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Fund Holdings
September 30, 2020
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)
International Equity Fund (HISIX)
Small-Company Stock Fund (HSCSX)
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Portfolio of Investments
Daily Income Fund | September 30, 2020 | (Unaudited)
U.S. Government & Agency Obligations | 86.4% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Agricultural Mortgage Corp. | 0.11% | 12/23/20 | $3,500,000 | $3,499,112 |
Federal Farm Credit Bank | 1.68 | 10/13/20 | 4,395,000 | 4,397,300 |
Federal Farm Credit Bank | 1.75 | 10/26/20 | 3,000,000 | 3,003,398 |
Federal Farm Credit Bank | 0.17 | 11/09/20 | 3,000,000 | 2,999,448 |
Federal Farm Credit Bank | 0.13 | 01/06/21 | 2,000,000 | 1,999,299 |
Federal Farm Credit Bank | 0.26(a) | 11/02/21 | 8,650,000 | 8,665,845 |
Federal Home Loan Bank | 0.14 | 10/14/20 | 6,000,000 | 5,999,697 |
Federal Home Loan Bank | 0.09 | 10/23/20 | 2,100,000 | 2,099,885 |
Federal Home Loan Bank | 0.09 | 11/04/20 | 7,650,000 | 7,649,350 |
Federal Home Loan Bank | 0.09 | 11/06/20 | 1,127,000 | 1,126,894 |
Federal Home Loan Bank | 0.10 | 11/12/20 | 2,900,000 | 2,899,662 |
Federal Home Loan Bank | 0.11 | 11/12/20 | 4,000,000 | 3,999,510 |
Federal Home Loan Bank | 0.28 | 11/16/20 | 2,000,000 | 1,999,284 |
Federal Home Loan Bank | 0.29 | 11/24/20 | 1,200,000 | 1,199,478 |
Federal Home Loan Bank | 0.10 | 12/02/20 | 3,750,000 | 3,749,354 |
Federal Home Loan Bank | 3.13 | 12/11/20 | 3,675,000 | 3,695,722 |
Federal Home Loan Bank | 5.25 | 12/11/20 | 925,000 | 934,268 |
Federal Home Loan Bank | 1.38 | 02/18/21 | 2,945,000 | 2,959,158 |
Federal Home Loan Mortgage Corp. | 0.09 | 10/19/20 | 2,699,000 | 2,698,879 |
Federal National Mortgage Assoc. | 1.50 | 11/30/20 | 4,355,000 | 4,364,934 |
Federal National Mortgage Assoc. | 1.88 | 12/28/20 | 2,745,000 | 2,756,728 |
Hashemite Kingdom of Jordan Government Aid Bond | 2.50 | 10/30/20 | 2,000,000 | 2,003,632 |
Private Export Funding Corp. (b) | 2.65 | 02/16/21 | 8,000,000 | 8,060,986 |
Resolution Funding Corp. Principal Strip | 0.22 | 10/15/20 | 2,000,000 | 1,999,829 |
U.S. International Development Finance Corp. | 0.13(a) | 03/15/30 | 5,000,000 | 5,000,000 |
U.S. International Development Finance Corp. | 0.18(a) | 07/05/38 | 2,500,000 | 2,500,000 |
U.S. Treasury Bill | 0.13 | 10/15/20 | 4,000,000 | 3,999,794 |
U.S. Treasury Bill | 0.14 | 10/22/20 | 5,000,000 | 4,999,602 |
U.S. Treasury Bill | 0.15 | 10/29/20 | 4,500,000 | 4,499,487 |
U.S. Treasury Bill | 0.14 | 11/05/20 | 6,750,000 | 6,749,038 |
U.S. Treasury Bill | 0.10 | 11/19/20 | 5,500,000 | 5,499,266 |
U.S. Treasury Bill | 0.12 | 12/03/20 | 2,500,000 | 2,499,503 |
U.S. Treasury Bill | 0.15 | 12/03/20 | 2,000,000 | 1,999,482 |
U.S. Treasury Bill | 0.11 | 12/10/20 | 4,000,000 | 3,999,172 |
U.S. Treasury Bill | 0.10 | 12/17/20 | 3,000,000 | 2,999,381 |
U.S. Treasury Bill | 0.11 | 12/24/20 | 3,000,000 | 2,999,283 |
U.S. Treasury Bill | 0.10 | 12/24/20 | 3,000,000 | 2,999,216 |
U.S. Treasury Bill | 0.10 | 12/31/20 | 2,000,000 | 1,999,487 |
U.S. Treasury Bill | 0.12 | 12/31/20 | 3,000,000 | 2,999,117 |
U.S. Treasury Bill | 0.11 | 01/07/21 | 3,000,000 | 2,999,089 |
U.S. Treasury Bill | 0.12 | 01/14/21 | 2,000,000 | 1,999,333 |
U.S. Treasury Bill | 0.11 | 03/25/21 | 2,000,000 | 1,998,959 |
Total U.S. Government & Agency Obligations | ||||
(Cost $147,500,861) | 147,500,861 |
Money Market Fund | 13.6% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03(c) | 23,140,039 | 23,140,039 | |
Total Money Market Fund | ||||
(Cost $23,140,039) | 23,140,039 | |||
Total Investments in Securities | ||||
(Cost $170,640,900) | 100.0% | $170,640,900 |
(a) | Variable coupon rate as of September 30, 2020. |
1
Portfolio of Investments | Daily Income Fund | September 30, 2020 | (Unaudited) | (Continued)
(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 $8,060,986 and represents 4.7% of total investments. |
(c) | 7-day yield at September 30, 2020. |
At September 30, 2020, the cost of investment securities for tax purposes was $170,640,900. 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;
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 | $ — | $147,500,861 | $ — | $147,500,861 |
Money Market Fund | 23,140,039 | — | — | 23,140,039 |
Total | $23,140,039 | $147,500,861 | $ — | $170,640,900 |
2
Portfolio of Investments
Short-Term Government Securities Fund | September 30, 2020 | (Unaudited)
U.S. Government & Agency Obligations | 46.7% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Private Export Funding Corp. | 1.75% | 11/15/24 | $1,000,000 | $1,054,090 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 20,000 | 20,398 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,197 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 94,000 | 95,740 |
U.S. International Development Finance Corp. | 2.74(a) | 04/23/21 | 1,000,000 | 1,052,183 |
U.S. International Development Finance Corp. | 0.00(b) | 08/11/21 | 2,000,000 | 2,047,682 |
U.S. International Development Finance Corp. | 2.22(a) | 01/24/25 | 2,000,000 | 2,186,726 |
U.S. International Development Finance Corp. | 1.27(a) | 06/21/25 | 1,000,000 | 1,006,766 |
U.S. International Development Finance Corp. | 0.95(a) | 04/23/29 | 5,000,000 | 5,070,450 |
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 1,000,000 | 1,019,128 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 2,000,000 | 2,179,289 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 2,000,000 | 2,024,480 |
U.S. Treasury Note | 0.13 | 08/31/22 | 900,000 | 899,754 |
U.S. Treasury Note | 0.13 | 09/15/23 | 17,330,000 | 17,313,753 |
U.S. Treasury Note | 0.25 | 09/30/25 | 1,795,000 | 1,792,616 |
Total U.S. Government & Agency Obligations | ||||
(Cost $37,234,079) | 37,773,252 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 45.4% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 92,148 | 96,651 |
Total Consumer Discretionary | 96,651 | |||
Energy | 17.4% | ||||
Petroleos Mexicanos | 2.00 | 12/20/22 | 2,100,750 | 2,138,889 |
Petroleos Mexicanos | 1.95 | 12/20/22 | 1,045,250 | 1,056,226 |
Petroleos Mexicanos | 1.70 | 12/20/22 | 142,500 | 144,517 |
Petroleos Mexicanos | 2.38 | 04/15/25 | 810,500 | 844,320 |
Petroleos Mexicanos | 0.63(c) | 04/15/25 | 712,500 | 697,993 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 954,250 | 998,758 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 2,836,900 | 2,950,945 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 3,832,632 | 3,963,031 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 1,204,211 | 1,264,961 |
Total Energy | 14,059,640 | |||
Financials | 27.8% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 1,985,375 | 2,078,501 |
Export Leasing 2009 LLC | 1.86 | 08/28/21 | 70,562 | 71,021 |
Helios Leasing II LLC | 2.67 | 03/18/25 | 2,058,540 | 2,160,632 |
Lulwa Ltd. | 1.89 | 02/15/25 | 1,649,916 | 1,700,303 |
Lulwa Ltd. | 1.83 | 03/26/25 | 401,312 | 413,630 |
Mexican Aircraft Finance IV | 2.54 | 07/13/25 | 227,356 | 238,463 |
Mexican Aircraft Finance V | 2.33 | 01/14/27 | 292,500 | 308,464 |
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 2,999,403 | 3,067,778 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 749,762 | 767,232 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 826,346 | 848,381 |
Pluto Aircraft Leasing LLC | 0.45(c) | 02/07/23 | 2,727,268 | 2,715,283 |
Rimon LLC | 2.45 | 11/01/25 | 124,688 | 130,313 |
Safina Ltd. | 1.55 | 01/15/22 | 311,956 | 313,948 |
Safina Ltd. | 2.00 | 12/30/23 | 1,320,918 | 1,353,760 |
Salmon River Export LLC | 2.19 | 09/15/26 | 463,473 | 482,577 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 324,117 | 344,634 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 34,735 | 35,494 |
3
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2020 |
(Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 45.4% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 27.8% (Continued) | ||||
Santa Rosa Leasing LLC | 1.47% | 11/03/24 | $376,438 | $383,983 |
Tagua Leasing LLC | 1.90 | 07/12/24 | 1,597,111 | 1,636,421 |
Tagua Leasing LLC | 1.73 | 09/18/24 | 3,035,942 | 3,120,918 |
Tagua Leasing LLC | 1.58 | 11/16/24 | 198,271 | 202,756 |
VCK Lease SA | 2.59 | 07/24/26 | 67,394 | 71,508 |
Total Financials | 22,446,000 | |||
Industrials | 0.1% | ||||
Sayarra Ltd. | 2.77 | 10/29/21 | 70,274 | 71,202 |
Total Industrials | 71,202 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $35,904,215) | 36,673,493 |
Asset-Backed Securities | 2.6% of portfolio | ||||
Avid Automobile Receivables Trust 19-1 (d) | 2.62 | 02/15/24 | 137,414 | 138,842 |
Consumer Loan Underlying Bond 19-HP1 (d) | 2.59 | 12/15/26 | 122,176 | 123,560 |
CPS Auto Trust 20-AA (d) | 2.09 | 05/15/23 | 89,890 | 90,594 |
CPS Auto Trust 20-AB (d) | 2.36 | 02/15/24 | 150,000 | 152,488 |
CPS Auto Trust 20-CA (d) | 0.63 | 03/15/24 | 250,000 | 250,041 |
Exeter Automobile Receivables Trust 19-4 (d) | 2.18 | 01/17/23 | 78,774 | 79,113 |
Foursight Capital Automobile Receivables Trust 19-1 (d) | 2.67 | 03/15/24 | 300,000 | 305,888 |
Freedom Financial 18-2 (d) | 3.99 | 10/20/25 | 24,535 | 24,562 |
Freedom Financial 20-3 (d) | 2.40 | 09/20/27 | 171,291 | 171,673 |
GLS Auto Receivables Trust 18-3 (d) | 3.35 | 08/15/22 | 8,718 | 8,738 |
GLS Auto Receivables Trust 19-4 (d) | 2.47 | 11/15/23 | 272,738 | 276,036 |
Marlette Funding Trust 19-3 (d) | 2.69 | 09/17/29 | 94,691 | 95,480 |
SoFi Consumer Loan Program Trust 19-4 (d) | 2.45 | 08/25/28 | 48,733 | 49,299 |
Upstart Securitization Trust 19-3 (d) | 2.68 | 01/21/30 | 296,532 | 299,014 |
Total Asset-Backed Securities | ||||
(Cost $2,047,239) | 2,065,328 |
Corporate Bonds–Other | 2.3% of portfolio | ||||
Communication Services | 0.4% | ||||
AT&T Inc. | 1.43(c) | 06/12/24 | 250,000 | 254,440 |
Verizon Communications Inc. | 1.38(c) | 05/15/25 | 100,000 | 102,156 |
Total Communication Services | 356,596 | |||
Financials | 1.5% | ||||
Athene Global Funding (d) | 2.50 | 01/14/25 | 100,000 | 103,057 |
Citibank, NA | 2.84(c) | 05/20/22 | 250,000 | 253,833 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 250,000 | 253,605 |
Jackson National Life Global Funding (d) | 0.69(c) | 01/06/23 | 150,000 | 150,206 |
Met Tower Global Funding (d) | 0.61(c) | 01/17/23 | 150,000 | 150,695 |
Metropolitan Life Global Funding (d) | 3.38 | 01/11/22 | 150,000 | 155,633 |
Metropolitan Life Global Funding (d) | 0.63(c) | 01/13/23 | 150,000 | 150,517 |
Total Financials | 1,217,546 |
4
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2020 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 2.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Real Estate | 0.4% | ||||
SBA Tower Trust (d) | 3.45% | 03/15/23 | $290,000 | $305,761 |
Total Real Estate | 305,761 | |||
Total Corporate Bonds–Other | ||||
(Cost $1,835,812) | 1,879,903 |
Mortgage-Backed Security | less than 0.1% of portfolio | ||||
FDIC Structured Sale Guaranteed Notes 2010-S3 (d) | 2.74 | 12/03/20 | 43,119 | 43,237 |
Total Mortgage-Backed Security | ||||
(Cost $43,118) | 43,237 |
Certificate of Deposit | 0.3% of portfolio | ||||
HSBC Bank USA NA | 3.10(c) | 11/17/20 | 246,000 | 246,969 |
Total Certificate of Deposit | ||||
(Cost $246,000) | 246,969 |
Money Market Fund | 2.7% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03(e) | 2,146,282 | 2,146,282 | |
Total Money Market Fund | ||||
(Cost $2,146,282) | 2,146,282 | |||
Total Investments in Securities | ||||
(Cost $79,456,745) | 100.0% | $80,828,464 |
(a) | Interest is paid at maturity. |
(b) | Zero coupon rate, purchased at a discount. |
(c) | Variable coupon rate as of September 30, 2020. |
(d) | 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 $3,124,434 and represents 3.9% of total investments. |
(e) | 7-day yield at September 30, 2020. |
LLC - Limited Liability Company
SA - Sociedad Anonima or Societe Anonyme
AB - Aktiebolag
NA - National Association
At September 30, 2020, the cost of investment securities for tax purposes was $79,457,975. Net unrealized appreciation of investment securities was $1,370,489 consisting of unrealized gains of $1,384,194 and unrealized losses of $13,705.
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).
5
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2020 |
(Unaudited) | (Continued)
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.
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $37,773,252 | $ — | $37,773,252 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 36,673,493 | — | 36,673,493 |
Asset-Backed Securities | — | 2,065,328 | — | 2,065,328 |
Corporate Bonds–Other | — | 1,879,903 | — | 1,879,903 |
Mortgage-Backed Security | — | 43,237 | — | 43,237 |
Certificate of Deposit | — | 246,969 | — | 246,969 |
Money Market Fund | 2,146,282 | — | — | 2,146,282 |
Total | $2,146,282 | $78,682,182 | $ — | $80,828,464 |
6
Portfolio of Investments
Short-Term Bond Fund | September 30, 2020 | (Unaudited)
Corporate Bonds–Other | 37.1% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 4.0% | ||||
Alphabet Inc. | 0.45% | 08/15/25 | $1,245,000 | $1,237,482 |
AT&T Inc. | 1.43(a) | 06/12/24 | 4,460,000 | 4,539,210 |
Baidu Inc. | 3.88 | 09/29/23 | 1,165,000 | 1,249,579 |
Comcast Corp. | 3.70 | 04/15/24 | 10,400,000 | 11,483,951 |
Comcast Corp. | 3.10 | 04/01/25 | 835,000 | 919,792 |
Verizon Communications Inc. | 1.38(a) | 05/15/25 | 2,725,000 | 2,783,745 |
Walt Disney Co. (The) | 1.75 | 01/13/26 | 420,000 | 436,339 |
Total Communication Services | 22,650,098 | |||
Consumer Discretionary | 3.2% | ||||
Amazon.com, Inc. | 2.40 | 02/22/23 | 535,000 | 560,868 |
American Honda Finance Corp. | 0.65 | 09/08/23 | 2,000,000 | 1,999,304 |
Booking Holdings Inc. | 2.75 | 03/15/23 | 1,075,000 | 1,128,373 |
Booking Holdings Inc. | 4.10 | 04/13/25 | 1,252,000 | 1,410,236 |
Expedia Group, Inc. (b) | 3.60 | 12/15/23 | 250,000 | 255,408 |
Ford Motor Co. | 8.50 | 04/21/23 | 1,000,000 | 1,090,000 |
Harley-Davidson Financial Services, Inc. (b) | 3.35 | 02/15/23 | 1,205,000 | 1,251,960 |
Harley-Davidson Financial Services, Inc. (b) | 3.35 | 06/08/25 | 900,000 | 941,297 |
Nike, Inc. | 2.40 | 03/27/25 | 1,245,000 | 1,338,535 |
Ralph Lauren Corp. | 1.70 | 06/15/22 | 1,000,000 | 1,017,929 |
Ralph Lauren Corp. | 3.75 | 09/15/25 | 850,000 | 953,468 |
Target Corp. | 2.25 | 04/15/25 | 1,250,000 | 1,334,524 |
Toyota Motor Credit Corp. | 0.50 | 08/14/23 | 1,250,000 | 1,250,302 |
Volkswagen Group of America, Inc. (b) | 2.50 | 09/24/21 | 1,270,000 | 1,293,544 |
Volkswagen Group of America, Inc. (b) | 2.70 | 09/26/22 | 2,120,000 | 2,197,530 |
Total Consumer Discretionary | 18,023,278 | |||
Consumer Staples | 1.2% | ||||
Altria Group, Inc. | 4.40 | 02/14/26 | 2,580,000 | 2,970,336 |
Cargill Inc. (b) | 1.38 | 07/23/23 | 850,000 | 869,393 |
Hershey Co. (The) | 0.90 | 06/01/25 | 1,000,000 | 1,004,974 |
Land O'Lakes, Inc. (b) | 6.00 | 11/15/22 | 840,000 | 887,821 |
Nestle Holdings, Inc. (b) | 0.38 | 01/15/24 | 1,190,000 | 1,185,087 |
Total Consumer Staples | 6,917,611 | |||
Energy | 2.6% | ||||
BP Capital Markets America Inc. | 2.52 | 09/19/22 | 1,600,000 | 1,654,825 |
BP Capital Markets America Inc. | 2.94 | 04/06/23 | 2,105,000 | 2,226,331 |
BP Capital Markets America Inc. | 3.19 | 04/06/25 | 3,600,000 | 3,958,833 |
Chevron Corp. | 1.14 | 05/11/23 | 420,000 | 428,094 |
Chevron Corp. | 1.55 | 05/11/25 | 840,000 | 870,254 |
Exxon Mobil Corp. | 3.18 | 03/15/24 | 2,065,000 | 2,233,552 |
Gray Oak Pipeline, LLC (b) | 2.00 | 09/15/23 | 540,000 | 542,937 |
Midwest Connector Capital Co. LLC (b) | 3.90 | 04/01/24 | 1,665,000 | 1,679,492 |
Rockies Express Pipeline LLC (b) | 3.60 | 05/15/25 | 1,300,000 | 1,274,260 |
Total Energy | 14,868,578 | |||
Financials | 16.8% | ||||
AIG Global Funding Inc. (b) | 1.90 | 10/06/21 | 1,204,000 | 1,223,395 |
AIG Global Funding Inc. (b) | 2.30 | 07/01/22 | 865,000 | 892,123 |
AIG Global Funding Inc. (b) | 0.80 | 07/07/23 | 1,300,000 | 1,306,722 |
Air Lease Corp. | 3.38 | 07/01/25 | 850,000 | 867,791 |
7
Portfolio of Investments | Short-Term Bond Fund | September 30, 2020 | (Unaudited) | (Continued)
Corporate Bonds–Other | 37.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 16.8% (Continued) | ||||
Ambac LSNI LLC (b) | 6.00%(a) | 02/12/23 | $10,557 | $10,557 |
American Express Co. | 1.00(a) | 08/03/23 | 862,000 | 870,420 |
Anthem, Inc. | 3.30 | 01/15/23 | 625,000 | 661,912 |
Athene Global Funding (b) | 2.80 | 05/26/23 | 925,000 | 964,547 |
Athene Global Funding (b) | 2.50 | 01/14/25 | 4,800,000 | 4,946,718 |
Bank of America Corp. | 2.74(a) | 01/23/22 | 2,100,000 | 2,114,813 |
Bank of America Corp. | 4.00 | 01/22/25 | 1,210,000 | 1,347,611 |
Bank of America Corp. | 3.95 | 04/21/25 | 2,210,000 | 2,454,075 |
Bank of America Corp. | 2.46(a) | 10/22/25 | 2,200,000 | 2,319,930 |
Bank of America Corp. | 2.02(a) | 02/13/26 | 2,100,000 | 2,179,282 |
Bank of America Corp. | 1.32(a) | 06/19/26 | 2,100,000 | 2,112,653 |
Capital One Bank (USA), NA | 2.01(a) | 01/27/23 | 875,000 | 889,823 |
Capital One Financial Corp. | 3.90 | 01/29/24 | 1,440,000 | 1,567,185 |
CIT Group Inc. | 3.93(a) | 06/19/24 | 540,000 | 544,050 |
Citibank, NA | 3.40 | 07/23/21 | 875,000 | 895,577 |
Citibank, NA | 2.84(a) | 05/20/22 | 3,535,000 | 3,589,205 |
Citibank, NA | 3.65 | 01/23/24 | 1,325,000 | 1,451,623 |
Citigroup Inc. | 1.68(a) | 09/01/23 | 740,000 | 752,321 |
Citigroup Inc. | 1.68(a) | 05/15/24 | 715,000 | 732,410 |
Citigroup Inc. | 3.11(a) | 04/08/26 | 5,800,000 | 6,235,970 |
Fifth Third Bancorp | 1.63 | 05/05/23 | 1,250,000 | 1,283,423 |
Goldman Sachs Group, Inc. | 5.75 | 01/24/22 | 420,000 | 448,322 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 3,265,000 | 3,312,084 |
Goldman Sachs Group, Inc. | 3.63 | 02/20/24 | 2,065,000 | 2,242,293 |
Guardian Life Global Funding (b) | 1.10 | 06/23/25 | 720,000 | 727,171 |
J.P. Morgan Chase & Co. | 0.65(a) | 09/16/24 | 900,000 | 900,272 |
J.P. Morgan Chase & Co. | 4.02(a) | 12/05/24 | 1,225,000 | 1,347,152 |
J.P. Morgan Chase & Co. | 2.30(a) | 10/15/25 | 2,130,000 | 2,240,619 |
J.P. Morgan Chase & Co. | 2.08(a) | 04/22/26 | 2,055,000 | 2,146,317 |
Jackson National Life Global Funding (b) | 0.55(a) | 03/16/21 | 930,000 | 931,048 |
Jackson National Life Global Funding (b) | 0.69(a) | 01/06/23 | 3,400,000 | 3,404,658 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 3,635,000 | 3,818,629 |
MassMutual Global Funding II (b) | 2.25 | 07/01/22 | 636,000 | 657,402 |
Met Tower Global Funding (b) | 0.61(a) | 01/17/23 | 1,570,000 | 1,577,273 |
Metropolitan Life Global Funding (b) | 3.38 | 01/11/22 | 4,540,000 | 4,710,497 |
Metropolitan Life Global Funding (b) | 0.63(a) | 01/13/23 | 1,640,000 | 1,645,658 |
Metropolitan Life Global Funding (b) | 3.60 | 01/11/24 | 450,000 | 492,413 |
Morgan Stanley | 1.45(a) | 01/20/22 | 1,642,000 | 1,646,782 |
Morgan Stanley | 0.77(a) | 01/20/23 | 372,000 | 372,755 |
Morgan Stanley | 3.13 | 01/23/23 | 420,000 | 444,130 |
Morgan Stanley | 3.74(a) | 04/24/24 | 1,020,000 | 1,097,618 |
Morgan Stanley | 2.72(a) | 07/22/25 | 1,220,000 | 1,295,957 |
Morgan Stanley | 2.19(a) | 04/28/26 | 425,000 | 444,880 |
Oaktree Specialty Lending Corp. | 3.50 | 02/25/25 | 1,277,000 | 1,283,776 |
PACCAR Financial Corp. | 0.80 | 06/08/23 | 1,000,000 | 1,007,001 |
PNC Bank NA | 0.71(a) | 07/22/22 | 850,000 | 852,338 |
Principal Life Global Funding II (b) | 1.25 | 06/23/25 | 550,000 | 559,415 |
Protective Life Global Funding (b) | 2.62 | 08/22/22 | 1,695,000 | 1,762,665 |
Protective Life Global Funding (b) | 1.08 | 06/09/23 | 845,000 | 856,894 |
Protective Life Global Funding (b) | 1.17 | 07/15/25 | 850,000 | 856,568 |
USAA Capital Corp. (b) | 1.50 | 05/01/23 | 1,075,000 | 1,102,337 |
Wells Fargo & Co. | 1.65(a) | 06/02/24 | 4,250,000 | 4,328,119 |
Wells Fargo & Co. | 2.16(a) | 02/11/26 | 840,000 | 871,948 |
Wells Fargo & Co. | 2.19(a) | 04/30/26 | 2,120,000 | 2,201,755 |
8
Portfolio of Investments | Short-Term Bond Fund | September 30, 2020 | (Unaudited) | (Continued)
Corporate Bonds–Other | 37.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 16.8% (Continued) | ||||
Wells Fargo Bank NA | 3.63% | 10/22/21 | $625,000 | $644,431 |
Total Financials | 94,445,313 | |||
Health Care | 2.0% | ||||
Anthem, Inc. | 2.38 | 01/15/25 | 2,130,000 | 2,262,720 |
Baxter International Inc. (b) | 3.75 | 10/01/25 | 835,000 | 947,045 |
Cigna Corp. | 1.17(a) | 07/15/23 | 1,830,000 | 1,848,909 |
Gilead Sciences, Inc. | 0.75 | 09/29/23 | 1,235,000 | 1,237,513 |
Health Care Service Corp. (b) | 1.50 | 06/01/25 | 1,800,000 | 1,846,166 |
Highmark Inc. (b) | 4.75 | 05/15/21 | 585,000 | 599,988 |
Merck & Co., Inc. | 0.75 | 02/24/26 | 1,165,000 | 1,168,557 |
Stryker Corp. | 1.15 | 06/15/25 | 1,500,000 | 1,518,511 |
Total Health Care | 11,429,409 | |||
Industrials | 2.0% | ||||
American Airlines Group Inc. | 3.60 | 03/22/29 | 2,360,575 | 2,263,087 |
Burlington Northern & Santa Fe Railway Co. | 4.58 | 01/15/21 | 28,173 | 28,442 |
Burlington Northern & Santa Fe Railway Co. | 4.83 | 01/15/23 | 20,013 | 20,387 |
Caterpillar Financial Services Corp. | 0.45 | 09/14/23 | 1,240,000 | 1,239,962 |
Caterpillar Financial Services Corp. | 2.15 | 11/08/24 | 940,000 | 1,000,294 |
Deere & Co. | 2.75 | 04/15/25 | 1,250,000 | 1,362,109 |
Delta Air Lines, Inc. (b) | 7.00 | 05/01/25 | 965,000 | 1,059,396 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 730,000 | 765,135 |
Honeywell International Inc. | 1.35 | 06/01/25 | 420,000 | 432,811 |
Southwest Airlines Co. | 5.25 | 05/04/25 | 2,550,000 | 2,807,932 |
Total Industrials | 10,979,555 | |||
Information Technology | 2.1% | ||||
Dell International LLC / EMC Corp. (b) | 5.85 | 07/15/25 | 420,000 | 490,067 |
International Business Machine Corp. | 3.00 | 05/15/24 | 2,200,000 | 2,383,308 |
Oracle Corp. | 2.50 | 10/15/22 | 4,235,000 | 4,414,710 |
Owl Rock Technology Finance Corp. (b) | 4.75 | 12/15/25 | 2,495,000 | 2,464,862 |
PayPal Holdings, Inc. | 1.35 | 06/01/23 | 840,000 | 857,949 |
PayPal Holdings, Inc. | 1.65 | 06/01/25 | 1,265,000 | 1,309,910 |
Total Information Technology | 11,920,806 | |||
Materials | 0.4% | ||||
3M Co. | 1.63 | 09/19/21 | 450,000 | 455,517 |
E. I. Du Pont De Nemours and Co. | 1.70 | 07/15/25 | 500,000 | 518,486 |
Nucor Corp. | 2.00 | 06/01/25 | 1,000,000 | 1,044,246 |
Total Materials | 2,018,249 | |||
Real Estate | 1.2% | ||||
SBA Tower Trust (b) | 3.45 | 03/15/23 | 2,420,000 | 2,551,525 |
SBA Tower Trust (b) | 2.84 | 01/15/25 | 3,450,000 | 3,691,596 |
Service Properties Trust | 7.50 | 09/15/25 | 360,000 | 382,902 |
Total Real Estate | 6,626,023 | |||
Utilities | 1.6% | ||||
Florida Power & Light Co. | 2.85 | 04/01/25 | 1,275,000 | 1,398,111 |
9
Portfolio of Investments | Short-Term Bond Fund | September 30, 2020 | (Unaudited) | (Continued)
Corporate Bonds–Other | 37.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Utilities | 1.6% (Continued) | ||||
NextEra Energy Capital Holdings, Inc. | 2.75% | 05/01/25 | $500,000 | $540,086 |
PPL Electric Utilities Corp. | 0.47(a) | 09/28/23 | 1,000,000 | 1,000,210 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 1,065,460 | 1,073,246 |
Southern California Edison Co. | 3.88 | 06/01/21 | 1,050,000 | 1,065,146 |
Southern California Edison Co. | 1.85 | 02/01/22 | 1,755,000 | 1,757,027 |
Southern California Edison Co. | 1.20 | 02/01/26 | 2,065,000 | 2,053,473 |
Total Utilities | 8,887,299 | |||
Total Corporate Bonds–Other | ||||
(Cost $202,876,976) | 208,766,219 |
U.S. Government & Agency Obligations | 36.7% of portfolio | ||||
Freddie Mac | 0.38 | 04/20/23 | 2,120,000 | 2,131,062 |
Tennessee Valley Authority | 0.00(c) | 06/15/21 | 595,000 | 592,713 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 10,000 | 10,199 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,197 |
U.S. International Development Finance Corp. | 1.27 | 06/21/25 | 850,000 | 855,751 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 845,000 | 920,750 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,215,000 | 1,229,872 |
U.S. Treasury Note | 0.13 | 06/30/22 | 770,000 | 769,820 |
U.S. Treasury Note | 0.13 | 08/31/22 | 18,215,000 | 18,210,019 |
U.S. Treasury Note | 1.38 | 02/15/23 | 111,041,000 | 114,259,455 |
U.S. Treasury Note | 0.13 | 09/15/23 | 45,365,000 | 45,322,470 |
U.S. Treasury Note | 0.25 | 09/30/25 | 22,131,000 | 22,101,607 |
Total U.S. Government & Agency Obligations | ||||
(Cost $204,325,392) | 206,413,915 |
Asset-Backed Securities | 9.5% of portfolio | ||||
American Credit Acceptance Receivables Trust 19-1 (b) | 3.50 | 04/14/25 | 900,000 | 919,877 |
American Credit Acceptance Receivables Trust 20-1 (b) | 1.89 | 04/13/23 | 719,710 | 723,790 |
American Credit Acceptance Receivables Trust 20-3A (b) | 0.62 | 10/13/23 | 1,190,927 | 1,191,280 |
American Credit Acceptance Receivables Trust 20-3B (b) | 1.15 | 08/13/24 | 850,000 | 852,606 |
Avant Loans Funding Trust 19-A (b) | 3.48 | 07/15/22 | 53,585 | 53,643 |
Avant Loans Funding Trust 19-B (b) | 2.72 | 10/15/26 | 595,561 | 597,856 |
Avid Automobile Receivables Trust 19-1 (b) | 2.62 | 02/15/24 | 964,646 | 974,671 |
Consumer Loan Underlying Bond 18-P2 (b) | 3.47 | 10/15/25 | 100,613 | 100,825 |
Consumer Loan Underlying Bond 18-P3 (b) | 3.82 | 01/15/26 | 213,871 | 215,321 |
Consumer Loan Underlying Bond 19-HP1 (b) | 2.59 | 12/15/26 | 1,814,307 | 1,834,860 |
Consumer Loan Underlying Bond 19-P1 (b) | 2.94 | 07/15/26 | 329,366 | 331,845 |
Consumer Loan Underlying Bond 20-P1 (b) | 2.26 | 03/15/28 | 800,795 | 806,840 |
CPS Auto Trust 20-AA (b) | 2.09 | 05/15/23 | 719,123 | 724,750 |
CPS Auto Trust 20-AB (b) | 2.36 | 02/15/24 | 1,200,000 | 1,219,903 |
CPS Auto Trust 20-CA (b) | 0.63 | 03/15/24 | 1,038,000 | 1,038,170 |
Credit Acceptance Auto Loan Trust 17-3 (b) | 2.65 | 06/15/26 | 16,798 | 16,812 |
Credit Acceptance Auto Loan Trust 18-1A (b) | 3.01 | 02/16/27 | 469,768 | 471,612 |
Credit Acceptance Auto Loan Trust 18-2A (b) | 3.47 | 05/17/27 | 2,703,614 | 2,732,504 |
Credit Acceptance Auto Loan Trust 18-3A (b) | 3.55 | 08/15/27 | 974,504 | 988,322 |
Credit Acceptance Auto Loan Trust 18-3B (b) | 3.89 | 10/15/27 | 1,045,000 | 1,078,172 |
Credit Acceptance Auto Loan Trust 19-1A (b) | 3.33 | 02/15/28 | 2,880,000 | 2,950,367 |
Credit Acceptance Auto Loan Trust 19-1B (b) | 3.75 | 04/17/28 | 4,475,000 | 4,687,456 |
Credit Acceptance Auto Loan Trust 19-1C (b) | 3.94 | 06/15/28 | 785,000 | 820,723 |
Credit Acceptance Auto Loan Trust 20-1A (b) | 2.01 | 02/15/29 | 1,725,000 | 1,765,535 |
Credit Acceptance Auto Loan Trust 20-2A (b) | 1.37 | 07/16/29 | 870,000 | 880,249 |
DT Auto Owner Trust 18-2D (b) | 4.15 | 03/15/24 | 345,000 | 356,146 |
10
Portfolio of Investments | Short-Term Bond Fund | September 30, 2020 | (Unaudited) | (Continued)
Asset-Backed Securities | 9.5% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
DT Auto Owner Trust 19-1A (b) | 3.08% | 09/15/22 | $22,804 | $22,829 |
DT Auto Owner Trust 19-1C (b) | 3.61 | 11/15/24 | 364,000 | 373,357 |
DT Auto Owner Trust 20-3A (b) | 0.54 | 04/15/24 | 1,647,000 | 1,647,145 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 494,551 | 503,310 |
Exeter Automobile Receivables Trust 19-4 (b) | 2.18 | 01/17/23 | 375,490 | 377,104 |
Exeter Automobile Receivables Trust 20-3 | 0.46 | 10/17/22 | 1,235,000 | 1,235,190 |
Foursight Capital Automobile Receivables Trust 19-1 (b) | 2.67 | 03/15/24 | 4,140,000 | 4,221,251 |
Freedom Financial 18-1 (b) | 3.61 | 07/18/24 | 77,408 | 77,468 |
Freedom Financial 18-2 (b) | 3.99 | 10/20/25 | 127,580 | 127,722 |
Freedom Financial 19-1 (b) | 3.42 | 06/18/26 | 15,473 | 15,481 |
Freedom Financial 20-1 (b) | 2.52 | 03/18/27 | 1,038,457 | 1,038,859 |
Freedom Financial 20-3 (b) | 2.40 | 09/20/27 | 668,036 | 669,525 |
GLS Auto Receivables Trust 18-1 (b) | 2.82 | 07/15/22 | 227,523 | 228,045 |
GLS Auto Receivables Trust 18-3 (b) | 3.35 | 08/15/22 | 61,029 | 61,164 |
GLS Auto Receivables Trust 19-1 (b) | 3.37 | 01/17/23 | 241,843 | 243,493 |
GLS Auto Receivables Trust 19-2 (b) | 3.06 | 04/17/23 | 476,158 | 480,688 |
GLS Auto Receivables Trust 19-4 (b) | 2.47 | 11/15/23 | 1,153,684 | 1,167,634 |
GLS Auto Receivables Trust 20-2 (b) | 1.58 | 08/15/24 | 784,711 | 792,249 |
GLS Auto Receivables Trust 20-3 (b) | 0.69 | 10/16/23 | 979,024 | 979,433 |
Longtrain Leasing III LLC 2015-1 (b) | 2.98 | 01/15/45 | 340,671 | 347,537 |
Marlette Funding Trust 18-4 (b) | 3.71 | 12/15/28 | 355,298 | 357,702 |
Marlette Funding Trust 19-1 (b) | 3.44 | 04/16/29 | 431,195 | 435,504 |
Marlette Funding Trust 19-3 (b) | 2.69 | 09/17/29 | 1,730,950 | 1,745,380 |
Marlette Funding Trust 20-2 (b) | 1.02 | 09/16/30 | 610,974 | 611,956 |
NP SPE II LLC 17-1 (b) | 3.37 | 10/21/47 | 398,636 | 407,042 |
Oscar US Funding Trust 17-2 (b) | 2.45 | 12/10/21 | 59,656 | 59,766 |
Oscar US Funding Trust 19-1 (b) | 3.10 | 04/11/22 | 288,349 | 289,898 |
Prosper Marketplace Issuance Trust 19-2 (b) | 3.20 | 09/15/25 | 49,267 | 49,331 |
Prosper Marketplace Issuance Trust 19-3 (b) | 3.19 | 07/15/25 | 320,030 | 321,471 |
SoFi Consumer Loan Program Trust 17-1 (b) | 3.28 | 01/26/26 | 25,367 | 25,412 |
SoFi Consumer Loan Program Trust 17-3 (b) | 2.77 | 05/25/26 | 130,003 | 130,722 |
SoFi Consumer Loan Program Trust 17-4 (b) | 2.50 | 05/26/26 | 125,224 | 126,146 |
SoFi Consumer Loan Program Trust 18-4 (b) | 3.54 | 11/26/27 | 331,246 | 333,563 |
SoFi Consumer Loan Program Trust 19-2 (b) | 3.01 | 04/25/28 | 355,223 | 359,266 |
SoFi Consumer Loan Program Trust 19-4 (b) | 2.45 | 08/25/28 | 657,897 | 665,544 |
United Auto Credit Securitization Trust 20-1 (b) | 1.47 | 11/10/22 | 1,120,000 | 1,126,035 |
Upstart Securitization Trust 19-3 (b) | 2.68 | 01/21/30 | 2,336,671 | 2,356,232 |
World Financial Network Credit Card Master Note Trust 18-B | 3.46 | 07/15/25 | 1,200,000 | 1,232,624 |
Total Asset-Backed Securities | ||||
(Cost $53,111,730) | 53,577,213 |
Yankee Bonds | 9.5% of portfolio | ||||
AerCap Ireland Capital DAC | 6.50 | 07/15/25 | 1,000,000 | 1,079,359 |
Aircastle Ltd. (b) | 5.25 | 08/11/25 | 1,243,000 | 1,215,725 |
Avolon Holdings Funding Ltd. (b) | 3.63 | 05/01/22 | 950,000 | 933,460 |
Avolon Holdings Funding Ltd. (b) | 3.95 | 07/01/24 | 530,000 | 503,448 |
Avolon Holdings Funding Ltd. (b) | 5.50 | 01/15/26 | 1,000,000 | 1,003,860 |
Baidu Inc. | 3.08 | 04/07/25 | 1,050,000 | 1,115,856 |
Banco Bilbao Vizcaya Argentaria SA | 0.88 | 09/18/23 | 800,000 | 799,050 |
Banco Bilbao Vizcaya Argentaria SA | 1.13 | 09/18/25 | 800,000 | 794,379 |
Banco Santander SA | 2.75 | 05/28/25 | 1,200,000 | 1,260,996 |
Bank of Montreal | 0.77(a) | 03/10/23 | 1,035,000 | 1,039,823 |
Bank of Montreal | 4.34(a) | 10/05/28 | 1,300,000 | 1,399,192 |
Barclays Bank PLC | 1.70 | 05/12/22 | 3,000,000 | 3,049,086 |
Barclays PLC | 1.66(a) | 05/16/24 | 1,250,000 | 1,253,405 |
Barclays PLC | 2.85(a) | 05/07/26 | 1,250,000 | 1,297,748 |
BMO Financial Group | 2.90 | 03/26/22 | 900,000 | 933,692 |
11
Portfolio of Investments | Short-Term Bond Fund | September 30, 2020 | (Unaudited) | (Continued)
Yankee Bonds | 9.5% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
BMW Finance NV (b) | 2.40% | 08/14/24 | $2,500,000 | $2,630,898 |
Delta and SkyMiles IP Ltd. (b) | 4.50 | 10/20/25 | 780,000 | 800,475 |
Deutsche Bank AG | 2.22(a) | 09/18/24 | 900,000 | 905,908 |
Enel Finance International NV (b) | 2.65 | 09/10/24 | 1,275,000 | 1,351,607 |
ING Groep NV | 3.55 | 04/09/24 | 720,000 | 783,997 |
Lloyds Banking Group PLC | 2.86(a) | 03/17/23 | 1,400,000 | 1,439,132 |
Lloyds Banking Group PLC | 2.91(a) | 11/07/23 | 1,400,000 | 1,455,071 |
Mitsubishi UFJ Financial Group, Inc. | 1.10(a) | 07/26/23 | 1,765,000 | 1,781,238 |
Mitsubishi UFJ Financial Group, Inc. | 1.41 | 07/17/25 | 710,000 | 718,758 |
Nationwide Building Society (b) | 3.62(a) | 04/26/23 | 1,980,000 | 2,057,126 |
Nissan Motor Co., Ltd. (b) | 3.04 | 09/15/23 | 1,030,000 | 1,044,048 |
Nissan Motor Co., Ltd. (b) | 3.52 | 09/17/25 | 430,000 | 434,511 |
Reckitt Benckiser Treasury Services PLC (b) | 2.75 | 06/26/24 | 1,100,000 | 1,170,984 |
Royal Bank of Scotland Group PLC | 2.36(a) | 05/22/24 | 845,000 | 866,962 |
Royal Bank of Scotland Group PLC | 4.52(a) | 06/25/24 | 1,325,000 | 1,428,022 |
Royal Bank of Scotland Group PLC | 4.27(a) | 03/22/25 | 1,330,000 | 1,445,566 |
Schlumberger Finance Canada Ltd. | 1.40 | 09/17/25 | 1,000,000 | 1,005,220 |
Seagate HDD Cayman | 4.75 | 01/01/25 | 500,000 | 548,832 |
Shell International Finance BV | 2.00 | 11/07/24 | 1,650,000 | 1,735,845 |
Sinopec Group Overseas Development (2012) Ltd. (b) | 3.90 | 05/17/22 | 2,100,000 | 2,194,940 |
Standard Chartered PLC (b) | 2.74(a) | 09/10/22 | 1,700,000 | 1,726,884 |
Sumitomo Mitsui Trust Bank, Ltd. (b) | 0.80 | 09/12/23 | 1,900,000 | 1,903,481 |
Syngenta Finance NV (b) | 4.44 | 04/24/23 | 400,000 | 422,430 |
Tencent Holdings Ltd. (b) | 3.28 | 04/11/24 | 1,840,000 | 1,959,747 |
Tencent Holdings Ltd. (b) | 1.81 | 01/26/26 | 1,000,000 | 1,019,528 |
Tencent Music Entertainment Group | 1.38 | 09/03/25 | 3,035,000 | 3,018,940 |
Total Yankee Bonds | ||||
(Cost $51,989,218) | 53,529,229 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.7% of portfolio | ||||
Energy | 0.4% | ||||
Petroleos Mexicanos | 2.46 | 12/15/25 | 241,450 | 252,712 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,743,211 | 1,802,520 |
Total Energy | 2,055,232 | |||
Financials | 0.3% | ||||
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 847,914 | 867,244 |
Pluto Aircraft Leasing LLC | 0.45(a) | 02/07/23 | 770,908 | 767,520 |
Total Financials | 1,634,764 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $3,607,481) | 3,689,996 |
Municipal Bonds | 0.4% of portfolio | ||||
New Jersey | 0.4% | ||||
New Jersey Housing and Morgage Finance Agency | 1.34 | 04/01/24 | 750,000 | 755,422 |
New Jersey Housing and Morgage Finance Agency | 1.49 | 04/01/25 | 640,000 | 646,298 |
New Jersey Housing and Morgage Finance Agency | 1.54 | 10/01/25 | 1,110,000 | 1,118,136 |
Total New Jersey | 2,519,856 | |||
Total Municipal Bonds | ||||
(Cost $2,536,740) | 2,519,856 |
12
Portfolio of Investments | Short-Term Bond Fund | September 30, 2020 | (Unaudited) | (Continued)
Mortgage-Backed Securities | less than 0.1% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
FHLMC 780754 | 3.39%(a) | 08/01/33 | $978 | $1,001 |
FNMA 813842 | 2.22(a) | 01/01/35 | 3,346 | 3,451 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 2 | 2 |
Total Mortgage-Backed Securities | ||||
(Cost $4,326) | 4,454 |
Money Market Fund | 6.1% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03(d) | 34,240,625 | 34,240,625 | |
Total Money Market Fund | ||||
(Cost $34,240,625) | 34,240,625 | |||
Total Investments in Securities | ||||
(Cost $552,692,488) | 100.0% | $562,741,507 |
(a) | Variable coupon rate as of September 30, 2020. |
(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 $127,636,676 and represents 22.7% of total investments. |
(c) | Zero coupon rate, purchased at a discount. |
(d) | 7-day yield at September 30, 2020. |
LLC - Limited Liability Company
NA - National Association
AB - Aktiebolag
DAC - Designated Activity Company
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
NV - Naamloze Vennottschap
AG - Aktiengesellschaft
BV - Besloten Vennootschap
FHLMC - Federal Home Loan Mortgage Corporation
At September 30, 2020, the cost of investment securities for tax purposes was $552,720,477. Net unrealized appreciation of investment securities was $10,021,030 consisting of unrealized gains of $10,204,984 and unrealized losses of $183,954.
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, 2020 | (Unaudited) | (Continued)
Short-Term Bond Fund | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds–Other | $ — | $208,766,219 | $ — | $208,766,219 |
U.S. Government & Agency Obligations | — | 206,413,915 | — | 206,413,915 |
Asset-Backed Securities | — | 53,577,213 | — | 53,577,213 |
Yankee Bonds | — | 53,529,229 | — | 53,529,229 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 3,689,996 | — | 3,689,996 |
Municipal Bonds | — | 2,519,856 | — | 2,519,856 |
Mortgage-Backed Securities | — | 4,454 | — | 4,454 |
Money Market Fund | 34,240,625 | — | — | 34,240,625 |
Total | $34,240,625 | $528,500,882 | $ — | $562,741,507 |
14
Portfolio of Investments
Intermediate Bond Fund | September 30, 2020 | (Unaudited)
Corporate Bonds–Other | 38.1% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 2.9% | ||||
Alphabet Inc. | 1.10% | 08/15/30 | $40,000 | $39,604 |
Alphabet Inc. | 1.90 | 08/15/40 | 50,000 | 47,936 |
Alphabet Inc. | 2.05 | 08/15/50 | 82,000 | 76,203 |
Alphabet Inc. | 2.25 | 08/15/60 | 120,000 | 113,097 |
AT&T Inc. | 1.43(a) | 06/12/24 | 345,000 | 351,126 |
AT&T Inc. | 3.50 | 06/01/41 | 40,000 | 42,068 |
AT&T Inc. | 3.65 | 06/01/51 | 105,000 | 105,975 |
Charter Communications Operating LLC | 4.20 | 03/15/28 | 170,000 | 193,036 |
Charter Communications Operating LLC | 3.70 | 04/01/51 | 50,000 | 49,416 |
Comcast Corp. | 0.91(a) | 04/15/24 | 26,000 | 26,181 |
Comcast Corp. | 3.95 | 10/15/25 | 85,000 | 97,475 |
Comcast Corp. | 3.30 | 04/01/27 | 110,000 | 124,436 |
Comcast Corp. | 1.95 | 01/15/31 | 65,000 | 66,740 |
Comcast Corp. | 2.45 | 08/15/52 | 125,000 | 116,857 |
Comcast Corp. | 2.65 | 08/15/62 | 125,000 | 118,770 |
Sprint Communications, Inc. | 6.00 | 11/15/22 | 104,000 | 112,060 |
Sprint Spectrum Co. LLC (b) | 4.74 | 03/20/25 | 200,000 | 216,250 |
T-Mobile US, Inc. (b) | 3.00 | 02/15/41 | 200,000 | 197,448 |
Walt Disney Co. (The) | 3.50 | 05/13/40 | 65,000 | 72,799 |
Total Communication Services | 2,167,477 | |||
Consumer Discretionary | 4.5% | ||||
Amazon.com, Inc. | 2.70 | 06/03/60 | 110,000 | 113,106 |
American Airlines Pass Through Trust 2017-1 | 3.65 | 02/15/29 | 136,744 | 131,487 |
Block Financial Corp. | 3.88 | 08/15/30 | 95,000 | 95,430 |
Booking Holdings Inc. | 4.10 | 04/13/25 | 300,000 | 337,916 |
Booking Holdings Inc. | 4.50 | 04/13/27 | 55,000 | 64,545 |
Expedia Group, Inc. (b) | 4.63 | 08/01/27 | 330,000 | 346,577 |
Ford Motor Co. | 8.50 | 04/21/23 | 245,000 | 267,050 |
Ford Motor Co. | 3.37 | 11/17/23 | 200,000 | 197,000 |
Ford Motor Co. | 9.00 | 04/22/25 | 65,000 | 74,523 |
Ford Motor Co. | 5.13 | 06/16/25 | 240,000 | 247,500 |
General Motors Financial Co., Inc. | 1.53(a) | 06/30/22 | 60,000 | 59,810 |
General Motors Financial Co., Inc. | 1.29(a) | 01/05/23 | 45,000 | 44,513 |
General Motors Financial Co., Inc. | 5.20 | 03/20/23 | 155,000 | 168,140 |
General Motors Financial Co., Inc. | 2.75 | 06/20/25 | 45,000 | 46,094 |
Harley-Davidson Financial Services, Inc. (b) | 3.35 | 02/15/23 | 165,000 | 171,430 |
Harley-Davidson Financial Services, Inc. (b) | 3.35 | 06/08/25 | 100,000 | 104,589 |
Marriott International, Inc. | 4.63 | 06/15/30 | 355,000 | 379,885 |
Masco Corp. | 2.00 | 10/01/30 | 85,000 | 84,877 |
McDonald's Corp. | 3.50 | 07/01/27 | 60,000 | 68,286 |
McDonald's Corp. | 4.20 | 04/01/50 | 35,000 | 42,501 |
Ralph Lauren Corp. | 3.75 | 09/15/25 | 155,000 | 173,868 |
Southwest Airlines Co. | 5.13 | 06/15/27 | 110,000 | 119,812 |
Target Corp. | 2.65 | 09/15/30 | 60,000 | 67,110 |
United Airlines Holdings, Inc. | 4.88 | 01/15/25 | 60,000 | 51,600 |
Total Consumer Discretionary | 3,457,649 | |||
Consumer Staples | 1.2% | ||||
General Mills, Inc. | 1.28(a) | 10/17/23 | 210,000 | 212,277 |
Kellogg Co. | 2.10 | 06/01/30 | 100,000 | 102,366 |
Keurig Dr Pepper Inc. | 3.43 | 06/15/27 | 339,000 | 377,269 |
Molson Coors Brewing Co. | 3.00 | 07/15/26 | 42,000 | 44,820 |
15
Portfolio of Investments | Intermediate Bond Fund | September 30, 2020 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 38.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Consumer Staples | 1.2% (Continued) | ||||
Molson Coors Brewing Co. | 5.00% | 05/01/42 | $50,000 | $56,529 |
Nestle Holdings, Inc. (b) | 0.38 | 01/15/24 | 155,000 | 154,360 |
Total Consumer Staples | 947,621 | |||
Energy | 4.4% | ||||
BP Capital Markets America Inc. | 1.75 | 08/10/30 | 125,000 | 123,960 |
BP Capital Markets America Inc. | 3.00 | 02/24/50 | 159,000 | 151,215 |
BP Capital Markets America Inc. | 2.77 | 11/10/50 | 125,000 | 114,297 |
BP Capital Markets America Inc. | 3.19 | 04/06/25 | 270,000 | 296,912 |
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 180,000 | 200,413 |
Cheniere Corpus Christi Holdings LLC (b) | 3.70 | 11/15/29 | 39,000 | 40,511 |
Chevron Corp. | 2.00 | 05/11/27 | 60,000 | 63,428 |
Chevron Corp. | 2.24 | 05/11/30 | 65,000 | 68,927 |
Chevron Corp. | 2.98 | 05/11/40 | 65,000 | 70,041 |
Concho Resources Inc. | 2.40 | 02/15/31 | 125,000 | 119,444 |
Energy Transfer Operating LP | 3.75 | 05/15/30 | 318,000 | 307,784 |
Energy Transfer Operating LP | 5.00 | 05/15/50 | 40,000 | 36,719 |
EOG Resources, Inc. | 4.38 | 04/15/30 | 85,000 | 100,091 |
EOG Resources, Inc. | 4.95 | 04/15/50 | 60,000 | 73,567 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 188,000 | 187,765 |
EQM Midstream Partners, LP | 5.50 | 07/15/28 | 213,000 | 214,502 |
Gray Oak Pipeline, LLC (b) | 2.00 | 09/15/23 | 70,000 | 70,381 |
HollyFrontier Corp. | 2.63 | 10/01/23 | 60,000 | 60,157 |
Midwest Connector Capital Co. LLC (b) | 3.90 | 04/01/24 | 85,000 | 85,740 |
Midwest Connector Capital Co. LLC (b) | 4.63 | 04/01/29 | 205,000 | 207,073 |
MPLX LP | 1.75 | 03/01/26 | 80,000 | 79,818 |
MPLX LP | 2.65 | 08/15/30 | 200,000 | 195,969 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 112,000 | 108,624 |
Occidental Petroleum Corp. | 5.88 | 09/01/25 | 110,000 | 100,811 |
Pioneer Natural Resources Co. | 1.90 | 08/15/30 | 165,000 | 154,805 |
Rockies Express Pipeline LLC (b) | 4.80 | 05/15/30 | 60,000 | 58,489 |
Valero Energy Corp. | 1.20 | 03/15/24 | 90,000 | 89,618 |
Total Energy | 3,381,061 | |||
Financials | 14.3% | ||||
Air Lease Corp. | 2.63 | 07/01/22 | 70,000 | 70,848 |
Air Lease Corp. | 3.88 | 07/03/23 | 75,000 | 78,121 |
Air Lease Corp. | 3.38 | 07/01/25 | 95,000 | 96,988 |
Ally Financial Inc. | 3.05 | 06/05/23 | 120,000 | 124,686 |
Ally Financial Inc. | 1.45 | 10/02/23 | 150,000 | 149,626 |
Athene Global Funding (b) | 2.80 | 05/26/23 | 95,000 | 99,062 |
Athene Global Funding (b) | 2.50 | 01/14/25 | 609,000 | 627,615 |
Athene Global Funding (b) | 2.95 | 11/12/26 | 120,000 | 126,351 |
Bank of America Corp. | 3.95 | 04/21/25 | 844,000 | 937,212 |
Bank of America Corp. | 0.98(a) | 09/25/25 | 220,000 | 219,947 |
Bank of America Corp. | 2.50(a) | 02/13/31 | 263,000 | 274,148 |
Bank of America Corp. | 2.68(a) | 06/19/41 | 275,000 | 280,478 |
Capital One Bank (USA), NA | 2.01(a) | 01/27/23 | 275,000 | 279,659 |
CIT Group Inc. | 3.93(a) | 06/19/24 | 90,000 | 90,675 |
Citigroup Inc. | 1.68(a) | 05/15/24 | 75,000 | 76,826 |
Citigroup Inc. | 4.45 | 09/29/27 | 653,000 | 756,384 |
Citigroup Inc. | 2.98(a) | 11/05/30 | 65,000 | 70,272 |
Citigroup Inc. | 2.57(a) | 06/03/31 | 295,000 | 310,071 |
16
Portfolio of Investments | Intermediate Bond Fund | September 30, 2020 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 38.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 14.3% (Continued) | ||||
CoreStates Capital II (b) | 0.93%(a) | 01/15/27 | $175,000 | $158,794 |
Fifth Third Bancorp | 1.63 | 05/05/23 | 110,000 | 112,941 |
Goldman Sachs Group Inc. | 3.81(a) | 04/23/29 | 117,000 | 133,169 |
Goldman Sachs Group, Inc. | 3.50 | 04/01/25 | 165,000 | 182,052 |
Guardian Life Global Funding (b) | 1.10 | 06/23/25 | 85,000 | 85,847 |
Iron Mountain Inc. (b) | 4.50 | 02/15/31 | 80,000 | 80,441 |
J.P. Morgan Chase & Co. | 0.65(a) | 09/16/24 | 120,000 | 120,036 |
J.P. Morgan Chase & Co. | 2.08(a) | 04/22/26 | 205,000 | 214,110 |
J.P. Morgan Chase & Co. | 3.63 | 12/01/27 | 422,000 | 472,138 |
J.P. Morgan Chase & Co. | 2.52(a) | 04/22/31 | 105,000 | 111,761 |
J.P. Morgan Chase & Co. | 2.96(a) | 05/13/31 | 120,000 | 128,269 |
Jackson National Life Global Funding (b) | 0.55(a) | 03/16/21 | 65,000 | 65,073 |
Jackson National Life Global Funding (b) | 0.69(a) | 01/06/23 | 350,000 | 350,479 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 884,000 | 928,657 |
Met Tower Global Funding (b) | 0.61(a) | 01/17/23 | 150,000 | 150,695 |
Metropolitan Life Global Funding (b) | 0.63(a) | 01/13/23 | 150,000 | 150,518 |
Morgan Stanley | 1.45(a) | 01/20/22 | 100,000 | 100,291 |
Morgan Stanley | 2.72(a) | 07/22/25 | 207,000 | 219,888 |
Morgan Stanley | 2.70(a) | 01/22/31 | 230,000 | 245,548 |
Oaktree Specialty Lending Corp. | 3.50 | 02/25/25 | 405,000 | 407,149 |
Principal Life Global Funding II (b) | 1.25 | 06/23/25 | 65,000 | 66,113 |
Protective Life Global Funding (b) | 1.17 | 07/15/25 | 540,000 | 544,172 |
Prudential Financial, Inc. | 5.70(a) | 09/15/48 | 75,000 | 84,721 |
Regions Financial Corp. | 2.25 | 05/18/25 | 70,000 | 73,832 |
Visa Inc. | 2.00 | 08/15/50 | 120,000 | 110,645 |
Wells Fargo & Co. | 1.65(a) | 06/02/24 | 350,000 | 356,433 |
Wells Fargo & Co. | 2.19(a) | 04/30/26 | 60,000 | 62,314 |
Wells Fargo & Co. | 2.39(a) | 06/02/28 | 175,000 | 182,504 |
Wells Fargo & Co. | 2.57(a) | 02/11/31 | 50,000 | 52,277 |
Wells Fargo & Co. | 3.07(a) | 04/30/41 | 230,000 | 238,636 |
Total Financials | 10,858,472 | |||
Health Care | 2.1% | ||||
AbbVie Inc. (b) | 2.95 | 11/21/26 | 160,000 | 174,293 |
AbbVie Inc. (b) | 4.05 | 11/21/39 | 172,000 | 196,441 |
Anthem, Inc. | 2.38 | 01/15/25 | 50,000 | 53,115 |
Anthem, Inc. | 3.13 | 05/15/50 | 60,000 | 60,515 |
Biogen Inc. | 2.25 | 05/01/30 | 35,000 | 35,698 |
Biogen Inc. | 3.15 | 05/01/50 | 60,000 | 59,066 |
CVS Health Corp. | 1.75 | 08/21/30 | 190,000 | 186,004 |
CVS Health Corp. | 2.70 | 08/21/40 | 120,000 | 114,780 |
HCA Healthcare Inc. | 5.13 | 06/15/39 | 89,000 | 107,836 |
Health Care Service Corp. (b) | 1.50 | 06/01/25 | 220,000 | 225,642 |
Merck & Co., Inc. | 2.35 | 06/24/40 | 75,000 | 76,112 |
Mylan Inc. | 4.55 | 04/15/28 | 140,000 | 163,002 |
Mylan Inc. | 5.20 | 04/15/48 | 50,000 | 61,870 |
Thermo Fisher Scientific Inc. | 4.50 | 03/25/30 | 55,000 | 67,814 |
Total Health Care | 1,582,188 | |||
Industrials | 1.5% | ||||
Ashtead Capital, Inc. (b) | 4.25 | 11/01/29 | 248,000 | 261,005 |
Boeing Co. (The) | 1.88 | 06/15/23 | 135,000 | 134,632 |
Boeing Co. (The) | 2.85 | 10/30/24 | 66,000 | 66,563 |
17
Portfolio of Investments | Intermediate Bond Fund | September 30, 2020 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 38.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Industrials | 1.5% (Continued) | ||||
Boeing Co. (The) | 5.71% | 05/01/40 | $77,000 | $89,880 |
Caterpillar Inc. | 3.25 | 04/09/50 | 55,000 | 61,622 |
Delta Air Lines, Inc. (b) | 7.00 | 05/01/25 | 150,000 | 164,673 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 110,000 | 115,294 |
Southwest Airlines Co. | 5.25 | 05/04/25 | 255,000 | 280,793 |
Total Industrials | 1,174,462 | |||
Information Technology | 2.4% | ||||
Dell International LLC / EMC Corp. (b) | 5.85 | 07/15/25 | 110,000 | 128,351 |
Dell International LLC / EMC Corp. (b) | 4.90 | 10/01/26 | 122,000 | 137,878 |
DXC Technology Co. | 4.00 | 04/15/23 | 80,000 | 84,238 |
Infor, Inc. (b) | 1.75 | 07/15/25 | 70,000 | 72,129 |
International Business Machines Corp. | 4.15 | 05/15/39 | 146,000 | 178,272 |
Microsoft Corp. | 3.70 | 08/08/46 | 385,000 | 483,098 |
NVIDIA Corp. | 3.50 | 04/01/40 | 60,000 | 70,258 |
NVIDIA Corp. | 3.50 | 04/01/50 | 60,000 | 70,105 |
Owl Rock Technology Finance Corp. (b) | 4.75 | 12/15/25 | 450,000 | 444,564 |
PayPal Holdings, Inc. | 2.30 | 06/01/30 | 70,000 | 73,857 |
PayPal Holdings, Inc. | 3.25 | 06/01/50 | 70,000 | 77,232 |
Total Information Technology | 1,819,982 | |||
Materials | 0.7% | ||||
3M Co. | 3.70 | 04/15/50 | 60,000 | 71,795 |
DuPont de Nemours, Inc. | 2.17 | 05/01/23 | 80,000 | 80,744 |
E.I. du Pont de Nemours & Co. | 2.30 | 07/15/30 | 40,000 | 42,407 |
Mosaic Co. (The) | 4.25 | 11/15/23 | 305,000 | 331,009 |
Total Materials | 525,955 | |||
Real Estate | 1.3% | ||||
American Tower Corp. | 1.88 | 10/15/30 | 130,000 | 128,034 |
Life Storage, LP | 2.20 | 10/15/30 | 215,000 | 214,611 |
Prologis, LP | 1.25 | 10/15/30 | 120,000 | 117,023 |
Prologis, LP | 2.13 | 10/15/50 | 120,000 | 107,756 |
SBA Tower Trust (b) | 2.84 | 01/15/25 | 115,000 | 123,053 |
Service Properties Trust | 7.50 | 09/15/25 | 205,000 | 218,042 |
Welltower Inc. | 2.75 | 01/15/31 | 95,000 | 97,552 |
Total Real Estate | 1,006,071 | |||
Utilities | 2.8% | ||||
Dominion Energy, Inc. | 0.77(a) | 09/15/23 | 90,000 | 90,144 |
National Fuel Gas Co. | 5.50 | 01/15/26 | 272,000 | 296,860 |
Pacific Gas & Electric Co. | 4.25 | 08/01/23 | 294,000 | 313,131 |
Pacific Gas & Electric Co. | 4.25 | 03/15/46 | 240,000 | 231,329 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 182,362 | 183,695 |
Southern California Edison Co. | 2.25 | 06/01/30 | 55,000 | 55,148 |
Southern California Edison Co. | 4.00 | 04/01/47 | 314,000 | 336,222 |
Southern California Edison Co. | 3.65 | 02/01/50 | 214,000 | 222,328 |
TerraForm Power Operating LLC (b) | 4.25 | 01/31/23 | 215,000 | 220,349 |
18
Portfolio of Investments | Intermediate Bond Fund | September 30, 2020 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 38.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Utilities | 2.8% (Continued) | ||||
TerraForm Power Operating LLC (b) | 4.75% | 01/15/30 | $171,000 | $181,688 |
Total Utilities | 2,130,894 | |||
Total Corporate Bonds–Other | ||||
(Cost $28,461,745) | 29,051,832 |
Mortgage-Backed Securities | 16.6% of portfolio | ||||
Federal Home Loan Mortgage Corp. | 3.00 | 06/01/50 | 570,506 | 597,613 |
FNMA BN5402 | 3.50 | 04/01/49 | 96,241 | 101,305 |
FNMA BN7662 | 3.50 | 07/01/49 | 306,564 | 322,935 |
FNMA CA4016 | 3.00 | 08/01/49 | 1,200,798 | 1,266,306 |
FNMA FM1000 | 3.00 | 04/01/47 | 2,134,494 | 2,242,794 |
FNMA FM4231 | 2.50 | 09/01/50 | 363,084 | 381,114 |
FNMA MA3691 | 3.00 | 07/01/49 | 533,308 | 558,408 |
FNMA MA3692 | 3.50 | 07/01/49 | 1,253,074 | 1,319,644 |
FNMA MA3745 | 3.50 | 08/01/49 | 1,425,780 | 1,502,534 |
FNMA MA3834 | 3.00 | 11/01/49 | 1,024,958 | 1,073,197 |
FNMA MA3960 | 3.00 | 03/01/50 | 470,170 | 492,298 |
FNMA MA3992 | 3.50 | 04/01/50 | 557,402 | 587,544 |
FNMA MA4048 | 3.00 | 06/01/50 | 1,629,783 | 1,710,826 |
GNMA MA6474 | 3.00 | 02/20/50 | 446,500 | 467,499 |
Total Mortgage-Backed Securities | ||||
(Cost $12,484,435) | 12,624,017 |
U.S. Government & Agency Obligations | 14.5% of portfolio | ||||
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 300,000 | 305,738 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 150,000 | 151,836 |
U.S. International Development Finance Corp. | 1.49 | 08/15/31 | 80,000 | 82,747 |
U.S. International Development Finance Corp. | 3.00 | 10/05/34 | 193,640 | 224,096 |
U.S. International Development Finance Corp. | 1.32 | 03/15/35 | 210,000 | 210,633 |
U.S. Treasury Note | 0.13 | 09/15/23 | 109,000 | 108,898 |
U.S. Treasury Note | 0.25 | 09/30/25 | 260,000 | 259,655 |
U.S. Treasury Note | 0.38 | 09/30/27 | 3,130,000 | 3,108,970 |
U.S. Treasury Note | 0.63 | 08/15/30 | 1,255,000 | 1,247,745 |
U.S. Treasury Note | 1.25 | 05/15/50 | 5,646,000 | 5,350,467 |
Total U.S. Government & Agency Obligations | ||||
(Cost $11,173,449) | 11,050,785 |
Asset-Backed Securities | 11.7% of portfolio | ||||
American Credit Acceptance Receivables Trust 19-1 (b) | 3.50 | 04/14/25 | 120,000 | 122,650 |
American Credit Acceptance Receivables Trust 2019-3 (b) | 2.59 | 08/14/23 | 800,000 | 807,640 |
American Credit Acceptance Receivables Trust 20-3A (b) | 0.62 | 10/13/23 | 155,338 | 155,384 |
American Credit Acceptance Receivables Trust 20-3B (b) | 1.15 | 08/13/24 | 115,000 | 115,353 |
Avant Loans Funding Trust 19-B (b) | 2.72 | 10/15/26 | 58,388 | 58,613 |
Avid Automobile Receivables Trust 19-1 (b) | 2.62 | 02/15/24 | 54,966 | 55,537 |
Carvana Auto Receivables Trust 19-2A (b) | 2.74 | 12/15/23 | 310,000 | 316,069 |
Consumer Loan Underlying Bond 18-P3 (b) | 3.82 | 01/15/26 | 155,543 | 156,597 |
Consumer Loan Underlying Bond 19-HP1 (b) | 2.59 | 12/15/26 | 61,088 | 61,780 |
Consumer Loan Underlying Bond 20-P1 (b) | 2.26 | 03/15/28 | 157,019 | 158,204 |
CPS Auto Trust 20-C (b) | 1.01 | 01/15/25 | 100,000 | 100,069 |
Credit Acceptance Auto Loan Trust 18-2A (b) | 3.47 | 05/17/27 | 145,826 | 147,384 |
Credit Acceptance Auto Loan Trust 18-3B (b) | 3.89 | 10/15/27 | 250,000 | 257,936 |
Credit Acceptance Auto Loan Trust 19-1A (b) | 3.33 | 02/15/28 | 250,000 | 256,108 |
19
Portfolio of Investments | Intermediate Bond Fund | September 30, 2020 | (Unaudited) |
(Continued)
Asset-Backed Securities | 11.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Credit Acceptance Auto Loan Trust 19-1B (b) | 3.75% | 04/17/28 | $500,000 | $523,738 |
Credit Acceptance Auto Loan Trust 19-1C (b) | 3.94 | 06/15/28 | 250,000 | 261,377 |
Credit Acceptance Auto Loan Trust 20-1A (b) | 2.01 | 02/15/29 | 500,000 | 511,749 |
Credit Acceptance Auto Loan Trust 20-1A (b) | 2.39 | 04/16/29 | 250,000 | 253,811 |
Credit Acceptance Auto Loan Trust 20-2A (b) | 1.37 | 07/16/29 | 250,000 | 252,945 |
DT Auto Owner Trust 18-2D (b) | 4.15 | 03/15/24 | 100,000 | 103,231 |
DT Auto Owner Trust 19-1C (b) | 3.61 | 11/15/24 | 300,000 | 307,712 |
DT Auto Owner Trust 20-3A (b) | 0.91 | 12/16/24 | 200,000 | 199,954 |
Exeter Automobile Receivables Trust 19-4 (b) | 2.18 | 01/17/23 | 42,013 | 42,193 |
Exeter Automobile Receivables Trust 20-1A (b) | 2.05 | 06/15/23 | 48,647 | 48,984 |
Exeter Automobile Receivables Trust 20-1A (b) | 2.26 | 04/15/24 | 100,000 | 101,485 |
Exeter Automobile Receivables Trust 20-3A | 0.52 | 10/16/23 | 100,000 | 100,025 |
Foursight Capital Automobile Receivables Trust 19-1 (b) | 2.67 | 03/15/24 | 100,000 | 101,963 |
Freedom Financial 20-3 (b) | 2.40 | 09/20/27 | 256,937 | 257,510 |
GLS Auto Receivables Trust 19-1 (b) | 3.65 | 12/16/24 | 800,000 | 817,077 |
GLS Auto Receivables Trust 19-2 (b) | 3.06 | 04/17/23 | 1,590,078 | 1,605,207 |
GLS Auto Receivables Trust 20-2 (b) | 1.58 | 08/15/24 | 78,471 | 79,225 |
GLS Auto Receivables Trust 20-3 (b) | 1.38 | 08/15/24 | 150,000 | 150,683 |
Marlette Funding Trust 19-3 (b) | 2.69 | 09/17/29 | 37,876 | 38,192 |
Marlette Funding Trust 20-2 (b) | 1.02 | 09/16/30 | 93,996 | 94,147 |
Prosper Marketplace Issuance Trust 19-3 (b) | 3.19 | 07/15/25 | 23,275 | 23,380 |
SoFi Consumer Loan Program Trust 19-1 (b) | 3.24 | 02/25/28 | 36,226 | 36,589 |
SoFi Consumer Loan Program Trust 19-4 (b) | 2.45 | 08/25/28 | 48,733 | 49,300 |
United Auto Credit Securitization Trust 20-1 (b) | 1.47 | 11/10/22 | 120,000 | 120,647 |
Upstart Securitization Trust 19-3 (b) | 2.68 | 01/21/30 | 88,960 | 89,704 |
Total Asset-Backed Securities | ||||
(Cost $8,894,161) | 8,940,152 |
Yankee Bonds | 10.7% of portfolio | ||||
AerCap Ireland Capital DAC | 4.13 | 07/03/23 | 185,000 | 188,754 |
AerCap Ireland Capital DAC | 6.50 | 07/15/25 | 165,000 | 178,094 |
Aircastle Ltd. (b) | 5.25 | 08/11/25 | 160,000 | 156,489 |
Avolon Holdings Funding Ltd. (b) | 3.63 | 05/01/22 | 207,000 | 203,396 |
Avolon Holdings Funding Ltd. (b) | 3.95 | 07/01/24 | 150,000 | 142,485 |
Avolon Holdings Funding Ltd. (b) | 5.50 | 01/15/26 | 300,000 | 301,158 |
Banco Bilbao Vizcaya Argentaria SA | 0.88 | 09/18/23 | 200,000 | 199,763 |
Banco Bilbao Vizcaya Argentaria SA | 1.13 | 09/18/25 | 200,000 | 198,595 |
Banco Santander SA | 2.75 | 05/28/25 | 200,000 | 210,166 |
Banco Santander SA | 3.49 | 05/28/30 | 200,000 | 217,553 |
Bank of Montreal | 0.77(a) | 03/10/23 | 100,000 | 100,466 |
Barclays PLC | 1.66(a) | 05/16/24 | 400,000 | 401,090 |
Barclays PLC | 2.85(a) | 05/07/26 | 325,000 | 337,415 |
Barclays PLC | 2.65(a) | 06/24/31 | 200,000 | 199,474 |
Cemex, SAB de CV (b) | 7.38 | 06/05/27 | 230,000 | 248,517 |
Delta and SkyMiles IP Ltd. (b) | 4.50 | 10/20/25 | 100,000 | 102,625 |
Delta and SkyMiles IP Ltd. (b) | 4.75 | 10/20/28 | 50,000 | 51,875 |
Deutsche Bank AG | 2.22(a) | 09/18/24 | 150,000 | 150,985 |
DH Europe Finance II SARL | 2.60 | 11/15/29 | 153,000 | 165,782 |
Enel Finance International NV (b) | 2.65 | 09/10/24 | 300,000 | 318,025 |
Imperial Brands PLC (b) | 3.88 | 07/26/29 | 311,000 | 336,668 |
Mitsubishi UFJ Financial Group, Inc. | 1.10(a) | 07/26/23 | 230,000 | 232,116 |
Mitsubishi UFJ Financial Group, Inc. | 1.41 | 07/17/25 | 220,000 | 222,714 |
Nationwide Building Society (b) | 3.62(a) | 04/26/23 | 200,000 | 207,790 |
Nissan Motor Co., Ltd. (b) | 3.52 | 09/17/25 | 200,000 | 202,098 |
NXP BV (b) | 3.40 | 05/01/30 | 60,000 | 65,635 |
Royal Bank of Scotland Group PLC | 4.27(a) | 03/22/25 | 296,000 | 321,720 |
Seagate HDD Cayman (b) | 4.09 | 06/01/29 | 247,000 | 266,961 |
20
Portfolio of Investments | Intermediate Bond Fund | September 30, 2020 | (Unaudited) |
(Continued)
Yankee Bonds | 10.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Seagate HDD Cayman (b) | 4.13% | 01/15/31 | $75,000 | $80,884 |
Spirit Loyalty Cayman Ltd. (b) | 8.00 | 09/20/25 | 100,000 | 105,952 |
Sumitomo Mitsui Financial Group, Inc. (b) | 1.05 | 09/12/25 | 200,000 | 200,720 |
Syngenta Finance NV (b) | 4.44 | 04/24/23 | 230,000 | 242,897 |
Syngenta Finance NV (b) | 4.89 | 04/24/25 | 530,000 | 574,521 |
Tencent Holdings Ltd. (b) | 3.28 | 04/11/24 | 220,000 | 234,318 |
Tencent Holdings Ltd. (b) | 1.81 | 01/26/26 | 220,000 | 224,296 |
Tencent Music Entertainment Group | 2.00 | 09/03/30 | 200,000 | 195,655 |
Teva Pharmaceutical Industries Ltd. | 2.80 | 07/21/23 | 248,000 | 237,150 |
Toronto-Dominion Bank | 0.53(a) | 09/28/23 | 90,000 | 90,027 |
Total Capital International SA | 3.13 | 05/29/50 | 40,000 | 41,315 |
Total Yankee Bonds | ||||
(Cost $7,944,515) | 8,156,144 |
Municipal Bonds | 0.8% of portfolio | ||||
New Jersey | 0.8% | ||||
New Jersey Housing and Morgage Finance Agency | 1.34 | 04/01/24 | 95,000 | 95,687 |
New Jersey Housing and Morgage Finance Agency | 1.49 | 04/01/25 | 85,000 | 85,836 |
New Jersey Housing and Morgage Finance Agency | 1.54 | 10/01/25 | 145,000 | 146,063 |
New Jersey Transportation Trust Fund Authority | 4.08 | 06/15/39 | 265,000 | 251,612 |
Total New Jersey | 579,198 | |||
Total Municipal Bonds | ||||
(Cost $588,277) | 579,198 |
Money Market Fund | 7.6% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03(c) | 5,804,983 | 5,804,983 | |
Total Money Market Fund | ||||
(Cost $5,804,983) | 5,804,983 | |||
Total Investments in Securities | ||||
(Cost $75,351,565) | 100.0% | $76,207,111 |
(a) | Variable coupon rate as of September 30, 2020. |
(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 Trustees. The total of such securities at period-end amounts to $19,595,511 and represents 25.7% of total investments. |
(c) | 7-day yield at September 30, 2020. |
LLC - Limited Liability Company
LP - Limited Partnership
NA - National Association
DAC - Designated Activity Company
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
AG - Aktiengesellschaft
SARL - Societe a responsabilite limitee
NV - Naamloze Vennottschap
21
Portfolio of Investments | Intermediate Bond Fund | September 30, 2020 | (Unaudited) |
(Continued)
BV - Besloten Vennootschap
At September 30, 2020, the cost of investment securities for tax purposes was $75,355,470. Net unrealized appreciation of investment securities was $851,641 consisting of unrealized gains of $1,215,353 and unrealized losses of $363,712.
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 |
Corporate Bonds–Other | $ — | $29,051,832 | $ — | $29,051,832 |
Mortgage-Backed Securities | — | 12,624,017 | — | 12,624,017 |
U.S. Government & Agency Obligations | — | 11,050,785 | — | 11,050,785 |
Asset-Backed Securities | — | 8,940,152 | — | 8,940,152 |
Yankee Bonds | — | 8,156,144 | — | 8,156,144 |
Municipal Bonds | — | 579,198 | — | 579,198 |
Money Market Fund | 5,804,983 | — | — | 5,804,983 |
Total | $5,804,983 | $70,402,128 | $ — | $76,207,111 |
22
Portfolio of Investments
Stock Index Fund | September 30, 2020 | (Unaudited)
Cost | Value | |
Investment | $41,218,818 | $171,256,381 |
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, 2020, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.70%. See the Portfolio of Investments for the S&P 500 Index Master Portfolio for holdings information.
23
Portfolio of Investments
S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited)
Common Stocks | 99.0% of net assets | ||
Shares | Value | |
Aerospace & Defense | 1.6% | ||
Boeing Co. | 458,126 | $75,709,903 |
General Dynamics Corp. | 200,676 | 27,779,579 |
Howmet Aerospace, Inc. | 339,873 | 5,682,676 |
Huntington Ingalls Industries, Inc. | 35,861 | 5,047,436 |
L3Harris Technologies, Inc. | 186,671 | 31,704,203 |
Lockheed Martin Corp. | 212,404 | 81,410,205 |
Northrop Grumman Corp. | 133,588 | 42,145,678 |
Raytheon Technologies Corp. | 1,319,038 | 75,897,446 |
Teledyne Technologies, Inc. (a) | 31,829 | 9,873,674 |
Textron, Inc. | 195,208 | 7,045,057 |
TransDigm Group, Inc. | 46,804 | 22,237,516 |
Total Aerospace & Defense | 384,533,373 | |
Air Freight & Logistics | 0.7% | ||
C.H. Robinson Worldwide, Inc. | 115,921 | 11,845,967 |
Expeditors International of Washington, Inc. | 144,763 | 13,103,947 |
FedEx Corp. | 208,029 | 52,323,454 |
United Parcel Service, Inc., Class B | 610,732 | 101,766,273 |
Total Air Freight & Logistics | 179,039,641 | |
Airlines | 0.2% | ||
Alaska Air Group, Inc. | 104,278 | 3,819,703 |
American Airlines Group, Inc. (b) | 439,112 | 5,396,686 |
Delta Air Lines, Inc. | 550,751 | 16,841,966 |
Southwest Airlines Co. | 509,319 | 19,099,463 |
United Airlines Holdings, Inc. (a) | 251,247 | 8,730,833 |
Total Airlines | 53,888,651 | |
Auto Components | 0.1% | ||
Aptiv PLC | 233,150 | 21,375,192 |
BorgWarner, Inc. | 176,581 | 6,840,748 |
Total Auto Components | 28,215,940 | |
Automobiles | 0.2% | ||
Ford Motor Co. | 3,390,483 | 22,580,617 |
General Motors Co. | 1,087,117 | 32,167,792 |
Total Automobiles | 54,748,409 | |
Banks | 3.3% | ||
Bank of America Corp. | 6,583,215 | 158,589,649 |
Citigroup, Inc. | 1,797,565 | 77,493,027 |
Citizens Financial Group, Inc. | 365,770 | 9,246,665 |
Comerica, Inc. | 123,273 | 4,715,192 |
Fifth Third Bancorp | 611,953 | 13,046,838 |
First Republic Bank | 146,729 | 16,002,265 |
Huntington Bancshares, Inc. | 878,386 | 8,054,800 |
JPMorgan Chase & Co. | 2,631,423 | 253,327,092 |
KeyCorp | 839,510 | 10,015,354 |
M&T Bank Corp. | 108,602 | 10,001,158 |
People's United Financial, Inc. | 379,790 | 3,915,635 |
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Banks | 3.3% (Continued) | ||
PNC Financial Services Group, Inc. | 366,156 | $40,244,206 |
Regions Financial Corp. | 833,745 | 9,613,080 |
SVB Financial Group (a) | 45,318 | 10,904,417 |
Truist Financial Corp. | 1,163,614 | 44,275,513 |
U.S. Bancorp | 1,183,035 | 42,411,805 |
Wells Fargo & Co. | 3,557,412 | 83,634,756 |
Zions Bancorp. NA | 145,771 | 4,259,429 |
Total Banks | 799,750,881 | |
Beverages | 1.7% | ||
Brown-Forman Corp., Class B (b) | 156,870 | 11,815,448 |
Coca-Cola Co. | 3,337,967 | 164,795,431 |
Constellation Brands, Inc., Class A | 145,838 | 27,637,759 |
Molson Coors Brewing Co., Class B | 161,725 | 5,427,491 |
Monster Beverage Corp. (a) | 318,762 | 25,564,713 |
PepsiCo, Inc. | 1,195,547 | 165,702,814 |
Total Beverages | 400,943,656 | |
Biotechnology | 2.1% | ||
AbbVie Inc. | 1,523,827 | 133,472,007 |
Alexion Pharmaceuticals, Inc. (a) | 189,243 | 21,655,076 |
Amgen Inc. | 505,711 | 128,531,508 |
Biogen, Inc. (a)(b) | 136,694 | 38,777,354 |
Gilead Sciences, Inc. | 1,082,515 | 68,404,123 |
Incyte Corp. (a) | 160,508 | 14,403,988 |
Regeneron Pharmaceuticals, Inc. (a) | 90,267 | 50,529,661 |
Vertex Pharmaceuticals, Inc. (a) | 225,374 | 61,328,773 |
Total Biotechnology | 517,102,490 | |
Building Products | 0.5% | ||
Allegion PLC | 79,134 | 7,827,144 |
AO Smith Corp. | 116,550 | 6,153,840 |
Carrier Global Corp. | 706,396 | 21,573,334 |
Fortune Brands Home & Security, Inc. | 119,282 | 10,320,278 |
Johnson Controls International PLC | 642,441 | 26,243,715 |
Masco Corp. | 225,817 | 12,449,291 |
Trane Technologies PLC | 206,627 | 25,053,524 |
Total Building Products | 109,621,126 | |
Capital Markets | 2.5% | ||
Ameriprise Financial, Inc. | 103,845 | 16,003,553 |
Bank of New York Mellon Corp. | 703,000 | 24,141,020 |
BlackRock, Inc. (c) | 122,445 | 69,003,880 |
Cboe Global Markets, Inc. | 92,827 | 8,144,641 |
Charles Schwab Corp. | 995,432 | 36,064,501 |
CME Group, Inc. | 309,650 | 51,807,542 |
E*Trade Financial Corp. | 190,903 | 9,554,695 |
24
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Capital Markets | 2.5% (Continued) | ||
Franklin Resources, Inc. | 229,824 | $4,676,918 |
Goldman Sachs Group, Inc. | 297,089 | 59,705,976 |
Intercontinental Exchange, Inc. | 484,604 | 48,484,630 |
Invesco Ltd. | 327,515 | 3,736,946 |
MarketAxess Holdings, Inc. | 33,020 | 15,902,102 |
Moody's Corp. | 138,939 | 40,271,469 |
Morgan Stanley | 1,034,693 | 50,027,407 |
MSCI, Inc. | 72,216 | 25,765,225 |
Nasdaq, Inc. | 99,903 | 12,259,097 |
Northern Trust Corp. | 179,676 | 14,009,338 |
Raymond James Financial, Inc. | 108,288 | 7,879,035 |
S&P Global Inc. (b) | 208,089 | 75,036,893 |
State Street Corp. | 303,979 | 18,035,074 |
T. Rowe Price Group, Inc. | 195,989 | 25,129,710 |
Total Capital Markets | 615,639,652 | |
Chemicals | 1.8% | ||
Air Products & Chemicals, Inc. | 190,729 | 56,810,540 |
Albemarle Corp. | 90,674 | 8,095,375 |
Celanese Corp. | 102,137 | 10,974,621 |
CF Industries Holdings, Inc. | 183,713 | 5,641,826 |
Corteva, Inc. | 643,334 | 18,534,452 |
Dow Inc. | 639,913 | 30,107,907 |
DuPont de Nemours, Inc. | 632,434 | 35,087,438 |
Eastman Chemical Co. | 115,913 | 9,055,124 |
Ecolab, Inc. | 214,432 | 42,852,091 |
FMC Corp. | 112,854 | 11,952,367 |
International Flavors & Fragrances, Inc. | 93,335 | 11,428,871 |
Linde PLC | 453,617 | 108,019,816 |
LyondellBasell Industries NV, Class A | 223,528 | 15,756,489 |
Mosaic Co. | 301,320 | 5,505,116 |
PPG Industries, Inc. | 203,752 | 24,874,044 |
Sherwin-Williams Co. | 70,550 | 49,155,007 |
Total Chemicals | 443,851,084 | |
Commercial Services & Supplies | 0.4% | ||
Cintas Corp. | 75,067 | 24,984,550 |
Copart, Inc. (a) | 178,107 | 18,729,732 |
Republic Services, Inc. | 180,884 | 16,885,521 |
Rollins, Inc. (b) | 127,350 | 6,901,097 |
Waste Management, Inc. | 335,588 | 37,978,494 |
Total Commercial Services & Supplies | 105,479,394 | |
Communications Equipment | 0.8% | ||
Arista Networks, Inc. (a)(b) | 47,229 | 9,773,097 |
Cisco Systems, Inc. | 3,655,307 | 143,982,543 |
F5 Networks, Inc. (a) | 51,988 | 6,382,567 |
Juniper Networks, Inc. | 290,641 | 6,248,781 |
Motorola Solutions, Inc. | 146,601 | 22,988,503 |
Total Communications Equipment | 189,375,491 |
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Construction & Engineering | 0.1% | ||
Jacobs Engineering Group, Inc. | 111,963 | $10,386,807 |
Quanta Services, Inc. | 121,753 | 6,435,864 |
Total Construction & Engineering | 16,822,671 | |
Construction Materials | 0.1% | ||
Martin Marietta Materials, Inc. | 53,454 | 12,580,934 |
Vulcan Materials Co. | 115,239 | 15,619,494 |
Total Construction Materials | 28,200,428 | |
Consumer Finance | 0.5% | ||
American Express Co. | 563,118 | 56,452,579 |
Capital One Financial Corp. | 394,278 | 28,332,817 |
Discover Financial Services | 264,542 | 15,285,237 |
Synchrony Financial | 473,928 | 12,402,696 |
Total Consumer Finance | 112,473,329 | |
Containers & Packaging | 0.4% | ||
Amcor PLC | 1,345,193 | 14,864,383 |
Avery Dennison Corp. | 72,705 | 9,294,607 |
Ball Corp. | 281,971 | 23,437,430 |
International Paper Co. | 341,409 | 13,840,721 |
Packaging Corp. of America | 81,400 | 8,876,670 |
Sealed Air Corp. | 133,968 | 5,199,298 |
WestRock Co. | 221,545 | 7,696,473 |
Total Containers & Packaging | 83,209,582 | |
Distributors | 0.1% | ||
Genuine Parts Co. | 124,563 | 11,854,661 |
LKQ Corp. (a) | 241,720 | 6,702,895 |
Total Distributors | 18,557,556 | |
Diversified Financial Services | 1.5% | ||
Berkshire Hathaway, Inc., Class B (a) | 1,711,526 | 364,452,346 |
Total Diversified Financial Services | 364,452,346 | |
Diversified Telecommunication Services | 1.6% | ||
AT&T, Inc. | 6,152,008 | 175,393,748 |
CenturyLink, Inc. | 857,752 | 8,654,718 |
Verizon Communications, Inc. | 3,572,960 | 212,555,390 |
Total Diversified Telecommunication Services | 396,603,856 | |
Electric Utilities | 1.8% | ||
Alliant Energy Corp. | 212,748 | 10,988,434 |
American Electric Power Co., Inc. | 429,095 | 35,069,934 |
Duke Energy Corp. | 634,070 | 56,153,239 |
Edison International | 326,571 | 16,602,870 |
Entergy Corp. | 173,355 | 17,080,668 |
Evergy, Inc. | 198,431 | 10,084,263 |
25
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Electric Utilities | 1.8% (Continued) | ||
Eversource Energy | 296,144 | $24,742,831 |
Exelon Corp. | 839,719 | 30,028,352 |
FirstEnergy Corp. | 470,441 | 13,506,361 |
NextEra Energy, Inc. | 422,782 | 117,347,372 |
NRG Energy, Inc. | 210,798 | 6,479,931 |
Pinnacle West Capital Corp. | 96,814 | 7,217,484 |
PPL Corp. | 668,523 | 18,190,511 |
Southern Co. | 910,570 | 49,371,105 |
Xcel Energy, Inc. | 453,160 | 31,272,572 |
Total Electric Utilities | 444,135,927 | |
Electrical Equipment | 0.5% | ||
AMETEK, Inc. | 199,032 | 19,783,781 |
Eaton Corp. PLC | 345,947 | 35,296,972 |
Emerson Electric Co. | 515,985 | 33,833,137 |
Rockwell Automation, Inc. | 100,605 | 22,201,511 |
Total Electrical Equipment | 111,115,401 | |
Electronic Equipment, Instruments & Components | 0.5% | ||
Amphenol Corp., Class A | 258,151 | 27,950,009 |
CDW Corp. | 122,974 | 14,699,082 |
Corning, Inc. | 657,033 | 21,294,440 |
FLIR Systems, Inc. | 113,633 | 4,073,743 |
IPG Photonics Corp. (a)(b) | 29,995 | 5,098,250 |
Keysight Technologies, Inc. (a) | 160,848 | 15,888,565 |
TE Connectivity Ltd. | 283,029 | 27,663,254 |
Zebra Technologies Corp., Class A (a) | 46,056 | 11,627,298 |
Total Electronic Equipment, Instruments & Components | 128,294,641 | |
Energy Equipment & Services | 0.2% | ||
Baker Hughes Co. | 572,371 | 7,606,811 |
Halliburton Co. | 750,650 | 9,045,333 |
National Oilwell Varco, Inc. | 342,352 | 3,101,709 |
Schlumberger NV | 1,205,365 | 18,755,479 |
TechnipFMC PLC | 362,703 | 2,288,656 |
Total Energy Equipment & Services | 40,797,988 | |
Entertainment | 2.0% | ||
Activision Blizzard, Inc. | 667,853 | 54,062,700 |
Electronic Arts Inc. (a) | 249,161 | 32,493,086 |
Live Nation Entertainment, Inc. (a) | 121,362 | 6,538,985 |
Netflix, Inc. (a) | 380,790 | 190,406,424 |
Take-Two Interactive Software, Inc. (a) | 98,542 | 16,281,109 |
Walt Disney Co. (b) | 1,560,290 | 193,600,783 |
Total Entertainment | 493,383,087 |
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Equity Real Estate Investment Trusts (REITs) | 2.6% | ||
Alexandria Real Estate Equities, Inc. | 101,270 | $16,203,200 |
American Tower Corp. | 382,997 | 92,581,865 |
Apartment Investment & Management Co., Class A | 128,731 | 4,340,809 |
AvalonBay Communities, Inc. | 121,601 | 18,159,893 |
Boston Properties, Inc. | 122,286 | 9,819,566 |
Crown Castle International Corp. | 361,609 | 60,207,898 |
Digital Realty Trust, Inc. | 232,261 | 34,086,624 |
Duke Realty Corp. | 320,492 | 11,826,155 |
Equinix, Inc. | 76,659 | 58,270,806 |
Equity Residential | 295,670 | 15,176,741 |
Essex Property Trust, Inc. | 56,305 | 11,305,481 |
Extra Space Storage, Inc. | 110,681 | 11,841,760 |
Federal Realty Investment Trust | 61,405 | 4,509,583 |
Healthpeak Properties, Inc. | 464,806 | 12,619,483 |
Host Hotels & Resorts, Inc. | 604,349 | 6,520,926 |
Iron Mountain, Inc. | 252,876 | 6,774,548 |
Kimco Realty Corp. | 361,070 | 4,065,648 |
Mid-America Apartment Communities, Inc. | 99,445 | 11,530,648 |
Prologis, Inc. | 637,882 | 64,183,687 |
Public Storage | 130,798 | 29,131,331 |
Realty Income Corp. | 297,920 | 18,098,640 |
Regency Centers Corp. | 136,212 | 5,178,780 |
SBA Communications Corp. | 96,653 | 30,782,047 |
Simon Property Group, Inc. | 263,910 | 17,069,699 |
SL Green Realty Corp. | 63,248 | 2,932,810 |
UDR, Inc. | 255,798 | 8,341,573 |
Ventas, Inc. | 321,095 | 13,473,146 |
Vornado Realty Trust | 135,460 | 4,566,357 |
Welltower, Inc. | 360,314 | 19,849,698 |
Weyerhaeuser Co. | 648,783 | 18,503,291 |
Total Equity Real Estate Investment Trusts (REITs) | 621,952,693 | |
Food & Staples Retailing | 1.6% | ||
Costco Wholesale Corp. | 381,229 | 135,336,295 |
Kroger Co. | 670,986 | 22,753,135 |
Sysco Corp. | 439,090 | 27,320,180 |
Walgreens Boots Alliance, Inc. | 621,006 | 22,306,536 |
Walmart, Inc. | 1,198,920 | 167,740,897 |
Total Food & Staples Retailing | 375,457,043 | |
Food Products | 1.1% | ||
Archer-Daniels-Midland Co. | 479,615 | 22,297,301 |
Campbell Soup Co. | 174,803 | 8,455,221 |
Conagra Brands, Inc. | 423,722 | 15,131,113 |
General Mills, Inc. | 526,236 | 32,458,237 |
Hershey Co. | 127,279 | 18,244,172 |
Hormel Foods Corp. | 242,105 | 11,836,513 |
J.M. Smucker Co. | 99,331 | 11,474,717 |
Kellogg Co. | 216,799 | 14,003,047 |
Kraft Heinz Co. | 559,480 | 16,756,426 |
26
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Food Products | 1.1% (Continued) | ||
Lamb Weston Holdings, Inc. | 124,846 | $8,273,544 |
McCormick & Co., Inc. | 107,590 | 20,883,219 |
Mondelez International, Inc., Class A | 1,233,284 | 70,852,166 |
Tyson Foods, Inc., Class A | 253,297 | 15,066,106 |
Total Food Products | 265,731,782 | |
Gas Utilities | 0.0% | ||
Atmos Energy Corp. | 106,510 | 10,181,291 |
Total Gas Utilities | 10,181,291 | |
Health Care Equipment & Supplies | 3.9% | ||
Abbott Laboratories | 1,528,746 | 166,373,427 |
ABIOMED, Inc. (a) | 39,437 | 10,926,415 |
Align Technology, Inc. (a)(b) | 61,710 | 20,201,386 |
Baxter International, Inc. | 436,773 | 35,125,285 |
Becton, Dickinson & Co. | 250,284 | 58,236,081 |
Boston Scientific Corp. (a)(b) | 1,235,302 | 47,200,889 |
Cooper Cos., Inc. | 42,423 | 14,301,642 |
Danaher Corp. | 545,153 | 117,387,796 |
DENTSPLY SIRONA, Inc. | 191,806 | 8,387,676 |
DexCom, Inc. (a) | 82,667 | 34,077,817 |
Edwards Lifesciences Corp. (a) | 535,129 | 42,713,997 |
Hologic, Inc. (a) | 223,962 | 14,886,754 |
IDEXX Laboratories, Inc. (a) | 73,440 | 28,869,998 |
Intuitive Surgical, Inc. (a)(b) | 101,045 | 71,695,469 |
Medtronic PLC | 1,160,649 | 120,614,644 |
ResMed, Inc. | 125,192 | 21,461,665 |
STERIS PLC | 73,941 | 13,027,665 |
Stryker Corp. | 282,152 | 58,792,012 |
Teleflex, Inc. | 40,309 | 13,721,990 |
Varian Medical Systems, Inc. (a)(b) | 78,200 | 13,450,400 |
West Pharmaceutical Services, Inc. | 63,513 | 17,459,724 |
Zimmer Biomet Holdings, Inc. | 179,086 | 24,380,768 |
Total Health Care Equipment & Supplies | 953,293,500 | |
Health Care Providers & Services | 2.6% | ||
AmerisourceBergen Corp. | 126,910 | 12,300,117 |
Anthem, Inc. | 217,161 | 58,327,273 |
Cardinal Health, Inc. | 254,665 | 11,956,522 |
Centene Corp. (a) | 497,800 | 29,036,674 |
Cigna Corp. | 317,056 | 53,712,457 |
CVS Health Corp. | 1,129,987 | 65,991,241 |
DaVita, Inc. (a) | 69,453 | 5,948,649 |
HCA Healthcare, Inc. | 227,659 | 28,384,524 |
Henry Schein, Inc. (a)(b) | 123,272 | 7,245,928 |
Humana Inc. | 114,227 | 47,277,413 |
Laboratory Corp. of America Holdings (a) | 84,938 | 15,991,277 |
McKesson Corp. | 140,617 | 20,942,090 |
Quest Diagnostics, Inc. | 115,282 | 13,198,636 |
UnitedHealth Group, Inc. | 820,558 | 255,825,368 |
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Health Care Providers & Services | 2.6% (Continued) | ||
Universal Health Services, Inc., Class B | 67,089 | $7,179,865 |
Total Health Care Providers & Services | 633,318,034 | |
Health Care Technology | 0.1% | ||
Cerner Corp. (b) | 263,732 | 19,065,186 |
Total Health Care Technology | 19,065,186 | |
Hotels, Restaurants & Leisure | 1.6% | ||
Carnival Corp. | 447,165 | 6,787,965 |
Chipotle Mexican Grill, Inc. (a) | 24,149 | 30,034,353 |
Darden Restaurants, Inc. | 112,179 | 11,300,913 |
Domino's Pizza, Inc. (b) | 33,697 | 14,330,660 |
Hilton Worldwide Holdings, Inc. | 239,440 | 20,429,021 |
Las Vegas Sands Corp. | 283,584 | 13,232,029 |
Marriott International, Inc., Class A | 229,622 | 21,258,405 |
McDonald's Corp. | 642,488 | 141,019,691 |
MGM Resorts International | 353,512 | 7,688,886 |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 225,621 | 3,860,375 |
Royal Caribbean Cruises Ltd. | 153,843 | 9,958,257 |
Starbucks Corp. | 1,009,361 | 86,724,297 |
Wynn Resorts, Ltd. | 85,011 | 6,104,640 |
Yum! Brands, Inc. | 260,241 | 23,760,003 |
Total Hotels, Restaurants & Leisure | 396,489,495 | |
Household Durables | 0.4% | ||
D.R. Horton, Inc. | 285,772 | 21,612,936 |
Garmin Ltd. | 128,795 | 12,217,494 |
Leggett & Platt, Inc. | 117,117 | 4,821,707 |
Lennar Corp., Class A | 237,116 | 19,367,635 |
Mohawk Industries, Inc. (a) | 50,377 | 4,916,291 |
Newell Brands, Inc. | 333,665 | 5,725,691 |
NVR, Inc. (a) | 3,042 | 12,420,851 |
PulteGroup, Inc. | 231,556 | 10,718,727 |
Whirlpool Corp. | 53,787 | 9,890,892 |
Total Household Durables | 101,692,224 | |
Household Products | 1.8% | ||
Church & Dwight Co., Inc. | 213,668 | 20,022,828 |
Clorox Co. | 109,273 | 22,965,907 |
Colgate-Palmolive Co. | 740,313 | 57,115,148 |
Kimberly-Clark Corp. | 293,749 | 43,374,977 |
Procter & Gamble Co. | 2,149,638 | 298,778,186 |
Total Household Products | 442,257,046 |
27
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Independent Power and Renewable Electricity Producers | 0.1% | ||
AES Corp. | 582,112 | $10,542,048 |
Total Independent Power and Renewable Electricity Producers | 10,542,048 | |
Industrial Conglomerates | 1.1% | ||
3M Co. | 497,359 | 79,666,965 |
General Electric Co. | 7,546,128 | 47,012,377 |
Honeywell International, Inc. | 605,947 | 99,744,936 |
Roper Technologies, Inc. | 90,602 | 35,797,756 |
Total Industrial Conglomerates | 262,222,034 | |
Insurance | 1.8% | ||
Aflac, Inc. | 572,468 | 20,809,212 |
Allstate Corp. | 269,666 | 25,386,357 |
American International Group, Inc. | 743,797 | 20,476,731 |
Aon PLC, Class A | 200,016 | 41,263,301 |
Arthur J Gallagher & Co. | 165,349 | 17,457,547 |
Assurant, Inc. | 52,112 | 6,321,707 |
Chubb Ltd. | 389,319 | 45,207,722 |
Cincinnati Financial Corp. | 129,152 | 10,069,981 |
Everest Re Group Ltd. | 34,513 | 6,817,698 |
Globe Life, Inc. | 84,610 | 6,760,339 |
Hartford Financial Services Group, Inc. | 307,460 | 11,332,976 |
Lincoln National Corp. | 156,847 | 4,914,017 |
Loews Corp. | 205,070 | 7,126,182 |
Marsh & McLennan Cos., Inc. | 437,186 | 50,145,234 |
MetLife, Inc. | 662,307 | 24,617,951 |
Principal Financial Group, Inc. | 220,438 | 8,877,038 |
Progressive Corp. | 505,455 | 47,851,425 |
Prudential Financial, Inc. | 339,044 | 21,536,075 |
Travelers Cos., Inc. | 219,868 | 23,787,519 |
Unum Group | 173,973 | 2,927,966 |
W.R. Berkley Corp. | 120,666 | 7,378,726 |
Willis Towers Watson PLC | 111,946 | 23,376,564 |
Total Insurance | 434,442,268 | |
Interactive Media & Services | 5.5% | ||
Alphabet, Inc., Class A (a) | 259,439 | 380,233,798 |
Alphabet, Inc., Class C (a) | 253,502 | 372,546,539 |
Facebook, Inc., Class A (a) | 2,075,952 | 543,691,829 |
Twitter, Inc. (a)(b) | 682,937 | 30,390,696 |
Total Interactive Media & Services | 1,326,862,862 | |
Internet & Direct Marketing Retail | 5.2% | ||
Amazon.com, Inc. (a) | 367,615 | 1,157,520,379 |
Booking Holdings, Inc. (a) | 35,357 | 60,484,513 |
eBay, Inc. | 574,090 | 29,910,089 |
Etsy, Inc. (a)(b) | 103,033 | 12,531,904 |
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Internet & Direct Marketing Retail | 5.2% (Continued) | ||
Expedia Group, Inc. | 116,285 | $10,662,171 |
Total Internet & Direct Marketing Retail | 1,271,109,056 | |
IT Services | 5.6% | ||
Accenture PLC, Class A | 549,318 | 124,140,375 |
Akamai Technologies, Inc. (a) | 140,703 | 15,553,310 |
Automatic Data Processing, Inc. | 370,497 | 51,680,627 |
Broadridge Financial Solutions, Inc. | 99,873 | 13,183,236 |
Cognizant Technology Solutions Corp., Class A | 464,998 | 32,280,161 |
DXC Technology Co. | 220,706 | 3,939,602 |
Fidelity National Information Services, Inc. | 534,843 | 78,734,238 |
Fiserv, Inc. (a) | 479,908 | 49,454,519 |
FleetCor Technologies, Inc. (a) | 72,372 | 17,231,773 |
Gartner, Inc. (a)(b) | 76,998 | 9,620,900 |
Global Payments, Inc. (b) | 257,743 | 45,770,002 |
International Business Machines Corp. | 768,961 | 93,559,485 |
Jack Henry & Associates, Inc. | 67,031 | 10,898,570 |
Leidos Holdings Inc. | 116,021 | 10,343,272 |
Mastercard, Inc., Class A | 762,726 | 257,931,051 |
Paychex, Inc. | 277,374 | 22,126,124 |
PayPal Holdings, Inc. (a) | 1,013,074 | 199,605,970 |
VeriSign, Inc. (a) | 86,729 | 17,766,436 |
Visa Inc., Class A (b) | 1,455,765 | 291,109,327 |
Western Union Co. | 354,220 | 7,590,935 |
Total IT Services | 1,352,519,913 | |
Leisure Products | 0.0% | ||
Hasbro, Inc. | 109,344 | 9,044,936 |
Total Leisure Products | 9,044,936 | |
Life Sciences Tools & Services | 1.2% | ||
Agilent Technologies, Inc. | 266,207 | 26,870,935 |
Bio-Rad Laboratories, Inc., Class A (a) | 18,020 | 9,288,589 |
Illumina, Inc. (a) | 126,062 | 38,963,243 |
IQVIA Holdings, Inc. (a) | 165,151 | 26,032,752 |
Mettler-Toledo International, Inc. (a) | 20,698 | 19,989,093 |
PerkinElmer, Inc. | 95,779 | 12,021,222 |
Thermo Fisher Scientific, Inc. | 341,567 | 150,808,662 |
Waters Corp. (a) | 53,469 | 10,462,814 |
Total Life Sciences Tools & Services | 294,437,310 | |
Machinery | 1.6% | ||
Caterpillar, Inc. | 467,553 | 69,735,530 |
Cummins, Inc. | 127,509 | 26,924,801 |
Deere & Co. | 270,580 | 59,968,645 |
28
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Machinery | 1.6% (Continued) | ||
Dover Corp. | 124,309 | $13,467,637 |
Flowserve Corp. | 112,148 | 3,060,519 |
Fortive Corp. | 291,041 | 22,180,235 |
IDEX Corp. | 65,171 | 11,887,842 |
Illinois Tool Works, Inc. | 247,499 | 47,819,282 |
Ingersoll Rand Inc. (a) | 320,494 | 11,409,586 |
Otis Worldwide Corp. | 353,198 | 22,046,619 |
PACCAR Inc. | 298,344 | 25,442,776 |
Parker-Hannifin Corp. | 110,721 | 22,403,287 |
Pentair PLC | 142,497 | 6,522,088 |
Snap-on, Inc. | 46,909 | 6,901,721 |
Stanley Black & Decker, Inc. | 137,876 | 22,363,487 |
Westinghouse Air Brake Technologies Corp. | 154,454 | 9,557,614 |
Xylem, Inc. | 156,792 | 13,189,343 |
Total Machinery | 394,881,012 | |
Media | 1.3% | ||
Charter Communications, Inc., Class A (a)(b) | 129,150 | 80,633,511 |
Comcast Corp., Class A | 3,936,124 | 182,085,096 |
Discovery, Inc., Class A (a)(b) | 134,754 | 2,933,595 |
Discovery, Inc., Class C (a) | 267,283 | 5,238,747 |
DISH Network Corp., Class A (a) | 213,018 | 6,183,913 |
Fox Corp., Class A | 303,158 | 8,436,887 |
Fox Corp., Class B (a) | 133,124 | 3,723,478 |
Interpublic Group of Cos., Inc. | 340,340 | 5,673,468 |
News Corp., Class A | 332,273 | 4,658,467 |
News Corp., Class B | 114,231 | 1,596,949 |
Omnicom Group, Inc. | 185,083 | 9,161,609 |
ViacomCBS, Inc., Class B | 486,782 | 13,634,764 |
Total Media | 323,960,484 | |
Metals & Mining | 0.3% | ||
Freeport-McMoRan, Inc. (b) | 1,253,904 | 19,611,059 |
Newmont Corp. | 693,403 | 43,996,420 |
Nucor Corp. | 259,631 | 11,647,047 |
Total Metals & Mining | 75,254,526 | |
Multi-Utilities | 0.9% | ||
Ameren Corp. | 214,214 | 16,940,043 |
CenterPoint Energy, Inc. | 470,418 | 9,102,588 |
CMS Energy Corp. | 247,137 | 15,176,683 |
Consolidated Edison, Inc. | 289,441 | 22,518,510 |
Dominion Energy, Inc. | 725,407 | 57,256,374 |
DTE Energy Co. | 167,263 | 19,241,936 |
NiSource, Inc. | 321,488 | 7,072,736 |
Public Service Enterprise Group, Inc. | 435,757 | 23,927,417 |
Sempra Energy | 249,759 | 29,561,475 |
WEC Energy Group, Inc. | 272,192 | 26,375,405 |
Total Multi-Utilities | 227,173,167 |
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Multiline Retail | 0.5% | ||
Dollar General Corp. | 215,026 | $45,073,750 |
Dollar Tree, Inc. (a) | 206,058 | 18,821,338 |
Target Corp. | 430,895 | 67,831,491 |
Total Multiline Retail | 131,726,579 | |
Oil, Gas & Consumable Fuels | 1.9% | ||
Apache Corp. | 317,469 | 3,006,431 |
Cabot Oil & Gas Corp. | 344,150 | 5,974,444 |
Chevron Corp. | 1,612,321 | 116,087,112 |
Concho Resources Inc. | 169,845 | 7,493,561 |
ConocoPhillips | 926,943 | 30,440,808 |
Devon Energy Corp. | 330,941 | 3,130,702 |
Diamondback Energy, Inc. | 136,845 | 4,121,771 |
EOG Resources, Inc. | 506,533 | 18,204,796 |
Exxon Mobil Corp. | 3,650,824 | 125,332,788 |
Hess Corp. | 236,028 | 9,660,626 |
HollyFrontier Corp. | 129,331 | 2,549,114 |
Kinder Morgan, Inc. | 1,677,834 | 20,687,693 |
Marathon Oil Corp. | 684,055 | 2,797,785 |
Marathon Petroleum Corp. | 565,354 | 16,587,486 |
Noble Energy, Inc. | 412,314 | 3,525,285 |
Occidental Petroleum Corp. | 722,809 | 7,235,318 |
ONEOK, Inc. | 383,542 | 9,964,421 |
Phillips 66 | 377,602 | 19,574,888 |
Pioneer Natural Resources Co. | 141,842 | 12,196,994 |
Valero Energy Corp. | 352,074 | 15,251,846 |
Williams Cos., Inc. | 1,055,312 | 20,736,881 |
Total Oil, Gas & Consumable Fuels | 454,560,750 | |
Personal Products | 0.2% | ||
Estee Lauder Cos., Inc., Class A | 193,936 | 42,326,532 |
Total Personal Products | 42,326,532 | |
Pharmaceuticals | 4.1% | ||
Bristol-Myers Squibb Co. | 1,946,137 | 117,332,600 |
Catalent, Inc. (a) | 141,724 | 12,140,078 |
Eli Lilly & Co. | 685,459 | 101,461,641 |
Johnson & Johnson | 2,273,285 | 338,446,671 |
Merck & Co., Inc. | 2,183,847 | 181,150,109 |
Mylan NV (a) | 452,280 | 6,707,312 |
Perrigo Co. PLC | 116,394 | 5,343,648 |
Pfizer, Inc. | 4,798,031 | 176,087,738 |
Zoetis, Inc. | 409,831 | 67,773,752 |
Total Pharmaceuticals | 1,006,443,549 | |
Professional Services | 0.3% | ||
Equifax, Inc. | 105,425 | 16,541,183 |
IHS Markit Ltd. | 322,064 | 25,285,245 |
Nielsen Holdings PLC | 313,402 | 4,444,040 |
Robert Half International, Inc. | 98,980 | 5,240,001 |
Verisk Analytics, Inc. | 140,211 | 25,982,500 |
Total Professional Services | 77,492,969 |
29
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Real Estate Management & Development | 0.1% | ||
CBRE Group, Inc., Class A (a) | 291,463 | $13,690,017 |
Total Real Estate Management & Development | 13,690,017 | |
Road & Rail | 1.0% | ||
CSX Corp. | 660,577 | 51,307,016 |
J.B. Hunt Transport Services, Inc. | 71,440 | 9,028,587 |
Kansas City Southern | 81,200 | 14,683,396 |
Norfolk Southern Corp. | 220,059 | 47,090,426 |
Old Dominion Freight Line, Inc. | 83,696 | 15,142,280 |
Union Pacific Corp. | 586,137 | 115,392,791 |
Total Road & Rail | 252,644,496 | |
Semiconductors & Semiconductor Equipment | 5.0% | ||
Advanced Micro Devices, Inc. (a) | 1,012,926 | 83,049,803 |
Analog Devices, Inc. | 318,578 | 37,190,796 |
Applied Materials, Inc. | 788,565 | 46,880,189 |
Broadcom, Inc. | 347,649 | 126,655,484 |
Intel Corp. | 3,672,209 | 190,146,982 |
KLA-Tencor Corp. | 133,954 | 25,952,248 |
Lam Research Corp. | 126,318 | 41,905,996 |
Maxim Integrated Products, Inc. | 230,519 | 15,585,390 |
Microchip Technology, Inc. | 217,977 | 22,399,317 |
Micron Technology, Inc. (a) | 962,004 | 45,175,708 |
NVIDIA Corp. | 532,742 | 288,330,625 |
Qorvo, Inc. (a) | 99,482 | 12,834,173 |
QUALCOMM, Inc. | 974,190 | 114,642,679 |
Skyworks Solutions, Inc. | 143,117 | 20,823,523 |
Teradyne, Inc. | 143,359 | 11,391,306 |
Texas Instruments, Inc. | 790,862 | 112,927,185 |
Xilinx, Inc. | 210,533 | 21,945,960 |
Total Semiconductors & Semiconductor Equipment | 1,217,837,364 | |
Software | 9.1% | ||
Adobe, Inc. (a) | 414,162 | 203,117,470 |
ANSYS, Inc. (a) | 74,514 | 24,383,216 |
Autodesk, Inc. (a) | 189,334 | 43,738,047 |
Cadence Design Systems, Inc. (a)(b) | 240,722 | 25,668,187 |
Citrix Systems, Inc. | 106,662 | 14,688,424 |
Fortinet, Inc. (a) | 115,935 | 13,658,302 |
Intuit, Inc. | 226,348 | 73,836,981 |
Microsoft Corp. | 6,534,212 | 1,374,340,810 |
NortonLifeLock, Inc. | 510,295 | 10,634,548 |
Oracle Corp. | 1,669,262 | 99,654,941 |
Paycom Software, Inc. (a) | 42,795 | 13,322,084 |
salesforce.com, Inc. (a) | 785,730 | 197,469,664 |
ServiceNow, Inc. (a) | 165,633 | 80,332,005 |
Synopsys, Inc. (a)(b) | 130,891 | 28,008,056 |
Tyler Technologies, Inc. (a)(b) | 34,089 | 11,882,062 |
Total Software | 2,214,734,797 |
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Specialty Retail | 2.5% | ||
Advance Auto Parts, Inc. (b) | 59,306 | $9,103,471 |
AutoZone, Inc. (a) | 20,282 | 23,884,894 |
Best Buy Co., Inc. | 198,275 | 22,066,025 |
CarMax, Inc. (a) | 140,808 | 12,941,663 |
Gap, Inc. | 180,058 | 3,066,388 |
Home Depot, Inc. | 929,455 | 258,118,948 |
L Brands, Inc. | 200,125 | 6,365,976 |
Lowe's Cos., Inc. | 652,532 | 108,228,958 |
O'Reilly Automotive, Inc. (a) | 63,951 | 29,486,527 |
Ross Stores, Inc. | 307,115 | 28,659,972 |
Tiffany & Co. | 94,104 | 10,901,948 |
TJX Companies, Inc. (The) | 1,035,317 | 57,615,391 |
Tractor Supply Co. | 98,685 | 14,145,508 |
Ulta Beauty, Inc. (a)(b) | 49,300 | 11,042,214 |
Total Specialty Retail | 595,627,883 | |
Technology Hardware, Storage & Peripherals | 6.9% | ||
Apple, Inc. | 13,880,988 | 1,607,557,220 |
Hewlett Packard Enterprise Co. | 1,101,086 | 10,317,176 |
HP, Inc. | 1,185,932 | 22,520,849 |
NetApp, Inc. | 191,688 | 8,403,602 |
Seagate Technology PLC | 192,709 | 9,494,772 |
Western Digital Corp. | 259,683 | 9,491,414 |
Xerox Holdings Corp. | 160,203 | 3,007,010 |
Total Technology Hardware, Storage & Peripherals | 1,670,792,043 | |
Textiles, Apparel & Luxury Goods | 0.7% | ||
Hanesbrands, Inc. | 298,358 | 4,699,139 |
NIKE, Inc., Class B | 1,074,871 | 134,939,305 |
PVH Corp. | 63,061 | 3,760,958 |
Ralph Lauren Corp. | 42,619 | 2,896,814 |
Tapestry, Inc. | 237,843 | 3,717,486 |
Under Armour, Inc., Class A (a)(b) | 164,871 | 1,851,501 |
Under Armour, Inc., Class C (a) | 169,421 | 1,667,103 |
VF Corp. | 274,173 | 19,260,653 |
Total Textiles, Apparel & Luxury Goods | 172,792,959 | |
Tobacco | 0.7% | ||
Altria Group, Inc. | 1,603,724 | 61,967,895 |
Philip Morris International, Inc. | 1,344,623 | 100,833,279 |
Total Tobacco | 162,801,174 | |
Trading Companies & Distributors | 0.2% | ||
Fastenal Co. | 493,888 | 22,269,410 |
United Rentals, Inc. (a)(b) | 62,237 | 10,860,357 |
W.W. Grainger, Inc. | 38,855 | 13,862,298 |
Total Trading Companies & Distributors | 46,992,065 |
30
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 99.0% of net assets (Continued) | ||
Shares | Value | |
Water Utilities | 0.1% | ||
American Water Works Co., Inc. | 157,399 | $22,803,967 |
Total Water Utilities | 22,803,967 | |
Wireless Telecommunication Services | 0.2% | ||
T-Mobile U.S., Inc. (a) | 502,324 | 57,445,773 |
Total Wireless Telecommunication Services | 57,445,773 | |
Total Common Stocks | ||
(Cost $13,156,640,893) | 24,062,837,427 |
Investment Companies | 0.2% of net assets | ||
iShares Core S&P 500 ETF (c) | 116,868 | $39,274,660 |
Total Investment Companies | ||
(Cost $35,081,012) | 39,274,660 | |
Total Long-Term Investments | ||
(Cost $13,191,721,905) | 24,102,112,087 |
Short-Term Securities | 1.9% of net assets | ||
Shares | Value | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34% (c)(d)(e) | 292,142,956 | $292,405,885 |
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.08% (c)(d) | 183,746,460 | 183,746,460 |
Total Short-Term Securities | ||
(Cost $475,832,893) | 476,152,345 | |
Total Investments | ||
(Cost $13,667,554,798) | 101.1% | 24,578,264,432 | |
Liabilities in Excess of Other Assets | (1.1)% | (276,418,390) | |
Net Assets | 100.0% | $24,301,846,042 |
(a) | Non-income producing. |
(b) | Security, or a portion of security, is on loan. |
(c) | During the period ended September 30, 2020, 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, 2019 | Shares Purchased | Shares Sold | Shares Held at September 30, 2020 | Value at September 30, 2020 | Income | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) |
BlackRock Cash Funds: Institutional, SL Agency Shares | 139,403,854 | 152,780,1481 | — | 292,142,956 | 292,405,885 | $1,467,5442 | $(81,081) | $302,964 |
BlackRock Cash Funds: Treasury, SL Agency Shares | 215,380,072 | — | (31,633,612)1 | 183,746,460 | 183,746,460 | 967,908 | — | — |
BlackRock, Inc. | 50,696,290 | 16,775,336 | (6,914,032) | 122,445 | 69,003,880 | 1,332,693 | 204,788 | 8,241,498 |
iShares Core S&P 500 ETF | 94,603,944 | 41,630,812 | (92,287,653) | 116,868 | 39,274,660 | 798,608 | (2,419,239) | (2,253,204) |
Total | $584,430,885 | $4,566,753 | $(2,295,532) | $6,291,258 |
1 | Represents net shares purchased (sold). |
2 | 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, 2020. |
(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) |
1,104 | S&P 500 E-Mini Index | December 2020 | $185,030 | $1,899,763 |
31
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2020 | (Unaudited) |
(Continued)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of 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 the Fund 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 the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of 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 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 financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Investments: | ||||
Long-Term Investments | $24,102,112,087 | $— | $— | $24,102,112,087 |
Short-Term Securities: Money Market Funds | 476,152,345 | — | — | 476,152,345 |
$24,578,264,432 | $— | $— | $24,578,264,432 | |
Derivative Financial Instruments | ||||
Assets: | ||||
Equity contracts | $1,899,763 | $— | $— | $1,899,763 |
32
Portfolio of Investments
Value Fund | September 30, 2020 | (Unaudited)
Common Stocks | 98.3% of portfolio | ||
Shares | Value | |
Communication Services | 7.4% | ||
Diversified Telecommunication Services | ||
Verizon Communications, Inc. | 223,531 | $13,297,859 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 26,711 | 39,254,486 |
Facebook, Inc., Class A (a) | 36,700 | 9,611,730 |
Total Communication Services | 62,164,075 | |
Consumer Discretionary | 5.7% | ||
Hotels, Restaurants & Leisure | ||
Las Vegas Sands Corp. | 139,748 | 6,520,642 |
McDonald's Corp. | 58,897 | 12,927,302 |
Specialty Retail | ||
Home Depot, Inc. | 38,118 | 10,585,750 |
TJX Companies, Inc. (The) | 147,800 | 8,225,070 |
Ulta Beauty, Inc. (a) | 42,256 | 9,464,499 |
Total Consumer Discretionary | 47,723,263 | |
Energy | 3.1% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 205,696 | 14,810,112 |
ConocoPhillips | 332,298 | 10,912,666 |
Total Energy | 25,722,778 | |
Financials | 15.6% | ||
Banks | ||
Bank of America Corp. | 751,902 | 18,113,319 |
Citigroup, Inc. | 282,839 | 12,193,189 |
JPMorgan Chase & Co. | 317,991 | 30,612,994 |
Wells Fargo & Co. | 171,259 | 4,026,299 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 79,074 | 15,891,502 |
Insurance | ||
Allstate Corp. | 310,384 | 29,219,550 |
American International Group, Inc. | 375,494 | 10,337,350 |
Chubb Ltd. | 81,538 | 9,468,192 |
Total Financials | 129,862,395 | |
Health Care | 24.1% | ||
Biotechnology | ||
AbbVie Inc. | 186,663 | 16,349,812 |
Amgen Inc. | 35,200 | 8,946,432 |
Health Care Equipment & Supplies | ||
Abbott Laboratories | 381,156 | 41,481,207 |
Boston Scientific Corp. (a) | 338,496 | 12,933,932 |
Medtronic PLC | 139,956 | 14,544,228 |
Health Care Providers & Services | ||
Centene Corp. (a) | 306,497 | 17,877,970 |
Cigna Corp. | 86,114 | 14,588,573 |
Common Stocks | 98.3% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 24.1% (Continued) | ||
Life Sciences Tools & Services | ||
Mettler-Toledo International, Inc. (a) | 9,004 | $8,695,613 |
Pharmaceuticals | ||
Bristol-Myers Squibb Co. | 260,801 | 15,723,692 |
Merck & Co., Inc. | 306,682 | 25,439,272 |
Pfizer, Inc. | 664,899 | 24,401,793 |
Total Health Care | 200,982,524 | |
Industrials | 14.6% | ||
Aerospace & Defense | ||
Northrop Grumman Corp. | 35,431 | 11,178,126 |
Airlines | ||
Southwest Airlines Co. | 257,532 | 9,657,450 |
Electrical Equipment | ||
Eaton Corp. PLC | 46,387 | 4,732,866 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 220,773 | 36,341,443 |
Machinery | ||
Deere & Co. | 32,500 | 7,202,975 |
Parker-Hannifin Corp. | 111,322 | 22,524,894 |
Stanley Black & Decker, Inc. | 86,442 | 14,020,892 |
Road & Rail | ||
CSX Corp. | 212,494 | 16,504,409 |
Total Industrials | 122,163,055 | |
Information Technology | 18.2% | ||
IT Services | ||
Fiserv, Inc. (a) | 64,700 | 6,667,335 |
Leidos Holdings Inc. | 165,917 | 14,791,501 |
Visa Inc., Class A | 147,598 | 29,515,172 |
Semiconductors & Semiconductor Equipment | ||
NVIDIA Corp. | 49,655 | 26,874,279 |
NXP Semiconductors NV | 142,063 | 17,730,883 |
Software | ||
Microsoft Corp. | 187,314 | 39,397,754 |
VMware, Inc., Class A (a) | 119,383 | 17,151,755 |
Total Information Technology | 152,128,679 | |
Materials | 7.4% | ||
Chemicals | ||
Dow Inc. | 186,481 | 8,773,931 |
DuPont de Nemours, Inc. | 302,578 | 16,787,028 |
Containers & Packaging | �� | |
Avery Dennison Corp. | 285,487 | 36,496,658 |
Total Materials | 62,057,617 | |
Real Estate | 2.2% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Digital Realty Trust, Inc. | 54,001 | 7,925,187 |
33
Portfolio of Investments | Value Fund | September 30, 2020 | (Unaudited) | (Continued)
Common Stocks | 98.3% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 2.2% (Continued) | ||
VICI Properties Inc. | 432,035 | $10,096,658 |
Total Real Estate | 18,021,845 | |
Total Common Stocks | ||
(Cost $546,523,707) | 820,826,231 |
Money Market Fund | 1.7% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 14,085,973 | 14,085,973 |
Total Money Market Fund | ||
(Cost $14,085,973) | 14,085,973 | |
Total Investments in Securities | ||
(Cost $560,609,680) | 100.0% | $834,912,204 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2020. |
PLC - Public Limited Company
NV - Naamloze Vennottschap
At September 30, 2020, the cost of investment securities for tax purposes was $560,627,873. Net unrealized appreciation of investment securities was $274,284,331 consisting of unrealized gains of $306,081,829 and unrealized losses of $31,797,498.
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 | $820,826,231 | $ — | $ — | $820,826,231 |
Money Market Fund | 14,085,973 | — | — | 14,085,973 |
Total | $834,912,204 | $ — | $ — | $834,912,204 |
34
Portfolio of Investments
Growth Fund | September 30, 2020 | (Unaudited)
Common Stocks | 99.6% of portfolio | ||
Shares | Value | |
Communication Services | 21.7% | ||
Entertainment | ||
Netflix, Inc. (a) | 12,682 | $6,341,381 |
Spotify Technology SA (a) | 17,232 | 4,179,966 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 4,400 | 6,466,240 |
Alphabet, Inc., Class A (a) | 8,947 | 13,112,723 |
Facebook, Inc., Class A (a) | 66,825 | 17,501,467 |
IAC/InterActiveCorp (a) | 9,292 | 1,112,996 |
Match Group, Inc. (a) | 23,274 | 2,575,268 |
Snap Inc., Class A (a) | 172,260 | 4,497,709 |
Tencent Holdings Ltd. ADR | 85,436 | 5,779,745 |
Total Communication Services | 61,567,495 | |
Consumer Discretionary | 22.6% | ||
Auto Components | ||
Aptiv PLC | 35,182 | 3,225,486 |
Hotels, Restaurants & Leisure | ||
Chipotle Mexican Grill, Inc. (a) | 1,347 | 1,675,277 |
DraftKings Inc., Class A (a) | 34,894 | 2,053,163 |
Hilton Worldwide Holdings, Inc. | 4,774 | 407,318 |
Internet & Direct Marketing Retail | ||
Alibaba Group Holding Ltd. ADR (a) | 24,798 | 7,290,116 |
Amazon.com, Inc. (a) | 9,409 | 29,626,400 |
Booking Holdings, Inc. (a) | 1,535 | 2,625,894 |
Multiline Retail | ||
Dollar General Corp. | 20,969 | 4,395,522 |
Specialty Retail | ||
CarMax, Inc. (a) | 12,906 | 1,186,190 |
Carvana Co. (a) | 12,961 | 2,891,081 |
Ross Stores, Inc. | 47,640 | 4,445,765 |
Textiles, Apparel & Luxury Goods | ||
lululemon athletica Inc. (a) | 6,820 | 2,246,303 |
NIKE, Inc., Class B | 15,677 | 1,968,091 |
Total Consumer Discretionary | 64,036,606 | |
Energy | 0.1% | ||
Oil, Gas & Consumable Fuels | ||
Concho Resources Inc. | 4,424 | 195,187 |
Total Energy | 195,187 | |
Financials | 1.8% | ||
Capital Markets | ||
Charles Schwab Corp. | 27,147 | 983,536 |
Goldman Sachs Group, Inc. | 7,687 | 1,544,856 |
S&P Global Inc. | 5,681 | 2,048,568 |
XP Inc., Class A (a) | 12,101 | 504,491 |
Total Financials | 5,081,451 | |
Health Care | 14.1% | ||
Biotechnology | ||
Incyte Corp. (a) | 19,888 | 1,784,749 |
Common Stocks | 99.6% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 14.1% (Continued) | ||
Vertex Pharmaceuticals, Inc. (a) | 14,366 | $3,909,276 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 9,529 | 2,217,208 |
Intuitive Surgical, Inc. (a) | 7,911 | 5,613,171 |
Stryker Corp. | 26,291 | 5,478,255 |
Health Care Providers & Services | ||
Anthem, Inc. | 5,722 | 1,536,872 |
Centene Corp. (a) | 26,425 | 1,541,370 |
Cigna Corp. | 31,726 | 5,374,702 |
HCA Healthcare, Inc. | 20,859 | 2,600,700 |
Humana Inc. | 6,516 | 2,696,907 |
UnitedHealth Group, Inc. | 17,845 | 5,563,536 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 74,641 | 1,678,676 |
Total Health Care | 39,995,422 | |
Industrials | 2.1% | ||
Machinery | ||
Ingersoll Rand Inc. (a) | 62,238 | 2,215,673 |
Professional Services | ||
CoStar Group, Inc. (a) | 2,826 | 2,397,889 |
Road & Rail | ||
Norfolk Southern Corp. | 5,988 | 1,281,372 |
Total Industrials | 5,894,934 | |
Information Technology | 35.6% | ||
IT Services | ||
Fidelity National Information Services, Inc. | 19,510 | 2,872,067 |
Global Payments, Inc. | 49,138 | 8,725,926 |
MongoDB, Inc. (a) | 5,505 | 1,274,463 |
PayPal Holdings, Inc. (a) | 31,899 | 6,285,060 |
Shopify Inc., Class A (a) | 312 | 319,167 |
Visa Inc., Class A | 57,658 | 11,529,870 |
Wix.com Ltd. (a) | 4,697 | 1,197,030 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 28,120 | 2,305,559 |
ASML Holding NV ADR | 9,667 | 3,569,733 |
Marvell Technology Group Ltd. | 38,517 | 1,529,125 |
Software | ||
Intuit, Inc. | 20,656 | 6,738,194 |
Microsoft Corp. | 113,340 | 23,838,802 |
salesforce.com, Inc. (a) | 28,550 | 7,175,186 |
ServiceNow, Inc. (a) | 7,755 | 3,761,175 |
Slack Technologies, Inc., Class A (a) | 36,385 | 977,301 |
Splunk Inc. (a) | 19,931 | 3,749,619 |
Synopsys, Inc. (a) | 9,223 | 1,973,538 |
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 111,093 | 12,865,680 |
Total Information Technology | 100,687,495 |
35
Portfolio of Investments | Growth Fund | September 30, 2020 | (Unaudited) | (Continued)
Common Stocks | 99.6% of portfolio (Continued) | ||
Shares | Value | |
Utilities | 1.6% | ||
Electric Utilities | ||
NextEra Energy, Inc. | 11,526 | $3,199,157 |
Multi-Utilities | ||
Sempra Energy | 10,511 | 1,244,082 |
Total Utilities | 4,443,239 | |
Total Common Stocks | ||
(Cost $154,120,613) | 281,901,829 |
Money Market Fund | 0.4% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 1,205,225 | $1,205,225 |
Total Money Market Fund | ||
(Cost $1,205,225) | 1,205,225 | |
Total Investments in Securities | ||
(Cost $155,325,838) | 100.0% | $283,107,054 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2020. |
SA - Sociedad Anonima or Societe Anonyme
ADR - American Depositary Deposit
PLC - Public Limited Company
S&P - Standard & Poor's
NV - Naamloze Vennottschap
At September 30, 2020, the cost of investment securities for tax purposes was $155,617,864. Net unrealized appreciation of investment securities was $127,489,190 consisting of unrealized gains of $128,753,767 and unrealized losses of $1,264,577.
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 | $281,901,829 | $ — | $ — | $281,901,829 |
Money Market Fund | 1,205,225 | — | — | 1,205,225 |
Total | $283,107,054 | $ — | $ — | $283,107,054 |
36
Portfolio of Investments
International Equity Fund | September 30, 2020 | (Unaudited)
Common Stocks | 95.8% of portfolio | ||
Shares | Value | |
Brazil | 0.3% | ||
Ambev SA ADR | 103,138 | $233,092 |
Total Brazil | 233,092 | |
Britain | 7.9% | ||
Diageo PLC | 41,384 | 1,421,486 |
Rio Tinto PLC | 31,088 | 1,870,640 |
Royal Dutch Shell PLC, Class B | 73,638 | 893,011 |
Standard Chartered PLC | 127,888 | 588,488 |
Unilever PLC | 25,479 | 1,570,860 |
Total Britain | 6,344,485 | |
Canada | 2.4% | ||
Alimentation Couche-Tard Inc., Class B | 29,100 | 1,013,381 |
Canadian National Railway Co. | 8,270 | 880,424 |
Total Canada | 1,893,805 | |
China | 2.4% | ||
Alibaba Group Holding Ltd. ADR (a) | 1,408 | 413,924 |
China Moble Ltd. ADR | 9,092 | 292,398 |
Ping An Insurance Group Co. of China Ltd., Class H | 39,000 | 404,853 |
Tencent Holdings Ltd. | 12,700 | 857,801 |
Total China | 1,968,976 | |
Denmark | 1.2% | ||
Novozymes A/S, Class B | 15,188 | 954,602 |
Total Denmark | 954,602 | |
France | 10.0% | ||
Air Liquide SA | 6,141 | 973,408 |
Dassault Systèmes SE | 9,053 | 1,689,127 |
L’Oréal SA | 9,249 | 3,009,891 |
Schneider Electric SE | 19,262 | 2,394,245 |
Total France | 8,066,671 | |
Germany | 15.4% | ||
adidas AG | 4,847 | 1,565,300 |
Allianz SE REG | 11,588 | 2,224,081 |
Infineon Technologies AG | 123,744 | 3,487,821 |
SAP SE ADR | 22,142 | 3,449,945 |
Symrise AG | 12,082 | 1,668,795 |
Total Germany | 12,395,942 | |
Hong Kong | 3.2% | ||
AIA Group Ltd. | 255,800 | 2,542,676 |
Total Hong Kong | 2,542,676 |
Common Stocks | 95.8% of portfolio (Continued) | ||
Shares | Value | |
India | 0.7% | ||
HDFC Bank Ltd. ADR | 5,614 | $280,475 |
ICICI Bank Ltd. ADR | 25,206 | 247,775 |
Total India | 528,250 | |
Israel | 1.9% | ||
Check Point Software Technologies Ltd. (a) | 12,734 | 1,532,410 |
Total Israel | 1,532,410 | |
Japan | 17.8% | ||
Chugai Pharmaceutical Co., Ltd. | 47,300 | 2,122,609 |
FANUC Corp. | 4,400 | 844,428 |
Keyence Corp. | 4,900 | 2,290,648 |
Komatsu Ltd. | 59,400 | 1,304,604 |
Kubota Corp. | 86,100 | 1,542,673 |
Nitori Holdings Co., Ltd. | 6,100 | 1,265,456 |
Shionogi & Co., Ltd. | 16,500 | 883,149 |
Sysmex Corp. | 15,900 | 1,521,342 |
Unicharm Corp. | 56,000 | 2,504,504 |
Total Japan | 14,279,413 | |
Mexico | 0.3% | ||
Fomento Economico Mexicano, SAB de CV ADR | 3,960 | 222,512 |
Total Mexico | 222,512 | |
Netherlands | 3.5% | ||
Adyen NV (a) | 1,523 | 2,809,148 |
Total Netherlands | 2,809,148 | |
Republic of South Korea | 0.4% | ||
Samsung Electronics Co., Ltd. GDR | 228 | 289,087 |
Total Republic of South Korea | 289,087 | |
Russia | 0.7% | ||
LUKOIL PJSC ADR | 4,255 | 244,280 |
Yandex NV, Class A (a) | 4,677 | 305,174 |
Total Russia | 549,454 | |
Singapore | 2.2% | ||
DBS Group Holdings Ltd. | 121,700 | 1,789,153 |
Total Singapore | 1,789,153 | |
Spain | 1.1% | ||
Banco Bilboa Vizcaya Argentaria SA | 307,499 | 853,597 |
Total Spain | 853,597 |
37
Portfolio of Investments | International Equity Fund | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 95.8% of portfolio (Continued) | ||
Shares | Value | |
Sweden | 7.4% | ||
Alfa Laval AB | 50,323 | $1,110,855 |
Atlas Copco AB, Class A | 66,666 | 3,178,551 |
Epiroc AB, Class A | 74,590 | 1,080,529 |
Skandinaviska Enskilda Banken AB, Class A | 63,357 | 562,710 |
Total Sweden | 5,932,645 | |
Switzerland | 14.0% | ||
Alcon Inc. | 22,167 | 1,262,411 |
Lonza Group AG REG | 4,466 | 2,756,126 |
Nestlé SA ADR | 18,326 | 2,181,013 |
Roche Holding AG REG | 8,213 | 2,813,286 |
SGS SA REG | 338 | 905,785 |
Sonova Holding AG REG | 5,315 | 1,346,901 |
Total Switzerland | 11,265,522 | |
Taiwan | 1.2% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 12,414 | 1,006,403 |
Total Taiwan | 1,006,403 | |
United States of America | 1.8% | ||
Linde PLC | 6,217 | 1,469,890 |
Total United States of America | 1,469,890 | |
Total Common Stocks | ||
(Cost $56,169,126) | 76,927,733 |
Preferred Stocks | 1.8% of portfolio | ||
Shares | Value | |
Brazil | 0.4% | ||
Itaú Unibanco Holding SA ADR | 74,855 | $297,923 |
Total Brazil | 297,923 | |
Germany | 0.7% | ||
FUCHS PETROLUB SE | 10,870 | 552,693 |
Total Germany | 552,693 | |
Republic of South Korea | 0.7% | ||
Samsung Electronics Co., Ltd. REG GDR | 514 | 565,073 |
Total Republic of South Korea | 565,073 | |
Total Preferred Stocks | ||
(Cost $1,013,543) | 1,415,689 |
Money Market Fund | 2.4% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 1,944,435 | 1,944,435 |
Total Money Market Fund | ||
(Cost $1,944,435) | 1,944,435 | |
Total Investments in Securities | ||
(Cost $59,127,104) | 100.0% | $80,287,857 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2020. |
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
At September 30, 2020, the cost of investment securities for tax purposes was $59,155,059. Net unrealized appreciation of investment securities was $21,132,798 consisting of unrealized gains of $24,378,708 and unrealized losses of $3,245,910.
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;
38
Portfolio of Investments | International Equity Fund | September 30, 2020 | (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.
International Equity Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $11,384,604 | $65,543,129 | $ — | $76,927,733 |
Preferred Stocks | 297,923 | 1,117,766 | — | 1,415,689 |
Money Market Fund | 1,944,435 | — | — | 1,944,435 |
Total | $13,626,962 | $66,660,895 | $ — | $80,287,857 |
39
Portfolio of Investments
Small-Company Stock Fund | September 30, 2020 | (Unaudited)
Common Stocks | 98.7% of portfolio | ||
Shares | Value | |
Communication Services | 1.4% | ||
Wireless Telecommunication Services | ||
Shenandoah Telecommunications Co. | 77,763 | $3,455,399 |
Total Communication Services | 3,455,399 | |
Consumer Discretionary | 7.6% | ||
Distributors | ||
Core-Mark Holding Company, Inc. | 197,773 | 5,721,573 |
Hotels, Restaurants & Leisure | ||
Cracker Barrel Old Country Store, Inc. | 20,419 | 2,341,242 |
Extended Stay America, Inc. | 181,024 | 2,163,237 |
Leisure Products | ||
Callaway Golf Co. | 170,551 | 3,264,346 |
Specialty Retail | ||
Floor & Decor Holdings, Inc. (a) | 32,979 | 2,466,829 |
Textiles, Apparel & Luxury Goods | ||
Carter's, Inc. | 34,651 | 3,000,084 |
Total Consumer Discretionary | 18,957,311 | |
Consumer Staples | 1.0% | ||
Food Products | ||
TreeHouse Foods, Inc. (a) | 63,527 | 2,574,749 |
Total Consumer Staples | 2,574,749 | |
Financials | 14.0% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 140,892 | 3,010,862 |
FB Financial Corp. | 151,759 | 3,812,186 |
Glacier Bancorp, Inc. | 214,316 | 6,868,828 |
Metropolitan Bank Holding Corp. (a) | 59,744 | 1,672,832 |
South State Corp. | 56,775 | 2,733,716 |
Capital Markets | ||
Virtu Financial, Inc., Class A | 103,443 | 2,380,223 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 164,283 | 6,339,681 |
Insurance | ||
Kinsale Capital Group, Inc. | 41,426 | 7,878,397 |
Total Financials | 34,696,725 | |
Health Care | 28.5% | ||
Biotechnology | ||
Emergent BioSolutions Inc. (a) | 63,125 | 6,522,706 |
Twist Bioscience Corp. (a) | 104,577 | 7,944,715 |
Health Care Equipment & Supplies | ||
Envista Holdings Corp. (a) | 100,000 | 2,468,000 |
Integer Holdings Corp. (a) | 35,470 | 2,093,085 |
STAAR Surgical Co. (a) | 155,036 | 8,768,836 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 88,387 | 5,167,104 |
LHC Group, Inc. (a) | 48,928 | 10,400,136 |
Common Stocks | 98.7% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 28.5% (Continued) | ||
Health Care Technology | ||
Inovalon Holdings, Inc. (a) | 362,691 | $9,593,177 |
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 71,150 | 7,951,013 |
NanoString Technologies, Inc. (a) | 192,753 | 8,616,059 |
Pharmaceuticals | ||
Aerie Pharmaceuticals, Inc. (a) | 122,038 | 1,436,387 |
Total Health Care | 70,961,218 | |
Industrials | 13.3% | ||
Construction & Engineering | ||
Comfort Systems USA, Inc. | 69,388 | 3,574,176 |
Primoris Services Corp. | 197,898 | 3,570,080 |
Electrical Equipment | ||
EnerSys | 49,735 | 3,338,213 |
Machinery | ||
Colfax Corp. (a) | 173,328 | 5,435,566 |
Federal Signal Corp. | 127,994 | 3,743,824 |
Road & Rail | ||
Werner Enterprises, Inc. | 143,933 | 6,043,747 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 134,826 | 7,428,913 |
Total Industrials | 33,134,519 | |
Information Technology | 22.1% | ||
Electronic Equipment, Instruments & Components | ||
Itron, Inc. (a) | 46,877 | 2,847,309 |
Knowles Corp. | 160,894 | 2,397,321 |
IT Services | ||
CACI International Inc., Class A (a) | 20,171 | 4,299,650 |
CSG Systems International, Inc. | 30,870 | 1,264,127 |
ManTech International Corp., Class A | 117,165 | 8,070,325 |
Semiconductors & Semiconductor Equipment | ||
Advanced Energy Industries, Inc. (a) | 62,662 | 3,943,946 |
Diodes Inc. (a) | 62,786 | 3,544,270 |
Software | ||
Altair Engineering Inc. (a) | 100,477 | 4,218,024 |
Descartes Systems Group Inc. (The) (a) | 140,670 | 8,015,376 |
Five9, Inc. (a) | 60,588 | 7,857,052 |
j2 Global, Inc. (a) | 66,226 | 4,584,164 |
Verint Systems Inc. (a) | 78,726 | 3,793,019 |
Total Information Technology | 54,834,583 | |
Materials | 6.3% | ||
Chemicals | ||
Avient Corp. | 276,527 | 7,316,904 |
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Portfolio of Investments | Small-Company Stock Fund | September 30, 2020 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of portfolio (Continued) | ||
Shares | Value | |
Materials | 6.3% (Continued) | ||
Ingevity Corp. | 43,341 | $2,142,779 |
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 369,668 | 6,114,309 |
Total Materials | 15,573,992 | |
Real Estate | 4.5% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Easterly Government Properties, Inc. | 199,211 | 4,464,318 |
QTS Realty Trust, Inc. Class A | 107,178 | 6,754,358 |
Total Real Estate | 11,218,676 | |
Total Common Stocks | ||
(Cost $197,119,982) | 245,407,172 |
Money Market Fund | 1.3% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 3,352,551 | $3,352,551 |
Total Money Market Fund | ||
(Cost $3,352,551) | 3,352,551 | |
Total Investments in Securities | ||
(Cost $200,472,533) | 100.0% | $248,759,723 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2020. |
At September 30, 2020, the cost of investment securities for tax purposes was $200,468,274. Net unrealized appreciation of investment securities was $48,291,449 consisting of unrealized gains of $63,385,140 and unrealized losses of $15,093,691.
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 | $245,407,172 | $ — | $ — | $245,407,172 |
Money Market Fund | 3,352,551 | — | — | 3,352,551 |
Total | $248,759,723 | $ — | $ — | $248,759,723 |
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