# EDGAR Filing Document

**Accession Number:** 0000102757
**File Stem:** 0001410368-25-021583
**Filing Date:** 2025-11
**Character Count:** 143275
**Document Hash:** 983eaf39041ecc19058ad6a93763c5b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-021583.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001410368-25-021583

**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 CAPITAL APPRECIATION FUND INC
- **CENTRAL INDEX KEY:** 0000102757

**ORGANIZATION NAME:**
- **EIN:** 136065520
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02277
- **FILM NUMBER:** 251469588

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALUE LINE INCOME & GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19990430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALUE LINE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### VALUE LINE CAPITAL APPRECIATION FUND INC (Series ID: S000007571)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000020636 | VALUE LINE CAPITAL APPRECIATION FUND INC | VALIX           |
| C000162171 | Institutional                            | VLIIX           |

## Nport-Ex

Value Line Capital Appreciation 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%** |
| **COMMUNICATION SERVICES 10.4%** | **COMMUNICATION SERVICES 10.4%** | **COMMUNICATION SERVICES 10.4%** |
|  | **INTERNET 9.8%** | **INTERNET 9.8%** |
| 72000 | Alphabet, Inc. Class A  | &nbsp;&nbsp;&nbsp; $17503200 |
| 27000 | Meta Platforms, Inc. Class A  | &nbsp;&nbsp;&nbsp; 19828260 |
| 8500 | Netflix, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 10190820 |
| 44000 | Roku, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 4405720 |
|  |  | &nbsp;&nbsp; **51928000** |
|  | **MEDIA 0.6%** | **MEDIA 0.6%** |
| 30000 | Walt Disney Co.  | &nbsp;&nbsp;&nbsp; 3435000 |
|  |  | &nbsp;&nbsp; **55363000** |
| **CONSUMER DISCRETIONARY 8.2%** | **CONSUMER DISCRETIONARY 8.2%** | **CONSUMER DISCRETIONARY 8.2%** |
|  | **AUTO MANUFACTURERS 2.4%** | **AUTO MANUFACTURERS 2.4%** |
| 240000 | Rivian Automotive, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 3523200 |
| 21000 | Tesla, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 9339120 |
|  |  | &nbsp;&nbsp; **12862320** |
|  | **ENTERTAINMENT 0.6%** | **ENTERTAINMENT 0.6%** |
| 85000 | DraftKings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 3179000 |
|  | **INTERNET 4.6%** | **INTERNET 4.6%** |
| 35000 | Alibaba Group Holding Ltd. ADR  | &nbsp;&nbsp;&nbsp; 6255550 |
| 66500 | Amazon.com, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 14601405 |
| 700 | Booking Holdings, Inc.  | &nbsp;&nbsp;&nbsp; 3779489 |
|  |  | &nbsp;&nbsp; **24636444** |
|  | **LODGING 0.6%** | **LODGING 0.6%** |
| 12000 | Hilton Worldwide Holdings, Inc.  | &nbsp;&nbsp;&nbsp; 3113280 |
|  |  | &nbsp;&nbsp; **43791044** |
| **ENERGY 0.7%** | **ENERGY 0.7%** | **ENERGY 0.7%** |
|  | **OIL & GAS 0.7%** | **OIL & GAS 0.7%** |
| 25000 | Diamondback Energy, Inc.  | &nbsp;&nbsp;&nbsp; 3577500 |
| **FINANCIALS 10.0%** | **FINANCIALS 10.0%** | **FINANCIALS 10.0%** |
|  | **1.0%** | **1.0%** |
| 32000 | Blackstone, Inc.  | &nbsp;&nbsp;&nbsp; 5467200 |
|  | **BANKS 2.8%** | **BANKS 2.8%** |
| 106000 | Bank of America Corp.  | &nbsp;&nbsp;&nbsp; 5468540 |
| 6500 | Goldman Sachs Group, Inc.  | &nbsp;&nbsp;&nbsp; 5176275 |
| 13000 | JPMorgan Chase & Co.  | &nbsp;&nbsp;&nbsp; 4100590 |
|  |  | &nbsp;&nbsp; **14745405** |
|  | **DIVERSIFIED FINANCIALS 4.2%** | **DIVERSIFIED FINANCIALS 4.2%** |
| 30000 | Coinbase Global, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 10124700 |
| 70000 | Interactive Brokers Group, Inc. Class A  | &nbsp;&nbsp;&nbsp; 4816700 |
| 21000 | Visa, Inc. Class A  | &nbsp;&nbsp;&nbsp; 7168980 |
|  |  | &nbsp;&nbsp; **22110380** |
|  | **INTERNET 2.0%** | **INTERNET 2.0%** |
| 75000 | Robinhood Markets, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 10738500 |
|  |  | &nbsp;&nbsp; **53061485** |
| **HEALTHCARE 7.2%** | **HEALTHCARE 7.2%** | **HEALTHCARE 7.2%** |
|  | **BIOTECHNOLOGY 3.2%** | **BIOTECHNOLOGY 3.2%** |
| 235000 | Exelixis, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 9705500 |
| 30000 | Insmed, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 4320300 |
| 8000 | Vertex Pharmaceuticals, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 3133120 |
|  |  | &nbsp;&nbsp; **17158920** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 67.8% (continued)** | **COMMON STOCKS 67.8% (continued)** | **COMMON STOCKS 67.8% (continued)** |
| **HEALTHCARE 7.2% (continued)** | **HEALTHCARE 7.2% (continued)** | **HEALTHCARE 7.2% (continued)** |
|  | **HEALTHCARE PRODUCTS 1.0%** | **HEALTHCARE PRODUCTS 1.0%** |
| 91000 | Exact Sciences Corp.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; $4978610 |
|  | **PHARMACEUTICALS 3.0%** | **PHARMACEUTICALS 3.0%** |
| 27000 | Dexcom, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 1816830 |
| 5000 | Eli Lilly & Co.  | &nbsp;&nbsp;&nbsp; 3815000 |
| 19000 | Madrigal Pharmaceuticals, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 8714540 |
| 12000 | Zoetis, Inc.  | &nbsp;&nbsp;&nbsp; 1755840 |
|  |  | &nbsp;&nbsp; **16102210** |
|  |  | &nbsp;&nbsp; **38239740** |
| **INDUSTRIALS 4.1%** | **INDUSTRIALS 4.1%** | **INDUSTRIALS 4.1%** |
|  | **AIRLINES 0.7%** | **AIRLINES 0.7%** |
| 64000 | Delta Air Lines, Inc.  | &nbsp;&nbsp;&nbsp; 3632000 |
|  | **INTERNET 3.4%** | **INTERNET 3.4%** |
| 220000 | Lyft, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 4842200 |
| 134000 | Uber Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 13127980 |
|  |  | &nbsp;&nbsp; **17970180** |
|  |  | &nbsp;&nbsp; **21602180** |
| **INFORMATION TECHNOLOGY 27.2%** | **INFORMATION TECHNOLOGY 27.2%** | **INFORMATION TECHNOLOGY 27.2%** |
|  | **COMPUTERS 2.3%** | **COMPUTERS 2.3%** |
| 33000 | Apple, Inc.  | &nbsp;&nbsp;&nbsp; 8402790 |
| 8200 | Crowdstrike Holdings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 4021116 |
|  |  | &nbsp;&nbsp; **12423906** |
|  | **INTERNET 0.8%** | **INTERNET 0.8%** |
| 28000 | Shopify, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 4161080 |
|  | **SEMICONDUCTORS 12.8%** | **SEMICONDUCTORS 12.8%** |
| 88000 | Advanced Micro Devices, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 14237520 |
| 38000 | ARM Holdings PLC ADR<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 5376620 |
| 37000 | Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; 12206670 |
| 50000 | Micron Technology, Inc.  | &nbsp;&nbsp;&nbsp; 8366000 |
| 116000 | NVIDIA Corp.  | &nbsp;&nbsp;&nbsp; 21643280 |
| 16000 | NXP Semiconductors NV  | &nbsp;&nbsp;&nbsp; 3643680 |
| 15000 | QUALCOMM, Inc.  | &nbsp;&nbsp;&nbsp; 2495400 |
|  |  | &nbsp;&nbsp; **67969170** |
|  | **SOFTWARE 11.3%** | **SOFTWARE 11.3%** |
| 18500 | AppLovin Corp. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 13292990 |
| 40000 | CoreWeave, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 5474000 |
| 24500 | Microsoft Corp.  | &nbsp;&nbsp;&nbsp; 12689775 |
| 34000 | Salesforce, Inc.  | &nbsp;&nbsp;&nbsp; 8058000 |
| 3200 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 2944896 |
| 34500 | Strategy, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 11116245 |
| 27000 | Workday, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 6499710 |
|  |  | &nbsp;&nbsp; **60075616** |
|  |  | &nbsp;&nbsp; **144629772** |
| **TOTAL COMMON STOCKS** <br>**(Cost $143,921,360)** | **TOTAL COMMON STOCKS** <br>**(Cost $143,921,360)** | &nbsp;&nbsp; **360264721** |

---

&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 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.2%** |
| $385400<br> &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; 390856 |

---

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS 0.2% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.2% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS 0.2% (continued)** |
| $432432 | &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; $440272 |
| 425935 | &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; 434722 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $1,250,014)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $1,250,014)** | &nbsp;&nbsp; **1265850** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.2%** |
| 165196 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K052, Class A2, 3.15%, <br> 11/25/25 <br>| &nbsp;&nbsp;&nbsp; 164654 |
| 235486 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K055, Class A2, 2.67%, <br> 3/25/26 <br>| &nbsp;&nbsp;&nbsp; 233714 |
| 255000 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K064, Class A2, 3.22%, <br> 3/25/27 <br>| &nbsp;&nbsp;&nbsp; 252459 |
| 250000 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K074, Class A2, 3.60%, <br> 1/25/28 <br>| &nbsp;&nbsp;&nbsp; 248201 |
| 250000 | &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; 248885 |
| 55751 | &nbsp;&nbsp;&nbsp; GNMA, Series 2013-12, Class AB, 1.83%, <br> 11/16/52 <br>| &nbsp;&nbsp;&nbsp; 52475 |
| 85300 | &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 $1,365,831)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,365,831)** | &nbsp;&nbsp; **1281221** |
| **CORPORATE BONDS & NOTES 8.9%** | **CORPORATE BONDS & NOTES 8.9%** | **CORPORATE BONDS & NOTES 8.9%** |
| **BASIC MATERIALS 0.6%** | **BASIC MATERIALS 0.6%** | **BASIC MATERIALS 0.6%** |
|  | **CHEMICALS 0.3%** | **CHEMICALS 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; Eastman Chemical Co., Senior Unsecured <br> Notes, 5.63%, 2/20/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 514910 |
| 500000 | &nbsp;&nbsp;&nbsp; Mosaic Co., Senior Unsecured Notes, 4.05%, <br> 11/15/27 <br>| &nbsp;&nbsp;&nbsp; 498578 |
| 500000 | &nbsp;&nbsp;&nbsp; Sherwin-Williams Co., Senior Unsecured <br> Notes, 5.15%, 8/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 508752 |
|  |  | &nbsp;&nbsp; **1522240** |
|  | **IRON/STEEL 0.1%** | **IRON/STEEL 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 499065 |
|  | **MINING 0.2%** | **MINING 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., Guaranteed Notes, <br> 4.63%, 8/1/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 495142 |
| 500000 | &nbsp;&nbsp;&nbsp; Newmont Corp., Guaranteed Notes, 2.60%, <br> 7/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 452072 |
|  |  | &nbsp;&nbsp; **947214** |
|  |  | &nbsp;&nbsp; **2968519** |
| **COMMUNICATIONS 0.6%** | **COMMUNICATIONS 0.6%** | **COMMUNICATIONS 0.6%** |
|  | **INTERNET 0.2%** | **INTERNET 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; Expedia Group, Inc., Guaranteed Notes, <br> 3.25%, 2/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 477722 |
| 500000 | &nbsp;&nbsp;&nbsp; Netflix, Inc., Senior Unsecured Notes, 4.90%, <br> 8/15/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 515777 |
| 500000 | &nbsp;&nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp;&nbsp; 450660 |
|  |  | &nbsp;&nbsp; **1444159** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** |
| **COMMUNICATIONS 0.6% (continued)** | **COMMUNICATIONS 0.6% (continued)** | **COMMUNICATIONS 0.6% (continued)** |
|  | **TELECOMMUNICATIONS 0.4%** | **TELECOMMUNICATIONS 0.4%** |
| $600000 | &nbsp;&nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, 2.55%, <br> 12/1/33 <br>| &nbsp;&nbsp;&nbsp; $510906 |
| 500000 | &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp;&nbsp; 520885 |
| 500000 | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, 3.50%, <br> 4/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 475618 |
| 500000 | &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., Senior <br> Unsecured Notes, 4.13%, 3/16/27 <br>| &nbsp;&nbsp;&nbsp; 500382 |
|  |  | &nbsp;&nbsp; **2007791** |
|  |  | &nbsp;&nbsp; **3451950** |
| **CONSUMER, CYCLICAL 0.5%** | **CONSUMER, CYCLICAL 0.5%** | **CONSUMER, CYCLICAL 0.5%** |
|  | **AUTO MANUFACTURERS 0.1%** | **AUTO MANUFACTURERS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp;&nbsp; 502976 |
|  | **HOME BUILDERS 0.1%** | **HOME BUILDERS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Lennar Corp., Senior Unsecured Notes, <br> 5.20%, 7/30/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 514978 |
|  | **LODGING 0.2%** | **LODGING 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured Notes, <br> 5.38%, 12/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 511259 |
| 500000 | &nbsp;&nbsp;&nbsp; Marriott International, Inc., Senior Unsecured <br> Notes, 5.50%, 4/15/37<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 510969 |
|  |  | &nbsp;&nbsp; **1022228** |
|  | **RETAIL 0.1%** | **RETAIL 0.1%** |
| 600000 | &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 519336 |
|  |  | &nbsp;&nbsp; **2559518** |
| **CONSUMER, NON-CYCLICAL 1.3%** | **CONSUMER, NON-CYCLICAL 1.3%** | **CONSUMER, NON-CYCLICAL 1.3%** |
|  | **AGRICULTURE 0.1%** | **AGRICULTURE 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., Guaranteed Notes, <br> 4.65%, 9/17/34 <br>| &nbsp;&nbsp;&nbsp; 490149 |
|  | **BEVERAGES 0.1%** | **BEVERAGES 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; PepsiCo, Inc., Senior Unsecured Notes, <br> 5.00%, 7/23/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 509324 |
|  | **BIOTECHNOLOGY 0.3%** | **BIOTECHNOLOGY 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, 2.20%, <br> 2/21/27 <br>| &nbsp;&nbsp;&nbsp; 487842 |
| 500000 | &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., Senior Unsecured <br> Notes, 4.60%, 9/1/35 <br>| &nbsp;&nbsp;&nbsp; 494388 |
| 500000 | &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 440996 |
|  |  | &nbsp;&nbsp; **1423226** |
|  | **COMMERCIAL SERVICES 0.2%** | **COMMERCIAL SERVICES 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 515540 |
| 500000 | &nbsp;&nbsp;&nbsp; Service Corp. International, Senior Unsecured <br> Notes, 4.00%, 5/15/31 <br>| &nbsp;&nbsp;&nbsp; 471422 |
|  |  | &nbsp;&nbsp; **986962** |
|  | **HEALTHCARE PRODUCTS 0.3%** | **HEALTHCARE PRODUCTS 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp;&nbsp; 509823 |
| 500000 | &nbsp;&nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35 <br>| &nbsp;&nbsp;&nbsp; 515626 |

---

*See Supplementary Notes to Financial Statements.*

------

September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** |
| **CONSUMER, NON-CYCLICAL 1.3% (continued)** | **CONSUMER, NON-CYCLICAL 1.3% (continued)** | **CONSUMER, NON-CYCLICAL 1.3% (continued)** |
|  | **HEALTHCARE PRODUCTS 0.3% (continued)** | **HEALTHCARE PRODUCTS 0.3% (continued)** |
| $500000 | &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., Senior <br> Unsecured Notes, 2.60%, 11/24/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; $449318 |
|  |  | &nbsp;&nbsp; **1474767** |
|  | **PHARMACEUTICALS 0.3%** | **PHARMACEUTICALS 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, 3.20%, <br> 11/21/29 <br>| &nbsp;&nbsp;&nbsp; 482375 |
| 500000 | &nbsp;&nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 440167 |
| 500000 | &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 501874 |
| 500000 | &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 483193 |
|  |  | &nbsp;&nbsp; **1907609** |
|  |  | &nbsp;&nbsp; **6792037** |
| **ENERGY 0.9%** | **ENERGY 0.9%** | **ENERGY 0.9%** |
|  | **OIL & GAS 0.5%** | **OIL & GAS 0.5%** |
| 500000 | &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed Notes, <br> 5.15%, 1/30/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 514935 |
| 500000 | &nbsp;&nbsp;&nbsp; Hess Corp., Senior Unsecured Notes, 4.30%, <br> 4/1/27 <br>| &nbsp;&nbsp;&nbsp; 501651 |
| 500000 | &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., Senior Unsecured <br> Notes, 5.15%, 3/1/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 513891 |
| 500000 | &nbsp;&nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 518754 |
| 500000 | &nbsp;&nbsp;&nbsp; Valero Energy Corp., Senior Unsecured Notes, <br> 5.15%, 2/15/30 <br>| &nbsp;&nbsp;&nbsp; 514696 |
|  |  | &nbsp;&nbsp; **2563927** |
|  | **PIPELINES 0.4%** | **PIPELINES 0.4%** |
| 600000 | &nbsp;&nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33 <br>| &nbsp;&nbsp;&nbsp; 510741 |
| 500000 | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, <br> Guaranteed Notes, 4.60%, 1/15/31 <br>| &nbsp;&nbsp;&nbsp; 505186 |
| 500000 | &nbsp;&nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp;&nbsp; 504077 |
| 500000 | Targa Resources Corp., 6.50%, 3/30/34  | &nbsp;&nbsp;&nbsp; 544436 |
|  |  | &nbsp;&nbsp; **2064440** |
|  |  | &nbsp;&nbsp; **4628367** |
| **FINANCIAL 3.0%** | **FINANCIAL 3.0%** | **FINANCIAL 3.0%** |
|  | **BANKS 1.9%** | **BANKS 1.9%** |
| 500000 | &nbsp;&nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR + <br> 2.16%), 5.02%, 7/22/33<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 510884 |
| 500000 | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., (1 day USD <br> SOFR + 1.51%), 4.71%, 2/1/34<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 502479 |
| 500000 | &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; 507218 |
| 500000 | &nbsp;&nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 502327 |
| 500000 | &nbsp;&nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 506042 |
| 500000 | &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Unsecured Notes, <br> (1 day USD SOFR + 1.49%), 4.90%, <br> 9/6/30<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 508091 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** |
| **FINANCIAL 3.0% (continued)** | **FINANCIAL 3.0% (continued)** | **FINANCIAL 3.0% (continued)** |
|  | **BANKS 1.9% (continued)** | **BANKS 1.9% (continued)** |
| $500000 | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.42%), 5.02%, <br> 10/23/35<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; $503324 |
| 500000 | &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; 503537 |
| 500000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes, <br> 4.13%, 12/15/26 <br>| &nbsp;&nbsp;&nbsp; 500289 |
| 500000 | &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; 408573 |
| 500000 | &nbsp;&nbsp;&nbsp; KeyCorp, Senior Unsecured Notes, 4.10%, <br> 4/30/28 <br>| &nbsp;&nbsp;&nbsp; 499295 |
| 500000 | &nbsp;&nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 501278 |
| 500000 | &nbsp;&nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + 2.56%), <br> 6.34%, 10/18/33<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 549521 |
| 500000 | &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Unsecured Notes, <br> (1 yr. CMT + 1.35%), 5.85%, 3/2/27<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 502991 |
| 500000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.26%), 4.81%, 10/21/32<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 506878 |
| 500000 | &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; 514035 |
| 500000 | &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Unsecured <br> Notes, 5.00%, 2/1/33 <br>| &nbsp;&nbsp;&nbsp; 516400 |
| 500000 | &nbsp;&nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 day <br> USD SOFR + 1.60%), 4.84%, 2/1/34<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 502189 |
| 500000 | &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; 511617 |
| 500000 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 439262 |
|  |  | &nbsp;&nbsp; **9996230** |
|  | **DIVERSIFIED FINANCIALS 0.4%** | **DIVERSIFIED FINANCIALS 0.4%** |
| 500000 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, 3.30%, <br> 1/30/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 460447 |
| 500000 | &nbsp;&nbsp;&nbsp; Ally Financial, Inc., Senior Unsecured Notes, <br> 4.75%, 6/9/27<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 502572 |
| 500000 | &nbsp;&nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), 5.04%, <br> 5/1/34<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 513363 |
| 500000 | &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Unsecured <br> Notes, 4.10%, 2/9/27 <br>| &nbsp;&nbsp;&nbsp; 499169 |
|  |  | &nbsp;&nbsp; **1975551** |
|  | **INSURANCE 0.1%** | **INSURANCE 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, Guaranteed Notes, <br> 4.90%, 8/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 502972 |
|  | **REITS 0.6%** | **REITS 0.6%** |
| 500000 | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> Guaranteed Notes, 4.90%, 12/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 509057 |
| 500000 | American Tower Corp., 5.50%, 3/15/28  | &nbsp;&nbsp;&nbsp; 515291 |
| 500000 | &nbsp;&nbsp;&nbsp; Equinix, Inc., Senior Unsecured Notes, 2.50%, <br> 5/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 450655 |
| 500000 | &nbsp;&nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp;&nbsp; 514520 |

---

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** |
| **FINANCIAL 3.0% (continued)** | **FINANCIAL 3.0% (continued)** | **FINANCIAL 3.0% (continued)** |
|  | **REITS 0.6% (continued)** | **REITS 0.6% (continued)** |
| $500000 | &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured Notes, <br> 2.25%, 12/1/31 <br>| &nbsp;&nbsp;&nbsp; $440403 |
| 500000 | &nbsp;&nbsp;&nbsp; Sabra Health Care LP, Guaranteed Notes, <br> 3.20%, 12/1/31 <br>| &nbsp;&nbsp;&nbsp; 454013 |
| 500000 | &nbsp;&nbsp;&nbsp; Welltower OP LLC, Senior Unsecured Notes, <br> 4.25%, 4/15/28 <br>| &nbsp;&nbsp;&nbsp; 503050 |
|  |  | &nbsp;&nbsp; **3386989** |
|  |  | &nbsp;&nbsp; **15861742** |
| **INDUSTRIAL 0.5%** | **INDUSTRIAL 0.5%** | **INDUSTRIAL 0.5%** |
|  | **AEROSPACE/DEFENSE 0.2%** | **AEROSPACE/DEFENSE 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; General Electric Co., Senior Unsecured Notes, <br> 4.90%, 1/29/36 <br>| &nbsp;&nbsp;&nbsp; 506966 |
| 500000 | &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Unsecured <br> Notes, 4.40%, 8/15/30 <br>| &nbsp;&nbsp;&nbsp; 503905 |
| 500000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp;&nbsp; 452145 |
|  |  | &nbsp;&nbsp; **1463016** |
|  | **ELECTRONICS 0.1%** | **ELECTRONICS 0.1%** |
| 600000 | &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 532463 |
|  | **MISCELLANEOUS MANUFACTURERS 0.1%** | **MISCELLANEOUS MANUFACTURERS 0.1%** |
| 500000 | Teledyne Technologies, Inc., 2.25%, 4/1/28  | &nbsp;&nbsp;&nbsp; 477053 |
|  | **PACKAGING & CONTAINERS 0.1%** | **PACKAGING & CONTAINERS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp;&nbsp; 454221 |
|  |  | &nbsp;&nbsp; **2926753** |
| **TECHNOLOGY 0.9%** | **TECHNOLOGY 0.9%** | **TECHNOLOGY 0.9%** |
|  | **COMPUTERS 0.3%** | **COMPUTERS 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., Guaranteed <br> Notes, 5.40%, 4/15/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 516259 |
| 500000 | &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior <br> Unsecured Notes, 5.00%, 10/15/34 <br>| &nbsp;&nbsp;&nbsp; 496112 |
| 500000 | &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., Senior Unsecured <br> Notes, 3.15%, 10/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 454614 |
|  |  | &nbsp;&nbsp; **1466985** |
|  | **SEMICONDUCTORS 0.3%** | **SEMICONDUCTORS 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; Analog Devices, Inc., Senior Unsecured Notes, <br> 2.80%, 10/1/41 <br>| &nbsp;&nbsp;&nbsp; 370105 |
| 500000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp;&nbsp; 493542 |
| 500000 | &nbsp;&nbsp;&nbsp; Microchip Technology, Inc., Guaranteed <br> Notes, 5.05%, 2/15/30 <br>| &nbsp;&nbsp;&nbsp; 511315 |
| 500000 | &nbsp;&nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp;&nbsp; 534219 |
|  |  | &nbsp;&nbsp; **1909181** |
|  | **SOFTWARE 0.3%** | **SOFTWARE 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; Fiserv, Inc., Senior Unsecured Notes, 5.25%, <br> 8/11/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 505320 |
| 500000 | &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Unsecured Notes, 2.88%, <br> 3/25/31 <br>| &nbsp;&nbsp;&nbsp; 459118 |
| 500000 | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., Senior Unsecured <br> Notes, 5.10%, 9/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 504035 |
|  |  | &nbsp;&nbsp; **1468473** |
|  |  | &nbsp;&nbsp; **4844639** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** | **CORPORATE BONDS & NOTES 8.9% (continued)** |
| **UTILITIES 0.6%** | **UTILITIES 0.6%** | **UTILITIES 0.6%** |
|  | **ELECTRIC 0.5%** | **ELECTRIC 0.5%** |
| $500000 | &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Unsecured Notes, <br> 4.50%, 8/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; $496847 |
| 500000 | &nbsp;&nbsp;&nbsp; National Grid PLC, Senior Unsecured Notes, <br> 5.42%, 1/11/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 518586 |
| 500000 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 514834 |
| 500000 | Southern Co., 5.70%, 3/15/34  | &nbsp;&nbsp;&nbsp; 528077 |
| 500000 | &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., Series C, Senior <br> Unsecured Notes, 4.90%, 9/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 497384 |
|  |  | &nbsp;&nbsp; **2555728** |
|  | **GAS 0.1%** | **GAS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp;&nbsp; 484178 |
|  |  | &nbsp;&nbsp; **3039906** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $46,176,212)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $46,176,212)** | &nbsp;&nbsp; **47073431** |
| **LONG-TERM MUNICIPAL SECURITIES 0.7%** | **LONG-TERM MUNICIPAL SECURITIES 0.7%** | **LONG-TERM MUNICIPAL SECURITIES 0.7%** |
|  | **CALIFORNIA 0.2%** | **CALIFORNIA 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; Regents of the University of California Medical <br> Center Pooled Revenue, Series Q, 4.13%, <br> 5/15/32 <br>| &nbsp;&nbsp;&nbsp; 494646 |
| 500000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp;&nbsp; 539857 |
|  |  | &nbsp;&nbsp; **1034503** |
|  | **HAWAII 0.2%** | **HAWAII 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System <br> Revenue, Series B, 2.50%, 7/1/27 <br>| &nbsp;&nbsp;&nbsp; 490234 |
| 500000 | &nbsp;&nbsp;&nbsp; State of Hawaii, Series GN, GO, 4.62%, <br> 10/1/32 <br>| &nbsp;&nbsp;&nbsp; 509886 |
|  |  | &nbsp;&nbsp; **1000120** |
|  | **ILLINOIS 0.1%** | **ILLINOIS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Series B, <br> 5.85%, 12/1/34 <br>| &nbsp;&nbsp;&nbsp; 525974 |
|  | **MICHIGAN 0.1%** | **MICHIGAN 0.1%** |
| 500000 | University of Michigan, 5.18%, 4/1/35  | &nbsp;&nbsp;&nbsp; 506454 |
|  | **MINNESOTA 0.1%** | **MINNESOTA 0.1%** |
| 490000 | &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Series J, <br> 5.85%, 7/1/44 <br>| &nbsp;&nbsp;&nbsp; 493567 |
|  | **NEW YORK 0.0%** | **NEW YORK 0.0%** |
| 500000 | &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority <br> Future Tax Secured Revenue, Series D-3, <br> 2.25%, 11/1/31 <br>| &nbsp;&nbsp;&nbsp; 447687 |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,924,991)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,924,991)** | &nbsp;&nbsp; **4008305** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.1%** |
| 35901 | &nbsp;&nbsp;&nbsp; FHLMC, Series 4151, Class PA, 2.00%, <br> 1/15/33 <br>| &nbsp;&nbsp;&nbsp; 34124 |
| 5562 | &nbsp;&nbsp;&nbsp; FHLMC Gold PC Pool #A47613, 5.00%, <br> 11/1/35 <br>| &nbsp;&nbsp;&nbsp; 5701 |
| 67204 | FHLMC Gold Pool #C09027, 3.00%, 2/1/43  | &nbsp;&nbsp;&nbsp; 61878 |
| 1324691 | FHLMC Pool #QB9661, 2.50%, 3/1/51  | &nbsp;&nbsp;&nbsp; 1116662 |
| 566347 | FHLMC Pool #QD2419, 3.00%, 12/1/51  | &nbsp;&nbsp;&nbsp; 501935 |
| 1348317 | FHLMC Pool #QE8017, 3.50%, 8/1/52  | &nbsp;&nbsp;&nbsp; 1232381 |
| 1678923 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp;&nbsp; 1636213 |
| 951294 | FHLMC Pool #QG6306, 5.00%, 7/1/53  | &nbsp;&nbsp;&nbsp; 947729 |

---

*See Supplementary Notes to Financial Statements.*

------

September 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.1% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.1% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.1% (continued)** |
| $154645 | FHLMC Pool #RA6817, 2.50%, 2/1/52  | &nbsp;&nbsp;&nbsp; $131473 |
| 420671 | FHLMC Pool #SB8215, 4.00%, 3/1/38  | &nbsp;&nbsp;&nbsp; 413869 |
| 2123555 | FHLMC Pool #SD4553, 3.00%, 9/1/53  | &nbsp;&nbsp;&nbsp; 1868300 |
| 321302 | FHLMC Pool #SD8093, 3.50%, 9/1/50  | &nbsp;&nbsp;&nbsp; 296681 |
| 888754 | FHLMC Pool #SD8108, 3.00%, 11/1/50  | &nbsp;&nbsp;&nbsp; 788010 |
| 1754537 | FHLMC Pool #SD8255, 3.50%, 10/1/52  | &nbsp;&nbsp;&nbsp; 1605662 |
| 2118670 | FHLMC Pool #SD8256, 4.00%, 10/1/52  | &nbsp;&nbsp;&nbsp; 2001403 |
| 1988151 | FHLMC Pool #SD8266, MBS, 4.50%, 11/1/52  | &nbsp;&nbsp;&nbsp; 1937166 |
| 1465631 | FHLMC Pool #SD8328, 4.50%, 6/1/53  | &nbsp;&nbsp;&nbsp; 1426983 |
| 295 | FNMA Pool #AH3226, 5.00%, 2/1/41  | &nbsp;&nbsp;&nbsp; 302 |
| 84027 | FNMA Pool #AL0657, 5.00%, 8/1/41  | &nbsp;&nbsp;&nbsp; 86053 |
| 72424 | FNMA Pool #AQ1853, 3.00%, 11/1/42  | &nbsp;&nbsp;&nbsp; 66680 |
| 103118 | FNMA Pool #AU5409, 3.00%, 8/1/43  | &nbsp;&nbsp;&nbsp; 94265 |
| 449957 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp;&nbsp; 402521 |
| 879340 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp;&nbsp; 859015 |
| 127275 | FNMA Pool #FM2202, 4.00%, 12/1/48  | &nbsp;&nbsp;&nbsp; 122294 |
| 285343 | FNMA Pool #FM4140, 2.50%, 9/1/50  | &nbsp;&nbsp;&nbsp; 244655 |
| 78203 | FNMA Pool #FM9760, 3.50%, 11/1/51  | &nbsp;&nbsp;&nbsp; 71984 |
| 114155 | FNMA Pool #FM9834, 3.50%, 6/1/49  | &nbsp;&nbsp;&nbsp; 105990 |
| 1260691 | FNMA Pool #FS3526, 4.00%, 12/1/52  | &nbsp;&nbsp;&nbsp; 1190681 |
| 127824 | FNMA Pool #MA4222, 3.50%, 12/1/50  | &nbsp;&nbsp;&nbsp; 118029 |
| 1924680 | FNMA Pool #MA4512, 2.50%, 1/1/52  | &nbsp;&nbsp;&nbsp; 1627669 |
| 1141317 | FNMA Pool #MA5131, 3.50%, 7/1/53  | &nbsp;&nbsp;&nbsp; 1043733 |
| 722388 | FNMA Pool #MA5283, MBS, 4.00%, 2/1/54  | &nbsp;&nbsp;&nbsp; 681132 |
| 9136 | &nbsp;&nbsp;&nbsp; FNMA REMIC Trust Series 2013-18, Series <br> 2013-18, Class AE, 2.00%, 3/25/28 <br>| &nbsp;&nbsp;&nbsp; 8963 |
| 1093309 | &nbsp;&nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, 3.00%, <br> 6/20/51 <br>| &nbsp;&nbsp;&nbsp; 186572 |
| 40466 | GNMA II Pool #MA1521, 3.50%, 12/20/43  | &nbsp;&nbsp;&nbsp; 37995 |
| 70646 | GNMA II Pool #MA1839, 4.00%, 4/20/44  | &nbsp;&nbsp;&nbsp; 68003 |
| 78534 | GNMA II Pool #MA4836, 3.00%, 11/20/47  | &nbsp;&nbsp;&nbsp; 70988 |
| 186928 | GNMA II Pool #MA7054, 3.50%, 12/20/50  | &nbsp;&nbsp;&nbsp; 171936 |
| 1501937 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp;&nbsp; 1377619 |
| 2227800 | &nbsp;&nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp;&nbsp; 1918853 |
| 3884101 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp;&nbsp; 3468720 |
| 1043654 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp;&nbsp; 989728 |
| 1243961 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp;&nbsp; 1236713 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $32,910,795)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $32,910,795)** | &nbsp;&nbsp; **32257263** |
| **U.S. TREASURY OBLIGATIONS 11.5%** | **U.S. TREASURY OBLIGATIONS 11.5%** | **U.S. TREASURY OBLIGATIONS 11.5%** |
| 2000000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp;&nbsp; 1829687 |
| 3500000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp;&nbsp; 3170371 |
| 1500000 | U.S. Treasury Bonds, 4.25%, 8/15/54  | &nbsp;&nbsp;&nbsp; 1384688 |
| 3000000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp;&nbsp; 3016711 |
| 5000400 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp;&nbsp; 4876367 |
| 8000000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp;&nbsp; 7841562 |
| 5000000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp;&nbsp; 4987891 |
| 4000000 | U.S. Treasury Notes, 1.50%, 2/15/30  | &nbsp;&nbsp;&nbsp; 3647656 |
| 4000000 | U.S. Treasury Notes, 3.75%, 5/31/30  | &nbsp;&nbsp;&nbsp; 4002812 |
| 8000000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp;&nbsp; 7437188 |
| 6500000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp;&nbsp; 6446172 |
| 6500000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp;&nbsp; 6482988 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **U.S. TREASURY OBLIGATIONS 11.5% (continued)** | **U.S. TREASURY OBLIGATIONS 11.5% (continued)** | **U.S. TREASURY OBLIGATIONS 11.5% (continued)** |
| $5800000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp;&nbsp; $5853469 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $60,171,924)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $60,171,924)** | &nbsp;&nbsp; **60977562** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 7.0%** | **SHORT-TERM INVESTMENTS 7.0%** |
|  | **MONEY MARKET FUNDS 7.0%** |
| 24145942<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; 24145942 |
| 13077303<br> &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(6)</sup> <br>| &nbsp;&nbsp;&nbsp; 13077303 |
|  | &nbsp;&nbsp; **37223245** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $37,223,245)** | &nbsp;&nbsp; **37223245** |
| **TOTAL INVESTMENTS IN SECURITIES 102.4%** <br>**(Cost $326,944,372)** | &nbsp;&nbsp; **$544351598** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(2.4)%** | &nbsp;&nbsp; **(12801713)**<br>|
| **NET ASSETS**<sup>(7)</sup> **100.0%** | &nbsp;&nbsp; **$531549885** |

---

&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 $36,965,193.* 

&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* *$36,965,193 were out on loan in exchange for* *$13,077,303 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* *$326,944,372, aggregate gross unrealized appreciation* *was $218,990,547, aggregate gross unrealized* *depreciation was $1,583,321 and the net unrealized* *appreciation was $217,407,226.* 

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

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt.* |
| *CMT* | *Constant Maturity Treasury.* |
| *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 CAPITAL APPRECIATION FUND INC

- **b. Investment Company Act file number:** 811-02277

- **c. CIK number of Registrant:** 0000102757

- **d. LEI of Registrant:** 5493004W3PUZMHTO2E87

- **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 CAPITAL APPRECIATION FUND INC

- **b. EDGAR series identifier (if any):** S000007571

- **c. LEI of Series:** 5493004W3PUZMHTO2E87

**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:** $545119739.98

**Total Liabilities:** $13607610.15

**Net Assets:** $531512129.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -75.86000000 | **1-Year:** -2446.95000000 | **5-Year:** -12576.54000000 | **10-Year:** -11993.93000000 | **30-Year:** -1359.73000000

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

- **3-Month:** -0.77000000 | **1-Year:** -36.61000000 | **5-Year:** -360.60000000 | **10-Year:** -17.76000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020636 | 1.00%                | 1.41%                | 5.22%                |
| Class ID C000162171 | 1.07%                | 1.41%                | 5.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2623793.56              | $2061651.16                                |
| Month 2  | $633126.45               | $6003337.90                                |
| Month 3  | $3631455.25              | $22533204.83                               |

### 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        |    500000 | PA      | $370105.39    | 0.07%             | 2041-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA1521                                                               | CUSIP: 36179NVN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     40466 | PA      | $37994.74     | 0.01%             | 2043-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8256                                                                 | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2118670 | PA      | $2001403.33   | 0.38%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                                                          | Salesforce, Inc.                                                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     34000 | NS      | $8058000.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7437187.52   | 1.40%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                | RTX Corp.                                                                          | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    500000 | PA      | $452144.85    | 0.09%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                                | Microchip Technology, Inc.                                                         | CUSIP: 595017BL7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511314.50    | 0.10%             | 2030-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                              | Vertex Pharmaceuticals, Inc.                                                       | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      8000 | NS      | $3133120.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP                                                    | Targa Resources Corp.                                                              | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $544436.15    | 0.10%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA REMIC Trust Series 2013-18                                                    | CUSIP: 3136ACA27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9136 | PA      | $8963.01      | 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        |    432432 | PA      | $440271.69    | 0.08%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                        | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137F4D41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $248201.30    | 0.05%             | 2028-01-25      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Exact Sciences Corp                                                     | Exact Sciences Corp.                                                               | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     91000 | NS      | $4978610.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| University of Michigan                                                  | University of Michigan                                                             | CUSIP: 914455LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506454.40    | 0.10%             | 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        |   2000000 | PA      | $1829687.50   | 0.34%             | 2039-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                                           | Hilton Worldwide Holdings, Inc.                                                    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     12000 | NS      | $3113280.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                  | Regions Financial Corp.                                                            | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514034.68    | 0.10%             | 2035-09-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Interactive Brokers Group Inc                                           | Interactive Brokers Group, Inc.                                                    | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     70000 | NS      | $4816700.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                                        | FNMA                                                                               | CUSIP: 20754QAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    425935 | PA      | $434722.01    | 0.08%             | 2043-05-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                | Enterprise Products Operating LLC                                                  | CUSIP: 29379VCK7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505186.16    | 0.10%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5800000 | PA      | $5853468.75   | 1.10%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                 | MPLX LP                                                                            | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504077.67    | 0.09%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QB9661                                                                 | CUSIP: 3133AGWW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1324691 | PA      | $1116661.88   | 0.21%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL                                                           | ArcelorMittal SA                                                                   | CUSIP: 03938LBC7<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $499065.35    | 0.09%             | 2029-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Uber Technologies Inc                                                   | Uber Technologies, Inc.                                                            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    134000 | NS      | $13127980.00  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA7651                                                               | CUSIP: 36179WQC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1501937 | PA      | $1377618.94   | 0.26%             | 2051-10-20      | Fixed         | 3.50%                 | 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        |  13077303 | NS      | $13077303.25  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA9527                                                               | CUSIP: 36179YSQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1243961 | PA      | $1236713.47   | 0.23%             | 2054-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                                                   | Micron Technology, Inc.                                                            | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     50000 | NS      | $8366000.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                                                     | Fifth Third Bancorp                                                                | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508091.17    | 0.10%             | 2030-09-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA1839                                                               | CUSIP: 36179QBG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70646 | PA      | $68002.78     | 0.01%             | 2044-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                         | State of Hawaii                                                                    | CUSIP: 419792Q25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509885.55    | 0.10%             | 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        |    500000 | PA      | $454614.45    | 0.09%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: —       |
| GE HEALTHCARE TECH INC                                                  | GE HealthCare Technologies, Inc.                                                   | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509823.36    | 0.10%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Robinhood Markets Inc                                                   | Robinhood Markets, Inc.                                                            | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     75000 | NS      | $10738500.00  | 2.02%             |  |  |  | No            |                  1 | 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        |    255000 | PA      | $252458.67    | 0.05%             | 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        |    500000 | PA      | $502189.34    | 0.09%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: —       |
| MICRON TECHNOLOGY INC                                                   | Micron Technology, Inc.                                                            | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    500000 | PA      | $534219.11    | 0.10%             | 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        |    500000 | PA      | $499169.38    | 0.09%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD4553                                                                 | CUSIP: 3132DSBW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2123555 | PA      | $1868300.39   | 0.35%             | 2053-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                  | Extra Space Storage LP                                                             | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    500000 | PA      | $514520.35    | 0.10%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                                              | Advanced Micro Devices, Inc.                                                       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     88000 | NS      | $14237520.00  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                 | Dell International LLC/EMC Corp.                                                   | CUSIP: 24703DBN0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516258.68    | 0.10%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| MOSAIC CO                                                               | Mosaic Co.                                                                         | CUSIP: 61945CAG8<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498578.52    | 0.09%             | 2027-11-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                                            | Alphabet, Inc.                                                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     72000 | NS      | $17503200.00  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                | Virginia Electric & Power Co.                                                      | CUSIP: 927804GV0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497383.94    | 0.09%             | 2035-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| NATWEST GROUP PLC                                                       | NatWest Group PLC                                                                  | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $502990.59    | 0.09%             | 2027-03-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8328                                                                 | CUSIP: 3132DWHD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1465631 | PA      | $1426983.11   | 0.27%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                | Visa, Inc.                                                                         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     21000 | NS      | $7168980.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                                              | Zoetis, Inc.                                                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     12000 | NS      | $1755840.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                                               | Alibaba Group Holding Ltd.                                                         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     35000 | NS      | $6255550.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                                   | NXP Semiconductors NV                                                              | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     16000 | NS      | $3643680.00   | 0.69%             |  |  |  | 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        |    500000 | PA      | $460446.74    | 0.09%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: —       |
| EXPEDIA GROUP INC                                                       | Expedia Group, Inc.                                                                | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477722.62    | 0.09%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| AMERICAN EXPRESS CO                                                     | American Express Co.                                                               | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513363.31    | 0.10%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: —       |
| Madrigal Pharmaceuticals Inc                                            | Madrigal Pharmaceuticals, Inc.                                                     | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     19000 | NS      | $8714540.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                    | Bank of America Corp.                                                              | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510883.59    | 0.10%             | 2033-07-22      | Fixed         | 5.02%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                             | FHLMC Pool #SD8266                                                                 | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1988151 | PA      | $1937165.53   | 0.36%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #RA6817                                                                 | CUSIP: 3133KNSE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    154646 | PA      | $131473.29    | 0.02%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                             | Oracle Corp.                                                                       | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $459118.23    | 0.09%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                              | Fiserv, Inc.                                                                       | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505319.79    | 0.10%             | 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        |    500000 | PA      | $501278.38    | 0.09%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| CoreWeave Inc                                                           | CoreWeave, Inc.                                                                    | CUSIP: 21873S108<br>LEI: 984500511DP2B6186053 | Long             | EC               | CORP              | US        |     40000 | NS      | $5474000.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                                             | Workday, Inc.                                                                      | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     27000 | NS      | $6499710.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                                                            | NiSource, Inc.                                                                     | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484178.09    | 0.09%             | 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        |    500000 | PA      | $520884.73    | 0.10%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                                          | Microsoft Corp.                                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     24500 | NS      | $12689775.00  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                  | Roper Technologies, Inc.                                                           | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504034.90    | 0.09%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                              | FNMA Pool #FM4140                                                                  | CUSIP: 3140X7S67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    285343 | PA      | $244654.89    | 0.05%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                            | VeriSign, Inc.                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    500000 | PA      | $450659.78    | 0.08%             | 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        |    500000 | PA      | $506878.09    | 0.10%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: —       |
| ASTRAZENECA PLC                                                         | AstraZeneca PLC                                                                    | CUSIP: 046353AW8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $440167.40    | 0.08%             | 2030-08-06      | Fixed         | 1.38%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6446171.88   | 1.21%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA                                                                               | CUSIP: 38378B6L8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     85299 | PA      | $80833.20     | 0.02%             | 2052-11-16      | Variable      | 2.06%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                                             | NVIDIA Corp.                                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    116000 | NS      | $21643280.00  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC                                                        | ARM Holdings PLC                                                                   | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |     38000 | NS      | $5376620.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| KIMCO REALTY OP LLC                                                     | Kimco Realty OP LLC                                                                | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    500000 | PA      | $440403.20    | 0.08%             | 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        |    449957 | PA      | $402521.38    | 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        |  24145942 | NS      | $24145942.02  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Gold Pool #C09027                                                            | CUSIP: 31292SA42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     67204 | PA      | $61878.22     | 0.01%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                                                      | Walt Disney Co.                                                                    | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     30000 | NS      | $3435000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4987890.60   | 0.94%             | 2029-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Lyft Inc                                                                | Lyft, Inc.                                                                         | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    220000 | NS      | $4842200.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3647656.24   | 0.69%             | 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        |     78203 | PA      | $71983.97     | 0.01%             | 2051-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                                            | Stryker Corp.                                                                      | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    500000 | PA      | $515626.38    | 0.10%             | 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        |    500000 | PA      | $483193.30    | 0.09%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                                | GNMA II Pool #MA7705                                                               | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2227801 | PA      | $1918852.55   | 0.36%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                               | Amgen, Inc.                                                                        | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487841.80    | 0.09%             | 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        |    879340 | PA      | $859015.23    | 0.16%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #FS3526                                                                  | CUSIP: 3140XJ4L4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1260691 | PA      | $1190681.03   | 0.22%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EASTMAN CHEMICAL CO                                                     | Eastman Chemical Co.                                                               | CUSIP: 277432AY6<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514909.81    | 0.10%             | 2034-02-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                             | FHLMC Pool #QD2419                                                                 | CUSIP: 3133AYVL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    566347 | PA      | $501934.88    | 0.09%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                   | Wells Fargo & Co.                                                                  | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $439262.38    | 0.08%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: —       |
| GENERAL MOTORS FINL CO                                                  | General Motors Financial Co., Inc.                                                 | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502976.11    | 0.09%             | 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        |    500000 | PA      | $496847.44    | 0.09%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| FHLMC Multifamily Structured Pass Through Certs.                        | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137BMTX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    165196 | PA      | $164654.49    | 0.03%             | 2025-11-25      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                       | National Grid PLC                                                                  | CUSIP: 636274AF9<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $518585.65    | 0.10%             | 2034-01-11      | Fixed         | 5.42%                 | No            |                  2 | On Loan: —       |
| ZIMMER BIOMET HOLDINGS                                                  | Zimmer Biomet Holdings, Inc.                                                       | CUSIP: 98956PAV4<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $449317.43    | 0.08%             | 2031-11-24      | Fixed         | 2.60%                 | No            |                  2 | On Loan: —       |
| ENBRIDGE INC                                                            | Enbridge, Inc.                                                                     | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    600000 | PA      | $510740.77    | 0.10%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                             | PepsiCo, Inc.                                                                      | CUSIP: 713448GK8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509323.89    | 0.10%             | 2035-07-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| CITIGROUP INC                                                           | Citigroup, Inc.                                                                    | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506042.11    | 0.10%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: —       |
| Netflix Inc                                                             | Netflix, Inc.                                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      8500 | NS      | $10190820.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                                               | Hess Corp.                                                                         | CUSIP: 42809HAG2<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501651.13    | 0.09%             | 2027-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #FM2202                                                                  | CUSIP: 3140X5NU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127275 | PA      | $122293.82    | 0.02%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP                                                 | Marathon Petroleum Corp.                                                           | CUSIP: 56585ABK7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513890.79    | 0.10%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                                | GNMA II Pool #MA4836                                                               | CUSIP: 36179TLR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78534 | PA      | $70988.21     | 0.01%             | 2047-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                            | Barclays PLC                                                                       | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $507218.38    | 0.10%             | 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        |    250000 | PA      | $248885.50    | 0.05%             | 2028-10-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                    | Royal Bank of Canada                                                               | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $516399.72    | 0.10%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                     | FHLMC                                                                              | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | USGSE             | US        |    385400 | PA      | $390856.28    | 0.07%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                            | Broadcom, Inc.                                                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     37000 | NS      | $12206670.00  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                                             | Southern Co.                                                                       | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    500000 | PA      | $528076.99    | 0.10%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                    | Bank of America Corp.                                                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    106000 | NS      | $5468540.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                    | Lockheed Martin Corp.                                                              | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503905.11    | 0.09%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                | AT&T, Inc.                                                                         | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    600000 | PA      | $510905.55    | 0.10%             | 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        |   3500000 | PA      | $3170371.09   | 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        |   1043654 | PA      | $989727.85    | 0.19%             | 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        |    127824 | PA      | $118028.93    | 0.02%             | 2050-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                                               | Tesla, Inc.                                                                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     21000 | NS      | $9339120.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                | GNMA                                                                               | CUSIP: 38378B6A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     55751 | PA      | $52474.64     | 0.01%             | 2052-11-16      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7841562.48   | 1.48%             | 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        |    500000 | PA      | $502479.17    | 0.09%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                             | FHLMC Pool #SD8108                                                                 | CUSIP: 3132DWAH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    888754 | PA      | $788010.35    | 0.15%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA4512                                                                  | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1924680 | PA      | $1627668.90   | 0.31%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                   | Wells Fargo & Co.                                                                  | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511617.45    | 0.10%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LP                                                    | Sabra Health Care LP                                                               | CUSIP: 78574MAA1<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              |  | US        |    500000 | PA      | $454012.48    | 0.09%             | 2031-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                          | Phillips 66 Co.                                                                    | CUSIP: 718547AU6<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518753.44    | 0.10%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| ELI LILLY & CO                                                          | Eli Lilly & Co.                                                                    | CUSIP: 532457CR7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501873.62    | 0.09%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                             | FHLMC Gold PC Pool #A47613                                                         | CUSIP: 3128K8N69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5562 | PA      | $5701.39      | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA8043                                                               | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3884101 | PA      | $3468719.64   | 0.65%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                              | AbbVie, Inc.                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $482374.90    | 0.09%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group Inc/The                                             | Goldman Sachs Group, Inc.                                                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      6500 | NS      | $5176275.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                                          | ServiceNow, Inc.                                                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      3200 | NS      | $2944896.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| State of California                                                     | State of California                                                                | CUSIP: 13063D2Z0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539856.75    | 0.10%             | 2032-10-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA                                                                               | CUSIP: 38382TQ72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1093309 | PA      | $186572.22    | 0.04%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                  | Verizon Communications, Inc.                                                       | CUSIP: 92343VDY7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500382.15    | 0.09%             | 2027-03-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| DraftKings Inc                                                          | DraftKings, Inc.                                                                   | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     85000 | NS      | $3179000.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORP INTL                                                       | Service Corp. International                                                        | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $471421.95    | 0.09%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                                                              | Dexcom, Inc.                                                                       | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     27000 | NS      | $1816830.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue            | CUSIP: 64971XUW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $447687.45    | 0.08%             | 2031-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                  | Marriott International, Inc.                                                       | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510969.41    | 0.10%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Meta Platforms Inc                                                      | Meta Platforms, Inc.                                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     27000 | NS      | $19828260.00  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA5283                                                                  | CUSIP: 31418E2R0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    722388 | PA      | $681132.20    | 0.13%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                                     | Sherwin-Williams Co.                                                               | CUSIP: 824348BW5<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508751.74    | 0.10%             | 2035-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                             | FHLMC Pool #SD8093                                                                 | CUSIP: 3132DV7E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    321302 | PA      | $296680.55    | 0.06%             | 2050-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                        | Hewlett Packard Enterprise Co.                                                     | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496112.23    | 0.09%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                                                | Crowdstrike Holdings, Inc.                                                         | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      8200 | NS      | $4021116.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA5131                                                                  | CUSIP: 31418EVZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1141317 | PA      | $1043733.02   | 0.20%             | 2053-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                                                          | Blackstone, Inc.                                                                   | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     32000 | NS      | $5467200.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                                                      | Valero Energy Corp.                                                                | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514696.27    | 0.10%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #AH3226                                                                  | CUSIP: 3138A4SQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       295 | PA      | $301.84       | 0.00%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC                                                                              | CUSIP: 3137AXK44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35901 | PA      | $34123.72     | 0.01%             | 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        |   5000400 | PA      | $4876366.63   | 0.92%             | 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        |    500000 | PA      | $503536.98    | 0.09%             | 2029-06-19      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| LENNAR CORP                                                             | Lennar Corp.                                                                       | CUSIP: 526057CY8<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514978.00    | 0.10%             | 2030-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| T-MOBILE USA INC                                                        | T-Mobile USA, Inc.                                                                 | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $475618.26    | 0.09%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| EQUINIX INC                                                             | Equinix, Inc.                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    500000 | PA      | $450655.00    | 0.08%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| AMERICAN TOWER CORP                                                     | American Tower Corp.                                                               | CUSIP: 03027XBY5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    500000 | PA      | $515291.14    | 0.10%             | 2028-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Strategy Inc                                                            | Strategy, Inc.                                                                     | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     34500 | NS      | $11116245.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: —       |
| NEXTERA ENERGY CAPITAL                                                  | NextEra Energy Capital Holdings, Inc.                                              | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514833.44    | 0.10%             | 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        |    500000 | PA      | $477052.80    | 0.09%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                                           | Amphenol Corp.                                                                     | CUSIP: 032095AL5<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    600000 | PA      | $532462.52    | 0.10%             | 2031-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: —       |
| WELLTOWER OP LLC                                                        | Welltower OP LLC                                                                   | CUSIP: 95040QAD6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    500000 | PA      | $503049.81    | 0.09%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #AL0657                                                                  | CUSIP: 3138EGWT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84027 | PA      | $86053.14     | 0.02%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Insmed Inc                                                              | Insmed, Inc.                                                                       | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     30000 | NS      | $4320300.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORP                                                            | Newmont Corp.                                                                      | CUSIP: 651639AZ9<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $452072.08    | 0.09%             | 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        |    500000 | PA      | $511258.50    | 0.10%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| REGENERON PHARMACEUTICAL                                                | Regeneron Pharmaceuticals, Inc.                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $440996.20    | 0.08%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                             | FHLMC Pool #QF1236                                                                 | CUSIP: 3133BNLR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1678924 | PA      | $1636212.90   | 0.31%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                          | Morgan Stanley                                                                     | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $549520.73    | 0.10%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                                            | QUALCOMM, Inc.                                                                     | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     15000 | NS      | $2495400.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                     | City & County Honolulu Wastewater System Revenue                                   | CUSIP: 438701Y40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490234.05    | 0.09%             | 2027-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Shopify Inc                                                             | Shopify, Inc.                                                                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     28000 | NS      | $4161080.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                                                            | Exelixis, Inc.                                                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    235000 | NS      | $9705500.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3016710.93   | 0.57%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #AU5409                                                                  | CUSIP: 3138X5AK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    103118 | PA      | $94264.52     | 0.02%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                      | Ally Financial, Inc.                                                               | CUSIP: 02005NBQ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502571.51    | 0.09%             | 2027-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Diamondback Energy Inc                                                  | Diamondback Energy, Inc.                                                           | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     25000 | NS      | $3577500.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                    | Freeport-McMoRan, Inc.                                                             | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495141.28    | 0.09%             | 2030-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| NETFLIX INC                                                             | Netflix, Inc.                                                                      | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    500000 | PA      | $515776.83    | 0.10%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4002812.48   | 0.75%             | 2030-05-31      | Fixed         | 3.75%                 | 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        |    235486 | PA      | $233713.62    | 0.04%             | 2026-03-25      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                               | Apple, Inc.                                                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     33000 | NS      | $8402790.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $408573.01    | 0.08%             | 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        |    500000 | PA      | $509056.99    | 0.10%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| Roku Inc                                                                | Roku, Inc.                                                                         | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |     44000 | NS      | $4405720.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QE8017                                                                 | CUSIP: 3133BH4A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1348318 | PA      | $1232380.62   | 0.23%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                   | Illinois State Toll Highway Authority                                              | CUSIP: 452252FK0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525973.80    | 0.10%             | 2034-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QG6306                                                                 | CUSIP: 3133C7AF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    951294 | PA      | $947729.00    | 0.18%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AppLovin Corp                                                           | AppLovin Corp.                                                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     18500 | NS      | $13292990.00  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                                                   | Rivian Automotive, Inc.                                                            | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |    240000 | NS      | $3523200.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| GENERAL ELECTRIC CO                                                     | General Electric Co.                                                               | CUSIP: 369604CA9<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506966.32    | 0.10%             | 2036-01-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA7054                                                               | CUSIP: 36179VZT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    186928 | PA      | $171936.40    | 0.03%             | 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        |    500000 | PA      | $514935.14    | 0.10%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                  | U.S. Treasury Bonds                                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1384687.50   | 0.26%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                                 | KeyCorp                                                                            | CUSIP: 49326EEG4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499294.70    | 0.09%             | 2028-04-30      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                                                     | Delta Air Lines, Inc.                                                              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     64000 | NS      | $3632000.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                            | Broadcom, Inc.                                                                     | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493542.16    | 0.09%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                               | Ball Corp.                                                                         | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $454221.21    | 0.09%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP                                                  | Bunge Ltd. Finance Corp.                                                           | CUSIP: 120568BF6<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490148.94    | 0.09%             | 2034-09-17      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                    | Booking Holdings, Inc.                                                             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       700 | NS      | $3779489.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                 | Goldman Sachs Group, Inc.                                                          | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503324.40    | 0.09%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: —       |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency                                                   | CUSIP: 60416UDJ1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    490000 | PA      | $493567.20    | 0.09%             | 2044-07-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                           | Citigroup, Inc.                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502326.67    | 0.09%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: —       |
| Eli Lilly & Co                                                          | Eli Lilly & Co.                                                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      5000 | NS      | $3815000.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS INC                                                     | PayPal Holdings, Inc.                                                              | CUSIP: 70450YAP8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $515540.21    | 0.10%             | 2034-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase & Co                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13000 | NS      | $4100590.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                          | Amazon.com, Inc.                                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     66500 | NS      | $14601405.00  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                                  | Chubb INA Holdings LLC                                                             | CUSIP: 171239AM8<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502972.28    | 0.09%             | 2035-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase & Co                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46625HJZ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500288.80    | 0.09%             | 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        |    114155 | PA      | $105989.66    | 0.02%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SB8215                                                                 | CUSIP: 3132D6DU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    420671 | PA      | $413868.66    | 0.08%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                                     | Coinbase Global, Inc.                                                              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     30000 | NS      | $10124700.00  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6482988.27   | 1.22%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue   | Regents of the University of California Medical Center Pooled Revenue              | CUSIP: 913366KV1<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494645.80    | 0.09%             | 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        |    600000 | PA      | $519335.64    | 0.10%             | 2032-04-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                              | FNMA Pool #AQ1853                                                                  | CUSIP: 3138MHBX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72424 | PA      | $66680.14     | 0.01%             | 2042-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8255                                                                 | CUSIP: 3132DWE41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1754537 | PA      | $1605662.36   | 0.30%             | 2052-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VALUE LINE CAPITAL APPRECIATION FUND INC

**Signature:** Jim Gallo

**Name of Signer:** Jim Gallo

**Title:** Treasurer