Value Line Capital Appreciation Fund NPORTP (Sep 2021 report)

Value Line Capital Appreciation Fund, Inc.

Schedule of Investments (unaudited)

Shares		Value
COMMON STOCKS 83.8%
	COMMUNICATION SERVICES 11.7%
	INTERNET 9.1%
7,000	Alphabet, Inc. Class A⁽¹⁾	$	18,714,640
60,000	Facebook, Inc. Class A⁽¹⁾		20,363,400
20,000	Netflix, Inc.⁽¹⁾		12,206,800
76,000	Tencent Holdings Ltd. ADR⁽²⁾		4,542,520
150,000	Twitter, Inc.⁽¹⁾		9,058,500
			64,885,860
	MEDIA 0.7%
32,000	Walt Disney Co.⁽¹⁾		5,413,440
	SOFTWARE 1.9%
175,000	Activision Blizzard, Inc.		13,543,250
			83,842,550
	CONSUMER DISCRETIONARY 13.3%
	ENTERTAINMENT 1.9%
165,000	DraftKings, Inc. Class A⁽¹⁾⁽²⁾		7,946,400
16,000	Vail Resorts, Inc.⁽¹⁾		5,344,800
			13,291,200
	HOME BUILDERS 1.3%
100,000	Lennar Corp. Class A		9,368,000
	INTERNET 4.1%
45,000	Alibaba Group Holding Ltd. ADR⁽¹⁾		6,662,250
7,000	Amazon.com, Inc.⁽¹⁾		22,995,280
			29,657,530
	LEISURE TIME 1.5%
125,000	Peloton Interactive, Inc. Class A⁽¹⁾		10,881,250
	LODGING 1.0%
54,000	Hilton Worldwide Holdings, Inc.⁽¹⁾		7,133,940
	RETAIL 3.5%
20,000	Home Depot, Inc.		6,565,200
75,000	Starbucks Corp.		8,273,250
28,000	Ulta Beauty, Inc.⁽¹⁾		10,105,760
			24,944,210
			95,276,130
	CONSUMER STAPLES 0.8%
	BEVERAGES 0.8%
28,000	Constellation Brands, Inc. Class A		5,899,320
	ENERGY 2.8%
	OIL & GAS 2.8%
125,000	Diamondback Energy, Inc.		11,833,750
50,000	Pioneer Natural Resources Co.		8,325,500
			20,159,250
	FINANCIALS 6.4%
	BANKS 5.0%
480,000	Bank of America Corp.		20,376,000
92,000	JPMorgan Chase & Co.		15,059,480
			35,435,480
	DIVERSIFIED FINANCIAL SERVICES 1.4%
86,000	Blackstone, Inc. Class A		10,005,240
			45,440,720
	HEALTHCARE 17.4%
	BIOTECHNOLOGY 14.9%
1,700,000	Amarin Corp. PLC ADR⁽¹⁾⁽²⁾		8,670,000
22,000	Biogen, Inc.⁽¹⁾		6,225,780
170,000	Biohaven Pharmaceutical Holding Co. Ltd.⁽¹⁾		23,614,700
195,000	Exact Sciences Corp.⁽¹⁾		18,612,750
1,180,000	Exelixis, Inc.⁽¹⁾		24,945,200
260,000	Global Blood Therapeutics, Inc.⁽¹⁾		6,624,800
400,000	Intercept Pharmaceuticals, Inc.⁽¹⁾⁽²⁾		5,940,000
64,000	Vertex Pharmaceuticals, Inc.⁽¹⁾		11,608,960
			106,242,190
	HEALTHCARE PRODUCTS 0.9%
58,000	Edwards Lifesciences Corp.⁽¹⁾		6,566,180
	PHARMACEUTICALS 1.6%
21,500	DexCom, Inc.⁽¹⁾		11,757,490
			124,565,860
	INDUSTRIALS 2.8%
	AIRLINES 1.0%
170,000	Delta Air Lines, Inc.⁽¹⁾		7,243,700
	INTERNET 1.8%
245,000	Lyft, Inc. Class A⁽¹⁾		13,129,550
			20,373,250
	INFORMATION TECHNOLOGY 27.7%
	COMMERCIAL SERVICES 1.9%
53,000	PayPal Holdings, Inc.⁽¹⁾		13,791,130
	COMPUTERS 3.8%
125,000	Apple, Inc.		17,687,500

September 30, 2021

Shares			Value
COMMON STOCKS 83.8% (continued)
	INFORMATION TECHNOLOGY 27.7% (continued)
	COMPUTERS 3.8% (continued)
38,000	Crowdstrike Holdings, Inc. Class A⁽¹⁾	$	9,339,640
			27,027,140
	DIVERSIFIED FINANCIAL SERVICES 2.5%
80,000	Visa, Inc. Class A		17,820,000
	INTERNET 1.4%
7,400	Shopify, Inc. Class A⁽¹⁾		10,032,772
	SEMICONDUCTORS 7.6%
15,000	Broadcom, Inc.		7,273,950
190,000	Micron Technology, Inc.		13,486,200
60,000	NVIDIA Corp.		12,429,600
44,000	NXP Semiconductors NV		8,618,280
100,000	QUALCOMM, Inc.		12,898,000
			54,706,030
	SOFTWARE 10.5%
11,000	Adobe, Inc.⁽¹⁾		6,332,920
38,000	Microsoft Corp.		10,712,960
40,000	RingCentral, Inc. Class A⁽¹⁾		8,700,000
44,000	Salesforce.com, Inc.⁽¹⁾		11,933,680
17,000	ServiceNow, Inc.⁽¹⁾		10,578,590
65,000	Splunk, Inc.⁽¹⁾		9,406,150
30,000	Twilio, Inc. Class A⁽¹⁾		9,571,500
31,000	Workday, Inc. Class A⁽¹⁾		7,746,590
			74,982,390
			198,359,462
	REAL ESTATE 0.9%
	REITS 0.9%
23,000	American Tower Corp. REIT		6,104,430
TOTAL COMMON STOCKS (Cost $416,788,295)			600,020,972

Principal Amount			Value
	ASSET-BACKED SECURITIES 0.3%
$	208,000	Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24	$	211,927
	200,000	Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47%, 1/15/30⁽³⁾		210,628
	500,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31⁽³⁾		535,271
	130,000	Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, 4/15/26		137,600
	500,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25		511,477
	500,000	Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31⁽³⁾		524,192
	150,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33⁽³⁾		151,965
	TOTAL ASSET-BACKED SECURITIES (Cost $2,311,884)			2,283,060
	COMMERCIAL MORTGAGE-BACKED SECURITIES 1.0%
	250,000	BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52		278,849
	300,000	BANK, Series 2021-BN33, Class A3, 2.02%, 5/15/64		301,532
	218,410	Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47		227,064
	100,000	COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47		106,403
	550,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24⁽⁴⁾		582,902
	100,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K731, Class A2, 3.60%, 2/25/25⁽⁴⁾		107,318
	350,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25		378,473
	250,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26		266,878
	250,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26		267,414
	100,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26		110,672
	100,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27⁽⁴⁾		110,735
	255,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27		280,040
	150,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27		165,128
	250,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28		282,331
	100,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K075, Class A2, 3.65%, 2/25/28⁽⁴⁾		113,265
	250,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28⁽⁴⁾		285,306

Schedule of Investments (unaudited) (continued)

Principal Amount			Value
	COMMERCIAL MORTGAGE-BACKED SECURITIES 1.0% (continued)
$	100,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29	$	113,731
	773,243	FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29		810,577
	250,000	FREMF Mortgage Trust, Series 2013-K24, Class B, 3.63%, 11/25/45⁽³⁾⁽⁴⁾		256,844
	138,580	GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52		139,967
	150,000	GNMA, Series 2013-12, Class B, 2.05%, 11/16/52⁽⁴⁾		151,931
	47,715	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45		47,827
	93,967	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/15/48		98,298
	200,000	Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52		218,549
	250,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45		254,683
	385,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46		394,462
	27,378	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48		27,371
	200,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48		216,033
	40,655	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50		40,779
	150,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52		165,104
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,695,514)			6,800,466
	CORPORATE BONDS & NOTES 4.7%
		BASIC MATERIALS 0.2%
		CHEMICALS 0.1%
	125,000	Air Products and Chemicals, Inc., Senior Unsecured Notes, 2.05%, 5/15/30		126,221
	175,000	Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22		182,965
	150,000	Ecolab, Inc., Senior Unsecured Notes, 1.30%, 1/30/31		141,107
$	100,000	FMC Corp., Senior Unsecured Notes, 3.45%, 10/1/29	$	107,820
	150,000	LYB International Finance II B.V., Guaranteed Notes, 3.50%, 3/2/27		163,304
	150,000	Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29		170,858
	100,000	Westlake Chemical Corp., Senior Unsecured Notes, 3.60%, 8/15/26		109,748
				1,002,023
		IRON & STEEL 0.0%
	100,000	ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29⁽²⁾		109,830
	190,000	Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31		203,289
				313,119
		MINING 0.1%
	145,000	Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42⁽²⁾		174,247
	170,000	Teck Resources Ltd., Senior Unsecured Notes, 6.13%, 10/1/35		220,005
				394,252
		COMMUNICATIONS 0.4%
		INTERNET 0.1%
	100,000	Alibaba Group Holding Ltd., Senior Unsecured Notes, 3.60%, 11/28/24		107,121
	130,000	Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34		165,607
	100,000	Baidu, Inc., Senior Unsecured Notes, 4.38%, 5/14/24		108,116
	190,000	Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28		218,975
	150,000	VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31		152,451
				752,270
		MEDIA 0.1%
	175,000	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25		196,745
	250,000	Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25		277,230
	150,000	Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26		170,399
	150,000	Walt Disney Co., Guaranteed Notes, 2.65%, 1/13/31⁽²⁾		156,544
				800,918

September 30, 2021

Principal Amount			Value
	CORPORATE BONDS & NOTES 4.7% (continued)
		COMMUNICATIONS 0.4% (continued)
		TELECOMMUNICATIONS 0.2%
$	228,000	AT&T, Inc., 2.55%, 12/1/33	$	223,988
	200,000	Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29		232,060
	250,000	Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33		297,287
	150,000	Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50		172,450
				925,785
				2,478,973
		CONSUMER, CYCLICAL 0.3%
		APPAREL 0.0%
	150,000	NIKE, Inc., Senior Unsecured Notes, 2.38%, 11/1/26		158,513
		AUTO MANUFACTURERS 0.1%
	150,000	American Honda Finance Corp., Senior Unsecured Notes, 1.00%, 9/10/25		149,225
	150,000	Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30⁽²⁾		143,252
	195,000	Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25		200,363
	200,000	General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23		208,656
				701,496
		HOME BUILDERS 0.1%
	225,000	D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24		235,667
	150,000	Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23		161,817
	162,000	PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27⁽²⁾		187,857
				585,341
		HOME FURNISHINGS 0.0%
	200,000	Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29⁽²⁾		233,893
		HOUSEWARES 0.0%
	150,000	Newell Brands, Inc., Senior Unsecured Notes, 4.70%, 4/1/26		165,379
		RETAIL 0.1%
	125,000	AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27		139,315
	150,000	Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32		146,881
	100,000	Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30		110,044
	200,000	O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27		222,152
				618,392
				2,463,014
		CONSUMER, NON-CYCLICAL 0.9%
		AGRICULTURE 0.0%
	150,000	Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26		161,444
		BEVERAGES 0.1%
	150,000	Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31⁽²⁾		181,944
	150,000	Coca-Cola Co., Senior Unsecured Notes, 1.45%, 6/1/27⁽²⁾		151,339
	150,000	Coca-Cola Femsa SAB de CV, Guaranteed Notes, 2.75%, 1/22/30		154,745
	150,000	Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48		196,052
	100,000	Keurig Dr. Pepper, Inc., Guaranteed Notes, 3.20%, 5/1/30		107,587
	100,000	PepsiCo, Inc., Senior Unsecured Notes, 2.88%, 10/15/49⁽²⁾		101,542
				893,209
		BIOTECHNOLOGY 0.1%
	150,000	Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27		155,114
	150,000	Illumina, Inc., Senior Unsecured Notes, 2.55%, 3/23/31		151,216
	175,000	Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30		166,293
				472,623
		COMMERCIAL SERVICES 0.1%
	150,000	Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26		170,348
	100,000	Global Payments, Inc., Senior Unsecured Notes, 2.90%, 5/15/30		103,072
	200,000	PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26		213,597
				487,017
		FOOD 0.1%
	100,000	Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27		97,340
	200,000	Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26		212,021
	125,000	Mondelez International, Inc., Senior Unsecured Notes, 1.50%, 2/4/31⁽²⁾		117,501

Schedule of Investments (unaudited) (continued)

Principal Amount			Value
	CORPORATE BONDS & NOTES 4.7% (continued)
		CONSUMER, NON-CYCLICAL 0.9% (continued)
		FOOD 0.1% (continued)
$	150,000	Sysco Corp., Guaranteed Notes, 5.65%, 4/1/25	$	172,458
				599,320
		HEALTHCARE PRODUCTS 0.1%
	100,000	Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26		112,124
	225,000	Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26		247,450
	175,000	Thermo Fisher Scientific, Inc., Senior Unsecured Notes, 4.13%, 3/25/25		192,474
				552,048
		HEALTHCARE SERVICES 0.1%
	135,000	Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24		144,698
	100,000	Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29		109,000
	150,000	HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25		167,625
	200,000	Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27		223,029
	200,000	Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29		211,641
	175,000	UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41		219,464
				1,075,457
		HOUSEHOLD PRODUCTS & WARES 0.0%
	100,000	Clorox Co., Senior Unsecured Notes, 1.80%, 5/15/30⁽²⁾		97,244
		PHARMACEUTICALS 0.3%
	175,000	AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26		187,416
	150,000	AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30⁽²⁾		142,580
	100,000	Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27		110,685
	150,000	Cigna Corp., Senior Unsecured Notes, 2.40%, 3/15/30		152,256
	150,000	CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30		143,615
	150,000	Johnson & Johnson, Senior Unsecured Notes, 1.30%, 9/1/30		144,520
	100,000	McKesson Corp., Senior Unsecured Notes, 0.90%, 12/3/25		98,352
	175,000	Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39		203,914
	150,000	Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50		150,549
	190,000	Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40		192,535
	100,000	Teva Pharmaceutical Finance Netherlands III BV, Guaranteed Notes, 2.80%, 7/21/23		99,404
	150,000	Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26		165,173
	200,000	Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25		225,037
				2,016,036
				6,354,398
		ENERGY 0.4%
		OIL & GAS 0.3%
	175,000	Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25		179,109
	225,000	ConocoPhillips Co., Guaranteed Notes, 4.95%, 3/15/26		258,603
	175,000	Diamondback Energy, Inc., Guaranteed Notes, 2.88%, 12/1/24		183,721
	100,000	EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30⁽²⁾		116,634
	140,000	Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27⁽²⁾		155,420
	100,000	Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26		116,232
	100,000	Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25		110,750
	150,000	Phillips 66, Guaranteed Notes, 3.90%, 3/15/28		166,198
	150,000	Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29		155,609
	175,000	Suncor Energy, Inc., Senior Unsecured Notes, 3.10%, 5/15/25		186,284
	150,000	TotalEnergies Capital International SA, Guaranteed Notes, 3.46%, 2/19/29⁽²⁾		165,714
				1,794,274
		OIL & GAS SERVICES 0.0%
	150,000	Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25⁽²⁾		151,539
		PIPELINES 0.1%
	175,000	Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24		193,614
	100,000	Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33		100,290

September 30, 2021

Principal Amount			Value
	CORPORATE BONDS & NOTES 4.7% (continued)
		ENERGY 0.4% (continued)
		PIPELINES 0.1% (continued)
$	100,000	Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42	$	120,594
	200,000	Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28		226,522
	100,000	Magellan Midstream Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46		110,631
	175,000	TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28		199,075
				950,726
				2,896,539
		FINANCIAL 1.4%
		BANKS 0.7%
	100,000	Australia & New Zealand Banking Group Ltd., Subordinated Notes, 4.50%, 3/19/24⁽³⁾		108,532
	125,000	Bank of America Corp., Senior Unsecured Notes, 3.50%, 4/19/26		136,528
	100,000	Bank of Montreal, Series E, Senior Unsecured Notes, 3.30%, 2/5/24		106,325
	175,000	Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28⁽²⁾		195,649
	250,000	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 2.25%, 1/28/25		259,607
	145,000	Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44		192,737
	150,000	Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90)%, 3.35%, 4/24/25⁽⁴⁾		159,315
	150,000	Cooperatieve Rabobank UA, Senior Unsecured Notes, 3.38%, 5/21/25		162,593
	125,000	Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24		133,354
	100,000	Goldman Sachs Group, Inc., Subordinated Notes, 6.75%, 10/1/37		142,873
	150,000	Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26		164,537
	200,000	HSBC Holdings PLC, Senior Unsecured Notes, 3.90%, 5/25/26		220,198
	100,000	Huntington Bancshares, Inc., Senior Unsecured Notes, 2.63%, 8/6/24		104,873
	150,000	ING Groep NV, Senior Unsecured Notes, 4.10%, 10/2/23		160,542
	100,000	ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27		111,969
	100,000	JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38)%, 3.96%, 11/15/48⁽⁴⁾		115,651
	250,000	JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26		280,986
	150,000	KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29		155,960
	250,000	Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24		268,744
	250,000	Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22		261,879
	200,000	Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24		215,702
	125,000	National Australia Bank Ltd., Senior Unsecured Notes, 2.50%, 7/12/26		132,544
	150,000	Northern Trust Corp., Senior Unsecured Notes, 3.15%, 5/3/29		163,556
	225,000	Royal Bank of Canada, Subordinated Notes, 4.65%, 1/27/26		255,196
	150,000	Santander Holdings USA, Inc., Senior Unsecured Notes, 3.50%, 6/7/24		159,324
	125,000	State Street Corp., Senior Unsecured Notes, 2.40%, 1/24/30		129,561
	100,000	Sumitomo Mitsui Financial Group, Inc., Senior Unsecured Notes, 3.04%, 7/16/29		105,851
	150,000	Toronto-Dominion Bank, Senior Unsecured Notes, 1.15%, 6/12/25		150,279
	125,000	Truist Bank, Subordinated Notes, (5-year Treasury Constant Maturity Rate + 1.15%), 2.64%, 9/17/29⁽⁴⁾		130,651
	150,000	US Bancorp, Subordinated Notes, 3.60%, 9/11/24		162,476
	150,000	Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29		155,783
				5,203,775
		DIVERSIFIED FINANCIAL SERVICES 0.2%
	175,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26⁽²⁾		173,141
	200,000	Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27		215,020
	150,000	Ally Financial, Inc., Senior Unsecured Notes, 5.13%, 9/30/24		167,919
	125,000	American Express Co., Senior Unsecured Notes, 3.13%, 5/20/26		135,315
	125,000	Brookfield Finance, Inc., Guaranteed Notes, 2.72%, 4/15/31		127,703
	185,000	Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24		200,352
	100,000	Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24		108,801
	100,000	Synchrony Financial, Senior Unsecured Notes, 4.25%, 8/15/24		108,046
				1,236,297
		INSURANCE 0.2%
	125,000	Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30		139,644

Schedule of Investments (unaudited) (continued)

Principal Amount			Value
	CORPORATE BONDS & NOTES 4.7% (continued)
		FINANCIAL 1.4% (continued)
		INSURANCE 0.2% (continued)
$	140,000	Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30⁽²⁾	$	133,581
	150,000	Aon Corp., Guaranteed Notes, 3.75%, 5/2/29		166,820
	150,000	Berkshire Hathaway Finance Corp., Guaranteed Notes, 1.85%, 3/12/30		149,176
	150,000	Chubb INA Holdings, Inc., Guaranteed Notes, 3.35%, 5/3/26		163,550
	100,000	CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24		107,457
	125,000	Hartford Financial Services Group, Inc., Senior Unsecured Notes, 2.80%, 8/19/29⁽²⁾		130,499
	175,000	PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29⁽²⁾		192,575
	150,000	Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29		167,681
	200,000	Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67)%, 5.70%, 9/15/48⁽²⁾⁽⁴⁾		233,890
	100,000	Reinsurance Group of America, Inc., Senior Unsecured Notes, 3.90%, 5/15/29		111,618
	100,000	Willis North America, Inc., Guaranteed Notes, 2.95%, 9/15/29		104,468
				1,800,959
		REITS 0.3%
	150,000	American Tower Corp., Senior Unsecured Notes, 2.95%, 1/15/25		158,410
	100,000	AvalonBay Communities, Inc., Senior Unsecured Notes, 3.45%, 6/1/25		107,961
	100,000	AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31		102,434
	150,000	Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29		163,961
	125,000	Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31		125,706
	100,000	Essex Portfolio LP, Guaranteed Notes, 3.00%, 1/15/30		105,089
	125,000	Essex Portfolio LP, Guaranteed Notes, 4.00%, 3/1/29		140,059
	100,000	Kimco Realty Corp., 2.25%, 12/1/31		97,568
	125,000	Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30		123,809
	125,000	Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30		127,112
	175,000	Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29		184,175
	250,000	Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28		283,565
	100,000	Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27		127,731
				1,847,580
				10,088,611
		INDUSTRIAL 0.4%
		AEROSPACE & DEFENSE 0.0%
	100,000	L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28		114,021
	125,000	Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28		142,154
	170,000	Teledyne Technologies, Inc., Senior Unsecured Notes, 1.60%, 4/1/26		171,163
				427,338
		BUILDING MATERIALS 0.1%
	125,000	Johnson Controls International PLC/Tyco Fire & Security Finance SCA, Senior Unsecured Notes, 1.75%, 9/15/30⁽²⁾		121,190
	125,000	Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30		120,713
	150,000	Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29		167,211
	150,000	Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30		164,503
				573,617
		ELECTRONICS 0.1%
	150,000	Amphenol Corp., 2.20%, 9/15/31		148,570
	200,000	Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25		221,917
	150,000	Honeywell International, Inc., Senior Unsecured Notes, 1.95%, 6/1/30		150,013
	150,000	Jabil, Inc., Senior Unsecured Notes, 1.70%, 4/15/26		150,711
				671,211
		MACHINERY - DIVERSIFIED 0.0%
	100,000	John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30⁽²⁾		103,987
		MISCELLANEOUS MANUFACTURERS 0.1%
	250,000	Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25		270,154
	200,000	Trane Technologies Luxembourg Finance SA, Guaranteed Notes, 3.80%, 3/21/29		223,462
				493,616

September 30, 2021

Principal Amount			Value
	CORPORATE BONDS & NOTES 4.7% (continued)
		INDUSTRIAL 0.4% (continued)
		PACKAGING & CONTAINERS 0.1%
$	140,000	Ball Corp., Guaranteed Notes, 4.88%, 3/15/26	$	154,700
	150,000	Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24		160,911
	100,000	WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28		111,462
				427,073
		TRANSPORTATION 0.0%
	100,000	CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49		104,900
	175,000	United Parcel Service, Inc., Senior Unsecured Notes, 2.50%, 9/1/29		183,197
				288,097
				2,984,939
		TECHNOLOGY 0.4%
		COMPUTERS 0.1%
	150,000	Apple, Inc., Senior Unsecured Notes, 1.25%, 8/20/30⁽²⁾		141,927
	125,000	Dell International LLC / EMC Corp., 4.90%, 10/1/26		144,098
	150,000	HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27		160,099
	100,000	International Business Machines Corp., Senior Unsecured Notes, 1.70%, 5/15/27		101,382
	175,000	NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25		179,163
				726,669
		SEMICONDUCTORS 0.1%
	100,000	Analog Devices, Inc., 2.80%, 10/1/41		99,532
	100,000	Applied Materials, Inc., Senior Unsecured Notes, 1.75%, 6/1/30		98,346
	100,000	KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29		113,707
	100,000	Lam Research Corp., Senior Unsecured Notes, 4.00%, 3/15/29⁽²⁾		114,679
	225,000	Micron Technology, Inc., Senior Unsecured Notes, 2.50%, 4/24/23		231,588
	125,000	NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30		133,813
	100,000	Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30		101,919
				893,584
		SOFTWARE 0.2%
	150,000	Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26		170,576
	100,000	Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29		108,901
	135,000	Intuit, Inc., Senior Unsecured Notes, 1.65%, 7/15/30		131,396
	125,000	Microsoft Corp., Senior Unsecured Notes, 2.40%, 8/8/26		132,728
	110,000	Oracle Corp., Senior Unsecured Notes, 2.95%, 4/1/30		115,112
	150,000	Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30		146,701
	150,000	salesforce.com, Inc., Senior Unsecured Notes, 2.70%, 7/15/41		149,220
				954,634
				2,574,887
		UTILITIES 0.3%
		ELECTRIC 0.3%
	100,000	CenterPoint Energy, Inc., Senior Unsecured Notes, 4.25%, 11/1/28		113,838
	100,000	Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45		120,743
	200,000	Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28		227,019
	150,000	DTE Electric Co., 3.95%, 3/1/49		176,687
	125,000	Duke Energy Corp., Senior Unsecured Notes, 3.75%, 9/1/46		133,183
	100,000	Eversource Energy, Series R, Senior Unsecured Notes, 1.65%, 8/15/30		94,867
	200,000	Florida Power & Light Co., 4.05%, 6/1/42		237,545
	100,000	ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26		107,842
	125,000	Nevada Power Co., Series DD, 2.40%, 5/1/30⁽²⁾		126,618
	125,000	Northern States Power Co., 2.90%, 3/1/50		125,234
	150,000	Pinnacle West Capital Corp., Senior Unsecured Notes, 1.30%, 6/15/25		150,163
	125,000	Public Service Enterprise Group, Inc., Senior Unsecured Notes, 1.60%, 8/15/30		118,136
	150,000	WEC Energy Group, Inc., Senior Unsecured Notes, 1.80%, 10/15/30		143,470
				1,875,345
		GAS 0.0%
	225,000	National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25		250,628
		WATER 0.0%
	175,000	American Water Capital Corp., Senior Unsecured Notes, 3.75%, 9/1/28		196,378
				2,322,351

Schedule of Investments (unaudited) (continued)

Principal Amount			Value
	CORPORATE BONDS & NOTES 4.7% (continued)
	TOTAL CORPORATE BONDS & NOTES (Cost $33,004,698)			33,873,106
	FOREIGN GOVERNMENT OBLIGATIONS 0.1%
$	100,000	European Bank for Reconstruction & Development, Senior Unsecured Notes, 2.75%, 3/7/23	$	103,564
	175,000	Export-Import Bank of Korea, Senior Unsecured Notes, 1.13%, 12/29/26		173,704
	150,000	Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24		161,064
	TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $427,018)			438,332
	LONG-TERM MUNICIPAL SECURITIES 0.4%
		CALIFORNIA 0.1%
	150,000	City of Pasadena CA, Refunding Revenue Bonds, Ser. B, 2.77%, 5/1/34		153,971
	100,000	Municipal Improvement Corp. of Los Angeles Revenue Bonds, Series C, 1.88%, 11/1/30		99,134
	100,000	San Marcos California Unified School District, Refunding Revenue Bonds, AGM Insured, 3.17%, 8/1/38		103,283
	50,000	University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31		64,460
				420,848
		COLORADO 0.0%
	125,000	Regional Transportation District Sales Tax Revenue, Revenue Bonds, Ser. A, 2.29%, 11/1/35		123,225
		DELAWARE 0.0%
	225,000	County of Sussex DE, General Obligation Limited, Series B, GO, 1.21%, 3/15/29		219,504
		MASSACHUSETTS 0.1%
	100,000	Boston Water & Sewer Commission, Refunding Revenue Bonds, Ser. A, 2.38%, 11/1/37		100,561
	175,000	Massachusetts School Building Authority, Refunding Revenue Bonds, Ser. B, 3.40%, 10/15/40		183,973
	275,000	Massachusetts Water Resources Authority, Green Bonds, Refunding Revenue Bonds, Ser. F, 3.10%, 8/1/39		289,709
				574,243
		NEW YORK 0.1%
	100,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, Ser. E-2, 2.63%, 2/1/23		103,170
	250,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26		266,484
	135,000	New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25		148,781
				518,435
		PENNSYLVANIA 0.0%
	100,000	Pennsylvania Turnpike Commission, Motor License, Refunding Revenue Bonds, 3.29%, 12/1/36		104,785
		RHODE ISLAND 0.0%
	150,000	Narragansett Bay Commission, Wastewater System, Revenue Refunding Bonds, 2.46%, 9/1/35		153,101
		TEXAS 0.1%
	175,000	City of Houston TX Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34		171,219
	250,000	Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33		274,752
	250,000	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43		304,258
	150,000	Tyler Independent School District, Texas Unlimited Tax, Refunding Revenue Bonds, PSF-GTD Insured, 1.68%, 2/15/32		147,651
				897,880
	TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $2,921,800)			3,012,021

September 30, 2021

	Shares		Value
	U.S. GOVERNMENT AGENCY OBLIGATIONS 0.1%
$	230,000	FHLB, 3.25%, 3/8/24	$	245,827
	250,000	FNMA, 2.38%, 1/19/23		257,067
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $481,167)			502,894
	RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.0%
		MORTGAGE SECURITIES 2.0%
	103,526	FHLMC, Series 4151, Class PA, 2.00%, 1/15/33		107,240
	32,429	FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35		36,586
	30,033	FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43		32,969
	49,503	FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27		52,229
	111,742	FHLMC Gold Pool #C09027, 3.00%, 2/1/43		119,276
	20,624	FHLMC Gold Pool #G08521, 3.00%, 1/1/43		22,015
	98,121	FHLMC Gold Pool #J13314, 3.50%, 10/1/25		104,655
	41,964	FHLMC Gold Pool #Q06884, 3.50%, 3/1/42		45,712
	47,196	FHLMC Gold Pool #Q11077, 3.50%, 9/1/42		51,398
	37,930	FHLMC Gold Pool #Q34167, 4.00%, 6/1/45		41,855
	138,867	FHLMC Gold Pool #Q41084, 3.50%, 6/1/46		148,978
	84,462	FHLMC Pool #QB5314, 2.50%, 11/1/50		87,112
	693,753	FHLMC Pool #SD8093, 3.50%, 9/1/50		733,488
	1,620,853	FHLMC Pool #SD8108, 3.00%, 11/1/50		1,695,654
	2,545,436	FHLMC Pool #SD8128, 2.00%, 2/1/51		2,552,516
	49,374	FNMA Pool #254954, 4.50%, 10/1/23		53,247
	64,700	FNMA Pool #745275, 5.00%, 2/1/36		73,849
	68,923	FNMA Pool #844809, 5.00%, 11/1/35		78,686
	31,160	FNMA Pool #AA0466, 4.50%, 2/1/39		34,623
	75,142	FNMA Pool #AB1796, 3.50%, 11/1/40		81,311
	34,753	FNMA Pool #AB3218, 3.50%, 7/1/31		36,900
	95,361	FNMA Pool #AB3900, 3.00%, 11/1/26		100,422
	24,914	FNMA Pool #AC5822, 4.50%, 5/1/40		27,579
	58,913	FNMA Pool #AD7128, 4.50%, 7/1/40		66,039
	34,845	FNMA Pool #AD8529, 4.50%, 8/1/40		38,920
	400	FNMA Pool #AH3226, 5.00%, 2/1/41		455
	80,496	FNMA Pool #AH4493, 4.50%, 2/1/41		90,207
	47,604	FNMA Pool #AI1019, 4.50%, 5/1/41		53,361
	157,656	FNMA Pool #AL0657, 5.00%, 8/1/41		180,174
	121,888	FNMA Pool #AQ1853, 3.00%, 11/1/42		129,428
	52,348	FNMA Pool #AS0560, 4.50%, 9/1/43		58,593
	33,159	FNMA Pool #AS1529, 3.00%, 1/1/29		34,976
	33,177	FNMA Pool #AS3789, 4.50%, 11/1/44		36,602
	41,011	FNMA Pool #AS4503, 3.00%, 2/1/30		43,229
	54,406	FNMA Pool #AS4928, 3.50%, 5/1/45		58,514
	23,121	FNMA Pool #AS6205, 3.50%, 11/1/45		24,853
	88,790	FNMA Pool #AS7188, 4.00%, 5/1/46		96,842
	117,307	FNMA Pool #AS9459, 4.50%, 4/1/47		128,408
	20,517	FNMA Pool #AT8849, 4.00%, 6/1/43		22,650
	72,762	FNMA Pool #AU3621, 3.00%, 7/1/43		77,604
	118,135	FNMA Pool #AU5409, 3.00%, 8/1/43		123,547
	33,852	FNMA Pool #AU5653, 4.00%, 9/1/43		37,442
	64,293	FNMA Pool #AU6562, 3.50%, 12/1/43		69,861
	35,592	FNMA Pool #AU7025, 3.00%, 11/1/43		37,894
	58,240	FNMA Pool #AV3310, 4.50%, 1/1/44		63,313
	99,926	FNMA Pool #AY2728, 2.50%, 2/1/30		104,579
	46,552	FNMA Pool #AZ2276, 4.00%, 6/1/45		50,833
	98,212	FNMA Pool #BA6555, 3.00%, 1/1/46		103,793
	34,508	FNMA Pool #BD8211, 4.00%, 4/1/47		37,179
	49,159	FNMA Pool #BK2040, 4.00%, 5/1/48		52,724
	31,661	FNMA Pool #BK9648, 3.50%, 11/1/48		33,492
	191,288	FNMA Pool #BM5793, 3.00%, 4/1/49		200,057
	96,550	FNMA Pool #BN6248, 3.00%, 4/1/49		101,117
	764,489	FNMA Pool #CA5540, 3.00%, 4/1/50		815,419
	438,156	FNMA Pool #FM4140, 2.50%, 9/1/50		454,810
	154,141	FNMA Pool #MA4077, 2.00%, 7/1/50		154,570
	1,355,291	FNMA Pool #MA4119, 2.00%, 9/1/50		1,359,061
	1,645,366	FNMA Pool #MA4159, 2.50%, 10/1/50		1,696,988
	274,155	FNMA Pool #MA4222, 3.50%, 12/1/50		290,238
	70,700	FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28		72,782
	31,115	GNMA I Pool #539285, 3.00%, 5/15/42		32,618
	53,953	GNMA II Pool #MA1520, 3.00%, 12/20/43		57,102
	72,379	GNMA II Pool #MA1521, 3.50%, 12/20/43		78,105
	130,995	GNMA II Pool #MA1839, 4.00%, 4/20/44		143,106
	154,636	GNMA II Pool #MA4836, 3.00%, 11/20/47		162,687
	387,473	GNMA II Pool #MA7054, 3.50%, 12/20/50		407,465
				14,199,937
	TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $14,227,049)			14,199,937
	U.S. TREASURY OBLIGATIONS 1.9%
	150,000	U.S. Treasury Bonds, 5.38%, 2/15/31		201,744
	520,000	U.S. Treasury Bonds, 4.38%, 2/15/38		710,653
	200,000	U.S. Treasury Bonds, 3.50%, 2/15/39		248,914
	1,087,000	U.S. Treasury Bonds, 2.75%, 8/15/42		1,220,879
	960,000	U.S. Treasury Bonds, 3.00%, 2/15/48		1,138,575
	1,053,000	U.S. Treasury Bonds, 2.25%, 8/15/49		1,088,498
	269,000	U.S. Treasury Notes, 2.13%, 7/31/24		281,410
	275,000	U.S. Treasury Notes, 2.25%, 11/15/24		289,427
	1,170,000	U.S. Treasury Notes, 0.50%, 3/31/25		1,163,190
	1,260,000	U.S. Treasury Notes, 3.00%, 9/30/25		1,369,266
	175,000	U.S. Treasury Notes, 2.13%, 5/31/26		184,475
	25,000	U.S. Treasury Notes, 1.50%, 8/15/26		25,618
	1,280,000	U.S. Treasury Notes, 0.63%, 3/31/27⁽²⁾		1,248,300
	462,000	U.S. Treasury Notes, 2.25%, 8/15/27		490,749
	175,000	U.S. Treasury Notes, 2.75%, 2/15/28		191,331
	750,000	U.S. Treasury Notes, 1.25%, 3/31/28		749,473
	360,000	U.S. Treasury Notes, 2.88%, 5/15/28		396,773
	1,180,000	U.S. Treasury Notes, 1.63%, 8/15/29		1,200,788
	1,200,000	U.S. Treasury Notes, 1.13%, 2/15/31⁽²⁾		1,161,187
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,910,201)			13,361,250

Schedule of Investments (unaudited) (continued)

Shares				Value
	SHORT-TERM INVESTMENTS 6.5%
		MONEY MARKET FUNDS 6.5%
	41,188,543	State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%⁽⁵⁾		41,188,543
	5,621,099	State Street Navigator Securities Lending Government Money Market Portfolio⁽⁶⁾		5,621,099
				46,809,642
	TOTAL SHORT-TERM INVESTMENTS (Cost $46,809,642)			46,809,642
	TOTAL INVESTMENTS IN SECURITIES 100.8% (Cost $536,577,268)		$	721,301,680
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.8%)				(5,652,922	)
NET ASSETS⁽⁷⁾ 100%			$	715,648,758

(1)	Non-income producing.
(2)	A portion or all of the security was held on loan. As of September 30, 2021, the market value of the securities on loan was $27,294,095.
(3)	Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors.
(4)	Floating or variable rate security. The rate disclosed is the rate in effect as of September 30, 2021. 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.
(5)	Rate reflects 7 day yield as of September 30, 2021.
(6)	Securities with an aggregate market value of $27,294,095 were out on loan in exchange for collateral including $5,621,099 of cash and securities collateral as of September 30, 2021. The collateral was invested in a cash collateral reinvestment vehicle.
(7)	For federal income tax purposes, the aggregate cost was $536,577,267, aggregate gross unrealized appreciation was $223,500,289, aggregate gross unrealized depreciation was $38,775,876 and the net unrealized appreciation was $184,724,413.
ADR	American Depositary Receipt.
FHLB	Federal Home Loan Bank.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association.
FREMF	Freddie Mac Multifamily.
GNMA	Government National Mortgage Association.
LIBOR	London Interbank Offered Rate.
REIT	Real Estate Investment Trust.
REMIC	Real Estate Mortgage Investment Conduit.

The Fund follows fair valuation accounting standards (FASB ASC 820-10) which establishes 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.

The following table summarizes the inputs used to value the Fund's investments in securities as of September 30, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets
Common Stocks*	$	600,020,972	$	—	$	—	$	600,020,972
Asset-Backed Securities		—		2,283,060		—		2,283,060
Commercial Mortgage-Backed Securities		—		6,800,466		—		6,800,466
Corporate Bonds & Notes*		—		33,873,106		—		33,873,106
Foreign Government Obligations		—		438,332		—		438,332
Long-Term Municipal Securities*		—		3,012,021		—		3,012,021
U.S. Government Agency Obligations		—		502,894		—		502,894
Residential Mortgage-Backed Securities		—		14,199,937		—		14,199,937
U.S. Treasury Obligations		—		13,361,250		—		13,361,250
Short-Term Investments		46,809,642		—		—		46,809,642
Total Investments in Securities	$	646,830,614	$	74,471,066	$	—	$	721,301,680

*	See Schedule of Investments for further breakdown by category.

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.

During the period ended September 30, 2021, there were no Level 3 investments.

Value Line Capital Appreciation Fund NPORT-PValue Line Capital Appreciation Fund Inc (Sep 2021 report)