecured Notes, 2.95%, 4/9/25   109,176 
  150,000   Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24   163,635 
  100,000   Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37   145,293 
  100,000   Huntington Bancshares, Inc., Senior Unsecured Notes, 2.63%, 8/6/24   106,510 
  200,000   ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23   219,143 
  150,000   JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26   174,288 
  150,000   KeyCorp MTN, Senior Unsecured Notes, 2.55%, 10/1/29   159,590 
  250,000   Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21   253,208 
  125,000   Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24   135,815 
  250,000   Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22   270,250 
  250,000   Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24   275,885 
  150,000   Northern Trust Corp., Senior Unsecured Notes, 3.15%, 5/3/29 (1)   171,065 

 

5

 

September 30, 2020

 

Principal
Amount		     Value 
$ 200,000   PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, 3.30%, 3/8/22  $207,920 
  150,000   Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21   154,038 
  250,000   Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21   255,035 
  150,000   Toronto-Dominion Bank (The) MTN, Senior Unsecured Notes, 1.15%, 6/12/25   152,435 
  125,000   Truist Bank, Subordinated Notes, (5-year Treasury Constant Maturity Rate + 1.15%), 2.64%, 9/17/29 (3)   129,678 
  150,000   US Bancorp MTN, Subordinated Notes, 3.60%, 9/11/24   166,162 
  250,000   Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22   260,581 
          5,128,973 
        DIVERSIFIED FINANCIAL SERVICES 0.1%     
  125,000   American Express Co., Senior Unsecured Notes, 3.13%, 5/20/26   139,391 
  125,000   BlackRock, Inc., Senior Unsecured Notes, 2.40%, 4/30/30 (1)   136,343 
  200,000   Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24   220,080 
  200,000   Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24   224,318 
          720,132 
        INSURANCE 0.3%      
  125,000   Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30 (1)   146,692 
  250,000   American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22   267,986 
  150,000   Aon Corp., Guaranteed Notes, 3.75%, 5/2/29   173,021 
  250,000   Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21 (1)   257,306 
  150,000   Chubb INA Holdings, Inc., Guaranteed Notes, 3.35%, 5/3/26   169,981 
  100,000   CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24   110,805 
  100,000   Hartford Financial Services Group, Inc. (The), Senior Unsecured Notes, 2.80%, 8/19/29   108,433 
  175,000   PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29   195,047 
  150,000   Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29   175,776 
  175,000   Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48 (3)   197,846 
          1,802,893 
        REITS 0.3%     
  150,000   American Tower Corp., Senior Unsecured Notes, 2.95%, 1/15/25 (1)   162,041 
  100,000   AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25  110,807 
  150,000   Digital Realty Trust L.P., Guaranteed Notes, 3.60%, 7/1/29   172,092 
  100,000   Essex Portfolio L.P., Guaranteed Notes, 3.00%, 1/15/30   107,475 
  125,000   Essex Portfolio L.P., Guaranteed Notes, 4.00%, 3/1/29   144,731 
  125,000   Life Storage L.P., Guaranteed Notes, 2.20%, 10/15/30   124,681 
  125,000   Prologis L.P., Senior Unsecured Notes, 2.25%, 4/15/30 (1)   132,860 
  125,000   Sabra Health Care L.P., Guaranteed Notes, 3.90%, 10/15/29   121,767 
  100,000   Ventas Realty L.P., Guaranteed Notes, 4.40%, 1/15/29 (1)   113,599 
  250,000   Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28   283,120 
  100,000   Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27   126,129 
          1,599,302 
          9,251,300 
        INDUSTRIAL 0.4%     
        AEROSPACE & DEFENSE 0.1%     
  200,000   L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28   238,403 
  175,000   United Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28   207,222 
          445,625 
        BUILDING MATERIALS 0.1%     
  125,000   Johnson Controls International PLC/Tyco Fire & Security Finance SCA, Senior Unsecured Notes, 1.75%, 9/15/30 (1)   125,791 
  125,000   Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30   125,047 
  100,000   Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29   113,279 
          364,117 
        ELECTRONICS 0.1%     
  150,000   Agilent Technologies, Inc., Senior Unsecured Notes, 2.10%, 6/4/30   154,183 
  125,000   Keysight Technologies, Inc., Senior Unsecured Notes, 3.00%, 10/30/29   136,644 
  125,000   Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30   127,424 
          418,251 
        MISCELLANEOUS MANUFACTURERS 0.1%     
  100,000   3M Co., Senior Unsecured Notes, 2.38%, 8/26/29   108,155 
  200,000   Ingersoll-Rand Luxembourg Finance S.A., Guaranteed Notes, 3.80%, 3/21/29   234,486 

 

6

 

Schedule of Investments (unaudited) (continued)

 

Principal
Amount		     Value 
$ 250,000   Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25  $273,952 
          616,593 
        PACKAGING & CONTAINERS 0.0%     
  150,000   Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24   164,389 
  150,000   WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28   170,965 
          335,354 
        TRANSPORTATION 0.0%     
  100,000   CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49   110,597 
  150,000   United Parcel Service, Inc., Senior Unsecured Notes, 2.50%, 9/1/29   164,004 
          274,601 
          2,454,541 
        TECHNOLOGY 0.4%     
        COMPUTERS 0.1%     
  150,000   Apple, Inc., Senior Unsecured Notes, 1.25%, 8/20/30 (1)   149,504 
  150,000   HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27   162,164 
  100,000   International Business Machines Corp., Senior Unsecured Notes, 1.70%, 5/15/27   103,383 
  150,000   NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25   155,370 
          570,421 
        SEMICONDUCTORS 0.1%     
  225,000   KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29   270,030 
  100,000   Lam Research Corp., Senior Unsecured Notes, 4.00%, 3/15/29   119,821 
  100,000   Micron Technology, Inc., Senior Unsecured Notes, 2.50%, 4/24/23   103,845 
  125,000   NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30 (1)   140,438 
  125,000   Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30   131,224 
          765,358 
        SOFTWARE 0.2%     
  150,000   Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30   161,371 
  150,000   Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 (1)   177,874 
  125,000   Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29 (1)   142,489 
  150,000   Intuit, Inc., Senior Unsecured Notes, 1.65%, 7/15/30  152,392 
  100,000   j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., Guaranteed Notes, 6.00%, 7/15/25 (2)   104,000 
  125,000   Microsoft Corp., Senior Unsecured Notes, 2.40%, 8/8/26 (1)   136,544 
  100,000   Oracle Corp., Senior Unsecured Notes, 2.95%, 4/1/30   111,806 
          986,476 
          2,322,255 
        UTILITIES 0.4%     
        ELECTRIC 0.3%     
  100,000   CenterPoint Energy, Inc., Senior Unsecured Notes, 4.25%, 11/1/28   119,222 
  125,000   Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45   157,037 
  200,000   Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28   235,515 
  150,000   DTE Electric Co., 3.95%, 3/1/49   189,268 
  125,000   Duke Energy Corp., Senior Unsecured Notes, 3.75%, 9/1/46   142,702 
  150,000   Entergy Corp., Senior Unsecured Notes, 0.90%, 9/15/25   149,398 
  250,000   Florida Power & Light Co., 4.05%, 6/1/42   310,835 
  150,000   Georgia Power Co., Series B, Senior Unsecured Notes, 2.65%, 9/15/29 (1)   160,724 
  175,000   ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26   195,394 
  125,000   Northern States Power Co., 2.90%, 3/1/50   133,855 
  125,000   Public Service Enterprise Group, Inc., Senior Unsecured Notes, 1.60%, 8/15/30   122,907 
          1,916,857 
        GAS 0.0%     
  100,000   National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25   110,521 
            
        WATER 0.1%     
  175,000   American Water Capital Corp., Senior Unsecured Notes, 3.75%, 9/1/28   204,467 
          2,231,845 
TOTAL CORPORATE BONDS & NOTES
(Cost $27,153,369)		   29,091,851 
            
FOREIGN GOVERNMENT OBLIGATIONS 0.1%     
  200,000   European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23   212,038 

 

7

 

September 30, 2020

 

Principal
Amount		     Value 
$ 150,000   Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22  $157,261 
  225,000   Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27 (1)   250,312 
  150,000   Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24   164,027 
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $729,461)		   783,638 
      
LONG-TERM MUNICIPAL SECURITIES 0.4%     
        CALIFORNIA 0.1%     
  150,000   City of Pasadena CA, Refunding Revenue Bonds, Ser. B, 2.77%, 5/1/34   158,518 
  80,000   Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21   83,540 
  100,000   San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38   110,222 
  50,000   University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31   67,838 
          420,118 
        NEW YORK 0.1%     
  100,000   New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22   108,206 
  200,000   New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23   209,084 
  250,000   New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26   274,743 
  135,000   New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25   154,761 
          746,794 
        PENNSYLVANIA 0.0%     
  100,000   Pennsylvania Turnpike Commission, Motor License, Refunding Revenue Bonds, 3.29%, 12/1/36   105,684 
            
        TEXAS 0.2%     
  175,000   City of Houston TX Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34   175,527 
  250,000   Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33  279,000 
  250,000   Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43   300,152 
  150,000   Tyler Independent School District, Texas Unlimited Tax, Refunding Revenue Bonds, 1.68%, 2/15/32   152,904 
          907,583 
        VIRGINIA 0.0%     
  100,000   Hampton Roads Sanitation District, Refunding Revenue Bonds, Ser. A, 2.11%, 2/1/29   103,183 
      
TOTAL LONG-TERM MUNICIPAL SECURITIES
(Cost $2,131,700)		   2,283,362 
            
U.S. GOVERNMENT AGENCY OBLIGATIONS 2.5%     
  250,000   FHLB, 3.00%, 10/12/21   257,369 
  230,000   FHLB, 3.25%, 3/8/24   253,228 
  131,539   FHLMC, Series 4151, Class PA, 2.00%, 1/15/33   137,577 
  53,753   FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35   60,575 
  53,050   FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43   58,230 
  73,528   FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27   77,323 
  96,370   FHLMC Gold Pool #A97264, 4.00%, 2/1/41   106,147 
  176,917   FHLMC Gold Pool #C09027, 3.00%, 2/1/43   188,518 
  32,310   FHLMC Gold Pool #G08521, 3.00%, 1/1/43   34,426 
  162,556   FHLMC Gold Pool #J13314, 3.50%, 10/1/25   172,165 
  65,879   FHLMC Gold Pool #Q06884, 3.50%, 3/1/42   71,243 
  56,148   FHLMC Gold Pool #Q11077, 3.50%, 9/1/42   60,936 
  56,976   FHLMC Gold Pool #Q34167, 4.00%, 6/1/45   62,377 
  245,930   FHLMC Gold Pool #Q41084, 3.50%, 6/1/46   261,855 
  250,000   FNMA, 2.38%, 1/19/23 (1)   262,263 
  96,874   FNMA Pool #254954, 4.50%, 10/1/23   104,547 
  86,675   FNMA Pool #745275, 5.00%, 2/1/36   99,704 
  90,189   FNMA Pool #844809, 5.00%, 11/1/35   103,477 
  50,762   FNMA Pool #AA0466, 4.50%, 2/1/39   57,042 
  131,499   FNMA Pool #AB1796, 3.50%, 11/1/40   141,866 
  51,002   FNMA Pool #AB3218, 3.50%, 7/1/31   54,220 
  142,029   FNMA Pool #AB3900, 3.00%, 11/1/26   149,196 
  62,003   FNMA Pool #AC5822, 4.50%, 5/1/40   69,569 
  87,172   FNMA Pool #AD7128, 4.50%, 7/1/40   97,779 
  56,066   FNMA Pool #AD8529, 4.50%, 8/1/40   62,853 
  445   FNMA Pool #AH3226, 5.00%, 2/1/41   510 
  97,338   FNMA Pool #AH4493, 4.50%, 2/1/41   109,491 
  61,956   FNMA Pool #AI1019, 4.50%, 5/1/41   69,308 

 

8

 

Schedule of Investments (unaudited) (continued)

 

Principal
Amount		     Value 
$ 209,529   FNMA Pool #AL0657, 5.00%, 8/1/41  $240,820 
  197,718   FNMA Pool #AQ1853, 3.00%, 11/1/42   210,162 
  85,624   FNMA Pool #AS0560, 4.50%, 9/1/43   96,050 
  50,435   FNMA Pool #AS1529, 3.00%, 1/1/29   52,978 
  36,223   FNMA Pool #AS3789, 4.50%, 11/1/44   39,883 
  65,612   FNMA Pool #AS4503, 3.00%, 2/1/30   68,928 
  108,365   FNMA Pool #AS4928, 3.50%, 5/1/45   115,508 
  45,977   FNMA Pool #AS6205, 3.50%, 11/1/45   48,995 
  161,570   FNMA Pool #AS7188, 4.00%, 5/1/46   176,225 
  210,545   FNMA Pool #AS9459, 4.50%, 4/1/47   229,282 
  32,475   FNMA Pool #AT8849, 4.00%, 6/1/43   35,884 
  97,234   FNMA Pool #AU3621, 3.00%, 7/1/43   103,635 
  214,510   FNMA Pool #AU5409, 3.00%, 8/1/43   224,683 
  54,665   FNMA Pool #AU5653, 4.00%, 9/1/43   60,287 
  94,299   FNMA Pool #AU6562, 3.50%, 12/1/43   101,912 
  50,750   FNMA Pool #AU7025, 3.00%, 11/1/43   54,027 
  59,581   FNMA Pool #AV3310, 4.50%, 1/1/44   64,623 
  116,452   FNMA Pool #AY2728, 2.50%, 2/1/30   121,881 
  101,189   FNMA Pool #AZ2276, 4.00%, 6/1/45   110,262 
  157,455   FNMA Pool #BA6555, 3.00%, 1/1/46   165,770 
  79,640   FNMA Pool #BD8211, 4.00%, 4/1/47   85,483 
  121,622   FNMA Pool #BK2040, 4.00%, 5/1/48   129,722 
  470,358   FNMA Pool #BK9648, 3.50%, 11/1/48   496,086 
  481,405   FNMA Pool #BM5793, 3.00%, 4/1/49   504,076 
  230,265   FNMA Pool #BN6248, 3.00%, 4/1/49   241,174 
  977,210   FNMA Pool #CA5540, 3.00%, 4/1/50   1,039,634 
  496,953   FNMA Pool #FM4140, 2.50%, 9/1/50   528,537 
  197,618   FNMA Pool #MA4077, 2.00%, 7/1/50   204,358 
  2,955,862   FNMA Pool #MA4078, 2.50%, 7/1/50   3,102,994 
  1,595,796   FNMA Pool #MA4119, 2.00%, 9/1/50   1,650,221 
  103,397   FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28   106,587 
  58,432   GNMA I Pool #539285, 3.00%, 5/15/42   60,988 
  75,297   GNMA II Pool #MA1520, 3.00%, 12/20/43   79,246 
  113,735   GNMA II Pool #MA1521, 3.50%, 12/20/43   123,240 
  200,542   GNMA II Pool #MA1839, 4.00%, 4/20/44   218,602 
  300,717   GNMA II Pool #MA4836, 3.00%, 11/20/47   317,690 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $14,054,025)		   14,394,227 
            
U.S. TREASURY OBLIGATIONS 2.7%     
  150,000   U.S. Treasury Bonds, 5.38%, 2/15/31 (1)   221,150 
  520,000   U.S. Treasury Bonds, 4.38%, 2/15/38   800,963 
  350,000   U.S. Treasury Bonds, 3.50%, 2/15/39   491,955 
  1,087,000   U.S. Treasury Bonds, 2.75%, 8/15/42   1,395,394 
  960,000   U.S. Treasury Bonds, 3.00%, 2/15/48   1,307,700 
  550,000   U.S. Treasury Notes, 2.00%, 11/30/22   572,193 
  1,500,000   U.S. Treasury Notes, 0.25%, 4/15/23   1,504,043 
  589,000   U.S. Treasury Notes, 2.13%, 7/31/24   632,278 
  425,000   U.S. Treasury Notes, 2.25%, 11/15/24   460,295 
  2,100,000   U.S. Treasury Notes, 0.50%, 3/31/25   2,124,363 
  1,560,000   U.S. Treasury Notes, 3.00%, 9/30/25   1,770,600 
  175,000   U.S. Treasury Notes, 2.13%, 5/31/26   192,500 
  1,292,000   U.S. Treasury Notes, 2.25%, 8/15/27  1,449,412 
  1,100,000   U.S. Treasury Notes, 0.50%, 8/31/27   1,103,094 
  575,000   U.S. Treasury Notes, 2.75%, 2/15/28   669,134 
  360,000   U.S. Treasury Notes, 2.88%, 5/15/28   423,731 
  380,000   U.S. Treasury Notes, 1.63%, 8/15/29   413,844 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $13,996,932)		   15,532,649 
         
Shares     Value 
  SHORT-TERM INVESTMENTS 8.4%     
        MONEY MARKET FUNDS 8.4%     
  29,309,288   State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.027% (4)   29,309,288 
  18,598,364   State Street Navigator Securities Lending Government Money Market Portfolio (5)   18,598,364 
          47,907,652 
TOTAL SHORT-TERM INVESTMENTS
(Cost $47,907,652)		   47,907,652 
TOTAL INVESTMENT SECURITIES (6) 102.7%
(Cost $447,475,425)		  $586,906,777 
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (2.7)%   (15,247,528)
NET ASSETS 100.0%  $571,659,249 

 

*   Non-income producing.
(1)   A portion or all of the security was held on loan. As of September 30, 2020, the market value of the securities on loan was $27,137,534.
(2)   Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors.
(3)  

Floating or variable rate security. The rate disclosed is the rate in effect as of September 30, 2020. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets.

(4)   Rate reflects 7 day yield as of September 30, 2020.
(5)   Securities with an aggregate market value of $27,137,534 were out on loan in exchange for collateral including $18,598,364 of cash collateral as of September 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle.

 

9

 

September 30, 2020

 

(6)   For federal income tax purposes, the aggregate cost was $447,475,425, aggregate gross unrealized appreciation was $167,948,018, aggregate gross unrealized depreciation was $28,516,666 and the net unrealized appreciation was $139,431,352.
ADR   American Depositary Receipt.
FHLB   Federal Home Loan Bank.
FHLMC   Federal Home Loan Mortgage Corp.
FNMA   Federal National Mortgage Association.
FREMF   Freddie Mac Multifamily.
GMTN   Global Medium Term Note.
GNMA   Government National Mortgage Association.
LIBOR   London Interbank Offered Rate.
MTN   Medium Term Note.
REIT   Real Estate Investment Trust.
REMIC   Real Estate Mortgage Investment Conduit.

 

10

 

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

 

• Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

 

• Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

 

• Level 3 – Inputs that are unobservable.

 

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

 

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

 
Investments in Securities:  Level 1   Level 2   Level 3   Total 
Assets
Common Stocks*  $466,745,834   $—   $—   $466,745,834 
Asset-Backed Securities   —    2,756,793    —    2,756,793 
Commercial Mortgage-Backed Securities   —    7,410,771    —    7,410,771 
Corporate Bonds & Notes*   —    29,091,851    —    29,091,851 
Foreign Government Obligations   —    783,638    —    783,638 
Long-Term Municipal Securities*   —    2,283,362    —    2,283,362 
U.S. Government Agency Obligations   —    14,394,227    —    14,394,227 
U.S. Treasury Obligations   —    15,532,649    —    15,532,649 
Short-Term Investments   47,907,652    —    —    47,907,652 
Total Investments in Securities  $514,653,486   $72,253,291   $—   $586,906,777 

 

* See Schedule of Investments for further breakdown by category.

 

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

 

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