# EDGAR Filing Document

**Accession Number:** 0000102757
**File Stem:** 0001410368-26-050657
**Filing Date:** 2026-5
**Character Count:** 126464
**Document Hash:** 3db5f5856628572efdc2a9f8f8e53ddc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-050657.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-050657

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**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:** 261016127

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Value Line Capital Appreciation Fund, Inc.

Schedule of Investments (unaudited)

March 31, 2026

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value** |
| **COMMON STOCKS 63.5%** | **COMMON STOCKS 63.5%** | **COMMON STOCKS 63.5%** |
| **COMMUNICATION SERVICES 10.2%** | **COMMUNICATION SERVICES 10.2%** | **COMMUNICATION SERVICES 10.2%** |
|  | **INTERNET 9.6%** | **INTERNET 9.6%** |
| 57000 | Alphabet, Inc. Class A  | &nbsp;&nbsp;&nbsp; $16390920 |
| 27000 | Meta Platforms, Inc. Class A  | &nbsp;&nbsp;&nbsp; 15447510 |
| 98000 | Netflix, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 9422700 |
| 33000 | Roku, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 3122460 |
|  |  | &nbsp;&nbsp; **44383590** |
|  | **MEDIA 0.6%** | **MEDIA 0.6%** |
| 28000 | Walt Disney Co.  | &nbsp;&nbsp;&nbsp; 2698640 |
|  |  | &nbsp;&nbsp; **47082230** |
| **CONSUMER DISCRETIONARY 7.6%** | **CONSUMER DISCRETIONARY 7.6%** | **CONSUMER DISCRETIONARY 7.6%** |
|  | **AUTO MANUFACTURERS 2.1%** | **AUTO MANUFACTURERS 2.1%** |
| 200000 | Rivian Automotive, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 3010000 |
| 18500 | Tesla, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 6877375 |
|  |  | &nbsp;&nbsp; **9887375** |
|  | **INTERNET 4.8%** | **INTERNET 4.8%** |
| 40000 | Alibaba Group Holding Ltd. ADR<sup>(2)</sup>  | &nbsp;&nbsp;&nbsp; 5018400 |
| 68000 | Amazon.com, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 14162360 |
| 700 | Booking Holdings, Inc.  | &nbsp;&nbsp;&nbsp; 2947224 |
|  |  | &nbsp;&nbsp; **22127984** |
|  | **LODGING 0.7%** | **LODGING 0.7%** |
| 10000 | Hilton Worldwide Holdings, Inc.  | &nbsp;&nbsp;&nbsp; 3040800 |
|  |  | &nbsp;&nbsp; **35056159** |
| **ENERGY 0.9%** | **ENERGY 0.9%** | **ENERGY 0.9%** |
|  | **OIL & GAS 0.9%** | **OIL & GAS 0.9%** |
| 22000 | Diamondback Energy, Inc.  | &nbsp;&nbsp;&nbsp; 4351380 |
| **FINANCIALS 7.9%** | **FINANCIALS 7.9%** | **FINANCIALS 7.9%** |
|  | **BANKS 2.7%** | **BANKS 2.7%** |
| 90000 | Bank of America Corp.  | &nbsp;&nbsp;&nbsp; 4387500 |
| 5500 | Goldman Sachs Group, Inc.  | &nbsp;&nbsp;&nbsp; 4652945 |
| 12000 | JPMorgan Chase & Co.  | &nbsp;&nbsp;&nbsp; 3529920 |
|  |  | &nbsp;&nbsp; **12570365** |
|  | **CAPITAL MARKETS 0.8%** | **CAPITAL MARKETS 0.8%** |
| 31000 | Blackstone, Inc.  | &nbsp;&nbsp;&nbsp; 3564690 |
|  | **DIVERSIFIED FINANCIALS 3.5%** | **DIVERSIFIED FINANCIALS 3.5%** |
| 40000 | Coinbase Global, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 6984400 |
| 57000 | Interactive Brokers Group, Inc. Class A  | &nbsp;&nbsp;&nbsp; 3822990 |
| 17000 | Visa, Inc. Class A  | &nbsp;&nbsp;&nbsp; 5138080 |
|  |  | &nbsp;&nbsp; **15945470** |
|  | **INTERNET 0.9%** | **INTERNET 0.9%** |
| 60000 | Robinhood Markets, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 4158000 |
|  |  | &nbsp;&nbsp; **36238525** |
| **HEALTHCARE 6.8%** | **HEALTHCARE 6.8%** | **HEALTHCARE 6.8%** |
|  | **BIOTECHNOLOGY 3.9%** | **BIOTECHNOLOGY 3.9%** |
| 207000 | Exelixis, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 8878230 |
| 32000 | Insmed, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 5232640 |
| 8000 | Vertex Pharmaceuticals, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 3572320 |
|  |  | &nbsp;&nbsp; **17683190** |
|  | **PHARMACEUTICALS 2.9%** | **PHARMACEUTICALS 2.9%** |
| 5000 | Eli Lilly & Co.  | &nbsp;&nbsp;&nbsp; 4598850 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS 63.5% (continued)** | **COMMON STOCKS 63.5% (continued)** | **COMMON STOCKS 63.5% (continued)** |
| **HEALTHCARE 6.8% (continued)** | **HEALTHCARE 6.8% (continued)** | **HEALTHCARE 6.8% (continued)** |
|  | **PHARMACEUTICALS 2.9% (continued)** | **PHARMACEUTICALS 2.9% (continued)** |
| 17000 | Madrigal Pharmaceuticals, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; $8898990 |
|  |  | &nbsp;&nbsp; **13497840** |
|  |  | &nbsp;&nbsp; **31181030** |
| **INDUSTRIALS 3.1%** | **INDUSTRIALS 3.1%** | **INDUSTRIALS 3.1%** |
|  | **AIRLINES 0.7%** | **AIRLINES 0.7%** |
| 50000 | Delta Air Lines, Inc.  | &nbsp;&nbsp;&nbsp; 3324000 |
|  | **INTERNET 2.4%** | **INTERNET 2.4%** |
| 190000 | Lyft, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 2527000 |
| 120000 | Uber Technologies, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 8631600 |
|  |  | &nbsp;&nbsp; **11158600** |
|  |  | &nbsp;&nbsp; **14482600** |
| **INFORMATION TECHNOLOGY 27.0%** | **INFORMATION TECHNOLOGY 27.0%** | **INFORMATION TECHNOLOGY 27.0%** |
|  | **COMPUTERS 2.4%** | **COMPUTERS 2.4%** |
| 31000 | Apple, Inc.  | &nbsp;&nbsp;&nbsp; 7867490 |
| 8200 | Crowdstrike Holdings, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 3201362 |
|  |  | &nbsp;&nbsp; **11068852** |
|  | **INTERNET 1.9%** | **INTERNET 1.9%** |
| 14000 | AppLovin Corp. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 5572000 |
| 25000 | Shopify, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 2965500 |
|  |  | &nbsp;&nbsp; **8537500** |
|  | **SEMICONDUCTORS 15.1%** | **SEMICONDUCTORS 15.1%** |
| 75000 | Advanced Micro Devices, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 15257250 |
| 35000 | ARM Holdings PLC ADR<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 5294800 |
| 40000 | Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; 12380400 |
| 46000 | Micron Technology, Inc.  | &nbsp;&nbsp;&nbsp; 15540640 |
| 104000 | NVIDIA Corp.  | &nbsp;&nbsp;&nbsp; 18137600 |
| 15000 | NXP Semiconductors NV  | &nbsp;&nbsp;&nbsp; 2952900 |
|  |  | &nbsp;&nbsp; **69563590** |
|  | **SOFTWARE 7.6%** | **SOFTWARE 7.6%** |
| 50000 | CoreWeave, Inc. Class A<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 3873500 |
| 24500 | Microsoft Corp.  | &nbsp;&nbsp;&nbsp; 9069165 |
| 35000 | Salesforce, Inc.  | &nbsp;&nbsp;&nbsp; 6533450 |
| 60000 | ServiceNow, Inc.<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 6273000 |
| 48000 | Strategy, Inc.<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp; 5990400 |
| 27000 | Workday, Inc. Class A<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; 3507840 |
|  |  | &nbsp;&nbsp; **35247355** |
|  |  | &nbsp;&nbsp; **124417297** |
| **TOTAL COMMON STOCKS** <br>**(Cost $134,411,518)** | **TOTAL COMMON STOCKS** <br>**(Cost $134,411,518)** | &nbsp;&nbsp; **292809221** |
| **EXCHANGE-TRADED FUNDS 1.4%** | **EXCHANGE-TRADED FUNDS 1.4%** | **EXCHANGE-TRADED FUNDS 1.4%** |
| 40000 | iShares MBS ETF  | &nbsp;&nbsp;&nbsp; 3798000 |
| 60000 | Vanguard Mortgage-Backed Securities ETF  | &nbsp;&nbsp;&nbsp; 2817000 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $6,617,001)** | **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $6,617,001)** | &nbsp;&nbsp; **6615000** |

---

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

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATION 0.1%** | **COLLATERALIZED MORTGAGE OBLIGATION 0.1%** | **COLLATERALIZED MORTGAGE OBLIGATION 0.1%** |
| $365704 | &nbsp;&nbsp;&nbsp; FNMA, Series 2023-R04, Class 1M1, (30 day <br> USD SOFR Average + 2.30%), 5.96%, <br> 5/25/43<sup>(3)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; $372530 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $365,821)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $365,821)** | &nbsp;&nbsp; **372530** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES 0.1%** |
| 255000 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K064, Class A2, <br> 3.22%, 3/25/27 <br>| &nbsp;&nbsp;&nbsp; 253117 |
| 248317 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K074, Class A2, <br> 3.60%, 1/25/28 <br>| &nbsp;&nbsp;&nbsp; 246004 |
| 250000 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through <br> Certificates, Series K084, Class A2, <br> 3.78%, 10/25/28<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 247777 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $788,738)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $788,738)** | &nbsp;&nbsp; **746898** |
| **CORPORATE BONDS & NOTES 11.2%** | **CORPORATE BONDS & NOTES 11.2%** | **CORPORATE BONDS & NOTES 11.2%** |
| **BASIC MATERIALS 0.8%** | **BASIC MATERIALS 0.8%** | **BASIC MATERIALS 0.8%** |
|  | **CHEMICALS 0.3%** | **CHEMICALS 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; Eastman Chemical Co., Senior Unsecured <br> Notes, 5.63%, 2/20/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 506971 |
| 500000 | &nbsp;&nbsp;&nbsp; Mosaic Co., Senior Unsecured Notes, 4.05%, <br> 11/15/27<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 496717 |
| 500000 | &nbsp;&nbsp;&nbsp; Sherwin-Williams Co., Senior Unsecured <br> Notes, 5.15%, 8/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 502490 |
|  |  | &nbsp;&nbsp; **1506178** |
|  | **IRON/STEEL 0.2%** | **IRON/STEEL 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Unsecured Notes, <br> 4.25%, 7/16/29<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 498279 |
| 500000 | &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., Senior Unsecured <br> Notes, 3.25%, 1/15/31 <br>| &nbsp;&nbsp;&nbsp; 468371 |
|  |  | &nbsp;&nbsp; **966650** |
|  | **MINING 0.3%** | **MINING 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., Guaranteed Notes, <br> 4.63%, 8/1/30 <br>| &nbsp;&nbsp;&nbsp; 496713 |
| 500000 | &nbsp;&nbsp;&nbsp; Newmont Corp., Guaranteed Notes, 2.60%, <br> 7/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 452235 |
| 500000 | &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA Ltd., Guaranteed <br> Notes, 5.20%, 11/2/40 <br>| &nbsp;&nbsp;&nbsp; 486633 |
|  |  | &nbsp;&nbsp; **1435581** |
|  |  | &nbsp;&nbsp; **3908409** |
| **COMMUNICATIONS 1.0%** | **COMMUNICATIONS 1.0%** | **COMMUNICATIONS 1.0%** |
|  | **INTERNET 0.4%** | **INTERNET 0.4%** |
| 500000 | &nbsp;&nbsp;&nbsp; Alphabet, Inc., Senior Unsecured Notes, <br> 5.35%, 11/15/45 <br>| &nbsp;&nbsp;&nbsp; 488895 |
| 750000 | &nbsp;&nbsp;&nbsp; Amazon.com, Inc., Senior Unsecured Notes, <br> 4.65%, 11/20/35 <br>| &nbsp;&nbsp;&nbsp; 735411 |
| 500000 | &nbsp;&nbsp;&nbsp; VeriSign, Inc., Senior Unsecured Notes, <br> 2.70%, 6/15/31 <br>| &nbsp;&nbsp;&nbsp; 447661 |
|  |  | &nbsp;&nbsp; **1671967** |
|  | **MEDIA 0.1%** | **MEDIA 0.1%** |
| 750000 | &nbsp;&nbsp;&nbsp; Comcast Corp., Guaranteed Notes, 4.25%, <br> 1/15/33<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 724776 |
|  | **TELECOMMUNICATIONS 0.5%** | **TELECOMMUNICATIONS 0.5%** |
| 750000 | &nbsp;&nbsp;&nbsp; AT&T, Inc., Senior Unsecured Notes, 2.55%, <br> 12/1/33 <br>| &nbsp;&nbsp;&nbsp; 634678 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** |
| **COMMUNICATIONS 1.0% (continued)** | **COMMUNICATIONS 1.0% (continued)** | **COMMUNICATIONS 1.0% (continued)** |
|  | **TELECOMMUNICATIONS 0.5% (continued)** | **TELECOMMUNICATIONS 0.5% (continued)** |
| $500000 | &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., Senior Unsecured <br> Notes, 5.55%, 8/15/35 <br>| &nbsp;&nbsp;&nbsp; $511196 |
| 750000 | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., Guaranteed Notes, <br> 3.50%, 4/15/31 <br>| &nbsp;&nbsp;&nbsp; 709334 |
| 500000 | &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., Senior <br> Unsecured Notes, 5.75%, 11/30/45 <br>| &nbsp;&nbsp;&nbsp; 486900 |
|  |  | &nbsp;&nbsp; **2342108** |
|  |  | &nbsp;&nbsp; **4738851** |
| **CONSUMER, CYCLICAL 0.8%** | **CONSUMER, CYCLICAL 0.8%** | **CONSUMER, CYCLICAL 0.8%** |
|  | **AUTO MANUFACTURERS 0.1%** | **AUTO MANUFACTURERS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Senior <br> Unsecured Notes, 5.45%, 9/6/34 <br>| &nbsp;&nbsp;&nbsp; 495911 |
|  | **LODGING 0.3%** | **LODGING 0.3%** |
| 750000 | &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Unsecured Notes, <br> 5.38%, 12/15/31<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 759091 |
| 500000 | &nbsp;&nbsp;&nbsp; Marriott International, Inc., Senior <br> Unsecured Notes, 5.50%, 4/15/37 <br>| &nbsp;&nbsp;&nbsp; 497811 |
|  |  | &nbsp;&nbsp; **1256902** |
|  | **RETAIL 0.4%** | **RETAIL 0.4%** |
| 750000 | &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., Senior Unsecured <br> Notes, 1.75%, 4/20/32 <br>| &nbsp;&nbsp;&nbsp; 648213 |
| 750000 | &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., Senior Unsecured Notes, <br> 4.50%, 10/15/32 <br>| &nbsp;&nbsp;&nbsp; 737106 |
| 750000 | &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Unsecured Notes, <br> 4.70%, 12/9/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 734671 |
|  |  | &nbsp;&nbsp; **2119990** |
|  |  | &nbsp;&nbsp; **3872803** |
| **CONSUMER, NON-CYCLICAL 1.9%** | **CONSUMER, NON-CYCLICAL 1.9%** | **CONSUMER, NON-CYCLICAL 1.9%** |
|  | **BEVERAGES 0.2%** | **BEVERAGES 0.2%** |
| 750000 | &nbsp;&nbsp;&nbsp; PepsiCo, Inc., Senior Unsecured Notes, <br> 5.00%, 7/23/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 758985 |
|  | **BIOTECHNOLOGY 0.4%** | **BIOTECHNOLOGY 0.4%** |
| 500000 | &nbsp;&nbsp;&nbsp; Amgen, Inc., Senior Unsecured Notes, <br> 2.20%, 2/21/27 <br>| &nbsp;&nbsp;&nbsp; 490868 |
| 750000 | &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., Senior Unsecured <br> Notes, 4.60%, 9/1/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 732900 |
| 750000 | &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., Senior <br> Unsecured Notes, 1.75%, 9/15/30 <br>| &nbsp;&nbsp;&nbsp; 664771 |
|  |  | &nbsp;&nbsp; **1888539** |
|  | **COMMERCIAL SERVICES 0.2%** | **COMMERCIAL SERVICES 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Senior Unsecured <br> Notes, 5.15%, 6/1/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 498666 |
| 500000 | &nbsp;&nbsp;&nbsp; Service Corp. International, Senior <br> Unsecured Notes, 4.00%, 5/15/31 <br>| &nbsp;&nbsp;&nbsp; 466068 |
|  |  | &nbsp;&nbsp; **964734** |
|  | **HEALTHCARE PRODUCTS 0.4%** | **HEALTHCARE PRODUCTS 0.4%** |
| 750000 | &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., Senior <br> Unsecured Notes, 4.80%, 8/14/29 <br>| &nbsp;&nbsp;&nbsp; 756815 |
| 500000 | &nbsp;&nbsp;&nbsp; Medtronic, Inc., Guaranteed Notes, 4.38%, <br> 3/15/35 <br>| &nbsp;&nbsp;&nbsp; 483262 |
| 500000 | &nbsp;&nbsp;&nbsp; Stryker Corp., Senior Unsecured Notes, <br> 5.20%, 2/10/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 506285 |
|  |  | &nbsp;&nbsp; **1746362** |

---

*See Supplementary Notes to Financial Statements.*

------

March 31, 2026

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** |
| **CONSUMER, NON-CYCLICAL 1.9% (continued)** | **CONSUMER, NON-CYCLICAL 1.9% (continued)** | **CONSUMER, NON-CYCLICAL 1.9% (continued)** |
|  | **PHARMACEUTICALS 0.7%** | **PHARMACEUTICALS 0.7%** |
| $750000 | &nbsp;&nbsp;&nbsp; AbbVie, Inc., Senior Unsecured Notes, <br> 3.20%, 11/21/29 <br>| &nbsp;&nbsp;&nbsp; $723049 |
| 750000 | &nbsp;&nbsp;&nbsp; AstraZeneca PLC, Senior Unsecured Notes, <br> 1.38%, 8/6/30 <br>| &nbsp;&nbsp;&nbsp; 661839 |
| 750000 | &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Unsecured Notes, <br> 4.60%, 8/14/34 <br>| &nbsp;&nbsp;&nbsp; 742413 |
| 500000 | &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> Guaranteed Notes, 5.30%, 5/19/53 <br>| &nbsp;&nbsp;&nbsp; 464685 |
| 750000 | &nbsp;&nbsp;&nbsp; Sanofi SA, Senior Unsecured Notes, 4.20%, <br> 11/3/32 <br>| &nbsp;&nbsp;&nbsp; 736199 |
|  |  | &nbsp;&nbsp; **3328185** |
|  |  | &nbsp;&nbsp; **8686805** |
| **ENERGY 1.0%** | **ENERGY 1.0%** | **ENERGY 1.0%** |
|  | **OIL & GAS 0.5%** | **OIL & GAS 0.5%** |
| 500000 | &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., Guaranteed <br> Notes, 5.15%, 1/30/30<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 510179 |
| 500000 | &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., Senior <br> Unsecured Notes, 5.15%, 3/1/30 <br>| &nbsp;&nbsp;&nbsp; 509993 |
| 750000 | &nbsp;&nbsp;&nbsp; Phillips 66 Co., Guaranteed Notes, 5.25%, <br> 6/15/31 <br>| &nbsp;&nbsp;&nbsp; 768793 |
| 500000 | &nbsp;&nbsp;&nbsp; Valero Energy Corp., Senior Unsecured <br> Notes, 5.15%, 2/15/30 <br>| &nbsp;&nbsp;&nbsp; 510903 |
|  |  | &nbsp;&nbsp; **2299868** |
|  | **PIPELINES 0.5%** | **PIPELINES 0.5%** |
| 750000 | &nbsp;&nbsp;&nbsp; Enbridge, Inc., Guaranteed Notes, 2.50%, <br> 8/1/33<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 637180 |
| 500000 | &nbsp;&nbsp;&nbsp; MPLX LP, Senior Unsecured Notes, 5.40%, <br> 4/1/35 <br>| &nbsp;&nbsp;&nbsp; 499496 |
| 500000 | &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance <br> Corp., Senior Unsecured Notes, 5.60%, <br> 1/15/36 <br>| &nbsp;&nbsp;&nbsp; 501620 |
| 500000 | Targa Resources Corp., 6.50%, 3/30/34<sup>(2)</sup>  | &nbsp;&nbsp;&nbsp; 540484 |
|  |  | &nbsp;&nbsp; **2178780** |
|  |  | &nbsp;&nbsp; **4478648** |
| **FINANCIAL 3.5%** | **FINANCIAL 3.5%** | **FINANCIAL 3.5%** |
|  | **BANKS 2.5%** | **BANKS 2.5%** |
| 750000 | &nbsp;&nbsp;&nbsp; Bank of America Corp., (1 day USD SOFR + <br> 2.16%), 5.02%, 7/22/33<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 754430 |
| 750000 | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., (1 day USD <br> SOFR + 1.51%), 4.71%, 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 741093 |
| 750000 | &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.91%), 5.34%, <br> 9/10/35<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 743250 |
| 750000 | &nbsp;&nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 747398 |
| 750000 | &nbsp;&nbsp;&nbsp; Citigroup, Inc., Senior Unsecured Notes, (1 <br> day USD SOFR + 2.09%), 4.91%, <br> 5/24/33<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 746605 |
| 750000 | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.42%), 5.02%, 10/23/35<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 736128 |
| 750000 | &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Unsecured Notes, <br> (3 mo. USD Term SOFR + 1.80%), 4.58%, <br> 6/19/29<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 749462 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** |
| **FINANCIAL 3.5% (continued)** | **FINANCIAL 3.5% (continued)** | **FINANCIAL 3.5% (continued)** |
|  | **BANKS 2.5% (continued)** | **BANKS 2.5% (continued)** |
| $750000 | &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 0.99%), 4.62%, 1/28/32<sup>(2)(4)</sup> <br>| &nbsp;&nbsp;&nbsp; $739054 |
| 500000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes, <br> 4.13%, 12/15/26 <br>| &nbsp;&nbsp;&nbsp; 499561 |
| 500000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Unsecured <br> Notes, (3 mo. USD Term SOFR + 1.64%), <br> 3.96%, 11/15/48<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 387911 |
| 500000 | &nbsp;&nbsp;&nbsp; KeyCorp, Senior Unsecured Notes, 4.10%, <br> 4/30/28 <br>| &nbsp;&nbsp;&nbsp; 496152 |
| 500000 | &nbsp;&nbsp;&nbsp; M&T Bank Corp., Senior Unsecured Notes, (1 <br> day USD SOFR + 1.85%), 5.05%, <br> 1/27/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 493864 |
| 500000 | &nbsp;&nbsp;&nbsp; Morgan Stanley, (1 day USD SOFR + 2.56%), <br> 6.34%, 10/18/33<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 534987 |
| 750000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., Senior <br> Unsecured Notes, (1 day USD SOFR + <br> 1.26%), 4.81%, 10/21/32<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 747505 |
| 500000 | &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Unsecured <br> Notes, 5.00%, 2/1/33 <br>| &nbsp;&nbsp;&nbsp; 503854 |
| 750000 | &nbsp;&nbsp;&nbsp; U.S. Bancorp, Senior Unsecured Notes, (1 <br> day USD SOFR + 1.60%), 4.84%, <br> 2/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 741208 |
| 500000 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Unsecured Notes, <br> (1 day USD SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 506450 |
| 500000 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., (1 day USD SOFR + <br> 2.13%), 4.61%, 4/25/53<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 414559 |
|  |  | &nbsp;&nbsp; **11283471** |
|  | **DIVERSIFIED FINANCIALS 0.5%** | **DIVERSIFIED FINANCIALS 0.5%** |
| 500000 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Guaranteed Notes, 3.30%, <br> 1/30/32 <br>| &nbsp;&nbsp;&nbsp; 454113 |
| 750000 | &nbsp;&nbsp;&nbsp; American Express Co., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.84%), <br> 5.04%, 5/1/34<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 751137 |
| 500000 | &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior <br> Unsecured Notes, 4.10%, 2/9/27<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 498822 |
| 750000 | &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Unsecured <br> Notes, (1 day USD SOFR + 1.23%), <br> 4.91%, 11/14/36<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp; 729011 |
|  |  | &nbsp;&nbsp; **2433083** |
|  | **REITS 0.5%** | **REITS 0.5%** |
| 500000 | &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Unsecured <br> Notes, 4.70%, 12/15/32 <br>| &nbsp;&nbsp;&nbsp; 491307 |
| 500000 | &nbsp;&nbsp;&nbsp; Extra Space Storage LP, Guaranteed Notes, <br> 5.40%, 2/1/34 <br>| &nbsp;&nbsp;&nbsp; 504101 |
| 500000 | &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, Senior Unsecured <br> Notes, 2.25%, 12/1/31 <br>| &nbsp;&nbsp;&nbsp; 440303 |
| 500000 | &nbsp;&nbsp;&nbsp; Prologis LP, Senior Unsecured Notes, 4.75%, <br> 6/15/33 <br>| &nbsp;&nbsp;&nbsp; 495797 |
| 500000 | &nbsp;&nbsp;&nbsp; Welltower OP LLC, Senior Unsecured Notes, <br> 4.25%, 4/15/28 <br>| &nbsp;&nbsp;&nbsp; 499597 |
|  |  | &nbsp;&nbsp; **2431105** |
|  |  | &nbsp;&nbsp; **16147659** |

---

*See Supplementary Notes to Financial Statements.*

------

Schedule of Investments (unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** | **CORPORATE BONDS & NOTES 11.2% (continued)** |
| **INDUSTRIAL 0.8%** | **INDUSTRIAL 0.8%** | **INDUSTRIAL 0.8%** |
|  | **AEROSPACE/DEFENSE 0.4%** | **AEROSPACE/DEFENSE 0.4%** |
| $750000 | &nbsp;&nbsp;&nbsp; General Electric Co., Senior Unsecured <br> Notes, 4.90%, 1/29/36 <br>| &nbsp;&nbsp;&nbsp; $750606 |
| 750000 | &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Unsecured <br> Notes, 4.40%, 8/15/30 <br>| &nbsp;&nbsp;&nbsp; 750590 |
| 500000 | RTX Corp., 4.50%, 6/1/42  | &nbsp;&nbsp;&nbsp; 443700 |
|  |  | &nbsp;&nbsp; **1944896** |
|  | **ELECTRONICS 0.2%** | **ELECTRONICS 0.2%** |
| 750000 | &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Unsecured Notes, <br> 2.20%, 9/15/31 <br>| &nbsp;&nbsp;&nbsp; 665612 |
|  | **MISCELLANEOUS MANUFACTURERS 0.1%** | **MISCELLANEOUS MANUFACTURERS 0.1%** |
| 500000 | Teledyne Technologies, Inc., 2.25%, 4/1/28  | &nbsp;&nbsp;&nbsp; 479396 |
|  | **PACKAGING & CONTAINERS 0.1%** | **PACKAGING & CONTAINERS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Ball Corp., Guaranteed Notes, 2.88%, <br> 8/15/30 <br>| &nbsp;&nbsp;&nbsp; 455089 |
|  |  | &nbsp;&nbsp; **3544993** |
| **TECHNOLOGY 0.6%** | **TECHNOLOGY 0.6%** | **TECHNOLOGY 0.6%** |
|  | **COMPUTERS 0.2%** | **COMPUTERS 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., <br> Guaranteed Notes, 5.40%, 4/15/34<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 504501 |
| 750000 | &nbsp;&nbsp;&nbsp; International Business Machines Corp., <br> Senior Unsecured Notes, 4.95%, 2/3/36<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 730588 |
|  |  | &nbsp;&nbsp; **1235089** |
|  | **SEMICONDUCTORS 0.3%** | **SEMICONDUCTORS 0.3%** |
| 750000 | Broadcom, Inc., 4.30%, 11/15/32  | &nbsp;&nbsp;&nbsp; 730310 |
| 500000 | &nbsp;&nbsp;&nbsp; Micron Technology, Inc., Senior Unsecured <br> Notes, 6.05%, 11/1/35 <br>| &nbsp;&nbsp;&nbsp; 539522 |
|  |  | &nbsp;&nbsp; **1269832** |
|  | **SOFTWARE 0.1%** | **SOFTWARE 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., Senior Unsecured <br> Notes, 5.10%, 9/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 486189 |
|  |  | &nbsp;&nbsp; **2991110** |
| **UTILITIES 0.8%** | **UTILITIES 0.8%** | **UTILITIES 0.8%** |
|  | **ELECTRIC 0.7%** | **ELECTRIC 0.7%** |
| 750000 | &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Unsecured Notes, <br> 4.50%, 8/15/32<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 738187 |
| 500000 | &nbsp;&nbsp;&nbsp; National Grid PLC, Senior Unsecured Notes, <br> 5.42%, 1/11/34 <br>| &nbsp;&nbsp;&nbsp; 509512 |
| 750000 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> Guaranteed Notes, 5.05%, 3/15/30 <br>| &nbsp;&nbsp;&nbsp; 763894 |
| 500000 | Southern Co., 5.70%, 3/15/34  | &nbsp;&nbsp;&nbsp; 518116 |
| 500000 | &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., Series C, <br> Senior Unsecured Notes, 4.90%, <br> 9/15/35<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; 489191 |
|  |  | &nbsp;&nbsp; **3018900** |
|  | **GAS 0.1%** | **GAS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; NiSource, Inc., Senior Unsecured Notes, <br> 3.60%, 5/1/30 <br>| &nbsp;&nbsp;&nbsp; 481822 |
|  |  | &nbsp;&nbsp; **3500722** |
| **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $51,928,219)** | **TOTAL CORPORATE BONDS & NOTES** <br>**(Cost $51,928,219)** | &nbsp;&nbsp; **51870000** |
| **LONG-TERM MUNICIPAL SECURITIES 0.9%** | **LONG-TERM MUNICIPAL SECURITIES 0.9%** | **LONG-TERM MUNICIPAL SECURITIES 0.9%** |
|  | **CALIFORNIA 0.1%** | **CALIFORNIA 0.1%** |
| 500000 | State of California, GO, 5.70%, 10/1/32  | &nbsp;&nbsp;&nbsp; 535732 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **LONG-TERM MUNICIPAL SECURITIES 0.9% (continued)** | **LONG-TERM MUNICIPAL SECURITIES 0.9% (continued)** | **LONG-TERM MUNICIPAL SECURITIES 0.9% (continued)** |
|  | **CONNECTICUT 0.1%** | **CONNECTICUT 0.1%** |
| $500000 | City of Norwich, GO, 2.47%, 8/1/28  | &nbsp;&nbsp;&nbsp; $482680 |
|  | **HAWAII 0.3%** | **HAWAII 0.3%** |
| 500000 | &nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System <br> Revenue, Series B, 2.50%, 7/1/27 <br>| &nbsp;&nbsp;&nbsp; 492112 |
| 500000 | &nbsp;&nbsp;&nbsp; State of Hawaii, Series GN, GO, 4.62%, <br> 10/1/32 <br>| &nbsp;&nbsp;&nbsp; 507689 |
|  |  | &nbsp;&nbsp; **999801** |
|  | **ILLINOIS 0.1%** | **ILLINOIS 0.1%** |
| 500000 | &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Series <br> B, 5.85%, 12/1/34 <br>| &nbsp;&nbsp;&nbsp; 524089 |
|  | **MICHIGAN 0.1%** | **MICHIGAN 0.1%** |
| 500000 | University of Michigan, 5.18%, 4/1/35  | &nbsp;&nbsp;&nbsp; 507135 |
|  | **NEW YORK 0.2%** | **NEW YORK 0.2%** |
| 500000 | &nbsp;&nbsp;&nbsp; Empire State Development Corp., Series <br> B-3, 3.90%, 3/15/33 <br>| &nbsp;&nbsp;&nbsp; 488193 |
| 500000 | &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority <br> Future Tax Secured Revenue, Series D-3, <br> 2.25%, 11/1/31 <br>| &nbsp;&nbsp;&nbsp; 448339 |
|  |  | &nbsp;&nbsp; **936532** |
| **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,945,310)** | **TOTAL LONG-TERM MUNICIPAL SECURITIES** <br>**(Cost $3,945,310)** | &nbsp;&nbsp; **3985969** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.5%** |
| 1266271 | FHLMC Pool #QB9661, 2.50%, 3/1/51  | &nbsp;&nbsp;&nbsp; 1065763 |
| 531662 | FHLMC Pool #QD2419, 3.00%, 12/1/51  | &nbsp;&nbsp;&nbsp; 471458 |
| 1310793 | FHLMC Pool #QE8017, 3.50%, 8/1/52  | &nbsp;&nbsp;&nbsp; 1202786 |
| 1608202 | FHLMC Pool #QF1236, 4.50%, 10/1/52  | &nbsp;&nbsp;&nbsp; 1558925 |
| 910074 | FHLMC Pool #QG6306, 5.00%, 7/1/53  | &nbsp;&nbsp;&nbsp; 901735 |
| 150141 | FHLMC Pool #RA6817, 2.50%, 2/1/52  | &nbsp;&nbsp;&nbsp; 128040 |
| 375411 | FHLMC Pool #SB8215, 4.00%, 3/1/38  | &nbsp;&nbsp;&nbsp; 366854 |
| 2053164 | FHLMC Pool #SD4553, 3.00%, 9/1/53  | &nbsp;&nbsp;&nbsp; 1806671 |
| 317270 | FHLMC Pool #SD8093, 3.50%, 9/1/50  | &nbsp;&nbsp;&nbsp; 293786 |
| 856725 | FHLMC Pool #SD8108, 3.00%, 11/1/50  | &nbsp;&nbsp;&nbsp; 759196 |
| 1694208 | FHLMC Pool #SD8255, 3.50%, 10/1/52  | &nbsp;&nbsp;&nbsp; 1554947 |
| 2044042 | FHLMC Pool #SD8256, 4.00%, 10/1/52  | &nbsp;&nbsp;&nbsp; 1931696 |
| 1904793 | FHLMC Pool #SD8266, MBS, 4.50%, 11/1/52  | &nbsp;&nbsp;&nbsp; 1846038 |
| 1398274 | FHLMC Pool #SD8328, 4.50%, 6/1/53  | &nbsp;&nbsp;&nbsp; 1354419 |
| 287 | FNMA Pool #AH3226, 5.00%, 2/1/41  | &nbsp;&nbsp;&nbsp; 290 |
| 427965 | FNMA Pool #CA5540, 3.00%, 4/1/50  | &nbsp;&nbsp;&nbsp; 383124 |
| 841364 | FNMA Pool #CB5892, 4.50%, 3/1/53  | &nbsp;&nbsp;&nbsp; 815586 |
| 121780 | FNMA Pool #FM2202, 4.00%, 12/1/48  | &nbsp;&nbsp;&nbsp; 116629 |
| 276784 | FNMA Pool #FM4140, 2.50%, 9/1/50  | &nbsp;&nbsp;&nbsp; 237250 |
| 1218746 | FNMA Pool #FS3526, 4.00%, 12/1/52  | &nbsp;&nbsp;&nbsp; 1154496 |
| 1853765 | FNMA Pool #MA4512, 2.50%, 1/1/52  | &nbsp;&nbsp;&nbsp; 1570473 |
| 1087386 | FNMA Pool #MA5131, 3.50%, 7/1/53  | &nbsp;&nbsp;&nbsp; 997787 |
| 695295 | FNMA Pool #MA5283, MBS, 4.00%, 2/1/54  | &nbsp;&nbsp;&nbsp; 656665 |
| 1048327 | &nbsp;&nbsp;&nbsp; GNMA, Series 2021-98, Class IG, IO, 3.00%, <br> 6/20/51 <br>| &nbsp;&nbsp;&nbsp; 182839 |
| 1431284 | GNMA II Pool #MA7651, 3.50%, 10/20/51  | &nbsp;&nbsp;&nbsp; 1325679 |
| 2131850 | &nbsp;&nbsp;&nbsp; GNMA II Pool #MA7705, MBS, 2.50%, <br> 11/20/51 <br>| &nbsp;&nbsp;&nbsp; 1835296 |
| 3706121 | GNMA II Pool #MA8043, 3.00%, 5/20/52  | &nbsp;&nbsp;&nbsp; 3311043 |
| 1011895 | GNMA II Pool #MA8945, 4.00%, 6/20/53  | &nbsp;&nbsp;&nbsp; 956482 |

---

*See Supplementary Notes to Financial Statements.*

------

March 31, 2026

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.5% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.5% (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.5% (continued)** |
| $1140365 | GNMA II Pool #MA9527, 5.00%, 3/20/54  | &nbsp;&nbsp;&nbsp; $1121782 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $30,438,462)** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $30,438,462)** | &nbsp;&nbsp; **29907735** |
| **U.S. TREASURY OBLIGATIONS 13.0%** | **U.S. TREASURY OBLIGATIONS 13.0%** | **U.S. TREASURY OBLIGATIONS 13.0%** |
| 3000000 | U.S. Treasury Bonds, 3.50%, 2/15/39  | &nbsp;&nbsp;&nbsp; 2706562 |
| 5750000 | U.S. Treasury Bonds, 3.88%, 5/15/43  | &nbsp;&nbsp;&nbsp; 5096162 |
| 1500000 | U.S. Treasury Bonds, 4.25%, 8/15/54  | &nbsp;&nbsp;&nbsp; 1343438 |
| 2000000 | U.S. Treasury Notes, 4.50%, 7/15/26  | &nbsp;&nbsp;&nbsp; 2004197 |
| 3000400 | U.S. Treasury Notes, 2.25%, 8/15/27  | &nbsp;&nbsp;&nbsp; 2937110 |
| 6000000 | U.S. Treasury Notes, 2.75%, 2/15/28  | &nbsp;&nbsp;&nbsp; 5884922 |
| 3500000 | U.S. Treasury Notes, 3.63%, 8/31/29  | &nbsp;&nbsp;&nbsp; 3473203 |
| 4000000 | U.S. Treasury Notes, 3.75%, 5/31/30  | &nbsp;&nbsp;&nbsp; 3975625 |
| 2500000 | U.S. Treasury Notes, 3.50%, 2/28/31<sup>(2)</sup>  | &nbsp;&nbsp;&nbsp; 2451563 |
| 9000000 | U.S. Treasury Notes, 2.75%, 8/15/32  | &nbsp;&nbsp;&nbsp; 8323945 |
| 6500000 | U.S. Treasury Notes, 3.88%, 8/15/33  | &nbsp;&nbsp;&nbsp; 6380918 |
| 8500000 | U.S. Treasury Notes, 4.00%, 2/15/34  | &nbsp;&nbsp;&nbsp; 8384453 |
| 7000000 | U.S. Treasury Notes, 4.25%, 5/15/35  | &nbsp;&nbsp;&nbsp; 6981406 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $60,029,791)** | **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $60,029,791)** | &nbsp;&nbsp; **59943504** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value** |
| **SHORT-TERM INVESTMENTS 3.8%** | **SHORT-TERM INVESTMENTS 3.8%** |
|  | **MONEY MARKET FUNDS 3.8%** |
| 15024303<br> &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class, <br> 3.60%<sup>(5)</sup> <br>| &nbsp;&nbsp;&nbsp; 15024303 |
| 2440427<br> &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio<sup>(6)</sup> <br>| &nbsp;&nbsp;&nbsp; 2440427 |
|  | &nbsp;&nbsp; **17464730** |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $17,464,730)** | &nbsp;&nbsp; **17464730** |
| **TOTAL INVESTMENTS IN SECURITIES 100.5%** <br>**(Cost $305,989,590)** | &nbsp;&nbsp; **$463715587** |
| **EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS** <br> **(0.5)%** | &nbsp;&nbsp; **(2328395)**<br>|
| **NET ASSETS**<sup>(7)</sup> **100.0%** | &nbsp;&nbsp; **$461387192** |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *A portion or all of the security was held on loan. As of* *March 31, 2026, the market value of the securities on* *loan was $39,898,086.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Floating or variable rate security. The rate disclosed is* *the rate in effect as of March 31, 2026. The information* *in parentheses represents the benchmark and reference* *rate for each relevant security and the rate adjusts based* *upon the reference rate and spread. The security may be* *further subject to interest rate floor and caps. For* *securities which do not indicate a reference rate and* *spread in their descriptions, the interest rate adjusts* *periodically based on current interest rates and, for* *mortgage-backed securities, prepayments in the* *underlying pool of assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Rate reflects 7 day yield as of March 31, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *Securities with an aggregate market value of* *$39,898,086 were out on loan in exchange for collateral* *including $2,440,427 of cash collateral as of March 31,* *2026. The collateral was invested in a cash collateral* *reinvestment vehicle.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(7)* *For federal income tax purposes, the aggregate cost was* *$305,989,590, aggregate gross unrealized appreciation* *was $163,411,200, aggregate gross unrealized* *depreciation was $5,685,203 and the net unrealized* *appreciation was $157,725,997.* 

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

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt.* |
| *ETF* | *Exchange Traded Fund.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association.* |
| *GNMA* | *Government National Mortgage Association.* |
| *REITS* | *Real Estate Investment Trusts.* |
| *SOFR* | *Secured Overnight Financing Rate.* |

---

*See Supplementary Notes to Financial Statements.*

------

Supplementary Notes to Schedule of Investments

------

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

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

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

• Level 3 - Inputs that are unobservable.

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** VALUE LINE CAPITAL APPRECIATION FUND INC

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

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

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

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

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

  - **City:** Sarasota

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 34236

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

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

- **a. Name of Series:** VALUE LINE CAPITAL APPRECIATION FUND INC

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $464528602.76

**Total Liabilities:** $2942470.18

**Net Assets:** $461586132.58

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -89.44000000 | **1-Year:** -2504.86000000 | **5-Year:** -14176.38000000 | **10-Year:** -13251.36000000 | **30-Year:** -1502.03000000

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

- **3-Month:** -0.74000000 | **1-Year:** -55.98000000 | **5-Year:** -325.00000000 | **10-Year:** -3.44000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020636 | -0.56%               | -3.99%               | -3.13%               |
| Class ID C000162171 | -0.49%               | -3.99%               | -3.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1528384.69              | $-4379005.51                               |
| Month 2  | $853552.24               | $-21842161.90                              |
| Month 3  | $9180881.36              | $-24707272.96                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T INC                                                                | AT&T, Inc.                                                                         | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    750000 | PA      | $634678.02    | 0.14%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                              | AbbVie, Inc.                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    750000 | PA      | $723049.20    | 0.16%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                            | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    500000 | PA      | $454112.88    | 0.10%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                                              | Advanced Micro Devices, Inc.                                                       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     75000 | NS      | $15257250.00  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                                               | Alibaba Group Holding Ltd.                                                         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     40000 | NS      | $5018400.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Alphabet Inc                                                            | Alphabet, Inc.                                                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     57000 | NS      | $16390920.00  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                                                            | Alphabet, Inc.                                                                     | CUSIP: 02079KAZ0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488895.32    | 0.11%             | 2045-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                                          | Amazon.com, Inc.                                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     68000 | NS      | $14162360.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                                                          | Amazon.com, Inc.                                                                   | CUSIP: 023135CV6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    750000 | PA      | $735411.22    | 0.16%             | 2035-11-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                     | American Express Co.                                                               | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751137.04    | 0.16%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                     | American Tower Corp.                                                               | CUSIP: 03027XCR9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    500000 | PA      | $491306.80    | 0.11%             | 2032-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                               | Amgen, Inc.                                                                        | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490867.82    | 0.11%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                                           | Amphenol Corp.                                                                     | CUSIP: 032095AL5<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    750000 | PA      | $665612.06    | 0.14%             | 2031-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                               | Apple, Inc.                                                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     31000 | NS      | $7867490.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                                           | AppLovin Corp.                                                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     14000 | NS      | $5572000.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELORMITTAL                                                           | ArcelorMittal SA                                                                   | CUSIP: 03938LBC7<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $498278.71    | 0.11%             | 2029-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| ARM Holdings PLC                                                        | ARM Holdings PLC                                                                   | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |     35000 | NS      | $5294800.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| ASTRAZENECA PLC                                                         | AstraZeneca PLC                                                                    | CUSIP: 046353AW8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $661838.67    | 0.14%             | 2030-08-06      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                               | Ball Corp.                                                                         | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $455088.55    | 0.10%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                    | Bank of America Corp.                                                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     90000 | NS      | $4387500.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                    | Bank of America Corp.                                                              | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    750000 | PA      | $754430.27    | 0.16%             | 2033-07-22      | Fixed         | 5.02%                 | 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        |    750000 | PA      | $741092.90    | 0.16%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                            | Barclays PLC                                                                       | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $495499.94    | 0.11%             | 2035-09-10      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                                                          | Blackstone, Inc.                                                                   | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     31000 | NS      | $3564690.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                                                    | Booking Holdings, Inc.                                                             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       700 | NS      | $2947224.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                            | Broadcom, Inc.                                                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     40000 | NS      | $12380400.00  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                            | Broadcom, Inc.                                                                     | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    750000 | PA      | $730310.19    | 0.16%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| State of California                                                     | State of California                                                                | CUSIP: 13063D2Z0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535732.15    | 0.12%             | 2032-10-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                           | Citigroup, Inc.                                                                    | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    750000 | PA      | $746604.57    | 0.16%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                           | Citigroup, Inc.                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    750000 | PA      | $747397.76    | 0.16%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: —       |
| Coinbase Global Inc                                                     | Coinbase Global, Inc.                                                              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     40000 | NS      | $6984400.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                                            | Comcast Corp.                                                                      | CUSIP: 20030NBH3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    750000 | PA      | $724775.75    | 0.16%             | 2033-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Fannie Mae - CAS                                                        | FNMA                                                                               | CUSIP: 20754QAA6<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |    365704 | PA      | $372529.96    | 0.08%             | 2043-05-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc                                                           | CoreWeave, Inc.                                                                    | CUSIP: 21873S108<br>LEI: 984500511DP2B6186053 | Long             | EC               | CORP              | US        |     50000 | NS      | $3873500.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| COSTCO WHOLESALE CORP                                                   | Costco Wholesale Corp.                                                             | CUSIP: 22160KAQ8<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |    750000 | PA      | $648213.26    | 0.14%             | 2032-04-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                                                | Crowdstrike Holdings, Inc.                                                         | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      8200 | NS      | $3201362.00   | 0.69%             |  |  |  | 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      | $504500.86    | 0.11%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| Delta Air Lines Inc                                                     | Delta Air Lines, Inc.                                                              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     50000 | NS      | $3324000.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                                  | Diamondback Energy, Inc.                                                           | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     22000 | NS      | $4351380.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                  | Diamondback Energy, Inc.                                                           | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510179.17    | 0.11%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| Walt Disney Co/The                                                      | Walt Disney Co.                                                                    | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     28000 | NS      | $2698640.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                | Capital One Financial Corp.                                                        | CUSIP: 254709AM0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498822.50    | 0.11%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: —       |
| DUKE ENERGY CORP                                                        | Duke Energy Corp.                                                                  | CUSIP: 26441CBT1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    750000 | PA      | $738186.65    | 0.16%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| EASTMAN CHEMICAL CO                                                     | Eastman Chemical Co.                                                               | CUSIP: 277432AY6<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506971.59    | 0.11%             | 2034-02-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| ENBRIDGE INC                                                            | Enbridge, Inc.                                                                     | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $637179.66    | 0.14%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| Exelixis Inc                                                            | Exelixis, Inc.                                                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    207000 | NS      | $8878230.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                  | Extra Space Storage LP                                                             | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    500000 | PA      | $504101.18    | 0.11%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                      | Meta Platforms, Inc.                                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     27000 | NS      | $15447510.00  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SB8215                                                                 | CUSIP: 3132D6DU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    375411 | PA      | $366853.90    | 0.08%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD4553                                                                 | CUSIP: 3132DSBW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2053164 | PA      | $1806670.71   | 0.39%             | 2053-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8093                                                                 | CUSIP: 3132DV7E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    317270 | PA      | $293785.97    | 0.06%             | 2050-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8108                                                                 | CUSIP: 3132DWAH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    856725 | PA      | $759196.40    | 0.16%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8255                                                                 | CUSIP: 3132DWE41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1694208 | PA      | $1554946.86   | 0.34%             | 2052-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8256                                                                 | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2044042 | PA      | $1931695.74   | 0.42%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8266                                                                 | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1904793 | PA      | $1846037.97   | 0.40%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #SD8328                                                                 | CUSIP: 3132DWHD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1398273 | PA      | $1354418.88   | 0.29%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QB9661                                                                 | CUSIP: 3133AGWW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1266271 | PA      | $1065762.63   | 0.23%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QD2419                                                                 | CUSIP: 3133AYVL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    531662 | PA      | $471457.87    | 0.10%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QE8017                                                                 | CUSIP: 3133BH4A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1310793 | PA      | $1202785.60   | 0.26%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QF1236                                                                 | CUSIP: 3133BNLR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1608202 | PA      | $1558924.99   | 0.34%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #QG6306                                                                 | CUSIP: 3133C7AF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    910074 | PA      | $901735.16    | 0.20%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                             | FHLMC Pool #RA6817                                                                 | CUSIP: 3133KNSE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    150141 | PA      | $128039.56    | 0.03%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                        | FHLMC Multifamily Structured Pass-Through Certificates                             | CUSIP: 3137BXQY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    255000 | PA      | $253117.28    | 0.05%             | 2027-03-25      | Fixed         | 3.22%                 | 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        |    248317 | PA      | $246004.08    | 0.05%             | 2028-01-25      | Fixed         | 3.60%                 | 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      | $247776.40    | 0.05%             | 2028-10-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #AH3226                                                                  | CUSIP: 3138A4SQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       287 | PA      | $290.08       | 0.00%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #CA5540                                                                  | CUSIP: 3140QDEN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    427965 | PA      | $383123.65    | 0.08%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #CB5892                                                                  | CUSIP: 3140QRRN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    841364 | PA      | $815585.89    | 0.18%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #FM2202                                                                  | CUSIP: 3140X5NU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121780 | PA      | $116629.44    | 0.03%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #FM4140                                                                  | CUSIP: 3140X7S67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    276784 | PA      | $237250.30    | 0.05%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #FS3526                                                                  | CUSIP: 3140XJ4L4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1218746 | PA      | $1154495.95   | 0.25%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA5283                                                                  | CUSIP: 31418E2R0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    695295 | PA      | $656665.34    | 0.14%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA4512                                                                  | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1853765 | PA      | $1570472.96   | 0.34%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                              | FNMA Pool #MA5131                                                                  | CUSIP: 31418EVZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1087386 | PA      | $997786.93    | 0.22%             | 2053-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                    | Freeport-McMoRan, Inc.                                                             | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496713.12    | 0.11%             | 2030-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA8043                                                               | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3706121 | PA      | $3311043.14   | 0.72%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA7651                                                               | CUSIP: 36179WQC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1431284 | PA      | $1325679.51   | 0.29%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA7705                                                               | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2131850 | PA      | $1835295.82   | 0.40%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA8945                                                               | CUSIP: 36179X5E2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1011895 | PA      | $956482.14    | 0.21%             | 2053-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA II Pool #MA9527                                                               | CUSIP: 36179YSQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1140365 | PA      | $1121782.40   | 0.24%             | 2054-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                  | GE HealthCare Technologies, Inc.                                                   | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756814.89    | 0.16%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                                     | General Electric Co.                                                               | CUSIP: 369604CA9<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    750000 | PA      | $750605.94    | 0.16%             | 2036-01-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                  | General Motors Financial Co., Inc.                                                 | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495911.03    | 0.11%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                                     | Gilead Sciences, Inc.                                                              | CUSIP: 375558BG7<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    750000 | PA      | $732900.08    | 0.16%             | 2035-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs Group Inc/The                                             | Goldman Sachs Group, Inc.                                                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5500 | NS      | $4652945.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                 | Goldman Sachs Group, Inc.                                                          | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    750000 | PA      | $736127.78    | 0.16%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                | GNMA                                                                               | CUSIP: 38382TQ72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1048327 | PA      | $182838.92    | 0.04%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                       | HSBC Holdings PLC                                                                  | CUSIP: 404280BT5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $499641.15    | 0.11%             | 2029-06-19      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                         | State of Hawaii                                                                    | CUSIP: 419792Q25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507689.10    | 0.11%             | 2032-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                                           | Hilton Worldwide Holdings, Inc.                                                    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     10000 | NS      | $3040800.00   | 0.66%             |  |  |  | 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      | $492111.80    | 0.11%             | 2027-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                   | Huntington Bancshares, Inc.                                                        | CUSIP: 446150BK9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    750000 | PA      | $739054.05    | 0.16%             | 2032-01-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| HYATT HOTELS CORP                                                       | Hyatt Hotels Corp.                                                                 | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    750000 | PA      | $759090.76    | 0.16%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| Illinois State Toll Highway Authority                                   | Illinois State Toll Highway Authority                                              | CUSIP: 452252FK0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524088.70    | 0.11%             | 2034-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Insmed Inc                                                              | Insmed, Inc.                                                                       | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     32000 | NS      | $5232640.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                                           | Interactive Brokers Group, Inc.                                                    | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     57000 | NS      | $3822990.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORP                                                                | International Business Machines Corp.                                              | CUSIP: 459200LT6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    750000 | PA      | $730588.52    | 0.16%             | 2036-02-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| iShares MBS ETF                                                         | iShares MBS ETF                                                                    | CUSIP: 464288588<br>LEI: 549300M0TH0IE2E6RP07 | Long             | EC               | RF                | US        |     40000 | NS      | $3798000.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12000 | NS      | $3529920.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46625HJZ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499561.22    | 0.11%             | 2026-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                     | JPMorgan Chase & Co.                                                               | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $387911.54    | 0.08%             | 2048-11-15      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                 | KeyCorp                                                                            | CUSIP: 49326EEG4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496152.45    | 0.11%             | 2028-04-30      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                     | Kimco Realty OP LLC                                                                | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    500000 | PA      | $440303.34    | 0.10%             | 2031-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                                          | Eli Lilly & Co.                                                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      5000 | NS      | $4598850.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                                                          | Eli Lilly & Co.                                                                    | CUSIP: 532457CR7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    750000 | PA      | $742412.96    | 0.16%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                    | Lockheed Martin Corp.                                                              | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    750000 | PA      | $750589.65    | 0.16%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                          | Lowe's Cos., Inc.                                                                  | CUSIP: 548661EW3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    750000 | PA      | $737105.88    | 0.16%             | 2032-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lyft Inc                                                                | Lyft, Inc.                                                                         | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    190000 | NS      | $2527000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| M&T BANK CORPORATION                                                    | M&T Bank Corp.                                                                     | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493864.17    | 0.11%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                 | MPLX LP                                                                            | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499496.18    | 0.11%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Madrigal Pharmaceuticals Inc                                            | Madrigal Pharmaceuticals, Inc.                                                     | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     17000 | NS      | $8898990.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: —       |
| MARATHON PETROLEUM CORP                                                 | Marathon Petroleum Corp.                                                           | CUSIP: 56585ABK7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509993.00    | 0.11%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                  | Marriott International, Inc.                                                       | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497811.54    | 0.11%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                         | McDonald's Corp.                                                                   | CUSIP: 58013MEZ3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    750000 | PA      | $734671.09    | 0.16%             | 2035-12-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: —       |
| MEDTRONIC INC                                                           | Medtronic, Inc.                                                                    | CUSIP: 585055BT2<br>LEI: D56MRZY2INAN94ZONZ37 | Long             | DBT              | CORP              | US        |    500000 | PA      | $483261.80    | 0.10%             | 2035-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                                          | Microsoft Corp.                                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     24500 | NS      | $9069165.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategy Inc                                                            | Strategy, Inc.                                                                     | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     48000 | NS      | $5990400.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Micron Technology Inc                                                   | Micron Technology, Inc.                                                            | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     46000 | NS      | $15540640.00  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC                                                   | Micron Technology, Inc.                                                            | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    500000 | PA      | $539521.26    | 0.12%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                          | Morgan Stanley                                                                     | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $534986.91    | 0.12%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| MOSAIC CO                                                               | Mosaic Co.                                                                         | CUSIP: 61945CAG8<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496717.18    | 0.11%             | 2027-11-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: —       |
| MOTOROLA SOLUTIONS INC                                                  | Motorola Solutions, Inc.                                                           | CUSIP: 620076CC1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511195.65    | 0.11%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                       | National Grid PLC                                                                  | CUSIP: 636274AF9<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $509512.20    | 0.11%             | 2034-01-11      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                                             | Netflix, Inc.                                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     98000 | NS      | $9422700.00   | 2.04%             |  |  |  | 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      | $448339.20    | 0.10%             | 2031-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                           | Empire State Development Corp.                                                     | CUSIP: 650036JX5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488193.50    | 0.11%             | 2033-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                                            | Newmont Corp.                                                                      | CUSIP: 651639AZ9<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $452234.41    | 0.10%             | 2032-07-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: —       |
| NEXTERA ENERGY CAPITAL                                                  | NextEra Energy Capital Holdings, Inc.                                              | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    750000 | PA      | $763894.40    | 0.17%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                            | NiSource, Inc.                                                                     | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    500000 | PA      | $481822.61    | 0.10%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| City of Norwich CT                                                      | City of Norwich                                                                    | CUSIP: 669402E88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482679.70    | 0.10%             | 2028-08-01      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                                             | NVIDIA Corp.                                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    104000 | NS      | $18137600.00  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                  | PNC Financial Services Group, Inc.                                                 | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    750000 | PA      | $747505.43    | 0.16%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                                                     | PayPal Holdings, Inc.                                                              | CUSIP: 70450YAP8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498666.54    | 0.11%             | 2034-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| PEPSICO INC                                                             | PepsiCo, Inc.                                                                      | CUSIP: 713448GK8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    750000 | PA      | $758984.88    | 0.16%             | 2035-07-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| PFIZER INVESTMENT ENTER                                                 | Pfizer Investment Enterprises Pte. Ltd.                                            | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    500000 | PA      | $464685.05    | 0.10%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                          | Phillips 66 Co.                                                                    | CUSIP: 718547AU6<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $768792.81    | 0.17%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                | Plains All American Pipeline LP/PAA Finance Corp.                                  | CUSIP: 72650RBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501620.26    | 0.11%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                             | Prologis LP                                                                        | CUSIP: 74340XCE9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |    500000 | PA      | $495796.74    | 0.11%             | 2033-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                                | Regeneron Pharmaceuticals, Inc.                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    750000 | PA      | $664770.71    | 0.14%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA LTD                                                   | Rio Tinto Finance USA Ltd.                                                         | CUSIP: 767201AL0<br>LEI: 213800RX94ZKEZXPKH58 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $486633.25    | 0.11%             | 2040-11-02      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Rivian Automotive Inc                                                   | Rivian Automotive, Inc.                                                            | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |    200000 | NS      | $3010000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Robinhood Markets Inc                                                   | Robinhood Markets, Inc.                                                            | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     60000 | NS      | $4158000.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                                                                | Roku, Inc.                                                                         | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |     33000 | NS      | $3122460.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                  | Roper Technologies, Inc.                                                           | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486188.99    | 0.11%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: —       |
| ROYAL BANK OF CANADA                                                    | Royal Bank of Canada                                                               | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $503854.08    | 0.11%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                            | State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.74% | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  15024303 | NS      | $15024303.19  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                                          | Salesforce, Inc.                                                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     35000 | NS      | $6533450.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                                               | Sanofi SA                                                                          | CUSIP: 801060AJ3<br>LEI: 549300E9PC51EN656011 | Long             | DBT              | CORP              | FR        |    750000 | PA      | $736199.12    | 0.16%             | 2032-11-03      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                     | Charles Schwab Corp.                                                               | CUSIP: 808513CL7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    750000 | PA      | $729010.63    | 0.16%             | 2036-11-14      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                                       | Service Corp. International                                                        | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $466067.75    | 0.10%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                                          | ServiceNow, Inc.                                                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     60000 | NS      | $6273000.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                                     | Sherwin-Williams Co.                                                               | CUSIP: 824348BW5<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502489.71    | 0.11%             | 2035-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| Shopify Inc                                                             | Shopify, Inc.                                                                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     25000 | NS      | $2965500.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                                             | Southern Co.                                                                       | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518115.91    | 0.11%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                                                      | Steel Dynamics, Inc.                                                               | CUSIP: 858119BM1<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $468371.40    | 0.10%             | 2031-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                                            | Stryker Corp.                                                                      | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506285.36    | 0.11%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| T-MOBILE USA INC                                                        | T-Mobile USA, Inc.                                                                 | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    750000 | PA      | $709333.97    | 0.15%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                    | Targa Resources Corp.                                                              | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $540483.78    | 0.12%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| TELEDYNE TECHNOLOGIES IN                                                | Teledyne Technologies, Inc.                                                        | CUSIP: 879360AD7<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479396.47    | 0.10%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                                               | Tesla, Inc.                                                                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     18500 | NS      | $6877375.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                                   | Uber Technologies, Inc.                                                            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    120000 | NS      | $8631600.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                                              | U.S. Bancorp                                                                       | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    750000 | PA      | $741207.83    | 0.16%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Bonds                                                                | CUSIP: 912810QA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2706562.50   | 0.59%             | 2039-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Bonds                                                                | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5750000 | PA      | $5096162.10   | 1.10%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Bonds                                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1343437.50   | 0.29%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000400 | PA      | $2937110.31   | 0.64%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5884921.86   | 1.27%             | 2028-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $8323945.29   | 1.80%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3975625.00   | 0.86%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2004196.88   | 0.43%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6380917.99   | 1.38%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8500000 | PA      | $8384453.13   | 1.82%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3473203.13   | 0.75%             | 2029-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6981406.25   | 1.51%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                  | U.S. Treasury Notes                                                                | CUSIP: 91282CQD6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2451562.50   | 0.53%             | 2031-02-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| RTX CORP                                                                | RTX Corp.                                                                          | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    500000 | PA      | $443700.08    | 0.10%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                  | University of Michigan                                                             | CUSIP: 914455LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507134.75    | 0.11%             | 2035-04-01      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                                                      | Valero Energy Corp.                                                                | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510902.89    | 0.11%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Vanguard Mortgage-Backed Securities ETF                                 | Vanguard Mortgage-Backed Securities ETF                                            | CUSIP: 92206C771<br>LEI: 157FPOCFDEEVUKWE4M41 | Long             | EC               | RF                | US        |     60000 | NS      | $2817000.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN INC                                                            | VeriSign, Inc.                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    500000 | PA      | $447660.36    | 0.10%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                  | Verizon Communications, Inc.                                                       | CUSIP: 92343VHH0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486900.31    | 0.11%             | 2045-11-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                              | Vertex Pharmaceuticals, Inc.                                                       | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      8000 | NS      | $3572320.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                | Virginia Electric & Power Co.                                                      | CUSIP: 927804GV0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489190.72    | 0.11%             | 2035-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| Visa Inc                                                                | Visa, Inc.                                                                         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     17000 | NS      | $5138080.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                                   | Wells Fargo & Co.                                                                  | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $414558.88    | 0.09%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                   | Wells Fargo & Co.                                                                  | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506449.72    | 0.11%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                        | Welltower OP LLC                                                                   | CUSIP: 95040QAD6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    500000 | PA      | $499596.84    | 0.11%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Workday Inc                                                             | Workday, Inc.                                                                      | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     27000 | NS      | $3507840.00   | 0.76%             |  |  |  | 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        |   2440426 | NS      | $2440426.50   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                                   | NXP Semiconductors NV                                                              | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     15000 | NS      | $2952900.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-22

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

**Signature:** Jim Gallo

**Name of Signer:** Jim Gallo

**Title:** Treasurer