# EDGAR Filing Document

**Accession Number:** 0000102757
**File Stem:** 0001752724-25-196135
**Filing Date:** 2025-8
**Character Count:** 96207
**Document Hash:** 1d2a96a9710459b51e26acfdf0a7e89a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-196135.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-196135

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**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:** 251239429

**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           |

## 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:** 2025-06-30

**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:** $492585293.21

**Total Liabilities:** $6961761.44

**Net Assets:** $485623531.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -85.83000000 | **1-Year:** -2125.43000000 | **5-Year:** -10711.75000000 | **10-Year:** -10057.21000000 | **30-Year:** -1350.50000000

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

- **3-Month:** -0.78000000 | **1-Year:** -30.24000000 | **5-Year:** -366.25000000 | **10-Year:** -29.22000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020636 | 2.33%                | 6.91%                | 6.69%                |
| Class ID C000162171 | 2.33%                | 6.90%                | 6.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2058034.66              | $7112394.32                                |
| Month 2  | $4647693.15              | $24281680.31                               |
| Month 3  | $6283868.22              | $23772878.96                               |

### 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      | $363825.28    | 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        |     41575 | PA      | $38722.08     | 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        |   2167286 | PA      | $2019177.02   | 0.42%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                                                          | Salesforce, Inc.                                                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     16000 | NS      | $4363040.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                              | Intuit, Inc.                                                                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      3100 | NS      | $2441653.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5535000.00   | 1.14%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill Inc                                              | Chipotle Mexican Grill, Inc.                                                       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56000 | NS      | $3144400.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                                                                | RTX Corp.                                                                          | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    500000 | PA      | $442562.11    | 0.09%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                              | Vertex Pharmaceuticals, Inc.                                                       | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      8000 | NS      | $3561600.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP                                                    | Targa Resources Corp.                                                              | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $537303.14    | 0.11%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                              | FNMA REMIC Trust Series 2013-18                                                    | CUSIP: 3136ACA27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10728 | PA      | $10479.58     | 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        |    462713 | PA      | $472234.18    | 0.10%             | 2043-01-25      | Floating      | 6.61%                 | 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      | $247165.40    | 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        |    105000 | NS      | $5579700.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| University of Michigan                                                  | University of Michigan                                                             | CUSIP: 914455LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498159.45    | 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      | $1805859.38   | 0.37%             | 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      | $3196080.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                  | Regions Financial Corp.                                                            | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501250.24    | 0.10%             | 2035-09-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Interactive Brokers Group Inc                                           | Interactive Brokers Group, Inc.                                                    | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     76000 | NS      | $4211160.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                                        | FNMA                                                                               | CUSIP: 20754QAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    460055 | PA      | $469688.35    | 0.10%             | 2043-05-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1001562.50   | 0.21%             | 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      | $496408.56    | 0.10%             | 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        |   1379075 | PA      | $1144144.25   | 0.24%             | 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      | $493742.52    | 0.10%             | 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        |    132000 | NS      | $12315600.00  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA7651                                                               | CUSIP: 36179WQC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1535044 | PA      | $1401946.06   | 0.29%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BioMarin Pharmaceutical Inc                                             | BioMarin Pharmaceutical, Inc.                                                      | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     38000 | NS      | $2088860.00   | 0.43%             |  |  |  | No            |                  1 | 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        |   6466069 | NS      | $6466069.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA9527                                                               | CUSIP: 36179YSQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1257967 | PA      | $1235872.25   | 0.25%             | 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        |     57000 | NS      | $7025250.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                                                     | Fifth Third Bancorp                                                                | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505546.45    | 0.10%             | 2030-09-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                                | GNMA II Pool #MA1839                                                               | CUSIP: 36179QBG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     72868 | PA      | $69292.85     | 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      | $506985.60    | 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      | $451552.62    | 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      | $507328.49    | 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        |     83000 | NS      | $7771290.00   | 1.60%             |  |  |  | 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      | $251140.83    | 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      | $493709.72    | 0.10%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                                   | Micron Technology, Inc.                                                            | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    500000 | PA      | $523282.30    | 0.11%             | 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      | $497658.61    | 0.10%             | 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        |   2171527 | PA      | $1881597.17   | 0.39%             | 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      | $507824.71    | 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        |    103000 | NS      | $14615700.00  | 3.01%             |  |  |  | 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      | $509207.85    | 0.10%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| PayPal Holdings Inc                                                     | PayPal Holdings, Inc.                                                              | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     32000 | NS      | $2378240.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSAIC CO                                                               | Mosaic Co.                                                                         | CUSIP: 61945CAG8<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496245.21    | 0.10%             | 2027-11-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                                            | Alphabet, Inc.                                                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     74000 | NS      | $13041020.00  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                                              | Fiserv, Inc.                                                                       | CUSIP: 337738AR9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497290.58    | 0.10%             | 2028-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                       | NatWest Group PLC                                                                  | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $504409.84    | 0.10%             | 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        |   1498238 | PA      | $1434332.04   | 0.30%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                | Visa, Inc.                                                                         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     22000 | NS      | $7811100.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                                              | Zoetis, Inc.                                                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     12000 | NS      | $1871400.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                                               | Alibaba Group Holding Ltd.                                                         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     29000 | NS      | $3288890.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                                   | NXP Semiconductors NV                                                              | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     17000 | NS      | $3714330.00   | 0.76%             |  |  |  | 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      | $452994.91    | 0.09%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                       | Expedia Group, Inc.                                                                | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $471666.64    | 0.10%             | 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      | $504737.07    | 0.10%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Madrigal Pharmaceuticals Inc                                            | Madrigal Pharmaceuticals, Inc.                                                     | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     13000 | NS      | $3934320.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| BANK OF AMERICA CORP                                                    | Bank of America Corp.                                                              | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505854.13    | 0.10%             | 2033-07-22      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8266                                                                 | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2029217 | PA      | $1944826.46   | 0.40%             | 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        |    157374 | PA      | $131787.02    | 0.03%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                    | M&T Bank Corp.                                                                     | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492934.60    | 0.10%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Workday Inc                                                             | Workday, Inc.                                                                      | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     13000 | NS      | $3120000.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                                                            | NiSource, Inc.                                                                     | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479588.01    | 0.10%             | 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      | $509797.89    | 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        |     25500 | NS      | $12683955.00  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #FM4140                                                                  | CUSIP: 3140X7S67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    294605 | PA      | $247786.13    | 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      | $448050.66    | 0.09%             | 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      | $501149.67    | 0.10%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                                         | AstraZeneca PLC                                                                    | CUSIP: 046353AW8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $434071.48    | 0.09%             | 2030-08-06      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3446679.67   | 0.71%             | 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        |     93531 | PA      | $88030.18     | 0.02%             | 2052-11-16      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                                             | NVIDIA Corp.                                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    123000 | NS      | $19432770.00  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC                                                        | ARM Holdings PLC                                                                   | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |     39000 | NS      | $6307860.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: —       |
| KIMCO REALTY OP LLC                                                     | Kimco Realty OP LLC                                                                | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    500000 | PA      | $433002.95    | 0.09%             | 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        |    459385 | PA      | $404922.40    | 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, 4.43% | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  29455500 | NS      | $29455499.71  | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Gold Pool #C09027                                                            | CUSIP: 31292SA42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69401 | PA      | $62817.20     | 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      | $3720300.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6965273.42   | 1.43%             | 2029-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Lyft Inc                                                                | Lyft, Inc.                                                                         | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    240000 | NS      | $3782400.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4800000 | PA      | $4343625.02   | 0.89%             | 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        |     78659 | PA      | $71361.02     | 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      | $509513.21    | 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      | $472004.64    | 0.10%             | 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        |   2284780 | PA      | $1942100.31   | 0.40%             | 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      | $483656.94    | 0.10%             | 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        |    884149 | PA      | $847411.87    | 0.17%             | 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        |   1293128 | PA      | $1204185.88   | 0.25%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QD2419                                                                 | CUSIP: 3133AYVL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    581391 | PA      | $507248.93    | 0.10%             | 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      | $426106.76    | 0.09%             | 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      | $490089.09    | 0.10%             | 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      | $488867.23    | 0.10%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                        | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137BMTX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    327344 | PA      | $325444.07    | 0.07%             | 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      | $513660.47    | 0.11%             | 2034-01-11      | Fixed         | 5.42%                 | No            |                  2 | On Loan: —       |
| Comcast Corp                                                            | Comcast Corp.                                                                      | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499221.21    | 0.10%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                            | Enbridge, Inc.                                                                     | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    600000 | PA      | $498550.41    | 0.10%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                           | Citigroup, Inc.                                                                    | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498879.44    | 0.10%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 9128285C0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $498372.40    | 0.10%             | 2025-09-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                                             | Netflix, Inc.                                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      8800 | NS      | $11784344.00  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                                               | Hess Corp.                                                                         | CUSIP: 42809HAG2<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498827.36    | 0.10%             | 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        |    129726 | PA      | $122785.05    | 0.03%             | 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      | $509481.42    | 0.10%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA4836                                                               | CUSIP: 36179TLR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80974 | PA      | $72478.50     | 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      | $496247.06    | 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      | $247818.65    | 0.05%             | 2028-10-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                     | FHLMC                                                                              | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | USGSE             | US        |    422364 | PA      | $428568.56    | 0.09%             | 2043-03-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                            | Broadcom, Inc.                                                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     39000 | NS      | $10750350.00  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                                             | Southern Co.                                                                       | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522486.48    | 0.11%             | 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        |    115000 | NS      | $5441800.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                                | AT&T, Inc.                                                                         | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    600000 | PA      | $502143.61    | 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        |   1750000 | PA      | $1563105.46   | 0.32%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Snap Inc                                                                | Snap, Inc.                                                                         | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     50000 | NS      | $434500.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA8945                                                               | CUSIP: 36179X5E2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1064013 | PA      | $993574.94    | 0.20%             | 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        |    140044 | PA      | $127465.64    | 0.03%             | 2050-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                                               | Tesla, Inc.                                                                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     23000 | NS      | $7306180.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                | GNMA                                                                               | CUSIP: 38378B6A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     61131 | PA      | $57113.04     | 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        |   5000000 | PA      | $4881054.70   | 1.01%             | 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      | $494487.93    | 0.10%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8108                                                                 | CUSIP: 3132DWAH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    908394 | PA      | $794320.09    | 0.16%             | 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        |   1967960 | PA      | $1637556.83   | 0.34%             | 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      | $510857.78    | 0.11%             | 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      | $445561.45    | 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      | $513626.79    | 0.11%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                          | Eli Lilly & Co.                                                                    | CUSIP: 532457CR7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495461.06    | 0.10%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Gold PC Pool #A47613                                                         | CUSIP: 3128K8N69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5688 | PA      | $5778.51      | 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        |   3994164 | PA      | $3534212.50   | 0.73%             | 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      | $478251.21    | 0.10%             | 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        |      8000 | NS      | $5662000.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                                          | ServiceNow, Inc.                                                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      3400 | NS      | $3495472.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| State of California                                                     | State of California                                                                | CUSIP: 13063D2Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535135.50    | 0.11%             | 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        |   1124439 | PA      | $203171.89    | 0.04%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DraftKings Inc                                                          | DraftKings, Inc.                                                                   | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    100000 | NS      | $4289000.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORP INTL                                                       | Service Corp. International                                                        | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $467839.55    | 0.10%             | 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      | $2356830.00   | 0.49%             |  |  |  | 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      | $440405.00    | 0.09%             | 2031-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Bonds                                                                | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $1554296.88   | 0.32%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                  | Marriott International, Inc.                                                       | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500082.84    | 0.10%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                      | Meta Platforms, Inc.                                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     28000 | NS      | $20666520.00  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA5283                                                                  | CUSIP: 31418E2R0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    729779 | PA      | $678846.67    | 0.14%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8093                                                                 | CUSIP: 3132DV7E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    330589 | PA      | $300895.17    | 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      | $485009.20    | 0.10%             | 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      | $4176342.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA5131                                                                  | CUSIP: 31418EVZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1151695 | PA      | $1037952.59   | 0.21%             | 2053-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                                                          | Blackstone, Inc.                                                                   | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     34000 | NS      | $5085720.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                                                      | Valero Energy Corp.                                                                | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509890.03    | 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        |       299 | PA      | $302.39       | 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        |     38614 | PA      | $36669.96     | 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        |   6000400 | PA      | $5820388.00   | 1.20%             | 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      | $500722.30    | 0.10%             | 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      | $509403.03    | 0.10%             | 2030-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                        | T-Mobile USA, Inc.                                                                 | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $469457.55    | 0.10%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                             | Equinix, Inc.                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    500000 | PA      | $442990.74    | 0.09%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                     | American Tower Corp.                                                               | CUSIP: 03027XBY5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    500000 | PA      | $513896.35    | 0.11%             | 2028-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MicroStrategy Inc                                                       | MicroStrategy, Inc.                                                                | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     27000 | NS      | $10914210.00  | 2.25%             |  |  |  | No            |                  1 | On Loan: —       |
| NEXTERA ENERGY CAPITAL                                                  | NextEra Energy Capital Holdings, Inc.                                              | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511636.25    | 0.11%             | 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      | $474807.74    | 0.10%             | 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      | $525454.80    | 0.11%             | 2031-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                        | Welltower OP LLC                                                                   | CUSIP: 95040QAD6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    500000 | PA      | $500777.26    | 0.10%             | 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        |     87583 | PA      | $88672.63     | 0.02%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                                            | Newmont Corp.                                                                      | CUSIP: 651639AZ9<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $442048.81    | 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      | $506988.75    | 0.10%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                                | Regeneron Pharmaceuticals, Inc.                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $434260.43    | 0.09%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QF1236                                                                 | CUSIP: 3133BNLR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1702998 | PA      | $1631484.64   | 0.34%             | 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      | $542853.88    | 0.11%             | 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      | $2388900.00   | 0.49%             |  |  |  | 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      | $485681.65    | 0.10%             | 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      | $3229800.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                                                            | Exelixis, Inc.                                                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    250000 | NS      | $11018750.00  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4021054.68   | 0.83%             | 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        |    104124 | PA      | $93093.40     | 0.02%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                  | Diamondback Energy, Inc.                                                           | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     25000 | NS      | $3435000.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                    | Freeport-McMoRan, Inc.                                                             | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494831.25    | 0.10%             | 2030-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                                             | Netflix, Inc.                                                                      | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509687.30    | 0.10%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| FHLMC Multifamily Structured Pass Through Certs.                        | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137BPW21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    243359 | PA      | $240220.90    | 0.05%             | 2026-03-25      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                               | Apple, Inc.                                                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     34000 | NS      | $6975780.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $399768.70    | 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      | $503570.23    | 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        |     55000 | NS      | $4833950.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QE8017                                                                 | CUSIP: 3133BH4A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1377825 | PA      | $1241009.93   | 0.26%             | 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      | $523842.20    | 0.11%             | 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        |    984240 | PA      | $969035.25    | 0.20%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AppLovin Corp                                                           | AppLovin Corp.                                                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     20000 | NS      | $7001600.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                                                   | Rivian Automotive, Inc.                                                            | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |    240000 | NS      | $3297600.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Government National Mortgage Association                                | GNMA II Pool #MA7054                                                               | CUSIP: 36179VZT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    191610 | PA      | $174995.56    | 0.04%             | 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      | $511408.22    | 0.11%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Bonds                                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1369804.68   | 0.28%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                                 | KeyCorp                                                                            | CUSIP: 49326EEG4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496847.99    | 0.10%             | 2028-04-30      | Fixed         | 4.10%                 | No            |                  2 | On Loan: —       |
| Delta Air Lines Inc                                                     | Delta Air Lines, Inc.                                                              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     68000 | NS      | $3344240.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                            | Broadcom, Inc.                                                                     | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484997.56    | 0.10%             | 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      | $450742.40    | 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      | $485134.06    | 0.10%             | 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        |       740 | NS      | $4284037.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                 | Goldman Sachs Group, Inc.                                                          | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493952.05    | 0.10%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency                                                   | CUSIP: 60416UDJ1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501011.05    | 0.10%             | 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      | $497733.58    | 0.10%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                                          | Eli Lilly & Co.                                                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      5000 | NS      | $3897650.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS INC                                                     | PayPal Holdings, Inc.                                                              | CUSIP: 70450YAP8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507863.59    | 0.10%             | 2034-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13000 | NS      | $3768830.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                          | Amazon.com, Inc.                                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     69000 | NS      | $15137910.00  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46625HJZ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499427.70    | 0.10%             | 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        |    116477 | PA      | $106602.89    | 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        |    442171 | PA      | $432651.29    | 0.09%             | 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        |     20000 | NS      | $7009800.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6250000 | PA      | $6184814.44   | 1.27%             | 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: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490343.20    | 0.10%             | 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      | $513294.80    | 0.11%             | 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        |     73735 | PA      | $66810.79     | 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        |   1795641 | PA      | $1619375.78   | 0.33%             | 2052-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-16

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

**Signature:** Jim Gallo

**Name of Signer:** Jim Gallo

**Title:** Treasurer