# EDGAR Filing Document

**Accession Number:** 0000783316
**File Stem:** 0001410368-25-021582
**Filing Date:** 2025-11
**Character Count:** 101467
**Document Hash:** 382fd8577ffb5e3ced8d6f0933fb07a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-021582.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001410368-25-021582

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Value Line Core Bond Fund
- **CENTRAL INDEX KEY:** 0000783316

**ORGANIZATION NAME:**
- **EIN:** 136866048
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04471
- **FILM NUMBER:** 251469587

**BUSINESS ADDRESS:**
- **STREET 1:** 1605 MAIN STREET
- **STREET 2:** SUITE 912
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236
- **BUSINESS PHONE:** 212-907-1900

**MAIL ADDRESS:**
- **STREET 1:** 1605 MAIN STREET
- **STREET 2:** SUITE 912
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALUE LINE AGGRESSIVE INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### VALUE LINE CORE BOND FUND (Series ID: S000007530)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000020574 | VALUE LINE CORE BOND FUND | VAGIX           |

## Nport-Ex

Value Line Core Bond Fund

Schedule of Investments (unaudited)

September 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS 1.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 1.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 1.7%** |
| $181707 | &nbsp;&nbsp;&nbsp; FHLMC, Series 2023-DNA1, Class M1A, REMIC, <br> (30 day USD SOFR Average + 2.10%), <br> 6.45%, 3/25/43<sup>(1)(2)</sup> <br>| &nbsp;&nbsp;&nbsp; $184279 |
| 203881 | &nbsp;&nbsp;&nbsp; FNMA, Series 2023-R02, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 6.66%, <br> 1/25/43<sup>(1)(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 207578 |
| 200818 | &nbsp;&nbsp;&nbsp; FNMA, Series 2023-R04, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 6.66%, <br> 5/25/43<sup>(1)(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 204961 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $588,299)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $588,299)** | &nbsp;&nbsp; **596818** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%** |
| 200000 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K092, Class A2, 3.30%, <br> 4/25/29 <br>| &nbsp;&nbsp;&nbsp; 195783 |
| 120691 | &nbsp;&nbsp;&nbsp; GNMA, Series 2012-125, Class AB, 2.11%, <br> 2/16/53<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 100313 |
| 78052 | &nbsp;&nbsp;&nbsp; GNMA, Series 2013-12, Class AB, 1.83%, <br> 11/16/52 <br>| &nbsp;&nbsp;&nbsp; 73465 |
| 24614 | &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2004-8, <br> Class A1, (1 mo. USD Term SOFR + 0.81%), <br> 4.95%, 9/20/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 21597 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $457,186)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $457,186)** | &nbsp;&nbsp; **391158** |
| **CORPORATE BONDS & NOTES 30.9%** | **CORPORATE BONDS & NOTES 30.9%** | **CORPORATE BONDS & NOTES 30.9%** |
| **BASIC MATERIALS 0.8%** | **BASIC MATERIALS 0.8%** | **BASIC MATERIALS 0.8%** |
|  | **IRON/STEEL 0.4%** | **IRON/STEEL 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp; 149719 |
|  | **MINING 0.4%** | **MINING 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Newmont Corp., Guaranteed Notes, 2.60%, <br> 7/15/32<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp; 135622 |
|  |  | &nbsp;&nbsp; **285341** |
| **COMMUNICATIONS 2.9%** | **COMMUNICATIONS 2.9%** | **COMMUNICATIONS 2.9%** |
|  | **INTERNET 1.3%** | **INTERNET 1.3%** |
| 150000 | &nbsp;&nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30 <br>| &nbsp;&nbsp;&nbsp; 143317 |
| 150000 | &nbsp;&nbsp;&nbsp; Netflix, Inc., Senior Unsecured Notes, 4.90%, <br> 8/15/34<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp; 154733 |
| 150000 | &nbsp;&nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp;&nbsp; 135198 |
|  |  | &nbsp;&nbsp; **433248** |
|  | **MEDIA 0.4%** | **MEDIA 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Comcast Corp., Guaranteed Notes, 4.15%, <br> 10/15/28 <br>| &nbsp;&nbsp;&nbsp; 150440 |
|  | **TELECOMMUNICATIONS 1.2%** | **TELECOMMUNICATIONS 1.2%** |
| 150000 | &nbsp;&nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, 2.55%, <br> 12/1/33 <br>| &nbsp;&nbsp;&nbsp; 127726 |
| 150000 | &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp;&nbsp; 156265 |
| 150000 | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, 3.50%, <br> 4/15/31 <br>| &nbsp;&nbsp;&nbsp; 142686 |
|  |  | &nbsp;&nbsp; **426677** |
|  |  | &nbsp;&nbsp; **1010365** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** |
| **CONSUMER, CYCLICAL 2.1%** | **CONSUMER, CYCLICAL 2.1%** | **CONSUMER, CYCLICAL 2.1%** |
|  | **AUTO MANUFACTURERS 0.4%** | **AUTO MANUFACTURERS 0.4%** |
| $150000 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp;&nbsp; $150893 |
|  | **HOME BUILDERS 0.4%** | **HOME BUILDERS 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Lennar Corp., Senior Unsecured Notes, <br> 5.20%, 7/30/30 <br>| &nbsp;&nbsp;&nbsp; 154494 |
|  | **LODGING 0.9%** | **LODGING 0.9%** |
| 150000 | &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured Notes, <br> 5.38%, 12/15/31 <br>| &nbsp;&nbsp;&nbsp; 153377 |
| 150000 | &nbsp;&nbsp;&nbsp; Marriott International, Inc., Senior Unsecured <br> Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp;&nbsp; 153291 |
|  |  | &nbsp;&nbsp; **306668** |
|  | **RETAIL 0.4%** | **RETAIL 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32 <br>| &nbsp;&nbsp;&nbsp; 129834 |
|  |  | &nbsp;&nbsp; **741889** |
| **CONSUMER, NON-CYCLICAL 4.2%** | **CONSUMER, NON-CYCLICAL 4.2%** | **CONSUMER, NON-CYCLICAL 4.2%** |
|  | **BIOTECHNOLOGY 0.8%** | **BIOTECHNOLOGY 0.8%** |
| 160000 | &nbsp;&nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, 2.20%, <br> 2/21/27 <br>| &nbsp;&nbsp;&nbsp; 156109 |
| 150000 | &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp;&nbsp; 132299 |
|  |  | &nbsp;&nbsp; **288408** |
|  | **COMMERCIAL SERVICES 0.9%** | **COMMERCIAL SERVICES 0.9%** |
| 150000 | &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp; 154662 |
| 155000 | &nbsp;&nbsp;&nbsp; Service Corp. International, Senior Unsecured <br> Notes, 4.00%, 5/15/31 <br>| &nbsp;&nbsp;&nbsp; 146141 |
|  |  | &nbsp;&nbsp; **300803** |
|  | **HEALTHCARE PRODUCTS 0.9%** | **HEALTHCARE PRODUCTS 0.9%** |
| 150000 | &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp;&nbsp; 152947 |
| 150000 | &nbsp;&nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35 <br>| &nbsp;&nbsp;&nbsp; 154688 |
|  |  | &nbsp;&nbsp; **307635** |
|  | **PHARMACEUTICALS 1.6%** | **PHARMACEUTICALS 1.6%** |
| 150000 | &nbsp;&nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, 3.20%, <br> 11/21/29 <br>| &nbsp;&nbsp;&nbsp; 144713 |
| 150000 | &nbsp;&nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp;&nbsp; 132050 |
| 150000 | &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp;&nbsp; 150562 |
| 150000 | &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53 <br>| &nbsp;&nbsp;&nbsp; 144958 |
|  |  | &nbsp;&nbsp; **572283** |
|  |  | &nbsp;&nbsp; **1469129** |
| **ENERGY 3.1%** | **ENERGY 3.1%** | **ENERGY 3.1%** |
|  | **OIL & GAS 1.8%** | **OIL & GAS 1.8%** |
| 150000 | &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed Notes, <br> 5.15%, 1/30/30 <br>| &nbsp;&nbsp;&nbsp; 154481 |
| 150000 | &nbsp;&nbsp;&nbsp; Hess Corp., Senior Unsecured Notes, 4.30%, <br> 4/1/27 <br>| &nbsp;&nbsp;&nbsp; 150495 |
| 150000 | &nbsp;&nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp;&nbsp; 155626 |

---

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** |
| **ENERGY 3.1% (continued)** | **ENERGY 3.1% (continued)** | **ENERGY 3.1% (continued)** |
|  | **OIL & GAS 1.8% (continued)** | **OIL & GAS 1.8% (continued)** |
| $150000 | &nbsp;&nbsp;&nbsp; Valero Energy Corp., Senior Unsecured Notes, <br> 5.15%, 2/15/30 <br>| &nbsp;&nbsp;&nbsp; $154409 |
|  |  | &nbsp;&nbsp; **615011** |
|  | **PIPELINES 1.3%** | **PIPELINES 1.3%** |
| 150000 | &nbsp;&nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33 <br>| &nbsp;&nbsp;&nbsp; 127685 |
| 150000 | &nbsp;&nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp;&nbsp; 151223 |
| 150000 | Targa Resources Corp., 6.50%, 3/30/34  | &nbsp;&nbsp;&nbsp; 163331 |
|  |  | &nbsp;&nbsp; **442239** |
|  |  | &nbsp;&nbsp; **1057250** |
| **FINANCIAL 11.1%** | **FINANCIAL 11.1%** | **FINANCIAL 11.1%** |
|  | **BANKS 7.3%** | **BANKS 7.3%** |
| 150000 | &nbsp;&nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR + <br> 2.16%), 5.02%, 7/22/33<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 153265 |
| 150000 | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., (1 day USD <br> SOFR + 1.51%), 4.71%, 2/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 150744 |
| 150000 | &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Unsecured Notes, (1 day <br> USD SOFR + 1.91%), 5.34%, 9/10/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 152165 |
| 150000 | &nbsp;&nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 150698 |
| 150000 | &nbsp;&nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 151813 |
| 150000 | &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Unsecured Notes, <br> (1 day USD SOFR + 1.49%), 4.90%, <br> 9/6/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 152427 |
| 150000 | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.42%), 5.02%, 10/23/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 150997 |
| 150000 | &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Unsecured Notes, <br> (3 mo. USD Term SOFR + 1.80%), 4.58%, <br> 6/19/29<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 151061 |
| 150000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes, <br> 4.13%, 12/15/26 <br>| &nbsp;&nbsp;&nbsp; 150087 |
| 150000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + 1.64%), <br> 3.96%, 11/15/48<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 122572 |
| 150000 | &nbsp;&nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 150384 |
| 150000 | &nbsp;&nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + 2.56%), <br> 6.34%, 10/18/33<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 164856 |
| 150000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.26%), 4.81%, 10/21/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 152063 |
| 150000 | &nbsp;&nbsp;&nbsp; Regions Financial Corp., Senior Unsecured <br> Notes, (1 day USD SOFR + 2.06%), 5.50%, <br> 9/6/35<sup>(2)(3)</sup> <br>| &nbsp;&nbsp;&nbsp; 154210 |
| 150000 | &nbsp;&nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 day <br> USD SOFR + 1.60%), 4.84%, 2/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 150657 |
| 150000 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 153485 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** |
| **FINANCIAL 11.1% (continued)** | **FINANCIAL 11.1% (continued)** | **FINANCIAL 11.1% (continued)** |
|  | **BANKS 7.3% (continued)** | **BANKS 7.3% (continued)** |
| $150000 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; $131779 |
|  |  | &nbsp;&nbsp; **2543263** |
|  | **DIVERSIFIED FINANCIALS 1.3%** | **DIVERSIFIED FINANCIALS 1.3%** |
| 150000 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, 3.30%, <br> 1/30/32 <br>| &nbsp;&nbsp;&nbsp; 138134 |
| 150000 | &nbsp;&nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), 5.04%, <br> 5/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 154009 |
| 150000 | &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Unsecured <br> Notes, 4.10%, 2/9/27 <br>| &nbsp;&nbsp;&nbsp; 149751 |
|  |  | &nbsp;&nbsp; **441894** |
|  | **REITS 2.5%** | **REITS 2.5%** |
| 150000 | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp; 152717 |
| 150000 | American Tower Corp., 5.50%, 3/15/28  | &nbsp;&nbsp;&nbsp; 154587 |
| 150000 | &nbsp;&nbsp;&nbsp; Equinix, Inc., Senior Unsecured Notes, <br> 2.50%, 5/15/31 <br>| &nbsp;&nbsp;&nbsp; 135197 |
| 150000 | &nbsp;&nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp;&nbsp; 154356 |
| 150000 | &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured <br> Notes, 2.25%, 12/1/31 <br>| &nbsp;&nbsp;&nbsp; 132121 |
| 150000 | &nbsp;&nbsp;&nbsp; Welltower OP LLC, Senior Unsecured Notes, <br> 4.25%, 4/15/28 <br>| &nbsp;&nbsp;&nbsp; 150915 |
|  |  | &nbsp;&nbsp; **879893** |
|  |  | &nbsp;&nbsp; **3865050** |
| **INDUSTRIAL 2.0%** | **INDUSTRIAL 2.0%** | **INDUSTRIAL 2.0%** |
|  | **AEROSPACE/DEFENSE 0.8%** | **AEROSPACE/DEFENSE 0.8%** |
| 150000 | &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Unsecured <br> Notes, 4.40%, 8/15/30 <br>| &nbsp;&nbsp;&nbsp; 151172 |
| 150000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp;&nbsp; 135643 |
|  |  | &nbsp;&nbsp; **286815** |
|  | **ELECTRONICS 0.4%** | **ELECTRONICS 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31 <br>| &nbsp;&nbsp;&nbsp; 133116 |
|  | **MISCELLANEOUS MANUFACTURERS 0.4%** | **MISCELLANEOUS MANUFACTURERS 0.4%** |
| 150000 | Teledyne Technologies, Inc., 2.25%, 4/1/28  | &nbsp;&nbsp;&nbsp; 143116 |
|  | **PACKAGING & CONTAINERS 0.4%** | **PACKAGING & CONTAINERS 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp;&nbsp; 136266 |
|  |  | &nbsp;&nbsp; **699313** |
| **TECHNOLOGY 2.5%** | **TECHNOLOGY 2.5%** | **TECHNOLOGY 2.5%** |
|  | **COMPUTERS 0.4%** | **COMPUTERS 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31 <br>| &nbsp;&nbsp;&nbsp; 136384 |
|  | **SEMICONDUCTORS 1.2%** | **SEMICONDUCTORS 1.2%** |
| 150000 | &nbsp;&nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured Notes, <br> 2.80%, 10/1/41 <br>| &nbsp;&nbsp;&nbsp; 111031 |
| 150000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp;&nbsp; 148063 |
| 150000 | &nbsp;&nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp;&nbsp; 160266 |
|  |  | &nbsp;&nbsp; **419360** |

---

*See Supplementary Notes to Financial Statements.*

------

September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** | **CORPORATE BONDS & NOTES 30.9% (continued)** |
| **TECHNOLOGY 2.5% (continued)** | **TECHNOLOGY 2.5% (continued)** | **TECHNOLOGY 2.5% (continued)** |
|  | **SOFTWARE 0.9%** | **SOFTWARE 0.9%** |
| $150000 | &nbsp;&nbsp;&nbsp; Fiserv, Inc., Senior Unsecured Notes, 5.25%, <br> 8/11/35 <br>| &nbsp;&nbsp;&nbsp; $151596 |
| 150000 | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., Senior Unsecured <br> Notes, 5.10%, 9/15/35 <br>| &nbsp;&nbsp;&nbsp; 151211 |
|  |  | &nbsp;&nbsp; **302807** |
|  |  | &nbsp;&nbsp; **858551** |
| **UTILITIES 2.2%** | **UTILITIES 2.2%** | **UTILITIES 2.2%** |
|  | **ELECTRIC 1.8%** | **ELECTRIC 1.8%** |
| 150000 | &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Unsecured Notes, <br> 4.50%, 8/15/32 <br>| &nbsp;&nbsp;&nbsp; 149054 |
| 150000 | &nbsp;&nbsp;&nbsp; National Grid PLC, Senior Unsecured Notes, <br> 5.42%, 1/11/34 <br>| &nbsp;&nbsp;&nbsp; 155576 |
| 150000 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30 <br>| &nbsp;&nbsp;&nbsp; 154450 |
| 150000 | Southern Co., 5.70%, 3/15/34  | &nbsp;&nbsp;&nbsp; 158423 |
|  |  | &nbsp;&nbsp; **617503** |
|  | **GAS 0.4%** | **GAS 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp;&nbsp; 145253 |
|  |  | &nbsp;&nbsp; **762756** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $10,684,507)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $10,684,507)** | &nbsp;&nbsp; **10749644** |
| **LONG-TERM MUNICIPAL SECURITIES 3.1%** | **LONG-TERM MUNICIPAL SECURITIES 3.1%** | **LONG-TERM MUNICIPAL SECURITIES 3.1%** |
|  | **CALIFORNIA 0.9%** | **CALIFORNIA 0.9%** |
| 150000 | &nbsp;&nbsp;&nbsp; Regents of the University of California <br> Medical Center Pooled Revenue, Series Q, <br> 4.13%, 5/15/32 <br>| &nbsp;&nbsp;&nbsp; 148394 |
| 150000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp;&nbsp; 161957 |
|  |  | &nbsp;&nbsp; **310351** |
|  | **HAWAII 0.4%** | **HAWAII 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; State of Hawaii, Series GN, GO, 4.62%, <br> 10/1/32 <br>| &nbsp;&nbsp;&nbsp; 152965 |
|  | **ILLINOIS 0.5%** | **ILLINOIS 0.5%** |
| 150000 | &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Series B, <br> 5.85%, 12/1/34 <br>| &nbsp;&nbsp;&nbsp; 157792 |
|  | **MARYLAND 0.4%** | **MARYLAND 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Maryland Department of Housing & <br> Community Development, Series F, <br> (GNMA/FNMA/FHLMC), 5.06%, 3/1/33 <br>| &nbsp;&nbsp;&nbsp; 152837 |
|  | **MINNESOTA 0.4%** | **MINNESOTA 0.4%** |
| 150000 | &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Series J, <br> 5.85%, 7/1/44 <br>| &nbsp;&nbsp;&nbsp; 151092 |
|  | **VIRGINIA 0.5%** | **VIRGINIA 0.5%** |
| 175000 | &nbsp;&nbsp;&nbsp; City of Norfolk, GO, (ST AID WITHHLDG), <br> 1.70%, 10/1/30 <br>| &nbsp;&nbsp;&nbsp; 158337 |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $1,052,747)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $1,052,747)** | &nbsp;&nbsp; **1083374** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.4%** |
| 57633 | FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34  | &nbsp;&nbsp;&nbsp; 57153 |
| 26272 | FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41  | &nbsp;&nbsp;&nbsp; 25096 |
| 13792 | FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42  | &nbsp;&nbsp;&nbsp; 13110 |
| 14395 | FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42  | &nbsp;&nbsp;&nbsp; 13953 |
| 29004 | FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42  | &nbsp;&nbsp;&nbsp; 27517 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.4% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.4% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.4% (continued)** |
| $91618 | FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43  | &nbsp;&nbsp;&nbsp; $84435 |
| 107552 | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45  | &nbsp;&nbsp;&nbsp; 103686 |
| 14996 | FHLMC Gold Pool #Q57991, 4.00%, 8/1/48  | &nbsp;&nbsp;&nbsp; 14435 |
| 155586 | FHLMC Pool #QB2958, 3.00%, 9/1/50  | &nbsp;&nbsp;&nbsp; 137900 |
| 158971 | FHLMC Pool #QB5314, 2.50%, 11/1/50  | &nbsp;&nbsp;&nbsp; 135288 |
| 177997 | FHLMC Pool #QB8153, 2.50%, 1/1/51  | &nbsp;&nbsp;&nbsp; 151588 |
| 700951 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp;&nbsp; 683119 |
| 115082 | FHLMC Pool #SD8023, 2.50%, 11/1/49  | &nbsp;&nbsp;&nbsp; 98119 |
| 113494 | FHLMC Pool #SD8163, 3.50%, 8/1/51  | &nbsp;&nbsp;&nbsp; 104386 |
| 366462 | FHLMC Pool #SD8173, 2.50%, 10/1/51  | &nbsp;&nbsp;&nbsp; 309430 |
| 884856 | FHLMC Pool #SD8256, 4.00%, 10/1/52  | &nbsp;&nbsp;&nbsp; 835880 |
| 40141 | FNMA Pool #AB2346, 4.50%, 2/1/41  | &nbsp;&nbsp;&nbsp; 40201 |
| 36038 | FNMA Pool #AI4285, 5.00%, 6/1/41  | &nbsp;&nbsp;&nbsp; 36833 |
| 189073 | FNMA Pool #AR6394, 3.00%, 2/1/43  | &nbsp;&nbsp;&nbsp; 173919 |
| 48617 | FNMA Pool #AS5892, 3.50%, 10/1/45  | &nbsp;&nbsp;&nbsp; 45686 |
| 16024 | FNMA Pool #AS6102, 3.50%, 11/1/45  | &nbsp;&nbsp;&nbsp; 15037 |
| 27502 | FNMA Pool #AS6205, 3.50%, 11/1/45  | &nbsp;&nbsp;&nbsp; 25820 |
| 22772 | FNMA Pool #AS6385, 4.00%, 12/1/45  | &nbsp;&nbsp;&nbsp; 21896 |
| 55794 | FNMA Pool #AS9562, 3.00%, 5/1/47  | &nbsp;&nbsp;&nbsp; 50420 |
| 60616 | FNMA Pool #AU4279, 3.00%, 9/1/43  | &nbsp;&nbsp;&nbsp; 55701 |
| 45491 | FNMA Pool #AV0703, 4.00%, 12/1/43  | &nbsp;&nbsp;&nbsp; 44187 |
| 49845 | FNMA Pool #AX0416, 4.00%, 8/1/44  | &nbsp;&nbsp;&nbsp; 47808 |
| 35185 | FNMA Pool #AY1670, 3.50%, 2/1/45  | &nbsp;&nbsp;&nbsp; 33078 |
| 19073 | FNMA Pool #AY4195, 4.00%, 5/1/45  | &nbsp;&nbsp;&nbsp; 18369 |
| 25061 | FNMA Pool #BA3885, 3.50%, 11/1/45  | &nbsp;&nbsp;&nbsp; 23487 |
| 117452 | FNMA Pool #CA2320, 3.50%, 9/1/48  | &nbsp;&nbsp;&nbsp; 110037 |
| 53995 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp;&nbsp; 48303 |
| 591397 | FNMA Pool #CB0856, 3.00%, 6/1/51  | &nbsp;&nbsp;&nbsp; 522273 |
| 734249 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp;&nbsp; 717278 |
| 884698 | FNMA Pool #FM9834, 3.50%, 6/1/49  | &nbsp;&nbsp;&nbsp; 821420 |
| 31398 | FNMA Pool #MA0641, 4.00%, 2/1/31  | &nbsp;&nbsp;&nbsp; 31230 |
| 391218 | FNMA Pool #MA4548, 2.50%, 2/1/52  | &nbsp;&nbsp;&nbsp; 330608 |
| 3654 | &nbsp;&nbsp;&nbsp; FNMA REMIC Trust Series 2013-18, Series <br> 2013-18, Class AE, 2.00%, 3/25/28 <br>| &nbsp;&nbsp;&nbsp; 3585 |
| 3142 | &nbsp;&nbsp;&nbsp; GNMA, Series 2011-136, Class GB, 2.50%, <br> 5/20/40 <br>| &nbsp;&nbsp;&nbsp; 3095 |
| 1093309 | &nbsp;&nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, 3.00%, <br> 6/20/51 <br>| &nbsp;&nbsp;&nbsp; 186572 |
| 27545 | GNMA II Pool #5332, 4.00%, 3/20/42  | &nbsp;&nbsp;&nbsp; 26660 |
| 103255 | GNMA II Pool #MA3937, 3.50%, 9/20/46  | &nbsp;&nbsp;&nbsp; 96044 |
| 93464 | GNMA II Pool #MA7054, 3.50%, 12/20/50  | &nbsp;&nbsp;&nbsp; 85968 |
| 102405 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp;&nbsp; 93929 |
| 739020 | &nbsp;&nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp;&nbsp; 636534 |
| 1123942 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp;&nbsp; 1003744 |
| 354484 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp;&nbsp; 336168 |
| 345040 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp;&nbsp; 343030 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $9,415,067)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $9,415,067)** | &nbsp;&nbsp; **8824015** |
| **U.S. TREASURY OBLIGATIONS 33.7%** | **U.S. TREASURY OBLIGATIONS 33.7%** | **U.S. TREASURY OBLIGATIONS 33.7%** |
| 1000000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp;&nbsp; 914844 |
| 500000 | U.S. Treasury Bonds, 1.13%, 5/15/40  | &nbsp;&nbsp;&nbsp; 318418 |
| 750000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp;&nbsp; 679365 |

---

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **U.S. TREASURY OBLIGATIONS 33.7% (continued)** | **U.S. TREASURY OBLIGATIONS 33.7% (continued)** | **U.S. TREASURY OBLIGATIONS 33.7% (continued)** |
| $150000 | U.S. Treasury Bonds, 3.63%, 5/15/53  | &nbsp;&nbsp;&nbsp; $123891 |
| 300000 | U.S. Treasury Notes, 4.63%, 2/28/26  | &nbsp;&nbsp;&nbsp; 300830 |
| 1100000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp;&nbsp; 1106127 |
| 986300 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp;&nbsp; 961835 |
| 500000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp;&nbsp; 490098 |
| 1150000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp;&nbsp; 1147215 |
| 1500000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp;&nbsp; 1367871 |
| 1550000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp;&nbsp; 1440955 |
| 1000000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp;&nbsp; 991719 |
| 1500000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp;&nbsp; 1496074 |
| 400000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp;&nbsp; 403687 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $11,675,714)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $11,675,714)** | &nbsp;&nbsp; **11742929** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value** |
| **SHORT-TERM INVESTMENTS 3.6%** | **SHORT-TERM INVESTMENTS 3.6%** |
|  | **MONEY MARKET FUNDS 3.6%** |
| 1249377<br> &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.09%<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1249377 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,249,377)** | &nbsp;&nbsp; **1249377** |
| **TOTAL INVESTMENTS IN SECURITIES 99.5%** <br>**(Cost $35,122,897)** | &nbsp;&nbsp; **$34637315** |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 0.5%** | &nbsp;&nbsp; **171684** |
| **NET ASSETS**<sup>(5)</sup> **100.0%** | &nbsp;&nbsp; **$34808999** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Pursuant to Rule 144A under the Securities Act of 1933,* *this security can only be sold to qualified institutional* *investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Floating or variable rate security. The rate disclosed is* *the rate in effect as of September 30, 2025. 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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *A portion or all of the security was held on loan. As of* *September 30, 2025, the market value of the securities* *on loan was $909,963.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Rate reflects 7 day yield as of September 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *For federal income tax purposes, the aggregate cost was* *$35,122,897, aggregate gross unrealized appreciation* *was $451,023, aggregate gross unrealized depreciation* *was $936,605 and the net unrealized depreciation was* *$485,582.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association.* |
| *GNMA* | *Government National Mortgage* <br> *Association.*<br>|
| *REITS* | *Real Estate Investment Trusts.* |
| *REMIC* | *Real Estate Mortgage Investment Conduit.* |
| *SOFR* | *Secured Overnight Financing Rate.* |

---

*ST AID WITHHLDG* *State Aid Withholding.*

*See Supplementary Notes to Financial Statements.*

------

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.

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.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Value Line Core Bond Fund

- **b. Investment Company Act file number:** 811-04471

- **c. CIK number of Registrant:** 0000783316

- **d. LEI of Registrant:** 549300GWUFTRPJWK6V14

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1605 Main Street

  - **City:** Sarasota

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 34236

  - **Telephone number:** 212-907-1900

**Item A.2. Information about the Series.**

- **a. Name of Series:** VALUE LINE CORE BOND FUND

- **b. EDGAR series identifier (if any):** S000007530

- **c. LEI of Series:** 549300GWUFTRPJWK6V14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $34881979.65

**Total Liabilities:** $150510.49

**Net Assets:** $34731469.16

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -12.22000000 | **1-Year:** -571.78000000 | **5-Year:** -3115.60000000 | **10-Year:** -2697.45000000 | **30-Year:** -407.27000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.36000000 | **1-Year:** -12.91000000 | **5-Year:** -112.83000000 | **10-Year:** -6.65000000 | **30-Year:** -0.06000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020574 | -0.29%               | 1.22%                | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $832.74                  | $-215366.66                                |
| Month 2  | $-82493.84               | $416421.21                                 |
| Month 3  | $9968.98                 | $199063.04                                 |

### Schedule of Portfolio Investments

| Name                                                                  | Title                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ANALOG DEVICES INC                                                    | Analog Devices, Inc.                                                               | CUSIP: 032654AW5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $111031.62    | 0.32%             | 2041-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                          | Comcast Corp.                                                                      | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150440.23    | 0.43%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #SD8256                                                                 | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    884856 | PA      | $835880.21    | 2.41%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AS5892                                                                  | CUSIP: 3138WFRN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48617 | PA      | $45685.55     | 0.13%             | 2045-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1550000 | PA      | $1440955.08   | 4.15%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                              | RTX Corp.                                                                          | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135643.45    | 0.39%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #MA0641                                                                  | CUSIP: 31417YWB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31398 | PA      | $31230.05     | 0.09%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #5332                                                                 | CUSIP: 36202F4R4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27545 | PA      | $26659.97     | 0.08%             | 2042-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                  | Targa Resources Corp.                                                              | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $163330.84    | 0.47%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA REMIC Trust Series 2013-18                                                    | CUSIP: 3136ACA27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3654 | PA      | $3585.20      | 0.01%             | 2028-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                      | FNMA                                                                               | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    203881 | PA      | $207577.57    | 0.60%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AU4279                                                                  | CUSIP: 3138X3XH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60616 | PA      | $55700.85     | 0.16%             | 2043-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #SD8173                                                                 | CUSIP: 3132DWCJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    366462 | PA      | $309430.31    | 0.89%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Bonds                                                                | CUSIP: 912810QA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $914843.75    | 2.63%             | 2039-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                | Regions Financial Corp.                                                            | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154210.40    | 0.44%             | 2035-09-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Fannie Mae - CAS                                                      | FNMA                                                                               | CUSIP: 20754QAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    200818 | PA      | $204961.04    | 0.59%             | 2043-05-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $403687.50    | 1.16%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                               | MPLX LP                                                                            | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151223.30    | 0.44%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #CB0856                                                                  | CUSIP: 3140QK5S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    591397 | PA      | $522273.39    | 1.50%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL                                                         | ArcelorMittal SA                                                                   | CUSIP: 03938LBC7<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $149719.61    | 0.43%             | 2029-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                              | GNMA II Pool #MA7651                                                               | CUSIP: 36179WQC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    102405 | PA      | $93928.57     | 0.27%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA9527                                                               | CUSIP: 36179YSQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    345040 | PA      | $343030.01    | 0.99%             | 2054-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                | Maryland Department of Housing & Community Development                             | CUSIP: 57419UKY3<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152836.80    | 0.44%             | 2033-03-01      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AX0416                                                                  | CUSIP: 3138Y1PA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49845 | PA      | $47807.77     | 0.14%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                   | Fifth Third Bancorp                                                                | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152427.35    | 0.44%             | 2030-09-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                       | State of Hawaii                                                                    | CUSIP: 419792Q25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152965.67    | 0.44%             | 2032-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                  | Kyndryl Holdings, Inc.                                                             | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136384.33    | 0.39%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                | GE HealthCare Technologies, Inc.                                                   | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152947.01    | 0.44%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                            | U.S. Bancorp                                                                       | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150656.80    | 0.43%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                                 | Micron Technology, Inc.                                                            | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160265.73    | 0.46%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                              | Capital One Financial Corp.                                                        | CUSIP: 254709AM0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149750.81    | 0.43%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #CA2320                                                                  | CUSIP: 3140Q9SJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    117452 | PA      | $110037.27    | 0.32%             | 2048-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                | Extra Space Storage LP                                                             | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    150000 | PA      | $154356.11    | 0.44%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AR6394                                                                  | CUSIP: 3138W4C82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    189073 | PA      | $173918.93    | 0.50%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300829.69    | 0.87%             | 2026-02-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA3937                                                               | CUSIP: 36179SLS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    103255 | PA      | $96044.07     | 0.28%             | 2046-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #MA4548                                                                  | CUSIP: 31418EBS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    391218 | PA      | $330608.42    | 0.95%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold Pool #Q57991                                                            | CUSIP: 3132Y12Z0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14996 | PA      | $14434.69     | 0.04%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                              | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                            | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $138134.02    | 0.40%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                     | Expedia Group, Inc.                                                                | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143316.79    | 0.41%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                   | American Express Co.                                                               | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154008.99    | 0.44%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                  | Bank of America Corp.                                                              | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153265.08    | 0.44%             | 2033-07-22      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                            | Fiserv, Inc.                                                                       | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151595.94    | 0.44%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                  | M&T Bank Corp.                                                                     | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150383.51    | 0.43%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                          | NiSource, Inc.                                                                     | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145253.43    | 0.42%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                                | Motorola Solutions, Inc.                                                           | CUSIP: 620076CC1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156265.42    | 0.45%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                | Roper Technologies, Inc.                                                           | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151210.47    | 0.44%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                          | VeriSign, Inc.                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135197.93    | 0.39%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold Pool #Q34167                                                            | CUSIP: 3132QQTZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    107552 | PA      | $103685.91    | 0.30%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                | PNC Financial Services Group, Inc.                                                 | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152063.43    | 0.44%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                                       | AstraZeneca PLC                                                                    | CUSIP: 046353AW8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $132050.22    | 0.38%             | 2030-08-06      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $991718.75    | 2.86%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AV0703                                                                  | CUSIP: 3138XBX90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45491 | PA      | $44186.63     | 0.13%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                   | Kimco Realty OP LLC                                                                | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    150000 | PA      | $132120.96    | 0.38%             | 2031-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA                                                                               | CUSIP: 38378BP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120691 | PA      | $100313.39    | 0.29%             | 2053-02-16      | Variable      | 2.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #CA5540                                                                  | CUSIP: 3140QDEN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53995 | PA      | $48302.56     | 0.14%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                          | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.27% | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   1249377 | NS      | $1249376.54   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                              | GNMA                                                                               | CUSIP: 38377YTM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3142 | PA      | $3095.19      | 0.01%             | 2040-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1150000 | PA      | $1147214.84   | 3.30%             | 2029-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1367871.09   | 3.94%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                                          | Stryker Corp.                                                                      | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154687.91    | 0.45%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                               | Pfizer Investment Enterprises Pte. Ltd.                                            | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    150000 | PA      | $144957.99    | 0.42%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA7705                                                               | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    739020 | PA      | $636533.54    | 1.83%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                             | Amgen, Inc.                                                                        | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156109.38    | 0.45%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                | Sequoia Mortgage Trust                                                             | CUSIP: 81744FDJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24615 | PA      | $21597.23     | 0.06%             | 2034-09-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #CB5892                                                                  | CUSIP: 3140QRRN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    734249 | PA      | $717277.72    | 2.07%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AS9562                                                                  | CUSIP: 3138WKTU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55794 | PA      | $50420.31     | 0.15%             | 2047-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                 | Wells Fargo & Co.                                                                  | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $131778.71    | 0.38%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                | General Motors Financial Co., Inc.                                                 | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150892.83    | 0.43%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AS6102                                                                  | CUSIP: 3138WFX84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16024 | PA      | $15037.49     | 0.04%             | 2045-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                      | Duke Energy Corp.                                                                  | CUSIP: 26441CBT1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149054.23    | 0.43%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Bonds                                                                | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $123890.63    | 0.36%             | 2053-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                     | National Grid PLC                                                                  | CUSIP: 636274AF9<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $155575.70    | 0.45%             | 2034-01-11      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                          | Enbridge, Inc.                                                                     | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $127685.19    | 0.37%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                         | Citigroup, Inc.                                                                    | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151812.63    | 0.44%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Hess Corp                                                             | Hess Corp.                                                                         | CUSIP: 42809HAG2<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150495.34    | 0.43%             | 2027-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                          | Barclays PLC                                                                       | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $152165.51    | 0.44%             | 2035-09-10      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                   | FHLMC                                                                              | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | USGSE             | US        |    181707 | PA      | $184279.35    | 0.53%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                           | Southern Co.                                                                       | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158423.10    | 0.46%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                  | Lockheed Martin Corp.                                                              | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151171.53    | 0.44%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                              | AT&T, Inc.                                                                         | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $127726.39    | 0.37%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Bonds                                                                | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $679365.23    | 1.96%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA8945                                                               | CUSIP: 36179X5E2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    354484 | PA      | $336167.85    | 0.97%             | 2053-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA                                                                               | CUSIP: 38378B6A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78052 | PA      | $73464.51     | 0.21%             | 2052-11-16      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $490097.66    | 1.41%             | 2028-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                | Bank of New York Mellon Corp.                                                      | CUSIP: 06406RBP1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150743.75    | 0.43%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                 | Wells Fargo & Co.                                                                  | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153485.24    | 0.44%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold PC Pool #Q08656                                                         | CUSIP: 3132GT5R4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14395 | PA      | $13953.13     | 0.04%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold PC Pool #G06224                                                         | CUSIP: 3128M8G99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26272 | PA      | $25096.09     | 0.07%             | 2041-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                        | Phillips 66 Co.                                                                    | CUSIP: 718547AU6<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155626.03    | 0.45%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                        | Eli Lilly & Co.                                                                    | CUSIP: 532457CR7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150562.08    | 0.43%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA8043                                                               | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1123943 | PA      | $1003743.68   | 2.89%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                            | AbbVie, Inc.                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144712.47    | 0.42%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #QB5314                                                                 | CUSIP: 3133AB3X6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    158971 | PA      | $135287.92    | 0.39%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AS6385                                                                  | CUSIP: 3138WGCX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22772 | PA      | $21895.93     | 0.06%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AY1670                                                                  | CUSIP: 3138YE2C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35185 | PA      | $33078.14     | 0.10%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of California                                                   | State of California                                                                | CUSIP: 13063D2Z0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161957.03    | 0.47%             | 2032-10-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA                                                                               | CUSIP: 38382TQ72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1093309 | PA      | $186572.22    | 0.54%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                                     | Service Corp. International                                                        | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    155000 | PA      | $146140.80    | 0.42%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Bonds                                                                | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $318417.97    | 0.92%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                | Marriott International, Inc.                                                       | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153290.82    | 0.44%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AS6205                                                                  | CUSIP: 3138WF3P9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27502 | PA      | $25820.51     | 0.07%             | 2045-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AY4195                                                                  | CUSIP: 3138YHUV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19073 | PA      | $18369.09     | 0.05%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                                                    | Valero Energy Corp.                                                                | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154408.88    | 0.44%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    986300 | PA      | $961835.13    | 2.77%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                     | HSBC Holdings PLC                                                                  | CUSIP: 404280BT5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $151061.09    | 0.43%             | 2029-06-19      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| LENNAR CORP                                                           | Lennar Corp.                                                                       | CUSIP: 526057CY8<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154493.40    | 0.44%             | 2030-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                      | T-Mobile USA, Inc.                                                                 | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142685.48    | 0.41%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                           | Equinix, Inc.                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    150000 | PA      | $135196.50    | 0.39%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                   | American Tower Corp.                                                               | CUSIP: 03027XBY5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    150000 | PA      | $154587.34    | 0.45%             | 2028-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AI4285                                                                  | CUSIP: 3138AHXP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36038 | PA      | $36832.99     | 0.11%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AB2346                                                                  | CUSIP: 31416XTC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40141 | PA      | $40201.19     | 0.12%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                | NextEra Energy Capital Holdings, Inc.                                              | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154450.03    | 0.44%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TELEDYNE TECHNOLOGIES IN                                              | Teledyne Technologies, Inc.                                                        | CUSIP: 879360AD7<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143115.84    | 0.41%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                                         | Amphenol Corp.                                                                     | CUSIP: 032095AL5<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133115.63    | 0.38%             | 2031-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                      | Welltower OP LLC                                                                   | CUSIP: 95040QAD6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    150000 | PA      | $150914.94    | 0.43%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                                          | Newmont Corp.                                                                      | CUSIP: 651639AZ9<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135621.62    | 0.39%             | 2032-07-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: —       |
| HYATT HOTELS CORP                                                     | Hyatt Hotels Corp.                                                                 | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153377.55    | 0.44%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                              | Regeneron Pharmaceuticals, Inc.                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132298.86    | 0.38%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #QF1236                                                                 | CUSIP: 3133BNLR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    700951 | PA      | $683118.89    | 1.97%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                        | Morgan Stanley                                                                     | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $164856.22    | 0.47%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                                    | City of Norfolk                                                                    | CUSIP: 655867L23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $158337.08    | 0.46%             | 2030-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #QB2958                                                                 | CUSIP: 3133A9JB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155586 | PA      | $137900.19    | 0.40%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #BA3885                                                                  | CUSIP: 3140E8J74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25061 | PA      | $23487.21     | 0.07%             | 2045-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1106127.34   | 3.18%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                                           | Netflix, Inc.                                                                      | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154733.05    | 0.45%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase & Co                                                   | JPMorgan Chase & Co.                                                               | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $122571.90    | 0.35%             | 2048-11-15      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                              | Alexandria Real Estate Equities, Inc.                                              | CUSIP: 015271AU3<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    150000 | PA      | $152717.10    | 0.44%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| Illinois State Toll Highway Authority                                 | Illinois State Toll Highway Authority                                              | CUSIP: 452252FK0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157792.14    | 0.45%             | 2034-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA7054                                                               | CUSIP: 36179VZT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     93464 | PA      | $85968.20     | 0.25%             | 2050-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                | Diamondback Energy, Inc.                                                           | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154480.54    | 0.44%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #QB8153                                                                 | CUSIP: 3133AFBW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    177997 | PA      | $151587.81    | 0.44%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                          | Broadcom, Inc.                                                                     | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148062.65    | 0.43%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                             | Ball Corp.                                                                         | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136266.36    | 0.39%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold PC Pool #Q06307                                                         | CUSIP: 3132GRKU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13792 | PA      | $13110.39     | 0.04%             | 2042-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #SD8023                                                                 | CUSIP: 3132DV4G7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    115082 | PA      | $98118.85     | 0.28%             | 2049-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #SD8163                                                                 | CUSIP: 3132DWB85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    113494 | PA      | $104385.71    | 0.30%             | 2051-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                               | Goldman Sachs Group, Inc.                                                          | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150997.32    | 0.43%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                      | Minnesota Housing Finance Agency                                                   | CUSIP: 60416UDJ1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151092.00    | 0.44%             | 2044-07-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold PC Pool #C91749                                                         | CUSIP: 3128P75J8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57633 | PA      | $57152.60     | 0.16%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                         | Citigroup, Inc.                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150698.00    | 0.43%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                                                   | PayPal Holdings, Inc.                                                              | CUSIP: 70450YAP8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154662.06    | 0.45%             | 2034-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                           | FHLMC Gold PC Pool #Q14593                                                         | CUSIP: 3132HRC65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     91618 | PA      | $84434.68     | 0.24%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                   | JPMorgan Chase & Co.                                                               | CUSIP: 46625HJZ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150086.64    | 0.43%             | 2026-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #FM9834                                                                  | CUSIP: 3140XD4U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    884698 | PA      | $821419.85    | 2.37%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1496074.22   | 4.31%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue | Regents of the University of California Medical Center Pooled Revenue              | CUSIP: 913366KV1<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148393.74    | 0.43%             | 2032-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold PC Pool #Q08903                                                         | CUSIP: 3132GUGL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29004 | PA      | $27517.12     | 0.08%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP                                                 | Costco Wholesale Corp.                                                             | CUSIP: 22160KAQ8<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129833.91    | 0.37%             | 2032-04-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                      | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137FLYV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $195782.60    | 0.56%             | 2029-04-25      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** Value Line Core Bond Fund

**Signature:** Jim Gallo

**Name of Signer:** Jim Gallo

**Title:** Treasurer