Fund Holdings
September 30, 2021
Our Funds
Daily Income Fund (HDIXX)
Short-Term Government Securities Fund (HOSGX)
Short-Term Bond Fund (HOSBX)
Intermediate Bond Fund (HOIBX)
Rural America Growth & Income Fund (HRRLX)
Stock Index Fund (HSTIX)
Value Fund (HOVLX)
Growth Fund (HNASX)
International Equity Fund (HISIX)
Small-Company Stock Fund (HSCSX)
Portfolio of Investments
Daily Income Fund | September 30, 2021 | (Unaudited)
U.S. Government & Agency Obligations | 87.1% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Farm Credit Bank | 0.19%(a) | 11/02/21 | $8,650,000 | $8,651,277 |
Federal Farm Credit Bank | 0.06(a) | 11/16/22 | 1,000,000 | 999,977 |
Federal Farm Credit Bank | 0.09(a) | 05/19/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 0.08(a) | 06/14/23 | 500,000 | 500,000 |
Federal Home Loan Bank | 0.02 | 10/08/21 | 5,900,000 | 5,899,977 |
Federal Home Loan Bank | 0.03 | 10/29/21 | 9,000,000 | 8,999,790 |
U.S. Treasury Bill | 0.03 | 10/05/21 | 17,000,000 | 16,999,939 |
U.S. Treasury Bill | 0.05 | 10/07/21 | 4,000,000 | 3,999,969 |
U.S. Treasury Bill | 0.05 | 10/15/21 | 13,000,000 | 12,999,772 |
U.S. Treasury Bill | 0.05 | 11/09/21 | 2,000,000 | 1,999,895 |
U.S. Treasury Bill | 0.03 | 11/18/21 | 2,000,000 | 1,999,920 |
U.S. Treasury Bill | 0.03 | 11/26/21 | 5,000,000 | 4,999,767 |
U.S. Treasury Bill | 0.04 | 11/30/21 | 7,000,000 | 6,999,564 |
U.S. Treasury Bill | 0.05 | 12/02/21 | 4,000,000 | 3,999,690 |
U.S. Treasury Bill | 0.05 | 12/09/21 | 8,000,000 | 7,999,310 |
U.S. Treasury Bill | 0.04 | 12/16/21 | 6,000,000 | 5,999,493 |
U.S. Treasury Bill | 0.04 | 12/21/21 | 2,000,000 | 1,999,802 |
U.S. Treasury Bill | 0.03 | 12/23/21 | 11,500,000 | 11,499,251 |
U.S. Treasury Bill | 0.04 | 01/04/22 | 13,000,000 | 12,999,104 |
U.S. Treasury Bill | 0.04 | 01/18/22 | 5,000,000 | 4,999,466 |
U.S. Treasury Bill | 0.05 | 02/01/22 | 5,000,000 | 4,999,174 |
U.S. Treasury Bill | 0.06 | 02/03/22 | 4,000,000 | 3,999,236 |
U.S. Treasury Bill | 0.05 | 02/24/22 | 2,000,000 | 1,999,594 |
U.S. Treasury Bill | 0.07 | 06/16/22 | 1,500,000 | 1,499,248 |
U.S. Treasury Bill | 0.08 | 07/14/22 | 1,000,000 | 999,404 |
U.S. Treasury Bill | 0.08 | 08/11/22 | 5,000,000 | 4,996,511 |
U.S. Treasury Note | 2.88 | 10/15/21 | 3,500,000 | 3,503,790 |
U.S. Treasury Note | 0.09(a) | 07/31/22 | 4,000,000 | 4,001,515 |
U.S. Treasury Note | 2.00 | 07/31/22 | 2,000,000 | 2,031,705 |
U.S. Treasury Note | 0.08(a) | 01/31/23 | 6,000,000 | 6,001,947 |
U.S. Treasury Note | 0.07(a) | 04/30/23 | 4,100,000 | 4,100,288 |
U.S. Treasury Note | 0.06(a) | 07/31/23 | 3,500,000 | 3,500,056 |
Total U.S. Government & Agency Obligations | ||||
(Cost $167,178,431) | 167,178,431 |
Money Market Fund | 12.9% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03(b) | 24,797,364 | 24,797,364 | |
Total Money Market Fund | ||||
(Cost $24,797,364) | 24,797,364 | |||
Total Investments in Securities | ||||
(Cost $191,975,795) | 100.0% | $191,975,795 |
(a) | Variable coupon rate as of September 30, 2021. |
(b) | 7-day yield at September 30, 2021. |
At September 30, 2021, the cost of investment securities for tax purposes was $191,975,795. There were no unrealized gains or losses.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
1
Portfolio of Investments | Daily Income Fund | September 30, 2021 | (Unaudited) | (Continued)
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Daily Income Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $167,178,431 | $ — | $167,178,431 |
Money Market Fund | 24,797,364 | — | — | 24,797,364 |
Total | $24,797,364 | $167,178,431 | $ — | $191,975,795 |
2
Portfolio of Investments
Short-Term Government Securities Fund | September 30, 2021 | (Unaudited)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 48.9% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68% | 07/30/25 | $74,697 | $77,568 |
Total Consumer Discretionary | 77,568 | |||
Energy | 21.3% | ||||
Petroleos Mexicanos | 2.00 | 12/20/22 | 1,260,450 | 1,273,544 |
Petroleos Mexicanos | 1.95 | 12/20/22 | 762,150 | 769,750 |
Petroleos Mexicanos | 1.70 | 12/20/22 | 85,500 | 86,201 |
Petroleos Mexicanos | 2.38 | 04/15/25 | 648,400 | 667,458 |
Petroleos Mexicanos | 0.48(a) | 04/15/25 | 8,062,500 | 8,064,678 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 780,750 | 809,640 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 2,433,600 | 2,505,090 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 3,135,789 | 3,214,515 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 985,263 | 1,022,513 |
Total Energy | 18,413,389 | |||
Financials | 27.5% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 1,867,490 | 1,927,724 |
Durrah MSN 35603 | 1.68 | 01/22/25 | 651,938 | 662,657 |
DY8 Leasing LLC | 2.63 | 04/29/26 | 187,500 | 195,461 |
DY9 Leasing LLC | 2.37 | 03/19/27 | 681,958 | 710,772 |
Export Lease Eleven Co. LLC | 0.41(a) | 07/30/25 | 73,957 | 73,920 |
Helios Leasing II LLC | 2.67 | 03/18/25 | 2,006,501 | 2,079,072 |
HNA 2015 LLC | 2.29 | 06/30/27 | 274,308 | 285,939 |
HNA 2015 LLC | 2.37 | 09/18/27 | 160,502 | 167,776 |
KE Export Leasing 2013-A LLC | 0.38(a) | 02/25/25 | 2,154,204 | 2,151,246 |
Lulwa Ltd. | 1.89 | 02/15/25 | 1,295,571 | 1,328,449 |
Lulwa Ltd. | 1.83 | 03/26/25 | 409,507 | 418,075 |
Mexican Aircraft Finance IV | 2.54 | 07/13/25 | 184,211 | 190,665 |
Mexican Aircraft Finance V | 2.33 | 01/14/27 | 247,500 | 257,271 |
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 2,270,183 | 2,305,768 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 577,615 | 586,767 |
Osprey Aircraft Leasing LLC | 2.21 | 06/21/25 | 138,180 | 142,223 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 656,281 | 667,927 |
Pluto Aircraft Leasing LLC | 0.34(a) | 02/07/23 | 1,454,541 | 1,453,308 |
Rimon LLC | 2.45 | 11/01/25 | 191,250 | 197,985 |
Safina Ltd. | 1.55 | 01/15/22 | 85,880 | 85,988 |
Safina Ltd. | 2.00 | 12/30/23 | 923,780 | 940,212 |
Salmon River Export LLC | 2.19 | 09/15/26 | 889,544 | 918,856 |
Sandalwood 2013 LLC | 2.84 | 07/10/25 | 293,029 | 305,211 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 372,322 | 389,561 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 181,280 | 183,923 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 290,163 | 293,776 |
Thirax 1 LLC | 0.97 | 01/14/33 | 1,922,240 | 1,892,971 |
VCK Lease SA | 2.59 | 07/24/26 | 56,884 | 59,391 |
Washington Aircraft 2 Co. DAC | 0.56(a) | 06/26/24 | 2,977,622 | 2,982,560 |
Total Financials | 23,855,454 |
3
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2021 |
(Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 48.9% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Industrials | Less than 0.1% | ||||
Sayarra Ltd. | 2.77% | 10/29/21 | $14,329 | $14,352 |
Total Industrials | 14,352 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $41,959,177) | 42,360,763 |
U.S. Government & Agency Obligations | 41.5% of portfolio | ||||
Export-Import Bank of the U.S. | 1.90 | 07/12/24 | 937,402 | 953,766 |
Export-Import Bank of the U.S. | 1.73 | 09/18/24 | 2,297,838 | 2,336,310 |
Export-Import Bank of the U.S. | 1.58 | 11/16/24 | 164,312 | 166,714 |
Private Export Funding Corp. | 1.75 | 11/15/24 | 1,000,000 | 1,033,162 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,198 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 94,000 | 95,643 |
U.S. International Development Finance Corp. | 2.22(b) | 01/24/25 | 2,000,000 | 2,190,220 |
U.S. International Development Finance Corp. | 1.27(b) | 06/21/25 | 1,000,000 | 1,025,994 |
U.S. International Development Finance Corp. | 0.00(c) | 07/17/25 | 1,000,000 | 998,838 |
U.S. International Development Finance Corp. | 0.00(c) | 01/17/26 | 700,000 | 770,074 |
U.S. International Development Finance Corp. | 0.95(b) | 04/23/29 | 5,000,000 | 5,104,697 |
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 1,000,000 | 1,002,239 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 1,855,895 | 1,956,240 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,855,895 | 1,853,130 |
U.S. International Development Finance Corp. | 1.24 | 08/15/31 | 1,500,000 | 1,484,730 |
U.S. Treasury Note | 0.38 | 09/15/24 | 9,325,000 | 9,284,932 |
U.S. Treasury Note | 0.75 | 08/31/26 | 59,000 | 58,369 |
U.S. Treasury Note | 1.50 | 01/31/27 | 5,435,000 | 5,563,020 |
Total U.S. Government & Agency Obligations | ||||
(Cost $35,535,994) | 35,888,276 |
Asset-Backed Securities | 3.0% of portfolio | ||||
Avid Automobile Receivables Trust 19-1 (d) | 2.62 | 02/15/24 | 17,852 | 17,889 |
Carvana Auto Receivables Trust 20-N1A (d) | 2.01 | 03/17/25 | 250,000 | 251,801 |
Consumer Loan Underlying Bond 19-HP1 (d) | 2.59 | 12/15/26 | 37,346 | 37,579 |
CPS Auto Trust 20-AB (d) | 2.36 | 02/15/24 | 93,859 | 94,155 |
CPS Auto Trust 20-CA (d) | 0.63 | 03/15/24 | 40,871 | 40,887 |
Credit Acceptance Auto Loan Trust 20-3A (d) | 1.24 | 10/15/29 | 250,000 | 252,191 |
First Investors Auto Owner Trust 21-2A (d) | 0.48 | 03/15/27 | 193,627 | 193,526 |
Foursight Capital Automobile Receivables Trust 19-1 (d) | 2.67 | 03/15/24 | 105,656 | 106,026 |
Freedom Financial 21-2 (d) | 0.68 | 06/19/28 | 73,420 | 73,459 |
GLS Auto Receivables Trust 19-4 (d) | 2.47 | 11/15/23 | 49,525 | 49,660 |
GLS Auto Receivables Trust 21-3A (d) | 0.42 | 01/15/25 | 150,000 | 150,004 |
Gracie Point International Fund 21-1 (d) | 0.85(a) | 11/01/23 | 205,999 | 205,999 |
Marlette Funding Trust 19-3 (d) | 2.69 | 09/17/29 | 2,647 | 2,649 |
Marlette Funding Trust 21-1 (d) | 0.60 | 06/16/31 | 197,999 | 198,106 |
Oasis Securitisation 21-1A (d) | 2.58 | 02/15/33 | 170,908 | 171,309 |
SBA Tower Trust (d) | 3.45 | 03/15/23 | 290,000 | 293,661 |
SBA Tower Trust (d) | 2.84 | 01/15/25 | 250,000 | 258,919 |
SoFi Consumer Loan Program Trust 19-4 (d) | 2.45 | 08/25/28 | 8,734 | 8,766 |
Upstart Securitization Trust 19-3 (d) | 2.68 | 01/21/30 | 32,745 | 32,823 |
Upstart Securitization Trust 21-3 (d) | 0.83 | 07/20/31 | 145,225 | 145,245 |
Total Asset-Backed Securities | ||||
(Cost $2,581,962) | 2,584,654 |
4
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2021 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 2.4% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Communication Services | 0.1% | ||||
Verizon Communications Inc. | 1.22%(a) | 05/15/25 | $100,000 | $102,730 |
Total Communication Services | 102,730 | |||
Financials | 2.3% | ||||
Athene Global Funding (d) | 2.50 | 01/14/25 | 100,000 | 103,947 |
Bank of America Corp. | 0.76(a) | 10/24/24 | 250,000 | 252,419 |
Citigroup Inc. | 1.22(a) | 05/17/24 | 250,000 | 253,788 |
Goldman Sachs Group, Inc. | 0.55(a) | 09/10/24 | 250,000 | 250,374 |
J.P. Morgan Chase & Co. | 1.04(a) | 02/04/27 | 100,000 | 98,106 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 500,000 | 509,985 |
Owl Rock Core Income Corp. (d) | 3.13 | 09/23/26 | 250,000 | 248,065 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 250,000 | 250,969 |
Total Financials | 1,967,653 | |||
Total Corporate Bonds–Other | ||||
(Cost $2,049,272) | 2,070,383 |
Mortgage-Backed Security | 0.9% of portfolio | ||||
GNMA 21-8 | 1.00 | 01/20/50 | 795,626 | 790,624 |
Total Mortgage-Backed Security | ||||
(Cost $796,245) | 790,624 |
Municipal Bonds | 0.8% of portfolio | ||||
California | 0.3% | ||||
Gardena California Pension Obligation | 2.07 | 04/01/26 | 200,000 | 205,822 |
Total California | 205,822 | |||
Minnesota | 0.1% | ||||
Shakopee Minnesota Independent School District No. 720 | 0.81 | 02/01/26 | 100,000 | 98,734 |
Total Minnesota | 98,734 | |||
New York | 0.2% | ||||
Suffolk County New York | 0.90 | 06/15/22 | 100,000 | 100,266 |
Suffolk County New York | 1.05 | 06/15/23 | 100,000 | 100,608 |
Total New York | 200,874 | |||
Texas | 0.2% | ||||
Harris County Texas Cultural Education Facilities Finance Corp. | 1.45 | 11/15/22 | 200,000 | 202,071 |
Total Texas | 202,071 | |||
Total Municipal Bonds | ||||
(Cost $700,000) | 707,501 |
5
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2021 |
(Unaudited) | (Continued)
Money Market Fund | 2.5% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03%(e) | 2,178,101 | $2,178,101 | |
Total Money Market Fund | ||||
(Cost $2,178,101) | 2,178,101 | |||
Total Investments in Securities | ||||
(Cost $85,800,751) | 100.0% | $86,580,302 |
(a) | Variable coupon rate as of September 30, 2021. |
(b) | Interest is paid at maturity. |
(c) | Zero coupon rate, purchased at a discount. |
(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 $2,936,666 and represents 3.4% of total investments. |
(e) | 7-day yield at September 30, 2021. |
LLC - Limited Liability Company
SA - Sociedad Anonima or Societe Anonyme
DAC - Designated Activity Company
At September 30, 2021, the cost of investment securities for tax purposes was $85,800,751. Net unrealized appreciation of investment securities was $779,551 consisting of unrealized gains of $888,100 and unrealized losses of $108,549.
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.
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | $ — | $42,360,763 | $ — | $42,360,763 |
U.S. Government & Agency Obligations | — | 35,888,276 | — | 35,888,276 |
Asset-Backed Securities | — | 2,584,654 | — | 2,584,654 |
Corporate Bonds–Other | — | 2,070,383 | — | 2,070,383 |
Mortgage-Backed Security | — | 790,624 | — | 790,624 |
Municipal Bonds | — | 707,501 | — | 707,501 |
Money Market Fund | 2,178,101 | — | — | 2,178,101 |
Total | $2,178,101 | $84,402,201 | $ — | $86,580,302 |
6
Portfolio of Investments
Short-Term Bond Fund | September 30, 2021 | (Unaudited)
Corporate Bonds–Other | 35.1% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 3.1% | ||||
Baidu Inc. | 3.88% | 09/29/23 | $1,165,000 | $1,230,100 |
Sprint Spectrum Co. LLC (a) | 4.74 | 03/20/25 | 1,750,000 | 1,869,000 |
Verizon Communications Inc. | 1.22(b) | 05/15/25 | 9,725,000 | 9,990,501 |
Verizon Communications Inc. | 0.85 | 11/20/25 | 1,700,000 | 1,681,411 |
Verizon Communications Inc. | 3.00 | 03/22/27 | 2,500,000 | 2,682,951 |
Walt Disney Co. (The) | 1.75 | 01/13/26 | 420,000 | 430,932 |
Total Communication Services | 17,884,895 | |||
Consumer Discretionary | 2.9% | ||||
Amazon.com, Inc. | 0.45 | 05/12/24 | 5,000,000 | 4,989,876 |
Amazon.com, Inc. | 1.00 | 05/12/26 | 2,780,000 | 2,776,766 |
American Honda Finance Corp. | 0.65 | 09/08/23 | 2,000,000 | 2,007,649 |
Daimler Finance North America LLC (a) | 3.30 | 05/19/25 | 920,000 | 987,068 |
Ford Motor Co. | 8.50 | 04/21/23 | 1,000,000 | 1,099,940 |
Ralph Lauren Corp. | 1.70 | 06/15/22 | 1,000,000 | 1,010,044 |
Ralph Lauren Corp. | 3.75 | 09/15/25 | 850,000 | 931,537 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 3,271,988 | 3,331,533 |
Total Consumer Discretionary | 17,134,413 | |||
Consumer Staples | 1.7% | ||||
7-Eleven, Inc. (a) | 0.58(b) | 08/10/22 | 595,000 | 595,149 |
7-Eleven, Inc. (a) | 0.63 | 02/10/23 | 1,000,000 | 1,000,360 |
7-Eleven, Inc. (a) | 0.80 | 02/10/24 | 1,090,000 | 1,089,444 |
7-Eleven, Inc. (a) | 0.95 | 02/10/26 | 800,000 | 785,693 |
Altria Group, Inc. | 4.40 | 02/14/26 | 1,339,000 | 1,503,894 |
Philip Morris International Inc. | 0.88 | 05/01/26 | 2,000,000 | 1,962,961 |
Walmart Inc. | 1.05 | 09/17/26 | 3,000,000 | 2,999,288 |
Total Consumer Staples | 9,936,789 | |||
Energy | 1.0% | ||||
Midwest Connector Capital Co. LLC (a) | 3.63 | 04/01/22 | 2,676,000 | 2,707,666 |
Midwest Connector Capital Co. LLC (a) | 3.90 | 04/01/24 | 1,665,000 | 1,741,375 |
Phillips 66 Co. | 1.30 | 02/15/26 | 1,500,000 | 1,491,431 |
Total Energy | 5,940,472 | |||
Financials | 18.7% | ||||
American Express Co. | 0.87(b) | 08/03/23 | 862,000 | 871,480 |
Antares Holdings LP | 2.75 | 01/15/27 | 1,000,000 | 1,000,905 |
Astrazeneca Finance LLC | 1.20 | 05/28/26 | 2,000,000 | 2,000,505 |
Athene Global Funding (a) | 2.50 | 01/14/25 | 5,715,000 | 5,940,579 |
Aviation Capital Group (a) | 1.95 | 01/30/26 | 3,000,000 | 2,989,162 |
Aviation Capital Group (a) | 1.95 | 09/20/26 | 1,285,000 | 1,271,374 |
Bank of America Corp. | 0.76(b) | 10/24/24 | 1,805,000 | 1,822,469 |
Bank of America Corp. | 4.00 | 01/22/25 | 1,210,000 | 1,314,865 |
Bank of America Corp. | 3.95 | 04/21/25 | 2,210,000 | 2,408,375 |
Bank of America Corp. | 2.46(b) | 10/22/25 | 2,200,000 | 2,297,966 |
Bank of America Corp. | 2.02(b) | 02/13/26 | 2,100,000 | 2,154,543 |
Bank of America Corp. | 1.32(b) | 06/19/26 | 2,100,000 | 2,099,487 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 920,000 | 913,087 |
BOC Aviation (USA) Corp. (a) | 1.63 | 04/29/24 | 2,100,000 | 2,116,137 |
Capital One Financial Corp. | 4.25 | 04/30/25 | 1,409,000 | 1,557,775 |
Capital Southwest Corp. | 3.38 | 10/01/26 | 1,750,000 | 1,771,875 |
7
Portfolio of Investments | Short-Term Bond Fund | September 30, 2021 | (Unaudited) | (Continued)
Corporate Bonds–Other | 35.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 18.7% (Continued) | ||||
Citigroup Inc. | 1.22%(b) | 05/17/24 | $5,337,000 | $5,417,856 |
Citigroup Inc. | 7.00 | 12/01/25 | 4,000,000 | 4,860,316 |
Citigroup Inc. | 3.11(b) | 04/08/26 | 1,800,000 | 1,911,150 |
F&G Global Funding (a) | 0.90 | 09/20/24 | 2,000,000 | 1,996,320 |
F&G Global Funding (a) | 1.75 | 06/30/26 | 2,500,000 | 2,515,325 |
Fidus Investment Corp. | 4.75 | 01/31/26 | 490,000 | 519,854 |
GA Global Funding Trust (a) | 0.80 | 09/13/24 | 920,000 | 915,658 |
Goldman Sachs Group, Inc. | 0.67(b) | 03/08/24 | 5,320,000 | 5,326,331 |
Goldman Sachs Group, Inc. | 0.55(b) | 09/10/24 | 3,750,000 | 3,755,602 |
Goldman Sachs Group, Inc. | 3.50 | 04/01/25 | 2,065,000 | 2,220,088 |
J.P. Morgan Chase & Co. | 4.02(b) | 12/05/24 | 1,225,000 | 1,312,074 |
J.P. Morgan Chase & Co. | 2.30(b) | 10/15/25 | 2,130,000 | 2,209,262 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 2,055,000 | 2,113,694 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 910,000 | 892,765 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 3,635,000 | 3,936,924 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 3,815,000 | 3,891,184 |
Met Tower Global Funding (a) | 1.25 | 09/14/26 | 705,000 | 701,444 |
Morgan Stanley | 0.72(b) | 01/20/23 | 372,000 | 372,876 |
Morgan Stanley | 3.74(b) | 04/24/24 | 1,020,000 | 1,070,255 |
Morgan Stanley | 0.79(b) | 05/30/25 | 2,770,000 | 2,761,497 |
Morgan Stanley | 2.19(b) | 04/28/26 | 425,000 | 438,814 |
Morgan Stanley | 1.51(b) | 07/20/27 | 865,000 | 860,888 |
Owl Rock Core Income Corp. (a) | 3.13 | 09/23/26 | 2,250,000 | 2,222,325 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 3,660,000 | 3,674,186 |
PACCAR Financial Corp. | 0.80 | 06/08/23 | 1,000,000 | 1,005,723 |
Protective Life Global Funding (a) | 1.17 | 07/15/25 | 850,000 | 848,968 |
Saratoga Investment Corp. | 4.38 | 02/28/26 | 735,000 | 756,914 |
SCE Recovery Funding LLC | 0.86 | 11/15/31 | 1,885,000 | 1,824,810 |
Security Benefit Global Funding (a) | 1.25 | 05/17/24 | 4,000,000 | 4,026,794 |
Volkswagen Group of America Finance LLC (a) | 1.25 | 11/24/25 | 6,555,000 | 6,525,494 |
Wells Fargo & Co. | 2.16(b) | 02/11/26 | 3,270,000 | 3,373,171 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 2,120,000 | 2,188,127 |
Total Financials | 108,977,273 | |||
Health Care | 2.0% | ||||
AmerisourceBergen Corp. | 0.74 | 03/15/23 | 5,000,000 | 5,007,598 |
Baylor Scott & White Holdings | 0.83 | 11/15/25 | 1,000,000 | 976,636 |
Cigna Corp. | 1.02(b) | 07/15/23 | 1,830,000 | 1,852,397 |
Cigna Corp. | 1.25 | 03/15/26 | 2,695,000 | 2,689,266 |
Sutter Health | 1.32 | 08/15/25 | 915,000 | 918,135 |
Total Health Care | 11,444,032 | |||
Industrials | 1.9% | ||||
American Airlines Group Inc. | 3.60 | 03/22/29 | 2,218,435 | 2,297,217 |
BNSF Railway Co. (a) | 3.44 | 06/16/28 | 387,160 | 423,215 |
Burlington Northern & Santa Fe Railway Co. | 4.83 | 01/15/23 | 6,556 | 6,705 |
Caterpillar Financial Services Corp. | 2.15 | 11/08/24 | 940,000 | 982,033 |
Delta Air Lines, Inc. (a) | 7.00 | 05/01/25 | 965,000 | 1,125,431 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 730,000 | 860,043 |
United Airlines, Inc. | 5.88 | 04/15/29 | 4,637,375 | 5,189,419 |
Total Industrials | 10,884,063 |
8
Portfolio of Investments | Short-Term Bond Fund | September 30, 2021 | (Unaudited) | (Continued)
Corporate Bonds–Other | 35.1% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Information Technology | 0.4% | ||||
PayPal Holdings, Inc. | 1.65% | 06/01/25 | $1,265,000 | $1,296,308 |
Texas Instruments Inc. | 1.13 | 09/15/26 | 1,000,000 | 999,140 |
Total Information Technology | 2,295,448 | |||
Materials | 0.8% | ||||
E. I. Du Pont De Nemours and Co. | 1.70 | 07/15/25 | 500,000 | 510,407 |
Georgia-Pacific LLC (a) | 0.95 | 05/15/26 | 1,450,000 | 1,431,407 |
Nucor Corp. | 2.00 | 06/01/25 | 1,000,000 | 1,029,422 |
PPG Industries, Inc. | 1.20 | 03/15/26 | 2,000,000 | 1,991,564 |
Total Materials | 4,962,800 | |||
Real Estate | 0.4% | ||||
Federal Realty Investment Trust | 1.25 | 02/15/26 | 1,231,000 | 1,220,437 |
Service Properties Trust | 7.50 | 09/15/25 | 930,000 | 1,044,148 |
Total Real Estate | 2,264,585 | |||
Utilities | 2.2% | ||||
Brooklyn Union Gas Co. (a) | 3.41 | 03/10/26 | 3,200,000 | 3,425,504 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 1,445,000 | 1,559,786 |
NextEra Energy Capital Holdings, Inc. | 2.75 | 05/01/25 | 500,000 | 527,327 |
PPL Electric Utilities Corp. | 0.38(b) | 09/28/23 | 1,000,000 | 1,000,041 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 355,180 | 355,896 |
Southern California Edison Co. | 0.39(b) | 12/03/21 | 1,800,000 | 1,800,228 |
Southern California Edison Co. | 1.85 | 02/01/22 | 585,000 | 586,798 |
Southern California Edison Co. | 1.10 | 04/01/24 | 1,850,000 | 1,858,938 |
Southern California Edison Co. | 1.20 | 02/01/26 | 2,065,000 | 2,046,604 |
Total Utilities | 13,161,122 | |||
Total Corporate Bonds–Other | ||||
(Cost $202,720,956) | 204,885,892 |
U.S. Government & Agency Obligations | 31.9% of portfolio | ||||
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,198 |
U.S. International Development Finance Corp. | 0.67(c) | 04/23/29 | 1,230,000 | 1,235,866 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 784,116 | 826,512 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,127,456 | 1,125,777 |
U.S. Treasury Note | 0.09(b) | 10/31/22 | 20,900,000 | 20,909,304 |
U.S. Treasury Note | 0.08(b) | 01/31/23 | 7,300,000 | 7,303,159 |
U.S. Treasury Note | 0.13 | 08/31/23 | 28,465,000 | 28,389,390 |
U.S. Treasury Note | 0.38 | 09/15/24 | 110,160,000 | 109,686,656 |
U.S. Treasury Note | 0.75 | 08/31/26 | 16,473,000 | 16,296,687 |
Total U.S. Government & Agency Obligations | ||||
(Cost $186,087,101) | 185,783,549 |
Asset-Backed Securities | 12.3% of portfolio | ||||
American Credit Acceptance Receivables Trust 19-1 (a) | 3.50 | 04/14/25 | 296,894 | 298,496 |
American Credit Acceptance Receivables Trust 20-3A (a) | 0.62 | 10/13/23 | 160,558 | 160,597 |
American Credit Acceptance Receivables Trust 20-3B (a) | 1.15 | 08/13/24 | 850,000 | 852,424 |
American Credit Acceptance Receivables Trust 21-2 (a) | 0.68 | 05/13/25 | 625,000 | 625,262 |
Avant Credit Card Master Trust 21-1A (a) | 1.37 | 04/15/27 | 2,500,000 | 2,491,502 |
Avid Automobile Receivables Trust 19-1 (a) | 2.62 | 02/15/24 | 125,320 | 125,579 |
9
Portfolio of Investments | Short-Term Bond Fund | September 30, 2021 | (Unaudited) | (Continued)
Asset-Backed Securities | 12.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Carvana Auto Receivables Trust 20-N1A (a) | 2.01% | 03/17/25 | $1,560,000 | $1,571,240 |
Colony American Finance Ltd. 21-2 (a) | 1.41 | 07/15/54 | 907,617 | 898,113 |
Consumer Loan Underlying Bond 19-HP1 (a) | 2.59 | 12/15/26 | 554,586 | 558,048 |
Consumer Loan Underlying Bond 20-P1 (a) | 2.26 | 03/15/28 | 94,060 | 94,227 |
CoreVest American Finance 20-4 (a) | 1.17 | 12/15/52 | 874,774 | 866,551 |
CoreVest American Finance 21-1 (a) | 1.57 | 04/15/53 | 1,298,697 | 1,299,053 |
CPS Auto Trust 20-AB (a) | 2.36 | 02/15/24 | 750,872 | 753,238 |
CPS Auto Trust 20-CA (a) | 0.63 | 03/15/24 | 169,697 | 169,763 |
CPS Auto Trust 21-B (a) | 0.81 | 12/15/25 | 920,000 | 921,737 |
Credit Acceptance Auto Loan Trust 19-1A (a) | 3.33 | 02/15/28 | 477,985 | 479,314 |
Credit Acceptance Auto Loan Trust 19-1B (a) | 3.75 | 04/17/28 | 4,475,000 | 4,532,451 |
Credit Acceptance Auto Loan Trust 19-1C (a) | 3.94 | 06/15/28 | 785,000 | 801,507 |
Credit Acceptance Auto Loan Trust 20-1A (a) | 2.01 | 02/15/29 | 1,725,000 | 1,749,216 |
Credit Acceptance Auto Loan Trust 20-2A (a) | 1.37 | 07/16/29 | 870,000 | 878,636 |
Credit Acceptance Auto Loan Trust 20-3A (a) | 1.24 | 10/15/29 | 2,500,000 | 2,521,906 |
Credit Acceptance Auto Loan Trust 21-2A (a) | 0.96 | 02/15/30 | 1,755,000 | 1,759,884 |
Credito Real USA Auto Receivables Trust 21-1 (a) | 1.35 | 02/16/27 | 1,886,317 | 1,886,949 |
DT Auto Owner Trust 18-2D (a) | 4.15 | 03/15/24 | 195,677 | 197,962 |
DT Auto Owner Trust 19-1C (a) | 3.61 | 11/15/24 | 144,777 | 145,530 |
DT Auto Owner Trust 20-3A (a) | 0.54 | 04/15/24 | 643,605 | 644,234 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 375,787 | 381,395 |
Exeter Automobile Receivables Trust 21-1 | 0.34 | 03/15/24 | 790,000 | 790,258 |
FIC Funding 21-1 (a) | 1.13 | 04/15/33 | 1,065,720 | 1,066,371 |
First Investors Auto Owner Trust 21-2A (a) | 0.48 | 03/15/27 | 2,371,932 | 2,370,693 |
Flagship Credit Auto Trust 21-3 (a) | 0.36 | 07/15/27 | 1,935,708 | 1,934,482 |
Foursight Capital Automobile Receivables Trust 19-1 (a) | 2.67 | 03/15/24 | 1,458,056 | 1,463,160 |
Freedom Financial 20-1 (a) | 2.52 | 03/18/27 | 134,974 | 135,299 |
Freedom Financial 21-2 (a) | 0.68 | 06/19/28 | 473,895 | 474,146 |
FRTKL 21-SFR1 (a) | 1.57 | 09/17/38 | 970,000 | 965,314 |
GLS Auto Receivables Trust 19-4 (a) | 2.47 | 11/15/23 | 209,489 | 210,062 |
GLS Auto Receivables Trust 20-2 (a) | 1.58 | 08/15/24 | 939,890 | 943,732 |
GLS Auto Receivables Trust 20-3 (a) | 0.69 | 10/16/23 | 162,421 | 162,551 |
GLS Auto Receivables Trust 20-4 (a) | 0.52 | 02/15/24 | 922,466 | 923,157 |
GLS Auto Receivables Trust 21-3A (a) | 0.42 | 01/15/25 | 2,020,000 | 2,020,050 |
Gracie Point International Fund 20-B (a) | 1.50(b) | 05/02/23 | 749,971 | 755,647 |
Gracie Point International Fund 21-1 (a) | 0.85(b) | 11/01/23 | 1,489,995 | 1,489,995 |
Longtrain Leasing III LLC 2015-1 (a) | 2.98 | 01/15/45 | 282,202 | 287,348 |
Marlette Funding Trust 19-3 (a) | 2.69 | 09/17/29 | 48,391 | 48,430 |
Marlette Funding Trust 20-2 (a) | 1.02 | 09/16/30 | 19,787 | 19,790 |
Marlette Funding Trust 21-1 (a) | 0.60 | 06/16/31 | 692,998 | 693,370 |
NP SPE II LLC 17-1 (a) | 3.37 | 10/21/47 | 340,440 | 349,884 |
Oasis Securitisation 21-1A (a) | 2.58 | 02/15/33 | 948,196 | 950,423 |
Oportun Funding 21-A (a) | 1.21 | 03/08/28 | 1,070,000 | 1,072,858 |
Oportun Funding 21-B (a) | 1.47 | 05/08/31 | 2,225,000 | 2,226,252 |
Oscar US Funding Trust 21-1A (a) | 0.40 | 03/11/24 | 786,724 | 787,138 |
Progress Residential Trust 21-SFR8 (a) | 1.51 | 10/17/38 | 1,322,000 | 1,313,995 |
SBA Tower Trust (a) | 3.45 | 03/15/23 | 2,420,000 | 2,450,551 |
SBA Tower Trust (a) | 2.84 | 01/15/25 | 4,765,000 | 4,934,992 |
SBA Tower Trust (a) | 1.88 | 01/15/26 | 1,450,000 | 1,468,163 |
SBA Tower Trust (a) | 1.63 | 11/15/26 | 195,000 | 194,511 |
SoFi Consumer Loan Program Trust 18-3 (a) | 4.02 | 08/25/27 | 470,001 | 474,272 |
SoFi Consumer Loan Program Trust 19-4 (a) | 2.45 | 08/25/28 | 117,914 | 118,348 |
United Auto Credit Securitization Trust 20-1B (a) | 1.47 | 11/10/22 | 432,615 | 432,905 |
United Auto Credit Securitization Trust 21-1A (a) | 0.34 | 07/10/23 | 939,966 | 940,067 |
United Auto Credit Securitization Trust 21-1B (a) | 0.68 | 03/11/24 | 3,230,000 | 3,235,085 |
Upstart Securitization Trust 19-3 (a) | 2.68 | 01/21/30 | 258,027 | 258,642 |
Upstart Securitization Trust 21-1 (a) | 0.87 | 03/20/31 | 729,018 | 730,331 |
Upstart Securitization Trust 21-3 (a) | 0.83 | 07/20/31 | 959,621 | 959,755 |
10
Portfolio of Investments | Short-Term Bond Fund | September 30, 2021 | (Unaudited) | (Continued)
Asset-Backed Securities | 12.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Upstart Securitization Trust 21-4 (a) | 0.84% | 09/20/31 | $1,545,000 | $1,545,072 |
Westlake Automobile Receivable Trust 19-2A (a) | 2.84 | 07/15/24 | 1,025,000 | 1,033,571 |
Westlake Automobile Receivable Trust 20-3A (a) | 0.56 | 05/15/24 | 1,680,214 | 1,682,342 |
Total Asset-Backed Securities | ||||
(Cost $71,570,178) | 71,577,826 |
Yankee Bonds | 12.2% of portfolio | ||||
AerCap Ireland Capital DAC | 1.75 | 01/30/26 | 345,000 | 341,476 |
Aircastle Ltd. (a) | 5.25 | 08/11/25 | 1,243,000 | 1,389,716 |
América Móvil, SAB de CV | 3.13 | 07/16/22 | 1,085,000 | 1,107,780 |
Antares Holdings LP | 3.95 | 07/15/26 | 335,000 | 353,021 |
Avolon Holdings Funding Ltd. (a) | 2.88 | 02/15/25 | 1,840,000 | 1,893,200 |
Avolon Holdings Funding Ltd. (a) | 5.50 | 01/15/26 | 1,850,000 | 2,073,870 |
Avolon Holdings Funding Ltd. (a) | 2.13 | 02/21/26 | 1,500,000 | 1,484,649 |
Baidu Inc. | 3.08 | 04/07/25 | 1,050,000 | 1,101,379 |
Banco Bilbao Vizcaya Argentaria SA | 1.13 | 09/18/25 | 800,000 | 791,642 |
Banco Santander SA | 1.72(b) | 09/14/27 | 2,000,000 | 1,990,706 |
Bank of Montreal | 4.34(b) | 10/05/28 | 1,300,000 | 1,388,132 |
Barclays PLC | 1.50(b) | 05/16/24 | 1,250,000 | 1,271,536 |
Barclays PLC | 1.01(b) | 12/10/24 | 4,205,000 | 4,224,338 |
Barclays PLC | 2.85(b) | 05/07/26 | 1,250,000 | 1,312,928 |
BMW Finance NV (a) | 2.40 | 08/14/24 | 2,500,000 | 2,611,997 |
BOC Aviation Ltd. (a) | 1.26(b) | 09/26/23 | 3,338,000 | 3,346,561 |
BPCE SA (a) | 1.00 | 01/20/26 | 1,500,000 | 1,475,888 |
Credit Agricole SA (a) | 1.25(b) | 01/26/27 | 2,000,000 | 1,971,735 |
Danske Bank AS (a) | 0.98 | 09/10/25 | 1,250,000 | 1,247,903 |
Delta and SkyMiles IP Ltd. (a) | 4.50 | 10/20/25 | 780,000 | 834,600 |
Enel Finance International NV (a) | 2.65 | 09/10/24 | 3,275,000 | 3,431,585 |
Enel Finance International NV (a) | 3.63 | 05/25/27 | 920,000 | 1,018,429 |
Legrand France SA | 8.50 | 02/15/25 | 3,384,000 | 4,203,653 |
Lloyds Banking Group PLC | 2.91(b) | 11/07/23 | 1,400,000 | 1,436,386 |
Macquarie Group Ltd. (a) | 1.34(b) | 01/12/27 | 2,500,000 | 2,478,171 |
Mitsubishi UFJ Financial Group, Inc. | 1.41 | 07/17/25 | 710,000 | 714,109 |
Nationwide Building Society (a) | 3.62(b) | 04/26/23 | 1,980,000 | 2,014,429 |
NatWest Group PLC | 2.36(b) | 05/22/24 | 845,000 | 867,082 |
NatWest Group PLC | 4.52(b) | 06/25/24 | 1,325,000 | 1,410,296 |
NatWest Group PLC | 4.27(b) | 03/22/25 | 1,330,000 | 1,435,256 |
NatWest Markets PLC (a) | 0.80 | 08/12/24 | 805,000 | 803,302 |
Panasonic Corp. (a) | 2.68 | 07/19/24 | 3,880,000 | 4,061,805 |
Reckitt Benckiser Treasury Services PLC (a) | 2.75 | 06/26/24 | 1,100,000 | 1,154,769 |
Saudi Arabian Oil Co. (a) | 1.25 | 11/24/23 | 800,000 | 805,120 |
Saudi Arabian Oil Co. (a) | 1.63 | 11/24/25 | 500,000 | 500,025 |
Schlumberger Finance Canada Ltd. | 1.40 | 09/17/25 | 1,000,000 | 1,010,641 |
Siemens Financieringsmaatschappij NV (a) | 1.20 | 03/11/26 | 780,000 | 777,199 |
Sinopec Group Overseas Development (2012) Ltd. (a) | 3.90 | 05/17/22 | 2,100,000 | 2,141,832 |
Sumitomo Mitsui Trust Bank Ltd. (a) | 0.80 | 09/16/24 | 2,500,000 | 2,494,674 |
Syngenta Finance NV (a) | 4.44 | 04/24/23 | 400,000 | 418,136 |
Tencent Holdings Ltd. (a) | 3.80 | 02/11/25 | 1,850,000 | 1,986,456 |
Tencent Holdings Ltd. (a) | 1.81 | 01/26/26 | 1,000,000 | 1,008,604 |
Tencent Music Entertainment Group | 1.38 | 09/03/25 | 3,035,000 | 2,967,957 |
Total Yankee Bonds | ||||
(Cost $70,307,018) | 71,352,973 |
11
Portfolio of Investments | Short-Term Bond Fund | September 30, 2021 | (Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 2.7% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 1.8% | ||||
Petroleos Mexicanos | 0.48%(b) | 04/15/25 | $8,793,750 | $8,796,124 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 197,550 | 204,860 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,426,263 | 1,462,070 |
Total Energy | 10,463,054 | |||
Financials | 0.9% | ||||
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 641,768 | 651,828 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 763,318 | 775,412 |
Pluto Aircraft Leasing LLC | 0.34(b) | 02/07/23 | 169,818 | 169,674 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 689,640 | 699,694 |
Thirax 1 LLC | 0.97 | 01/14/33 | 2,306,688 | 2,271,565 |
Washington Aircraft 2 Co. DAC | 0.56(b) | 06/26/24 | 968,884 | 970,491 |
Total Financials | 5,538,664 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $15,978,308) | 16,001,718 |
Municipal Bonds | 2.1% of portfolio | ||||
Arizona | 0.5% | ||||
Glendale Arizona | 1.45 | 07/01/26 | 1,000,000 | 1,000,189 |
Glendale Arizona | 1.72 | 07/01/27 | 1,235,000 | 1,233,841 |
Pinal County Arizona Revenue Obligation | 0.80 | 08/01/23 | 410,000 | 411,638 |
Total Arizona | 2,645,668 | |||
California | 0.3% | ||||
Chula Vista California Pension Obligation | 0.84 | 06/01/26 | 795,000 | 776,707 |
EL Cajon California Pension Obligation | 1.70 | 04/01/27 | 300,000 | 300,134 |
Gardena California Pension Obligation | 2.07 | 04/01/26 | 560,000 | 576,301 |
San Francisco California Community College District | 1.33 | 06/15/26 | 300,000 | 299,183 |
Total California | 1,952,325 | |||
Maine | 0.1% | ||||
Maine Health & Higher Educational Facilities | 1.66 | 07/01/27 | 300,000 | 300,438 |
Maine State Housing Authority | 1.70 | 11/15/26 | 245,000 | 247,224 |
Total Maine | 547,662 | |||
Minnesota | 0.1% | ||||
Shakopee Minnesota Independent School District No. 720 | 0.81 | 02/01/26 | 400,000 | 394,938 |
Total Minnesota | 394,938 | |||
New Jersey | 0.4% | ||||
New Jersey Housing and Morgage Finance Agency | 1.34 | 04/01/24 | 720,000 | 720,933 |
New Jersey Housing and Morgage Finance Agency | 1.49 | 04/01/25 | 615,000 | 614,097 |
New Jersey Housing and Morgage Finance Agency | 1.54 | 10/01/25 | 1,065,000 | 1,060,417 |
Total New Jersey | 2,395,447 | |||
New York | 0.5% | ||||
Suffolk County New York | 0.90 | 06/15/22 | 370,000 | 370,985 |
12
Portfolio of Investments | Short-Term Bond Fund | September 30, 2021 | (Unaudited) | (Continued)
Municipal Bonds | 2.1% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
New York | 0.5% (Continued) | ||||
Suffolk County New York | 1.05% | 06/15/23 | $350,000 | $352,127 |
Suffolk County New York | 1.41 | 06/15/24 | 810,000 | 819,836 |
Suffolk County New York | 1.61 | 06/15/25 | 1,350,000 | 1,369,113 |
Total New York | 2,912,061 | |||
Texas | 0.2% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 800,000 | 799,341 |
Harris County Texas Cultural Education Facilities Finance Corp. | 1.45 | 11/15/22 | 400,000 | 404,142 |
Harris County Texas Cultural Education Facilities Finance Corp. | 1.84 | 11/15/24 | 205,000 | 209,995 |
Total Texas | 1,413,478 | |||
Total Municipal Bonds | ||||
(Cost $12,257,363) | 12,261,579 |
Mortgage-Backed Securities | 0.7% of portfolio | ||||
ARM Master Trust 21-T (a) | 1.42 | 01/15/24 | 950,000 | 950,142 |
FHLMC 780754 | 2.37(b) | 08/01/33 | 805 | 821 |
FNMA 813842 | 1.65(b) | 01/01/35 | 2,629 | 2,719 |
GNMA 21-8 | 1.00 | 01/20/50 | 3,003,751 | 2,984,867 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 2 | 2 |
Total Mortgage-Backed Securities | ||||
(Cost $3,960,184) | 3,938,551 |
Money Market Fund | 3.0% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03(d) | 17,576,673 | 17,576,673 | |
Total Money Market Fund | ||||
(Cost $17,576,673) | 17,576,673 | |||
Total Investments in Securities | ||||
(Cost $580,457,781) | 100.0% | $583,378,761 |
(a) | 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 $164,031,862 and represents 28.1% of total investments. |
(b) | Variable coupon rate as of September 30, 2021. |
(c) | Interest is paid at maturity. |
(d) | 7-day yield at September 30, 2021. |
LLC - Limited Liability Company
LP - Limited Partnership
DAC - Designated Activity Company
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
NV - Naamloze Vennottschap
AS - Anonim Sirket
ARM - Adjustable Rate Mortgage
13
Portfolio of Investments | Short-Term Bond Fund | September 30, 2021 | (Unaudited) | (Continued)
FHLMC - Federal Home Loan Mortgage Corporation
At September 30, 2021, the cost of investment securities for tax purposes was $580,457,781. Net unrealized appreciation of investment securities was $2,920,980 consisting of unrealized gains of $4,216,424 and unrealized losses of $1,295,444.
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.
Short-Term Bond Fund | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds–Other | $ — | $204,885,892 | $ — | $204,885,892 |
U.S. Government & Agency Obligations | — | 185,783,549 | — | 185,783,549 |
Asset-Backed Securities | — | 71,577,826 | — | 71,577,826 |
Yankee Bonds | — | 71,352,973 | — | 71,352,973 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 16,001,718 | — | 16,001,718 |
Municipal Bonds | — | 12,261,579 | — | 12,261,579 |
Mortgage-Backed Securities | — | 3,938,551 | — | 3,938,551 |
Money Market Fund | 17,576,673 | — | — | 17,576,673 |
Total | $17,576,673 | $565,802,088 | $ — | $583,378,761 |
14
Portfolio of Investments
Intermediate Bond Fund | September 30, 2021 | (Unaudited)
Corporate Bonds–Other | 36.4% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 1.8% | ||||
AT&T Inc. | 2.25% | 02/01/32 | $145,000 | $141,181 |
AT&T Inc. | 3.65 | 06/01/51 | 395,000 | 402,500 |
AT&T Inc. | 3.65 | 09/15/59 | 140,000 | 139,569 |
Charter Communications Operating LLC | 3.70 | 04/01/51 | 350,000 | 340,768 |
Sprint Spectrum Co. LLC (a) | 4.74 | 03/20/25 | 393,750 | 420,525 |
T-Mobile US, Inc. | 3.00 | 02/15/41 | 200,000 | 193,506 |
Verizon Communications Inc. | 0.85 | 11/20/25 | 150,000 | 148,360 |
Verizon Communications Inc. | 2.10 | 03/22/28 | 200,000 | 203,018 |
Verizon Communications Inc. | 2.55 | 03/21/31 | 130,000 | 131,598 |
Verizon Communications Inc. | 2.65 | 11/20/40 | 100,000 | 93,957 |
Verizon Communications Inc. | 3.40 | 03/22/41 | 195,000 | 203,647 |
Verizon Communications Inc. | 3.55 | 03/22/51 | 185,000 | 195,101 |
Walt Disney Co. (The) | 3.50 | 05/13/40 | 65,000 | 71,761 |
Total Communication Services | 2,685,491 | |||
Consumer Discretionary | 4.7% | ||||
Amazon.com, Inc. | 2.88 | 05/12/41 | 355,000 | 366,154 |
Amazon.com, Inc. | 2.70 | 06/03/60 | 160,000 | 150,238 |
American Airlines Group, Inc. (a) | 5.50 | 04/20/26 | 530,000 | 557,162 |
American Airlines Group, Inc. (a) | 5.75 | 04/20/29 | 750,000 | 808,125 |
American Airlines Pass Through Trust 2017-1 | 3.65 | 02/15/29 | 128,906 | 133,059 |
Block Financial Corp. | 2.50 | 07/15/28 | 145,000 | 147,055 |
Daimler Finance North America LLC (a) | 3.30 | 05/19/25 | 175,000 | 187,758 |
Expedia Group, Inc. | 4.63 | 08/01/27 | 330,000 | 374,114 |
Expedia Group, Inc. | 2.95 | 03/15/31 | 1,000,000 | 1,010,560 |
Ford Motor Co. | 8.50 | 04/21/23 | 245,000 | 269,485 |
Ford Motor Co. | 3.37 | 11/17/23 | 200,000 | 204,980 |
Ford Motor Co. | 3.38 | 11/13/25 | 200,000 | 205,500 |
General Motors Financial Co., Inc. | 4.35 | 01/17/27 | 150,000 | 168,164 |
Harley-Davidson Financial Services, Inc. (a) | 3.35 | 06/08/25 | 365,000 | 387,583 |
Kohl's Corp. | 5.55 | 07/17/45 | 230,000 | 275,409 |
Lowe's Companies, Inc. | 1.70 | 09/15/28 | 191,000 | 189,329 |
Lowe's Companies, Inc. | 1.70 | 10/15/30 | 180,000 | 172,095 |
Lowe's Companies, Inc. | 2.80 | 09/15/41 | 435,000 | 423,152 |
Lowe's Companies, Inc. | 3.00 | 10/15/50 | 170,000 | 165,772 |
McDonald's Corp. | 4.20 | 04/01/50 | 35,000 | 41,725 |
Mileage Plus Holdings, LLC (a) | 6.50 | 06/20/27 | 225,000 | 244,669 |
Murphy Oil USA, Inc. (a) | 3.75 | 02/15/31 | 100,000 | 100,625 |
Tractor Supply Co. | 1.75 | 11/01/30 | 100,000 | 96,004 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 357,192 | 363,692 |
Total Consumer Discretionary | 7,042,409 | |||
Consumer Staples | 0.8% | ||||
7-Eleven Inc. (a) | 1.30 | 02/10/28 | 60,000 | 57,680 |
7-Eleven Inc. (a) | 1.80 | 02/10/31 | 60,000 | 57,129 |
7-Eleven Inc. (a) | 2.80 | 02/10/51 | 135,000 | 124,772 |
Anheuser-Busch InBev SA/NV | 4.90 | 02/01/46 | 301,000 | 369,994 |
Smithfield Foods, Inc. (a) | 2.63 | 09/13/31 | 340,000 | 330,534 |
Walmart Inc. | 2.50 | 09/22/41 | 260,000 | 258,869 |
Total Consumer Staples | 1,198,978 | |||
Energy | 3.1% | ||||
BP Capital Markets America Inc. | 1.75 | 08/10/30 | 210,000 | 204,145 |
15
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 36.4% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Energy | 3.1% (Continued) | ||||
BP Capital Markets America Inc. | 2.77% | 11/10/50 | $210,000 | $193,756 |
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 180,000 | 208,099 |
Cheniere Corpus Christi Holdings LLC | 3.70 | 11/15/29 | 39,000 | 42,323 |
Cheniere Corpus Christi Holdings LLC (a) | 2.74 | 12/31/39 | 170,000 | 168,394 |
Energy Transfer Operating LP | 4.50 | 04/15/24 | 150,000 | 162,215 |
Energy Transfer Operating LP | 3.75 | 05/15/30 | 318,000 | 343,618 |
Energy Transfer Operating LP | 6.00 | 06/15/48 | 420,000 | 532,958 |
Energy Transfer Operating LP | 6.50(b) | 12/31/99 | 145,000 | 150,999 |
EOG Resources, Inc. | 4.38 | 04/15/30 | 85,000 | 99,237 |
EOG Resources, Inc. | 4.95 | 04/15/50 | 60,000 | 79,437 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 188,000 | 196,328 |
EQM Midstream Partners, LP | 5.50 | 07/15/28 | 68,000 | 74,706 |
Gray Oak Pipeline, LLC (a) | 2.00 | 09/15/23 | 150,000 | 152,871 |
HollyFrontier Corp. | 2.63 | 10/01/23 | 60,000 | 61,947 |
Marathon Oil Corp. | 4.40 | 07/15/27 | 360,000 | 404,381 |
Midwest Connector Capital Co. LLC (a) | 3.90 | 04/01/24 | 85,000 | 88,899 |
Midwest Connector Capital Co. LLC (a) | 4.63 | 04/01/29 | 205,000 | 220,358 |
MPLX LP | 1.75 | 03/01/26 | 80,000 | 80,493 |
MPLX LP | 2.65 | 08/15/30 | 245,000 | 245,841 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 112,000 | 117,752 |
Phillips 66 | 2.15 | 12/15/30 | 260,000 | 253,656 |
Pioneer Natural Resources Co. | 1.90 | 08/15/30 | 430,000 | 411,422 |
Valero Energy Corp. | 1.20 | 03/15/24 | 90,000 | 91,006 |
Total Energy | 4,584,841 | |||
Financials | 13.9% | ||||
Athene Global Funding (a) | 2.50 | 01/14/25 | 1,144,000 | 1,189,155 |
Athene Global Funding (a) | 2.95 | 11/12/26 | 120,000 | 127,947 |
Athene Holding Ltd. | 3.95 | 05/25/51 | 300,000 | 331,426 |
Aviation Capital Group (a) | 1.95 | 09/20/26 | 340,000 | 336,395 |
Bank of America Corp. | 0.76(b) | 10/24/24 | 300,000 | 302,903 |
Bank of America Corp. | 3.95 | 04/21/25 | 844,000 | 919,759 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 200,000 | 198,497 |
Bank of America Corp. | 2.50(b) | 02/13/31 | 263,000 | 266,153 |
Bank of America Corp. | 1.92(b) | 10/24/31 | 700,000 | 673,379 |
Bank of America Corp. | 2.68(b) | 06/19/41 | 275,000 | 265,490 |
Bank of America Corp. | 2.83(b) | 10/24/51 | 300,000 | 287,463 |
BOC Aviation (USA) Corp. (a) | 1.63 | 04/29/24 | 220,000 | 221,691 |
CIT Group Inc. | 3.93(b) | 06/19/24 | 402,000 | 420,438 |
Citigroup Inc. | 1.22(b) | 05/17/24 | 150,000 | 152,273 |
Citigroup Inc. | 4.45 | 09/29/27 | 653,000 | 742,584 |
Citigroup Inc. | 2.98(b) | 11/05/30 | 365,000 | 383,756 |
Citigroup Inc. | 2.57(b) | 06/03/31 | 870,000 | 886,794 |
CoreStates Capital II (a) | 0.78(b) | 01/15/27 | 725,000 | 707,177 |
Fidus Investment Corp. | 4.75 | 01/31/26 | 55,000 | 58,351 |
GA Global Funding Trust (a) | 0.80 | 09/13/24 | 240,000 | 238,867 |
Goldman Sachs Group, Inc. | 3.50 | 01/23/25 | 265,000 | 283,850 |
Goldman Sachs Group, Inc. | 3.50 | 04/01/25 | 565,000 | 607,433 |
Goldman Sachs Group, Inc. | 1.43(b) | 03/09/27 | 350,000 | 349,038 |
Goldman Sachs Group, Inc. | 3.81(b) | 04/23/29 | 117,000 | 129,480 |
Goldman Sachs Group, Inc. | 2.38(b) | 07/21/32 | 365,000 | 361,394 |
Goldman Sachs Group, Inc. | 2.91(b) | 07/21/42 | 230,000 | 226,769 |
Iron Mountain Inc. (a) | 4.50 | 02/15/31 | 80,000 | 81,144 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 340,000 | 349,711 |
16
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 36.4% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 13.9% (Continued) | ||||
J.P. Morgan Chase & Co. | 1.04%(b) | 02/04/27 | $150,000 | $147,159 |
J.P. Morgan Chase & Co. | 3.63 | 12/01/27 | 722,000 | 788,640 |
J.P. Morgan Chase & Co. | 2.52(b) | 04/22/31 | 240,000 | 244,849 |
J.P. Morgan Chase & Co. | 1.95(b) | 02/04/32 | 480,000 | 463,066 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 1,134,000 | 1,228,190 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 930,000 | 948,572 |
Met Tower Global Funding (a) | 1.25 | 09/14/26 | 185,000 | 184,067 |
Morgan Stanley | 1.51(b) | 07/20/27 | 200,000 | 199,049 |
Morgan Stanley | 1.79(b) | 02/13/32 | 1,015,000 | 966,675 |
Oaktree Specialty Lending Corp. | 3.50 | 02/25/25 | 399,000 | 417,937 |
Owl Rock Core Income Corp. (a) | 3.13 | 09/23/26 | 676,000 | 667,685 |
Owl Rock Technology Finance Corp. | 3.75 | 06/17/26 | 150,000 | 158,354 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 959,000 | 962,717 |
Prospect Capital Corp. | 3.44 | 10/15/28 | 260,000 | 252,882 |
Prudential Financial, Inc. | 5.70(b) | 09/15/48 | 75,000 | 87,780 |
Saratoga Investment Corp. | 4.38 | 02/28/26 | 171,000 | 176,098 |
Security Benefit Global Funding (a) | 1.25 | 05/17/24 | 300,000 | 302,010 |
Volkswagen Group of America Finance LLC (a) | 1.25 | 11/24/25 | 330,000 | 328,515 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 210,000 | 216,748 |
Wells Fargo & Co. | 2.39(b) | 06/02/28 | 445,000 | 458,991 |
Wells Fargo & Co. | 2.57(b) | 02/11/31 | 200,000 | 204,356 |
Wells Fargo & Co. | 3.07(b) | 04/30/41 | 440,000 | 452,141 |
Total Financials | 20,955,798 | |||
Health Care | 2.0% | ||||
AbbVie Inc. | 2.95 | 11/21/26 | 160,000 | 171,383 |
AbbVie Inc. | 4.05 | 11/21/39 | 172,000 | 197,664 |
AbbVie Inc. | 4.25 | 11/21/49 | 90,000 | 106,601 |
Anthem, Inc. | 3.13 | 05/15/50 | 60,000 | 60,685 |
Becton, Dickinson and Co. | 1.96 | 02/11/31 | 130,000 | 126,426 |
Bristol-Myers Squibb Co. | 2.35 | 11/13/40 | 170,000 | 161,758 |
CVS Health Corp. | 2.70 | 08/21/40 | 170,000 | 162,221 |
HCA Healthcare, Inc. | 3.50 | 07/15/51 | 228,000 | 226,013 |
Humana Inc. | 2.15 | 02/03/32 | 1,000,000 | 976,873 |
Laboratory Corporation of America Holdings | 1.55 | 06/01/26 | 490,000 | 490,960 |
Mylan Inc. | 5.20 | 04/15/48 | 50,000 | 61,556 |
Providence St. Joseph Health Obligation | 2.70 | 10/01/51 | 213,000 | 203,056 |
Sutter Health | 1.32 | 08/15/25 | 135,000 | 135,462 |
Total Health Care | 3,080,658 | |||
Industrials | 2.9% | ||||
Ashtead Capital, Inc. (a) | 1.50 | 08/12/26 | 240,000 | 237,510 |
Ashtead Capital, Inc. (a) | 4.25 | 11/01/29 | 308,000 | 338,271 |
Ashtead Capital, Inc. (a) | 2.45 | 08/12/31 | 200,000 | 196,607 |
BNSF Railway Co. (a) | 3.44 | 06/16/28 | 387,160 | 423,215 |
Boeing Co. (The) | 2.20 | 02/04/26 | 700,000 | 705,160 |
Boeing Co. (The) | 5.71 | 05/01/40 | 280,000 | 355,812 |
Boeing Co. (The) | 5.93 | 05/01/60 | 230,000 | 314,197 |
Delta Air Lines, Inc. (a) | 7.00 | 05/01/25 | 250,000 | 291,563 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 180,000 | 212,065 |
IDEX Corp. | 2.63 | 06/15/31 | 360,000 | 366,291 |
Quanta Services, Inc. | 2.35 | 01/15/32 | 260,000 | 254,401 |
Quanta Services, Inc. | 3.05 | 10/01/41 | 260,000 | 250,789 |
17
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 36.4% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Industrials | 2.9% (Continued) | ||||
Union Pacific Corp. | 3.20% | 05/20/41 | $400,000 | $421,676 |
Total Industrials | 4,367,557 | |||
Information Technology | 1.7% | ||||
Avnet, Inc. | 3.00 | 05/15/31 | 355,000 | 356,104 |
Broadcom Cayman Finance Ltd. | 3.88 | 01/15/27 | 255,000 | 280,225 |
Dell International LLC / EMC Corp. | 5.85 | 07/15/25 | 110,000 | 127,975 |
Dell International LLC / EMC Corp. | 4.90 | 10/01/26 | 182,000 | 209,657 |
Microchip Technology Inc. (a) | 0.97 | 02/15/24 | 200,000 | 200,126 |
Microsoft Corp. | 2.92 | 03/17/52 | 445,000 | 460,040 |
Oracle Corp. | 2.88 | 03/25/31 | 200,000 | 205,799 |
Oracle Corp. | 3.65 | 03/25/41 | 200,000 | 206,848 |
VMware, Inc. | 1.40 | 08/15/26 | 155,000 | 154,302 |
VMware, Inc. | 4.70 | 05/15/30 | 200,000 | 235,769 |
VMware, Inc. | 2.20 | 08/15/31 | 155,000 | 151,554 |
Total Information Technology | 2,588,399 | |||
Materials | 0.5% | ||||
3M Co. | 3.70 | 04/15/50 | 60,000 | 68,518 |
Glencore Funding LLC (a) | 2.63 | 09/23/31 | 260,000 | 254,618 |
Glencore Funding LLC (a) | 3.38 | 09/23/51 | 170,000 | 161,527 |
Packaging Corp. of America | 3.05 | 10/01/51 | 170,000 | 167,628 |
Silgan Holdings Inc. (a) | 1.40 | 04/01/26 | 125,000 | 122,998 |
Total Materials | 775,289 | |||
Real Estate | 1.9% | ||||
Crown Castle International Corp. | 2.90 | 04/01/41 | 450,000 | 433,762 |
Extra Space Storage LP | 2.35 | 03/15/32 | 425,000 | 415,182 |
Kimco Realty Corp. | 2.25 | 12/01/31 | 425,000 | 415,182 |
Service Properties Trust | 7.50 | 09/15/25 | 505,000 | 566,984 |
STORE Capital Corp. | 2.75 | 11/18/30 | 200,000 | 200,927 |
VEREIT Operating Partnership, LP | 2.20 | 06/15/28 | 495,000 | 500,892 |
Vornado Realty LP | 2.15 | 06/01/26 | 150,000 | 152,352 |
Welltower Inc. | 2.75 | 01/15/31 | 95,000 | 97,901 |
Total Real Estate | 2,783,182 | |||
Utilities | 3.1% | ||||
Brooklyn Union Gas Co. (a) | 3.41 | 03/10/26 | 180,000 | 192,885 |
Dominion Energy, Inc. | 0.65(b) | 09/15/23 | 90,000 | 90,021 |
Emera US Finance LP (a) | 2.64 | 06/15/31 | 75,000 | 75,151 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 325,000 | 350,817 |
National Fuel Gas Co. | 5.50 | 01/15/26 | 307,000 | 353,618 |
Pacific Gas & Electric Co. | 4.25 | 08/01/23 | 644,000 | 673,793 |
Pacific Gas & Electric Co. | 3.00 | 06/15/28 | 225,000 | 228,961 |
Pacific Gas & Electric Co. | 4.55 | 07/01/30 | 130,000 | 140,573 |
Pacific Gas & Electric Co. | 4.25 | 03/15/46 | 770,000 | 756,919 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 60,792 | 60,915 |
SCE Recovery Funding LLC | 2.51 | 11/15/43 | 190,000 | 180,512 |
Southern California Edison Co. | 1.85 | 02/01/22 | 58,857 | 59,038 |
Southern California Edison Co. | 1.10 | 04/01/24 | 370,000 | 371,787 |
Southern California Edison Co. | 2.25 | 06/01/30 | 55,000 | 53,991 |
Southern California Edison Co. | 4.50 | 09/01/40 | 200,000 | 226,290 |
18
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 36.4% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Utilities | 3.1% (Continued) | ||||
Southern California Edison Co. | 4.00% | 04/01/47 | $164,000 | $175,865 |
Southern California Edison Co. | 3.65 | 02/01/50 | 214,000 | 218,634 |
TerraForm Power Operating LLC (a) | 4.25 | 01/31/23 | 215,000 | 220,913 |
TerraForm Power Operating LLC (a) | 4.75 | 01/15/30 | 171,000 | 178,909 |
Total Utilities | 4,609,592 | |||
Total Corporate Bonds–Other | ||||
(Cost $54,173,833) | 54,672,194 |
U.S. Government & Agency Obligations | 16.6% of portfolio | ||||
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 139,192 | 138,985 |
U.S. International Development Finance Corp. | 1.49 | 08/15/31 | 80,000 | 81,042 |
U.S. International Development Finance Corp. | 3.00 | 10/05/34 | 186,700 | 206,208 |
U.S. International Development Finance Corp. | 1.32 | 03/15/35 | 225,000 | 220,934 |
U.S. Treasury Note | 0.13 | 08/31/23 | 382,000 | 380,985 |
U.S. Treasury Note | 0.38 | 09/15/24 | 1,966,000 | 1,957,552 |
U.S. Treasury Note | 0.75 | 08/31/26 | 3,544,000 | 3,506,068 |
U.S. Treasury Note | 1.13 | 08/31/28 | 4,853,000 | 4,795,371 |
U.S. Treasury Note | 1.25 | 08/15/31 | 535,000 | 522,043 |
U.S. Treasury Note | 1.75 | 08/15/41 | 7,704,000 | 7,364,543 |
U.S. Treasury Note | 2.38 | 05/15/51 | 5,373,000 | 5,733,998 |
Total U.S. Government & Agency Obligations | ||||
(Cost $25,381,585) | 24,907,729 |
Mortgage-Backed Securities | 16.2% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (a) | 2.18(b) | 01/25/51 | 255,000 | 253,850 |
FHLMC QA7479 | 3.00 | 03/01/50 | 337,693 | 355,363 |
FHLMC SB8503 | 2.00 | 08/01/35 | 1,728,578 | 1,788,686 |
FHLMC SD8068 | 3.00 | 06/01/50 | 308,179 | 322,486 |
FNMA BN7662 | 3.50 | 07/01/49 | 139,326 | 147,355 |
FNMA CA4016 | 3.00 | 08/01/49 | 712,066 | 752,871 |
FNMA FM1000 | 3.00 | 04/01/47 | 1,227,151 | 1,294,131 |
FNMA FM4231 | 2.50 | 09/01/50 | 293,173 | 302,640 |
FNMA FM5470 | 2.00 | 01/01/36 | 1,098,909 | 1,137,448 |
FNMA MA3691 | 3.00 | 07/01/49 | 215,406 | 225,560 |
FNMA MA3834 | 3.00 | 11/01/49 | 456,058 | 477,120 |
FNMA MA3960 | 3.00 | 03/01/50 | 206,091 | 215,743 |
FNMA MA3992 | 3.50 | 04/01/50 | 235,821 | 249,579 |
FNMA MA4048 | 3.00 | 06/01/50 | 927,458 | 971,377 |
FNMA MA4124 | 2.50 | 09/01/35 | 1,609,791 | 1,677,773 |
FNMA MA4179 | 2.00 | 11/01/35 | 4,867,458 | 5,016,988 |
FNMA MA4229 | 2.00 | 01/01/36 | 2,274,289 | 2,344,156 |
FNMA MA4303 | 2.00 | 04/01/36 | 1,884,565 | 1,942,460 |
FNMA MA4418 | 2.00 | 09/01/36 | 3,046,875 | 3,140,476 |
Freddie Mac STACR 21-HQA3 (a) | 3.40(b) | 09/25/41 | 1,000,000 | 1,001,390 |
GNMA 21-8 | 1.00 | 01/20/50 | 771,091 | 766,244 |
Total Mortgage-Backed Securities | ||||
(Cost $24,473,590) | 24,383,696 |
Asset-Backed Securities | 12.2% of portfolio | ||||
American Credit Acceptance Receivables Trust 19-1 (a) | 3.50 | 04/14/25 | 39,586 | 39,799 |
American Credit Acceptance Receivables Trust 20-3A (a) | 0.62 | 10/13/23 | 20,942 | 20,947 |
American Credit Acceptance Receivables Trust 20-3B (a) | 1.15 | 08/13/24 | 115,000 | 115,328 |
19
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Asset-Backed Securities | 12.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
American Credit Acceptance Receivables Trust 21-2 (a) | 0.68% | 05/13/25 | $1,500,000 | $1,500,630 |
Avant Credit Card Master Trust 21-1A (a) | 1.37 | 04/15/27 | 500,000 | 498,300 |
Avant Loans Funding Trust 21-REV1 (a) | 1.21 | 07/15/30 | 500,000 | 500,176 |
Avid Automobile Receivables Trust 19-1 (a) | 2.62 | 02/15/24 | 7,141 | 7,156 |
Carvana Auto Receivables Trust 19-2A (a) | 2.74 | 12/15/23 | 124,133 | 124,519 |
Carvana Auto Receivables Trust 20-N1A (a) | 2.01 | 03/17/25 | 350,000 | 352,522 |
Colony American Finance Ltd. 21-2 (a) | 1.41 | 07/15/54 | 209,450 | 207,257 |
Consumer Loan Underlying Bond 19-HP1 (a) | 2.59 | 12/15/26 | 18,673 | 18,789 |
Consumer Loan Underlying Bond 20-P1 (a) | 2.26 | 03/15/28 | 18,443 | 18,476 |
CoreVest American Finance 20-4 (a) | 1.17 | 12/15/52 | 142,626 | 141,285 |
CoreVest American Finance 21-1 (a) | 1.57 | 04/15/53 | 908,180 | 908,429 |
CPS Auto Trust 20-C (a) | 1.01 | 01/15/25 | 100,000 | 100,313 |
CPS Auto Trust 21-B (a) | 0.81 | 12/15/25 | 200,000 | 200,378 |
Credit Acceptance Auto Loan Trust 19-1A (a) | 3.33 | 02/15/28 | 41,492 | 41,607 |
Credit Acceptance Auto Loan Trust 19-1B (a) | 3.75 | 04/17/28 | 500,000 | 506,419 |
Credit Acceptance Auto Loan Trust 19-1C (a) | 3.94 | 06/15/28 | 250,000 | 255,257 |
Credit Acceptance Auto Loan Trust 20-1A (a) | 2.01 | 02/15/29 | 500,000 | 507,019 |
Credit Acceptance Auto Loan Trust 20-1A (a) | 2.39 | 04/16/29 | 250,000 | 255,791 |
Credit Acceptance Auto Loan Trust 20-2A (a) | 1.37 | 07/16/29 | 250,000 | 252,482 |
Credit Acceptance Auto Loan Trust 20-3A (a) | 1.24 | 10/15/29 | 350,000 | 353,067 |
Credit Acceptance Auto Loan Trust 21-2A (a) | 0.96 | 02/15/30 | 320,000 | 320,891 |
Credito Real USA Auto Receivables Trust 21-1 (a) | 1.35 | 02/16/27 | 762,148 | 762,404 |
DT Auto Owner Trust 18-2D (a) | 4.15 | 03/15/24 | 56,718 | 57,380 |
DT Auto Owner Trust 19-1C (a) | 3.61 | 11/15/24 | 119,321 | 119,943 |
DT Auto Owner Trust 20-3A (a) | 0.91 | 12/16/24 | 200,000 | 200,924 |
Exeter Automobile Receivables Trust 20-1A (a) | 2.26 | 04/15/24 | 51,620 | 51,760 |
Exeter Automobile Receivables Trust 20-3A | 0.52 | 10/16/23 | 38,654 | 38,666 |
Exeter Automobile Receivables Trust 21-1A | 0.50 | 02/18/25 | 240,000 | 240,163 |
FIC Funding 21-1 (a) | 1.13 | 04/15/33 | 236,827 | 236,971 |
First Investors Auto Owner Trust 21-2A (a) | 0.48 | 03/15/27 | 609,925 | 609,607 |
Flagship Credit Auto Trust 21-3 (a) | 0.36 | 07/15/27 | 493,606 | 493,293 |
Foursight Capital Automobile Receivables Trust 19-1 (a) | 2.67 | 03/15/24 | 35,219 | 35,342 |
Freedom Financial 21-1 (a) | 0.66 | 03/20/28 | 237,495 | 237,597 |
Freedom Financial 21-2 (a) | 0.68 | 06/19/28 | 103,456 | 103,511 |
FRTKL 21-SFR1 (a) | 1.57 | 09/17/38 | 250,000 | 248,792 |
GLS Auto Receivables Trust 19-1 (a) | 3.65 | 12/16/24 | 321,611 | 323,412 |
GLS Auto Receivables Trust 20-3 (a) | 1.38 | 08/15/24 | 150,000 | 150,753 |
GLS Auto Receivables Trust 20-4 (a) | 0.87 | 12/16/24 | 300,000 | 300,953 |
GLS Auto Receivables Trust 21-3A (a) | 0.42 | 01/15/25 | 490,000 | 490,012 |
Gracie Point International Fund 20-B (a) | 1.50(b) | 05/02/23 | 290,989 | 293,191 |
Gracie Point International Fund 21-1 (a) | 0.85(b) | 11/01/23 | 319,999 | 319,999 |
Marlette Funding Trust 19-3 (a) | 2.69 | 09/17/29 | 1,059 | 1,060 |
Marlette Funding Trust 20-2 (a) | 1.02 | 09/16/30 | 3,044 | 3,045 |
Marlette Funding Trust 21-1 (a) | 0.60 | 06/16/31 | 164,999 | 165,088 |
Oasis Securitisation 21-1A (a) | 2.58 | 02/15/33 | 341,815 | 342,618 |
Oportun Funding 21-A (a) | 1.21 | 03/08/28 | 300,000 | 300,801 |
Oportun Funding 21-B (a) | 1.47 | 05/08/31 | 1,000,000 | 1,000,563 |
Oscar US Funding Trust 21-1A (a) | 0.40 | 03/11/24 | 150,273 | 150,352 |
Progress Residential Trust 21-SFR8 (a) | 1.51 | 10/17/38 | 339,000 | 336,947 |
SBA Tower Trust (a) | 2.84 | 01/15/25 | 115,000 | 119,103 |
SBA Tower Trust (a) | 1.88 | 01/15/26 | 330,000 | 334,134 |
SBA Tower Trust (a) | 1.63 | 11/15/26 | 580,000 | 578,544 |
SoFi Consumer Loan Program Trust 18-3 (a) | 4.02 | 08/25/27 | 70,500 | 71,141 |
SoFi Consumer Loan Program Trust 19-4 (a) | 2.45 | 08/25/28 | 8,734 | 8,766 |
United Auto Credit Securitization Trust 20-1B (a) | 1.47 | 11/10/22 | 46,352 | 46,383 |
United Auto Credit Securitization Trust 21-1A (a) | 0.34 | 07/10/23 | 179,735 | 179,754 |
United Auto Credit Securitization Trust 21-1B (a) | 0.68 | 03/11/24 | 1,050,000 | 1,051,653 |
Upstart Securitization Trust 19-3 (a) | 2.68 | 01/21/30 | 9,823 | 9,847 |
20
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Asset-Backed Securities | 12.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Upstart Securitization Trust 21-3 (a) | 0.83% | 07/20/31 | $223,057 | $223,088 |
Upstart Securitization Trust 21-4 (a) | 0.84 | 09/20/31 | 400,000 | 400,019 |
Westlake Automobile Receivable Trust 19-2A (a) | 2.84 | 07/15/24 | 200,000 | 201,672 |
Westlake Automobile Receivable Trust 20-3A (a) | 0.78 | 11/17/25 | 230,000 | 231,027 |
Total Asset-Backed Securities | ||||
(Cost $18,331,574) | 18,317,115 |
Yankee Bonds | 11.1% of portfolio | ||||
AerCap Ireland Capital DAC | 4.13 | 07/03/23 | 185,000 | 194,616 |
AerCap Ireland Capital DAC | 1.75 | 01/30/26 | 245,000 | 242,497 |
Aircastle Ltd. (a) | 5.25 | 08/11/25 | 310,000 | 346,590 |
Antares Holdings LP | 3.95 | 07/15/26 | 375,000 | 395,172 |
Avolon Holdings Funding Ltd. (a) | 5.13 | 10/01/23 | 500,000 | 537,213 |
Avolon Holdings Funding Ltd. (a) | 2.88 | 02/15/25 | 430,000 | 442,433 |
Avolon Holdings Funding Ltd. (a) | 5.50 | 01/15/26 | 800,000 | 896,809 |
Avolon Holdings Funding Ltd. (a) | 2.13 | 02/21/26 | 250,000 | 247,441 |
Avolon Holdings Funding Ltd. (a) | 4.25 | 04/15/26 | 100,000 | 107,556 |
Avolon Holdings Funding Ltd. (a) | 2.75 | 02/21/28 | 400,000 | 398,974 |
Banco Bilbao Vizcaya Argentaria SA | 1.13 | 09/18/25 | 200,000 | 197,911 |
Banco Santander SA | 1.85 | 03/25/26 | 400,000 | 405,146 |
Banco Santander SA | 3.49 | 05/28/30 | 200,000 | 215,179 |
Barclays PLC | 1.50(b) | 05/16/24 | 400,000 | 406,892 |
Barclays PLC | 2.85(b) | 05/07/26 | 325,000 | 341,361 |
Barclays PLC | 2.65(b) | 06/24/31 | 500,000 | 503,560 |
Cemex, SAB de CV (a) | 7.38 | 06/05/27 | 230,000 | 254,780 |
Cenovus Energy Inc. | 2.65 | 01/15/32 | 260,000 | 255,085 |
Cenovus Energy Inc. | 5.25 | 06/15/37 | 395,000 | 470,740 |
Delta and SkyMiles IP Ltd. (a) | 4.75 | 10/20/28 | 1,100,000 | 1,226,500 |
Enel Finance International NV (a) | 2.65 | 09/10/24 | 545,000 | 571,058 |
Enel Finance International NV (a) | 3.63 | 05/25/27 | 215,000 | 238,002 |
Lloyds Banking Group, PLC | 0.70(b) | 05/11/24 | 700,000 | 701,809 |
Mitsubishi UFJ Financial Group, Inc. | 1.41 | 07/17/25 | 220,000 | 221,273 |
Nationwide Building Society (a) | 3.62(b) | 04/26/23 | 200,000 | 203,478 |
NatWest Group PLC | 4.27(b) | 03/22/25 | 296,000 | 319,425 |
Nissan Motor Co., Ltd. (a) | 0.75(b) | 03/08/24 | 210,000 | 210,461 |
Nissan Motor Co., Ltd. (a) | 3.52 | 09/17/25 | 230,000 | 244,527 |
Nissan Motor Co., Ltd. (a) | 1.85 | 09/16/26 | 260,000 | 257,302 |
Nissan Motor Co., Ltd. (a) | 2.45 | 09/15/28 | 435,000 | 430,135 |
Nissan Motor Co., Ltd. (a) | 4.81 | 09/17/30 | 200,000 | 224,940 |
Petronas Capital Ltd. (a) | 2.48 | 01/28/32 | 200,000 | 198,866 |
Petronas Capital Ltd. (a) | 3.40 | 04/28/61 | 360,000 | 361,900 |
Siemens Financieringsmaatschappij NV (a) | 1.20 | 03/11/26 | 400,000 | 398,564 |
Spirit Loyalty Cayman Ltd. (a) | 8.00 | 09/20/25 | 180,000 | 201,870 |
Sumitomo Mitsui Financial Group, Inc. (a) | 1.05 | 09/12/25 | 200,000 | 198,218 |
Suzano Austria GmbH | 2.50 | 09/15/28 | 1,000,000 | 972,500 |
Syngenta Finance NV (a) | 4.44 | 04/24/23 | 230,000 | 240,428 |
Syngenta Finance NV (a) | 4.89 | 04/24/25 | 530,000 | 580,043 |
Syngenta Finance NV (a) | 5.68 | 04/24/48 | 300,000 | 364,470 |
Tencent Holdings Ltd. (a) | 3.80 | 02/11/25 | 200,000 | 214,752 |
Tencent Holdings Ltd. (a) | 1.81 | 01/26/26 | 220,000 | 221,893 |
Tencent Holdings Ltd. (a) | 3.98 | 04/11/29 | 220,000 | 241,223 |
Tencent Music Entertainment Group | 2.00 | 09/03/30 | 200,000 | 188,322 |
Teva Pharmaceutical Industries Ltd. | 2.80 | 07/21/23 | 248,000 | 246,522 |
Vodafone Group PLC | 4.13(b) | 06/04/81 | 145,000 | 146,818 |
21
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Yankee Bonds | 11.1% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Westpac Banking Corp. | 2.96% | 11/16/40 | $300,000 | $297,080 |
Total Yankee Bonds | ||||
(Cost $16,460,099) | 16,782,334 |
Municipal Bonds | 3.8% of portfolio | ||||
Alabama | Less than 0.1% | ||||
Alabama Public School & College Authority | 1.16 | 06/01/26 | 85,000 | 84,822 |
Total Alabama | 84,822 | |||
Arizona | 0.2% | ||||
Pinal County Arizona Revenue Obligation | 1.05 | 08/01/24 | 120,000 | 120,732 |
Pinal County Arizona Revenue Obligation | 1.58 | 08/01/26 | 110,000 | 111,138 |
Yuma Arizona Pledged Revenue | 2.63 | 07/15/38 | 135,000 | 136,442 |
Total Arizona | 368,312 | |||
California | 1.6% | ||||
California Infrastructure & Economic Development Bank | 1.24 | 10/01/27 | 50,000 | 49,628 |
City of Chula Vista California Pension Obligation | 1.16 | 06/01/27 | 130,000 | 127,030 |
City of Chula Vista California Pension Obligation | 1.41 | 06/01/28 | 130,000 | 126,834 |
City of Chula Vista California Pension Obligation | 1.63 | 06/01/29 | 160,000 | 156,330 |
City of Chula Vista California Pension Obligation | 2.91 | 06/01/45 | 255,000 | 246,767 |
City of Los Angeles California Department of Airports | 1.25 | 05/15/28 | 200,000 | 193,330 |
City of Monterey Park California Pension Obligation | 1.89 | 06/01/30 | 1,000,000 | 981,727 |
EL Cajon California Pension Obligation | 1.70 | 04/01/27 | 100,000 | 100,045 |
Gardena California Pension Obligation | 2.07 | 04/01/26 | 100,000 | 102,911 |
Huntington Beach California Pension Obligation | 1.68 | 06/15/27 | 155,000 | 155,386 |
San Francisco California City & County Airports | 3.35 | 05/01/51 | 100,000 | 103,014 |
Total California | 2,343,002 | |||
Colorado | 0.3% | ||||
Denver City & County Colorado Airport | 1.57 | 11/15/26 | 95,000 | 96,576 |
Regional Transportation District Colorado | 1.18 | 11/01/27 | 175,000 | 171,166 |
Regional Transportation District Colorado | 1.33 | 11/01/28 | 150,000 | 146,258 |
Total Colorado | 414,000 | |||
Georgia | 0.1% | ||||
City of Atlanta Georgia Water & Wastewater | 2.26 | 11/01/35 | 130,000 | 130,111 |
Total Georgia | 130,111 | |||
New Jersey | 0.6% | ||||
New Jersey Housing and Morgage Finance Agency | 1.34 | 04/01/24 | 90,000 | 90,116 |
New Jersey Housing and Morgage Finance Agency | 1.49 | 04/01/25 | 80,000 | 79,883 |
New Jersey Housing and Morgage Finance Agency | 1.54 | 10/01/25 | 140,000 | 139,398 |
New Jersey Transportation Trust Fund Authority | 4.08 | 06/15/39 | 575,000 | 652,647 |
Total New Jersey | 962,044 | |||
New York | 0.5% | ||||
New York City Housing Development Corp. | 2.24 | 05/01/30 | 160,000 | 161,176 |
New York City Housing Development Corp. | 2.34 | 05/01/31 | 165,000 | 166,748 |
New York City Housing Development Corp. | 2.39 | 11/01/31 | 160,000 | 161,970 |
22
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
Municipal Bonds | 3.8% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
New York | 0.5% (Continued) | ||||
Suffolk County New York | 1.61% | 06/15/25 | $200,000 | $202,831 |
Total New York | 692,725 | |||
Texas | 0.4% | ||||
Harris County Texas Cultural Education Facilities Finance Corp. | 3.34 | 11/15/37 | 275,000 | 289,798 |
North Texas Tollway Authority Revenue | 3.01 | 01/01/43 | 150,000 | 151,400 |
San Antonio Texas Electric & Gas | 2.91 | 02/01/48 | 150,000 | 150,294 |
Total Texas | 591,492 | |||
West Virginia | 0.1% | ||||
West Virginia State University Revenues | 3.01 | 10/01/41 | 150,000 | 154,817 |
Total West Virginia | 154,817 | |||
Total Municipal Bonds | ||||
(Cost $5,661,859) | 5,741,325 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.5% of portfolio | ||||
Energy | 0.2% | ||||
Petroleos Mexicanos | 0.48(b) | 04/15/25 | 268,125 | 268,197 |
Total Energy | 268,197 | |||
Financials | 0.3% | ||||
Thirax 1 LLC | 0.97 | 01/14/33 | 480,560 | 473,243 |
Total Financials | 473,243 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $748,446) | 741,440 |
Money Market Fund | 3.2% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.03(c) | 4,797,587 | 4,797,587 | |
Total Money Market Fund | ||||
(Cost $4,797,587) | 4,797,587 | |||
Total Investments in Securities | ||||
(Cost $150,028,573) | 100.0% | $150,343,420 |
(a) | 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 $40,539,982 and represents 27.0% of total investments. |
(b) | Variable coupon rate as of September 30, 2021. |
(c) | 7-day yield at September 30, 2021. |
LLC - Limited Liability Company
LP - Limited Partnership
FHLMC - Federal Home Loan Mortgage Corporation
DAC - Designated Activity Company
SA - Sociedad Anonima or Societe Anonyme
23
Portfolio of Investments | Intermediate Bond Fund | September 30, 2021 | (Unaudited) |
(Continued)
PLC - Public Limited Company
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
NV - Naamloze Vennottschap
GmbH - Gesellschaft mit beschränkter Haftung
At September 30, 2021, the cost of investment securities for tax purposes was $150,041,473. Net unrealized appreciation of investment securities was $301,947 consisting of unrealized gains of $1,519,920 and unrealized losses of $1,217,973.
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 | $ — | $54,672,194 | $ — | $54,672,194 |
U.S. Government & Agency Obligations | — | 24,907,729 | — | 24,907,729 |
Mortgage-Backed Securities | — | 24,383,696 | — | 24,383,696 |
Asset-Backed Securities | — | 18,317,115 | — | 18,317,115 |
Yankee Bonds | — | 16,782,334 | — | 16,782,334 |
Municipal Bonds | — | 5,741,325 | — | 5,741,325 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 741,440 | — | 741,440 |
Money Market Fund | 4,797,587 | — | — | 4,797,587 |
Total | $4,797,587 | $145,545,833 | $ — | $150,343,420 |
24
Portfolio of Investments
Rural America Growth & Income Fund | September 30, 2021 | (Unaudited)
Common Stocks | 57.2% of portfolio | ||||
Shares | Value | |||
Communication Services | 1.9% | ||||
Media | ||||
Cable One, Inc. | 32 | $58,020 | ||
Wireless Telecommunication Services | ||||
Shenandoah Telecommunications Co. | 484 | 15,285 | ||
Total Communication Services | 73,305 | |||
Consumer Discretionary | 6.9% | ||||
Hotels, Restaurants & Leisure | ||||
Choice Hotels International, Inc. | 358 | 45,240 | ||
Cracker Barrel Old Country Store, Inc. | 82 | 11,467 | ||
Multiline Retail | ||||
Dollar General Corp. | 238 | 50,489 | ||
Ollie's Bargain Outlet Holdings, Inc. (a) | 249 | 15,010 | ||
Specialty Retail | ||||
ARKO Corp. (a) | 1,692 | 17,089 | ||
Lowe's Companies, Inc. | 237 | 48,078 | ||
O'Reilly Automotive, Inc. (a) | 80 | 48,885 | ||
Tractor Supply Co. | 184 | 37,280 | ||
Total Consumer Discretionary | 273,538 | |||
Consumer Staples | 1.5% | ||||
Food Products | ||||
Hershey Co. (The) | 342 | 57,884 | ||
Total Consumer Staples | 57,884 | |||
Financials | 8.2% | ||||
Banks | ||||
FB Financial Corp. | 410 | 17,580 | ||
Glacier Bancorp, Inc. | 694 | 38,413 | ||
South State Corp. | 291 | 21,729 | ||
Truist Financial Corp. | 1,289 | 75,600 | ||
Capital Markets | ||||
CME Group, Inc. | 271 | 52,406 | ||
Intercontinental Exchange, Inc. | 407 | 46,732 | ||
Insurance | ||||
Allstate Corp. | 272 | 34,628 | ||
American International Group, Inc. | 349 | 19,157 | ||
Chubb Ltd. | 113 | 19,603 | ||
Total Financials | 325,848 | |||
Health Care | 8.4% | ||||
Health Care Equipment & Supplies | ||||
Integer Holdings Corp. (a) | 371 | 33,145 | ||
Stryker Corp. | 196 | 51,689 | ||
Health Care Providers & Services | ||||
AMN Healthcare Services, Inc. (a) | 291 | 33,392 | ||
Centene Corp. (a) | 542 | 33,772 | ||
LHC Group, Inc. (a) | 182 | 28,558 | ||
PetIQ, Inc. (a) | 837 | 20,900 | ||
Life Sciences Tools & Services | ||||
IQVIA Holdings Inc. (a) | 141 | 33,775 |
25
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2021 |
(Unaudited) | (Continued)
Common Stocks | 57.2% of portfolio (Continued) | ||||
Shares | Value | |||
Health Care | 8.4% (Continued) | ||||
Pharmaceuticals | ||||
Zoetis Inc. | 506 | $98,235 | ||
Total Health Care | 333,466 | |||
Industrials | 7.1% | ||||
Air Freight & Logistics | ||||
Air Transport Services Group, Inc. (a) | 1,038 | 26,791 | ||
Commercial Services & Supplies | ||||
Casella Waste Systems, Inc. Class A (a) | 339 | 25,744 | ||
Electrical Equipment | ||||
EnerSys | 195 | 14,516 | ||
Machinery | ||||
Deere & Co. | 216 | 72,375 | ||
Xylem, Inc. | 109 | 13,481 | ||
Road & Rail | ||||
CSX Corp. | 1,290 | 38,365 | ||
Trading Companies & Distributors | ||||
Applied Industrial Technologies, Inc. | 252 | 22,713 | ||
Fastenal Co. | 1,260 | 65,028 | ||
Total Industrials | 279,013 | |||
Information Technology | 16.4% | ||||
Communications Equipment | ||||
Ubiquiti Inc. | 104 | 31,062 | ||
Electronic Equipment, Instruments & Components | ||||
Advanced Energy Industries, Inc. | 406 | 35,627 | ||
Corning, Inc. | 1,639 | 59,807 | ||
Trimble Inc. (a) | 566 | 46,553 | ||
IT Services | ||||
Jack Henry & Associates, Inc. | 481 | 78,913 | ||
Square, Inc. Class A (a) | 355 | 85,143 | ||
Semiconductors & Semiconductor Equipment | ||||
Diodes Inc. (a) | 517 | 46,835 | ||
Software | ||||
ANSYS, Inc. (a) | 216 | 73,537 | ||
Blackbaud, Inc. | 168 | 11,819 | ||
Paycom Software, Inc. (a) | 215 | 106,586 | ||
Tyler Technologies, Inc. (a) | 158 | 72,467 | ||
Total Information Technology | 648,349 | |||
Materials | 1.7% | ||||
Chemicals | ||||
Sherwin-Williams Co. (The) | 183 | 51,191 | ||
Construction Materials | ||||
Vulcan Materials Co. | 101 | 17,085 | ||
Total Materials | 68,276 | |||
Real Estate | 5.1% | ||||
Equity Real Estate Investment Trusts (REITs) | ||||
American Tower Corp. | 324 | 85,993 | ||
Community Healthcare Trust Inc. | 341 | 15,410 | ||
Crown Castle International Corp. | 469 | 81,287 |
26
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2021 |
(Unaudited) | (Continued)
Common Stocks | 57.2% of portfolio (Continued) | ||||
Shares | Value | |||
Real Estate | 5.1% (Continued) | ||||
Uniti Group Inc. | 1,383 | $17,107 | ||
Total Real Estate | 199,797 | |||
Total Common Stocks | ||||
(Cost $ 2,280,223) | 2,259,476 |
Corporate Bonds–Other | 23.6% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | ||
Communication Services | 0.8% | ||||
T-Mobile USA, Inc. | 3.75% | 04/15/27 | $30,000 | 33,051 |
Total Communication Services | 33,051 | |||
Consumer Discretionary | 2.0% | ||||
Choice Hotels International, Inc. | 3.70 | 01/15/31 | 17,000 | 18,331 |
Kohl's Corp. | 3.25 | 02/01/23 | 5,000 | 5,129 |
Kohl's Corp. | 4.25 | 07/17/25 | 19,000 | 20,612 |
Mohawk Industries, Inc. | 3.85 | 02/01/23 | 10,000 | 10,370 |
Tractor Supply Co. | 1.75 | 11/01/30 | 24,000 | 23,041 |
Total Consumer Discretionary | 77,483 | |||
Consumer Staples | 1.0% | ||||
Bunge Limited Finance Corp. | 4.35 | 03/15/24 | 22,000 | 23,788 |
Dollar General Corp. | 4.15 | 11/01/25 | 14,000 | 15,536 |
Total Consumer Staples | 39,324 | |||
Energy | 0.6% | ||||
Murphy Oil Corp. | 6.38 | 07/15/28 | 22,000 | 23,265 |
Total Energy | 23,265 | |||
Financials | 11.0% | ||||
American International Group, Inc. | 3.40 | 06/30/30 | 39,000 | 42,556 |
American Tower Corp. | 3.95 | 03/15/29 | 40,000 | 44,469 |
Chubb INA Holdings Inc. | 3.15 | 03/15/25 | 48,000 | 51,553 |
Cincinnati Financial Corp. | 6.92 | 05/15/28 | 17,000 | 22,066 |
Globe Life Inc. | 4.55 | 09/15/28 | 22,000 | 25,529 |
Intercontinental Exchange, Inc. | 3.75 | 12/01/25 | 48,000 | 52,651 |
M&T Bank Corp. | 3.55 | 07/26/23 | 40,000 | 42,179 |
Metlife, Inc. | 3.00 | 03/01/25 | 27,000 | 28,759 |
Synovus Financial Corp. | 3.13 | 11/01/22 | 17,000 | 17,385 |
Truist Bank | 3.69 (b) | 08/02/24 | 38,000 | 40,249 |
Truist Financial Corp. | 2.20 | 03/16/23 | 16,000 | 16,416 |
Truist Financial Corp. | 3.87 | 03/19/29 | 26,000 | 29,357 |
Unum Group | 4.00 | 03/15/24 | 18,000 | 19,291 |
Total Financials | 432,460 | |||
Health Care | 2.0% | ||||
CVS Health Corp. | 1.30 | 08/21/27 | 33,000 | 32,484 |
Laboratory Corporation of America Holdings | 2.30 | 12/01/24 | 14,000 | 14,569 |
27
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2021 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 23.6% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Health Care | 2.0% (Continued) | ||||
Laboratory Corporation of America Holdings | 1.55% | 06/01/26 | $30,000 | $30,059 |
Total Health Care | 77,112 | |||
Industrials | 1.6% | ||||
CNH Industrial Capital LLC | 1.45 | 07/15/26 | 23,000 | 22,900 |
CNH Industrial NV | 4.50 | 08/15/23 | 14,000 | 14,964 |
J.B. Hunt Transport Services, Inc. | 3.87 | 03/01/26 | 14,000 | 15,500 |
John Deere Capital Corp. | 2.65 | 06/24/24 | 10,000 | 10,555 |
Total Industrials | 63,919 | |||
Information Technology | 1.6% | ||||
Micron Technology, Inc. | 4.66 | 02/15/30 | 15,000 | 17,314 |
Square, Inc. (c) | 2.75 | 06/01/26 | 47,000 | 47,641 |
Total Information Technology | 64,955 | |||
Materials | 1.7% | ||||
Martin Marietta Materials, Inc. | 3.50 | 12/15/27 | 14,000 | 15,399 |
Mosaic Co. | 4.05 | 11/15/27 | 10,000 | 11,237 |
Steel Dynamics, Inc. | 2.40 | 06/15/25 | 14,000 | 14,571 |
Vulcan Materials Co. | 3.50 | 06/01/30 | 25,000 | 27,445 |
Total Materials | 68,652 | |||
Real Estate | 0.8% | ||||
American Campus Communities Operating Partnership LP | 4.13 | 07/01/24 | 15,000 | 16,281 |
Crown Castle International Corp. | 3.80 | 02/15/28 | 14,000 | 15,395 |
Total Real Estate | 31,676 | |||
Utilities | 0.5% | ||||
Black Hills Corp. | 4.25 | 11/30/23 | 20,000 | 21,367 |
Total Utilities | 21,367 | |||
Total Corporate Bonds–Other | ||||
(Cost $ 933,594) | 933,264 |
U.S. Government & Agency Obligations | 5.2% of portfolio | ||||
Federal Farm Credit Banks Funding Corp. | 1.20 | 04/28/27 | 105,000 | 105,026 |
Tennessee Valley Authority | 2.87 | 09/15/24 | 37,000 | 39,525 |
Tennessee Valley Authority | 0.75 | 05/15/25 | 60,000 | 60,080 |
Total U.S. Government & Agency Obligations | ||||
(Cost $ 204,669) | 204,631 |
Mortgage-Backed Securities | 4.2% of portfolio | ||||
ARM Master Trust 21-T (c) | 1.42 | 01/15/24 | 50,000 | 50,007 |
Farm 2021-1 Mortgage Trust 21-1 (c) | 2.18(b) | 01/25/51 | 30,000 | 29,865 |
Freddie Mac Multiclass Certificates 21-P009 | 1.13 | 01/25/31 | 49,752 | 49,303 |
GNMA II POOL 785401 | 2.50 | 10/20/50 | 34,245 | 35,541 |
Total Mortgage-Backed Securities | ||||
(Cost $ 165,568) | 164,716 |
28
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2021 |
(Unaudited) | (Continued)
Municipal Bonds | 3.3% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Kansas | 0.3% | ||||
City of Wichita, Kansas Water & Sewer Utility Revenue | 3.00% | 10/01/24 | $10,000 | $10,661 |
Montana | 0.4% | ||||
Yellowstone County School District No. 2 Billings | 2.22 | 06/15/32 | 15,000 | 15,592 |
Pennsylvania | 1.1% | ||||
Geisinger Health System Revenue | 2.25 | 04/01/27 | 20,000 | 19,849 |
New Castle Sanitation Authority | 1.16 | 06/01/25 | 25,000 | 24,692 |
Total Pennsylvania | 44,541 | |||
Texas | 0.8% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 30,000 | 29,975 |
Washington | 0.7% | ||||
Northwest Open Access Network Revenue | 1.68 | 12/01/27 | 30,000 | 29,780 |
Total Municipal Bonds | ||||
(Cost $ 132,138) | 130,549 |
Asset-Backed Securities | 2.2% of portfolio | ||||
SBA Tower Trust (c) | 1.63 | 11/15/26 | 60,000 | 59,849 |
SBA Tower Trust (c) | 2.84 | 01/15/25 | 25,000 | 25,892 |
Total Asset-Backed Securities | ||||
(Cost $ 86,709) | 85,741 |
Money Market Fund | 4.3% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 0.03%(d) | 169,311 | 169,311 | |
Total Money Market Fund | ||||
(Cost $ 169,311) | 169,311 | |||
Total Investments in Securities | ||||
(Cost $3,972,212) | 100.0% | $3,947,688 |
(a) | Non-income producing. |
(b) | Variable coupon rate as of September 30, 2021. |
(c) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $213,254 and represents 5.4% of total investments. |
(d) | 7-day yield at September 30, 2021. |
CME - Chicago Mercantile Exchange
LLC - Limited Liability Company
NV - Naamloze Vennottschap
LP - Limited Partnership
ARM - Adjustable Rate Mortgage
At September 30, 2021, the cost of investment securities for tax purposes was $3,972,212. Net unrealized depreciation of investment securities was $24,524 consisting of unrealized gains of $67,021 and unrealized losses of $91,545.
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:
29
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2021 |
(Unaudited) | (Continued)
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.
Rural America Growth & Income Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $2,259,476 | $ — | $ — | $2,259,476 |
Corporate Bonds–Other | — | 933,264 | — | 933,264 |
U.S. Government & Agency Obligations | — | 204,631 | — | 204,631 |
Mortgage-Backed Securities | — | 164,716 | — | 164,716 |
Municipal Bonds | — | 130,549 | — | 130,549 |
Asset-Backed Securities | — | 85,741 | — | 85,741 |
Money Market Fund | 169,311 | — | — | 169,311 |
Total | $2,428,787 | $1,518,901 | $ — | $3,947,688 |
30
Portfolio of Investments
Stock Index Fund | September 30, 2021 | (Unaudited)
Cost | Value | |
Investment | $45,758,966 | $221,024,680 |
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, 2021, 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.
31
Portfolio of Investments
S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited)
Common Stocks | 98.7% of net assets | ||
Shares | Value | |
Aerospace & Defense | 1.5% | ||
Boeing Co. (a) | 462,773 | $101,782,294 |
General Dynamics Corp. | 192,699 | 37,774,785 |
Howmet Aerospace, Inc. | 329,069 | 10,266,953 |
Huntington Ingalls Industries, Inc. | 34,143 | 6,591,648 |
L3Harris Technologies, Inc. | 168,939 | 37,207,125 |
Lockheed Martin Corp. | 205,897 | 71,055,055 |
Northrop Grumman Corp. | 126,017 | 45,385,022 |
Raytheon Technologies Corp. | 1,267,717 | 108,972,953 |
Textron, Inc. | 190,009 | 13,264,528 |
TransDigm Group, Inc. (a) | 44,018 | 27,492,322 |
Total Aerospace & Defense | 459,792,685 | |
Air Freight & Logistics | 0.6% | ||
C.H. Robinson Worldwide, Inc. | 112,996 | 9,830,652 |
Expeditors International of Washington, Inc. | 140,904 | 16,785,894 |
FedEx Corp. | 205,504 | 45,064,972 |
United Parcel Service, Inc., Class B | 612,295 | 111,498,919 |
Total Air Freight & Logistics | 183,180,437 | |
Airlines | 0.3% | ||
Alaska Air Group, Inc. (a) | 104,278 | 6,110,691 |
American Airlines Group, Inc. (a) | 546,838 | 11,221,116 |
Delta Air Lines, Inc. (a) | 535,595 | 22,821,703 |
Southwest Airlines Co. (a) | 495,402 | 25,478,525 |
United Airlines Holdings, Inc. (a) | 274,606 | 13,063,007 |
Total Airlines | 78,695,042 | |
Auto Components | 0.1% | ||
Aptiv PLC (a) | 227,531 | 33,895,293 |
BorgWarner, Inc. | 203,548 | 8,795,309 |
Total Auto Components | 42,690,602 | |
Automobiles | 2.1% | ||
Ford Motor Co. (a) | 3,300,651 | 46,737,218 |
General Motors Co. (a) | 1,220,506 | 64,332,872 |
Tesla, Inc. (a) | 682,194 | 529,027,803 |
Total Automobiles | 640,097,893 | |
Banks | 4.4% | ||
Bank of America Corp. | 6,225,695 | 264,280,753 |
Citigroup, Inc. | 1,703,977 | 119,585,106 |
Citizens Financial Group, Inc. | 358,562 | 16,845,243 |
Comerica, Inc. | 118,483 | 9,537,882 |
Fifth Third Bancorp | 592,621 | 25,150,835 |
First Republic Bank | 149,355 | 28,807,592 |
Huntington Bancshares, Inc. | 1,237,029 | 19,124,468 |
JPMorgan Chase & Co. | 2,512,229 | 411,226,765 |
KeyCorp | 823,635 | 17,806,989 |
M&T Bank Corp. | 109,183 | 16,305,389 |
People's United Financial, Inc. | 362,910 | 6,340,038 |
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Banks | 4.4% (Continued) | ||
PNC Financial Services Group, Inc. | 357,659 | $69,972,407 |
Regions Financial Corp. | 819,317 | 17,459,645 |
SVB Financial Group (a) | 49,321 | 31,904,769 |
Truist Financial Corp. | 1,132,134 | 66,399,659 |
U.S. Bancorp | 1,141,194 | 67,832,571 |
Wells Fargo & Co. | 3,452,379 | 160,224,909 |
Zions Bancorp NA | 139,023 | 8,604,133 |
Total Banks | 1,357,409,153 | |
Beverages | 1.4% | ||
Brown-Forman Corp., Class B | 152,675 | 10,230,752 |
Coca-Cola Co. | 3,266,742 | 171,405,953 |
Constellation Brands, Inc., Class A | 142,194 | 29,958,854 |
Molson Coors Brewing Co., Class B | 161,725 | 7,500,805 |
Monster Beverage Corp. (a) | 310,550 | 27,586,156 |
PepsiCo, Inc. | 1,163,102 | 174,942,172 |
Total Beverages | 421,624,692 | |
Biotechnology | 1.9% | ||
AbbVie Inc. | 1,486,863 | 160,387,912 |
Amgen Inc. | 477,410 | 101,521,236 |
Biogen, Inc. (a) | 126,742 | 35,866,719 |
Gilead Sciences, Inc. | 1,055,808 | 73,748,189 |
Incyte Corp. (a) | 157,004 | 10,798,735 |
Moderna, Inc. (a) | 295,240 | 113,626,066 |
Regeneron Pharmaceuticals, Inc. (a) | 88,136 | 53,338,144 |
Vertex Pharmaceuticals, Inc. (a) | 217,922 | 39,528,872 |
Total Biotechnology | 588,815,873 | |
Building Products | 0.5% | ||
Allegion PLC | 76,360 | 10,093,265 |
AO Smith Corp. | 112,155 | 6,849,306 |
Carrier Global Corp. | 729,501 | 37,758,972 |
Fortune Brands Home & Security, Inc. | 116,125 | 10,383,898 |
Johnson Controls International PLC | 602,055 | 40,987,904 |
Masco Corp. | 213,495 | 11,859,647 |
Trane Technologies PLC | 201,320 | 34,757,898 |
Total Building Products | 152,690,890 | |
Capital Markets | 3.0% | ||
Ameriprise Financial, Inc. | 97,684 | 25,800,298 |
Bank of New York Mellon Corp. | 678,570 | 35,177,069 |
BlackRock, Inc. (b) | 120,278 | 100,872,347 |
Cboe Global Markets, Inc. | 90,101 | 11,159,910 |
Charles Schwab Corp. | 1,262,626 | 91,969,678 |
CME Group, Inc. | 302,297 | 58,458,194 |
Franklin Resources, Inc. | 229,824 | 6,830,369 |
32
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Capital Markets | 3.0% (Continued) | ||
Goldman Sachs Group, Inc. | 283,407 | $107,136,348 |
Intercontinental Exchange, Inc. | 473,755 | 54,396,549 |
Invesco Ltd. | 287,050 | 6,920,776 |
MarketAxess Holdings Inc. | 31,620 | 13,302,218 |
Moody's Corp. | 135,528 | 48,127,348 |
Morgan Stanley | 1,227,169 | 119,415,815 |
MSCI, Inc. | 69,386 | 42,210,279 |
Nasdaq, Inc. | 97,481 | 18,815,783 |
Northern Trust Corp. | 176,469 | 19,025,123 |
Raymond James Financial, Inc. | 153,484 | 14,163,504 |
S&P Global, Inc. | 202,797 | 86,166,417 |
State Street Corp. | 292,762 | 24,802,797 |
T. Rowe Price Group, Inc. | 190,975 | 37,564,782 |
Total Capital Markets | 922,315,604 | |
Chemicals | 1.7% | ||
Air Products & Chemicals, Inc. | 186,309 | 47,715,598 |
Albemarle Corp. | 99,057 | 21,690,511 |
Celanese Corp. | 95,994 | 14,460,536 |
CF Industries Holdings, Inc. | 183,713 | 10,254,860 |
Corteva, Inc. | 622,717 | 26,203,931 |
Dow Inc. | 628,840 | 36,196,030 |
DuPont de Nemours, Inc. | 447,113 | 30,399,213 |
Eastman Chemical Co. | 115,913 | 11,677,076 |
Ecolab, Inc. | 209,419 | 43,688,992 |
FMC Corp. | 107,378 | 9,831,530 |
International Flavors & Fragrances, Inc. | 209,142 | 27,966,468 |
Linde PLC (a) | 434,162 | 127,374,447 |
LyondellBasell Industries NV, Class A | 215,461 | 20,221,015 |
Mosaic Co. | 291,461 | 10,410,987 |
PPG Industries, Inc. | 199,394 | 28,515,336 |
Sherwin-Williams Co. (The) | 203,656 | 56,968,693 |
Total Chemicals | 523,575,223 | |
Commercial Services & Supplies | 0.4% | ||
Cintas Corp. | 74,088 | 28,202,338 |
Copart, Inc. (a) | 175,260 | 24,312,067 |
Republic Services, Inc. | 178,694 | 21,454,002 |
Rollins, Inc. | 182,239 | 6,438,504 |
Waste Management, Inc. | 326,931 | 48,830,414 |
Total Commercial Services & Supplies | 129,237,325 | |
Communications Equipment | 0.8% | ||
Arista Networks, Inc. (a) | 46,249 | 15,893,006 |
Cisco Systems, Inc. | 3,547,654 | 193,098,807 |
F5 Networks, Inc. (a) | 50,186 | 9,975,973 |
Juniper Networks, Inc. | 278,138 | 7,654,358 |
Motorola Solutions, Inc. | 142,665 | 33,143,933 |
Total Communications Equipment | 259,766,077 |
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Construction & Engineering | 0.0% | ||
Quanta Services, Inc. | 118,529 | $13,490,971 |
Total Construction & Engineering | 13,490,971 | |
Construction Materials | 0.1% | ||
Martin Marietta Materials, Inc. | 52,614 | 17,977,152 |
Vulcan Materials Co. | 110,809 | 18,744,450 |
Total Construction Materials | 36,721,602 | |
Consumer Finance | 0.7% | ||
American Express Co. | 541,001 | 90,633,898 |
Capital One Financial Corp. | 375,061 | 60,748,630 |
Discover Financial Services | 256,204 | 31,474,661 |
Synchrony Financial | 478,962 | 23,411,663 |
Total Consumer Finance | 206,268,852 | |
Containers & Packaging | 0.3% | ||
Amcor PLC | 1,308,449 | 15,164,924 |
Avery Dennison Corp. | 70,445 | 14,596,908 |
Ball Corp. | 274,908 | 24,733,473 |
International Paper Co. | 332,451 | 18,590,660 |
Packaging Corp. of America | 79,157 | 10,879,338 |
Sealed Air Corp. | 127,950 | 7,010,381 |
WestRock Co. | 221,545 | 11,039,587 |
Total Containers & Packaging | 102,015,271 | |
Distributors | 0.1% | ||
Genuine Parts Co. | 122,105 | 14,802,789 |
LKQ Corp. (a) | 235,216 | 11,836,069 |
Pool Corp. | 33,768 | 14,669,157 |
Total Distributors | 41,308,015 | |
Diversified Financial Services | 1.4% | ||
Berkshire Hathaway, Inc., Class B (a) | 1,558,433 | 425,358,703 |
Total Diversified Financial Services | 425,358,703 | |
Diversified Telecommunication Services | 1.2% | ||
AT&T, Inc. | 6,010,684 | 162,348,575 |
Lumen Technologies, Inc. | 831,910 | 10,307,365 |
Verizon Communications, Inc. | 3,485,243 | 188,237,974 |
Total Diversified Telecommunication Services | 360,893,914 | |
Electric Utilities | 1.5% | ||
Alliant Energy Corp. | 212,278 | 11,883,322 |
American Electric Power Co., Inc. | 420,474 | 34,134,079 |
Duke Energy Corp. | 647,553 | 63,194,697 |
Edison International | 319,423 | 17,718,394 |
Entergy Corp. | 170,291 | 16,911,599 |
Evergy, Inc. | 194,569 | 12,102,192 |
33
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Electric Utilities | 1.5% (Continued) | ||
Eversource Energy | 287,721 | $23,524,069 |
Exelon Corp. | 824,237 | 39,843,617 |
FirstEnergy Corp. | 461,583 | 16,441,587 |
NextEra Energy, Inc. | 1,651,208 | 129,652,852 |
NRG Energy, Inc. | 201,183 | 8,214,302 |
Pinnacle West Capital Corp. | 93,097 | 6,736,499 |
PPL Corp. | 652,978 | 18,205,027 |
Southern Co. | 891,189 | 55,226,982 |
Xcel Energy, Inc. | 452,156 | 28,259,750 |
Total Electric Utilities | 482,048,968 | |
Electrical Equipment | 0.6% | ||
AMETEK, Inc. | 194,395 | 24,106,924 |
Eaton Corp. PLC | 335,470 | 50,089,026 |
Emerson Electric Co. | 504,847 | 47,556,588 |
Generac Holdings, Inc. (a) | 52,714 | 21,542,630 |
Rockwell Automation, Inc. | 97,930 | 28,795,337 |
Total Electrical Equipment | 172,090,505 | |
Electronic Equipment, Instruments & Components | 0.7% | ||
Amphenol Corp., Class A | 504,094 | 36,914,803 |
CDW Corp. | 117,995 | 21,477,450 |
Corning, Inc. | 649,904 | 23,714,997 |
IPG Photonics Corp. (a)(c) | 29,995 | 4,751,208 |
Keysight Technologies, Inc. (a) | 154,868 | 25,443,264 |
TE Connectivity Ltd. | 277,994 | 38,146,337 |
Teledyne Technologies, Inc. (a) | 39,097 | 16,795,289 |
Trimble Inc. (a) | 210,161 | 17,285,742 |
Zebra Technologies Corp., Class A (a) | 45,233 | 23,313,993 |
Total Electronic Equipment, Instruments & Components | 207,843,083 | |
Energy Equipment & Services | 0.2% | ||
Baker Hughes Co. | 696,533 | 17,225,261 |
Halliburton Co. | 750,650 | 16,229,053 |
Schlumberger NV | 1,176,733 | 34,878,366 |
Total Energy Equipment & Services | 68,332,680 | |
Entertainment | 1.9% | ||
Activision Blizzard, Inc. | 654,118 | 50,622,192 |
Electronic Arts, Inc. | 240,021 | 34,142,987 |
Live Nation Entertainment, Inc. (a) | 110,771 | 10,094,561 |
Netflix, Inc. (a) | 372,103 | 227,109,345 |
Take-Two Interactive Software, Inc. (a) | 98,152 | 15,122,279 |
Walt Disney Co. (a) | 1,529,552 | 258,754,312 |
Total Entertainment | 595,845,676 |
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Equity Real Estate Investment Trusts (REITs) | 2.5% | ||
Alexandria Real Estate Equities, Inc. | 114,784 | $21,931,779 |
American Tower Corp. | 382,778 | 101,593,109 |
AvalonBay Communities, Inc. | 117,068 | 25,946,952 |
Boston Properties, Inc. | 119,633 | 12,962,236 |
Crown Castle International Corp. | 363,832 | 63,059,362 |
Digital Realty Trust, Inc. | 236,975 | 34,231,039 |
Duke Realty Corp. | 314,255 | 15,043,387 |
Equinix, Inc. | 75,411 | 59,584,493 |
Equity Residential | 288,204 | 23,321,468 |
Essex Property Trust, Inc. | 55,122 | 17,624,708 |
Extra Space Storage, Inc. | 111,693 | 18,763,307 |
Federal Realty Investment Trust | 58,771 | 6,934,390 |
Healthpeak Properties, Inc. | 457,368 | 15,312,681 |
Host Hotels & Resorts, Inc. (a) | 586,178 | 9,572,287 |
Iron Mountain, Inc. | 244,276 | 10,613,792 |
Kimco Realty Corp. | 505,766 | 10,494,644 |
Mid-America Apartment Communities, Inc. | 97,160 | 18,144,630 |
Prologis, Inc. | 622,765 | 78,113,414 |
Public Storage | 128,153 | 38,074,256 |
Realty Income Corp. | 327,370 | 21,233,218 |
Regency Centers Corp. | 131,429 | 8,849,115 |
SBA Communications Corp. | 92,432 | 30,555,246 |
Simon Property Group, Inc. | 276,411 | 35,925,138 |
UDR, Inc. | 234,594 | 12,428,790 |
Ventas, Inc. | 315,329 | 17,409,314 |
Vornado Realty Trust | 135,460 | 5,690,675 |
Welltower, Inc. | 350,733 | 28,900,399 |
Weyerhaeuser Co. | 627,144 | 22,307,512 |
Total Equity Real Estate Investment Trusts (REITs) | 764,621,341 | |
Food & Staples Retailing | 1.3% | ||
Costco Wholesale Corp. | 372,148 | 167,224,704 |
Kroger Co. | 571,684 | 23,113,184 |
Sysco Corp. | 430,072 | 33,760,652 |
Walgreens Boots Alliance, Inc. | 602,306 | 28,338,497 |
Walmart, Inc. | 1,201,481 | 167,462,422 |
Total Food & Staples Retailing | 419,899,459 | |
Food Products | 0.9% | ||
Archer-Daniels-Midland Co. | 468,990 | 28,144,090 |
Campbell Soup Co. | 172,290 | 7,203,445 |
Conagra Brands, Inc. | 401,277 | 13,591,252 |
General Mills, Inc. | 515,032 | 30,809,214 |
Hershey Co. (The) | 122,861 | 20,794,224 |
Hormel Foods Corp. | 239,218 | 9,807,938 |
J.M. Smucker Co. | 91,126 | 10,937,854 |
Kellogg Co. | 213,833 | 13,668,205 |
Kraft Heinz Co. | 565,695 | 20,828,890 |
Lamb Weston Holdings, Inc. | 124,846 | 7,661,799 |
McCormick & Co., Inc. | 207,835 | 16,840,870 |
34
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Food Products | 0.9% (Continued) | ||
Mondelez International, Inc., Class A | 1,182,531 | $68,799,654 |
Tyson Foods, Inc., Class A | 248,636 | 19,627,326 |
Total Food Products | 268,714,761 | |
Gas Utilities | 0.0% | ||
Atmos Energy Corp. | 110,895 | 9,780,939 |
Total Gas Utilities | 9,780,939 | |
Health Care Equipment & Supplies | 3.2% | ||
Abbott Laboratories | 1,490,459 | 176,067,922 |
ABIOMED, Inc. (a) | 37,886 | 12,332,651 |
Align Technology, Inc. (a) | 61,778 | 41,108,934 |
Baxter International, Inc. | 423,317 | 34,047,386 |
Becton, Dickinson & Co. | 241,449 | 59,352,993 |
Boston Scientific Corp. (a) | 1,196,169 | 51,901,773 |
Cooper Cos., Inc. (c) | 41,795 | 17,274,291 |
DENTSPLY SIRONA, Inc. | 185,620 | 10,775,241 |
DexCom, Inc. (a)(c) | 81,364 | 44,494,717 |
Edwards Lifesciences Corp. (a) | 523,314 | 59,244,378 |
Hologic, Inc. (a) | 217,879 | 16,081,649 |
IDEXX Laboratories, Inc. (a) | 71,792 | 44,647,445 |
Intuitive Surgical, Inc. (a) | 99,684 | 99,100,848 |
Medtronic PLC | 1,132,602 | 141,971,661 |
ResMed, Inc. | 122,238 | 32,215,825 |
STERIS PLC | 82,863 | 16,927,254 |
Stryker Corp. | 282,162 | 74,411,763 |
Teleflex, Inc. | 39,660 | 14,933,973 |
West Pharmaceutical Services, Inc. | 61,820 | 26,245,063 |
Zimmer Biomet Holdings, Inc. | 174,977 | 25,609,634 |
Total Health Care Equipment & Supplies | 998,745,401 | |
Health Care Providers & Services | 2.5% | ||
AmerisourceBergen Corp. | 124,418 | 14,861,730 |
Anthem, Inc. | 206,115 | 76,839,672 |
Cardinal Health, Inc. | 248,056 | 12,268,850 |
Centene Corp. (a) | 490,310 | 30,551,216 |
Cigna Corp. | 288,871 | 57,820,419 |
CVS Health Corp. | 1,108,330 | 94,052,884 |
DaVita, Inc. (a) | 60,955 | 7,086,628 |
HCA Healthcare, Inc. | 207,248 | 50,303,235 |
Henry Schein, Inc. (a)(c) | 118,442 | 9,020,543 |
Humana, Inc. | 108,608 | 42,264,803 |
Laboratory Corp. of America Holdings (a) | 81,724 | 23,000,403 |
McKesson Corp. | 132,700 | 26,457,726 |
Quest Diagnostics, Inc. | 102,721 | 14,926,388 |
UnitedHealth Group, Inc. | 792,738 | 309,754,446 |
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Health Care Providers & Services | 2.5% (Continued) | ||
Universal Health Services, Inc., Class B | 65,069 | $9,003,598 |
Total Health Care Providers & Services | 778,212,541 | |
Health Care Technology | 0.1% | ||
Cerner Corp. | 253,016 | 17,842,688 |
Total Health Care Technology | 17,842,688 | |
Hotels, Restaurants & Leisure | 2.0% | ||
Booking Holdings, Inc. (a) | 34,560 | 82,040,947 |
Caesars Entertainment, Inc. (a)(c) | 177,113 | 19,886,248 |
Carnival Corp. (a) | 677,484 | 16,943,875 |
Chipotle Mexican Grill, Inc. (a) | 23,694 | 43,064,319 |
Darden Restaurants, Inc. | 109,918 | 16,649,279 |
Domino's Pizza, Inc. | 30,984 | 14,778,129 |
Expedia Group, Inc. (a) | 118,186 | 19,370,685 |
Hilton Worldwide Holdings, Inc. (a) | 234,479 | 30,977,021 |
Las Vegas Sands Corp. (a) | 274,075 | 10,031,145 |
Marriott International, Inc., Class A (a) | 229,982 | 34,058,034 |
McDonald's Corp. | 628,153 | 151,453,970 |
MGM Resorts International | 345,525 | 14,909,404 |
Norwegian Cruise Line Holdings Ltd. (a)(c) | 315,188 | 8,418,671 |
Penn National Gaming, Inc. (a)(c) | 123,533 | 8,951,201 |
Royal Caribbean Cruises Ltd. (a) | 184,059 | 16,372,048 |
Starbucks Corp. | 991,931 | 109,419,909 |
Wynn Resorts, Ltd. (a) | 89,689 | 7,601,143 |
Yum! Brands, Inc. | 250,266 | 30,610,034 |
Total Hotels, Restaurants & Leisure | 635,536,062 | |
Household Durables | 0.4% | ||
D.R. Horton, Inc. | 274,922 | 23,085,200 |
Garmin Ltd. | 127,190 | 19,772,958 |
Leggett & Platt, Inc. | 111,006 | 4,977,509 |
Lennar Corp., Class A | 230,882 | 21,629,026 |
Mohawk Industries, Inc. (a) | 48,814 | 8,659,604 |
Newell Brands, Inc. | 322,363 | 7,137,117 |
NVR, Inc. (a) | 2,878 | 13,797,362 |
PulteGroup, Inc. | 224,449 | 10,306,698 |
Whirlpool Corp. | 52,405 | 10,683,283 |
Total Household Durables | 120,048,757 | |
Household Products | 1.3% | ||
Church & Dwight Co., Inc. | 206,456 | 17,047,072 |
Clorox Co. | 104,297 | 17,272,626 |
Colgate-Palmolive Co. | 711,677 | 53,788,548 |
Kimberly-Clark Corp. | 284,060 | 37,620,906 |
Procter & Gamble Co. | 2,040,807 | 285,304,819 |
Total Household Products | 411,033,971 |
35
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Independent Power and Renewable Electricity Producers | 0.0% | ||
AES Corp. | 558,229 | $12,744,368 |
Total Independent Power and Renewable Electricity Producers | 12,744,368 | |
Industrial Conglomerates | 1.1% | ||
3M Co. | 487,989 | 85,603,030 |
General Electric Co. | 923,768 | 95,175,817 |
Honeywell International, Inc. | 580,438 | 123,215,379 |
Roper Technologies, Inc. | 88,594 | 39,524,441 |
Total Industrial Conglomerates | 343,518,667 | |
Insurance | 1.9% | ||
Aflac, Inc. | 518,798 | 27,044,940 |
Allstate Corp. | 251,993 | 32,081,229 |
American International Group, Inc. | 721,630 | 39,610,271 |
Aon PLC, Class A | 189,957 | 54,284,012 |
Arthur J Gallagher & Co. | 171,665 | 25,518,002 |
Assurant, Inc. | 51,422 | 8,111,820 |
Brown & Brown, Inc. | 196,507 | 10,896,313 |
Chubb Ltd. | 368,861 | 63,990,006 |
Cincinnati Financial Corp. | 126,390 | 14,436,266 |
Everest Re Group Ltd. | 33,258 | 8,340,441 |
Globe Life, Inc. | 77,552 | 6,904,455 |
Hartford Financial Services Group, Inc. | 300,917 | 21,139,419 |
Lincoln National Corp. | 152,238 | 10,466,362 |
Loews Corp. | 170,875 | 9,215,289 |
Marsh & McLennan Cos., Inc. | 428,099 | 64,827,032 |
MetLife, Inc. | 612,355 | 37,800,674 |
Principal Financial Group, Inc. | 215,671 | 13,889,212 |
Progressive Corp. | 492,601 | 44,526,204 |
Prudential Financial, Inc. | 331,278 | 34,850,446 |
Travelers Cos., Inc. | 210,469 | 31,993,393 |
W.R. Berkley Corp. | 118,923 | 8,702,785 |
Willis Towers Watson PLC | 108,797 | 25,290,951 |
Total Insurance | 593,919,522 | |
Interactive Media & Services | 6.6% | ||
Alphabet, Inc., Class A (a) | 253,179 | 676,879,120 |
Alphabet, Inc., Class C (a) | 236,874 | 631,342,641 |
Facebook, Inc., Class A (a) | 2,004,140 | 680,185,074 |
Match Group, Inc. (a) | 232,723 | 36,535,184 |
Twitter, Inc. (a) | 671,889 | 40,575,377 |
Total Interactive Media & Services | 2,065,517,396 | |
Internet & Direct Marketing Retail | 4.1% | ||
Amazon.com, Inc. (a) | 366,170 | 1,202,883,097 |
eBay, Inc. | 544,772 | 37,954,265 |
Etsy, Inc. (a)(c) | 107,866 | 22,431,813 |
Total Internet & Direct Marketing Retail | 1,263,269,175 |
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
IT Services | 4.8% | ||
Accenture PLC, Class A | 533,137 | $170,561,189 |
Akamai Technologies, Inc. (a) | 137,627 | 14,394,408 |
Automatic Data Processing, Inc. | 358,215 | 71,614,343 |
Broadridge Financial Solutions, Inc. | 96,708 | 16,115,421 |
Cognizant Technology Solutions Corp., Class A | 445,044 | 33,026,715 |
DXC Technology Co. (a) | 212,880 | 7,154,897 |
Fidelity National Information Services, Inc. | 522,042 | 63,522,071 |
Fiserv, Inc. (a) | 501,389 | 54,400,706 |
FleetCor Technologies, Inc. (a)(c) | 69,975 | 18,282,368 |
Gartner, Inc. (a) | 70,326 | 21,370,665 |
Global Payments, Inc. | 248,522 | 39,162,097 |
International Business Machines Corp. | 752,197 | 104,502,729 |
Jack Henry & Associates, Inc. | 63,214 | 10,370,889 |
Mastercard, Inc., Class A | 732,408 | 254,643,613 |
Paychex, Inc. | 269,402 | 30,294,255 |
PayPal Holdings, Inc. (a) | 988,924 | 257,327,914 |
VeriSign, Inc. (a) | 82,771 | 16,968,883 |
Visa Inc., Class A | 1,418,850 | 316,048,837 |
Western Union Co. | 348,604 | 7,048,773 |
Total IT Services | 1,506,810,773 | |
Leisure Products | 0.0% | ||
Hasbro, Inc. | 109,344 | 9,755,672 |
Total Leisure Products | 9,755,672 | |
Life Sciences Tools & Services | 1.9% | ||
Agilent Technologies, Inc. | 255,445 | 40,240,251 |
Bio-Rad Laboratories, Inc., Class A (a) | 18,020 | 13,442,019 |
Bio-Techne Corp. | 32,720 | 15,855,130 |
Charles River Laboratories International, Inc. (a) | 42,647 | 17,599,137 |
Danaher Corp. | 534,411 | 162,696,085 |
Illumina, Inc. (a) | 122,908 | 49,852,714 |
IQVIA Holdings Inc. (a) | 161,346 | 38,648,821 |
Mettler-Toledo International, Inc. (a) | 19,589 | 26,981,105 |
PerkinElmer, Inc. | 93,759 | 16,247,497 |
Thermo Fisher Scientific, Inc. | 330,864 | 189,032,529 |
Waters Corp. (a) | 52,362 | 18,708,943 |
Total Life Sciences Tools & Services | 589,304,231 | |
Machinery | 1.5% | ||
Caterpillar, Inc. | 461,145 | 88,526,006 |
Cummins, Inc. | 123,078 | 27,638,396 |
Deere & Co. | 238,655 | 79,966,131 |
Dover Corp. | 122,144 | 18,993,392 |
Fortive Corp. | 301,310 | 21,263,447 |
IDEX Corp. | 64,439 | 13,335,651 |
36
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Machinery | 1.5% (Continued) | ||
Illinois Tool Works, Inc. | 241,988 | $50,001,981 |
Ingersoll Rand Inc. (a)(c) | 340,640 | 17,171,662 |
Otis Worldwide Corp. | 358,805 | 29,522,475 |
PACCAR Inc. | 291,061 | 22,970,534 |
Parker-Hannifin Corp. | 108,526 | 30,346,040 |
Pentair PLC | 138,010 | 10,023,666 |
Snap-on, Inc. | 45,895 | 9,589,760 |
Stanley Black & Decker, Inc. | 135,562 | 23,765,374 |
Westinghouse Air Brake Technologies Corp. | 158,926 | 13,701,011 |
Xylem, Inc. | 152,793 | 18,897,438 |
Total Machinery | 475,712,964 | |
Media | 1.2% | ||
Charter Communications, Inc., Class A (a) | 106,636 | 77,584,088 |
Comcast Corp., Class A | 3,859,671 | 215,871,399 |
Discovery, Inc., Class A (a)(c) | 143,129 | 3,632,614 |
Discovery, Inc., Class C (a)(c) | 254,964 | 6,187,976 |
DISH Network Corp., Class A (a)(c) | 205,755 | 8,942,113 |
Fox Corp., Class A | 280,017 | 11,231,482 |
Fox Corp., Class B | 124,115 | 4,607,149 |
Interpublic Group of Cos., Inc. | 330,733 | 12,127,979 |
News Corp., Class A | 321,091 | 7,555,271 |
News Corp., Class B | 114,231 | 2,653,586 |
Omnicom Group, Inc. | 180,687 | 13,092,580 |
ViacomCBS, Inc., Class B | 506,664 | 20,018,295 |
Total Media | 383,504,532 | |
Metals & Mining | 0.3% | ||
Freeport-McMoRan Inc. | 1,233,728 | 40,133,172 |
Newmont Corp. | 674,444 | 36,622,309 |
Nucor Corp. | 250,753 | 24,696,663 |
Total Metals & Mining | 101,452,144 | |
Multi-Utilities | 0.7% | ||
Ameren Corp. | 216,876 | 17,566,956 |
CenterPoint Energy, Inc. | 492,640 | 12,118,944 |
CMS Energy Corp. | 245,651 | 14,672,734 |
Consolidated Edison, Inc. | 289,441 | 21,010,522 |
Dominion Energy, Inc. | 678,958 | 49,577,513 |
DTE Energy Co. | 161,717 | 18,065,406 |
NiSource, Inc. | 332,857 | 8,065,125 |
Public Service Enterprise Group, Inc. | 424,062 | 25,825,376 |
Sempra Energy | 265,045 | 33,528,193 |
WEC Energy Group, Inc. | 264,960 | 23,369,472 |
Total Multi-Utilities | 223,800,241 | |
Multiline Retail | 0.5% | ||
Dollar General Corp. | 198,845 | 42,182,978 |
Dollar Tree, Inc. (a) | 194,343 | 18,602,512 |
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Multiline Retail | 0.5% (Continued) | ||
Target Corp. | 416,475 | $95,276,986 |
Total Multiline Retail | 156,062,476 | |
Oil, Gas & Consumable Fuels | 2.5% | ||
APA Corp. | 317,469 | 6,803,361 |
Cabot Oil & Gas Corp. | 344,150 | 7,488,704 |
Chevron Corp. | 1,627,059 | 165,065,135 |
ConocoPhillips | 1,135,985 | 76,985,703 |
Devon Energy Corp. | 529,331 | 18,796,544 |
Diamondback Energy, Inc. | 143,084 | 13,545,762 |
EOG Resources, Inc. | 492,292 | 39,516,279 |
Exxon Mobil Corp. | 3,563,930 | 209,630,363 |
Hess Corp. | 230,842 | 18,031,069 |
Kinder Morgan, Inc. | 1,636,136 | 27,372,555 |
Marathon Oil Corp. | 660,608 | 9,030,511 |
Marathon Petroleum Corp. | 536,294 | 33,148,332 |
Occidental Petroleum Corp. (c) | 745,767 | 22,059,788 |
ONEOK, Inc. | 374,012 | 21,688,956 |
Phillips 66 | 367,836 | 25,759,555 |
Pioneer Natural Resources Co. | 194,711 | 32,421,329 |
Valero Energy Corp. | 346,896 | 24,480,451 |
Williams Cos., Inc. | 1,030,913 | 26,741,883 |
Total Oil, Gas & Consumable Fuels | 778,566,280 | |
Personal Products | 0.2% | ||
Estee Lauder Cos., Inc., Class A | 195,217 | 58,551,435 |
Total Personal Products | 58,551,435 | |
Pharmaceuticals | 3.5% | ||
Bristol-Myers Squibb Co. | 1,868,196 | 110,541,157 |
Catalent, Inc. (a) | 144,561 | 19,236,732 |
Eli Lilly & Co. | 670,091 | 154,824,526 |
Johnson & Johnson | 2,216,878 | 358,025,797 |
Merck & Co., Inc. | 2,131,569 | 160,102,148 |
Organon & Co. | 212,173 | 6,957,153 |
Pfizer, Inc. | 4,712,320 | 202,676,883 |
Viatris, Inc. | 1,010,311 | 13,689,714 |
Zoetis Inc. | 399,674 | 77,592,710 |
Total Pharmaceuticals | 1,103,646,820 | |
Professional Services | 0.4% | ||
Equifax, Inc. | 102,033 | 25,857,203 |
IHS Markit Ltd. | 335,125 | 39,082,278 |
Jacobs Engineering Group, Inc. | 109,619 | 14,527,806 |
Leidos Holdings Inc. | 112,849 | 10,848,174 |
Nielsen Holdings PLC | 301,814 | 5,791,811 |
Robert Half International, Inc. | 95,263 | 9,557,737 |
Verisk Analytics, Inc. | 136,594 | 27,355,680 |
Total Professional Services | 133,020,689 |
37
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Real Estate Management & Development | 0.1% | ||
CBRE Group, Inc., Class A (a) | 281,234 | $27,380,942 |
Total Real Estate Management & Development | 27,380,942 | |
Road & Rail | 0.9% | ||
CSX Corp. | 1,912,812 | 56,887,029 |
J.B. Hunt Transport Services, Inc. | 69,564 | 11,632,492 |
Kansas City Southern | 76,220 | 20,628,181 |
Norfolk Southern Corp. | 207,637 | 49,677,152 |
Old Dominion Freight Line, Inc. | 80,360 | 22,981,353 |
Union Pacific Corp. | 548,259 | 107,464,246 |
Total Road & Rail | 269,270,453 | |
Semiconductors & Semiconductor Equipment | 5.5% | ||
Advanced Micro Devices, Inc. (a) | 1,022,844 | 105,250,648 |
Analog Devices, Inc. | 453,972 | 76,031,231 |
Applied Materials, Inc. | 772,517 | 99,446,113 |
Broadcom, Inc. | 343,722 | 166,681,110 |
Enphase Energy, Inc. (a) | 113,469 | 17,016,946 |
Intel Corp. | 3,399,319 | 181,115,716 |
KLA-Tencor Corp. | 129,038 | 43,164,501 |
Lam Research Corp. | 120,061 | 68,332,718 |
Microchip Technology, Inc. | 229,974 | 35,298,709 |
Micron Technology, Inc. | 944,044 | 67,008,243 |
Monolithic Power Systems, Inc. | 36,500 | 17,690,820 |
NVIDIA Corp. | 2,097,848 | 434,590,192 |
NXP Semiconductors NV | 222,907 | 43,660,794 |
Qorvo, Inc. (a) | 94,681 | 15,829,716 |
QUALCOMM, Inc. | 949,587 | 122,477,731 |
Skyworks Solutions, Inc. | 138,467 | 22,816,592 |
Teradyne, Inc. | 139,968 | 15,280,307 |
Texas Instruments, Inc. | 777,452 | 149,434,049 |
Xilinx, Inc. | 206,340 | 31,155,277 |
Total Semiconductors & Semiconductor Equipment | 1,712,281,413 | |
Software | 9.1% | ||
Adobe, Inc. (a) | 400,523 | 230,589,102 |
ANSYS, Inc. (a) | 73,962 | 25,180,363 |
Autodesk, Inc. (a)(c) | 185,214 | 52,817,476 |
Cadence Design Systems, Inc. (a) | 235,337 | 35,639,435 |
Ceridian HCM Holding, Inc. (a)(c) | 113,394 | 12,770,432 |
Citrix Systems, Inc. | 103,740 | 11,138,564 |
Fortinet, Inc. (a) | 114,050 | 33,307,162 |
Intuit, Inc. | 230,038 | 124,107,801 |
Microsoft Corp. | 6,317,987 | 1,781,166,895 |
NortonLifeLock, Inc. | 492,908 | 12,470,572 |
Oracle Corp. | 1,384,916 | 120,667,731 |
Paycom Software, Inc. (a) | 41,128 | 20,389,206 |
PTC, Inc. (a) | 88,186 | 10,563,801 |
salesforce.com, Inc. (a) | 816,793 | 221,530,598 |
ServiceNow, Inc. (a) | 166,218 | 103,432,475 |
Synopsys, Inc. (a) | 128,358 | 38,431,669 |
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Software | 9.1% (Continued) | ||
Tyler Technologies, Inc. (a) | 34,150 | $15,662,898 |
Total Software | 2,849,866,180 | |
Specialty Retail | 2.2% | ||
Advance Auto Parts, Inc. | 55,426 | 11,577,937 |
AutoZone, Inc. (a) | 18,149 | 30,816,821 |
Bath & Body Works, Inc. | 222,582 | 14,029,343 |
Best Buy Co., Inc. | 187,470 | 19,817,454 |
CarMax, Inc. (a)(c) | 136,909 | 17,518,876 |
Gap, Inc. | 171,031 | 3,882,404 |
Home Depot, Inc. | 895,085 | 293,820,602 |
Lowe's Companies, Inc. | 595,083 | 120,718,537 |
O'Reilly Automotive, Inc. (a) | 58,683 | 35,858,834 |
Ross Stores, Inc. | 300,147 | 32,671,001 |
TJX Companies, Inc. (The) | 1,015,246 | 66,985,931 |
Tractor Supply Co. | 97,021 | 19,657,425 |
Ulta Beauty, Inc. (a) | 46,520 | 16,789,998 |
Total Specialty Retail | 684,145,163 | |
Technology Hardware, Storage & Peripherals | 6.3% | ||
Apple, Inc. | 13,205,297 | 1,868,549,525 |
Hewlett Packard Enterprise Co. | 1,101,086 | 15,690,476 |
HP, Inc. | 1,009,100 | 27,608,976 |
NetApp, Inc. | 187,617 | 16,840,502 |
Seagate Technology Holdings PLC | 176,044 | 14,527,151 |
Western Digital Corp. (a) | 260,073 | 14,678,520 |
Total Technology Hardware, Storage & Peripherals | 1,957,895,150 | |
Textiles, Apparel & Luxury Goods | 0.7% | ||
Hanesbrands, Inc. | 298,358 | 5,119,823 |
NIKE, Inc., Class B | 1,073,299 | 155,875,214 |
PVH Corp. (a) | 60,241 | 6,192,172 |
Ralph Lauren Corp. | 39,948 | 4,435,826 |
Tapestry, Inc. | 237,843 | 8,804,948 |
Under Armour, Inc., Class A (a) | 150,302 | 3,033,094 |
Under Armour, Inc., Class C (a) | 169,421 | 2,968,256 |
VF Corp. | 269,154 | 18,030,627 |
Total Textiles, Apparel & Luxury Goods | 204,459,960 | |
Tobacco | 0.6% | ||
Altria Group, Inc. | 1,557,927 | 70,916,837 |
Philip Morris International, Inc. | 1,312,027 | 124,367,039 |
Total Tobacco | 195,283,876 | |
Trading Companies & Distributors | 0.2% | ||
Fastenal Co. | 481,642 | 24,857,544 |
United Rentals, Inc. (a) | 61,424 | 21,555,524 |
38
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.7% of net assets (Continued) | ||
Shares | Value | |
Trading Companies & Distributors | 0.2% (Continued) | ||
W.W. Grainger, Inc. | 36,543 | $14,363,591 |
Total Trading Companies & Distributors | 60,776,659 | |
Water Utilities | 0.1% | ||
American Water Works Co., Inc. | 153,076 | 25,875,967 |
Total Water Utilities | 25,875,967 | |
Wireless Telecommunication Services | 0.2% | ||
T-Mobile U.S., Inc. (a) | 493,333 | 63,028,224 |
Total Wireless Telecommunication Services | 63,028,224 | |
Total Common Stocks | ||
(Cost $13,277,551,233) | 30,745,967,028 |
Investment Companies | 0.3% of net assets | ||
iShares Core S&P 500 ETF (b) | 192,742 | $83,037,108 |
Total Investment Companies | ||
(Cost $83,241,641) | 83,037,108 | |
Total Long-Term Investments | ||
(Cost $13,360,792,874) | 30,829,004,136 |
Short-Term Securities | 1.0% of net assets | ||
Shares | Value | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08% (b)(d)(e) | 44,730,425 | $44,752,790 |
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.01% (b)(d) | 273,701,777 | 273,701,777 |
Total Short-Term Securities | ||
(Cost $318,433,193) | 318,454,567 | |
Total Investments | ||
(Cost $13,679,226,067) | 100.0% | 31,147,458,703 | |
Liabilities in Excess of Other Assets | (0.0)% | (7,260,866) | |
Net Assets | 100.0% | $31,140,197,837 |
(a) | Non-income producing. |
(b) | During the period ended September 30, 2021, 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, 2020 | Shares Purchased | Shares Sold | Shares Held at September 30, 2021 | Value at September 30, 2021 | Income | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) |
BlackRock Cash Funds: Institutional, SL Agency Shares | 161,818,190 | — | (117,057,250)1 | 44,730,425 | $44,752,790 | $345,9122 | $118,287 | $(126,437) |
BlackRock Cash Funds: Treasury, SL Agency Shares | 82,440,013 | 191,261,7641 | — | 273,701,777 | 273,701,777 | 20,091 | — | — |
BlackRock, Inc. | 87,650,514 | 1,662,104 | (2,429,331) | 120,278 | 100,872,347 | 1,478,631 | 532,851 | 13,456,209 |
iShares Core S&P 500 ETF | 4,286,954 | 494,410,686 | (444,124,987) | 192,742 | 83,037,108 | 1,560,267 | 30,125,872 | (1,661,417) |
Total | $502,364,022 | $3,404,901 | $30,777,010 | $11,668,355 |
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. |
(c) | Security, or a portion of security, is on loan. |
(d) | 7-day yield at September 30, 2021. |
(e) | All or a portion of security was purchased with the cash collateral from loaned securities. |
39
Portfolio of Investments | S&P 500 Index Master Portfolio | September 30, 2021 | (Unaudited) |
(Continued)
Derivative Financial Instruments Outstanding as of Period End - Futures Contracts | ||||
Contracts Long | Issue | Expiration | Notional Amount (000) | Unrealized Appreciation (Depreciation) |
1,354 | S&P 500 E-Mini Index | December 2021 | $290,958 | $(11,120,569) |
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 Master Portfolio has the ability to access;
• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
• 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 Master Portfolio’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Master Portfolio’s financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Investments: | ||||
Long-Term Investments | $30,829,004,136 | $— | $— | $30,829,004,136 |
Short-Term Securities: Money Market Funds | 318,454,567 | — | — | 318,454,567 |
$31,147,458,703 | $— | $— | $31,147,458,703 | |
Derivative Financial Instruments(a) | ||||
Assets: | ||||
Equity contracts | $(11,120,569) | $— | $— | $(11,120,569) |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
40
Portfolio of Investments
Value Fund | September 30, 2021 | (Unaudited)
Common Stocks | 98.2% of portfolio | ||
Shares | Value | |
Communication Services | 6.2% | ||
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 17,711 | $47,205,305 |
Facebook, Inc., Class A (a) | 40,600 | 13,779,234 |
Total Communication Services | 60,984,539 | |
Consumer Discretionary | 5.8% | ||
Hotels, Restaurants & Leisure | ||
McDonald's Corp. | 57,197 | 13,790,769 |
Multiline Retail | ||
Target Corp. | 31,300 | 7,160,500 |
Specialty Retail | ||
Home Depot, Inc. | 37,018 | 12,151,529 |
TJX Companies, Inc. (The) | 143,600 | 9,474,728 |
Ulta Beauty, Inc. (a) | 41,056 | 14,817,931 |
Total Consumer Discretionary | 57,395,457 | |
Energy | 1.2% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 120,600 | 12,234,870 |
Total Energy | 12,234,870 | |
Financials | 21.2% | ||
Banks | ||
Bank of America Corp. | 730,602 | 31,014,055 |
Citigroup, Inc. | 274,739 | 19,281,183 |
JPMorgan Chase & Co. | 308,891 | 50,562,368 |
Truist Financial Corp. | 254,700 | 14,938,155 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 76,774 | 29,022,875 |
Insurance | ||
Allstate Corp. | 232,284 | 29,572,076 |
American International Group, Inc. | 364,794 | 20,023,543 |
Chubb Ltd. | 79,138 | 13,728,860 |
Total Financials | 208,143,115 | |
Health Care | 20.7% | ||
Biotechnology | ||
AbbVie Inc. | 207,463 | 22,379,034 |
Amgen Inc. | 34,100 | 7,251,365 |
Health Care Equipment & Supplies | ||
Abbott Laboratories | 305,556 | 36,095,330 |
Boston Scientific Corp. (a) | 328,896 | 14,270,797 |
Medtronic PLC | 135,856 | 17,029,550 |
Health Care Providers & Services | ||
Centene Corp. (a) | 297,697 | 18,549,500 |
Cigna Corp. | 83,614 | 16,736,178 |
Life Sciences Tools & Services | ||
Mettler-Toledo International, Inc. (a) | 5,504 | 7,580,990 |
Pharmaceuticals | ||
Bristol-Myers Squibb Co. | 253,301 | 14,987,820 |
Common Stocks | 98.2% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 20.7% (Continued) | ||
Merck & Co., Inc. | 187,682 | $14,096,795 |
Pfizer, Inc. | 559,099 | 24,046,848 |
Royalty Pharma PLC, Class A | 290,884 | 10,512,548 |
Total Health Care | 203,536,755 | |
Industrials | 17.8% | ||
Aerospace & Defense | ||
Northrop Grumman Corp. | 39,231 | 14,129,044 |
Airlines | ||
Southwest Airlines Co. (a) | 250,132 | 12,864,289 |
Electrical Equipment | ||
Eaton Corp. PLC | 88,887 | 13,271,718 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 214,373 | 45,507,100 |
Machinery | ||
Deere & Co. | 31,500 | 10,554,705 |
Parker-Hannifin Corp. | 108,122 | 30,233,074 |
Stanley Black & Decker, Inc. | 83,942 | 14,715,872 |
Professional Services | ||
Leidos Holdings Inc. | 161,117 | 15,488,177 |
Road & Rail | ||
CSX Corp. | 619,182 | 18,414,473 |
Total Industrials | 175,178,452 | |
Information Technology | 14.6% | ||
IT Services | ||
Fiserv, Inc. (a) | 112,000 | 12,152,000 |
Visa Inc., Class A | 113,498 | 25,281,680 |
Semiconductors & Semiconductor Equipment | ||
NVIDIA Corp. | 64,120 | 13,283,099 |
NXP Semiconductors NV | 137,963 | 27,022,813 |
Software | ||
Microsoft Corp. | 171,714 | 48,409,611 |
VMware, Inc., Class A (a) | 115,883 | 17,231,802 |
Total Information Technology | 143,381,005 | |
Materials | 8.2% | ||
Chemicals | ||
Dow Inc. | 181,181 | 10,428,779 |
DuPont de Nemours, Inc. | 259,878 | 17,669,105 |
Containers & Packaging | ||
Avery Dennison Corp. | 194,987 | 40,403,256 |
Metals & Mining | ||
Freeport-McMoRan Inc. | 380,700 | 12,384,171 |
Total Materials | 80,885,311 | |
Real Estate | 2.5% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Digital Realty Trust, Inc. | 52,301 | 7,554,880 |
41
Portfolio of Investments | Value Fund | September 30, 2021 | (Unaudited) | (Continued)
Common Stocks | 98.2% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 2.5% (Continued) | ||
VICI Properties Inc. | 611,935 | $17,385,073 |
Total Real Estate | 24,939,953 | |
Total Common Stocks | ||
(Cost $515,996,281) | 966,679,457 |
Money Market Fund | 1.8% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 17,287,606 | 17,287,606 |
Total Money Market Fund | ||
(Cost $17,287,606) | 17,287,606 | |
Total Investments in Securities | ||
(Cost $533,283,887) | 100.0% | $983,967,063 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2021. |
PLC - Public Limited Company
NV - Naamloze Vennottschap
At September 30, 2021, the cost of investment securities for tax purposes was $533,623,124. Net unrealized appreciation of investment securities was $450,343,939 consisting of unrealized gains of $455,168,366 and unrealized losses of $4,824,427.
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 | $966,679,457 | $ — | $ — | $966,679,457 |
Money Market Fund | 17,287,606 | — | — | 17,287,606 |
Total | $983,967,063 | $ — | $ — | $983,967,063 |
42
Portfolio of Investments
Growth Fund | September 30, 2021 | (Unaudited)
Common Stocks | 99.4% of portfolio | ||
Shares | Value | |
Communication Services | 26.6% | ||
Entertainment | ||
Live Nation Entertainment, Inc. (a) | 22,512 | $2,051,519 |
Netflix, Inc. (a) | 12,853 | 7,844,700 |
Sea Ltd. ADR (a) | 5,075 | 1,617,555 |
Spotify Technology SA (a) | 21,372 | 4,815,966 |
Warner Music Group Corp., Class A | 16,561 | 707,817 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 4,400 | 11,727,364 |
Alphabet, Inc., Class A (a) | 8,947 | 23,919,984 |
Facebook, Inc., Class A (a) | 64,675 | 21,950,048 |
IAC/InterActiveCorp (a) | 15,397 | 2,006,075 |
Match Group, Inc. (a) | 24,456 | 3,839,347 |
Pinterest, Inc., Class A (a) | 29,219 | 1,488,708 |
Snap Inc., Class A (a) | 150,669 | 11,129,919 |
Tencent Holdings Ltd. ADR | 74,809 | 4,471,334 |
Vimeo, Inc. (a) | 40,303 | 1,183,699 |
Total Communication Services | 98,754,035 | |
Consumer Discretionary | 18.1% | ||
Auto Components | ||
Aptiv PLC (a) | 24,176 | 3,601,499 |
Hotels, Restaurants & Leisure | ||
Booking Holdings, Inc. (a) | 1,662 | 3,945,372 |
Chipotle Mexican Grill, Inc. (a) | 1,482 | 2,693,565 |
DraftKings Inc., Class A (a) | 36,576 | 1,761,500 |
Internet & Direct Marketing Retail | ||
Alibaba Group Holding Ltd. ADR (a) | 13,749 | 2,035,539 |
Amazon.com, Inc. (a) | 9,289 | 30,514,737 |
Coupang, Inc. (a) | 61,166 | 1,703,473 |
DoorDash, Inc., Class A (a) | 3,349 | 689,827 |
Farfetch Ltd., Class A (a) | 35,693 | 1,337,774 |
Multiline Retail | ||
Dollar General Corp. | 20,522 | 4,353,537 |
Specialty Retail | ||
Carvana Co. (a) | 10,697 | 3,225,573 |
Ross Stores, Inc. | 53,886 | 5,865,491 |
Textiles, Apparel & Luxury Goods | ||
lululemon athletica Inc. (a) | 7,676 | 3,106,477 |
NIKE, Inc., Class B | 17,137 | 2,488,806 |
Total Consumer Discretionary | 67,323,170 | |
Financials | 1.6% | ||
Capital Markets | ||
Charles Schwab Corp. | 25,689 | 1,871,187 |
MarketAxess Holdings Inc. | 1,962 | 825,394 |
S&P Global, Inc. | 5,990 | 2,545,091 |
XP Inc., Class A (a) | 21,863 | 878,236 |
Total Financials | 6,119,908 |
Common Stocks | 99.4% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 13.5% | ||
Biotechnology | ||
Incyte Corp. (a) | 17,940 | $1,233,913 |
Vertex Pharmaceuticals, Inc. (a) | 13,020 | 2,361,698 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 10,304 | 2,532,930 |
Intuitive Surgical, Inc. (a) | 7,561 | 7,516,768 |
Stryker Corp. | 27,664 | 7,295,550 |
Health Care Providers & Services | ||
Anthem, Inc. | 5,092 | 1,898,298 |
Centene Corp. (a) | 28,875 | 1,799,201 |
Cigna Corp. | 33,410 | 6,687,346 |
HCA Healthcare, Inc. | 18,085 | 4,389,591 |
Humana, Inc. | 7,160 | 2,786,314 |
UnitedHealth Group, Inc. | 19,225 | 7,511,976 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 97,338 | 3,981,124 |
Total Health Care | 49,994,709 | |
Industrials | 1.6% | ||
Machinery | ||
Ingersoll Rand Inc. (a) | 66,950 | 3,374,950 |
Professional Services | ||
CoStar Group, Inc. (a) | 29,921 | 2,575,001 |
Total Industrials | 5,949,951 | |
Information Technology | 38.0% | ||
Electronic Equipment, Instruments & Components | ||
Amphenol Corp., Class A | 34,900 | 2,555,727 |
IT Services | ||
Affirm Holdings, Inc. (a) | 4,369 | 520,479 |
Fidelity National Information Services, Inc. | 12,636 | 1,537,548 |
Global Payments, Inc. | 68,112 | 10,733,089 |
MongoDB, Inc. (a) | 6,810 | 3,210,983 |
PayPal Holdings, Inc. (a) | 24,070 | 6,263,255 |
Shopify Inc., Class A (a) | 727 | 985,652 |
Visa Inc., Class A | 60,308 | 13,433,607 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 24,597 | 2,531,031 |
ASML Holding NV ADR | 8,904 | 6,634,460 |
Software | ||
Fortinet, Inc. (a) | 17,950 | 5,242,118 |
Intuit, Inc. | 22,964 | 12,389,308 |
Microsoft Corp. | 112,640 | 31,755,469 |
salesforce.com, Inc. (a) | 32,954 | 8,937,784 |
SentinelOne, Inc., Class A (a) | 21,200 | 1,135,684 |
ServiceNow, Inc. (a) | 9,943 | 6,187,231 |
Splunk Inc. (a) | 20,412 | 2,953,820 |
Synopsys, Inc. (a) | 11,512 | 3,446,808 |
UiPath, Inc. (a) | 14,203 | 747,220 |
Workday, Inc., Class A (a) | 4,838 | 1,208,968 |
43
Portfolio of Investments | Growth Fund | September 30, 2021 | (Unaudited) | (Continued)
Common Stocks | 99.4% of portfolio (Continued) | ||
Shares | Value | |
Information Technology | 38.0% (Continued) | ||
Zoom Video Communications, Inc. (a) | 10,005 | $2,616,307 |
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 114,674 | 16,226,371 |
Total Information Technology | 141,252,919 | |
Total Common Stocks | ||
(Cost $195,491,346) | 369,394,692 |
Money Market Fund | 0.6% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 2,096,632 | $2,096,632 |
Total Money Market Fund | ||
(Cost $2,096,632) | 2,096,632 | |
Total Investments in Securities | ||
(Cost $197,587,978) | 100.0% | $371,491,324 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2021. |
ADR - American Depositary Deposit
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
S&P - Standard & Poor's
NV - Naamloze Vennottschap
At September 30, 2021, the cost of investment securities for tax purposes was $197,834,818. Net unrealized appreciation of investment securities was $173,656,506 consisting of unrealized gains of $177,909,376 and unrealized losses of $4,252,870.
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 | $366,803,971 | $ — | $ — | $369,394,692 |
Money Market Fund | 2,096,632 | — | — | 2,096,632 |
Total | $368,900,603 | $ — | $ — | $371,491,324 |
44
Portfolio of Investments
International Equity Fund | September 30, 2021 | (Unaudited)
Common Stocks | 95.6% of portfolio | ||
Shares | Value | |
Australia | 2.5% | ||
BHP Group Ltd. ADR | 45,716 | $2,446,720 |
Total Australia | 2,446,720 | |
Brazil | 0.3% | ||
Ambev SA ADR | 103,138 | 284,661 |
Total Brazil | 284,661 | |
Britain | 7.4% | ||
Diageo PLC | 30,169 | 1,460,632 |
Rio Tinto PLC | 31,836 | 2,086,918 |
Royal Dutch Shell PLC, Class B | 76,582 | 1,696,797 |
Standard Chartered PLC | 129,089 | 754,626 |
Unilever PLC | 25,815 | 1,397,581 |
Total Britain | 7,396,554 | |
Canada | 2.1% | ||
Alimentation Couche-Tard Inc., Class B | 29,800 | 1,140,145 |
Canadian National Railway Co. | 8,503 | 983,372 |
Total Canada | 2,123,517 | |
China | 3.0% | ||
Alibaba Group Holding Ltd. ADR (a) | 2,461 | 364,350 |
CSPC Pharmaceutical Group Ltd. | 400,000 | 477,342 |
ENN Energy Holdings Ltd. | 18,417 | 303,760 |
Haier Smart Home Co., Ltd. | 82,148 | 287,178 |
Ping An Insurance Group Co. of China Ltd., Class H | 39,000 | 266,736 |
Tencent Holdings Ltd. | 22,200 | 1,325,311 |
Total China | 3,024,677 | |
Denmark | 1.1% | ||
Novozymes A/S, Class B | 15,282 | 1,047,600 |
Total Denmark | 1,047,600 | |
France | 10.2% | ||
Air Liquide SA | 6,224 | 996,836 |
Dassault Systèmes SE | 36,590 | 1,925,568 |
L’Oréal SA | 9,506 | 3,933,621 |
Schneider Electric SE | 19,669 | 3,275,948 |
Total France | 10,131,973 | |
Germany | 10.2% | ||
Allianz SE REG | 11,762 | 2,635,224 |
Infineon Technologies AG | 98,572 | 4,031,414 |
SAP SE ADR | 13,692 | 1,848,968 |
Symrise AG | 12,430 | 1,629,213 |
Total Germany | 10,144,819 |
Common Stocks | 95.6% of portfolio (Continued) | ||
Shares | Value | |
Hong Kong | 3.5% | ||
AIA Group Ltd. | 299,200 | $3,442,117 |
Total Hong Kong | 3,442,117 | |
India | 0.9% | ||
HDFC Bank Ltd. ADR | 5,614 | 410,327 |
ICICI Bank Ltd. ADR | 27,120 | 511,755 |
Total India | 922,082 | |
Indonesia | 0.4% | ||
PT Telkom Indonesia (Persero) Tbk. ADR | 14,539 | 369,291 |
Total Indonesia | 369,291 | |
Israel | 1.5% | ||
Check Point Software Technologies Ltd. (a) | 12,862 | 1,453,920 |
Total Israel | 1,453,920 | |
Japan | 16.7% | ||
Chugai Pharmaceutical Co., Ltd. | 48,600 | 1,778,463 |
FANUC Corp. | 4,600 | 1,008,605 |
Keyence Corp. | 3,300 | 1,969,674 |
Komatsu Ltd. | 60,900 | 1,458,458 |
Kubota Corp. | 88,300 | 1,879,256 |
Nitori Holdings Co., Ltd. | 9,800 | 1,931,305 |
Shionogi & Co., Ltd. | 28,700 | 1,963,922 |
Sysmex Corp. | 16,200 | 2,012,178 |
Unicharm Corp. | 57,300 | 2,539,077 |
Total Japan | 16,540,938 | |
Mexico | 0.3% | ||
Fomento Economico Mexicano, SAB de CV ADR | 3,960 | 343,411 |
Total Mexico | 343,411 | |
Netherlands | 3.8% | ||
Adyen NV (a) | 1,340 | 3,745,785 |
Total Netherlands | 3,745,785 | |
Republic of South Korea | 0.8% | ||
Samsung Electronics Co., Ltd. GDR | 501 | 777,211 |
Total Republic of South Korea | 777,211 | |
Russia | 0.9% | ||
LUKOIL PJSC ADR | 6,253 | 591,909 |
Yandex NV, Class A (a) | 4,239 | 337,806 |
Total Russia | 929,715 |
45
Portfolio of Investments | International Equity Fund | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 95.6% of portfolio (Continued) | ||
Shares | Value | |
Singapore | 2.8% | ||
DBS Group Holdings Ltd. | 126,315 | $2,798,965 |
Total Singapore | 2,798,965 | |
Spain | 2.1% | ||
Banco Bilboa Vizcaya Argentaria SA | 314,502 | 2,075,903 |
Total Spain | 2,075,903 | |
Sweden | 9.4% | ||
Alfa Laval AB | 50,898 | 1,898,420 |
Atlas Copco AB, Class A | 68,020 | 4,107,432 |
Epiroc AB, Class A | 76,991 | 1,600,608 |
Skandinaviska Enskilda Banken AB, Class A | 124,809 | 1,758,974 |
Total Sweden | 9,365,434 | |
Switzerland | 13.3% | ||
Alcon Inc. | 24,045 | 1,934,901 |
Lonza Group AG REG | 3,926 | 2,944,929 |
Nestlé SA ADR | 18,660 | 2,248,344 |
Roche Holding AG REG | 9,490 | 3,463,563 |
SGS SA REG | 339 | 986,774 |
Sonova Holding AG REG | 4,325 | 1,634,452 |
Total Switzerland | 13,212,963 | |
Taiwan | 1.2% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10,834 | 1,209,616 |
Total Taiwan | 1,209,616 | |
United States of America | 1.2% | ||
Linde PLC | 4,078 | 1,199,252 |
Total United States of America | 1,199,252 | |
Total Common Stocks | ||
(Cost $63,724,662) | 94,987,124 |
Preferred Stocks | 0.9% of portfolio | ||
Shares | Value | |
Brazil | 0.4% | ||
Itaú Unibanco Holding SA ADR | 74,855 | $394,486 |
Total Brazil | 394,486 | |
Germany | 0.2% | ||
FUCHS PETROLUB SE | 3,058 | 143,177 |
Total Germany | 143,177 | |
Republic of South Korea | 0.3% | ||
Samsung Electronics Co., Ltd. REG GDR | 234 | 338,076 |
Total Republic of South Korea | 338,076 | |
Total Preferred Stocks | ||
(Cost $562,260) | 875,739 |
Money Market Fund | 3.5% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 3,497,294 | 3,497,294 |
Total Money Market Fund | ||
(Cost $3,497,294) | 3,497,294 | |
Total Investments in Securities | ||
(Cost $67,784,216) | 100.0% | $99,360,157 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2021. |
ADR - American Depositary Deposit
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
A/S - Aktieselskab
SE - Societas Europaea
REG - Registered Shares
AG - Aktiengesellschaft
Tbk. - Terbuka
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
46
Portfolio of Investments | International Equity Fund | September 30, 2021 | (Unaudited) |
(Continued)
NV - Naamloze Vennottschap
GDR - Global Depositary Receipt
AB - Aktiebolag
At September 30, 2021, the cost of investment securities for tax purposes was $67,842,983. Net unrealized appreciation of investment securities was $31,517,174 consisting of unrealized gains of $33,050,439 and unrealized losses of $1,533,265.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
International Equity Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $14,231,152 | $80,755,972 | $ — | $94,987,124 |
Preferred Stocks | 394,486 | 481,253 | — | 875,739 |
Money Market Fund | 3,497,294 | — | — | 3,497,294 |
Total | $18,122,932 | $81,237,225 | $ — | $99,360,157 |
47
Portfolio of Investments
Small-Company Stock Fund | September 30, 2021 | (Unaudited)
Common Stocks | 98.5% of portfolio | ||
Shares | Value | |
Communication Services | 0.9% | ||
Wireless Telecommunication Services | ||
Shenandoah Telecommunications Co. | 81,763 | $2,582,076 |
Total Communication Services | 2,582,076 | |
Consumer Discretionary | 6.6% | ||
Hotels, Restaurants & Leisure | ||
Cracker Barrel Old Country Store, Inc. | 20,619 | 2,883,361 |
Hilton Grand Vacations Inc. (a) | 33,700 | 1,603,109 |
Household Durables | ||
MDC Holdings, Inc. | 102,288 | 4,778,896 |
Leisure Products | ||
Callaway Golf Co. (a) | 181,651 | 5,019,017 |
Specialty Retail | ||
ARKO Corp. (a) | 270,500 | 2,732,050 |
Textiles, Apparel & Luxury Goods | ||
Carter's, Inc. | 31,851 | 3,097,191 |
Total Consumer Discretionary | 20,113,624 | |
Consumer Staples | 0.8% | ||
Food Products | ||
TreeHouse Foods, Inc. (a) | 63,927 | 2,549,409 |
Total Consumer Staples | 2,549,409 | |
Financials | 16.6% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 141,992 | 5,232,405 |
Cadence Bancorporation | 207,500 | 4,556,700 |
Eastern Bankshares, Inc. | 365,900 | 7,427,770 |
FB Financial Corp. | 152,959 | 6,558,882 |
Glacier Bancorp, Inc. | 151,916 | 8,408,551 |
South State Corp. | 36,675 | 2,738,522 |
Umpqua Holdings Corp. | 82,300 | 1,666,575 |
Capital Markets | ||
Virtu Financial, Inc., Class A | 104,243 | 2,546,657 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 143,983 | 7,094,042 |
Insurance | ||
Kinsale Capital Group, Inc. | 27,726 | 4,483,294 |
Total Financials | 50,713,398 | |
Health Care | 21.8% | ||
Biotechnology | ||
Emergent BioSolutions Inc. (a) | 57,525 | 2,880,277 |
Twist Bioscience Corp. (a) | 46,977 | 5,025,129 |
Health Care Equipment & Supplies | ||
Envista Holdings Corp. (a) | 100,700 | 4,210,267 |
Integer Holdings Corp. (a) | 45,970 | 4,106,960 |
NuVasive, Inc. (a) | 63,500 | 3,800,475 |
STAAR Surgical Co. (a) | 30,136 | 3,873,380 |
Common Stocks | 98.5% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 21.8% (Continued) | ||
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 86,687 | $9,947,333 |
LHC Group, Inc. (a) | 39,528 | 6,202,339 |
PetIQ, Inc. (a) | 137,000 | 3,420,890 |
Health Care Technology | ||
Inovalon Holdings, Inc., Class A (a) | 115,591 | 4,657,161 |
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 57,750 | 10,930,920 |
NanoString Technologies, Inc. (a) | 117,153 | 5,624,516 |
Pharmaceuticals | ||
Aerie Pharmaceuticals, Inc. (a) | 155,838 | 1,776,553 |
Total Health Care | 66,456,200 | |
Industrials | 23.9% | ||
Aerospace & Defense | ||
Triumph Group, Inc. (a) | 277,700 | 5,173,551 |
Construction & Engineering | ||
Comfort Systems USA, Inc. | 69,888 | 4,984,412 |
Dycom Industries, Inc. (a) | 19,300 | 1,374,932 |
Primoris Services Corp. | 199,398 | 4,883,257 |
Electrical Equipment | ||
Atkore Inc. (a) | 99,100 | 8,613,772 |
EnerSys | 54,335 | 4,044,697 |
Machinery | ||
Barnes Group Inc. | 81,200 | 3,388,476 |
Colfax Corp. (a) | 174,828 | 8,024,605 |
Federal Signal Corp. | 145,494 | 5,618,979 |
Professional Services | ||
CACI International Inc., Class A (a) | 8,971 | 2,351,299 |
ManTech International Corp., Class A | 105,765 | 8,029,679 |
Road & Rail | ||
Werner Enterprises, Inc. | 145,033 | 6,420,611 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 111,326 | 10,033,812 |
Total Industrials | 72,942,082 | |
Information Technology | 17.0% | ||
Electronic Equipment, Instruments & Components | ||
Advanced Energy Industries, Inc. | 63,162 | 5,542,465 |
Itron, Inc. (a) | 51,377 | 3,885,643 |
IT Services | ||
CSG Systems International, Inc. | 61,670 | 2,972,494 |
Semiconductors & Semiconductor Equipment | ||
Diodes Inc. (a) | 67,486 | 6,113,557 |
Software | ||
Altair Engineering Inc., Class A (a) | 101,177 | 6,975,142 |
Cognyte Software Ltd. (a) | 79,326 | 1,630,149 |
48
Portfolio of Investments | Small-Company Stock Fund | September 30, 2021 | (Unaudited) |
(Continued)
Common Stocks | 98.5% of portfolio (Continued) | ||
Shares | Value | |
Information Technology | 17.0% (Continued) | ||
Descartes Systems Group Inc. (The) (a) | 101,770 | $8,269,830 |
j2 Global, Inc. (a) | 62,726 | 8,569,626 |
Model N, Inc. (a) | 109,600 | 3,671,600 |
Verint Systems Inc. (a) | 93,726 | 4,197,988 |
Total Information Technology | 51,828,494 | |
Materials | 7.7% | ||
Chemicals | ||
Avient Corp. | 230,027 | 10,661,752 |
Ingevity Corp. (a) | 43,641 | 3,114,658 |
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 308,768 | 9,871,313 |
Total Materials | 23,647,723 | |
Real Estate | 3.2% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Community Healthcare Trust Inc. | 78,900 | 3,565,491 |
Common Stocks | 98.5% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 3.2% (Continued) | ||
Easterly Government Properties, Inc. | 229,311 | $4,737,565 |
Uniti Group Inc. | 128,400 | 1,588,308 |
Total Real Estate | 9,891,364 | |
Total Common Stocks | ||
(Cost $213,967,276) | 300,724,370 |
Money Market Fund | 1.5% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03% (b) | 4,589,330 | 4,589,330 |
Total Money Market Fund | ||
(Cost $4,589,330) | 4,589,330 | |
Total Investments in Securities | ||
(Cost $218,556,606) | 100.0% | $305,313,700 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2021. |
At September 30, 2021, the cost of investment securities for tax purposes was $218,625,119. Net unrealized appreciation of investment securities was $86,688,581 consisting of unrealized gains of $95,509,819 and unrealized losses of $8,821,238.
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 | $300,724,370 | $ — | $ — | $300,724,370 |
Money Market Fund | 4,589,330 | — | — | 4,589,330 |
Total | $305,313,700 | $ — | $ — | $305,313,700 |
49