# EDGAR Filing Document

**Accession Number:** 0000904170
**File Stem:** 0001410368-25-021587
**Filing Date:** 2025-11
**Character Count:** 114394
**Document Hash:** 3bc7bfb0778e2d7c6eff3368d2a531e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-021587.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001410368-25-021587

**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 ASSET ALLOCATION FUND INC
- **CENTRAL INDEX KEY:** 0000904170

**ORGANIZATION NAME:**
- **EIN:** 133719750
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07702
- **FILM NUMBER:** 251469592

**BUSINESS ADDRESS:**
- **STREET 1:** 1605 MAIN STREET
- **STREET 2:** SUITE 912
- **CITY:** SARASOTA
- **STATE:** FL
- **ZIP:** 34236
- **BUSINESS PHONE:** 2129071900

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

## Series and Classes Contracts Data

### VALUE LINE ASSET ALLOCATION FUND INC (Series ID: S000007558)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000020616 | VALUE LINE ASSET ALLOCATION FUND INC | VLAAX           |
| C000162154 | Institutional                        | VLAIX           |

## Nport-Ex

Value Line Asset Allocation Fund, Inc.

Schedule of Investments (unaudited)

September 30, 2025

------

&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** |
| **COMMON STOCKS 67.8%** | **COMMON STOCKS 67.8%** | **COMMON STOCKS 67.8%** |
| **CONSUMER DISCRETIONARY 1.4%** | **CONSUMER DISCRETIONARY 1.4%** | **CONSUMER DISCRETIONARY 1.4%** |
|  | **DISTRIBUTION/WHOLESALE 1.4%** | **DISTRIBUTION/WHOLESALE 1.4%** |
| 34800 | Pool Corp.  | &nbsp;&nbsp;&nbsp; $10790436 |
| **CONSUMER STAPLES 3.7%** | **CONSUMER STAPLES 3.7%** | **CONSUMER STAPLES 3.7%** |
|  | **RETAIL 3.7%** | **RETAIL 3.7%** |
| 30000 | Costco Wholesale Corp.  | &nbsp;&nbsp;&nbsp; 27768900 |
| **FINANCIALS 14.1%** | **FINANCIALS 14.1%** | **FINANCIALS 14.1%** |
|  | **COMMERCIAL SERVICES 2.2%** | **COMMERCIAL SERVICES 2.2%** |
| 33619 | S&P Global, Inc.  | &nbsp;&nbsp;&nbsp; 16362704 |
|  | **DIVERSIFIED FINANCIALS 4.0%** | **DIVERSIFIED FINANCIALS 4.0%** |
| 180944 | Intercontinental Exchange, Inc.  | &nbsp;&nbsp;&nbsp; 30485445 |
|  | **INSURANCE 6.5%** | **INSURANCE 6.5%** |
| 70100 | American Financial Group, Inc.  | &nbsp;&nbsp;&nbsp; 10214972 |
| 57300 | Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp;&nbsp; 11547669 |
| 150200 | RLI Corp.  | &nbsp;&nbsp;&nbsp; 9796044 |
| 228958 | W.R. Berkley Corp.  | &nbsp;&nbsp;&nbsp; 17542762 |
|  |  | &nbsp;&nbsp; **49101447** |
|  | **SOFTWARE 1.4%** | **SOFTWARE 1.4%** |
| 18600 | MSCI, Inc.  | &nbsp;&nbsp;&nbsp; 10553826 |
|  |  | &nbsp;&nbsp; **106503422** |
| **HEALTHCARE 8.1%** | **HEALTHCARE 8.1%** | **HEALTHCARE 8.1%** |
|  | **HEALTHCARE PRODUCTS 5.6%** | **HEALTHCARE PRODUCTS 5.6%** |
| 26812 | IDEXX Laboratories, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 17129919 |
| 69371 | Stryker Corp.  | &nbsp;&nbsp;&nbsp; 25644377 |
|  |  | &nbsp;&nbsp; **42774296** |
|  | **HEALTHCARE SERVICES 1.3%** | **HEALTHCARE SERVICES 1.3%** |
| 22699 | Chemed Corp.  | &nbsp;&nbsp;&nbsp; 10163251 |
|  | **PHARMACEUTICALS 1.2%** | **PHARMACEUTICALS 1.2%** |
| 60000 | Zoetis, Inc.  | &nbsp;&nbsp;&nbsp; 8779200 |
|  |  | &nbsp;&nbsp; **61716747** |
| **INDUSTRIALS 15.4%** | **INDUSTRIALS 15.4%** | **INDUSTRIALS 15.4%** |
|  | **AEROSPACE/DEFENSE 4.5%** | **AEROSPACE/DEFENSE 4.5%** |
| 16400 | HEICO Corp.  | &nbsp;&nbsp;&nbsp; 5294248 |
| 22000 | TransDigm Group, Inc.  | &nbsp;&nbsp;&nbsp; 28996440 |
|  |  | &nbsp;&nbsp; **34290688** |
|  | **BUILDING MATERIALS 1.7%** | **BUILDING MATERIALS 1.7%** |
| 24400 | Lennox International, Inc.  | &nbsp;&nbsp;&nbsp; 12916384 |
|  | **COMMERCIAL SERVICES 4.3%** | **COMMERCIAL SERVICES 4.3%** |
| 158846 | Cintas Corp.  | &nbsp;&nbsp;&nbsp; 32604730 |
|  | **DISTRIBUTION/WHOLESALE 0.3%** | **DISTRIBUTION/WHOLESALE 0.3%** |
| 5400 | Watsco, Inc.<sup>(2)</sup>  | &nbsp;&nbsp;&nbsp; 2183220 |
|  | **ENGINEERING & CONSTRUCTION 0.4%** | **ENGINEERING & CONSTRUCTION 0.4%** |
| 39300 | Exponent, Inc.  | &nbsp;&nbsp;&nbsp; 2730564 |
|  | **ENVIRONMENTAL CONTROL 4.2%** | **ENVIRONMENTAL CONTROL 4.2%** |
| 125803 | Republic Services, Inc.  | &nbsp;&nbsp;&nbsp; 28869272 |
| 16000 | Waste Connections, Inc.  | &nbsp;&nbsp;&nbsp; 2812800 |
|  |  | &nbsp;&nbsp; **31682072** |
|  |  | &nbsp;&nbsp; **116407658** |
| **INFORMATION TECHNOLOGY 25.1%** | **INFORMATION TECHNOLOGY 25.1%** | **INFORMATION TECHNOLOGY 25.1%** |
|  | **COMPUTERS 2.5%** | **COMPUTERS 2.5%** |
| 146900 | CGI, Inc.  | &nbsp;&nbsp;&nbsp; 13093197 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 67.8% (continued)** | **COMMON STOCKS 67.8% (continued)** | **COMMON STOCKS 67.8% (continued)** |
| **INFORMATION TECHNOLOGY 25.1% (continued)** | **INFORMATION TECHNOLOGY 25.1% (continued)** | **INFORMATION TECHNOLOGY 25.1% (continued)** |
|  | **COMPUTERS 2.5% (continued)** | **COMPUTERS 2.5% (continued)** |
| 23400 | Gartner, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; $6151158 |
|  |  | &nbsp;&nbsp; **19244355** |
|  | **INTERNET 0.5%** | **INTERNET 0.5%** |
| 22000 | CDW Corp.  | &nbsp;&nbsp;&nbsp; 3504160 |
|  | **SOFTWARE 18.4%** | **SOFTWARE 18.4%** |
| 72700 | Cadence Design Systems, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 25536602 |
| 11600 | Fair Isaac Corp.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 17359748 |
| 24810 | Intuit, Inc.  | &nbsp;&nbsp;&nbsp; 16942997 |
| 22600 | Roper Technologies, Inc.  | &nbsp;&nbsp;&nbsp; 11270394 |
| 30525 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 28091547 |
| 25800 | Synopsys, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 12729462 |
| 52737 | Tyler Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 27589889 |
|  |  | &nbsp;&nbsp; **139520639** |
|  | **TELECOMMUNICATIONS 3.7%** | **TELECOMMUNICATIONS 3.7%** |
| 61100 | Motorola Solutions, Inc.  | &nbsp;&nbsp;&nbsp; 27940419 |
|  |  | &nbsp;&nbsp; **190209573** |
| **TOTAL COMMON STOCKS** <br>**(Cost $250,219,518)** | **TOTAL COMMON STOCKS** <br>**(Cost $250,219,518)** | &nbsp;&nbsp; **513396736** |

---

&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 0.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.6%** |
| $1282753 | &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>(3)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1300912 |
| 1439290 | &nbsp;&nbsp;&nbsp; FNMA, Series 2023-R02, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 6.66%, <br> 1/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1465385 |
| 1417667 | &nbsp;&nbsp;&nbsp; FNMA, Series 2023-R04, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 6.66%, <br> 5/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1446913 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $4,153,073)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $4,153,073)** | &nbsp;&nbsp; **4213210** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.5%** |
| 1168011 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K055, Class A2, 2.67%, <br> 3/25/26 <br>| &nbsp;&nbsp;&nbsp; 1159220 |
| 1580000 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K064, Class A2, 3.22%, <br> 3/25/27 <br>| &nbsp;&nbsp;&nbsp; 1564254 |
| 750000 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K084, Class A2, 3.78%, <br> 10/25/28<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 746656 |
| 85299 | &nbsp;&nbsp;&nbsp; GNMA, Series 2013-12, Class B, 2.06%, <br> 11/16/52<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 80833 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $3,800,870)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $3,800,870)** | &nbsp;&nbsp; **3550963** |
| **CORPORATE BONDS & NOTES 10.7%** | **CORPORATE BONDS & NOTES 10.7%** | **CORPORATE BONDS & NOTES 10.7%** |
| **BASIC MATERIALS 0.3%** | **BASIC MATERIALS 0.3%** | **BASIC MATERIALS 0.3%** |
|  | **IRON/STEEL 0.2%** | **IRON/STEEL 0.2%** |
| 1200000 | &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 1197757 |

---

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** |
| **BASIC MATERIALS 0.3% (continued)** | **BASIC MATERIALS 0.3% (continued)** | **BASIC MATERIALS 0.3% (continued)** |
|  | **MINING 0.1%** | **MINING 0.1%** |
| $1200000 | &nbsp;&nbsp;&nbsp; Newmont Corp., Guaranteed Notes, 2.60%, <br> 7/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; $1084973 |
|  |  | &nbsp;&nbsp; **2282730** |
| **COMMUNICATIONS 1.1%** | **COMMUNICATIONS 1.1%** | **COMMUNICATIONS 1.1%** |
|  | **INTERNET 0.5%** | **INTERNET 0.5%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30 <br>| &nbsp;&nbsp;&nbsp; 1146534 |
| 1250000 | &nbsp;&nbsp;&nbsp; Netflix, Inc., Senior Unsecured Notes, 4.90%, <br> 8/15/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 1289442 |
| 1200000 | &nbsp;&nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp;&nbsp; 1081584 |
|  |  | &nbsp;&nbsp; **3517560** |
|  | **MEDIA 0.1%** | **MEDIA 0.1%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Comcast Corp., Guaranteed Notes, 4.15%, <br> 10/15/28 <br>| &nbsp;&nbsp;&nbsp; 1203522 |
|  | **TELECOMMUNICATIONS 0.5%** | **TELECOMMUNICATIONS 0.5%** |
| 1240000 | &nbsp;&nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, 2.55%, <br> 12/1/33 <br>| &nbsp;&nbsp;&nbsp; 1055871 |
| 1200000 | &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp;&nbsp; 1250123 |
| 1275000 | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, <br> 3.50%, 4/15/31 <br>| &nbsp;&nbsp;&nbsp; 1212827 |
|  |  | &nbsp;&nbsp; **3518821** |
|  |  | &nbsp;&nbsp; **8239903** |
| **CONSUMER, CYCLICAL 0.8%** | **CONSUMER, CYCLICAL 0.8%** | **CONSUMER, CYCLICAL 0.8%** |
|  | **AUTO MANUFACTURERS 0.2%** | **AUTO MANUFACTURERS 0.2%** |
| 1200000 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp;&nbsp; 1207143 |
|  | **HOME BUILDERS 0.2%** | **HOME BUILDERS 0.2%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Lennar Corp., Senior Unsecured Notes, <br> 5.20%, 7/30/30 <br>| &nbsp;&nbsp;&nbsp; 1235947 |
|  | **LODGING 0.3%** | **LODGING 0.3%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured Notes, <br> 5.38%, 12/15/31 <br>| &nbsp;&nbsp;&nbsp; 1227020 |
| 1200000 | &nbsp;&nbsp;&nbsp; Marriott International, Inc., Senior Unsecured <br> Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp;&nbsp; 1226327 |
|  |  | &nbsp;&nbsp; **2453347** |
|  | **RETAIL 0.1%** | **RETAIL 0.1%** |
| 1225000 | &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32 <br>| &nbsp;&nbsp;&nbsp; 1060310 |
|  |  | &nbsp;&nbsp; **5956747** |
| **CONSUMER, NON-CYCLICAL 1.4%** | **CONSUMER, NON-CYCLICAL 1.4%** | **CONSUMER, NON-CYCLICAL 1.4%** |
|  | **BIOTECHNOLOGY 0.3%** | **BIOTECHNOLOGY 0.3%** |
| 1210000 | &nbsp;&nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, 2.20%, <br> 2/21/27 <br>| &nbsp;&nbsp;&nbsp; 1180577 |
| 1225000 | &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp;&nbsp; 1080441 |
|  |  | &nbsp;&nbsp; **2261018** |
|  | **COMMERCIAL SERVICES 0.2%** | **COMMERCIAL SERVICES 0.2%** |
| 1200000 | &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 1237297 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** |
| **CONSUMER, NON-CYCLICAL 1.4% (continued)** | **CONSUMER, NON-CYCLICAL 1.4% (continued)** | **CONSUMER, NON-CYCLICAL 1.4% (continued)** |
|  | **HEALTHCARE PRODUCTS 0.3%** | **HEALTHCARE PRODUCTS 0.3%** |
| $1200000 | &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp;&nbsp; $1223576 |
| 1200000 | &nbsp;&nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35 <br>| &nbsp;&nbsp;&nbsp; 1237503 |
|  |  | &nbsp;&nbsp; **2461079** |
|  | **PHARMACEUTICALS 0.6%** | **PHARMACEUTICALS 0.6%** |
| 1200000 | &nbsp;&nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, 3.20%, <br> 11/21/29 <br>| &nbsp;&nbsp;&nbsp; 1157700 |
| 1200000 | &nbsp;&nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp;&nbsp; 1056402 |
| 1200000 | &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp;&nbsp; 1204496 |
| 1250000 | &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53 <br>| &nbsp;&nbsp;&nbsp; 1207983 |
|  |  | &nbsp;&nbsp; **4626581** |
|  |  | &nbsp;&nbsp; **10585975** |
| **ENERGY 1.1%** | **ENERGY 1.1%** | **ENERGY 1.1%** |
|  | **OIL & GAS 0.6%** | **OIL & GAS 0.6%** |
| 1250000 | &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed Notes, <br> 5.15%, 1/30/30 <br>| &nbsp;&nbsp;&nbsp; 1287338 |
| 1325000 | &nbsp;&nbsp;&nbsp; Hess Corp., Senior Unsecured Notes, 4.30%, <br> 4/1/27 <br>| &nbsp;&nbsp;&nbsp; 1329376 |
| 1200000 | &nbsp;&nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp;&nbsp; 1245008 |
| 1200000 | &nbsp;&nbsp;&nbsp; Valero Energy Corp., Senior Unsecured Notes, <br> 5.15%, 2/15/30 <br>| &nbsp;&nbsp;&nbsp; 1235271 |
|  |  | &nbsp;&nbsp; **5096993** |
|  | **PIPELINES 0.5%** | **PIPELINES 0.5%** |
| 1250000 | &nbsp;&nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33 <br>| &nbsp;&nbsp;&nbsp; 1064043 |
| 1200000 | &nbsp;&nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp;&nbsp; 1209787 |
| 1250000 | Targa Resources Corp., 6.50%, 3/30/34  | &nbsp;&nbsp;&nbsp; 1361090 |
|  |  | &nbsp;&nbsp; **3634920** |
|  |  | &nbsp;&nbsp; **8731913** |
| **FINANCIAL 3.7%** | **FINANCIAL 3.7%** | **FINANCIAL 3.7%** |
|  | **BANKS 2.3%** | **BANKS 2.3%** |
| 1250000 | &nbsp;&nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR + <br> 2.16%), 5.02%, 7/22/33<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1277209 |
| 1250000 | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., (1 day USD <br> SOFR + 1.51%), 4.71%, 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1256198 |
| 1200000 | &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Unsecured Notes, (1 day <br> USD SOFR + 1.91%), 5.34%, 9/10/35<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1217324 |
| 1250000 | &nbsp;&nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1265105 |
| 1200000 | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.42%), 5.02%, 10/23/35<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1207979 |
| 1200000 | &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Unsecured Notes, <br> (3 mo. USD Term SOFR + 1.80%), 4.58%, <br> 6/19/29<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1208489 |
| 1200000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + 1.64%), <br> 3.96%, 11/15/48<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 980575 |

---

*See Supplementary Notes to Financial Statements.*

------

September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** |
| **FINANCIAL 3.7% (continued)** | **FINANCIAL 3.7% (continued)** | **FINANCIAL 3.7% (continued)** |
|  | **BANKS 2.3% (continued)** | **BANKS 2.3% (continued)** |
| $1200000 | &nbsp;&nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; $1203068 |
| 1250000 | &nbsp;&nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + 2.56%), <br> 6.34%, 10/18/33<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1373802 |
| 1200000 | &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>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1216507 |
| 1200000 | &nbsp;&nbsp;&nbsp; Regions Financial Corp., Senior Unsecured <br> Notes, (1 day USD SOFR + 2.06%), 5.50%, <br> 9/6/35<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1233683 |
| 1200000 | &nbsp;&nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 day <br> USD SOFR + 1.60%), 4.84%, 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1205255 |
| 1250000 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1279044 |
| 1300000 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1142082 |
|  |  | &nbsp;&nbsp; **17066320** |
|  | **DIVERSIFIED FINANCIALS 0.5%** | **DIVERSIFIED FINANCIALS 0.5%** |
| 1250000 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, 3.30%, <br> 1/30/32 <br>| &nbsp;&nbsp;&nbsp; 1151117 |
| 1200000 | &nbsp;&nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), 5.04%, <br> 5/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 1232072 |
| 1250000 | &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Unsecured <br> Notes, 4.10%, 2/9/27 <br>| &nbsp;&nbsp;&nbsp; 1247923 |
|  |  | &nbsp;&nbsp; **3631112** |
|  | **REITS 0.9%** | **REITS 0.9%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 1221737 |
| 1200000 | American Tower Corp., 5.50%, 3/15/28  | &nbsp;&nbsp;&nbsp; 1236699 |
| 1250000 | &nbsp;&nbsp;&nbsp; Equinix, Inc., Senior Unsecured Notes, <br> 2.50%, 5/15/31 <br>| &nbsp;&nbsp;&nbsp; 1126637 |
| 1200000 | &nbsp;&nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp;&nbsp; 1234849 |
| 1250000 | &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured <br> Notes, 2.25%, 12/1/31 <br>| &nbsp;&nbsp;&nbsp; 1101008 |
| 1225000 | &nbsp;&nbsp;&nbsp; Welltower OP LLC, Senior Unsecured Notes, <br> 4.25%, 4/15/28 <br>| &nbsp;&nbsp;&nbsp; 1232472 |
|  |  | &nbsp;&nbsp; **7153402** |
|  |  | &nbsp;&nbsp; **27850834** |
| **INDUSTRIAL 0.6%** | **INDUSTRIAL 0.6%** | **INDUSTRIAL 0.6%** |
|  | **AEROSPACE/DEFENSE 0.2%** | **AEROSPACE/DEFENSE 0.2%** |
| 1250000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp;&nbsp; 1130362 |
|  | **ELECTRONICS 0.1%** | **ELECTRONICS 0.1%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31 <br>| &nbsp;&nbsp;&nbsp; 1064925 |
|  | **MISCELLANEOUS MANUFACTURERS 0.2%** | **MISCELLANEOUS MANUFACTURERS 0.2%** |
| 1200000 | Teledyne Technologies, Inc., 2.25%, 4/1/28  | &nbsp;&nbsp;&nbsp; 1144927 |
|  | **PACKAGING & CONTAINERS 0.1%** | **PACKAGING & CONTAINERS 0.1%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp;&nbsp; 1090131 |
|  |  | &nbsp;&nbsp; **4430345** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** | **CORPORATE BONDS & NOTES 10.7% (continued)** |
| **TECHNOLOGY 1.1%** | **TECHNOLOGY 1.1%** | **TECHNOLOGY 1.1%** |
|  | **COMPUTERS 0.3%** | **COMPUTERS 0.3%** |
| $1200000 | &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., Guaranteed <br> Notes, 5.40%, 4/15/34 <br>| &nbsp;&nbsp;&nbsp; $1239021 |
| 1200000 | &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31 <br>| &nbsp;&nbsp;&nbsp; 1091074 |
|  |  | &nbsp;&nbsp; **2330095** |
|  | **SEMICONDUCTORS 0.5%** | **SEMICONDUCTORS 0.5%** |
| 1265000 | &nbsp;&nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured Notes, <br> 2.80%, 10/1/41 <br>| &nbsp;&nbsp;&nbsp; 936367 |
| 1225000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp;&nbsp; 1209178 |
| 1200000 | &nbsp;&nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp;&nbsp; 1282126 |
|  |  | &nbsp;&nbsp; **3427671** |
|  | **SOFTWARE 0.3%** | **SOFTWARE 0.3%** |
| 1200000 | &nbsp;&nbsp;&nbsp; Fiserv, Inc., Senior Unsecured Notes, 5.25%, <br> 8/11/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 1212767 |
| 1200000 | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., Senior Unsecured <br> Notes, 5.10%, 9/15/35 <br>| &nbsp;&nbsp;&nbsp; 1209684 |
|  |  | &nbsp;&nbsp; **2422451** |
|  |  | &nbsp;&nbsp; **8180217** |
| **UTILITIES 0.6%** | **UTILITIES 0.6%** | **UTILITIES 0.6%** |
|  | **ELECTRIC 0.5%** | **ELECTRIC 0.5%** |
| 1275000 | &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Unsecured Notes, <br> 4.50%, 8/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 1266961 |
| 1200000 | &nbsp;&nbsp;&nbsp; National Grid PLC, Senior Unsecured Notes, <br> 5.42%, 1/11/34 <br>| &nbsp;&nbsp;&nbsp; 1244606 |
| 1200000 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 1235600 |
|  |  | &nbsp;&nbsp; **3747167** |
|  | **GAS 0.1%** | **GAS 0.1%** |
| 1200000 | &nbsp;&nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp;&nbsp; 1162027 |
|  |  | &nbsp;&nbsp; **4909194** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $81,181,829)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $81,181,829)** | &nbsp;&nbsp; **81167858** |
| **LONG-TERM MUNICIPAL SECURITIES 0.8%** | **LONG-TERM MUNICIPAL SECURITIES 0.8%** | **LONG-TERM MUNICIPAL SECURITIES 0.8%** |
|  | **CALIFORNIA 0.3%** | **CALIFORNIA 0.3%** |
| 1200000 | &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; 1187150 |
| 1250000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp;&nbsp; 1349642 |
|  |  | &nbsp;&nbsp; **2536792** |
|  | **HAWAII 0.2%** | **HAWAII 0.2%** |
| 1200000 | &nbsp;&nbsp;&nbsp; State of Hawaii, Series GN, GO, 4.62%, <br> 10/1/32 <br>| &nbsp;&nbsp;&nbsp; 1223725 |
|  | **MICHIGAN 0.2%** | **MICHIGAN 0.2%** |
| 1200000 | University of Michigan, 5.18%, 4/1/35  | &nbsp;&nbsp;&nbsp; 1215491 |
|  | **MINNESOTA 0.1%** | **MINNESOTA 0.1%** |
| 1185000 | &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Series J, <br> 5.85%, 7/1/44 <br>| &nbsp;&nbsp;&nbsp; 1193627 |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $6,072,167)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $6,072,167)** | &nbsp;&nbsp; **6169635** |

---

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.6%** |
| $21541 | &nbsp;&nbsp;&nbsp; FHLMC, Series 4151, Class PA, 2.00%, <br> 1/15/33 <br>| &nbsp;&nbsp;&nbsp; $20474 |
| 3550 | FHLMC Gold PC Pool #G08488, 3.50%, 4/1/42  | &nbsp;&nbsp;&nbsp; 3373 |
| 837467 | FHLMC Pool #QB2462, 3.00%, 8/1/50  | &nbsp;&nbsp;&nbsp; 743054 |
| 1622536 | FHLMC Pool #QB2958, 3.00%, 9/1/50  | &nbsp;&nbsp;&nbsp; 1438102 |
| 3399820 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp;&nbsp; 3313331 |
| 2427439 | FHLMC Pool #QG6306, 5.00%, 7/1/53  | &nbsp;&nbsp;&nbsp; 2418343 |
| 695905 | FHLMC Pool #RA6817, 2.50%, 2/1/52  | &nbsp;&nbsp;&nbsp; 591630 |
| 645828 | FHLMC Pool #RB5022, 3.00%, 11/1/39  | &nbsp;&nbsp;&nbsp; 604103 |
| 574869 | FHLMC Pool #SD7514, 3.50%, 4/1/50  | &nbsp;&nbsp;&nbsp; 532563 |
| 1719411 | FHLMC Pool #SD8108, 3.00%, 11/1/50  | &nbsp;&nbsp;&nbsp; 1524509 |
| 670386 | FHLMC Pool #SD8196, 3.50%, 2/1/52  | &nbsp;&nbsp;&nbsp; 615414 |
| 726594 | FHLMC Pool #ZS4647, 3.50%, 1/1/46  | &nbsp;&nbsp;&nbsp; 681582 |
| 1149369 | FNMA Pool #AS0516, 3.00%, 9/1/43  | &nbsp;&nbsp;&nbsp; 1055812 |
| 183514 | FNMA Pool #AX9528, 3.50%, 2/1/45  | &nbsp;&nbsp;&nbsp; 172525 |
| 24210 | FNMA Pool #AZ6194, 3.50%, 10/1/45  | &nbsp;&nbsp;&nbsp; 22770 |
| 1012658 | FNMA Pool #BM3634, 3.50%, 5/1/47  | &nbsp;&nbsp;&nbsp; 946783 |
| 922854 | FNMA Pool #BP5709, 2.50%, 5/1/50  | &nbsp;&nbsp;&nbsp; 785680 |
| 674936 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp;&nbsp; 603782 |
| 4501572 | FNMA Pool #CB2403, 2.50%, 12/1/51  | &nbsp;&nbsp;&nbsp; 3807891 |
| 7078689 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp;&nbsp; 6915073 |
| 2182466 | FNMA Pool #FM2202, 4.00%, 12/1/48  | &nbsp;&nbsp;&nbsp; 2097049 |
| 865963 | FNMA Pool #FM3254, 3.50%, 5/1/49  | &nbsp;&nbsp;&nbsp; 812411 |
| 856028 | FNMA Pool #FM4140, 2.50%, 9/1/50  | &nbsp;&nbsp;&nbsp; 733965 |
| 820423 | FNMA Pool #FM9509, 3.00%, 11/1/36  | &nbsp;&nbsp;&nbsp; 789431 |
| 1016638 | FNMA Pool #FM9760, 3.50%, 11/1/51  | &nbsp;&nbsp;&nbsp; 935792 |
| 1568144 | FNMA Pool #FM9834, 3.50%, 6/1/49  | &nbsp;&nbsp;&nbsp; 1455982 |
| 1322352 | FNMA Pool #FM9939, 4.00%, 1/1/52  | &nbsp;&nbsp;&nbsp; 1250267 |
| 794939 | FNMA Pool #MA4055, 2.50%, 6/1/50  | &nbsp;&nbsp;&nbsp; 677510 |
| 987006 | FNMA Pool #MA4222, 3.50%, 12/1/50  | &nbsp;&nbsp;&nbsp; 911373 |
| 1235062 | FNMA Pool #MA4494, 3.00%, 12/1/51  | &nbsp;&nbsp;&nbsp; 1093374 |
| 1939662 | FNMA Pool #MA4495, 3.50%, 12/1/51  | &nbsp;&nbsp;&nbsp; 1784265 |
| 2139018 | FNMA Pool #MA5283, MBS, 4.00%, 2/1/54  | &nbsp;&nbsp;&nbsp; 2016859 |
| 5481 | &nbsp;&nbsp;&nbsp; FNMA REMIC Trust Series 2013-18, Series <br> 2013-18, Class AE, 2.00%, 3/25/28 <br>| &nbsp;&nbsp;&nbsp; 5378 |
| 25553 | &nbsp;&nbsp;&nbsp; FNMA REMIC Trust Series 2013-41, Series <br> 2013-41, Class WD, 2.00%, 11/25/42 <br>| &nbsp;&nbsp;&nbsp; 23826 |
| 6559855 | &nbsp;&nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, 3.00%, <br> 6/20/51 <br>| &nbsp;&nbsp;&nbsp; 1119433 |
| 929299 | GNMA II Pool #MA3937, 3.50%, 9/20/46  | &nbsp;&nbsp;&nbsp; 864397 |
| 616863 | GNMA II Pool #MA7054, 3.50%, 12/20/50  | &nbsp;&nbsp;&nbsp; 567390 |
| 2935604 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp;&nbsp; 2692619 |
| 5411600 | &nbsp;&nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp;&nbsp; 4661128 |
| 9488522 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp;&nbsp; 8473782 |
| 2644164 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp;&nbsp; 2507540 |
| 2951003 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp;&nbsp; 2933809 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $69,137,337)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $69,137,337)** | &nbsp;&nbsp; **65204374** |
| **U.S. TREASURY OBLIGATIONS 10.2%** | **U.S. TREASURY OBLIGATIONS 10.2%** | **U.S. TREASURY OBLIGATIONS 10.2%** |
| 3000000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp;&nbsp; 2744531 |
| 5000000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp;&nbsp; 4529102 |
| 3000000 | U.S. Treasury Bonds, 3.63%, 5/15/53  | &nbsp;&nbsp;&nbsp; 2477812 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **U.S. TREASURY OBLIGATIONS 10.2% (continued)** | **U.S. TREASURY OBLIGATIONS 10.2% (continued)** | **U.S. TREASURY OBLIGATIONS 10.2% (continued)** |
| $3000000 | U.S. Treasury Bonds, 4.25%, 8/15/54  | &nbsp;&nbsp;&nbsp; $2769375 |
| 4000000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp;&nbsp; 4022281 |
| 12500300 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp;&nbsp; 12190234 |
| 5000000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp;&nbsp; 4900977 |
| 2000000 | U.S. Treasury Notes, 1.63%, 8/15/29  | &nbsp;&nbsp;&nbsp; 1855547 |
| 8000000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp;&nbsp; 7980625 |
| 5000000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp;&nbsp; 4559570 |
| 8000000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp;&nbsp; 7437187 |
| 7500000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp;&nbsp; 7437891 |
| 7000000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp;&nbsp; 6981680 |
| 7000000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp;&nbsp; 7064531 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $76,336,113)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $76,336,113)** | &nbsp;&nbsp; **76951343** |

---

&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 0.9%** | **SHORT-TERM INVESTMENTS 0.9%** |
|  | **MONEY MARKET FUNDS 0.9%** |
| 5795896<br> &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 4.09%<sup>(5)</sup> <br>| &nbsp;&nbsp;&nbsp; 5795896 |
| 861190<br> &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(6)</sup> <br>| &nbsp;&nbsp;&nbsp; 861190 |
|  | &nbsp;&nbsp; **6657086** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,657,086)** | &nbsp;&nbsp; **6657086** |
| **TOTAL INVESTMENTS IN SECURITIES 100.1%** <br>**(Cost $497,557,993)** | &nbsp;&nbsp; **$757311205** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.1)%** | &nbsp;&nbsp; **(612268)**<br>|
| **NET ASSETS**<sup>(7)</sup> **100.0%** | &nbsp;&nbsp; **$756698937** |

---

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

*See Supplementary Notes to Financial Statements.*

------

September 30, 2025

------

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

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *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 $11,124,862.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Pursuant to Rule 144A under the Securities Act of 1933,* *this security can only be sold to qualified institutional* *investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *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;*(5)* *Rate reflects 7 day yield as of September 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *Securities with an aggregate market value of* *$11,124,862 were out on loan in exchange for $861,190* *of cash collateral as of September 30, 2025. The* *collateral was invested in a cash collateral reinvestment* *vehicle.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(7)* *For federal income tax purposes, the aggregate cost was* *$497,557,993, aggregate gross unrealized appreciation* *was $272,784,553, aggregate gross unrealized* *depreciation was $13,031,341 and the net unrealized* *appreciation was $259,753,212.* 

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

---

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

---

*See Supplementary Notes to Financial Statements.*

------

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 ASSET ALLOCATION FUND INC

- **b. Investment Company Act file number:** 811-07702

- **c. CIK number of Registrant:** 0000904170

- **d. LEI of Registrant:** 549300IQJPPEZPF7LK27

- **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 ASSET ALLOCATION FUND INC

- **b. EDGAR series identifier (if any):** S000007558

- **c. LEI of Series:** 549300IQJPPEZPF7LK27

**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:** $759441215.84

**Total Liabilities:** $1640900.88

**Net Assets:** $757800314.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -128.34000000 | **1-Year:** -4230.85000000 | **5-Year:** -22965.11000000 | **10-Year:** -21423.96000000 | **30-Year:** -3394.97000000

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

- **3-Month:** -0.77000000 | **1-Year:** -33.06000000 | **5-Year:** -461.01000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162154 | -1.17%               | -0.66%               | -1.53%               |
| Class ID C000020616 | -1.20%               | -0.69%               | -1.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2008279.19              | $-13104737.43                              |
| Month 2  | $1881751.75              | $-8182080.82                               |
| Month 3  | $2010950.16              | $-16714843.18                              |

### 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        |   1265000 | PA      | $936366.64    | 0.12%             | 2041-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                          | Comcast Corp.                                                                      | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1203521.83   | 0.16%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                            | Intuit, Inc.                                                                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     24810 | NS      | $16942997.10  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #FM3254                                                                  | CUSIP: 3140X6TL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    865963 | PA      | $812411.34    | 0.11%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7437187.52   | 0.98%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MSCI Inc                                                              | MSCI, Inc.                                                                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     18600 | NS      | $10553826.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                                                              | RTX Corp.                                                                          | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1130362.11   | 0.15%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AZ6194                                                                  | CUSIP: 3138YX3C7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24210 | PA      | $22770.33     | 0.00%             | 2045-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pool Corp                                                             | Pool Corp.                                                                         | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     34800 | NS      | $10790436.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP                                                  | Targa Resources Corp.                                                              | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1361090.36   | 0.18%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #RB5022                                                                 | CUSIP: 3133KYSK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    645828 | PA      | $604103.47    | 0.08%             | 2039-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA REMIC Trust Series 2013-18                                                    | CUSIP: 3136ACA27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5481 | PA      | $5377.80      | 0.00%             | 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        |   1439290 | PA      | $1465384.45   | 0.19%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                | University of Michigan                                                             | CUSIP: 914455LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1215490.56   | 0.16%             | 2035-04-01      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Bonds                                                                | CUSIP: 912810QA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2744531.25   | 0.36%             | 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        |   1200000 | PA      | $1233683.22   | 0.16%             | 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        |   1417667 | PA      | $1446913.19   | 0.19%             | 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        |   7000000 | PA      | $7064531.25   | 0.93%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                               | MPLX LP                                                                            | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1209786.40   | 0.16%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                                                 | Costco Wholesale Corp.                                                             | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     30000 | NS      | $27768900.00  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELORMITTAL                                                         | ArcelorMittal SA                                                                   | CUSIP: 03938LBC7<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |   1200000 | PA      | $1197756.84   | 0.16%             | 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        |   2935604 | PA      | $2692618.83   | 0.36%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #BP5709                                                                  | CUSIP: 3140KDKX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    922854 | PA      | $785679.94    | 0.10%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                          | State Street Navigator Securities Lending Government Money Market Portfolio        | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |    861190 | NS      | $861190.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA9527                                                               | CUSIP: 36179YSQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2951003 | PA      | $2933809.33   | 0.39%             | 2054-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                       | State of Hawaii                                                                    | CUSIP: 419792Q25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1223725.32   | 0.16%             | 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        |   1200000 | PA      | $1091074.67   | 0.14%             | 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        |   1200000 | PA      | $1223576.05   | 0.16%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                      | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137BXQY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1580000 | PA      | $1564253.72   | 0.21%             | 2027-03-25      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                            | U.S. Bancorp                                                                       | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1205254.42   | 0.16%             | 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        |   1200000 | PA      | $1282125.86   | 0.17%             | 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        |   1250000 | PA      | $1247923.44   | 0.16%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                | Extra Space Storage LP                                                             | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |   1200000 | PA      | $1234848.84   | 0.16%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Cintas Corp                                                           | Cintas Corp.                                                                       | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158846 | NS      | $32604729.96  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                                          | Exponent, Inc.                                                                     | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |     39300 | NS      | $2730564.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                            | FNMA REMIC Trust Series 2013-41                                                    | CUSIP: 3136ADV30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25553 | PA      | $23825.82     | 0.00%             | 2042-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #SD8196                                                                 | CUSIP: 3132DWC92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    670386 | PA      | $615414.33    | 0.08%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                               | Dell International LLC/EMC Corp.                                                   | CUSIP: 24703DBN0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1239020.83   | 0.16%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AX9528                                                                  | CUSIP: 3138YBSS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    183514 | PA      | $172524.60    | 0.02%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA3937                                                               | CUSIP: 36179SLS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    929299 | PA      | $864396.69    | 0.11%             | 2046-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                                                            | Zoetis, Inc.                                                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     60000 | NS      | $8779200.00   | 1.16%             |  |  |  | No            |                  1 | 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        |   1250000 | PA      | $1151116.85   | 0.15%             | 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        |   1200000 | PA      | $1146534.29   | 0.15%             | 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        |   1200000 | PA      | $1232071.93   | 0.16%             | 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        |   1250000 | PA      | $1277208.98   | 0.17%             | 2033-07-22      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #RA6817                                                                 | CUSIP: 3133KNSE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    695905 | PA      | $591629.80    | 0.08%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                            | Fiserv, Inc.                                                                       | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1212767.50   | 0.16%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| M&T BANK CORPORATION                                                  | M&T Bank Corp.                                                                     | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1203068.11   | 0.16%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                          | NiSource, Inc.                                                                     | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1162027.42   | 0.15%             | 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        |   1200000 | PA      | $1250123.34   | 0.16%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CDW Corp/DE                                                           | CDW Corp.                                                                          | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     22000 | NS      | $3504160.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                                                | Tyler Technologies, Inc.                                                           | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     52737 | NS      | $27589888.92  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #FM9939                                                                  | CUSIP: 3140XEBH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1322352 | PA      | $1250266.99   | 0.16%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                | Roper Technologies, Inc.                                                           | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1209683.75   | 0.16%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #FM4140                                                                  | CUSIP: 3140X7S67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    856028 | PA      | $733964.65    | 0.10%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                          | VeriSign, Inc.                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1081583.46   | 0.14%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                | PNC Financial Services Group, Inc.                                                 | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1216507.40   | 0.16%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                                       | AstraZeneca PLC                                                                    | CUSIP: 046353AW8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1056401.75   | 0.14%             | 2030-08-06      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                         | Intercontinental Exchange, Inc.                                                    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    180944 | NS      | $30485445.12  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7437890.63   | 0.98%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Stryker Corp                                                          | Stryker Corp.                                                                      | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     69371 | NS      | $25644377.57  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                              | GNMA                                                                               | CUSIP: 38378B6L8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     85299 | PA      | $80833.20     | 0.01%             | 2052-11-16      | Variable      | 2.06%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                   | Kimco Realty OP LLC                                                                | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |   1250000 | PA      | $1101008.00   | 0.15%             | 2031-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #CA5540                                                                  | CUSIP: 3140QDEN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    674936 | PA      | $603782.07    | 0.08%             | 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        |   5795896 | NS      | $5795896.32   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                                      | W.R. Berkley Corp.                                                                 | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    228958 | NS      | $17542761.96  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                                           | Gartner, Inc.                                                                      | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     23400 | NS      | $6151158.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                                              | Marsh & McLennan Cos., Inc.                                                        | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     57300 | NS      | $11547669.00  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7980624.96   | 1.05%             | 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        |   5000000 | PA      | $4559570.30   | 0.60%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #FM9760                                                                  | CUSIP: 3140XDZ25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1016639 | PA      | $935791.61    | 0.12%             | 2051-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                                          | Stryker Corp.                                                                      | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1237503.30   | 0.16%             | 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        |   1250000 | PA      | $1207983.25   | 0.16%             | 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        |   5411600 | PA      | $4661127.84   | 0.62%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                             | Amgen, Inc.                                                                        | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1180577.16   | 0.16%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #CB5892                                                                  | CUSIP: 3140QRRN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7078689 | PA      | $6915072.62   | 0.91%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Financial Group Inc/OH                                       | American Financial Group, Inc.                                                     | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     70100 | NS      | $10214972.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                                 | Wells Fargo & Co.                                                                  | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1142082.19   | 0.15%             | 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        |   1200000 | PA      | $1207142.66   | 0.16%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                      | Duke Energy Corp.                                                                  | CUSIP: 26441CBT1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1266960.96   | 0.17%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                | U.S. Treasury Bonds                                                                | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2477812.50   | 0.33%             | 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        |   1200000 | PA      | $1244605.56   | 0.16%             | 2034-01-11      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| RLI Corp                                                              | RLI Corp.                                                                          | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    150200 | NS      | $9796044.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                                          | Enbridge, Inc.                                                                     | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1250000 | PA      | $1064043.28   | 0.14%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                         | Citigroup, Inc.                                                                    | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1265105.26   | 0.17%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #CB2403                                                                  | CUSIP: 3140QMU51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4501572 | PA      | $3807891.35   | 0.50%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                                                   | TransDigm Group, Inc.                                                              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $28996440.00  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                                             | Hess Corp.                                                                         | CUSIP: 42809HAG2<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1329375.48   | 0.18%             | 2027-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc                                            | Cadence Design Systems, Inc.                                                       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     72700 | NS      | $25536602.00  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #FM2202                                                                  | CUSIP: 3140X5NU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2182466 | PA      | $2097049.19   | 0.28%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                          | Barclays PLC                                                                       | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1217324.11   | 0.16%             | 2035-09-10      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                      | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137FJZ93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $746656.50    | 0.10%             | 2028-10-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Republic Services Inc                                                 | Republic Services, Inc.                                                            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    125803 | NS      | $28869272.44  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                                                   | FHLMC                                                                              | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | USGSE             | US        |   1282753 | PA      | $1300912.09   | 0.17%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| HEICO Corp                                                            | HEICO Corp.                                                                        | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     16400 | NS      | $5294248.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                              | AT&T, Inc.                                                                         | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1055871.47   | 0.14%             | 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        |   5000000 | PA      | $4529101.55   | 0.60%             | 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        |   2644164 | PA      | $2507540.01   | 0.33%             | 2053-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #MA4222                                                                  | CUSIP: 31418DVQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    987006 | PA      | $911373.45    | 0.12%             | 2050-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4900976.55   | 0.65%             | 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        |   1250000 | PA      | $1256197.93   | 0.17%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #SD8108                                                                 | CUSIP: 3132DWAH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1719411 | PA      | $1524508.82   | 0.20%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                 | Wells Fargo & Co.                                                                  | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1279043.63   | 0.17%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                        | Phillips 66 Co.                                                                    | CUSIP: 718547AU6<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1245008.26   | 0.16%             | 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        |   1200000 | PA      | $1204496.68   | 0.16%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #AS0516                                                                  | CUSIP: 3138W9SE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1149369 | PA      | $1055811.95   | 0.14%             | 2043-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA8043                                                               | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9488522 | PA      | $8473781.64   | 1.12%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                            | AbbVie, Inc.                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1157699.76   | 0.15%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                                        | ServiceNow, Inc.                                                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     30525 | NS      | $28091547.00  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| State of California                                                   | State of California                                                                | CUSIP: 13063D2Z0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1349641.88   | 0.18%             | 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        |   6559855 | PA      | $1119433.29   | 0.15%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Watsco Inc                                                            | Watsco, Inc.                                                                       | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      5400 | NS      | $2183220.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1855546.88   | 0.24%             | 2029-08-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                | Marriott International, Inc.                                                       | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1226326.58   | 0.16%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc                                                 | Waste Connections, Inc.                                                            | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     16000 | NS      | $2812800.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                                           | Chemed Corp.                                                                       | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     22699 | NS      | $10163250.26  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #MA5283                                                                  | CUSIP: 31418E2R0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2139018 | PA      | $2016858.98   | 0.27%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                                                    | Valero Energy Corp.                                                                | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1235271.05   | 0.16%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #QB2462                                                                 | CUSIP: 3133A8WX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    837467 | PA      | $743054.18    | 0.10%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC                                                                              | CUSIP: 3137AXK44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21541 | PA      | $20474.23     | 0.00%             | 2033-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12500300 | PA      | $12190233.93  | 1.61%             | 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        |   1200000 | PA      | $1208488.75   | 0.16%             | 2029-06-19      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| LENNAR CORP                                                           | Lennar Corp.                                                                       | CUSIP: 526057CY8<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1235947.20   | 0.16%             | 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        |   1275000 | PA      | $1212826.56   | 0.16%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                           | Equinix, Inc.                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |   1250000 | PA      | $1126637.49   | 0.15%             | 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        |   1200000 | PA      | $1236698.72   | 0.16%             | 2028-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                | Roper Technologies, Inc.                                                           | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     22600 | NS      | $11270394.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                | NextEra Energy Capital Holdings, Inc.                                              | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1235600.24   | 0.16%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| TELEDYNE TECHNOLOGIES IN                                              | Teledyne Technologies, Inc.                                                        | CUSIP: 879360AD7<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1144926.72   | 0.15%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                                         | Amphenol Corp.                                                                     | CUSIP: 032095AL5<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1064925.04   | 0.14%             | 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        |   1225000 | PA      | $1232472.02   | 0.16%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                                          | Newmont Corp.                                                                      | CUSIP: 651639AZ9<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1084972.99   | 0.14%             | 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        |   1200000 | PA      | $1227020.39   | 0.16%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #MA4495                                                                  | CUSIP: 31418D7H9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1939662 | PA      | $1784264.65   | 0.24%             | 2051-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #ZS4647                                                                 | CUSIP: 3132A5EU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    726594 | PA      | $681582.09    | 0.09%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                              | Regeneron Pharmaceuticals, Inc.                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1080440.68   | 0.14%             | 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        |   3399820 | PA      | $3313331.12   | 0.44%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                        | Morgan Stanley                                                                     | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1373801.81   | 0.18%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #QB2958                                                                 | CUSIP: 3133A9JB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1622536 | PA      | $1438101.91   | 0.19%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4022281.24   | 0.53%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                                           | Netflix, Inc.                                                                      | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1289442.06   | 0.17%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                            | FNMA Pool #MA4055                                                                  | CUSIP: 31418DQH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    794939 | PA      | $677510.52    | 0.09%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                      | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137BPW21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1168011 | PA      | $1159219.53   | 0.15%             | 2026-03-25      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                          | Synopsys, Inc.                                                                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     25800 | NS      | $12729462.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                                   | JPMorgan Chase & Co.                                                               | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $980575.22    | 0.13%             | 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        |   1200000 | PA      | $1221736.76   | 0.16%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                            | FNMA Pool #BM3634                                                                  | CUSIP: 3140J8BC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1012658 | PA      | $946783.29    | 0.12%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc                                              | Lennox International, Inc.                                                         | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     24400 | NS      | $12916384.00  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #SD7514                                                                 | CUSIP: 3132DVK38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    574869 | PA      | $532562.77    | 0.07%             | 2050-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Pool #QG6306                                                                 | CUSIP: 3133C7AF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2427439 | PA      | $2418342.96   | 0.32%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                              | GNMA II Pool #MA7054                                                               | CUSIP: 36179VZT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    616863 | PA      | $567390.10    | 0.07%             | 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        |   1250000 | PA      | $1287337.85   | 0.17%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #MA4494                                                                  | CUSIP: 31418D7G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1235062 | PA      | $1093374.40   | 0.14%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Bonds                                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2769375.00   | 0.37%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                            | FNMA Pool #FM9509                                                                  | CUSIP: 3140XDR73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    820423 | PA      | $789430.80    | 0.10%             | 2036-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                          | Broadcom, Inc.                                                                     | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1209178.28   | 0.16%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                             | Ball Corp.                                                                         | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1090130.90   | 0.14%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CGI Inc                                                               | CGI, Inc.                                                                          | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |    146900 | NS      | $13093197.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                           | FHLMC Gold PC Pool #G08488                                                         | CUSIP: 3128MJRJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3550 | PA      | $3372.62      | 0.00%             | 2042-04-01      | 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        |   1200000 | PA      | $1207978.55   | 0.16%             | 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        |   1185000 | PA      | $1193626.80   | 0.16%             | 2044-07-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                        | S&P Global, Inc.                                                                   | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     33619 | NS      | $16362703.49  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS INC                                                   | PayPal Holdings, Inc.                                                              | CUSIP: 70450YAP8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1237296.49   | 0.16%             | 2034-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase & Co                                                   | JPMorgan Chase & Co.                                                               | CUSIP: 46625HJZ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 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        |   1568144 | PA      | $1455982.06   | 0.19%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                | Motorola Solutions, Inc.                                                           | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     61100 | NS      | $27940419.00  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                                       | Fair Isaac Corp.                                                                   | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     11600 | NS      | $17359748.00  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                | U.S. Treasury Notes                                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6981679.67   | 0.92%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc                                                | IDEXX Laboratories, Inc.                                                           | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     26812 | NS      | $17129918.68  | 2.26%             |  |  |  | No            |                  1 | 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        |   1200000 | PA      | $1187149.92   | 0.16%             | 2032-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP                                                 | Costco Wholesale Corp.                                                             | CUSIP: 22160KAQ8<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1060310.27   | 0.14%             | 2032-04-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VALUE LINE ASSET ALLOCATION FUND INC

**Signature:** Jim Gallo

**Name of Signer:** Jim Gallo

**Title:** Treasurer