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Fund Holdings
September 30, 2019
Our Funds
Daily Income Fund (HDIXX)
Short-Term Government Securities Fund (HOSGX)
Short-Term Bond Fund (HOSBX)
Intermediate Bond Fund (HOIBX)
Stock Index Fund (HSTIX)
Value Fund (HOVLX)
Growth Fund (HNASX)
Small-Company Stock Fund (HSCSX)
International Equity Fund (HISIX)
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Portfolio of Investments
Daily Income Fund | September 30, 2019 | (Unaudited)
U.S. Government & Agency Obligations | 81.4% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Home Loan Bank | 2.01% | 10/08/19 | $5,000,000 | $4,998,051 |
Federal Home Loan Bank | 2.16 | 10/11/19 | 2,310,000 | 2,308,620 |
Federal Home Loan Bank | 2.01 | 10/15/19 | 10,000,000 | 9,992,222 |
Federal Home Loan Bank | 2.03 | 10/18/19 | 3,955,000 | 3,951,218 |
Federal Home Loan Bank | 2.01 | 10/18/19 | 1,900,000 | 1,898,206 |
Federal Home Loan Bank | 2.01 | 10/18/19 | 2,200,000 | 2,197,922 |
Federal Home Loan Bank | 2.03 | 10/25/19 | 5,500,000 | 5,492,575 |
Federal Home Loan Bank | 1.99 | 10/30/19 | 1,100,000 | 1,098,246 |
Federal Home Loan Bank | 1.96 | 11/01/19 | 4,500,000 | 4,492,444 |
Federal Home Loan Bank | 2.01 | 11/01/19 | 2,255,000 | 2,251,116 |
Federal Home Loan Bank | 1.96 | 11/05/19 | 4,000,000 | 3,992,417 |
Federal Home Loan Bank | 2.00 | 11/06/19 | 1,000,000 | 998,010 |
Federal Home Loan Bank | 1.96 | 11/08/19 | 1,300,000 | 1,297,310 |
Federal Home Loan Bank | 2.01 | 11/08/19 | 3,000,000 | 2,993,667 |
Federal Home Loan Bank | 1.96 | 11/12/19 | 5,000,000 | 4,988,625 |
Federal Home Loan Bank | 2.01 | 11/13/19 | 1,005,000 | 1,002,599 |
Federal Home Loan Bank | 1.97 | 11/14/19 | 5,000,000 | 4,988,022 |
Federal Home Loan Bank | 1.98 | 11/19/19 | 5,000,000 | 4,986,593 |
Federal Home Loan Bank | 1.96 | 11/20/19 | 2,780,000 | 2,772,471 |
Federal Home Loan Bank | 1.92 | 11/20/19 | 1,700,000 | 1,695,490 |
Federal Home Loan Bank | 1.95 | 11/22/19 | 5,000,000 | 4,985,989 |
Federal Home Loan Bank | 1.92 | 12/26/19 | 4,000,000 | 3,981,701 |
Federal Home Loan Bank | 1.93 | 12/26/19 | 5,000,000 | 4,977,007 |
Federal National Mortgage Assoc. | 1.96 | 10/23/19 | 5,000,000 | 4,994,042 |
Tennessee Valley Authority | 2.30 | 10/02/19 | 5,000,000 | 4,999,681 |
U.S. Treasury Bill | 2.08 | 10/01/19 | 3,000,000 | 3,000,000 |
U.S. Treasury Bill | 2.07 | 10/01/19 | 5,000,000 | 5,000,000 |
U.S. Treasury Bill | 2.24 | 10/03/19 | 5,500,000 | 5,499,332 |
U.S. Treasury Bill | 2.22 | 10/10/19 | 5,000,000 | 4,997,275 |
U.S. Treasury Bill | 2.04 | 10/22/19 | 5,000,000 | 4,994,174 |
U.S. Treasury Bill | 2.02 | 10/29/19 | 5,500,000 | 5,491,532 |
U.S. Treasury Bill | 2.02 | 11/07/19 | 2,000,000 | 1,995,927 |
U.S. Treasury Bill | 1.98 | 11/29/19 | 4,000,000 | 3,987,272 |
U.S. Treasury Note | 1.00 | 11/30/19 | 5,000,000 | 4,991,954 |
Total U.S. Government & Agency Obligations | ||||
(Cost $132,291,710) | 132,291,710 |
Money Market Fund | 18.6% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 1.88(a) | 30,244,788 | 30,244,788 | |
Total Money Market Fund | ||||
(Cost $30,244,788) | 30,244,788 | |||
Total Investments in Securities | ||||
(Cost $162,536,498) | 100.0% | $162,536,498 |
(a) | 7-day yield at September 30, 2019. |
At September 30, 2019, the cost of investment securities for tax purposes was $162,536,498. There were no unrealized gains or losses.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
1
Portfolio of Investments | Daily Income Fund | September 30, 2019 | (Unaudited) | (Continued)
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Daily Income Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $132,291,710 | $ — | $132,291,710 |
Money Market Fund | 30,244,788 | — | — | 30,244,788 |
Total | $30,244,788 | $132,291,710 | $ — | $162,536,498 |
During the period ended September 30, 2019, there were no transfers between levels
2
Portfolio of Investments
Short-Term Government Securities Fund | September 30, 2019 | (Unaudited)
U.S. Government & Agency Obligations | 68.2% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Overseas Private Investment Corp. | 2.98%(a) | 11/11/20 | $1,000,000 | $1,027,636 |
Overseas Private Investment Corp. | 2.74(a) | 04/23/21 | 1,000,000 | 1,020,400 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 20,000 | 20,274 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,141 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 94,000 | 95,170 |
U.S. Treasury Note | 2.63 | 08/31/20 | 500,000 | 503,496 |
U.S. Treasury Note | 1.38 | 09/15/20 | 500,000 | 498,145 |
U.S. Treasury Note | 1.63 | 10/15/20 | 500,000 | 499,023 |
U.S. Treasury Note | 1.75 | 11/15/20 | 500,000 | 499,648 |
U.S. Treasury Note | 1.88 | 12/15/20 | 500,000 | 500,449 |
U.S. Treasury Note | 2.00 | 01/15/21 | 500,000 | 501,348 |
U.S. Treasury Note | 2.50 | 01/31/21 | 600,000 | 605,672 |
U.S. Treasury Note | 2.25 | 02/15/21 | 500,000 | 503,242 |
U.S. Treasury Note | 2.38 | 04/15/21 | 1,000,000 | 1,009,453 |
U.S. Treasury Note | 1.50 | 08/31/21 | 3,267,000 | 3,257,301 |
U.S. Treasury Note | 2.63 | 12/15/21 | 11,500,000 | 11,752,910 |
U.S. Treasury Note | 2.50 | 01/15/22 | 2,950,000 | 3,007,156 |
U.S. Treasury Note | 1.75 | 07/15/22 | 14,750,000 | 14,809,922 |
U.S. Treasury Note | 1.50 | 08/15/22 | 1,360,000 | 1,356,972 |
U.S. Treasury Note | 1.50 | 09/15/22 | 900,000 | 898,348 |
U.S. Treasury Note | 1.25 | 08/31/24 | 7,950,000 | 7,839,756 |
Total U.S. Government & Agency Obligations | ||||
(Cost $49,851,909) | 50,216,462 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 25.2% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 109,136 | 111,598 |
Total Consumer Discretionary | 111,598 | |||
Energy | 12.8% | ||||
Petroleos Mexicanos | 2.00 | 12/20/22 | 350,000 | 350,365 |
Petroleos Mexicanos | 1.95 | 12/20/22 | 877,100 | 876,868 |
Petroleos Mexicanos | 2.38 | 04/15/25 | 972,600 | 984,443 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 650,000 | 659,942 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 3,352,700 | 3,368,158 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,792,632 | 1,791,256 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 1,368,421 | 1,394,042 |
Total Energy | 9,425,074 | |||
Financials | 12.1% | ||||
Altitude Investments 17 LLC | 2.68 | 11/08/25 | 552,987 | 578,580 |
Export Leasing 2009 LLC | 1.86 | 08/28/21 | 149,504 | 149,570 |
Lulwa Ltd. | 1.83 | 03/26/25 | 486,032 | 484,663 |
Mexican Aircraft Finance IV | 2.54 | 07/13/25 | 269,398 | 274,188 |
Mexican Aircraft Finance V | 2.33 | 01/14/27 | 337,500 | 342,452 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 919,350 | 912,715 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 994,378 | 985,531 |
Safina Ltd. | 1.55 | 01/15/22 | 534,562 | 532,090 |
Safina Ltd. | 2.00 | 12/30/23 | 1,191,593 | 1,194,086 |
Salmon River Export LLC | 2.19 | 09/15/26 | 151,047 | 152,295 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 377,785 | 388,144 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 43,415 | 43,141 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 461,338 | 456,009 |
3
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2019 |
(Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 25.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 12.1% (Continued) | ||||
Tagua Leasing LLC | 1.90% | 07/12/24 | $1,033,358 | $1,031,364 |
Tagua Leasing LLC | 1.73 | 09/18/24 | 443,722 | 441,272 |
Union 11 Leasing LLC | 2.41 | 01/23/24 | 408,443 | 412,825 |
Union 16 Leasing LLC | 1.86 | 01/22/25 | 484,396 | 483,515 |
VCK Lease SA | 2.59 | 07/24/26 | 77,634 | 79,368 |
Total Financials | 8,941,808 | |||
Industrials | 0.2% | ||||
Sayarra Ltd. | 2.77 | 10/29/21 | 124,089 | 125,300 |
Total Industrials | 125,300 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $18,481,682) | 18,603,780 |
Corporate Bonds–Other | 1.8% of portfolio | ||||
Financials | 1.2% | ||||
Citibank, N.A. | 2.84(b) | 05/20/22 | 250,000 | 252,562 |
Goldman Sachs Group, Inc. | 3.20 | 06/05/20 | 150,000 | 151,144 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 250,000 | 252,780 |
JP Morgan Chase Bank NA | 3.09(b) | 04/26/21 | 250,000 | 251,318 |
Total Financials | 907,804 | |||
Health Care | 0.3% | ||||
Cigna Corp. | 3.20 | 09/17/20 | 100,000 | 100,968 |
Cigna Corp. | 3.40 | 09/17/21 | 100,000 | 102,268 |
Total Health Care | 203,236 | |||
Utilities | 0.3% | ||||
Duke Energy Florida Project Finance, LLC | 1.20 | 03/01/20 | 40,242 | 40,074 |
Duke Energy Florida, LLC | 2.10 | 12/15/19 | 62,500 | 62,484 |
Southwest Gas Corp. | 4.45 | 12/01/20 | 125,000 | 126,456 |
Total Utilities | 229,014 | |||
Total Corporate Bonds–Other | ||||
(Cost $1,328,076) | 1,340,054 |
Asset-Backed Securities | 1.6% of portfolio | ||||
Ally Master Owner Trust 17-3 | 2.63(b) | 06/15/22 | 250,000 | 250,079 |
Exeter Automobile Receivables Trust 18-3 (c) | 2.90 | 01/18/22 | 34,005 | 34,029 |
Exeter Automobile Receivables Trust 18-4 (c) | 3.05 | 12/15/21 | 114,978 | 115,138 |
Foursight Capital Automobile Receivables Trust 17-1 (c) | 2.37 | 04/15/22 | 21,528 | 21,516 |
Foursight Capital Automobile Receivables Trust 18-2 (c) | 3.32 | 04/15/22 | 119,707 | 120,192 |
Freedom Financial 18-2 (c) | 3.99 | 10/20/25 | 120,050 | 120,929 |
GLS Auto Receivables Trust 18-3 (c) | 3.35 | 08/15/22 | 68,972 | 69,297 |
Marlette Funding Trust 19-3 (c) | 2.69 | 09/17/29 | 222,225 | 222,767 |
Prosper Marketplace Issuance Trust 18-2 (c) | 3.35 | 10/15/24 | 84,650 | 84,886 |
Small Business Administration Pool # 503463 | 3.38(b) | 09/25/21 | 113 | 112 |
SoFi Consumer Loan Program Trust 19-4 (c) | 2.45 | 08/25/28 | 100,000 | 100,185 |
4
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2019 |
(Unaudited) | (Continued)
Asset-Backed Securities | 1.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
United Auto Credit Securitization Trust 18-2 (c) | 2.89% | 03/10/21 | $9,714 | $9,715 |
Total Asset-Backed Securities | ||||
(Cost $1,145,904) | 1,148,845 |
Mortgage-Backed Security | 0.1% of portfolio | ||||
FDIC Structured Sale Guaranteed Notes 2010-S3 (c) | 2.74 | 12/03/20 | 69,028 | 68,949 |
Total Mortgage-Backed Security | ||||
(Cost $69,017) | 68,949 |
Certificates of Deposit | 0.6% of portfolio | ||||
HSBC Bank USA NA | 3.10(b) | 11/17/20 | 246,000 | 249,319 |
JP Morgan Chase Bank, NA | 2.00(b) | 04/22/21 | 200,000 | 199,973 |
Total Certificates of Deposit | ||||
(Cost $446,189) | 449,292 |
Money Market Fund | 2.5% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 1.88(d) | 1,847,718 | 1,847,718 | |
Total Money Market Fund | ||||
(Cost $1,847,718) | 1,847,718 | |||
Total Investments in Securities | ||||
(Cost $73,170,495) | 100.0% | $73,675,100 |
(a) | Interest is paid at maturity. |
(b) | Variable coupon rate as of September 30, 2019. |
(c) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $967,603 and represents 1.3% of total investments. |
(d) | 7-day yield at September 30, 2019. |
LLC - Limited Liability Company
SA - Sociedad Anonima or Societe Anonyme
NA - National Association
At September 30, 2019, the cost of investment securities for tax purposes was $73,170,495. Net unrealized appreciation of investment securities was $504,605 consisting of unrealized gains of $579,171 and unrealized losses of $74,566.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
5
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2019 |
(Unaudited) | (Continued)
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $50,216,462 | $ — | $50,216,462 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 18,603,780 | — | 18,603,780 |
Corporate Bonds–Other | — | 1,340,054 | — | 1,340,054 |
Asset-Backed Securities | — | 1,148,845 | — | 1,148,845 |
Mortgage-Backed Security | — | 68,949 | — | 68,949 |
Certificates of Deposit | — | 449,292 | — | 449,292 |
Money Market Fund | 1,847,718 | — | — | 1,847,718 |
Total | $1,847,718 | $71,827,382 | $ — | $73,675,100 |
During the period ended September 30, 2019, there were no transfers between levels
6
Portfolio of Investments
Short-Term Bond Fund | September 30, 2019 | (Unaudited)
U.S. Government & Agency Obligations | 56.2% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Home Loan Bank | 2.55% | 05/06/22 | $10,060,000 | $10,094,303 |
Federal Home Loan Mortgage Corp. | 2.35 | 03/04/22 | 2,220,000 | 2,223,015 |
Overseas Private Investment Corp. | 2.52 | 09/15/22 | 1,312,500 | 1,322,882 |
Tennessee Valley Authority | 0.00(a) | 06/15/21 | 595,000 | 575,866 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 10,000 | 10,137 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,140 |
U.S. Treasury Note | 2.75 | 11/30/20 | 2,080,000 | 2,102,344 |
U.S. Treasury Note | 2.00 | 01/15/21 | 7,850,000 | 7,871,158 |
U.S. Treasury Note | 2.50 | 01/31/21 | 1,450,000 | 1,463,707 |
U.S. Treasury Note | 2.50 | 02/28/21 | 4,575,000 | 4,621,822 |
U.S. Treasury Note | 2.38 | 04/15/21 | 4,800,000 | 4,845,375 |
U.S. Treasury Note | 1.50 | 08/31/21 | 22,602,000 | 22,534,900 |
U.S. Treasury Note | 2.88 | 11/15/21 | 1,625,000 | 1,666,260 |
U.S. Treasury Note | 2.63 | 12/15/21 | 29,900,000 | 30,557,566 |
U.S. Treasury Note | 2.50 | 01/15/22 | 1,770,000 | 1,804,294 |
U.S. Treasury Note | 1.75 | 07/15/22 | 92,169,000 | 92,543,437 |
U.S. Treasury Note | 1.50 | 08/15/22 | 58,992,000 | 58,860,651 |
U.S. Treasury Note | 1.50 | 09/15/22 | 17,840,000 | 17,807,247 |
U.S. Treasury Note | 2.88 | 09/30/23 | 710,000 | 745,750 |
U.S. Treasury Note | 1.25 | 08/31/24 | 57,306,000 | 56,511,327 |
Total U.S. Government & Agency Obligations | ||||
(Cost $317,212,209) | 318,172,181 |
Corporate Bonds–Other | 18.2% of portfolio | ||||
Communication Services | 0.9% | ||||
AT&T Inc. | 4.45 | 04/01/24 | 850,000 | 919,517 |
Comcast Corp. | 3.45 | 10/01/21 | 1,010,000 | 1,040,094 |
Sprint Spectrum Co. LLC (b) | 3.36 | 03/20/23 | 1,337,500 | 1,342,516 |
Sprint Spectrum Co. LLC (b) | 4.74 | 03/20/25 | 1,560,000 | 1,658,295 |
Total Communication Services | 4,960,422 | |||
Consumer Discretionary | 1.4% | ||||
ABC Inc. | 8.75 | 08/15/21 | 810,000 | 908,590 |
Ford Motor Credit Company LLC | 3.35 | 11/01/22 | 2,135,000 | 2,137,306 |
Ford Motor Credit Company LLC | 4.14 | 02/15/23 | 1,200,000 | 1,218,488 |
Volkswagen Group of America, Inc. (b) | 2.50 | 09/24/21 | 1,270,000 | 1,273,099 |
Volkswagen Group of America, Inc. (b) | 2.70 | 09/26/22 | 2,120,000 | 2,129,111 |
Total Consumer Discretionary | 7,666,594 | |||
Consumer Staples | 1.1% | ||||
Anheuser-Busch InBev Finance Inc. | 3.70 | 02/01/24 | 1,280,000 | 1,367,927 |
Coca-Cola Co. (The) | 1.55 | 09/01/21 | 475,000 | 472,725 |
Coca-Cola Co. (The) | 2.20 | 05/25/22 | 420,000 | 423,466 |
Mead Johnson Nutrition Co. | 3.00 | 11/15/20 | 4,125,000 | 4,160,719 |
Total Consumer Staples | 6,424,837 | |||
Energy | 0.9% | ||||
BP Capital Markets America Inc. | 2.52 | 09/19/22 | 1,600,000 | 1,619,306 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 835,000 | 838,144 |
Midwest Connector Capital Company LLC (b) | 3.63 | 04/01/22 | 620,000 | 636,022 |
Midwest Connector Capital Company LLC (b) | 3.90 | 04/01/24 | 825,000 | 869,059 |
7
Portfolio of Investments | Short-Term Bond Fund | September 30, 2019 | (Unaudited) | (Continued)
Corporate Bonds–Other | 18.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 0.9% (Continued) | ||||
Pioneer Natural Resources Co. | 4.45% | 01/15/26 | $1,146,000 | $1,255,656 |
Total Energy | 5,218,187 | |||
Financials | 7.3% | ||||
AIG Global Funding Inc. (b) | 2.30 | 07/01/22 | 865,000 | 867,240 |
AMBAC Assurance Corp. (b) | 5.10 | 06/07/20 | 2,871 | 4,170 |
AMBAC LSNI LLC (b) | 7.10(c) | 02/12/23 | 12,291 | 12,414 |
Anthem, Inc. | 3.30 | 01/15/23 | 625,000 | 645,221 |
Anthem, Inc. | 2.38 | 01/15/25 | 2,130,000 | 2,117,373 |
Athene Global Funding (b) | 4.00 | 01/25/22 | 1,400,000 | 1,452,949 |
Bank of America Corp. | 2.74(c) | 01/23/22 | 2,100,000 | 2,112,141 |
Bank of America Corp. | 3.22(c) | 07/23/24 | 2,210,000 | 2,224,028 |
Bank of America Corp. | 4.00 | 01/22/25 | 1,210,000 | 1,285,336 |
Bank of America Corp. | 3.95 | 04/21/25 | 1,030,000 | 1,092,853 |
Branch Banking and Trust Co. | 2.64(c) | 09/17/29 | 1,350,000 | 1,341,280 |
Capital One Financial Corp. | 3.90 | 01/29/24 | 1,440,000 | 1,521,513 |
CIT Bank, NA | 2.97(c) | 09/27/25 | 1,640,000 | 1,642,050 |
Citibank, N.A. | 2.84(c) | 05/20/22 | 4,275,000 | 4,318,818 |
Citibank, NA | 2.85 | 02/12/21 | 1,650,000 | 1,668,871 |
Citibank, NA | 3.40 | 07/23/21 | 875,000 | 896,239 |
Citibank, NA | 3.65 | 01/23/24 | 1,325,000 | 1,403,586 |
Discover Bank | 4.68(c) | 08/09/28 | 3,081,000 | 3,221,170 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 5,330,000 | 5,389,265 |
J.P. Morgan Chase & Co. | 4.02(c) | 12/05/24 | 800,000 | 853,381 |
J.P. Morgan Chase & Co. | 2.30(c) | 10/15/25 | 2,130,000 | 2,123,228 |
Metropolitan Life Global Funding (b) | 3.38 | 01/11/22 | 450,000 | 462,955 |
Metropolitan Life Global Funding (b) | 3.60 | 01/11/24 | 450,000 | 475,776 |
Morgan Stanley | 3.46(c) | 01/20/22 | 1,277,000 | 1,289,372 |
Morgan Stanley | 2.72(c) | 07/22/25 | 1,220,000 | 1,234,077 |
Wells Fargo Bank NA | 3.33(c) | 07/23/21 | 1,025,000 | 1,034,299 |
Wells Fargo Bank NA | 3.63 | 10/22/21 | 625,000 | 643,055 |
Total Financials | 41,332,660 | |||
Health Care | 1.2% | ||||
Cigna Corp. | 3.20 | 09/17/20 | 4,350,000 | 4,392,112 |
Cigna Corp. | 3.40 | 09/17/21 | 2,160,000 | 2,208,992 |
Total Health Care | 6,601,104 | |||
Industrials | 0.7% | ||||
Burlington Northern & Santa Fe Railway Co. | 4.58 | 01/15/21 | 82,107 | 83,542 |
Burlington Northern & Santa Fe Railway Co. | 4.83 | 01/15/23 | 36,229 | 37,070 |
Caterpillar Financial Services Corp. | 3.15 | 09/07/21 | 875,000 | 893,102 |
John Deere Capital Corp. | 3.13 | 09/10/21 | 220,000 | 225,003 |
Parker-Hannifin Corp. | 2.70 | 06/14/24 | 435,000 | 443,108 |
Ryder System Inc. | 2.88 | 06/01/22 | 435,000 | 442,159 |
Ryder System Inc. | 2.50 | 09/01/24 | 1,340,000 | 1,344,974 |
Ryder System, Inc. | 3.50 | 06/01/21 | 220,000 | 224,759 |
Total Industrials | 3,693,717 | |||
Information Technology | 1.0% | ||||
Apple Inc. | 2.50 | 02/09/22 | 975,000 | 990,092 |
Broadcom Cayman LP | 2.65 | 01/15/23 | 1,280,000 | 1,278,808 |
8
Portfolio of Investments | Short-Term Bond Fund | September 30, 2019 | (Unaudited) | (Continued)
Corporate Bonds–Other | 18.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Information Technology | 1.0% (Continued) | ||||
International Business Machine Corp. | 3.00% | 05/15/24 | $2,200,000 | $2,276,531 |
Qualcomm Inc. | 3.45 | 05/20/25 | 1,250,000 | 1,321,416 |
Total Information Technology | 5,866,847 | |||
Materials | 0.1% | ||||
3M Co. | 1.63 | 09/19/21 | 450,000 | 447,726 |
Total Materials | 447,726 | |||
Real Estate | 0.1% | ||||
Service Properties Trust | 4.35 | 10/01/24 | 850,000 | 860,598 |
Total Real Estate | 860,598 | |||
Utilities | 3.5% | ||||
Atlantic City Electric Co. | 4.35 | 04/01/21 | 3,150,000 | 3,208,517 |
Duke Energy Florida Project Finance, LLC | 1.20 | 03/01/20 | 666,145 | 663,355 |
Duke Energy Florida, LLC | 2.10 | 12/15/19 | 806,250 | 806,049 |
Empire District Electric Co. | 4.65 | 06/01/20 | 5,225,000 | 5,295,929 |
Entergy Louisiana LLC | 4.80 | 05/01/21 | 1,175,000 | 1,209,512 |
Entergy Texas, Inc. | 4.10 | 09/01/21 | 1,220,000 | 1,247,781 |
Oncor Electric Delivery Co. LLC | 5.75 | 09/30/20 | 660,000 | 682,130 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 1,775,740 | 1,740,968 |
Southern California Edison Co. | 3.88 | 06/01/21 | 1,050,000 | 1,073,791 |
Southern California Edison Co. | 1.85 | 02/01/22 | 2,925,000 | 2,877,834 |
Southwest Gas Corp. | 4.45 | 12/01/20 | 825,000 | 834,608 |
Toledo Edison Co. | 7.25 | 05/01/20 | 250,000 | 256,288 |
Total Utilities | 19,896,762 | |||
Total Corporate Bonds–Other | ||||
(Cost $101,687,286) | 102,969,454 |
Asset-Backed Securities | 11.1% of portfolio | ||||
ACC Trust 18-1 (b) | 3.70 | 12/21/20 | 154,944 | 155,138 |
Ally Master Owner Trust 17-3 | 2.63(c) | 06/15/22 | 750,000 | 750,238 |
Ally Master Owner Trust 17-3 | 2.04 | 06/15/22 | 900,000 | 899,008 |
American Airlines 13-2 | 4.95 | 07/15/24 | 1,092,540 | 1,145,201 |
American Credit Acceptance Receivables Trust 18-4 (b) | 3.38 | 12/13/21 | 1,222,155 | 1,224,469 |
American Credit Acceptance Receivables Trust 19-2 (b) | 2.85 | 07/12/22 | 1,531,270 | 1,534,841 |
Avant Loans Funding Trust 18-B (b) | 3.42 | 01/18/22 | 680,890 | 682,964 |
Avant Loans Funding Trust 19-A (b) | 3.48 | 07/15/22 | 743,494 | 746,243 |
Avant Loans Funding Trust 19-B (b) | 2.72 | 10/15/26 | 2,040,000 | 2,041,306 |
Axis Equipment Finance Receivables LLC 16-A (b) | 2.21 | 11/20/21 | 37,026 | 37,018 |
California Republic Auto Receivable Trust 15-3 | 2.13 | 05/17/21 | 305,055 | 304,930 |
Carvana Auto Receivables Trust 19-2 (b) | 2.60 | 01/18/22 | 2,700,000 | 2,701,690 |
CCR Inc. MT-100 Payment Rights Master Trust 12-C (b) | 4.75 | 07/10/22 | 708,333 | 715,233 |
Consumer Loan Underlying Bond 17-P2 (b) | 2.61 | 01/15/24 | 156,220 | 156,262 |
Consumer Loan Underlying Bond 18-P2 (b) | 3.47 | 10/15/25 | 616,604 | 619,884 |
Consumer Loan Underlying Bond 18-P3 (b) | 3.82 | 01/15/26 | 785,830 | 792,901 |
Consumer Loan Underlying Bond 19-P1 (b) | 2.94 | 07/15/26 | 858,512 | 861,256 |
CPS Auto Trust 19-A (b) | 3.18 | 06/15/22 | 671,418 | 674,331 |
Credit Acceptance Auto Loan Trust 17-1 (b) | 2.56 | 10/15/25 | 313,625 | 313,749 |
Credit Acceptance Auto Loan Trust 17-2 (b) | 2.55 | 02/17/26 | 1,088,594 | 1,089,587 |
Credit Acceptance Auto Loan Trust 17-3 (b) | 2.65 | 06/15/26 | 1,025,000 | 1,027,766 |
Credit Acceptance Auto Loan Trust 18-1 (b) | 3.01 | 02/16/27 | 1,525,000 | 1,534,141 |
9
Portfolio of Investments | Short-Term Bond Fund | September 30, 2019 | (Unaudited) | (Continued)
Asset-Backed Securities | 11.1% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Credit Acceptance Auto Loan Trust 18-2 (b) | 3.47% | 05/17/27 | $2,200,000 | $2,231,902 |
Credit Acceptance Auto Loan Trust 18-3 (b) | 3.55 | 08/15/27 | 1,100,000 | 1,121,032 |
Credit Acceptance Auto Loan Trust 19-1 (b) | 3.33 | 02/15/28 | 1,550,000 | 1,583,648 |
Credit Suisse ABS Trust 18-LD1 (b) | 3.42 | 07/25/24 | 197,925 | 198,024 |
Drive Auto Receivables Trust 19-3 | 2.63 | 09/15/22 | 1,270,000 | 1,272,201 |
DT Auto Owner Trust 19-1 (b) | 3.08 | 09/15/22 | 1,111,997 | 1,116,058 |
Element Rail Leasing I LLC 14-1 (b) | 2.30 | 04/19/44 | 756,952 | 756,922 |
Element Rail Leasing I LLC 15-1 (b) | 2.71 | 02/19/45 | 385,878 | 385,129 |
Element Rail Leasing I LLC 16-1 (b) | 3.97 | 03/19/46 | 260,364 | 265,417 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 610,203 | 617,603 |
Exeter Automobile Receivables Trust 17-3 (b) | 2.05 | 12/15/21 | 46,574 | 46,566 |
Exeter Automobile Receivables Trust 18-3 (b) | 2.90 | 01/18/22 | 204,033 | 204,174 |
Exeter Automobile Receivables Trust 18-4 (b) | 3.05 | 12/15/21 | 408,173 | 408,741 |
Exeter Automobile Receivables Trust 19-1 (b) | 3.20 | 04/15/22 | 913,130 | 915,658 |
Foursight Capital Automobile Receivables Trust 16-1 (b) | 2.87 | 10/15/21 | 82,229 | 82,293 |
Foursight Capital Automobile Receivables Trust 17-1 (b) | 2.37 | 04/15/22 | 155,002 | 154,912 |
Foursight Capital Automobile Receivables Trust 18-1 (b) | 2.85 | 08/16/21 | 136,040 | 136,086 |
Foursight Capital Automobile Receivables Trust 18-2 (b) | 3.32 | 04/15/22 | 808,022 | 811,295 |
Freedom Financial 18-1 (b) | 3.61 | 07/18/24 | 914,587 | 918,838 |
Freedom Financial 18-2 (b) | 3.99 | 10/20/25 | 624,262 | 628,832 |
Freedom Financial 19-1 (b) | 3.42 | 06/18/26 | 622,092 | 625,412 |
GLS Auto Receivables Trust 18-1 (b) | 2.82 | 07/15/22 | 1,049,224 | 1,052,117 |
GLS Auto Receivables Trust 18-3 (b) | 3.35 | 08/15/22 | 482,804 | 485,080 |
GLS Auto Receivables Trust 19-1 (b) | 3.37 | 01/17/23 | 918,435 | 925,663 |
GLS Auto Receivables Trust 19-2 (b) | 3.06 | 04/17/23 | 1,362,112 | 1,370,417 |
Longtrain Leasing III LLC 2015-1 (b) | 2.98 | 01/15/45 | 417,191 | 419,070 |
Marlette Funding Trust 18-2 (b) | 3.06 | 07/17/28 | 485,684 | 486,125 |
Marlette Funding Trust 18-3 (b) | 3.20 | 09/15/28 | 1,040,827 | 1,043,501 |
Marlette Funding Trust 18-4 (b) | 3.71 | 12/15/28 | 1,269,753 | 1,282,140 |
Marlette Funding Trust 19-1 (b) | 3.44 | 04/16/29 | 1,121,855 | 1,129,927 |
Marlette Funding Trust 19-3 (b) | 2.69 | 09/17/29 | 4,062,265 | 4,072,178 |
NP SPE II LLC 17-1 (b) | 3.37 | 10/21/47 | 448,437 | 460,850 |
Oscar US Funding Trust 17-2 (b) | 2.45 | 12/10/21 | 730,000 | 730,320 |
Oscar US Funding Trust 18-1 (b) | 2.91 | 04/12/21 | 539,916 | 540,444 |
Oscar US Funding Trust 18-2 (b) | 3.15 | 08/10/21 | 451,515 | 452,659 |
Oscar US Funding Trust 19-1 (b) | 3.10 | 04/11/22 | 976,986 | 981,119 |
Prosper Marketplace Issuance Trust 18-2 (b) | 3.35 | 10/15/24 | 1,591,417 | 1,595,848 |
Prosper Marketplace Issuance Trust 19-2 (b) | 3.20 | 09/15/25 | 674,402 | 676,780 |
Prosper Marketplace Issuance Trust 19-3 (b) | 3.19 | 07/15/25 | 1,169,603 | 1,175,471 |
Santander Drive Auto Receivables Trust 18-2 | 2.75 | 09/15/21 | 88,833 | 88,852 |
SoFi Consumer Loan Program Trust 17-1 (b) | 3.28 | 01/26/26 | 340,187 | 342,555 |
SoFi Consumer Loan Program Trust 17-3 (b) | 2.77 | 05/25/26 | 474,058 | 475,501 |
SoFi Consumer Loan Program Trust 17-4 (b) | 2.50 | 05/26/26 | 387,144 | 387,624 |
SoFi Consumer Loan Program Trust 18-3 (b) | 3.20 | 08/25/27 | 179,556 | 180,085 |
SoFi Consumer Loan Program Trust 18-4 (b) | 3.54 | 11/26/27 | 1,249,382 | 1,262,125 |
SoFi Consumer Loan Program Trust 19-2 (b) | 3.01 | 04/25/28 | 856,966 | 863,275 |
SoFi Consumer Loan Program Trust 19-4 (b) | 2.45 | 08/25/28 | 1,350,000 | 1,352,492 |
United Auto Credit Securitization Trust 18-2 (b) | 2.89 | 03/10/21 | 64,114 | 64,121 |
United Auto Credit Securitization Trust 19-1 (b) | 2.82 | 07/12/21 | 1,799,320 | 1,800,010 |
Upgrade Receivables Trust 18-1 (b) | 3.76 | 11/15/24 | 630,667 | 632,689 |
Upgrade Receivables Trust 19-1 (b) | 3.48 | 03/15/25 | 1,072,585 | 1,076,483 |
Veros Autos Receivable Trust 17-1 (b) | 2.84 | 04/17/23 | 27,081 | 27,078 |
World Financial Network Credit Card Master Note Trust 18-B | 3.46 | 07/15/25 | 1,200,000 | 1,229,444 |
Total Asset-Backed Securities | ||||
(Cost $62,795,924) | 63,150,942 |
10
Portfolio of Investments | Short-Term Bond Fund | September 30, 2019 | (Unaudited) | (Continued)
Yankee Bonds | 6.4% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
América Móvil SAB de CV | 5.00% | 03/30/20 | $646,000 | $654,343 |
Avolon Holdings Funding Ltd. (b) | 3.63 | 05/01/22 | 2,185,000 | 2,214,279 |
Banco Santander SA | 3.85 | 04/12/23 | 1,200,000 | 1,250,611 |
Banco Santander SA | 2.71 | 06/27/24 | 1,400,000 | 1,415,521 |
BMO Financial Group | 2.90 | 03/26/22 | 900,000 | 917,520 |
BMO Financial Group | 4.34(c) | 10/05/28 | 1,300,000 | 1,371,991 |
Coca-Cola European Partners PLC | 3.50 | 09/15/20 | 825,000 | 834,539 |
Enel Finance International NV (b) | 2.65 | 09/10/24 | 1,275,000 | 1,276,512 |
HSBC Holdings PLC | 3.80(c) | 03/11/25 | 2,635,000 | 2,745,044 |
Hydro-Quebec | 6.27 | 01/03/26 | 80,000 | 98,908 |
Imperial Brands Finance PLC (b) | 3.13 | 07/26/24 | 2,140,000 | 2,144,549 |
ING Groep N.V. | 3.55 | 04/09/24 | 720,000 | 752,260 |
Lloyds Banking Group PLC | 2.86(c) | 03/17/23 | 1,400,000 | 1,404,517 |
Lloyds Banking Group PLC | 2.91(c) | 11/07/23 | 1,400,000 | 1,402,776 |
Reckitt Benckiser Treasury Services PLC (b) | 2.75 | 06/26/24 | 1,100,000 | 1,120,461 |
Royal Bank of Scotland Group PLC | 4.52(c) | 06/25/24 | 1,325,000 | 1,393,533 |
Royal Bank of Scotland Group PLC | 4.27(c) | 03/22/25 | 1,330,000 | 1,390,981 |
Seagate HDD Cayman | 4.75 | 01/01/25 | 1,895,000 | 1,964,399 |
Sinopec Group Overseas Development (2015) Ltd. (b) | 2.50 | 04/28/20 | 1,075,000 | 1,075,664 |
Sinopec Group Overseas Development (2017) Ltd. (b) | 2.38 | 04/12/20 | 2,175,000 | 2,174,608 |
Sinopec Group Overseas Development (2020) Ltd. (b) | 2.25 | 09/13/20 | 2,200,000 | 2,197,557 |
Standard Chartered PLC (b) | 2.74(c) | 09/10/22 | 1,700,000 | 1,701,751 |
Syngenta Finance N.V. (b) | 3.70 | 04/24/20 | 1,300,000 | 1,304,318 |
Syngenta Finance N.V. (b) | 3.93 | 04/23/21 | 425,000 | 432,772 |
Syngenta Finance NV (b) | 4.44 | 04/24/23 | 400,000 | 418,039 |
Tencent Holdings Ltd. (b) | 3.28 | 04/11/24 | 2,650,000 | 2,721,887 |
Total Yankee Bonds | ||||
(Cost $35,772,870) | 36,379,340 |
Municipal Bonds | 1.7% of portfolio | ||||
California | 0.4% | ||||
Adelanto California Public Utility Authority | 3.25 | 07/01/21 | 750,000 | 765,862 |
Adelanto California Public Utility Authority | 3.63 | 07/01/23 | 795,000 | 839,568 |
Fresno County CA Pension Obligation | 0.00(a) | 08/15/22 | 650,000 | 610,669 |
Total California | 2,216,099 | |||
New Jersey | 0.2% | ||||
New Jersey Economic Development Authority | 0.00(a) | 02/15/21 | 1,350,000 | 1,309,689 |
Total New Jersey | 1,309,689 | |||
North Carolina | 0.1% | ||||
North Carolina Housing Finance Agency | 4.00 | 01/01/30 | 685,000 | 702,111 |
Total North Carolina | 702,111 | |||
Pennsylvania | 0.2% | ||||
Philadelphia Pennsylvania Authority for Industrial Development | 0.00(a) | 04/15/22 | 1,400,000 | 1,317,316 |
Total Pennsylvania | 1,317,316 |
11
Portfolio of Investments | Short-Term Bond Fund | September 30, 2019 | (Unaudited) | (Continued)
Municipal Bonds | 1.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Puerto Rico | 0.3% | ||||
Puerto Rico Highway & Transportation Authority | 6.25% | 07/01/21 | $1,640,000 | $1,714,915 |
Total Puerto Rico | 1,714,915 | |||
Wisconsin | 0.5% | ||||
Wisconsin, Public Finance Authority | 2.82 | 03/01/20 | 910,000 | 910,237 |
Wisconsin, Public Finance Authority | 2.75 | 06/01/20 | 1,575,000 | 1,572,228 |
Total Wisconsin | 2,482,465 | |||
Total Municipal Bonds | ||||
(Cost $9,467,750) | 9,742,595 |
Mortgage-Backed Securities | 0.1% of portfolio | ||||
ACE Securities Corp. 06-ASL1 | 2.43(c) | 02/25/36 | 200,567 | 90,872 |
Amresco Residential Securities 98-1 | 7.15(c) | 10/25/27 | 25,688 | 27,564 |
Bear Stearns Asset Backed Securities Trust 03-3 | 3.33(c) | 06/25/43 | 28,324 | 28,510 |
Bear Stearns Asset Backed Securities Trust 04-HE5 | 4.02(c) | 07/25/34 | 26,709 | 27,155 |
Bear Stearns Structured Products Inc., 00-1 (b) | 7.33(c) | 08/28/33 | 65 | 64 |
CDC Mortgage Capital Trust 02-HE1 | 2.77(c) | 01/25/33 | 169,027 | 168,073 |
CITICORP Mortgage Securities, Inc. 07-1 | 5.26(d) | 03/25/37 | 29,372 | 29,767 |
Cityscape Home Equity Loan Trust 96-2 | 8.10 | 08/25/26 | 44,541 | 44,551 |
Conseco Finance Securitizations Corp. 01-2 | 7.10 | 02/01/33 | 78,723 | 82,455 |
Contimortgage Home Equity Loan Trust 95-2 | 8.10 | 08/15/25 | 19,965 | 11,608 |
Countrywide Asset Backed Certificate 02-S2 (e) | 5.98 | 01/25/17 | 1,688 | 1,682 |
Countrywide Asset Backed Certificate 02-S4 (e) | 4.69(c) | 10/25/17 | 7,341 | 7,633 |
Countrywide Asset Backed Certificate 04-S1 | 5.12 | 02/25/35 | 7,900 | 7,891 |
FHLMC 780754 | 4.57(c) | 08/01/33 | 1,052 | 1,113 |
FNMA 813842 | 4.05(c) | 01/01/35 | 3,873 | 3,994 |
GMAC Mortgage Corp. Loan Trust 06-HE3 | 5.75 | 10/25/36 | 13,784 | 14,541 |
Green Tree Financial Corp. 98-5 | 6.22 | 03/01/30 | 26,041 | 26,961 |
Master Asset Backed Securities Trust 07-NCW (b) | 2.45(c) | 05/25/37 | 246,468 | 234,378 |
Option One Mortgage Loan Trust 07-FXD2 | 5.90 | 03/25/37 | 1,750 | 1,752 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 3 | 3 |
Total Mortgage-Backed Securities | ||||
(Cost $912,975) | 810,567 |
Corporate Bond Guaranteed by Export-Import Bank of the United States | 0.1% of portfolio | ||||
Energy | 0.1% | ||||
Petroleos Mexicanos | 2.46 | 12/15/25 | 285,350 | 289,715 |
Total Energy | 289,715 | |||
Total Corporate Bond Guaranteed by Export-Import Bank of the United States | ||||
(Cost $282,431) | 289,715 |
12
Portfolio of Investments | Short-Term Bond Fund | September 30, 2019 | (Unaudited) | (Continued)
Money Market Fund | 6.2% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund | 1.88%(f) | 35,055,222 | $35,055,222 | |
Total Money Market Fund | ||||
(Cost $35,055,222) | 35,055,222 | |||
Total Investments in Securities | ||||
(Cost $563,186,667) | 100.0% | $566,570,016 |
(a) | Zero coupon rate, purchased at a discount. |
(b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $87,043,910 and represents 15.4% of total investments. |
(c) | Variable coupon rate as of September 30, 2019. |
(d) | Step coupon security, the current rate may be adjusted upwards before maturity date. |
(e) | Security did not mature on maturity date. While additional principal and interest have been received past the maturity date, the amount and timing of future payments is uncertain. |
(f) | 7-day yield at September 30, 2019. |
LLC - Limited Liability Company
LP - Limited Partnership
AMBAC - American Municipal Bond Assurance Corporation
NA - National Association
ABS - Asset-Backed Security
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
NV - Naamloze Vennottschap
N.V. - Naamloze Vennootschap
FHLMC - Federal Home Loan Mortgage Corporation
At September 30, 2019, the cost of investment securities for tax purposes was $563,186,667. Net unrealized appreciation of investment securities was $3,383,349 consisting of unrealized gains of $4,097,659 and unrealized losses of $714,310.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
13
Portfolio of Investments | Short-Term Bond Fund | September 30, 2019 | (Unaudited) | (Continued)
Short-Term Bond Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $318,172,181 | $ — | $318,172,181 |
Corporate Bonds–Other | — | 102,969,454 | — | 102,969,454 |
Asset-Backed Securities | — | 63,150,942 | — | 63,150,942 |
Yankee Bonds | — | 36,379,340 | — | 36,379,340 |
Municipal Bonds | — | 9,742,595 | — | 9,742,595 |
Mortgage-Backed Securities | — | 810,567 | — | 810,567 |
Corporate Bond Guaranteed by Export-Import Bank of the United States | — | 289,715 | — | 289,715 |
Money Market Fund | 35,055,222 | — | — | 35,055,222 |
Total | $35,055,222 | $531,514,794 | $ — | $566,570,016 |
During the period ended September 30, 2019, there were no transfers between levels
14
Portfolio of Investments
Intermediate Bond Fund | September 30, 2019 | (Unaudited)
U.S. Government & Agency Obligations | 44.0% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Home Loan Bank | 3.25% | 11/16/28 | $75,000 | $83,600 |
U.S. Treasury Note | 2.13 | 05/31/21 | 65,000 | 65,439 |
U.S. Treasury Note | 1.50 | 08/31/21 | 1,093,000 | 1,089,755 |
U.S. Treasury Note | 1.75 | 07/15/22 | 1,269,000 | 1,274,155 |
U.S. Treasury Note | 1.50 | 08/15/22 | 602,000 | 600,660 |
U.S. Treasury Note | 1.50 | 09/15/22 | 50,000 | 49,908 |
U.S. Treasury Note | 1.25 | 08/31/24 | 1,232,000 | 1,214,916 |
U.S. Treasury Note | 1.50 | 09/30/24 | 65,000 | 64,845 |
U.S. Treasury Note | 1.38 | 08/31/26 | 850,000 | 836,353 |
U.S. Treasury Note | 1.63 | 08/15/29 | 399,000 | 397,270 |
U.S. Treasury Note | 2.88 | 05/15/49 | 858,000 | 1,001,514 |
Total U.S. Government & Agency Obligations | ||||
(Cost $6,680,294) | 6,678,415 |
Mortgage-Backed Securities | 24.0% of portfolio | ||||
FNMA BN5402 | 3.50 | 04/01/49 | 188,567 | 193,942 |
FNMA CA4016 | 3.00 | 08/01/49 | 262,368 | 267,872 |
FNMA FM1000 | 3.00 | 04/01/47 | 1,311,394 | 1,341,978 |
FNMA MA3745 | 3.50 | 08/01/49 | 1,782,187 | 1,837,001 |
Total Mortgage-Backed Securities | ||||
(Cost $3,638,651) | 3,640,793 |
Corporate Bonds–Other | 21.6% of portfolio | ||||
Communication Services | 1.0% | ||||
Charter Communications Operating LLC | 5.38 | 04/01/38 | 123,000 | 137,691 |
Sprint Communications, Inc. | 6.00 | 11/15/22 | 15,000 | 15,937 |
Total Communication Services | 153,628 | |||
Consumer Discretionary | 1.0% | ||||
General Motors Co. | 5.15 | 04/01/38 | 149,000 | 150,461 |
Total Consumer Discretionary | 150,461 | |||
Energy | 2.7% | ||||
Energy Transfer Operating LP | 5.25 | 04/15/29 | 144,000 | 162,443 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 45,000 | 45,169 |
Murphy Oil Corp. | 4.45(a) | 12/01/22 | 160,000 | 162,000 |
Pioneer Natural Resources Co. | 4.45 | 01/15/26 | 32,000 | 35,062 |
Total Energy | 404,674 | |||
Financials | 7.4% | ||||
Anthem Inc. | 4.38 | 12/01/47 | 45,000 | 48,608 |
Bank of America Corp. | 3.95 | 04/21/25 | 300,000 | 318,307 |
Citigroup Inc. | 4.30 | 11/20/26 | 305,000 | 328,186 |
Goldman Sachs Group Inc. | 3.81(b) | 04/23/29 | 98,000 | 103,897 |
JPMorgan Chase & Co. | 3.63 | 12/01/27 | 89,000 | 93,806 |
Morgan Stanley | 2.72(b) | 07/22/25 | 127,000 | 128,465 |
Synchrony Financial | 3.95 | 12/01/27 | 103,000 | 105,608 |
Total Financials | 1,126,877 | |||
Health Care | 5.3% | ||||
Allergan Funding SCS | 3.45 | 03/15/22 | 130,000 | 133,237 |
15
Portfolio of Investments | Intermediate Bond Fund | September 30, 2019 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 21.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Health Care | 5.3% (Continued) | ||||
Becton Dickinson and Co. | 3.14%(b) | 06/06/22 | $268,000 | $269,105 |
Celgene Corp. | 4.63 | 05/15/44 | 40,000 | 47,544 |
CVS Health Corp. | 4.10 | 03/25/25 | 87,000 | 92,898 |
HCA Healthcare Inc. | 5.13 | 06/15/39 | 122,000 | 133,424 |
Pfizer, Inc. | 3.90 | 03/15/39 | 115,000 | 128,750 |
Total Health Care | 804,958 | |||
Industrials | 1.4% | ||||
Boeing Co. | 3.30 | 03/01/35 | 65,000 | 65,370 |
General Electric Co. | 5.88 | 01/14/38 | 33,000 | 39,643 |
Parker-Hannifin Corp. | 3.25 | 06/14/29 | 102,000 | 106,275 |
Total Industrials | 211,288 | |||
Information Technology | 0.9% | ||||
Microsoft Corp. | 3.70 | 08/08/46 | 115,000 | 131,802 |
Total Information Technology | 131,802 | |||
Materials | 0.2% | ||||
Mercer International Inc. | 5.50 | 01/15/26 | 30,000 | 28,875 |
Total Materials | 28,875 | |||
Real Estate | 0.3% | ||||
Service Properties Trust | 4.35 | 10/01/24 | 50,000 | 50,624 |
Total Real Estate | 50,624 | |||
Utilities | 1.4% | ||||
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 23,215 | 22,760 |
Southern California Edison Co. | 4.00 | 04/01/47 | 163,000 | 175,348 |
TerraForm Power Operating LLC (c) | 4.25 | 01/31/23 | 15,000 | 15,300 |
Total Utilities | 213,408 | |||
Total Corporate Bonds–Other | ||||
(Cost $3,217,278) | 3,276,595 |
Asset-Backed Securities | 5.5% of portfolio | ||||
Avant Loans Funding Trust 19-B (c) | 2.72 | 10/15/26 | 200,000 | 200,128 |
CPS Auto Trust 19-A (c) | 3.18 | 06/15/22 | 100,405 | 100,840 |
Drive Auto Receivables Trust 19-3 | 2.63 | 09/15/22 | 100,000 | 100,173 |
GLS Auto Receivables Trust 19-2 (c) | 3.06 | 04/17/23 | 8,255 | 8,306 |
Marlette Funding Trust 19-3 (c) | 2.69 | 09/17/29 | 88,890 | 89,106 |
Prosper Marketplace Issuance Trust 19-3 (c) | 3.19 | 07/15/25 | 85,062 | 85,489 |
SoFi Consumer Loan Program Trust 19-1 (c) | 3.24 | 02/25/28 | 101,724 | 102,676 |
SoFi Consumer Loan Program Trust 19-4 (c) | 2.45 | 08/25/28 | 100,000 | 100,185 |
United Auto Credit Securitization Trust 19-1 (c) | 2.82 | 07/12/21 | 51,903 | 51,923 |
Total Asset-Backed Securities | ||||
(Cost $837,552) | 838,826 |
16
Portfolio of Investments | Intermediate Bond Fund | September 30, 2019 | (Unaudited) |
(Continued)
Yankee Bonds | 1.5% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
NOVA Chemicals Corp. (c) | 4.88% | 06/01/24 | $140,000 | $143,969 |
Seagate HDD Cayman | 4.75 | 01/01/25 | 23,000 | 23,842 |
Vodafone Group PLC | 4.25 | 09/17/50 | 50,000 | 50,965 |
Total Yankee Bonds | ||||
(Cost $209,934) | 218,776 |
Money Market Fund | 3.4% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 1.88(d) | 514,352 | 514,352 | |
Total Money Market Fund | ||||
(Cost $514,352) | 514,352 | |||
Total Investments in Securities | ||||
(Cost $15,098,061) | 100.0% | $15,167,757 |
(a) | Step coupon security, the current rate may be adjusted upwards before maturity date. |
(b) | Variable coupon rate as of September 30, 2019. |
(c) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Trustees. The total of such securities at period-end amounts to $897,922 and represents 5.9% of total investments. |
(d) | 7-day yield at September 30, 2019. |
LLC - Limited Liability Company
LP - Limited Partnership
SCS - Societe En Commandite Simple
PLC - Public Limited Company
At September 30, 2019, the cost of investment securities for tax purposes was $15,098,061. Net unrealized appreciation of investment securities was $69,696 consisting of unrealized gains of $82,111 and unrealized losses of $12,415.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Intermediate Bond Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $6,678,415 | $ — | $6,678,415 |
Mortgage-Backed Securities | — | 3,640,793 | — | 3,640,793 |
Corporate Bonds–Other | — | 3,276,595 | — | 3,276,595 |
Asset-Backed Securities | — | 838,826 | — | 838,826 |
Yankee Bonds | — | 218,776 | — | 218,776 |
Money Market Fund | 514,352 | — | — | 514,352 |
Total | $514,352 | $14,653,405 | $ — | $15,167,757 |
17
Portfolio of Investments | Intermediate Bond Fund | September 30, 2019 | (Unaudited) |
(Continued)
During the period ended September 30, 2019, there were no transfers between levels
18
Portfolio of Investments
Stock Index Fund | September 30, 2019 | (Unaudited)
Cost | Value | |
Investment | $47,668,958 | $157,948,937 |
Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors. As of September 30, 2019, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.76%. See the Portfolio of Investments for the S&P 500 Index Master Portfolio for holdings information.
19
Portfolio of Investments
S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited)
Common Stocks | 97.6% of net assets | ||
Shares | Value | |
Aerospace & Defense | 2.6% | ||
Arconic, Inc. | 327,315 | $8,510,190 |
Boeing Co. | 439,545 | 167,233,686 |
General Dynamics Corp. | 193,261 | 35,314,583 |
Huntington Ingalls Industries, Inc. | 33,853 | 7,169,727 |
L3Harris Technologies, Inc. | 184,377 | 38,468,417 |
Lockheed Martin Corp. | 203,789 | 79,489,937 |
Northrop Grumman Corp. | 129,597 | 48,571,660 |
Raytheon Co. | 229,127 | 44,952,426 |
Textron, Inc. | 190,050 | 9,304,848 |
TransDigm Group, Inc. | 41,278 | 21,492,216 |
United Technologies Corp. | 664,937 | 90,777,199 |
Total Aerospace & Defense | 551,284,889 | |
Air Freight & Logistics | 0.6% | ||
C.H. Robinson Worldwide, Inc. | 111,949 | 9,491,036 |
Expeditors International of Washington, Inc. | 141,594 | 10,519,018 |
FedEx Corp. | 196,760 | 28,642,353 |
United Parcel Service, Inc., Class B | 571,808 | 68,514,035 |
Total Air Freight & Logistics | 117,166,442 | |
Airlines | 0.4% | ||
Alaska Air Group, Inc. | 101,244 | 6,571,748 |
American Airlines Group, Inc. | 325,899 | 8,789,496 |
Delta Air Lines, Inc. | 473,861 | 27,294,393 |
Southwest Airlines Co. | 400,667 | 21,640,025 |
United Airlines Holdings, Inc. (a) | 181,453 | 16,042,260 |
Total Airlines | 80,337,922 | |
Auto Components | 0.1% | ||
Aptiv PLC | 211,364 | 18,477,441 |
BorgWarner, Inc. | 171,553 | 6,292,564 |
Total Auto Components | 24,770,005 | |
Automobiles | 0.4% | ||
Ford Motor Co. | 3,212,405 | 29,425,630 |
General Motors Co. | 1,035,345 | 38,804,731 |
Harley-Davidson, Inc. | 128,117 | 4,608,368 |
Total Automobiles | 72,838,729 | |
Banks | 5.3% | ||
Bank of America Corp. | 6,889,343 | 200,962,135 |
BB&T Corp. | 627,874 | 33,509,635 |
Citigroup, Inc. | 1,856,539 | 128,249,714 |
Citizens Financial Group, Inc. | 362,856 | 12,834,217 |
Comerica, Inc. | 129,051 | 8,516,075 |
Fifth Third Bancorp | 596,094 | 16,321,054 |
First Republic Bank (b) | 135,767 | 13,128,669 |
Huntington Bancshares, Inc. | 848,449 | 12,107,367 |
JPMorgan Chase & Co. | 2,627,865 | 309,273,432 |
KeyCorp | 828,871 | 14,787,059 |
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Banks | 5.3% (Continued) | ||
M&T Bank Corp. | 111,998 | $17,692,324 |
People's United Financial, Inc. | 323,296 | 5,054,733 |
PNC Financial Services Group, Inc. | 365,543 | 51,234,507 |
Regions Financial Corp. | 833,745 | 13,189,846 |
SunTrust Banks, Inc. | 363,538 | 25,011,414 |
SVB Financial Group (a) | 42,320 | 8,842,764 |
U.S. Bancorp | 1,178,455 | 65,215,700 |
Wells Fargo & Co. | 3,297,082 | 166,304,816 |
Zions Bancorp. NA | 150,600 | 6,704,712 |
Total Banks | 1,108,940,173 | |
Beverages | 1.9% | ||
Brown-Forman Corp., Class B | 149,858 | 9,408,085 |
Coca-Cola Co. | 3,169,779 | 172,562,769 |
Constellation Brands, Inc., Class A | 137,072 | 28,412,284 |
Molson Coors Brewing Co., Class B | 153,940 | 8,851,550 |
Monster Beverage Corp. (a)(b) | 320,917 | 18,632,441 |
PepsiCo, Inc. | 1,149,164 | 157,550,385 |
Total Beverages | 395,417,514 | |
Biotechnology | 2.1% | ||
AbbVie, Inc. | 1,211,884 | 91,763,856 |
Alexion Pharmaceuticals, Inc. (a) | 183,821 | 18,003,429 |
Amgen, Inc. | 493,925 | 95,579,427 |
Biogen, Inc. (a) | 151,831 | 35,349,293 |
Celgene Corp. (a) | 584,388 | 58,029,728 |
Gilead Sciences, Inc. | 1,042,375 | 66,065,728 |
Incyte Corp. (a) | 145,905 | 10,830,528 |
Regeneron Pharmaceuticals, Inc. (a)(b) | 66,603 | 18,475,672 |
Vertex Pharmaceuticals, Inc. (a) | 209,959 | 35,571,254 |
Total Biotechnology | 429,668,915 | |
Building Products | 0.3% | ||
Allegion PLC | 77,298 | 8,011,938 |
AO Smith Corp. | 116,550 | 5,560,601 |
Fortune Brands Home & Security, Inc. | 114,669 | 6,272,394 |
Johnson Controls International PLC | 652,353 | 28,631,773 |
Masco Corp. | 243,172 | 10,135,409 |
Total Building Products | 58,612,115 | |
Capital Markets | 2.6% | ||
Affiliated Managers Group, Inc. | 41,062 | 3,422,518 |
Ameriprise Financial, Inc. | 109,770 | 16,147,167 |
Bank of New York Mellon Corp. | 704,181 | 31,836,023 |
BlackRock, Inc. (c) | 96,113 | 42,831,797 |
Cboe Global Markets, Inc. | 91,576 | 10,522,998 |
Charles Schwab Corp. | 956,403 | 40,006,338 |
20
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Capital Markets | 2.6% (Continued) | ||
CME Group, Inc. | 293,453 | $62,018,357 |
E*Trade Financial Corp. | 202,442 | 8,844,691 |
Franklin Resources, Inc. | 241,326 | 6,964,668 |
Goldman Sachs Group, Inc. | 265,849 | 55,091,888 |
Intercontinental Exchange, Inc. | 462,236 | 42,650,516 |
Invesco Ltd. | 327,515 | 5,548,104 |
MarketAxess Holdings, Inc. | 30,887 | 10,115,493 |
Moody's Corp. | 135,222 | 27,697,522 |
Morgan Stanley | 1,029,629 | 43,934,269 |
MSCI, Inc. | 69,417 | 15,115,552 |
Nasdaq, Inc. | 95,087 | 9,446,893 |
Northern Trust Corp. | 179,042 | 16,708,199 |
Raymond James Financial, Inc. | 102,701 | 8,468,725 |
S&P Global, Inc. | 201,433 | 49,347,056 |
State Street Corp. | 304,540 | 18,025,723 |
T. Rowe Price Group, Inc. | 193,854 | 22,147,820 |
Total Capital Markets | 546,892,317 | |
Chemicals | 1.9% | ||
Air Products & Chemicals, Inc. | 180,457 | 40,036,190 |
Albemarle Corp. | 87,068 | 6,052,967 |
Celanese Corp. | 103,779 | 12,691,134 |
CF Industries Holdings, Inc. | 183,499 | 9,028,151 |
Corteva, Inc. (a) | 615,743 | 17,240,804 |
Dow Inc. | 613,859 | 29,250,381 |
DuPont de Nemours, Inc. | 613,836 | 43,772,645 |
Eastman Chemical Co. | 111,653 | 8,243,341 |
Ecolab, Inc. | 204,778 | 40,554,235 |
FMC Corp. | 106,998 | 9,381,585 |
International Flavors & Fragrances, Inc. | 88,122 | 10,811,688 |
Linde PLC | 444,940 | 86,193,777 |
LyondellBasell Industries NV, Class A | 213,603 | 19,111,060 |
Mosaic Co. | 290,955 | 5,964,578 |
PPG Industries, Inc. | 193,548 | 22,937,373 |
Sherwin-Williams Co. | 67,741 | 37,248,744 |
Total Chemicals | 398,518,653 | |
Commercial Services & Supplies | 0.4% | ||
Cintas Corp. | 69,030 | 18,506,943 |
Copart, Inc. (a) | 163,712 | 13,150,985 |
Republic Services, Inc. | 176,629 | 15,287,240 |
Rollins, Inc. | 120,824 | 4,116,474 |
Waste Management, Inc. | 320,288 | 36,833,120 |
Total Commercial Services & Supplies | 87,894,762 | |
Communications Equipment | 1.1% | ||
Arista Networks, Inc. (a)(b) | 45,858 | 10,956,393 |
Cisco Systems, Inc. | 3,494,621 | 172,669,224 |
F5 Networks, Inc. (a) | 48,294 | 6,781,443 |
Juniper Networks, Inc. | 282,265 | 6,986,059 |
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Communications Equipment | 1.1% (Continued) | ||
Motorola Solutions, Inc. | 135,278 | $23,052,724 |
Total Communications Equipment | 220,445,843 | |
Construction & Engineering | 0.1% | ||
Jacobs Engineering Group, Inc. | 110,498 | 10,110,567 |
Quanta Services, Inc. | 116,201 | 4,392,398 |
Total Construction & Engineering | 14,502,965 | |
Construction Materials | 0.1% | ||
Martin Marietta Materials, Inc. | 51,218 | 14,038,854 |
Vulcan Materials Co. | 108,284 | 16,376,872 |
Total Construction Materials | 30,415,726 | |
Consumer Finance | 0.7% | ||
American Express Co. | 560,249 | 66,266,252 |
Capital One Financial Corp. | 384,959 | 35,023,570 |
Discover Financial Services | 265,381 | 21,519,745 |
Synchrony Financial | 501,289 | 17,088,942 |
Total Consumer Finance | 139,898,509 | |
Containers & Packaging | 0.4% | ||
Amcor PLC | 1,330,675 | 12,974,081 |
Avery Dennison Corp. | 67,946 | 7,716,627 |
Ball Corp. | 272,557 | 19,844,875 |
International Paper Co. | 326,605 | 13,658,621 |
Packaging Corp. of America | 77,463 | 8,218,825 |
Sealed Air Corp. | 128,174 | 5,320,503 |
WestRock Co. | 210,715 | 7,680,562 |
Total Containers & Packaging | 75,414,094 | |
Distributors | 0.1% | ||
Genuine Parts Co. | 119,738 | 11,924,707 |
LKQ Corp. (a) | 257,401 | 8,095,262 |
Total Distributors | 20,019,969 | |
Diversified Consumer Services | 0.0% | ||
H&R Block, Inc. | 162,767 | 3,844,557 |
Total Diversified Consumer Services | 3,844,557 | |
Diversified Financial Services | 1.6% | ||
Berkshire Hathaway, Inc., Class B (a) | 1,612,104 | 335,349,874 |
Total Diversified Financial Services | 335,349,874 | |
Diversified Telecommunication Services | 2.1% | ||
AT&T, Inc. | 6,013,549 | 227,552,694 |
CenturyLink, Inc. | 783,101 | 9,773,100 |
21
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Diversified Telecommunication Services | 2.1% (Continued) | ||
Verizon Communications, Inc. | 3,404,208 | $205,477,995 |
Total Diversified Telecommunication Services | 442,803,789 | |
Electric Utilities | 2.1% | ||
Alliant Energy Corp. | 193,709 | 10,446,726 |
American Electric Power Co., Inc. | 404,501 | 37,897,699 |
Duke Energy Corp. | 596,827 | 57,211,836 |
Edison International | 298,585 | 22,519,281 |
Entergy Corp. | 165,874 | 19,466,972 |
Evergy, Inc. | 200,103 | 13,318,856 |
Eversource Energy | 263,227 | 22,498,012 |
Exelon Corp. | 795,954 | 38,452,538 |
FirstEnergy Corp. | 447,092 | 21,563,247 |
NextEra Energy, Inc. | 402,395 | 93,754,011 |
Pinnacle West Capital Corp. | 92,041 | 8,934,420 |
PPL Corp. | 590,949 | 18,608,984 |
Southern Co. | 864,197 | 53,381,449 |
Xcel Energy, Inc. | 433,988 | 28,161,481 |
Total Electric Utilities | 446,215,512 | |
Electrical Equipment | 0.5% | ||
AMETEK, Inc. | 186,776 | 17,149,772 |
Eaton Corp. PLC | 346,842 | 28,839,912 |
Emerson Electric Co. | 502,231 | 33,579,165 |
Rockwell Automation, Inc. | 96,409 | 15,888,203 |
Total Electrical Equipment | 95,457,052 | |
Electronic Equipment, Instruments & Components | 0.5% | ||
Amphenol Corp., Class A | 244,890 | 23,631,885 |
CDW Corp. | 114,552 | 14,117,388 |
Corning, Inc. | 643,313 | 18,347,287 |
FLIR Systems, Inc. | 109,710 | 5,769,649 |
IPG Photonics Corp. (a) | 28,468 | 3,860,261 |
Keysight Technologies, Inc. (a) | 154,256 | 15,001,396 |
TE Connectivity Ltd. | 276,526 | 25,766,693 |
Total Electronic Equipment, Instruments & Components | 106,494,559 | |
Energy Equipment & Services | 0.4% | ||
Baker Hughes a GE Co. | 531,295 | 12,326,044 |
Halliburton Co. | 716,456 | 13,505,196 |
Helmerich & Payne, Inc. | 90,592 | 3,630,021 |
National Oilwell Varco, Inc. (b) | 316,363 | 6,706,896 |
Schlumberger Ltd. | 1,135,474 | 38,799,146 |
TechnipFMC PLC | 339,977 | 8,207,045 |
Total Energy Equipment & Services | 83,174,348 | |
Entertainment | 0.8% | ||
Activision Blizzard, Inc. | 627,945 | 33,230,849 |
Electronic Arts Inc. (a) | 243,981 | 23,866,222 |
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Entertainment | 0.8% (Continued) | ||
Netflix, Inc. (a)(b) | 360,478 | $96,471,122 |
Take-Two Interactive Software, Inc. (a)(b) | 92,258 | 11,563,618 |
Viacom, Inc., Class B | 289,905 | 6,966,417 |
Total Entertainment | 172,098,228 | |
Equity Real Estate Investment Trusts (REITs) | 3.1% | ||
Alexandria Real Estate Equities, Inc. | 92,658 | 14,273,038 |
American Tower Corp. | 365,136 | 80,742,524 |
Apartment Investment & Management Co., Class A | 124,251 | 6,478,447 |
AvalonBay Communities, Inc. | 114,278 | 24,607,482 |
Boston Properties, Inc. | 121,980 | 15,815,927 |
Crown Castle International Corp. | 340,810 | 47,375,998 |
Digital Realty Trust, Inc. | 171,140 | 22,215,683 |
Duke Realty Corp. | 294,646 | 10,009,125 |
Equinix, Inc. | 70,019 | 40,386,959 |
Equity Residential | 296,525 | 25,578,247 |
Essex Property Trust, Inc. | 53,872 | 17,597,289 |
Extra Space Storage, Inc. | 104,482 | 12,205,587 |
Federal Realty Investment Trust | 61,405 | 8,359,677 |
HCP, Inc. | 394,067 | 14,040,607 |
Host Hotels & Resorts, Inc. | 607,358 | 10,501,220 |
Iron Mountain, Inc. | 235,175 | 7,617,318 |
Kimco Realty Corp. | 345,973 | 7,223,916 |
Macerich Co. | 84,574 | 2,671,693 |
Mid-America Apartment Communities, Inc. | 93,450 | 12,149,435 |
Prologis, Inc. | 517,102 | 44,067,433 |
Public Storage | 123,122 | 30,198,133 |
Realty Income Corp. | 258,076 | 19,789,268 |
Regency Centers Corp. | 135,215 | 9,396,090 |
SBA Communications Corp. | 92,839 | 22,388,125 |
Simon Property Group, Inc. | 253,296 | 39,425,522 |
SL Green Realty Corp. | 67,577 | 5,524,420 |
UDR, Inc. | 231,005 | 11,199,122 |
Ventas, Inc. | 302,831 | 22,115,748 |
Vornado Realty Trust | 142,305 | 9,060,559 |
Welltower, Inc. | 331,956 | 30,091,811 |
Weyerhaeuser Co. | 611,599 | 16,941,292 |
Total Equity Real Estate Investment Trusts (REITs) | 640,047,695 | |
Food & Staples Retailing | 1.6% | ||
Costco Wholesale Corp. | 360,523 | 103,870,281 |
Kroger Co. | 661,289 | 17,048,030 |
Sysco Corp. | 421,052 | 33,431,529 |
Walgreens Boots Alliance, Inc. | 625,434 | 34,592,755 |
Walmart, Inc. | 1,169,192 | 138,759,707 |
Total Food & Staples Retailing | 327,702,302 |
22
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Food Products | 1.2% | ||
Archer-Daniels-Midland Co. | 458,597 | $18,834,579 |
Campbell Soup Co. | 143,388 | 6,727,765 |
Conagra Brands, Inc. | 398,336 | 12,220,948 |
General Mills, Inc. | 490,867 | 27,056,589 |
Hershey Co. | 124,137 | 19,239,994 |
Hormel Foods Corp. | 223,190 | 9,760,099 |
J.M. Smucker Co. | 93,246 | 10,258,925 |
Kellogg Co. | 203,763 | 13,112,149 |
Kraft Heinz Co. | 504,334 | 14,088,570 |
Lamb Weston Holdings, Inc. | 121,446 | 8,831,553 |
McCormick & Co., Inc. | 100,395 | 15,691,738 |
Mondelez International, Inc., Class A | 1,180,818 | 65,322,852 |
Tyson Foods, Inc., Class A | 241,670 | 20,817,454 |
Total Food Products | 241,963,215 | |
Gas Utilities | 0.1% | ||
Atmos Energy Corp. | 95,910 | 10,923,190 |
Total Gas Utilities | 10,923,190 | |
Health Care Equipment & Supplies | 3.5% | ||
Abbott Laboratories | 1,457,224 | 121,925,932 |
ABIOMED, Inc. (a)(b) | 36,992 | 6,580,507 |
Align Technology, Inc. (a)(b) | 59,683 | 10,797,848 |
Baxter International, Inc. | 419,743 | 36,714,920 |
Becton, Dickinson & Co. | 221,117 | 55,933,756 |
Boston Scientific Corp. (a) | 1,140,008 | 46,386,926 |
Cooper Cos., Inc. (b) | 40,568 | 12,048,696 |
Danaher Corp. | 525,621 | 75,915,441 |
DENTSPLY SIRONA, Inc. | 191,806 | 10,225,178 |
Edwards Lifesciences Corp. (a) | 170,922 | 37,587,457 |
Hologic, Inc. (a) | 219,738 | 11,094,572 |
IDEXX Laboratories, Inc. (a) | 70,505 | 19,172,425 |
Intuitive Surgical, Inc. (a) | 94,641 | 51,099,515 |
Medtronic PLC | 1,104,684 | 119,990,776 |
ResMed, Inc. | 117,913 | 15,931,226 |
Stryker Corp. | 264,258 | 57,159,005 |
Teleflex, Inc. | 37,401 | 12,706,990 |
Varian Medical Systems, Inc. (a)(b) | 74,554 | 8,878,636 |
Zimmer Biomet Holdings, Inc. | 167,668 | 23,015,786 |
Total Health Care Equipment & Supplies | 733,165,592 | |
Health Care Providers & Services | 2.4% | ||
AmerisourceBergen Corp. | 127,499 | 10,496,993 |
Anthem, Inc. | 210,840 | 50,622,684 |
Cardinal Health, Inc. | 244,339 | 11,530,357 |
Centene Corp. (a) | 338,864 | 14,659,257 |
Cigna Corp. | 311,066 | 47,216,708 |
CVS Health Corp. | 1,064,949 | 67,166,334 |
DaVita, Inc. (a)(b) | 81,716 | 4,663,532 |
HCA Healthcare, Inc. | 218,877 | 26,357,168 |
Henry Schein, Inc. (a)(b) | 121,008 | 7,684,008 |
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Health Care Providers & Services | 2.4% (Continued) | ||
Humana, Inc. | 110,948 | $28,366,075 |
Laboratory Corp. of America Holdings (a) | 80,802 | 13,574,736 |
McKesson Corp. | 152,756 | 20,875,635 |
Quest Diagnostics, Inc. | 110,442 | 11,820,607 |
UnitedHealth Group, Inc. | 779,057 | 169,304,667 |
Universal Health Services, Inc., Class B | 67,589 | 10,053,864 |
WellCare Health Plans, Inc. (a) | 41,244 | 10,689,208 |
Total Health Care Providers & Services | 505,081,833 | |
Health Care Technology | 0.1% | ||
Cerner Corp. | 266,769 | 18,185,643 |
Total Health Care Technology | 18,185,643 | |
Hotels, Restaurants & Leisure | 1.9% | ||
Carnival Corp. | 328,239 | 14,347,327 |
Chipotle Mexican Grill, Inc. (a) | 20,942 | 17,601,123 |
Darden Restaurants, Inc. | 100,811 | 11,917,876 |
Hilton Worldwide Holdings, Inc. (b) | 239,226 | 22,274,333 |
Marriott International, Inc., Class A | 226,567 | 28,178,138 |
McDonald's Corp. | 625,936 | 134,394,718 |
MGM Resorts International | 417,840 | 11,582,525 |
Norwegian Cruise Line Holdings Ltd. (a) | 177,936 | 9,211,747 |
Royal Caribbean Cruises Ltd. | 140,499 | 15,220,257 |
Starbucks Corp. | 984,942 | 87,088,571 |
Wynn Resorts Ltd. | 80,004 | 8,698,035 |
Yum! Brands, Inc. | 250,827 | 28,451,306 |
Total Hotels, Restaurants & Leisure | 388,965,956 | |
Household Durables | 0.4% | ||
D.R. Horton, Inc. | 278,385 | 14,673,673 |
Garmin Ltd. | 118,189 | 10,009,427 |
Leggett & Platt, Inc. | 104,824 | 4,291,495 |
Lennar Corp., Class A (b) | 233,087 | 13,017,909 |
Mohawk Industries, Inc. (a)(b) | 50,377 | 6,250,274 |
Newell Brands, Inc. | 319,095 | 5,973,458 |
NVR, Inc. (a) | 2,825 | 10,501,514 |
PulteGroup, Inc. (b) | 210,636 | 7,698,746 |
Whirlpool Corp. | 51,923 | 8,222,526 |
Total Household Durables | 80,639,022 | |
Household Products | 1.8% | ||
Church & Dwight Co., Inc. | 203,326 | 15,298,248 |
Clorox Co. | 104,561 | 15,879,679 |
Colgate-Palmolive Co. | 703,780 | 51,734,868 |
Kimberly-Clark Corp. | 281,831 | 40,034,093 |
23
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Household Products | 1.8% (Continued) | ||
Procter & Gamble Co. | 2,056,239 | $255,755,007 |
Total Household Products | 378,701,895 | |
Independent Power and Renewable Electricity Producers | 0.1% | ||
AES Corp. | 544,100 | 8,890,594 |
NRG Energy, Inc. (b) | 203,237 | 8,048,185 |
Total Independent Power and Renewable Electricity Producers | 16,938,779 | |
Industrial Conglomerates | 1.3% | ||
3M Co. | 472,534 | 77,684,590 |
General Electric Co. (b) | 7,149,007 | 63,912,122 |
Honeywell International, Inc. | 592,880 | 100,315,296 |
Roper Technologies, Inc. | 85,227 | 30,391,948 |
Total Industrial Conglomerates | 272,303,956 | |
Insurance | 2.4% | ||
Aflac, Inc. | 611,109 | 31,973,223 |
Allstate Corp. | 273,069 | 29,677,139 |
American International Group, Inc. | 711,080 | 39,607,156 |
Aon PLC | 194,008 | 37,554,128 |
Arthur J Gallagher & Co. | 152,665 | 13,674,204 |
Assurant, Inc. | 50,395 | 6,340,699 |
Chubb Ltd. | 375,346 | 60,595,858 |
Cincinnati Financial Corp. | 124,366 | 14,509,781 |
Everest Re Group Ltd. | 33,888 | 9,017,258 |
Globe Life, Inc. | 82,916 | 7,940,036 |
Hartford Financial Services Group, Inc. | 296,680 | 17,981,775 |
Lincoln National Corp. | 165,874 | 10,005,520 |
Loews Corp. (b) | 219,232 | 11,286,063 |
Marsh & McLennan Cos., Inc. | 419,182 | 41,939,159 |
MetLife, Inc. | 652,089 | 30,752,517 |
Principal Financial Group, Inc. | 213,283 | 12,186,991 |
Progressive Corp. | 478,731 | 36,981,970 |
Prudential Financial, Inc. | 332,962 | 29,949,932 |
Travelers Cos., Inc. | 214,703 | 31,924,189 |
Unum Group | 173,973 | 5,170,478 |
Willis Towers Watson PLC | 105,943 | 20,443,821 |
Total Insurance | 499,511,897 | |
Interactive Media & Services | 4.7% | ||
Alphabet, Inc., Class C (a) | 249,071 | 303,617,549 |
Alphabet, Inc., Class A (a) | 245,967 | 300,360,142 |
Facebook, Inc., Class A (a) | 1,978,857 | 352,394,855 |
Twitter, Inc. (a) | 635,754 | 26,193,065 |
Total Interactive Media & Services | 982,565,611 | |
Internet & Direct Marketing Retail | 3.4% | ||
Amazon.com, Inc. (a) | 341,897 | 593,502,421 |
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Internet & Direct Marketing Retail | 3.4% (Continued) | ||
Booking Holdings, Inc. (a)(b) | 34,996 | $68,683,500 |
eBay, Inc. | 650,101 | 25,340,937 |
Expedia Group, Inc. | 113,481 | 15,252,981 |
TripAdvisor, Inc. (a) | 84,852 | 3,282,075 |
Total Internet & Direct Marketing Retail | 706,061,914 | |
IT Services | 5.4% | ||
Accenture PLC, Class A | 522,873 | 100,574,622 |
Akamai Technologies, Inc. (a)(b) | 134,521 | 12,292,529 |
Alliance Data Systems Corp. | 32,684 | 4,187,801 |
Automatic Data Processing, Inc. | 356,784 | 57,592,073 |
Broadridge Financial Solutions, Inc. | 95,207 | 11,846,607 |
Cognizant Technology Solutions Corp., Class A | 454,907 | 27,414,970 |
DXC Technology Co. | 220,706 | 6,510,827 |
Fidelity National Information Services, Inc. | 506,191 | 67,201,917 |
Fiserv, Inc. (a) | 466,800 | 48,355,812 |
FleetCor Technologies, Inc. (a) | 70,658 | 20,263,301 |
Gartner, Inc. (a)(b) | 73,853 | 10,560,241 |
Global Payments, Inc. | 246,494 | 39,192,546 |
International Business Machines Corp. | 726,838 | 105,696,782 |
Jack Henry & Associates, Inc. (b) | 63,289 | 9,238,295 |
Leidos Holdings Inc. | 111,087 | 9,540,152 |
Mastercard, Inc., Class A | 736,785 | 200,088,702 |
Paychex, Inc. | 262,944 | 21,763,875 |
PayPal Holdings, Inc. (a)(b) | 968,892 | 100,367,522 |
VeriSign, Inc. (a) | 85,978 | 16,218,030 |
Visa Inc., Class A | 1,422,073 | 244,610,777 |
Western Union Co. | 346,907 | 8,037,835 |
Total IT Services | 1,121,555,216 | |
Leisure Products | 0.1% | ||
Hasbro, Inc. | 94,917 | 11,265,699 |
Total Leisure Products | 11,265,699 | |
Life Sciences Tools & Services | 1.0% | ||
Agilent Technologies, Inc. | 252,755 | 19,368,616 |
Illumina, Inc. (a) | 120,505 | 36,660,031 |
IQVIA Holdings, Inc. (a) | 149,798 | 22,376,825 |
Mettler-Toledo International, Inc. (a) | 20,333 | 14,322,565 |
PerkinElmer, Inc. (b) | 90,927 | 7,744,253 |
Thermo Fisher Scientific, Inc. | 329,992 | 96,116,770 |
Waters Corp. (a)(b) | 54,262 | 12,112,906 |
Total Life Sciences Tools & Services | 208,701,966 | |
Machinery | 1.5% | ||
Caterpillar, Inc. | 463,583 | 58,555,169 |
24
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Machinery | 1.5% (Continued) | ||
Cummins, Inc. | 128,800 | $20,951,896 |
Deere & Co. | 259,945 | 43,847,523 |
Dover Corp. | 119,136 | 11,861,180 |
Flowserve Corp. | 107,502 | 5,021,418 |
Fortive Corp. | 241,738 | 16,573,557 |
IDEX Corp. | 62,012 | 10,162,527 |
Illinois Tool Works, Inc. | 242,682 | 37,977,306 |
Ingersoll-Rand PLC | 197,798 | 24,370,692 |
PACCAR Inc. | 284,002 | 19,882,980 |
Parker-Hannifin Corp. | 106,186 | 19,178,253 |
Pentair PLC | 129,638 | 4,900,316 |
Snap-on, Inc. | 45,592 | 7,136,972 |
Stanley Black & Decker, Inc. | 124,221 | 17,938,755 |
Wabtec Corp. | 154,199 | 11,080,740 |
Xylem, Inc. | 147,503 | 11,744,189 |
Total Machinery | 321,183,473 | |
Media | 2.3% | ||
CBS Corp., Class B | 271,176 | 10,947,375 |
Charter Communications, Inc., Class A (a) | 133,254 | 54,916,638 |
Comcast Corp., Class A | 3,729,863 | 168,142,224 |
Discovery, Inc., Class A (a)(b) | 127,330 | 3,390,798 |
Discovery, Inc., Class C (a) | 295,569 | 7,276,909 |
DISH Network Corp., Class A (a) | 189,146 | 6,444,204 |
Fox Corp., Class A | 290,484 | 9,160,413 |
Fox Corp., Class B (a) | 133,124 | 4,198,731 |
Interpublic Group of Cos., Inc. | 317,281 | 6,840,578 |
News Corp., Class A | 316,045 | 4,399,346 |
News Corp., Class B | 95,128 | 1,359,855 |
Omnicom Group, Inc. | 180,486 | 14,132,054 |
Walt Disney Co. | 1,481,668 | 193,090,974 |
Total Media | 484,300,099 | |
Metals & Mining | 0.2% | ||
Freeport-McMoRan, Inc. | 1,197,969 | 11,464,563 |
Newmont Mining Corp. | 671,906 | 25,478,675 |
Nucor Corp. | 251,026 | 12,779,734 |
Total Metals & Mining | 49,722,972 | |
Multi-Utilities | 1.1% | ||
Ameren Corp. | 201,176 | 16,104,139 |
CenterPoint Energy, Inc. | 411,664 | 12,424,020 |
CMS Energy Corp. | 234,825 | 15,017,059 |
Consolidated Edison, Inc. | 274,914 | 25,971,126 |
Dominion Energy, Inc. | 678,937 | 55,021,054 |
DTE Energy Co. | 150,191 | 19,969,395 |
NiSource, Inc. | 305,857 | 9,151,241 |
Public Service Enterprise Group, Inc. | 411,377 | 25,538,284 |
Sempra Energy | 224,933 | 33,202,360 |
WEC Energy Group, Inc. | 258,937 | 24,624,909 |
Total Multi-Utilities | 237,023,587 |
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Multiline Retail | 0.6% | ||
Dollar General Corp. | 211,870 | $33,674,618 |
Dollar Tree, Inc. (a) | 195,034 | 22,265,081 |
Kohl's Corp. | 132,816 | 6,595,643 |
Macy's, Inc. | 253,674 | 3,942,094 |
Nordstrom, Inc. | 88,174 | 2,968,819 |
Target Corp. | 421,683 | 45,082,129 |
Total Multiline Retail | 114,528,384 | |
Oil, Gas & Consumable Fuels | 4.0% | ||
Apache Corp. | 308,588 | 7,899,853 |
Cabot Oil & Gas Corp. | 349,750 | 6,145,107 |
Chevron Corp. | 1,561,579 | 185,203,269 |
Cimarex Energy Co. | 82,191 | 3,940,237 |
Concho Resources Inc. (b) | 164,440 | 11,165,476 |
ConocoPhillips | 916,179 | 52,203,879 |
Devon Energy Corp. | 340,366 | 8,189,206 |
Diamondback Energy, Inc. | 134,446 | 12,088,040 |
EOG Resources, Inc. | 475,730 | 35,308,681 |
Exxon Mobil Corp. | 3,483,741 | 245,986,952 |
Hess Corp. | 209,360 | 12,662,093 |
HollyFrontier Corp. | 129,331 | 6,937,315 |
Kinder Morgan, Inc. | 1,595,933 | 32,892,179 |
Marathon Oil Corp. | 662,202 | 8,125,219 |
Marathon Petroleum Corp. | 545,527 | 33,140,765 |
Noble Energy, Inc. | 392,315 | 8,811,395 |
Occidental Petroleum Corp. | 733,969 | 32,639,601 |
ONEOK, Inc. | 337,239 | 24,851,142 |
Phillips 66 | 368,800 | 37,765,120 |
Pioneer Natural Resources Co. | 138,068 | 17,364,812 |
Valero Energy Corp. | 342,347 | 29,181,658 |
Williams Cos., Inc. | 993,366 | 23,900,386 |
Total Oil, Gas & Consumable Fuels | 836,402,385 | |
Personal Products | 0.2% | ||
Coty, Inc., Class A | 246,388 | 2,589,538 |
Estee Lauder Cos., Inc., Class A | 182,967 | 36,401,285 |
Total Personal Products | 38,990,823 | |
Pharmaceuticals | 4.2% | ||
Allergan PLC | 269,923 | 45,425,342 |
Bristol-Myers Squibb Co. | 1,340,909 | 67,997,495 |
Eli Lilly & Co. | 699,979 | 78,278,652 |
Johnson & Johnson | 2,171,738 | 280,979,463 |
Merck & Co., Inc. | 2,110,601 | 177,670,392 |
Mylan NV (a) | 428,272 | 8,471,220 |
Nektar Therapeutics (a)(b) | 143,154 | 2,607,550 |
Perrigo Co. PLC | 111,617 | 6,238,274 |
Pfizer, Inc. | 4,551,171 | 163,523,574 |
Zoetis, Inc. | 392,385 | 48,887,247 |
Total Pharmaceuticals | 880,079,209 |
25
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Professional Services | 0.3% | ||
Equifax, Inc. | 99,047 | $13,932,941 |
IHS Markit Ltd. (a) | 326,454 | 21,833,244 |
Nielsen Holdings PLC | 291,421 | 6,192,696 |
Robert Half International, Inc. | 95,017 | 5,288,646 |
Verisk Analytics, Inc. | 134,168 | 21,217,328 |
Total Professional Services | 68,464,855 | |
Real Estate Management & Development | 0.1% | ||
CBRE Group, Inc., Class A (a) | 275,088 | 14,582,415 |
Total Real Estate Management & Development | 14,582,415 | |
Road & Rail | 0.9% | ||
CSX Corp. | 655,420 | 45,400,943 |
J.B. Hunt Transport Services, Inc. | 71,325 | 7,892,111 |
Kansas City Southern (b) | 82,458 | 10,967,739 |
Norfolk Southern Corp. | 218,030 | 39,171,270 |
Union Pacific Corp. | 580,260 | 93,990,515 |
Total Road & Rail | 197,422,578 | |
Semiconductors & Semiconductor Equipment | 3.8% | ||
Advanced Micro Devices, Inc. (a) | 893,027 | 25,888,853 |
Analog Devices, Inc. | 303,117 | 33,867,262 |
Applied Materials, Inc. | 756,911 | 37,769,859 |
Broadcom, Inc. | 327,470 | 90,404,643 |
Intel Corp. | 3,644,042 | 187,777,484 |
KLA-Tencor Corp. | 133,643 | 21,309,376 |
Lam Research Corp. | 119,046 | 27,512,721 |
Maxim Integrated Products, Inc. | 221,402 | 12,821,390 |
Microchip Technology, Inc. | 195,044 | 18,121,538 |
Micron Technology, Inc. (a)(b) | 907,222 | 38,874,463 |
NVIDIA Corp. | 499,236 | 86,902,011 |
Qorvo, Inc. (a)(b) | 99,482 | 7,375,595 |
QUALCOMM, Inc. | 996,587 | 76,019,656 |
Skyworks Solutions, Inc. | 141,213 | 11,191,130 |
Texas Instruments, Inc. | 769,108 | 99,399,518 |
Xilinx, Inc. | 208,155 | 19,962,065 |
Total Semiconductors & Semiconductor Equipment | 795,197,564 | |
Software | 6.5% | ||
Adobe, Inc. (a) | 400,005 | 110,501,381 |
ANSYS, Inc. (a)(b) | 68,801 | 15,229,789 |
Autodesk, Inc. (a) | 180,037 | 26,591,465 |
Cadence Design Systems, Inc. (a) | 230,378 | 15,223,378 |
Citrix Systems, Inc. | 102,013 | 9,846,295 |
Fortinet, Inc. (a) | 118,986 | 9,133,365 |
Intuit, Inc. | 214,809 | 57,126,306 |
Microsoft Corp. | 6,281,705 | 873,345,446 |
Oracle Corp. | 1,813,618 | 99,803,399 |
salesforce.com, Inc. (a) | 721,169 | 107,050,326 |
Symantec Corp. | 469,256 | 11,088,519 |
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Software | 6.5% (Continued) | ||
Synopsys, Inc. (a) | 122,882 | $16,865,555 |
Total Software | 1,351,805,224 | |
Specialty Retail | 2.3% | ||
Advance Auto Parts, Inc. | 59,306 | 9,809,212 |
AutoZone, Inc. (a) | 20,211 | 21,921,255 |
Best Buy Co., Inc. | 190,454 | 13,139,421 |
CarMax, Inc. (a)(b) | 136,238 | 11,988,944 |
Gap, Inc. | 168,153 | 2,919,136 |
Home Depot, Inc. | 901,975 | 209,276,240 |
L Brands, Inc. | 188,267 | 3,688,151 |
Lowe's Cos., Inc. | 634,808 | 69,803,488 |
O'Reilly Automotive, Inc. (a)(b) | 62,598 | 24,945,929 |
Ross Stores, Inc. | 300,143 | 32,970,709 |
Tiffany & Co. | 88,586 | 8,205,721 |
TJX Cos., Inc. | 994,102 | 55,411,245 |
Tractor Supply Co. | 99,135 | 8,965,769 |
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 48,341 | 12,116,672 |
Total Specialty Retail | 485,161,892 | |
Technology Hardware, Storage & Peripherals | 4.1% | ||
Apple, Inc. | 3,494,108 | 782,575,369 |
Hewlett Packard Enterprise Co. | 1,097,787 | 16,653,429 |
HP, Inc. | 1,208,027 | 22,855,871 |
NetApp, Inc. | 200,968 | 10,552,829 |
Seagate Technology PLC | 194,971 | 10,487,490 |
Western Digital Corp. | 240,189 | 14,324,872 |
Xerox Holdings Corp. (a) | 160,203 | 4,791,672 |
Total Technology Hardware, Storage & Peripherals | 862,241,532 | |
Textiles, Apparel & Luxury Goods | 0.7% | ||
Capri Holdings Ltd. (a)(b) | 123,734 | 4,103,019 |
Hanesbrands, Inc. | 298,071 | 4,566,448 |
NIKE, Inc., Class B | 1,030,218 | 96,758,075 |
PVH Corp. (a) | 60,782 | 5,362,796 |
Ralph Lauren Corp. | 42,619 | 4,068,836 |
Tapestry, Inc. | 237,843 | 6,195,810 |
Under Armour, Inc., Class A (a)(b) | 154,128 | 3,073,312 |
Under Armour, Inc., Class C (a)(b) | 157,544 | 2,856,273 |
VF Corp. | 266,972 | 23,757,838 |
Total Textiles, Apparel & Luxury Goods | 150,742,407 | |
Tobacco | 0.8% | ||
Altria Group, Inc. | 1,533,713 | 62,728,862 |
Philip Morris International, Inc. | 1,275,392 | 96,840,514 |
Total Tobacco | 159,569,376 |
26
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of net assets (Continued) | ||
Shares | Value | |
Trading Companies & Distributors | 0.2% | ||
Fastenal Co. | 469,165 | $15,327,621 |
United Rentals, Inc. (a) | 64,479 | 8,036,663 |
W.W. Grainger, Inc. | 36,250 | 10,771,687 |
Total Trading Companies & Distributors | 34,135,971 | |
Water Utilities | 0.1% | ||
American Water Works Co., Inc. | 148,954 | 18,504,555 |
Total Water Utilities | 18,504,555 | |
Wireless Telecommunication Services | 0.1% | ||
T-Mobile US, Inc. (a) | 259,209 | 20,417,893 |
Total Wireless Telecommunication Services | 20,417,893 | |
Total Common Stocks | ||
(Cost $12,308,558,478) | 20,323,236,036 |
Investment Companies | 0.1% of net assets | ||
iShares Core S&P 500 ETF (c) | 33,925 | $10,127,291 |
Total Investment Companies | ||
(Cost $10,262,245) | 10,127,291 | |
Total Long-Term Investments | ||
(Cost $12,318,820,723) | 20,333,363,327 |
Short-Term Securities | 2.6% of net assets | ||
Shares | Value | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.52% (c)(d)(e) | 111,407,922 | $111,463,626 |
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.34% (c)(d) | 425,700,468 | 425,700,468 |
Total Short-Term Securities | ||
(Cost $537,142,061) | 537,164,094 | |
Total Investments | ||
(Cost $12,855,962,784) | 100.3% | 20,870,527,421 | |
Liabilities in Excess of Other Assets | (0.3)% | (53,267,128) | |
Net Assets | 100.0% | $20,817,260,293 |
(a) | Non-income producing. |
(b) | Security, or a portion of security, is on loan. |
(c) | During the period ended September 30, 2019, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Master Portfolio were as follows: |
Affiliate Persons and/or Related Parties | Shares Held at December 31, 2018 | Shares Purchased | Shares Sold | Shares Held at September 30, 2019 | Value at September 30, 2019 | Income | Realized Gain (Loss)1 | Change in Unrealized Appreciation (Depreciation) |
BlackRock Cash Funds: Institutional, SL Agency Shares2 | 118,748,723 | — | (7,340,801) | 111,407,922 | 111,463,626 | $415,9573 | $25,338 | $19,197 |
BlackRock Cash Funds: Treasury, SL Agency Shares2 | 479,801,017 | — | (54,100,549) | 425,700,468 | 425,700,468 | 3,504,783 | — | — |
BlackRock, Inc. | 98,827 | — | (2,714) | 96,113 | 42,831,797 | 965,389 | (361,626) | 5,523,691 |
iShares Core S&P 500 ETF | — | 33,925 | — | 33,925 | 10,127,291 | 50,301 | — | (134,954) |
Total | $590,123,182 | $4,936,430 | $(336,288) | $5,407,934 |
1 | Includes net capital gain distributions, if applicable. |
2 | Represents net shares sold. |
3 | Represents all or portion of securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and collateral investment expenses, and other payments to and from borrowers of securities. |
(d) | 7-day yield at September 30, 2019. |
27
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2019 | (Unaudited) |
(Continued)
(e) | All or a portion of security was purchased with the cash collateral from loaned securities. |
Derivative Financial Instruments Outstanding as of Period End - Futures Contracts | ||||
Contracts Long | Issue | Expiration | Notional Amount (000) | Unrealized Appreciation (Depreciation) |
2,808 | S&P 500 E-Mini Index | December 2019 | $418,181 | $(3,616,037) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that Master Portfolio has the ability to access |
• | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including Master Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Investments: | ||||
Long-Term Investments(a) | $20,333,363,327 | $— | $— | $20,333,363,327 |
Short-Term Securities: Money Market Funds | 537,164,094 | — | — | 537,164,094 |
$20,870,527,421 | $— | $— | $20,870,527,421 | |
Derivative Financial Instruments(b) | ||||
Assets: | ||||
Equity contracts | $(3,616,037) | $— | $— | $(3,616,037) |
(a) | See above Schedule of Investments for values in each industry. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
During the period ended September 30, 2019, there were no transfers between levels
28
Portfolio of Investments
Value Fund | September 30, 2019 | (Unaudited)
Common Stocks | 98.8% of portfolio | ||
Shares | Value | |
Communication Services | 6.0% | ||
Diversified Telecommunication Services | ||
Verizon Communications, Inc. | 234,000 | $14,124,240 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 34,000 | 41,446,000 |
Total Communication Services | 55,570,240 | |
Consumer Discretionary | 3.3% | ||
Distributors | ||
Genuine Parts Co. | 240,400 | 23,941,436 |
Hotels, Restaurants & Leisure | ||
Las Vegas Sands Corp. | 114,532 | 6,615,368 |
Total Consumer Discretionary | 30,556,804 | |
Consumer Staples | 0.7% | ||
Beverages | ||
Anheuser-Busch InBev SA ADR | 73,082 | 6,953,752 |
Total Consumer Staples | 6,953,752 | |
Energy | 8.7% | ||
Energy Equipment & Services | ||
Halliburton Co. | 150,158 | 2,830,478 |
Helmerich & Payne, Inc. | 110,000 | 4,407,700 |
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 257,125 | 30,495,025 |
ConocoPhillips | 452,400 | 25,777,752 |
Royal Dutch Shell PLC ADR | 289,204 | 17,323,320 |
Total Energy | 80,834,275 | |
Financials | 17.0% | ||
Banks | ||
Bank of America Corp. | 750,200 | 21,883,334 |
Citigroup, Inc. | 296,000 | 20,447,680 |
JPMorgan Chase & Co. | 342,600 | 40,320,594 |
Wells Fargo & Co. | 221,000 | 11,147,240 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 52,190 | 10,815,334 |
Insurance | ||
Allstate Corp. | 369,000 | 40,102,920 |
Chubb Ltd. | 85,469 | 13,798,115 |
Total Financials | 158,515,217 | |
Health Care | 21.0% | ||
Health Care Equipment & Supplies | ||
Abbott Laboratories | 399,000 | 33,384,330 |
Boston Scientific Corp. (a) | 354,195 | 14,412,195 |
Medtronic PLC | 146,465 | 15,909,028 |
Health Care Providers & Services | ||
Centene Corp. (a) | 232,244 | 10,046,875 |
Cigna Corp. | 90,111 | 13,677,949 |
Common Stocks | 98.8% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 21.0% (Continued) | ||
Life Sciences Tools & Services | ||
Mettler-Toledo International, Inc. (a) | 27,460 | $19,342,824 |
Pharmaceuticals | ||
Allergan PLC | 80,129 | 13,484,910 |
Bristol-Myers Squibb Co. | 272,930 | 13,840,280 |
Merck & Co., Inc. | 385,100 | 32,417,718 |
Pfizer, Inc. | 824,000 | 29,606,320 |
Total Health Care | 196,122,429 | |
Industrials | 13.3% | ||
Airlines | ||
Southwest Airlines Co. | 367,800 | 19,864,878 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 231,100 | 39,102,120 |
Machinery | ||
Parker-Hannifin Corp. | 246,400 | 44,502,304 |
Stanley Black & Decker, Inc. | 64,572 | 9,324,842 |
Road & Rail | ||
CSX Corp. | 160,402 | 11,111,047 |
Total Industrials | 123,905,191 | |
Information Technology | 20.8% | ||
Communications Equipment | ||
Cisco Systems, Inc. | 327,831 | 16,198,130 |
Electronic Equipment, Instruments & Components | ||
TE Connectivity Ltd. | 212,836 | 19,832,058 |
IT Services | ||
Leidos Holdings Inc. | 250,750 | 21,534,410 |
Visa Inc., Class A | 252,000 | 43,346,520 |
Semiconductors & Semiconductor Equipment | ||
NVIDIA Corp. | 89,261 | 15,537,662 |
NXP Semiconductors NV | 148,805 | 16,237,602 |
Software | ||
Microsoft Corp. | 343,800 | 47,798,514 |
Tyler Technologies, Inc. (a) | 14,000 | 3,675,000 |
VMware, Inc., Class A | 65,565 | 9,838,684 |
Total Information Technology | 193,998,580 | |
Materials | 8.0% | ||
Chemicals | ||
Dow Inc. | 237,300 | 11,307,345 |
DuPont de Nemours, Inc. | 316,636 | 22,579,313 |
Containers & Packaging | ||
Amcor PLC | 144,584 | 1,409,694 |
Avery Dennison Corp. | 350,000 | 39,749,500 |
Total Materials | 75,045,852 | |
Total Common Stocks | ||
(Cost $516,568,476) | 921,502,340 |
29
Portfolio of Investments | Value Fund | September 30, 2019 | (Unaudited) | (Continued)
Commercial Paper | 1.2% of portfolio | ||
Face Amount | Value | |
Dairy Farmers of America, 2.15%, 10/01/19 (b) | $11,000,000 | $10,999,262 |
Total Commercial Paper | ||
(Cost $11,000,000) | 10,999,262 |
Money Market Fund | less than 0.1% of portfolio | ||
Shares | ||
State Street Institutional U.S. Government Money Market Fund, 1.88% (c) | 99,544 | 99,544 |
Total Money Market Fund | ||
(Cost $99,544) | 99,544 | |
Total Investments in Securities | ||
(Cost $527,668,020) | 100.0% | $932,601,146 |
(a) | Non-income producing. |
(b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $10,999,262 and represents 1.2% of total investments. |
(c) | 7-day yield at September 30, 2019. |
ADR - American Depositary Deposit
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
NV - Naamloze Vennottschap
At September 30, 2019, the cost of investment securities for tax purposes was $527,668,020. Net unrealized appreciation of investment securities was $404,933,126 consisting of unrealized gains of $414,633,632 and unrealized losses of $9,700,507.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Value Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $921,502,340 | $ — | $ — | $921,502,340 |
Commercial Paper | 10,999,262 | — | — | 10,999,262 |
Money Market Fund | 99,544 | — | — | 99,544 |
Total | $932,601,146 | $ — | $ — | $932,601,146 |
During the period ended September 30, 2019, there were no transfers between levels
30
Portfolio of Investments
Growth Fund | September 30, 2019 | (Unaudited)
Common Stocks | 99.2% of portfolio | ||
Shares | Value | |
Communication Services | 18.3% | ||
Entertainment | ||
Electronic Arts Inc. (a) | 10,278 | $1,005,394 |
Netflix, Inc. (a) | 8,782 | 2,350,239 |
Spotify Technology SA (a) | 10,526 | 1,199,964 |
Tencent Music Entertainment Group ADR (a) | 84,578 | 1,080,061 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 4,400 | 5,363,600 |
Alphabet, Inc., Class A (a) | 8,947 | 10,925,540 |
Facebook, Inc., Class A (a) | 66,825 | 11,900,196 |
IAC/InterActiveCorp (a) | 8,355 | 1,821,139 |
Tencent Holdings Ltd. ADR | 122,024 | 5,079,859 |
Total Communication Services | 40,725,992 | |
Consumer Discretionary | 20.0% | ||
Auto Components | ||
Aptiv PLC | 39,306 | 3,436,131 |
Hotels, Restaurants & Leisure | ||
Hilton Worldwide Holdings, Inc. | 22,841 | 2,126,725 |
Las Vegas Sands Corp. | 22,408 | 1,294,286 |
McDonald's Corp. | 5,669 | 1,217,191 |
Restaurant Brands International Inc. | 25,647 | 1,824,528 |
Internet & Direct Marketing Retail | ||
Alibaba Group Holding Ltd. ADR (a) | 31,965 | 5,345,507 |
Amazon.com, Inc. (a) | 10,370 | 18,001,386 |
Booking Holdings, Inc. (a) | 1,316 | 2,582,795 |
Multiline Retail | ||
Dollar General Corp. | 23,659 | 3,760,362 |
Specialty Retail | ||
Ross Stores, Inc. | 24,057 | 2,642,661 |
Textiles, Apparel & Luxury Goods | ||
NIKE, Inc., Class B | 24,601 | 2,310,526 |
Total Consumer Discretionary | 44,542,098 | |
Consumer Staples | 0.4% | ||
Tobacco | ||
Philip Morris International, Inc. | 12,163 | 923,536 |
Total Consumer Staples | 923,536 | |
Energy | 0.5% | ||
Oil, Gas & Consumable Fuels | ||
Concho Resources Inc. | 15,616 | 1,060,326 |
Total Energy | 1,060,326 | |
Financials | 3.2% | ||
Capital Markets | ||
Charles Schwab Corp. | 79,951 | 3,344,350 |
Intercontinental Exchange, Inc. | 26,797 | 2,472,559 |
TD Ameritrade Holding Corp. | 29,410 | 1,373,447 |
Total Financials | 7,190,356 |
Common Stocks | 99.2% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 14.8% | ||
Biotechnology | ||
Alexion Pharmaceuticals, Inc. (a) | 9,093 | $890,568 |
Vertex Pharmaceuticals, Inc. (a) | 18,162 | 3,077,006 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 17,518 | 4,431,353 |
Intuitive Surgical, Inc. (a) | 8,575 | 4,629,900 |
Stryker Corp. | 25,493 | 5,514,136 |
Health Care Providers & Services | ||
Anthem, Inc. | 3,164 | 759,676 |
Centene Corp. (a) | 21,639 | 936,103 |
Cigna Corp. | 24,641 | 3,740,257 |
HCA Healthcare, Inc. | 29,723 | 3,579,244 |
UnitedHealth Group, Inc. | 10,465 | 2,274,254 |
WellCare Health Plans, Inc. (a) | 4,220 | 1,093,698 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 86,400 | 1,270,080 |
Pharmaceuticals | ||
Eli Lilly & Co. | 6,737 | 753,399 |
Total Health Care | 32,949,674 | |
Industrials | 9.1% | ||
Aerospace & Defense | ||
Boeing Co. | 33,224 | 12,640,735 |
Northrop Grumman Corp. | 7,129 | 2,671,878 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 7,068 | 1,195,906 |
Machinery | ||
Fortive Corp. | 12,932 | 886,618 |
PACCAR Inc. | 16,997 | 1,189,960 |
Road & Rail | ||
J.B. Hunt Transport Services, Inc. | 11,000 | 1,217,150 |
Uber Technologies, Inc. (a) | 13,481 | 410,766 |
Total Industrials | 20,213,013 | |
Information Technology | 30.8% | ||
IT Services | ||
Fidelity National Information Services, Inc. | 11,031 | 1,464,476 |
Global Payments, Inc. | 35,179 | 5,593,461 |
PayPal Holdings, Inc. (a) | 30,306 | 3,139,398 |
Visa Inc., Class A | 68,161 | 11,724,374 |
Semiconductors & Semiconductor Equipment | ||
ASML Holding NV ADR | 12,391 | 3,078,172 |
Marvell Technology Group Ltd. | 80,949 | 2,021,297 |
Software | ||
Atlassian Corp. PLC, Class A (a) | 1,646 | 206,474 |
Intuit, Inc. | 19,524 | 5,192,212 |
Microsoft Corp. | 120,169 | 16,707,096 |
salesforce.com, Inc. (a) | 26,202 | 3,889,425 |
ServiceNow, Inc. (a) | 7,687 | 1,951,345 |
Slack Technologies, Inc., Class A (a) | 15,031 | 356,686 |
Splunk Inc. (a) | 22,400 | 2,640,064 |
31
Portfolio of Investments | Growth Fund | September 30, 2019 | (Unaudited) | (Continued)
Common Stocks | 99.2% of portfolio (Continued) | ||
Shares | Value | |
Information Technology | 30.8% (Continued) | ||
Temenos AG ADR | 8,601 | $1,442,517 |
VMware, Inc., Class A | 19,494 | 2,925,270 |
Workday, Inc., Class A (a) | 10,565 | 1,795,627 |
Zoom Video Communications, Inc. (a) | 590 | 44,958 |
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 18,893 | 4,231,465 |
Total Information Technology | 68,404,317 | |
Utilities | 2.1% | ||
Electric Utilities | ||
NextEra Energy, Inc. | 13,000 | 3,028,870 |
Multi-Utilities | ||
Sempra Energy | 11,423 | 1,686,149 |
Total Utilities | 4,715,019 | |
Total Common Stocks | ||
(Cost $154,279,199) | 220,724,331 |
Money Market Fund | 0.8% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund, 1.88% (b) | 1,672,459 | $1,672,459 |
Total Money Market Fund | ||
(Cost $1,672,459) | 1,672,459 | |
Total Investments in Securities | ||
(Cost $155,951,658) | 100.0% | $222,396,790 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2019. |
SA - Sociedad Anonima or Societe Anonyme
ADR - American Depositary Deposit
PLC - Public Limited Company
NV - Naamloze Vennottschap
AG - Aktiengesellschaft
At September 30, 2019, the cost of investment securities for tax purposes was $156,275,443. Net unrealized appreciation of investment securities was $66,121,347 consisting of unrealized gains of $70,609,422 and unrealized losses of $4,488,075.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Growth Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $220,724,331 | $ — | $ — | $220,724,331 |
Money Market Fund | 1,672,459 | — | — | 1,672,459 |
Total | $222,396,790 | $ — | $ — | $222,396,790 |
During the period ended September 30, 2019, there were no transfers between levels
32
Portfolio of Investments
Small-Company Stock Fund | September 30, 2019 | (Unaudited)
Common Stocks | 97.6% of portfolio | ||
Shares | Value | |
Consumer Discretionary | 11.3% | ||
Distributors | ||
Core-Mark Holding Company, Inc. | 316,717 | $10,171,366 |
Hotels, Restaurants & Leisure | ||
BJ’s Restaurants, Inc. | 155,647 | 6,045,330 |
Cracker Barrel Old Country Store, Inc. | 73,488 | 11,952,823 |
Textiles, Apparel & Luxury Goods | ||
Carter's, Inc. | 29,229 | 2,665,977 |
G-III Apparel Group, Ltd. (a) | 390,289 | 10,057,748 |
Total Consumer Discretionary | 40,893,244 | |
Consumer Staples | 0.9% | ||
Food Products | ||
TreeHouse Foods, Inc. (a) | 57,131 | 3,167,914 |
Total Consumer Staples | 3,167,914 | |
Energy | 1.0% | ||
Energy Equipment & Services | ||
RPC, Inc. | 285,544 | 1,601,902 |
Oil, Gas & Consumable Fuels | ||
Callon Petroleum Co. (a) | 439,842 | 1,908,914 |
Total Energy | 3,510,816 | |
Financials | 19.5% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 145,743 | 5,428,198 |
Cadence Bancorporation | 253,367 | 4,444,057 |
CenterState Bank Corp. | 195,599 | 4,691,442 |
FB Financial Corp. | 156,991 | 5,895,012 |
Glacier Bancorp, Inc. | 257,263 | 10,408,861 |
Metropolitan Bank Holding Corp. (a) | 106,932 | 4,205,636 |
Texas Capital Bancshares, Inc. (a) | 67,466 | 3,687,017 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 309,196 | 10,303,957 |
Insurance | ||
Kinsale Capital Group, Inc. | 147,911 | 15,280,685 |
National General Holdings Corp. | 285,610 | 6,574,742 |
Total Financials | 70,919,607 | |
Health Care | 14.8% | ||
Biotechnology | ||
Emergent BioSolutions Inc. (a) | 65,378 | 3,417,962 |
Health Care Equipment & Supplies | ||
ICU Medical, Inc. (a) | 23,007 | 3,671,917 |
Merit Medical Systems, Inc. (a) | 92,058 | 2,804,087 |
STAAR Surgical Co. (a) | 151,975 | 3,917,916 |
STERIS PLC | 88,123 | 12,732,892 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 87,446 | 5,033,392 |
LHC Group, Inc. (a) | 46,492 | 5,279,631 |
Common Stocks | 97.6% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 14.8% (Continued) | ||
Health Care Technology | ||
Inovalon Holdings, Inc. (a) | 215,147 | $3,526,259 |
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 58,840 | 4,944,914 |
NanoString Technologies, Inc. (a) | 384,197 | 8,294,813 |
Total Health Care | 53,623,783 | |
Industrials | 18.1% | ||
Aerospace & Defense | ||
BWX Technologies, Inc. | 38,864 | 2,223,410 |
Commercial Services & Supplies | ||
Interface, Inc. | 270,717 | 3,909,154 |
Construction & Engineering | ||
Dycom Industries, Inc. (a) | 173,884 | 8,876,778 |
Primoris Services Corp. | 381,405 | 7,479,352 |
Machinery | ||
Colfax Corp. (a) | 179,221 | 5,208,162 |
Welbilt, Inc. | 737,850 | 12,440,151 |
Road & Rail | ||
Knight-Swift Transportation Holdings Inc. | 149,283 | 5,418,973 |
Werner Enterprises, Inc. | 277,088 | 9,781,206 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 184,655 | 10,488,404 |
Total Industrials | 65,825,590 | |
Information Technology | 22.7% | ||
Electronic Equipment, Instruments & Components | ||
Belden Inc. | 187,059 | 9,977,727 |
Itron, Inc. (a) | 43,426 | 3,211,787 |
Knowles Corp. | 297,847 | 6,058,208 |
IT Services | ||
CACI International Inc., Class A (a) | 25,051 | 5,793,294 |
Cass Information Systems, Inc. | 99,818 | 5,389,174 |
ManTech International Corp., Class A | 167,660 | 11,972,601 |
Semiconductors & Semiconductor Equipment | ||
Advanced Energy Industries, Inc. (a) | 48,581 | 2,789,035 |
Software | ||
Altair Engineering Inc. (a) | 91,927 | 3,182,513 |
Descartes Systems Group Inc. (The) (a) | 334,531 | 13,484,944 |
Five9, Inc. (a) | 98,132 | 5,273,613 |
j2 Global, Inc | 145,085 | 13,176,620 |
Tenable Holdings, Inc. (a) | 98,331 | 2,200,648 |
Total Information Technology | 82,510,164 |
33
Portfolio of Investments | Small-Company Stock Fund | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 97.6% of portfolio (Continued) | ||
Shares | Value | |
Materials | 6.8% | ||
Chemicals | ||
Ingevity Corp. (a) | 38,865 | $3,297,306 |
PolyOne Corp. | 285,889 | 9,334,276 |
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 427,224 | 9,484,373 |
Metals & Mining | ||
Cleveland-Cliffs Inc. | 363,516 | 2,624,586 |
Total Materials | 24,740,541 | |
Real Estate | 2.5% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Pebblebrook Hotel Trust | 118,155 | 3,287,072 |
QTS Realty Trust, Inc. Class A | 110,777 | 5,695,045 |
Total Real Estate | 8,982,117 | |
Total Common Stocks | ||
(Cost $295,062,203) | 354,173,776 |
Commercial Paper | 2.4% of portfolio | ||
Face Amount | Value | |
Dairy Farmers of America, 2.15%, 10/01/19 (b) | $8,800,000 | $8,799,409 |
Total Commercial Paper | ||
(Cost $8,800,000) | 8,799,409 |
Money Market Fund | less than 0.1% of portfolio | ||
Shares | ||
State Street Institutional U.S. Government Money Market Fund, 1.88% (c) | 9,511 | 9,511 |
Total Money Market Fund | ||
(Cost $9,511) | 9,511 | |
Total Investments in Securities | ||
(Cost $303,871,714) | 100.0% | $362,982,696 |
(a) | Non-income producing. |
(b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $8,799,409 and represents 2.4% of total investments. |
(c) | 7-day yield at September 30, 2019. |
PLC - Public Limited Company
At September 30, 2019, the cost of investment securities for tax purposes was $303,871,735. Net unrealized appreciation of investment securities was $59,110,961 consisting of unrealized gains of $76,214,606 and unrealized losses of $17,103,645.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Small-Company Stock Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $354,173,776 | $ — | $ — | $354,173,776 |
Commercial Paper | 8,799,409 | — | — | 8,799,409 |
Money Market Fund | 9,511 | — | — | 9,511 |
Total | $362,982,696 | $ — | $ — | $362,982,696 |
During the period ended September 30, 2019, there were no transfers between levels
34
Portfolio of Investments
International Equity Fund | September 30, 2019 | (Unaudited)
Common Stocks | 94.3% of portfolio | ||
Shares | Value | |
Brazil | 0.5% | ||
Ambev SA ADR | 77,706 | $359,002 |
Total Brazil | 359,002 | |
Britain | 8.8% | ||
Diageo PLC | 43,608 | 1,781,399 |
HSBC Holdings PLC | 120,820 | 925,754 |
Rio Tinto PLC | 15,408 | 800,947 |
Royal Dutch Shell PLC, Class B | 42,426 | 1,253,918 |
Unilever PLC | 26,540 | 1,595,106 |
Total Britain | 6,357,124 | |
Canada | 3.2% | ||
Alimentation Couche-Tard Inc., Class B | 30,800 | 943,865 |
Canadian National Railway Co. | 15,589 | 1,400,828 |
Total Canada | 2,344,693 | |
China | 2.1% | ||
Baidu, Inc. ADR (a) | 3,060 | 314,446 |
China Moble Ltd. ADR | 9,452 | 391,313 |
Ping An Insurance Group Co. of China Ltd., Class H | 42,500 | 488,482 |
Tencent Holdings Ltd. | 6,900 | 288,612 |
Total China | 1,482,853 | |
Denmark | 0.9% | ||
Novozymes A/S, Class B | 15,400 | 647,741 |
Total Denmark | 647,741 | |
France | 6.9% | ||
Air Liquide SA | 6,115 | 870,287 |
Dassault Systèmes SE | 9,573 | 1,363,734 |
L’Oréal SA | 9,837 | 2,751,103 |
Total France | 4,985,124 | |
Germany | 14.8% | ||
adidas AG | 5,087 | 1,583,809 |
Allianz SE REG | 11,991 | 2,791,168 |
Infineon Technologies AG | 129,548 | 2,327,557 |
SAP SE ADR | 23,160 | 2,729,869 |
Symrise AG | 13,132 | 1,276,546 |
Total Germany | 10,708,949 | |
Hong Kong | 3.4% | ||
AIA Group Ltd. | 259,200 | 2,444,526 |
Total Hong Kong | 2,444,526 | |
India | 0.9% | ||
HDFC Bank Ltd. ADR | 5,944 | 339,105 |
Common Stocks | 94.3% of portfolio (Continued) | ||
Shares | Value | |
India | 0.9% (Continued) | ||
ICICI Bank Ltd. ADR | 28,169 | $343,099 |
Total India | 682,204 | |
Israel | 3.4% | ||
Check Point Software Technologies Ltd. (a) | 22,287 | 2,440,426 |
Total Israel | 2,440,426 | |
Japan | 14.7% | ||
Chugai Pharmaceutical Co., Ltd. | 19,000 | 1,484,796 |
Dentsu Inc. | 28,100 | 993,618 |
FANUC Corp. | 4,700 | 888,410 |
Keyence Corp. | 2,600 | 1,618,384 |
Komatsu Ltd. | 35,300 | 814,010 |
Kubota Corp. | 89,000 | 1,353,573 |
M3, Inc. | 57,300 | 1,386,652 |
Sysmex Corp. | 16,100 | 1,081,634 |
Unicharm Corp. | 31,600 | 1,004,375 |
Total Japan | 10,625,452 | |
Mexico | 0.3% | ||
Fomento Economico Mexicano, SAB de CV ADR | 2,125 | 194,607 |
Total Mexico | 194,607 | |
Netherlands | 0.1% | ||
Prosus NV (a) | 1,054 | 77,372 |
Total Netherlands | 77,372 | |
Republic of South Korea | 0.3% | ||
Samsung Electronics Co., Ltd. GDR | 228 | 232,305 |
Total Republic of South Korea | 232,305 | |
Russia | 0.9% | ||
LUKOIL PJSC ADR | 4,424 | 365,997 |
Yandex NV, Class A (a) | 8,295 | 290,408 |
Total Russia | 656,405 | |
Singapore | 3.1% | ||
DBS Group Holdings Ltd. | 123,200 | 2,228,825 |
Total Singapore | 2,228,825 | |
South Africa | 0.4% | ||
Naspers Ltd., Class N | 1,054 | 159,586 |
Sasol Ltd. | 5,662 | 95,227 |
Total South Africa | 254,813 |
35
Portfolio of Investments | International Equity Fund | September 30, 2019 | (Unaudited) |
(Continued)
Common Stocks | 94.3% of portfolio (Continued) | ||
Shares | Value | |
Spain | 4.1% | ||
Amadeus IT Group SA | 17,521 | $1,255,408 |
Banco Bilboa Vizcaya Argentaria SA | 322,022 | 1,676,280 |
Total Spain | 2,931,688 | |
Sweden | 6.4% | ||
Alfa Laval AB | 52,014 | 1,025,929 |
Atlas Copco AB, Class A | 69,429 | 2,137,936 |
Epiroc AB, Class A | 78,655 | 851,845 |
Skandinaviska Enskilda Banken AB, Class A | 65,703 | 603,725 |
Total Sweden | 4,619,435 | |
Switzerland | 14.1% | ||
Lonza Group AG REG | 4,625 | 1,565,150 |
Nestlé SA ADR | 30,182 | 3,273,372 |
Roche Holding AG REG | 11,050 | 3,217,367 |
SGS SA REG | 355 | 880,018 |
Sonova Holding AG REG | 5,436 | 1,264,852 |
Total Switzerland | 10,200,759 | |
Taiwan | 1.2% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 19,323 | 898,133 |
Total Taiwan | 898,133 | |
United States of America | 3.8% | ||
Linde PLC | 8,731 | 1,694,619 |
Schlumberger Ltd. | 31,841 | 1,088,007 |
Total United States of America | 2,782,626 | |
Total Common Stocks | ||
(Cost $57,217,829) | 68,155,062 |
Preferred Stocks | 1.7% of portfolio | ||
Shares | Value | |
Brazil | 0.4% | ||
Itaú Unibanco Holding SA ADR | 32,757 | $275,486 |
Total Brazil | 275,486 | |
Germany | 0.5% | ||
FUCHS PETROLUB SE | 9,378 | 351,710 |
Total Germany | 351,710 | |
Republic of South Korea | 0.6% | ||
Samsung Electronics Co., Ltd. REG GDR | 579 | 480,963 |
Total Republic of South Korea | 480,963 | |
Spain | 0.2% | ||
Grifols, SA ADR | 6,788 | 136,032 |
Total Spain | 136,032 | |
Total Preferred Stocks | ||
(Cost $926,405) | 1,244,191 |
Money Market Fund | 4.0% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund, 1.88% (b) | 2,869,846 | 2,869,846 |
Total Money Market Fund | ||
(Cost $2,869,846) | 2,869,846 | |
Total Investments in Securities | ||
(Cost $61,014,080) | 100.0% | $72,269,099 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2019. |
ADR - American Depositary Deposit
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
A/S - Aktieselskab
SE - Societas Europaea
AG - Aktiengesellschaft
REG - Registered Shares
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
NV - Naamloze Vennottschap
GDR - Global Depositary Receipt
AB - Aktiebolag
36
Portfolio of Investments | International Equity Fund | September 30, 2019 | (Unaudited) |
(Continued)
At September 30, 2019, the cost of investment securities for tax purposes was $61,018,705. Net unrealized appreciation of investment securities was $11,250,394 consisting of unrealized gains of $14,094,745 and unrealized losses of $2,844,351.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
International Equity Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $12,331,410 | $55,823,652 | $ — | $68,155,062 |
Preferred Stocks | 1,244,191 | — | — | 1,244,191 |
Money Market Fund | 2,869,846 | — | — | 2,869,846 |
Total | $16,445,447 | $55,823,652 | $ — | $72,269,099 |
During the period ended September 30, 2019, there were no transfers between levels
37