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Fund Holdings
March 31, 2022
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 | March 31, 2022 | (Unaudited)
U.S. Government & Agency Obligations | 93.7% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Farm Credit Bank | 0.28%(a) | 11/16/22 | $1,000,000 | $999,987 |
Federal Farm Credit Bank | 0.31(a) | 05/19/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 0.30(a) | 06/14/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 0.29(a) | 06/23/23 | 500,000 | 499,974 |
Federal Farm Credit Bank | 0.30(a) | 09/18/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 0.31(a) | 09/20/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 0.32(a) | 09/29/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 0.33(a) | 11/07/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 0.31(a) | 12/15/23 | 500,000 | 499,957 |
Federal Farm Credit Bank | 0.34(a) | 01/04/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 0.33(a) | 01/10/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 0.31(a) | 01/25/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 0.32(a) | 03/15/24 | 500,000 | 500,000 |
Federal Home Loan Bank | 0.33(a) | 05/12/22 | 6,000,000 | 6,000,421 |
Federal Home Loan Bank | 0.27(a) | 05/18/22 | 2,000,000 | 2,000,000 |
Federal Home Loan Bank | 0.28(a) | 08/05/22 | 1,000,000 | 1,000,000 |
U.S. Treasury Bill | 0.22 | 04/12/22 | 11,000,000 | 10,999,235 |
U.S. Treasury Bill | 0.23 | 04/19/22 | 15,000,000 | 14,998,335 |
U.S. Treasury Bill | 0.17 | 04/21/22 | 4,000,000 | 3,999,617 |
U.S. Treasury Bill | 0.16 | 04/26/22 | 7,000,000 | 6,999,210 |
U.S. Treasury Bill | 0.19 | 04/28/22 | 1,000,000 | 999,858 |
U.S. Treasury Bill | 0.21 | 05/03/22 | 7,000,000 | 6,998,724 |
U.S. Treasury Bill | 0.24 | 05/05/22 | 4,000,000 | 3,999,093 |
U.S. Treasury Bill | 0.27 | 05/10/22 | 3,000,000 | 2,999,121 |
U.S. Treasury Bill | 0.29 | 05/12/22 | 6,000,000 | 5,998,018 |
U.S. Treasury Bill | 0.28 | 05/17/22 | 10,000,000 | 9,996,512 |
U.S. Treasury Bill | 0.30 | 05/24/22 | 5,000,000 | 4,997,821 |
U.S. Treasury Bill | 0.39 | 05/26/22 | 7,000,000 | 6,995,936 |
U.S. Treasury Bill | 0.29 | 05/31/22 | 3,000,000 | 2,998,575 |
U.S. Treasury Bill | 0.32 | 06/02/22 | 6,000,000 | 5,996,745 |
U.S. Treasury Bill | 0.35 | 06/07/22 | 3,000,000 | 2,998,102 |
U.S. Treasury Bill | 0.39 | 06/09/22 | 6,000,000 | 5,995,630 |
U.S. Treasury Bill | 0.37 | 06/16/22 | 6,500,000 | 6,495,028 |
U.S. Treasury Bill | 0.56 | 06/21/22 | 3,000,000 | 2,996,288 |
U.S. Treasury Bill | 0.49 | 06/23/22 | 6,000,000 | 5,993,360 |
U.S. Treasury Bill | 0.58 | 06/28/22 | 1,000,000 | 998,607 |
U.S. Treasury Bill | 0.61 | 06/30/22 | 6,000,000 | 5,990,925 |
U.S. Treasury Bill | 0.54 | 07/05/22 | 3,000,000 | 2,995,765 |
U.S. Treasury Bill | 0.08 | 07/14/22 | 1,000,000 | 999,783 |
U.S. Treasury Bill | 0.68 | 07/19/22 | 3,000,000 | 2,993,960 |
U.S. Treasury Bill | 0.72 | 07/26/22 | 2,000,000 | 1,995,424 |
U.S. Treasury Bill | 0.82 | 08/02/22 | 2,000,000 | 1,994,678 |
U.S. Treasury Bill | 0.08 | 08/11/22 | 5,000,000 | 4,998,533 |
U.S. Treasury Bill | 0.72 | 08/25/22 | 2,000,000 | 1,994,241 |
U.S. Treasury Note | 0.66(a) | 07/31/22 | 4,000,000 | 4,000,605 |
U.S. Treasury Note | 2.00 | 07/31/22 | 2,000,000 | 2,012,661 |
U.S. Treasury Note | 0.65(a) | 01/31/23 | 6,000,000 | 6,001,219 |
U.S. Treasury Note | 0.64(a) | 04/30/23 | 4,100,000 | 4,100,197 |
U.S. Treasury Note | 0.63(a) | 07/31/23 | 3,500,000 | 3,500,040 |
U.S. Treasury Note | 0.64(a) | 10/31/23 | 5,500,000 | 5,500,152 |
U.S. Treasury Note | 0.59(a) | 01/31/24 | 500,000 | 499,842 |
Total U.S. Government & Agency Obligations | ||||
(Cost $181,532,179) | 181,532,179 |
1
Portfolio of Investments | Daily Income Fund | March 31, 2022 | (Unaudited) | (Continued)
Money Market Fund | 6.3% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.25%(b) | 12,250,433 | $12,250,433 | |
Total Money Market Fund | ||||
(Cost $12,250,433) | 12,250,433 | |||
Total Investments in Securities | ||||
(Cost $193,782,612) | 100.0% | $193,782,612 |
(a) | Variable coupon rate as of March 31, 2022. |
(b) | 7-day yield at March 31, 2022. |
At March 31, 2022, the cost of investment securities for tax purposes was $193,782,612. There were no unrealized gains or losses.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Daily Income Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $181,532,179 | $ — | $181,532,179 |
Money Market Fund | 12,250,433 | — | — | 12,250,433 |
Total | $12,250,433 | $181,532,179 | $ — | $193,782,612 |
2
Portfolio of Investments
Short-Term Government Securities Fund | March 31, 2022 | (Unaudited)
U.S. Government & Agency Obligations | 54.0% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Export-Import Bank of the U.S. | 1.90% | 07/12/24 | $784,847 | $780,395 |
Export-Import Bank of the U.S. | 1.73 | 09/18/24 | 1,923,646 | 1,906,078 |
Export-Import Bank of the U.S. | 1.58 | 11/16/24 | ���141,335 | 139,596 |
Export-Import Bank of the U.S. | 2.54 | 07/13/25 | 173,177 | 172,600 |
Export-Import Bank of the U.S. | 2.33 | 01/14/27 | 224,999 | 218,853 |
Private Export Funding Corp. | 1.75 | 11/15/24 | 1,000,000 | 974,992 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,188 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 46,000 | 46,571 |
U.S. International Development Finance Corp. | 2.22(a) | 01/24/25 | 2,000,000 | 2,079,246 |
U.S. International Development Finance Corp. | 1.27(a) | 06/21/25 | 1,000,000 | 977,342 |
U.S. International Development Finance Corp. | 0.00(b) | 07/17/25 | 1,000,000 | 945,698 |
U.S. International Development Finance Corp. | 0.00(b) | 01/17/26 | 700,000 | 724,880 |
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 1,000,000 | 940,005 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 1,787,412 | 1,754,261 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,787,412 | 1,666,830 |
U.S. International Development Finance Corp. | 1.24 | 08/15/31 | 1,500,000 | 1,390,320 |
U.S. Treasury Note | 1.50 | 02/29/24 | 9,230,000 | 9,095,516 |
U.S. Treasury Note | 0.25 | 07/31/25 | 12,555,000 | 11,639,858 |
U.S. Treasury Note | 1.88 | 02/28/27 | 880,000 | 856,419 |
U.S. Treasury Note | 0.75 | 01/31/28 | 4,465,000 | 4,050,243 |
Total U.S. Government & Agency Obligations | ||||
(Cost $41,188,577) | 40,369,891 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 38.6% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 65,793 | 65,717 |
Total Consumer Discretionary | 65,717 | |||
Energy | 12.3% | ||||
Petroleos Mexicanos | 1.95 | 12/20/22 | 0 | 0 |
Petroleos Mexicanos | 1.70 | 12/20/22 | 57,000 | 56,927 |
Petroleos Mexicanos | 2.38 | 04/15/25 | 567,350 | 564,964 |
Petroleos Mexicanos | 0.59(c) | 04/15/25 | 2,112,500 | 2,113,492 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 694,000 | 689,616 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 2,163,200 | 2,131,121 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 2,787,368 | 2,735,695 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 875,789 | 869,464 |
Total Energy | 9,161,279 | |||
Financials | 26.2% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 1,714,175 | 1,673,464 |
Durrah MSN 35603 | 1.68 | 01/22/25 | 560,883 | 554,227 |
DY8 Leasing LLC | 2.63 | 04/29/26 | 177,083 | 176,368 |
DY9 Leasing LLC | 2.37 | 03/19/27 | 619,339 | 611,246 |
Export Lease Eleven Co. LLC | 0.58(c) | 07/30/25 | 65,142 | 65,112 |
Helios Leasing II LLC | 2.67 | 03/18/25 | 1,731,715 | 1,730,791 |
HNA 2015 LLC | 2.29 | 06/30/27 | 251,817 | 247,388 |
HNA 2015 LLC | 2.37 | 09/18/27 | 147,891 | 145,251 |
KE Export Leasing 2013-A LLC | 0.75(c) | 02/25/25 | 1,852,355 | 1,850,893 |
Lulwa Ltd. | 1.89 | 02/15/25 | 1,115,812 | 1,105,176 |
Lulwa Ltd. | 1.83 | 03/26/25 | 352,621 | 348,692 |
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 1,900,494 | 1,882,093 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 490,570 | 484,514 |
Osprey Aircraft Leasing LLC | 2.21 | 06/21/25 | 120,405 | 119,423 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 570,478 | 561,743 |
3
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2022 |
(Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 38.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 26.2% (Continued) | ||||
Pluto Aircraft Leasing LLC | 0.53%(c) | 02/07/23 | $969,692 | $968,578 |
Rimon LLC | 2.45 | 11/01/25 | 168,750 | 167,764 |
Safina Ltd. | 2.00 | 12/30/23 | 722,085 | 719,937 |
Salmon River Export LLC | 2.19 | 09/15/26 | 791,862 | 782,176 |
Sandalwood 2013 LLC | 2.84 | 07/10/25 | 258,203 | 258,830 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 333,269 | 333,294 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 149,930 | 148,665 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 246,503 | 243,153 |
Thirax 1 LLC | 0.97 | 01/14/33 | 1,844,017 | 1,649,081 |
VCK Lease SA | 2.59 | 07/24/26 | 51,524 | 51,229 |
Washington Aircraft 2 Co. DAC | 1.40(c) | 06/26/24 | 2,716,274 | 2,722,454 |
Total Financials | 19,601,542 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $29,432,334) | 28,828,538 | |||
Asset-Backed Securities | 4.0% of portfolio | ||||
American Credit Acceptance Receivables Trust 22-1A (d) | 0.99 | 12/15/25 | 232,746 | 231,304 |
Carvana Auto Receivables Trust 20-N1A (d) | 2.01 | 03/17/25 | 123,290 | 123,292 |
Consumer Loan Underlying Bond 19-HP1 (d) | 2.59 | 12/15/26 | 3,903 | 3,905 |
Credit Acceptance Auto Loan Trust 20-3A (d) | 1.24 | 10/15/29 | 250,000 | 245,912 |
First Investors Auto Owner Trust 21-2A (d) | 0.48 | 03/15/27 | 142,977 | 140,056 |
Freedom Financial 21-2 (d) | 0.68 | 06/19/28 | 18,409 | 18,382 |
GLS Auto Receivables Trust 21-3A (d) | 0.42 | 01/15/25 | 95,528 | 94,580 |
GLS Auto Receivables Trust 21-4 (d) | 0.84 | 07/15/25 | 169,149 | 167,566 |
Gracie Point International Fund 21-1 (d) | 0.86(c) | 11/01/23 | 205,967 | 205,407 |
LAD Auto Receivables Trust 21-1 (d) | 1.30 | 08/17/26 | 229,852 | 225,230 |
Marlette Funding Trust 21-1 (d) | 0.60 | 06/16/31 | 78,221 | 77,906 |
Oasis Securitisation 21-1A (d) | 2.58 | 02/15/33 | 108,850 | 108,554 |
Oasis Securitisation 21-2A (d) | 2.14 | 10/15/33 | 254,290 | 251,574 |
SBA Tower Trust (d) | 3.45 | 03/15/23 | 290,000 | 290,041 |
SBA Tower Trust (d) | 2.84 | 01/15/25 | 250,000 | 245,928 |
United Auto Credit Securitization Trust 22-1A (d) | 1.11 | 07/10/24 | 180,301 | 179,826 |
Upstart Securitization Trust 21-3 (d) | 0.83 | 07/20/31 | 102,298 | 100,460 |
Westgate Resorts 22-1A (d) | 2.29 | 08/20/36 | 288,375 | 280,021 |
Total Asset-Backed Securities | ||||
(Cost $3,032,661) | 2,989,944 | |||
Corporate Bonds–Other | 1.4% of portfolio | ||||
Financials | 1.4% | ||||
Athene Global Funding (d) | 2.50 | 01/14/25 | 100,000 | 97,055 |
J.P. Morgan Chase & Co. | 1.04(c) | 02/04/27 | 100,000 | 91,632 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 415,000 | 384,762 |
Owl Rock Capital Corp. III (d) | 3.13 | 04/13/27 | 250,000 | 221,149 |
Owl Rock Core Income Corp. (d) | 3.13 | 09/23/26 | 250,000 | 225,883 |
Total Financials | 1,020,481 | |||
Total Corporate Bonds–Other | ||||
(Cost $1,114,464) | 1,020,481 |
4
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2022 |
(Unaudited) | (Continued)
Mortgage-Backed Security | 0.8% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
GNMA 21-8 | 1.00% | 01/20/50 | $625,816 | $569,725 |
Total Mortgage-Backed Security | ||||
(Cost $626,295) | 569,725 |
Municipal Bonds | 0.5% of portfolio | ||||
New York | 0.2% | ||||
Suffolk County New York | 0.90 | 06/15/22 | 100,000 | 99,912 |
Suffolk County New York | 1.05 | 06/15/23 | 100,000 | 98,542 |
Total New York | 198,454 | |||
Texas | 0.3% | ||||
Harris County Texas Cultural Education Facilities Finance Corp. | 1.45 | 11/15/22 | 200,000 | 199,836 |
Total Texas | 199,836 | |||
Total Municipal Bonds | ||||
(Cost $400,000) | 398,290 |
Money Market Fund | 0.7% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.25(e) | 549,421 | 549,421 | |
Total Money Market Fund | ||||
(Cost $549,421) | 549,421 | |||
Total Investments in Securities | ||||
(Cost $76,343,752) | 100.0% | $74,726,290 |
(a) | Interest is paid at maturity. |
(b) | Zero coupon rate, purchased at a discount. |
(c) | Variable coupon rate as of March 31, 2022. |
(d) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $3,534,031 and represents 4.7% of total investments. |
(e) | 7-day yield at March 31, 2022. |
LLC - Limited Liability Company
SA - Sociedad Anonima or Societe Anonyme
DAC - Designated Activity Company
At March 31, 2022, the cost of investment securities for tax purposes was $76,343,752. Net unrealized depreciation of investment securities was $1,617,462 consisting of unrealized gains of $49,790 and unrealized losses of $1,667,252.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
5
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2022 |
(Unaudited) | (Continued)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $40,369,891 | $ — | $40,369,891 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 28,828,538 | — | 28,828,538 |
Asset-Backed Securities | — | 2,989,944 | — | 2,989,944 |
Corporate Bonds–Other | — | 1,020,481 | — | 1,020,481 |
Mortgage-Backed Security | — | 569,725 | — | 569,725 |
Municipal Bonds | — | 398,290 | — | 398,290 |
Money Market Fund | 549,421 | — | — | 549,421 |
Total | $549,421 | $74,176,869 | $ — | $74,726,290 |
6
Portfolio of Investments
Short-Term Bond Fund | March 31, 2022 | (Unaudited)
U.S. Government & Agency Obligations | 36.1% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
U.S. Department of Housing & Urban Development | 6.12% | 08/01/22 | $10,000 | $10,188 |
U.S. International Development Finance Corp. | 0.67(a) | 04/23/29 | 1,230,000 | 1,168,161 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 755,182 | 741,175 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,085,853 | 1,012,599 |
U.S. Treasury Note | 0.64(b) | 10/31/23 | 15,900,000 | 15,928,646 |
U.S. Treasury Note | 1.50 | 02/29/24 | 54,132,000 | 53,343,280 |
U.S. Treasury Note | 1.75 | 03/15/25 | 55,702,000 | 54,522,684 |
U.S. Treasury Note | 0.25 | 07/31/25 | 54,405,000 | 50,439,386 |
U.S. Treasury Note | 1.88 | 02/28/27 | 15,990,000 | 15,561,518 |
Total U.S. Government & Agency Obligations | ||||
(Cost $193,966,002) | 192,727,637 |
Corporate Bonds–Other | 30.3% of portfolio | ||||
Communication Services | 1.5% | ||||
Magallanes, Inc. (c) | 3.43 | 03/15/24 | 850,000 | 854,660 |
Magallanes, Inc. (c) | 3.76 | 03/15/27 | 1,355,000 | 1,352,533 |
Sprint Spectrum Co. LLC (c) | 4.74 | 03/20/25 | 1,500,000 | 1,531,494 |
Verizon Communications Inc. | 0.85 | 11/20/25 | 1,700,000 | 1,572,800 |
Verizon Communications Inc. | 3.00 | 03/22/27 | 2,500,000 | 2,470,792 |
Total Communication Services | 7,782,279 | |||
Consumer Discretionary | 1.2% | ||||
Daimler Finance N.A. LLC (c) | 3.30 | 05/19/25 | 920,000 | 918,100 |
Daimler Trucks Financial N.A. LLC (c) | 1.63 | 12/13/24 | 1,500,000 | 1,432,096 |
Daimler Trucks Financial N.A. LLC (c) | 3.50 | 04/07/25 | 1,255,000 | 1,253,619 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 3,057,667 | 2,920,366 |
Total Consumer Discretionary | 6,524,181 | |||
Consumer Staples | 0.9% | ||||
7-Eleven, Inc. (c) | 0.63 | 02/10/23 | 1,000,000 | 984,424 |
7-Eleven, Inc. (c) | 0.80 | 02/10/24 | 1,090,000 | 1,047,094 |
7-Eleven, Inc. (c) | 0.95 | 02/10/26 | 800,000 | 727,102 |
Altria Group, Inc. | 4.40 | 02/14/26 | 2,055,000 | 2,125,650 |
Total Consumer Staples | 4,884,270 | |||
Energy | 2.8% | ||||
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 2,000,000 | 2,131,854 |
Energy Transfer Operating LP | 4.50 | 04/15/24 | 1,100,000 | 1,125,486 |
Energy Transfer Operating LP | 2.90 | 05/15/25 | 2,900,000 | 2,836,639 |
Midwest Connector Capital Co. LLC (c) | 3.63 | 04/01/22 | 2,176,000 | 2,176,000 |
Midwest Connector Capital Co. LLC (c) | 3.90 | 04/01/24 | 3,270,000 | 3,280,248 |
Phillips 66 Co. | 1.30 | 02/15/26 | 1,500,000 | 1,401,707 |
Pioneer Natural Resources Co. | 1.13 | 01/15/26 | 2,000,000 | 1,854,785 |
Total Energy | 14,806,719 | |||
Financials | 14.6% | ||||
Antares Holdings LP | 2.75 | 01/15/27 | 1,000,000 | 878,888 |
Athene Global Funding (c) | 2.50 | 01/14/25 | 5,715,000 | 5,546,683 |
Bank of America Corp. | 4.00 | 01/22/25 | 1,210,000 | 1,232,155 |
Bank of America Corp. | 3.95 | 04/21/25 | 2,210,000 | 2,251,973 |
Bank of America Corp. | 2.46(b) | 10/22/25 | 2,200,000 | 2,161,721 |
Bank of America Corp. | 2.02(b) | 02/13/26 | 2,100,000 | 2,021,354 |
Bank of America Corp. | 1.32(b) | 06/19/26 | 2,100,000 | 1,968,059 |
7
Portfolio of Investments | Short-Term Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 30.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 14.6% (Continued) | ||||
Bank of America Corp. | 1.20%(b) | 10/24/26 | $920,000 | $850,250 |
BOC Aviation (USA) Corp. (c) | 1.63 | 04/29/24 | 2,100,000 | 2,017,155 |
Capital Southwest Corp. | 3.38 | 10/01/26 | 1,355,000 | 1,321,125 |
Citigroup Inc. | 7.00 | 12/01/25 | 4,000,000 | 4,455,784 |
Citigroup Inc. | 3.11(b) | 04/08/26 | 1,800,000 | 1,784,701 |
CNO Global Funding (c) | 1.65 | 01/06/25 | 1,125,000 | 1,071,218 |
F&G Global Funding (c) | 1.75 | 06/30/26 | 2,500,000 | 2,323,596 |
Fidus Investment Corp. | 4.75 | 01/31/26 | 304,000 | 306,243 |
Fidus Investment Corp. | 3.50 | 11/15/26 | 693,000 | 663,821 |
GA Global Funding Trust (c) | 0.80 | 09/13/24 | 920,000 | 861,610 |
GA Global Funding Trust (c) | 2.25 | 01/06/27 | 2,370,000 | 2,212,405 |
Goldman Sachs Group, Inc. | 3.50 | 04/01/25 | 2,065,000 | 2,080,401 |
Goldman Sachs Group, Inc. | 2.64(b) | 02/24/28 | 930,000 | 889,198 |
Goldman Sachs Group, Inc. | 3.62(b) | 03/15/28 | 572,000 | 571,199 |
J.P. Morgan Chase & Co. | 4.02(b) | 12/05/24 | 1,225,000 | 1,244,610 |
J.P. Morgan Chase & Co. | 2.30(b) | 10/15/25 | 2,130,000 | 2,086,093 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 2,055,000 | 1,983,086 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 910,000 | 833,849 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 1,271,000 | 1,297,010 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 3,502,000 | 3,246,832 |
Morgan Stanley | 3.74(b) | 04/24/24 | 1,020,000 | 1,030,094 |
Morgan Stanley | 2.63(b) | 02/18/26 | 1,365,000 | 1,338,984 |
Morgan Stanley | 2.19(b) | 04/28/26 | 425,000 | 410,537 |
Morgan Stanley | 1.51(b) | 07/20/27 | 865,000 | 795,111 |
Owl Rock Capital Corp. III (c) | 3.13 | 04/13/27 | 2,320,000 | 2,052,263 |
Owl Rock Core Income Corp. (c) | 3.13 | 09/23/26 | 4,955,000 | 4,477,014 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 1,415,000 | 1,277,930 |
Santander Holdings USA, Inc. | 2.49(b) | 01/06/28 | 1,000,000 | 933,001 |
SCE Recovery Funding LLC | 0.86 | 11/15/31 | 1,813,732 | 1,632,932 |
Security Benefit Global Funding (c) | 1.25 | 05/17/24 | 4,000,000 | 3,822,445 |
Volkswagen Group of America Finance LLC (c) | 1.25 | 11/24/25 | 6,555,000 | 6,041,875 |
Wells Fargo & Co. | 2.16(b) | 02/11/26 | 3,270,000 | 3,162,968 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 2,120,000 | 2,045,043 |
Wells Fargo & Co. | 3.53(b) | 03/24/28 | 915,000 | 913,162 |
Total Financials | 78,094,378 | |||
Health Care | 1.5% | ||||
AmerisourceBergen Corp. | 0.74 | 03/15/23 | 5,000,000 | 4,926,356 |
Baylor Scott & White Holdings | 0.83 | 11/15/25 | 1,000,000 | 922,612 |
Bio-Rad Laboratories, Inc. | 3.30 | 03/15/27 | 500,000 | 491,949 |
Laboratory Corporation of America Holdings | 1.55 | 06/01/26 | 2,000,000 | 1,862,260 |
Total Health Care | 8,203,177 | |||
Industrials | 2.9% | ||||
American Airlines Group Inc. | 3.60 | 03/22/29 | 2,147,361 | 2,086,845 |
American Airlines Group Inc. | 3.95 | 01/11/32 | 1,000,000 | 904,666 |
BNSF Railway Co. (c) | 3.44 | 06/16/28 | 377,757 | 385,195 |
Boeing Co. (The) | 2.20 | 02/04/26 | 3,800,000 | 3,592,583 |
Burlington Northern & Santa Fe Railway Co. | 4.83 | 01/15/23 | 1,642 | 1,647 |
Delta Air Lines, Inc. (c) | 7.00 | 05/01/25 | 965,000 | 1,033,626 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 730,000 | 792,769 |
Triton Container International Ltd. (c) | 1.15 | 06/07/24 | 2,110,000 | 2,001,805 |
United Airlines, Inc. | 5.88 | 04/15/29 | 4,375,354 | 4,528,869 |
Total Industrials | 15,328,005 |
8
Portfolio of Investments | Short-Term Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 30.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Information Technology | 0.9% | ||||
Harman International Industries Inc. | 4.15% | 05/15/25 | $1,800,000 | $1,840,069 |
Tsmc Arizona Corp. | 1.75 | 10/25/26 | 3,300,000 | 3,092,569 |
Total Information Technology | 4,932,638 | |||
Materials | 0.6% | ||||
Georgia-Pacific LLC (c) | 0.95 | 05/15/26 | 1,450,000 | 1,322,995 |
Sealed Air Corp. (c) | 1.57 | 10/15/26 | 2,200,000 | 2,004,173 |
Total Materials | 3,327,168 | |||
Real Estate | 0.2% | ||||
Service Properties Trust | 7.50 | 09/15/25 | 930,000 | 975,617 |
Total Real Estate | 975,617 | |||
Utilities | 3.2% | ||||
Brooklyn Union Gas Co. (c) | 3.41 | 03/10/26 | 3,200,000 | 3,168,175 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 1,445,000 | 1,454,553 |
Metropolitan Edison Co. (c) | 4.00 | 04/15/25 | 4,250,000 | 4,227,697 |
Pacific Gas and Electric Co. | 3.75 | 02/15/24 | 3,500,000 | 3,511,768 |
PPL Electric Utilities Corp. | 1.22(b) | 09/28/23 | 1,000,000 | 995,126 |
Southern California Edison Co. | 1.10 | 04/01/24 | 1,850,000 | 1,785,232 |
Southern California Edison Co. | 1.20 | 02/01/26 | 2,065,000 | 1,899,036 |
Total Utilities | 17,041,587 | |||
Total Corporate Bonds–Other | ||||
(Cost $169,876,145) | 161,900,019 |
Asset-Backed Securities | 12.4% of portfolio | ||||
American Credit Acceptance Receivables Trust 20-3B (c) | 1.15 | 08/13/24 | 290,891 | 290,801 |
American Credit Acceptance Receivables Trust 21-2B (c) | 0.68 | 05/13/25 | 625,000 | 620,425 |
American Credit Acceptance Receivables Trust 21-4B (c) | 0.86 | 02/13/26 | 1,081,000 | 1,051,516 |
American Credit Acceptance Receivables Trust 22-1A (c) | 0.99 | 12/15/25 | 1,782,831 | 1,771,786 |
Avant Credit Card Master Trust 21-1A (c) | 1.37 | 04/15/27 | 2,500,000 | 2,375,935 |
Avid Automobile Receivables Trust 21-1A (c) | 0.61 | 01/15/25 | 493,023 | 489,744 |
Carvana Auto Receivables Trust 20-N1A (c) | 2.01 | 03/17/25 | 769,332 | 769,340 |
CNH Equipment Trust 22-A | 2.39 | 08/15/25 | 385,000 | 384,991 |
Colony American Finance Ltd. 21-2 (c) | 1.41 | 07/15/54 | 835,687 | 767,163 |
Consumer Loan Underlying Bond 19-HP1 (c) | 2.59 | 12/15/26 | 57,964 | 57,982 |
CoreVest American Finance 20-4 (c) | 1.17 | 12/15/52 | 817,765 | 758,667 |
CoreVest American Finance 21-1 (c) | 1.57 | 04/15/53 | 1,211,317 | 1,116,629 |
CoreVest American Finance 21-3 (c) | 2.49 | 10/15/54 | 2,480,000 | 2,291,089 |
CPS Auto Trust 21-B (c) | 0.81 | 12/15/25 | 920,000 | 904,238 |
Credit Acceptance Auto Loan Trust 19-1C (c) | 3.94 | 06/15/28 | 663,136 | 664,451 |
Credit Acceptance Auto Loan Trust 20-1A (c) | 2.01 | 02/15/29 | 1,496,526 | 1,496,516 |
Credit Acceptance Auto Loan Trust 20-2A (c) | 1.37 | 07/16/29 | 870,000 | 861,624 |
Credit Acceptance Auto Loan Trust 20-3A (c) | 1.24 | 10/15/29 | 2,500,000 | 2,459,118 |
Credit Acceptance Auto Loan Trust 21-2A (c) | 0.96 | 02/15/30 | 1,755,000 | 1,697,055 |
Credito Real USA Auto Receivables Trust 21-1 (c) | 1.35 | 02/16/27 | 1,333,202 | 1,309,064 |
DT Auto Owner Trust 18-2D (c) | 4.15 | 03/15/24 | 75,585 | 75,850 |
DT Auto Owner Trust 20-3A (c) | 0.54 | 04/15/24 | 208,001 | 207,762 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 313,753 | 310,649 |
FIC Funding 21-1 (c) | 1.13 | 04/15/33 | 860,252 | 851,454 |
First Investors Auto Owner Trust 21-2A (c) | 0.48 | 03/15/27 | 1,751,472 | 1,715,691 |
Flagship Credit Auto Trust 21-3 (c) | 0.36 | 07/15/27 | 3,132,805 | 3,066,082 |
Foursight Capital Automobile Receivables Trust 22-1A (c) | 1.15 | 09/15/25 | 585,000 | 576,735 |
9
Portfolio of Investments | Short-Term Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Asset-Backed Securities | 12.4% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Freedom Financial 21-2 (c) | 0.68% | 06/19/28 | $118,824 | $118,649 |
FRTKL 21-SFR1 (c) | 1.57 | 09/17/38 | 970,000 | 878,117 |
GLS Auto Receivables Trust 20-2 (c) | 1.58 | 08/15/24 | 353,341 | 353,444 |
GLS Auto Receivables Trust 20-4 (c) | 0.52 | 02/15/24 | 85,579 | 85,549 |
GLS Auto Receivables Trust 21-3A (c) | 0.42 | 01/15/25 | 1,286,442 | 1,273,680 |
GLS Auto Receivables Trust 21-4 (c) | 0.84 | 07/15/25 | 2,355,405 | 2,333,357 |
Gracie Point International Fund 20-B (c) | 1.51(b) | 05/02/23 | 749,971 | 751,432 |
Gracie Point International Fund 21-1 (c) | 0.86(b) | 11/01/23 | 1,489,764 | 1,485,712 |
Gracie Point International Fund 22-1 (c) | 2.36(b) | 04/01/24 | 1,496,000 | 1,496,935 |
LAD Auto Receivables Trust 21-1 (c) | 1.30 | 08/17/26 | 1,394,433 | 1,366,396 |
Longtrain Leasing III LLC 2015-1 (c) | 2.98 | 01/15/45 | 271,759 | 270,039 |
Marlette Funding Trust 21-1 (c) | 0.60 | 06/16/31 | 273,772 | 272,672 |
NP SPE II LLC 17-1 (c) | 3.37 | 10/21/47 | 321,676 | 317,753 |
Oasis Securitisation 21-1A (c) | 2.58 | 02/15/33 | 603,898 | 602,255 |
Oasis Securitisation 21-2A (c) | 2.14 | 10/15/33 | 2,148,747 | 2,125,804 |
Oportun Funding 21-A (c) | 1.21 | 03/08/28 | 1,070,000 | 1,038,869 |
Oportun Funding 21-B (c) | 1.47 | 05/08/31 | 2,225,000 | 2,100,479 |
Oscar US Funding Trust 21-1A (c) | 0.40 | 03/11/24 | 476,408 | 473,335 |
Progress Residential Trust 21-SFR8 (c) | 1.51 | 10/17/38 | 1,322,000 | 1,198,853 |
SBA Tower Trust (c) | 3.45 | 03/15/23 | 2,420,000 | 2,420,340 |
SBA Tower Trust (c) | 2.84 | 01/15/25 | 4,765,000 | 4,687,387 |
SBA Tower Trust (c) | 1.88 | 01/15/26 | 1,450,000 | 1,368,017 |
SBA Tower Trust (c) | 1.63 | 11/15/26 | 195,000 | 183,250 |
United Auto Credit Securitization Trust 21-1A (c) | 0.34 | 07/10/23 | 181,225 | 181,110 |
United Auto Credit Securitization Trust 21-1B (c) | 0.68 | 03/11/24 | 3,230,000 | 3,215,065 |
United Auto Credit Securitization Trust 22-1A (c) | 1.11 | 07/10/24 | 1,063,774 | 1,060,975 |
Upstart Securitization Trust 21-1 (c) | 0.87 | 03/20/31 | 409,599 | 405,843 |
Upstart Securitization Trust 21-3 (c) | 0.83 | 07/20/31 | 675,969 | 663,821 |
Upstart Securitization Trust 21-4 (c) | 0.84 | 09/20/31 | 1,201,114 | 1,168,325 |
Westgate Resorts 20-1A (c) | 3.96 | 03/20/34 | 913,827 | 917,282 |
Westgate Resorts 22-1A (c) | 2.29 | 08/20/36 | 1,345,749 | 1,306,764 |
Westlake Automobile Receivable Trust 19-2A (c) | 2.84 | 07/15/24 | 361,176 | 361,620 |
Westlake Automobile Receivable Trust 20-3A (c) | 0.56 | 05/15/24 | 787,650 | 785,765 |
Total Asset-Backed Securities | ||||
(Cost $67,943,099) | 66,211,251 |
Yankee Bonds | 11.4% of portfolio | ||||
Aircastle Ltd. (c) | 5.25 | 08/11/25 | 1,243,000 | 1,266,276 |
Antares Holdings LP | 3.95 | 07/15/26 | 335,000 | 312,268 |
Avolon Holdings Funding Ltd. (c) | 2.88 | 02/15/25 | 1,840,000 | 1,766,728 |
Avolon Holdings Funding Ltd. (c) | 5.50 | 01/15/26 | 1,850,000 | 1,909,305 |
Avolon Holdings Funding Ltd. (c) | 2.13 | 02/21/26 | 1,500,000 | 1,369,548 |
Banco Bilbao Vizcaya Argentaria SA | 1.13 | 09/18/25 | 800,000 | 736,960 |
Banco Santader SA | 3.50 | 03/24/25 | 800,000 | 800,520 |
Banco Santader SA | 4.18(b) | 03/24/28 | 1,000,000 | 1,005,072 |
Bank of Montreal | 4.34(b) | 10/05/28 | 1,300,000 | 1,320,179 |
Delta and SkyMiles IP Ltd. (c) | 4.50 | 10/20/25 | 780,000 | 784,532 |
Delta and SkyMiles IP Ltd. (c) | 4.75 | 10/20/28 | 2,000,000 | 2,015,313 |
Enel Finance International NV (c) | 2.65 | 09/10/24 | 3,275,000 | 3,225,852 |
JBS Finance Luxembourg SARL (c) | 2.50 | 01/15/27 | 3,364,000 | 3,124,349 |
Legrand France SA | 8.50 | 02/15/25 | 3,384,000 | 3,874,696 |
Macquarie Group Ltd. (c) | 1.34(b) | 01/12/27 | 2,500,000 | 2,277,697 |
Mitsubishi UFJ Financial Group | 2.34(b) | 01/19/28 | 850,000 | 802,812 |
Nationwide Building Society (c) | 3.62(b) | 04/26/23 | 1,980,000 | 1,980,354 |
Nationwide Building Society (c) | 2.97(b) | 02/16/28 | 1,500,000 | 1,426,981 |
NatWest Group PLC | 2.36(b) | 05/22/24 | 845,000 | 838,135 |
NatWest Group PLC | 4.52(b) | 06/25/24 | 1,325,000 | 1,344,954 |
10
Portfolio of Investments | Short-Term Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Yankee Bonds | 11.4% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
NatWest Group PLC | 4.27%(b) | 03/22/25 | $1,330,000 | $1,345,427 |
Nissan Motor Co., Ltd. (c) | 3.52 | 09/17/25 | 2,500,000 | 2,450,130 |
Nissan Motor Co., Ltd. (c) | 1.85 | 09/16/26 | 2,000,000 | 1,790,778 |
Nissan Motor Co., Ltd. (c) | 4.35 | 09/17/27 | 1,850,000 | 1,822,948 |
Panasonic Corp. (c) | 2.68 | 07/19/24 | 3,880,000 | 3,832,486 |
Reckitt Benckiser Treasury Services PLC (c) | 2.75 | 06/26/24 | 1,100,000 | 1,097,579 |
Royal Bank of Canada | 4.65 | 01/27/26 | 2,500,000 | 2,605,799 |
Saudi Arabian Oil Co. (c) | 1.25 | 11/24/23 | 800,000 | 781,251 |
Saudi Arabian Oil Co. (c) | 1.63 | 11/24/25 | 500,000 | 474,141 |
Sinopec Group Overseas Development (2012) Ltd. (c) | 3.90 | 05/17/22 | 2,100,000 | 2,103,025 |
Sumitomo Mitsui Trust Bank Ltd. (c) | 0.80 | 09/16/24 | 2,500,000 | 2,359,556 |
Syngenta Finance NV (c) | 4.44 | 04/24/23 | 400,000 | 405,324 |
Tencent Music Entertainment Group | 1.38 | 09/03/25 | 1,260,000 | 1,154,312 |
TransCanada Pipelines Ltd. | 7.06 | 10/14/25 | 6,043,000 | 6,728,370 |
Total Yankee Bonds | ||||
(Cost $63,820,664) | 61,133,657 | |||
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 2.6% of portfolio | ||||
Energy | 1.7% | ||||
Petroleos Mexicanos | 0.59(b) | 04/15/25 | 7,621,250 | 7,624,830 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 175,600 | 174,491 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,267,789 | 1,244,286 |
Total Energy | 9,043,607 | |||
Financials | 0.9% | ||||
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 537,259 | 532,057 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 648,288 | 640,286 |
Pluto Aircraft Leasing LLC | 0.53(b) | 02/07/23 | 113,212 | 113,082 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 570,375 | 565,564 |
Thirax 1 LLC | 0.97 | 01/14/33 | 2,212,820 | 1,978,898 |
Washington Aircraft 2 Co. DAC | 1.40(b) | 06/26/24 | 788,636 | 790,430 |
Total Financials | 4,620,317 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $13,949,095) | 13,663,924 |
Municipal Bonds | 1.3% of portfolio | ||||
Arizona | 0.4% | ||||
Glendale Arizona | 1.45 | 07/01/26 | 1,000,000 | 938,628 |
Glendale Arizona | 1.72 | 07/01/27 | 1,235,000 | 1,154,025 |
Total Arizona | 2,092,653 | |||
California | 0.1% | ||||
EL Cajon California Pension Obligation | 1.70 | 04/01/27 | 300,000 | 281,396 |
Total California | 281,396 | |||
Maine | 0.1% | ||||
Maine Health & Higher Educational Facilities | 1.66 | 07/01/27 | 300,000 | 280,355 |
Maine State Housing Authority | 1.70 | 11/15/26 | 245,000 | 231,103 |
Total Maine | 511,458 |
11
Portfolio of Investments | Short-Term Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Municipal Bonds | 1.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
New Jersey | 0.4% | ||||
New Jersey Housing and Morgage Finance Agency | 1.34% | 04/01/24 | $690,000 | $665,440 |
New Jersey Housing and Morgage Finance Agency | 1.49 | 04/01/25 | 590,000 | 558,540 |
New Jersey Housing and Morgage Finance Agency | 1.54 | 10/01/25 | 1,020,000 | 958,468 |
Total New Jersey | 2,182,448 | |||
New York | 0.1% | ||||
Suffolk County New York | 0.90 | 06/15/22 | 370,000 | 369,675 |
Suffolk County New York | 1.05 | 06/15/23 | 350,000 | 344,897 |
Total New York | 714,572 | |||
Texas | 0.2% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 800,000 | 759,264 |
Harris County Texas Cultural Education Facilities Finance Corp. | 1.45 | 11/15/22 | 400,000 | 399,673 |
Total Texas | 1,158,937 | |||
Total Municipal Bonds | ||||
(Cost $7,322,504) | 6,941,464 | |||
Mortgage-Backed Securities | 0.4% of portfolio | ||||
ARM Master Trust 21-T (c) | 1.42 | 01/15/24 | 76,000 | 75,970 |
FHLMC 780754 | 2.25(b) | 08/01/33 | 685 | 693 |
FNMA 813842 | 1.70(b) | 01/01/35 | 1,854 | 1,911 |
GNMA 21-8 | 1.00 | 01/20/50 | 2,362,661 | 2,150,901 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 1 | 1 |
Total Mortgage-Backed Securities | ||||
(Cost $2,443,052) | 2,229,476 | |||
Money Market Fund | 5.5% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.25(d) | 29,435,365 | 29,435,365 | |
Total Money Market Fund | ||||
(Cost $29,435,365) | 29,435,365 | |||
Total Investments in Securities | ||||
(Cost $548,755,926) | 100.0% | $534,242,793 |
(a) | Interest is paid at maturity. |
(b) | Variable coupon rate as of March 31, 2022. |
(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 $163,983,034 and represents 30.7% of total investments. |
(d) | 7-day yield at March 31, 2022. |
LLC - Limited Liability Company
N.A. - North America
LP - Limited Partnership
SA - Sociedad Anonima or Societe Anonyme
NV - Naamloze Vennottschap
SARL - Societe a responsabilite limitee
12
Portfolio of Investments | Short-Term Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
PLC - Public Limited Company
DAC - Designated Activity Company
ARM - Adjustable Rate Mortgage
FHLMC - Federal Home Loan Mortgage Corporation
At March 31, 2022, the cost of investment securities for tax purposes was $548,818,207. Net unrealized depreciation of investment securities was $14,575,414 consisting of unrealized gains of $391,823 and unrealized losses of $14,967,237.
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 |
U.S. Government & Agency Obligations | $ — | $192,727,637 | $ — | $192,727,637 |
Corporate Bonds–Other | — | 161,900,019 | — | 161,900,019 |
Asset-Backed Securities | — | 66,211,251 | — | 66,211,251 |
Yankee Bonds | — | 61,133,657 | — | 61,133,657 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 13,663,924 | — | 13,663,924 |
Municipal Bonds | — | 6,941,464 | — | 6,941,464 |
Mortgage-Backed Securities | — | 2,229,476 | — | 2,229,476 |
Money Market Fund | 29,435,365 | — | — | 29,435,365 |
Total | $29,435,365 | $504,807,428 | $ — | $534,242,793 |
13
Portfolio of Investments
Intermediate Bond Fund | March 31, 2022 | (Unaudited)
Corporate Bonds–Other | 33.3% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 2.4% | ||||
AT&T Inc. | 2.25% | 02/01/32 | $145,000 | $128,574 |
AT&T Inc. | 3.65 | 06/01/51 | 395,000 | 359,432 |
AT&T Inc. | 3.65 | 09/15/59 | 140,000 | 122,771 |
DISH DBS Corp. (a) | 5.25 | 12/01/26 | 120,000 | 114,300 |
Magallanes, Inc. (a) | 3.64 | 03/15/25 | 205,000 | 206,246 |
Magallanes, Inc. (a) | 4.05 | 03/15/29 | 190,000 | 190,942 |
Magallanes, Inc. (a) | 4.28 | 03/15/32 | 190,000 | 190,845 |
Magallanes, Inc. (a) | 5.05 | 03/15/42 | 285,000 | 290,709 |
Magallanes, Inc. (a) | 5.14 | 03/15/52 | 180,000 | 184,157 |
Magallanes, Inc. (a) | 5.39 | 03/15/62 | 190,000 | 196,285 |
Sprint Spectrum Co. LLC (a) | 4.74 | 03/20/25 | 337,500 | 344,586 |
T-Mobile US, Inc. | 3.00 | 02/15/41 | 200,000 | 169,064 |
Verizon Communications Inc. | 0.85 | 11/20/25 | 150,000 | 138,776 |
Verizon Communications Inc. | 2.10 | 03/22/28 | 200,000 | 186,415 |
Verizon Communications Inc. | 2.55 | 03/21/31 | 130,000 | 120,776 |
Verizon Communications Inc. | 2.65 | 11/20/40 | 100,000 | 85,066 |
Verizon Communications Inc. | 3.40 | 03/22/41 | 195,000 | 182,796 |
Verizon Communications Inc. | 3.55 | 03/22/51 | 185,000 | 173,844 |
Total Communication Services | 3,385,584 | |||
Consumer Discretionary | 4.2% | ||||
Amazon.com, Inc. | 2.88 | 05/12/41 | 615,000 | 567,593 |
Amazon.com, Inc. | 2.70 | 06/03/60 | 160,000 | 132,138 |
American Airlines Group, Inc. (a) | 5.50 | 04/20/26 | 530,000 | 533,975 |
American Airlines Group, Inc. (a) | 5.75 | 04/20/29 | 750,000 | 747,187 |
American Airlines Pass Through Trust 2017-1 | 3.65 | 02/15/29 | 124,988 | 121,057 |
Block Financial Corp. | 2.50 | 07/15/28 | 145,000 | 132,285 |
Daimler Finance N.A. LLC (a) | 3.30 | 05/19/25 | 175,000 | 174,639 |
Daimler Trucks Financial N.A. LLC (a) | 3.50 | 04/07/25 | 340,000 | 339,626 |
Expedia Group, Inc. | 4.63 | 08/01/27 | 330,000 | 342,786 |
Ford Motor Co. | 3.37 | 11/17/23 | 200,000 | 199,702 |
Ford Motor Co. | 3.38 | 11/13/25 | 200,000 | 195,489 |
General Motors Financial Co., Inc. | 4.35 | 01/17/27 | 150,000 | 152,537 |
Harley-Davidson Financial Services, Inc. (a) | 3.35 | 06/08/25 | 365,000 | 358,800 |
Kohl's Corp. | 5.55 | 07/17/45 | 530,000 | 528,992 |
Lowe's Companies, Inc. | 1.70 | 09/15/28 | 191,000 | 172,861 |
Lowe's Companies, Inc. | 1.70 | 10/15/30 | 180,000 | 157,124 |
Lowe's Companies, Inc. | 2.80 | 09/15/41 | 260,000 | 222,690 |
Lowe's Companies, Inc. | 3.00 | 10/15/50 | 170,000 | 144,628 |
Mileage Plus Holdings, LLC (a) | 6.50 | 06/20/27 | 225,000 | 234,562 |
Tractor Supply Co. | 1.75 | 11/01/30 | 100,000 | 85,897 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 333,795 | 318,807 |
Total Consumer Discretionary | 5,863,375 | |||
Consumer Staples | 1.3% | ||||
7-Eleven Inc. (a) | 1.30 | 02/10/28 | 60,000 | 52,526 |
7-Eleven Inc. (a) | 1.80 | 02/10/31 | 60,000 | 51,677 |
7-Eleven Inc. (a) | 2.80 | 02/10/51 | 135,000 | 108,693 |
Anheuser-Busch InBev SA/NV | 4.90 | 02/01/46 | 301,000 | 334,756 |
Campbell Soup Co. | 2.38 | 04/24/30 | 250,000 | 227,974 |
JBS USA Finance, Inc. (a) | 3.00 | 02/02/29 | 335,000 | 309,875 |
JBS USA Finance, Inc. (a) | 4.38 | 02/02/52 | 530,000 | 461,038 |
Smithfield Foods, Inc. (a) | 2.63 | 09/13/31 | 340,000 | 298,539 |
Total Consumer Staples | 1,845,078 |
14
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 33.3% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Energy | 2.8% | ||||
BP Capital Markets America Inc. | 2.77% | 11/10/50 | $210,000 | $175,318 |
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 180,000 | 191,867 |
Cheniere Corpus Christi Holdings LLC | 3.70 | 11/15/29 | 39,000 | 38,878 |
Cheniere Corpus Christi Holdings LLC (a) | 2.74 | 12/31/39 | 170,000 | 147,919 |
Energy Transfer Operating LP | 4.50 | 04/15/24 | 150,000 | 153,475 |
Energy Transfer Operating LP | 3.75 | 05/15/30 | 318,000 | 312,835 |
Energy Transfer Operating LP | 6.00 | 06/15/48 | 420,000 | 465,569 |
Energy Transfer Operating LP | 6.50(b) | 12/31/99 | 145,000 | 142,506 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 188,000 | 189,410 |
EQM Midstream Partners, LP | 5.50 | 07/15/28 | 68,000 | 68,266 |
Gray Oak Pipeline, LLC (a) | 2.00 | 09/15/23 | 150,000 | 147,775 |
HollyFrontier Corp. | 2.63 | 10/01/23 | 60,000 | 59,387 |
Marathon Oil Corp. | 4.40 | 07/15/27 | 360,000 | 371,122 |
Midwest Connector Capital Co. LLC (a) | 3.90 | 04/01/24 | 85,000 | 85,266 |
Midwest Connector Capital Co. LLC (a) | 4.63 | 04/01/29 | 205,000 | 207,164 |
MPLX LP | 1.75 | 03/01/26 | 80,000 | 74,962 |
MPLX LP | 2.65 | 08/15/30 | 245,000 | 224,499 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 112,000 | 110,103 |
Phillips 66 | 2.15 | 12/15/30 | 260,000 | 230,937 |
Pioneer Natural Resources Co. | 1.90 | 08/15/30 | 255,000 | 226,048 |
Valero Energy Corp. | 2.80 | 12/01/31 | 340,000 | 313,803 |
Total Energy | 3,937,109 | |||
Financials | 13.0% | ||||
Athene Global Funding (a) | 2.50 | 01/14/25 | 1,144,000 | 1,110,307 |
Athene Global Funding (a) | 2.95 | 11/12/26 | 120,000 | 116,178 |
Athene Holding Ltd. | 3.95 | 05/25/51 | 300,000 | 273,725 |
Bank of America Corp. | 3.95 | 04/21/25 | 844,000 | 860,030 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 200,000 | 184,837 |
Bank of America Corp. | 2.50(b) | 02/13/31 | 263,000 | 241,742 |
Bank of America Corp. | 1.92(b) | 10/24/31 | 700,000 | 608,074 |
Bank of America Corp. | 2.57(b) | 10/20/32 | 245,000 | 222,622 |
Bank of America Corp. | 2.68(b) | 06/19/41 | 275,000 | 232,198 |
Bank of America Corp. | 2.83(b) | 10/24/51 | 300,000 | 255,123 |
BOC Aviation (USA) Corp. (a) | 1.63 | 04/29/24 | 220,000 | 211,321 |
CIT Group Inc. | 3.93(b) | 06/19/24 | 402,000 | 406,062 |
Citigroup Inc. | 2.98(b) | 11/05/30 | 365,000 | 346,206 |
Citigroup Inc. | 2.57(b) | 06/03/31 | 870,000 | 797,013 |
CoreStates Capital II (a) | 0.89(b) | 01/15/27 | 725,000 | 700,121 |
Fidus Investment Corp. | 3.50 | 11/15/26 | 166,000 | 159,010 |
GA Global Funding Trust (a) | 0.80 | 09/13/24 | 240,000 | 224,768 |
Goldman Sachs Group, Inc. | 3.50 | 01/23/25 | 265,000 | 267,223 |
Goldman Sachs Group, Inc. | 3.50 | 04/01/25 | 565,000 | 569,214 |
Goldman Sachs Group, Inc. | 2.64(b) | 02/24/28 | 245,000 | 234,251 |
Goldman Sachs Group, Inc. | 3.62(b) | 03/15/28 | 153,000 | 152,786 |
Goldman Sachs Group, Inc. | 2.38(b) | 07/21/32 | 365,000 | 323,281 |
Goldman Sachs Group, Inc. | 3.10(b) | 02/24/33 | 265,000 | 249,786 |
Goldman Sachs Group, Inc. | 2.91(b) | 07/21/42 | 230,000 | 197,992 |
Goldman Sachs Group, Inc. | 3.44(b) | 02/24/43 | 255,000 | 236,329 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 340,000 | 328,102 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 150,000 | 137,448 |
J.P. Morgan Chase & Co. | 3.63 | 12/01/27 | 722,000 | 723,768 |
J.P. Morgan Chase & Co. | 1.95(b) | 02/04/32 | 480,000 | 420,481 |
J.P. Morgan Chase & Co. | 2.55(b) | 11/08/32 | 175,000 | 159,905 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 428,000 | 436,759 |
15
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 33.3% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 13.0% (Continued) | ||||
Main Street Capital Corp. | 3.00% | 07/14/26 | $906,000 | $839,986 |
Morgan Stanley | 2.63(b) | 02/18/26 | 355,000 | 348,234 |
Morgan Stanley | 1.51(b) | 07/20/27 | 200,000 | 183,841 |
Morgan Stanley | 1.79(b) | 02/13/32 | 1,015,000 | 872,825 |
Owl Rock Capital Corp. III (a) | 3.13 | 04/13/27 | 681,000 | 602,410 |
Owl Rock Core Income Corp. (a) | 3.13 | 09/23/26 | 1,311,000 | 1,184,534 |
Owl Rock Technology Finance Corp. | 3.75 | 06/17/26 | 150,000 | 143,388 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 366,000 | 330,546 |
Prudential Financial, Inc. | 5.70(b) | 09/15/48 | 75,000 | 76,513 |
Santander Holdings USA, Inc. | 2.49(b) | 01/06/28 | 298,000 | 278,034 |
Security Benefit Global Funding (a) | 1.25 | 05/17/24 | 300,000 | 286,683 |
Volkswagen Group of America Finance LLC (a) | 1.25 | 11/24/25 | 330,000 | 304,168 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 210,000 | 202,575 |
Wells Fargo & Co. | 3.53(b) | 03/24/28 | 240,000 | 239,518 |
Wells Fargo & Co. | 2.39(b) | 06/02/28 | 445,000 | 420,792 |
Wells Fargo & Co. | 2.57(b) | 02/11/31 | 200,000 | 185,804 |
Wells Fargo & Co. | 3.07(b) | 04/30/41 | 440,000 | 395,549 |
Total Financials | 18,282,062 | |||
Health Care | 0.7% | ||||
Bristol-Myers Squibb Co. | 2.35 | 11/13/40 | 170,000 | 143,454 |
CVS Health Corp. | 2.70 | 08/21/40 | 170,000 | 144,942 |
HCA Healthcare, Inc. | 3.50 | 07/15/51 | 228,000 | 197,695 |
Laboratory Corporation of America Holdings | 1.55 | 06/01/26 | 490,000 | 456,253 |
Mylan Inc. | 5.20 | 04/15/48 | 50,000 | 49,012 |
Total Health Care | 991,356 | |||
Industrials | 2.7% | ||||
Ashtead Capital, Inc. (a) | 1.50 | 08/12/26 | 240,000 | 217,808 |
Ashtead Capital, Inc. (a) | 4.25 | 11/01/29 | 308,000 | 306,487 |
Ashtead Capital, Inc. (a) | 2.45 | 08/12/31 | 200,000 | 175,991 |
BNSF Railway Co. (a) | 3.44 | 06/16/28 | 377,757 | 385,195 |
Boeing Co. (The) | 2.20 | 02/04/26 | 700,000 | 661,791 |
Boeing Co. (The) | 5.71 | 05/01/40 | 280,000 | 312,886 |
Boeing Co. (The) | 5.93 | 05/01/60 | 230,000 | 265,555 |
Delta Air Lines, Inc. (a) | 7.00 | 05/01/25 | 250,000 | 267,779 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 180,000 | 195,477 |
Quanta Services, Inc. | 2.35 | 01/15/32 | 260,000 | 225,705 |
Quanta Services, Inc. | 3.05 | 10/01/41 | 260,000 | 213,892 |
Triton International Ltd. | 3.25 | 03/15/32 | 175,000 | 161,198 |
Union Pacific Corp. | 3.20 | 05/20/41 | 400,000 | 377,465 |
Total Industrials | 3,767,229 | |||
Information Technology | 1.9% | ||||
Broadcom Cayman Finance Ltd. | 3.88 | 01/15/27 | 255,000 | 256,705 |
Dell International LLC / EMC Corp. | 5.85 | 07/15/25 | 110,000 | 117,407 |
Dell International LLC / EMC Corp. | 4.90 | 10/01/26 | 182,000 | 190,899 |
Harman International Industries Inc. | 4.15 | 05/15/25 | 465,000 | 475,351 |
Microchip Technology Inc. | 0.97 | 02/15/24 | 200,000 | 191,680 |
Microsoft Corp. | 2.92 | 03/17/52 | 445,000 | 417,583 |
TSMC Arizona Corp. | 3.13 | 10/25/41 | 200,000 | 182,363 |
TSMC Arizona Corp. | 3.25 | 10/25/51 | 200,000 | 180,886 |
VMware, Inc. | 1.40 | 08/15/26 | 155,000 | 142,298 |
VMware, Inc. | 4.70 | 05/15/30 | 200,000 | 211,519 |
16
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 33.3% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Information Technology | 1.9% (Continued) | ||||
VMware, Inc. | 2.20% | 08/15/31 | $155,000 | $136,467 |
Western Digital Corp. | 2.85 | 02/01/29 | 175,000 | 159,878 |
Total Information Technology | 2,663,036 | |||
Materials | 0.4% | ||||
Glencore Funding LLC (a) | 2.63 | 09/23/31 | 260,000 | 232,572 |
Glencore Funding LLC (a) | 3.38 | 09/23/51 | 170,000 | 142,939 |
Silgan Holdings Inc. (a) | 1.40 | 04/01/26 | 125,000 | 114,000 |
Total Materials | 489,511 | |||
Real Estate | 1.1% | ||||
Crown Castle International Corp. | 2.90 | 04/01/41 | 450,000 | 372,493 |
Realty Income Corp. | 2.20 | 06/15/28 | 495,000 | 456,633 |
Service Properties Trust | 7.50 | 09/15/25 | 505,000 | 529,770 |
Vornado Realty LP | 2.15 | 06/01/26 | 150,000 | 140,192 |
Total Real Estate | 1,499,088 | |||
Utilities | 2.8% | ||||
Brooklyn Union Gas Co. (a) | 3.41 | 03/10/26 | 180,000 | 178,210 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 325,000 | 327,149 |
National Fuel Gas Co. | 5.50 | 01/15/26 | 307,000 | 325,054 |
Pacific Gas & Electric Co. | 4.25 | 08/01/23 | 644,000 | 650,260 |
Pacific Gas & Electric Co. | 3.00 | 06/15/28 | 225,000 | 209,283 |
Pacific Gas & Electric Co. | 4.55 | 07/01/30 | 130,000 | 128,987 |
Pacific Gas & Electric Co. | 4.25 | 03/15/46 | 770,000 | 665,739 |
SCE Recovery Funding LLC | 2.51 | 11/15/43 | 190,000 | 163,460 |
Southern California Edison Co. | 1.10 | 04/01/24 | 370,000 | 357,046 |
Southern California Edison Co. | 2.25 | 06/01/30 | 55,000 | 49,721 |
Southern California Edison Co. | 4.50 | 09/01/40 | 200,000 | 202,631 |
Southern California Edison Co. | 4.00 | 04/01/47 | 164,000 | 157,576 |
Southern California Edison Co. | 3.65 | 02/01/50 | 214,000 | 198,095 |
TerraForm Power Operating LLC (a) | 4.25 | 01/31/23 | 215,000 | 214,462 |
TerraForm Power Operating LLC (a) | 4.75 | 01/15/30 | 171,000 | 166,776 |
Total Utilities | 3,994,449 | |||
Total Corporate Bonds–Other | ||||
(Cost $50,327,173) | 46,717,877 |
U.S. Government & Agency Obligations | 27.3% of portfolio | ||||
Federal Farm Credit Bank | 0.52 | 10/21/25 | 300,000 | 278,561 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 134,056 | 125,012 |
U.S. International Development Finance Corp. | 1.49 | 08/15/31 | 80,000 | 75,230 |
U.S. International Development Finance Corp. | 3.00 | 10/05/34 | 182,996 | 182,756 |
U.S. International Development Finance Corp. | 1.32 | 03/15/35 | 225,000 | 200,200 |
U.S. Treasury Note | 1.50 | 02/29/24 | 5,327,000 | 5,249,384 |
U.S. Treasury Note | 1.75 | 03/15/25 | 3,190,000 | 3,122,462 |
U.S. Treasury Note | 1.88 | 02/28/27 | 7,684,000 | 7,478,093 |
U.S. Treasury Note | 1.88 | 02/28/29 | 4,372,000 | 4,220,346 |
U.S. Treasury Note | 1.88 | 02/15/32 | 4,475,000 | 4,297,406 |
U.S. Treasury Note | 1.75 | 08/15/41 | 5,309,000 | 4,601,410 |
U.S. Treasury Note | 2.38 | 02/15/42 | 3,616,000 | 3,487,745 |
17
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
U.S. Government & Agency Obligations | 27.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
U.S. Treasury Note | 1.88% | 11/15/51 | $5,792,000 | $5,080,670 |
Total U.S. Government & Agency Obligations | ||||
(Cost $39,576,653) | 38,399,275 | |||
Mortgage-Backed Securities | 14.3% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (a) | 2.18(b) | 01/25/51 | 239,088 | 221,716 |
FHLMC QA7479 | 3.00 | 03/01/50 | 245,458 | 240,764 |
FHLMC SB8503 | 2.00 | 08/01/35 | 1,555,627 | 1,512,735 |
FHLMC SD8068 | 3.00 | 06/01/50 | 240,430 | 235,941 |
FNMA BN7662 | 3.50 | 07/01/49 | 103,810 | 104,348 |
FNMA CA4016 | 3.00 | 08/01/49 | 571,841 | 562,203 |
FNMA FM1000 | 3.00 | 04/01/47 | 1,031,248 | 1,021,605 |
FNMA FM4231 | 2.50 | 09/01/50 | 261,395 | 250,130 |
FNMA FM5470 | 2.00 | 01/01/36 | 1,011,488 | 983,759 |
FNMA MA3691 | 3.00 | 07/01/49 | 165,509 | 162,553 |
FNMA MA3834 | 3.00 | 11/01/49 | 347,252 | 340,710 |
FNMA MA3960 | 3.00 | 03/01/50 | 158,819 | 155,740 |
FNMA MA3992 | 3.50 | 04/01/50 | 167,201 | 168,065 |
FNMA MA4048 | 3.00 | 06/01/50 | 724,051 | 710,420 |
FNMA MA4124 | 2.50 | 09/01/35 | 1,348,582 | 1,334,843 |
FNMA MA4179 | 2.00 | 11/01/35 | 4,295,105 | 4,176,573 |
FNMA MA4229 | 2.00 | 01/01/36 | 2,017,305 | 1,966,598 |
FNMA MA4303 | 2.00 | 04/01/36 | 1,715,394 | 1,667,977 |
FNMA MA4418 | 2.00 | 09/01/36 | 2,853,140 | 2,774,275 |
Freddie Mac STACR 21-HQA3 (a) | 3.45(b) | 09/25/41 | 1,000,000 | 892,296 |
GNMA 21-8 | 1.00 | 01/20/50 | 606,517 | 552,157 |
Total Mortgage-Backed Securities | ||||
(Cost $21,402,689) | 20,035,408 |
Asset-Backed Securities | 12.4% of portfolio | ||||
American Credit Acceptance Receivables Trust 20-3B (a) | 1.15 | 08/13/24 | 39,356 | 39,344 |
American Credit Acceptance Receivables Trust 21-2B (a) | 0.68 | 05/13/25 | 1,500,000 | 1,489,021 |
American Credit Acceptance Receivables Trust 22-1B (a) | 1.68 | 09/14/26 | 375,000 | 365,654 |
Avant Credit Card Master Trust 21-1A (a) | 1.37 | 04/15/27 | 500,000 | 475,187 |
Avant Loans Funding Trust 21-REV1 (a) | 1.21 | 07/15/30 | 500,000 | 483,184 |
Carvana Auto Receivables Trust 20-N1A (a) | 2.01 | 03/17/25 | 172,606 | 172,608 |
Colony American Finance Ltd. 21-2 (a) | 1.41 | 07/15/54 | 192,851 | 177,038 |
Consumer Loan Underlying Bond 19-HP1 (a) | 2.59 | 12/15/26 | 1,952 | 1,952 |
CoreVest American Finance 20-4 (a) | 1.17 | 12/15/52 | 133,331 | 123,696 |
CoreVest American Finance 21-1 (a) | 1.57 | 04/15/53 | 847,075 | 780,859 |
CoreVest American Finance 21-3 (a) | 2.49 | 10/15/54 | 660,000 | 609,725 |
CPS Auto Trust 20-C (a) | 1.01 | 01/15/25 | 33,657 | 33,637 |
CPS Auto Trust 21-B (a) | 0.81 | 12/15/25 | 200,000 | 196,573 |
Credit Acceptance Auto Loan Trust 19-1C (a) | 3.94 | 06/15/28 | 211,190 | 211,609 |
Credit Acceptance Auto Loan Trust 20-1A (a) | 2.01 | 02/15/29 | 433,776 | 433,773 |
Credit Acceptance Auto Loan Trust 20-1A (a) | 2.39 | 04/16/29 | 250,000 | 247,088 |
Credit Acceptance Auto Loan Trust 20-2A (a) | 1.37 | 07/16/29 | 250,000 | 247,593 |
Credit Acceptance Auto Loan Trust 20-3A (a) | 1.24 | 10/15/29 | 350,000 | 344,276 |
Credit Acceptance Auto Loan Trust 21-2A (a) | 0.96 | 02/15/30 | 320,000 | 309,434 |
Credito Real USA Auto Receivables Trust 21-1 (a) | 1.35 | 02/16/27 | 538,667 | 528,914 |
DT Auto Owner Trust 18-2D (a) | 4.15 | 03/15/24 | 21,909 | 21,985 |
DT Auto Owner Trust 20-3A (a) | 0.91 | 12/16/24 | 200,000 | 198,992 |
Exeter Automobile Receivables Trust 21-1A | 0.50 | 02/18/25 | 219,910 | 219,320 |
FIC Funding 21-1 (a) | 1.13 | 04/15/33 | 191,167 | 189,212 |
First Investors Auto Owner Trust 21-2A (a) | 0.48 | 03/15/27 | 450,378 | 441,178 |
Flagship Credit Auto Trust 21-3 (a) | 0.36 | 07/15/27 | 371,565 | 363,652 |
18
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Asset-Backed Securities | 12.4% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Freedom Financial 21-1 (a) | 0.66% | 03/20/28 | $67,027 | $66,882 |
Freedom Financial 21-2 (a) | 0.68 | 06/19/28 | 25,941 | 25,902 |
FRTKL 21-SFR1 (a) | 1.57 | 09/17/38 | 250,000 | 226,319 |
GLS Auto Receivables Trust 20-3 (a) | 1.38 | 08/15/24 | 92,231 | 92,147 |
GLS Auto Receivables Trust 20-4 (a) | 0.87 | 12/16/24 | 300,000 | 298,999 |
GLS Auto Receivables Trust 21-3A (a) | 0.42 | 01/15/25 | 312,058 | 308,962 |
GLS Auto Receivables Trust 21-4 (a) | 0.84 | 07/15/25 | 617,395 | 611,616 |
Gracie Point International Fund 20-B (a) | 1.51(b) | 05/02/23 | 290,989 | 291,556 |
Gracie Point International Fund 21-1 (a) | 0.86(b) | 11/01/23 | 319,949 | 319,079 |
LAD Auto Receivables Trust 21-1 (a) | 1.30 | 08/17/26 | 371,593 | 364,122 |
Marlette Funding Trust 21-1 (a) | 0.60 | 06/16/31 | 65,184 | 64,922 |
Oasis Securitisation 21-1A (a) | 2.58 | 02/15/33 | 217,699 | 217,107 |
Oasis Securitisation 21-2A (a) | 2.14 | 10/15/33 | 563,675 | 557,657 |
Oportun Funding 21-A (a) | 1.21 | 03/08/28 | 300,000 | 291,272 |
Oportun Funding 21-B (a) | 1.47 | 05/08/31 | 1,000,000 | 944,036 |
Oscar US Funding Trust 21-1A (a) | 0.40 | 03/11/24 | 90,999 | 90,412 |
Progress Residential Trust 21-SFR8 (a) | 1.51 | 10/17/38 | 339,000 | 307,421 |
SBA Tower Trust (a) | 2.84 | 01/15/25 | 230,000 | 226,254 |
SBA Tower Trust (a) | 1.88 | 01/15/26 | 330,000 | 311,342 |
SBA Tower Trust (a) | 1.63 | 11/15/26 | 580,000 | 545,052 |
SBA Tower Trust (a) | 2.59 | 10/15/31 | 430,000 | 391,346 |
United Auto Credit Securitization Trust 21-1A (a) | 0.34 | 07/10/23 | 34,653 | 34,631 |
United Auto Credit Securitization Trust 21-1B (a) | 0.68 | 03/11/24 | 1,050,000 | 1,045,145 |
Upstart Securitization Trust 21-3 (a) | 0.83 | 07/20/31 | 157,124 | 154,301 |
Upstart Securitization Trust 21-4 (a) | 0.84 | 09/20/31 | 310,968 | 302,479 |
Westgate Resorts 22-1A (a) | 2.29 | 08/20/36 | 384,500 | 373,361 |
Westlake Automobile Receivable Trust 19-2A (a) | 2.84 | 07/15/24 | 70,473 | 70,560 |
Westlake Automobile Receivable Trust 20-3A (a) | 0.78 | 11/17/25 | 230,000 | 228,251 |
Total Asset-Backed Securities | ||||
(Cost $18,025,410) | 17,466,637 |
Yankee Bonds | 8.6% of portfolio | ||||
AerCap Ireland Capital DAC | 4.13 | 07/03/23 | 185,000 | 186,101 |
AerCap Ireland Capital DAC | 3.30 | 01/30/32 | 265,000 | 238,887 |
AerCap Ireland Capital DAC | 3.85 | 10/29/41 | 175,000 | 153,465 |
Aircastle Ltd. (a) | 5.25 | 08/11/25 | 310,000 | 315,805 |
Antares Holdings LP | 3.95 | 07/15/26 | 375,000 | 349,554 |
Avolon Holdings Funding Ltd. (a) | 5.13 | 10/01/23 | 500,000 | 508,806 |
Avolon Holdings Funding Ltd. (a) | 2.88 | 02/15/25 | 430,000 | 412,877 |
Avolon Holdings Funding Ltd. (a) | 5.50 | 01/15/26 | 800,000 | 825,645 |
Avolon Holdings Funding Ltd. (a) | 2.13 | 02/21/26 | 250,000 | 228,258 |
Avolon Holdings Funding Ltd. (a) | 4.25 | 04/15/26 | 100,000 | 98,615 |
Avolon Holdings Funding Ltd. (a) | 2.75 | 02/21/28 | 400,000 | 355,713 |
Banco Bilbao Vizcaya Argentaria SA | 1.13 | 09/18/25 | 200,000 | 184,240 |
Banco Santader SA | 3.50 | 03/24/25 | 200,000 | 200,130 |
Banco Santader SA | 4.18(b) | 03/24/28 | 200,000 | 201,014 |
Cemex, SAB de CV (a) | 7.38 | 06/05/27 | 370,000 | 395,900 |
Cenovus Energy Inc. | 2.65 | 01/15/32 | 260,000 | 235,477 |
Cenovus Energy Inc. | 5.25 | 06/15/37 | 395,000 | 427,898 |
Delta and SkyMiles IP Ltd. (a) | 4.75 | 10/20/28 | 1,100,000 | 1,108,422 |
Enel Finance International NV (a) | 2.65 | 09/10/24 | 545,000 | 536,821 |
Lenovo Group Ltd. (a) | 3.42 | 11/02/30 | 805,000 | 745,179 |
Mitsubishi UFJ Financial Group | 2.34(b) | 01/19/28 | 225,000 | 212,509 |
Nationwide Building Society (a) | 3.62(b) | 04/26/23 | 200,000 | 200,036 |
NatWest Group PLC | 4.27(b) | 03/22/25 | 296,000 | 299,433 |
Nissan Motor Co., Ltd. (a) | 3.52 | 09/17/25 | 230,000 | 225,412 |
Nissan Motor Co., Ltd. (a) | 1.85 | 09/16/26 | 260,000 | 232,801 |
19
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Yankee Bonds | 8.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Nissan Motor Co., Ltd. (a) | 2.45% | 09/15/28 | $435,000 | $379,724 |
Nissan Motor Co., Ltd. (a) | 4.81 | 09/17/30 | 200,000 | 198,271 |
Petronas Capital Ltd. (a) | 2.48 | 01/28/32 | 200,000 | 185,763 |
Petronas Capital Ltd. (a) | 3.40 | 04/28/61 | 360,000 | 316,952 |
Spirit Loyalty Cayman Ltd. (a) | 8.00 | 09/20/25 | 385,000 | 410,025 |
Sumitomo Mitsui Financial Group, Inc. (a) | 1.05 | 09/12/25 | 200,000 | 185,347 |
Syngenta Finance NV (a) | 4.44 | 04/24/23 | 230,000 | 233,062 |
Syngenta Finance NV (a) | 4.89 | 04/24/25 | 530,000 | 539,503 |
Syngenta Finance NV (a) | 5.68 | 04/24/48 | 300,000 | 321,627 |
Vodafone Group PLC | 4.13(b) | 06/04/81 | 145,000 | 131,651 |
Westpac Banking Corp. | 2.96 | 11/16/40 | 300,000 | 252,099 |
Total Yankee Bonds | ||||
(Cost $12,750,303) | 12,033,022 |
Municipal Bonds | 3.1% of portfolio | ||||
Alabama | 0.1% | ||||
Alabama Public School & College Authority | 1.16 | 06/01/26 | 85,000 | 79,202 |
Total Alabama | 79,202 | |||
Arizona | 0.2% | ||||
Pinal County Arizona Revenue Obligation | 1.05 | 08/01/24 | 120,000 | 115,585 |
Pinal County Arizona Revenue Obligation | 1.58 | 08/01/26 | 110,000 | 104,344 |
Yuma Arizona Pledged Revenue | 2.63 | 07/15/38 | 135,000 | 122,335 |
Total Arizona | 342,264 | |||
California | 1.4% | ||||
California Infrastructure & Economic Development Bank | 1.24 | 10/01/27 | 50,000 | 46,345 |
City of Chula Vista California Pension Obligation | 1.16 | 06/01/27 | 130,000 | 117,444 |
City of Chula Vista California Pension Obligation | 1.41 | 06/01/28 | 130,000 | 115,955 |
City of Chula Vista California Pension Obligation | 1.63 | 06/01/29 | 160,000 | 140,797 |
City of Chula Vista California Pension Obligation | 2.91 | 06/01/45 | 255,000 | 197,844 |
City of Los Angeles California Department of Airports | 1.25 | 05/15/28 | 200,000 | 176,949 |
City of Monterey Park California Pension Obligation | 1.89 | 06/01/30 | 1,000,000 | 913,049 |
EL Cajon California Pension Obligation | 1.70 | 04/01/27 | 100,000 | 93,799 |
Huntington Beach California Pension Obligation | 1.68 | 06/15/27 | 155,000 | 144,305 |
San Francisco California City & County Airports | 3.35 | 05/01/51 | 100,000 | 87,976 |
Total California | 2,034,463 | |||
Colorado | 0.3% | ||||
Denver City & County Colorado Airport | 1.57 | 11/15/26 | 95,000 | 88,811 |
Regional Transportation District Colorado | 1.18 | 11/01/27 | 175,000 | 160,842 |
Regional Transportation District Colorado | 1.33 | 11/01/28 | 150,000 | 135,908 |
Total Colorado | 385,561 | |||
New Jersey | 0.6% | ||||
New Jersey Housing and Morgage Finance Agency | 1.34 | 04/01/24 | 85,000 | 81,975 |
New Jersey Housing and Morgage Finance Agency | 1.49 | 04/01/25 | 75,000 | 71,001 |
New Jersey Housing and Morgage Finance Agency | 1.54 | 10/01/25 | 135,000 | 126,856 |
New Jersey Transportation Trust Fund Authority | 4.08 | 06/15/39 | 575,000 | 575,903 |
Total New Jersey | 855,735 |
20
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
Municipal Bonds | 3.1% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Texas | 0.4% | ||||
Harris County Texas Cultural Education Facilities Finance Corp. | 3.34% | 11/15/37 | $275,000 | $264,699 |
North Texas Tollway Authority Revenue | 3.01 | 01/01/43 | 150,000 | 135,932 |
San Antonio Texas Electric & Gas | 2.91 | 02/01/48 | 150,000 | 127,538 |
Total Texas | 528,169 | |||
West Virginia | 0.1% | ||||
West Virginia State University Revenues | 3.01 | 10/01/41 | 150,000 | 136,528 |
Total West Virginia | 136,528 | |||
Total Municipal Bonds | ||||
(Cost $4,731,506) | 4,361,922 | |||
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.5% of portfolio | ||||
Energy | 0.2% | ||||
Petroleos Mexicanos | 0.59(b) | 04/15/25 | 232,375 | 232,484 |
Total Energy | 232,484 | |||
Financials | 0.3% | ||||
Thirax 1 LLC | 0.97 | 01/14/33 | 461,004 | 412,270 |
Total Financials | 412,270 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $693,201) | 644,754 | |||
Money Market Fund | 0.5% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.25(c) | 693,824 | 693,824 | |
Total Money Market Fund | ||||
(Cost $693,824) | 693,824 | |||
Total Investments in Securities | ||||
(Cost $148,200,759) | 100.0% | $140,352,719 |
(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 $40,441,933 and represents 28.8% of total investments. |
(b) | Variable coupon rate as of March 31, 2022. |
(c) | 7-day yield at March 31, 2022. |
LLC - Limited Liability Company
N.A. - North America
LP - Limited Partnership
FHLMC - Federal Home Loan Mortgage Corporation
DAC - Designated Activity Company
SA - Sociedad Anonima or Societe Anonyme
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
NV - Naamloze Vennottschap
21
Portfolio of Investments | Intermediate Bond Fund | March 31, 2022 | (Unaudited) |
(Continued)
PLC - Public Limited Company
At March 31, 2022, the cost of investment securities for tax purposes was $148,225,865. Net unrealized depreciation of investment securities was $7,873,146 consisting of unrealized gains of $79,822 and unrealized losses of $7,952,968.
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 | $ — | $46,717,877 | $ — | $46,717,877 |
U.S. Government & Agency Obligations | — | 38,399,275 | — | 38,399,275 |
Mortgage-Backed Securities | — | 20,035,408 | — | 20,035,408 |
Asset-Backed Securities | — | 17,466,637 | — | 17,466,637 |
Yankee Bonds | — | 12,033,022 | — | 12,033,022 |
Municipal Bonds | — | 4,361,922 | — | 4,361,922 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 644,754 | — | 644,754 |
Money Market Fund | 693,824 | — | — | 693,824 |
Total | $693,824 | $139,658,895 | $ — | $140,352,719 |
22
Portfolio of Investments
Rural America Growth & Income Fund | March 31, 2022 | (Unaudited)
Common Stocks | 59.4% of portfolio | ||||
Shares | Value | |||
Communication Services | 1.4% | ||||
Media | ||||
Cable One, Inc. | 44 | $64,427 | ||
Wireless Telecommunication Services | ||||
Shenandoah Telecommunications Co. | 749 | 17,661 | ||
Total Communication Services | 82,088 | |||
Consumer Discretionary | 6.2% | ||||
Hotels, Restaurants & Leisure | ||||
Choice Hotels International, Inc. | 549 | 77,826 | ||
Leisure Products | ||||
Malibu Boats, Inc. Class A (a) | 278 | 16,127 | ||
Multiline Retail | ||||
Dollar General Corp. | 231 | 51,427 | ||
Ollie's Bargain Outlet Holdings, Inc. (a) | 382 | 16,411 | ||
Specialty Retail | ||||
ARKO Corp. (a) | 3,190 | 29,029 | ||
Lowe's Companies, Inc. | 206 | 41,651 | ||
O'Reilly Automotive, Inc. (a) | 104 | 71,236 | ||
Tractor Supply Co. | 238 | 55,542 | ||
Total Consumer Discretionary | 359,249 | |||
Consumer Staples | 1.9% | ||||
Food Products | ||||
Hershey Co. (The) | 520 | 112,648 | ||
Total Consumer Staples | 112,648 | |||
Financials | 8.8% | ||||
Banks | ||||
FB Financial Corp. | 628 | 27,896 | ||
Glacier Bancorp, Inc. | 1,061 | 53,347 | ||
South State Corp. | 446 | 36,389 | ||
Truist Financial Corp. | 1,961 | 111,189 | ||
Capital Markets | ||||
CME Group, Inc. | 410 | 97,523 | ||
Intercontinental Exchange, Inc. | 620 | 81,914 | ||
Insurance | ||||
Allstate Corp. | 257 | 35,597 | ||
American International Group, Inc. | 536 | 33,645 | ||
Chubb Ltd. | 174 | 37,218 | ||
Total Financials | 514,718 | |||
Health Care | 9.0% | ||||
Health Care Equipment & Supplies | ||||
Integer Holdings Corp. (a) | 678 | 54,627 | ||
Stryker Corp. | 298 | 79,670 | ||
Health Care Providers & Services | ||||
AMN Healthcare Services, Inc. (a) | 446 | 46,531 | ||
Centene Corp. (a) | 829 | 69,794 | ||
LHC Group, Inc. (a) | 287 | 48,388 | ||
PetIQ, Inc. (a) | 1,285 | 31,354 | ||
Life Sciences Tools & Services | ||||
IQVIA Holdings Inc. (a) | 212 | 49,016 |
23
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2022 |
(Unaudited) | (Continued)
Common Stocks | 59.4% of portfolio (Continued) | ||||
Shares | Value | |||
Health Care | 9.0% (Continued) | ||||
Pharmaceuticals | ||||
Zoetis Inc. | 770 | $145,214 | ||
Total Health Care | 524,594 | |||
Industrials | 10.1% | ||||
Air Freight & Logistics | ||||
Air Transport Services Group, Inc. (a) | 1,588 | 53,119 | ||
Commercial Services & Supplies | ||||
Casella Waste Systems, Inc. Class A (a) | 518 | 45,403 | ||
Electrical Equipment | ||||
EnerSys | 220 | 16,405 | ||
Machinery | ||||
Cummins Inc. | 159 | 32,613 | ||
Deere & Co. | 346 | 143,749 | ||
Xylem, Inc. | 171 | 14,579 | ||
Road & Rail | ||||
CSX Corp. | 2,232 | 83,589 | ||
J.B. Hunt Transport Services, Inc. | 223 | 44,776 | ||
Trading Companies & Distributors | ||||
Applied Industrial Technologies, Inc. | 387 | 39,729 | ||
Fastenal Co. | 1,915 | 113,751 | ||
Total Industrials | 587,713 | |||
Information Technology | 15.4% | ||||
Communications Equipment | ||||
Ubiquiti Inc. | 91 | 26,496 | ||
Electronic Equipment, Instruments & Components | ||||
Advanced Energy Industries, Inc. | 620 | 53,370 | ||
Corning Inc. | 2,495 | 92,090 | ||
Trimble Inc. (a) | 999 | 72,068 | ||
IT Services | ||||
Block, Inc. (a) | 834 | 113,090 | ||
Jack Henry & Associates, Inc. | 734 | 144,635 | ||
Semiconductors & Semiconductor Equipment | ||||
Diodes Inc. (a) | 789 | 68,635 | ||
Software | ||||
ANSYS, Inc. (a) | 321 | 101,966 | ||
Paycom Software, Inc. (a) | 345 | 119,501 | ||
Tyler Technologies, Inc. (a) | 236 | 104,994 | ||
Total Information Technology | 896,845 | |||
Materials | 1.4% | ||||
Chemicals | ||||
Sherwin-Williams Co. (The) | 208 | 51,921 | ||
Construction Materials | ||||
Vulcan Materials Co. | 157 | 28,841 | ||
Total Materials | 80,762 | |||
Real Estate | 5.2% | ||||
Equity Real Estate Investment Trusts (REITs) | ||||
American Tower Corp. | 489 | 122,847 | ||
Community Healthcare Trust Inc. | 521 | 21,991 | ||
Crown Castle International Corp. | 716 | 132,174 |
24
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2022 |
(Unaudited) | (Continued)
Common Stocks | 59.4% of portfolio (Continued) | ||||
Shares | Value | |||
Real Estate | 5.2% (Continued) | ||||
Uniti Group Inc. | 2,119 | $29,157 | ||
Total Real Estate | 306,169 | |||
Total Common Stocks | ||||
(Cost $ 3,380,641) | 3,464,786 |
Corporate Bonds–Other | 19.5% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | ||
Communication Services | 1.5% | ||||
DISH DBS Corp. (b) | 5.25% | 12/01/26 | $45,000 | 42,863 |
T-Mobile USA, Inc. | 3.75 | 04/15/27 | 44,000 | 44,257 |
Total Communication Services | 87,120 | |||
Consumer Discretionary | 1.6% | ||||
Choice Hotels International, Inc. | 3.70 | 01/15/31 | 25,000 | 24,309 |
Kohl's Corp. | 3.25 | 02/01/23 | 8,000 | 7,951 |
Kohl's Corp. | 4.25 | 07/17/25 | 22,000 | 22,252 |
Mohawk Industries, Inc. | 3.85 | 02/01/23 | 10,000 | 10,072 |
Tractor Supply Co. | 1.75 | 11/01/30 | 36,000 | 30,923 |
Total Consumer Discretionary | 95,507 | |||
Consumer Staples | 0.5% | ||||
Bunge Limited Finance Corp. | 3.75 | 09/25/27 | 10,000 | 10,052 |
Dollar General Corp. | 4.15 | 11/01/25 | 19,000 | 19,635 |
Total Consumer Staples | 29,687 | |||
Energy | 0.6% | ||||
Murphy Oil Corp. | 6.38 | 07/15/28 | 35,000 | 36,400 |
Total Energy | 36,400 | |||
Financials | 8.6% | ||||
American International Group, Inc. | 3.40 | 06/30/30 | 36,000 | 35,902 |
American Tower Corp. | 3.95 | 03/15/29 | 60,000 | 60,080 |
Chubb INA Holdings Inc. | 3.15 | 03/15/25 | 33,000 | 33,350 |
Cincinnati Financial Corp. | 6.92 | 05/15/28 | 25,000 | 29,753 |
Globe Life Inc. | 4.55 | 09/15/28 | 33,000 | 34,303 |
Intercontinental Exchange, Inc. | 3.75 | 12/01/25 | 70,000 | 71,583 |
M&T Bank Corp. | 3.55 | 07/26/23 | 58,000 | 58,650 |
Metlife, Inc. | 3.00 | 03/01/25 | 38,000 | 38,105 |
Synovus Financial Corp. | 3.13 | 11/01/22 | 21,000 | 21,089 |
Truist Bank | 3.69 (c) | 08/02/24 | 55,000 | 55,716 |
Truist Financial Corp. | 3.87 | 03/19/29 | 35,000 | 35,661 |
Unum Group | 4.00 | 03/15/24 | 25,000 | 25,354 |
Total Financials | 499,546 | |||
Health Care | 1.4% | ||||
CVS Health Corp. | 1.30 | 08/21/27 | 26,000 | 23,642 |
Laboratory Corporation of America Holdings | 2.30 | 12/01/24 | 18,000 | 17,638 |
Laboratory Corporation of America Holdings | 1.55 | 06/01/26 | 43,000 | 40,038 |
Total Health Care | 81,318 |
25
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2022 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 19.5% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Industrials | 0.9% | ||||
CNH Industrial Capital LLC | 1.45% | 07/15/26 | $17,000 | $15,609 |
J.B. Hunt Transport Services, Inc. | 3.87 | 03/01/26 | 23,000 | 23,416 |
John Deere Capital Corp. | 2.65 | 06/24/24 | 13,000 | 13,017 |
Total Industrials | 52,042 | |||
Information Technology | 1.5% | ||||
Block, Inc. (b) | 2.75 | 06/01/26 | 69,000 | 65,220 |
Micron Technology, Inc. | 4.66 | 02/15/30 | 22,000 | 22,993 |
Total Information Technology | 88,213 | |||
Materials | 1.4% | ||||
Martin Marietta Materials, Inc. | 3.50 | 12/15/27 | 9,000 | 9,040 |
Mosaic Co. | 4.05 | 11/15/27 | 22,000 | 22,535 |
Steel Dynamics, Inc. | 2.40 | 06/15/25 | 23,000 | 22,233 |
Vulcan Materials Co. | 3.50 | 06/01/30 | 27,000 | 26,779 |
Total Materials | 80,587 | |||
Real Estate | 0.7% | ||||
American Campus Communities Operating Partnership LP | 4.13 | 07/01/24 | 20,000 | 20,361 |
Crown Castle International Corp. | 3.80 | 02/15/28 | 18,000 | 17,982 |
Total Real Estate | 38,343 | |||
Utilities | 0.8% | ||||
Black Hills Corp. | 4.25 | 11/30/23 | 45,000 | 45,861 |
Total Utilities | 45,861 | |||
Total Corporate Bonds–Other | ||||
(Cost $ 1,193,623) | 1,134,624 | |||
U.S. Government & Agency Obligations | 11.5% of portfolio | ||||
Federal Farm Credit Bank | 0.52 | 10/21/25 | 200,000 | 185,707 |
Federal Farm Credit Bank | 1.20 | 04/28/27 | 195,000 | 181,574 |
Federal Farm Credit Bank | 3.43 | 12/06/28 | 18,000 | 18,994 |
Tennessee Valley Authority | 2.88 | 09/15/24 | 99,000 | 99,704 |
Tennessee Valley Authority | 0.75 | 05/15/25 | 88,000 | 83,312 |
Tennessee Valley Authority | 7.12 | 05/01/30 | 25,000 | 32,994 |
Tennessee Valley Authority | 1.50 | 09/15/31 | 75,000 | 67,389 |
Total U.S. Government & Agency Obligations | ||||
(Cost $ 693,917) | 669,674 | |||
Asset-Backed Securities | 4.1% of portfolio | ||||
CNH Equipment Trust 22-A | 2.39 | 08/15/25 | 100,000 | 99,998 |
SBA Tower Trust (b) | 1.63 | 11/15/26 | 60,000 | 56,385 |
SBA Tower Trust (b) | 2.59 | 10/15/31 | 52,000 | 47,325 |
SBA Tower Trust (b) | 2.84 | 01/15/25 | 35,000 | 34,430 |
Total Asset-Backed Securities | ||||
(Cost $ 248,719) | 238,138 |
26
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2022 |
(Unaudited) | (Continued)
Municipal Bonds | 2.1% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Kansas | 0.2% | ||||
City of Wichita, Kansas Water & Sewer Utility Revenue | 3.00% | 10/01/24 | $10,000 | $10,134 |
Montana | 0.2% | ||||
Yellowstone County School District No. 2 Billings | 2.22 | 06/15/32 | 15,000 | 14,014 |
Pennsylvania | 0.7% | ||||
Geisinger Health System Revenue | 2.25 | 04/01/27 | 20,000 | 18,642 |
New Castle Sanitation Authority | 1.16 | 06/01/25 | 25,000 | 23,401 |
Total Pennsylvania | 42,043 | |||
Texas | 0.5% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 30,000 | 28,473 |
Washington | 0.5% | ||||
Northwest Open Access Network Revenue | 1.68 | 12/01/27 | 30,000 | 28,045 |
Total Municipal Bonds | ||||
(Cost $ 131,903) | 122,709 |
Mortgage-Backed Securities | 1.8% of portfolio | ||||
ARM Master Trust 21-T (b) | 1.42 | 01/15/24 | 4,000 | 3,998 |
Farm 2021-1 Mortgage Trust 21-1 (b) | 2.18(c) | 01/25/51 | 28,128 | 26,084 |
Freddie Mac Multiclass Certificates 21-P009 | 1.13 | 01/25/31 | 48,791 | 45,156 |
GNMA II POOL 785401 | 2.50 | 10/20/50 | 32,413 | 31,565 |
Total Mortgage-Backed Securities | ||||
(Cost $ 114,772) | 106,803 |
Money Market Fund | 1.6% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 0.25%(d) | 92,800 | 92,800 | |
Total Money Market Fund | ||||
(Cost $ 92,800) | 92,800 | |||
Total Investments in Securities | ||||
(Cost $5,856,375) | 100.0% | $5,829,534 |
(a) | Non-income producing. |
(b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $276,305 and represents 4.7% of total investments. |
(c) | Variable coupon rate as of March 31, 2022. |
(d) | 7-day yield at March 31, 2022. |
CME - Chicago Mercantile Exchange
LLC - Limited Liability Company
LP - Limited Partnership
ARM - Adjustable Rate Mortgage
At March 31, 2022, the cost of investment securities for tax purposes was $5,856,478. Net unrealized depreciation of investment securities was $26,944 consisting of unrealized gains of $182,807 and unrealized losses of $209,751.
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:
27
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2022 |
(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 | $3,464,786 | $ — | $ — | $3,464,786 |
Corporate Bonds–Other | — | 1,134,624 | — | 1,134,624 |
U.S. Government & Agency Obligations | — | 669,674 | — | 669,674 |
Asset-Backed Securities | — | 238,138 | — | 238,138 |
Municipal Bonds | — | 122,709 | — | 122,709 |
Mortgage-Backed Securities | — | 106,803 | — | 106,803 |
Money Market Fund | 92,800 | — | — | 92,800 |
Total | $3,557,586 | $2,271,948 | $ — | $5,829,534 |
28
Portfolio of Investments
Stock Index Fund | March 31, 2022 | (Unaudited)
Cost | Value | |
Investment | $40,374,165 | $226,166,975 |
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 March 31, 2022, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.69%. See the Appendix for the S&P 500 Index Master Portfolio for holdings information.
29
Portfolio of Investments
Value Fund | March 31, 2022 | (Unaudited)
Common Stocks | 98.9% of portfolio | ||
Shares | Value | |
Communication Services | 6.4% | ||
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 17,711 | $49,466,646 |
Meta Platforms, Inc., Class A (a) | 65,700 | 14,609,052 |
Total Communication Services | 64,075,698 | |
Consumer Discretionary | 5.9% | ||
Hotels, Restaurants & Leisure | ||
McDonald's Corp. | 57,197 | 14,143,674 |
Multiline Retail | ||
Target Corp. | 39,800 | 8,446,356 |
Specialty Retail | ||
Home Depot, Inc. | 37,018 | 11,080,598 |
TJX Companies, Inc. (The) | 143,600 | 8,699,288 |
Ulta Beauty, Inc. (a) | 41,056 | 16,349,320 |
Total Consumer Discretionary | 58,719,236 | |
Energy | 4.9% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 166,300 | 27,078,629 |
ConocoPhillips | 218,900 | 21,890,000 |
Total Energy | 48,968,629 | |
Financials | 18.4% | ||
Banks | ||
Bank of America Corp. | 618,502 | 25,494,652 |
Citigroup, Inc. | 274,739 | 14,671,063 |
JPMorgan Chase & Co. | 308,891 | 42,108,021 |
Truist Financial Corp. | 355,600 | 20,162,520 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 76,774 | 25,343,097 |
Insurance | ||
Allstate Corp. | 118,584 | 16,425,070 |
American International Group, Inc. | 364,794 | 22,898,120 |
Chubb Ltd. | 79,138 | 16,927,618 |
Total Financials | 184,030,161 | |
Health Care | 21.4% | ||
Biotechnology | ||
AbbVie Inc. | 214,263 | 34,734,175 |
Health Care Equipment & Supplies | ||
Abbott Laboratories | 305,556 | 36,165,608 |
Boston Scientific Corp. (a) | 475,696 | 21,068,576 |
Medtronic PLC | 86,456 | 9,592,293 |
Health Care Providers & Services | ||
Centene Corp. (a) | 334,097 | 28,127,626 |
Cigna Corp. | 83,614 | 20,034,751 |
Pharmaceuticals | ||
Bristol-Myers Squibb Co. | 224,401 | 16,388,005 |
Merck & Co., Inc. | 187,682 | 15,399,308 |
Pfizer, Inc. | 361,099 | 18,694,095 |
Common Stocks | 98.9% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 21.4% (Continued) | ||
Royalty Pharma PLC, Class A | 346,484 | $13,499,017 |
Total Health Care | 213,703,454 | |
Industrials | 18.1% | ||
Aerospace & Defense | ||
Northrop Grumman Corp. | 47,131 | 21,077,926 |
Airlines | ||
Southwest Airlines Co. (a) | 157,432 | 7,210,386 |
Electrical Equipment | ||
Eaton Corp. PLC | 88,887 | 13,489,491 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 202,573 | 39,416,654 |
Machinery | ||
Deere & Co. | 46,800 | 19,443,528 |
Parker-Hannifin Corp. | 108,122 | 30,680,699 |
Stanley Black & Decker, Inc. | 64,142 | 8,966,410 |
Professional Services | ||
Leidos Holdings Inc. | 161,117 | 17,403,858 |
Road & Rail | ||
CSX Corp. | 619,182 | 23,188,366 |
Total Industrials | 180,877,318 | |
Information Technology | 12.6% | ||
Electronic Equipment, Instruments & Components | ||
Corning Inc. | 255,600 | 9,434,196 |
IT Services | ||
Fiserv, Inc. (a) | 177,700 | 18,018,780 |
Visa Inc., Class A | 113,498 | 25,170,451 |
Semiconductors & Semiconductor Equipment | ||
NXP Semiconductors NV | 71,863 | 13,300,404 |
Software | ||
Microsoft Corp. | 152,314 | 46,959,930 |
VMware, Inc., Class A | 115,883 | 13,195,597 |
Total Information Technology | 126,079,358 | |
Materials | 8.7% | ||
Chemicals | ||
Dow Inc. | 181,181 | 11,544,854 |
DuPont de Nemours, Inc. | 259,878 | 19,121,823 |
Containers & Packaging | ||
Avery Dennison Corp. | 185,787 | 32,321,364 |
Metals & Mining | ||
Freeport-McMoRan Inc. | 473,700 | 23,561,838 |
Total Materials | 86,549,879 | |
Real Estate | 2.5% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Digital Realty Trust, Inc. | 52,301 | 7,416,282 |
30
Portfolio of Investments | Value Fund | March 31, 2022 | (Unaudited) | (Continued)
Common Stocks | 98.9% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 2.5% (Continued) | ||
VICI Properties Inc. | 611,935 | $17,415,670 |
Total Real Estate | 24,831,952 | |
Total Common Stocks | ||
(Cost $551,103,644) | 987,835,685 | |
Money Market Fund | 1.1% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) | 10,861,062 | 10,861,062 |
Total Money Market Fund | ||
(Cost $10,861,062) | 10,861,062 | |
Total Investments in Securities | ||
(Cost $561,964,706) | 100.0% | $998,696,747 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2022. |
PLC - Public Limited Company
NV - Naamloze Vennottschap
At March 31, 2022, the cost of investment securities for tax purposes was $562,366,061. Net unrealized appreciation of investment securities was $436,330,686 consisting of unrealized gains of $445,171,559 and unrealized losses of $8,840,873.
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 | $987,835,685 | $ — | $ — | $987,835,685 |
Money Market Fund | 10,861,062 | — | — | 10,861,062 |
Total | $998,696,747 | $ — | $ — | $998,696,747 |
31
Portfolio of Investments
Growth Fund | March 31, 2022 | (Unaudited)
Common Stocks | 98.9% of portfolio | ||
Shares | Value | |
Communication Services | 19.8% | ||
Entertainment | ||
Live Nation Entertainment, Inc. (a) | 19,331 | $2,274,099 |
Netflix, Inc. (a) | 10,745 | 4,024,969 |
Spotify Technology SA (a) | 21,284 | 3,214,310 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 4,220 | 11,786,418 |
Alphabet, Inc., Class A (a) | 8,947 | 24,884,738 |
Meta Platforms, Inc., Class A (a) | 49,863 | 11,087,537 |
IAC/InterActiveCorp (a) | 15,373 | 1,541,604 |
Match Group, Inc. (a) | 23,801 | 2,588,121 |
Snap Inc., Class A (a) | 98,932 | 3,560,563 |
Total Communication Services | 64,962,359 | |
Consumer Discretionary | 18.3% | ||
Automobiles | ||
Rivian Automotive, Inc. (a) | 13,230 | 664,675 |
Tesla, Inc. (a) | 3,604 | 3,883,670 |
Hotels, Restaurants & Leisure | ||
Booking Holdings, Inc. (a) | 1,574 | 3,696,460 |
Chipotle Mexican Grill, Inc. (a) | 1,883 | 2,978,963 |
Internet & Direct Marketing Retail | ||
Amazon.com, Inc. (a) | 9,229 | 30,086,078 |
Coupang, Inc. (a) | 63,150 | 1,116,492 |
DoorDash, Inc., Class A (a) | 9,321 | 1,092,328 |
Leisure Products | ||
Peloton Interactive, Inc. (a) | 80,861 | 2,136,348 |
Multiline Retail | ||
Dollar General Corp. | 17,453 | 3,885,561 |
Specialty Retail | ||
Carvana Co. (a) | 13,126 | 1,565,801 |
Ross Stores, Inc. | 51,309 | 4,641,412 |
Textiles, Apparel & Luxury Goods | ||
lululemon athletica Inc. (a) | 6,819 | 2,490,504 |
NIKE, Inc., Class B | 13,772 | 1,853,160 |
Total Consumer Discretionary | 60,091,452 | |
Financials | 0.2% | ||
Capital Markets | ||
MarketAxess Holdings Inc. | 2,044 | 695,369 |
Total Financials | 695,369 | |
Health Care | 14.4% | ||
Biotechnology | ||
Vertex Pharmaceuticals, Inc. (a) | 12,448 | 3,248,555 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. (a) | 9,851 | 2,620,366 |
Insulet Corp. (a) | 8,146 | 2,170,013 |
Intuitive Surgical, Inc. (a) | 21,395 | 6,454,444 |
Stryker Corp. | 25,793 | 6,895,758 |
Health Care Providers & Services | ||
Cigna Corp. | 33,350 | 7,990,993 |
HCA Healthcare, Inc. | 4,136 | 1,036,564 |
Common Stocks | 98.9% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 14.4% (Continued) | ||
Humana, Inc. | 7,274 | $3,165,427 |
UnitedHealth Group, Inc. | 20,363 | 10,384,519 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 93,441 | 3,160,175 |
Total Health Care | 47,126,814 | |
Industrials | 1.0% | ||
Machinery | ||
Ingersoll Rand Inc. | 63,788 | 3,211,726 |
Total Industrials | 3,211,726 | |
Information Technology | 45.2% | ||
Electronic Equipment, Instruments & Components | ||
Amphenol Corp., Class A | 53,466 | 4,028,663 |
IT Services | ||
Affirm Holdings, Inc. (a) | 21,226 | 982,339 |
Block, Inc. (a) | 8,585 | 1,164,126 |
Fiserv, Inc. (a) | 68,038 | 6,899,053 |
Global Payments, Inc. | 40,917 | 5,599,082 |
Mastercard Inc., Class A | 12,855 | 4,594,120 |
MongoDB, Inc. (a) | 8,682 | 3,851,249 |
PayPal Holdings, Inc. (a) | 15,725 | 1,818,596 |
Snowflake Inc., Class A (a) | 5,182 | 1,187,352 |
Visa Inc., Class A | 30,543 | 6,773,521 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 24,427 | 2,670,848 |
ASML Holding NV ADR | 8,421 | 5,624,638 |
NVIDIA Corp. | 26,403 | 7,204,323 |
Software | ||
Atlassian Corp. PLC, Class A (a) | 9,925 | 2,916,263 |
Fortinet, Inc. (a) | 14,713 | 5,028,021 |
HashiCorp, Inc., Class A (a) | 6,265 | 338,310 |
Intuit, Inc. | 22,594 | 10,864,099 |
Microsoft Corp. | 112,640 | 34,728,038 |
salesforce.com, Inc. (a) | 41,949 | 8,906,612 |
SentinelOne, Inc., Class A (a) | 40,505 | 1,569,164 |
ServiceNow, Inc. (a) | 9,175 | 5,109,466 |
Synopsys, Inc. (a) | 10,907 | 3,634,976 |
Trade Desk, Inc. (The), Class A (a) | 19,901 | 1,378,144 |
UiPath, Inc. (a) | 26,555 | 573,322 |
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 117,522 | 20,520,516 |
Total Information Technology | 147,964,841 | |
Total Common Stocks | ||
(Cost $196,241,639) | 324,052,561 |
32
Portfolio of Investments | Growth Fund | March 31, 2022 | (Unaudited) | (Continued)
Money Market Fund | 1.1% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) | 3,675,011 | $3,675,011 |
Total Money Market Fund | ||
(Cost $3,675,011) | 3,675,011 | |
Total Investments in Securities | ||
(Cost $199,916,650) | 100.0% | $327,727,572 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2022. |
SA - Sociedad Anonima or Societe Anonyme
ADR - American Depositary Deposit
NV - Naamloze Vennottschap
PLC - Public Limited Company
At March 31, 2022, the cost of investment securities for tax purposes was $200,062,981. Net unrealized appreciation of investment securities was $127,664,591 consisting of unrealized gains of $137,239,365 and unrealized losses of $9,574,774.
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 | $324,052,561 | $ — | $ — | $324,052,561 |
Money Market Fund | 3,675,011 | — | — | 3,675,011 |
Total | $327,727,572 | $ — | $ — | $327,727,572 |
33
Portfolio of Investments
International Equity Fund | March 31, 2022 | (Unaudited)
Common Stocks | 95.5% of portfolio | ||
Shares | Value | |
Australia | 3.9% | ||
BHP Group Ltd. ADR | 47,589 | $3,676,250 |
Total Australia | 3,676,250 | |
Brazil | 0.7% | ||
Ambev SA ADR | 103,138 | 333,136 |
XP Inc., Class A (a) | 10,753 | 323,665 |
Total Brazil | 656,801 | |
Britain | 7.7% | ||
Diageo PLC | 29,392 | 1,490,895 |
Rio Tinto PLC | 32,632 | 2,608,816 |
Shell PLC | 81,244 | 2,226,792 |
Standard Chartered PLC | 122,993 | 816,428 |
Total Britain | 7,142,931 | |
Canada | 2.6% | ||
Alimentation Couche-Tard Inc., Class B | 28,800 | 1,297,456 |
Canadian National Railway Co. | 8,503 | 1,140,593 |
Total Canada | 2,438,049 | |
China | 3.0% | ||
CSPC Pharmaceutical Group Ltd. | 400,000 | 458,338 |
ENN Energy Holdings Ltd. | 26,217 | 391,575 |
Haier Smart Home Co., Ltd. | 118,148 | 377,776 |
JD.com, Inc., Class A (a) | 1,057 | 30,035 |
Ping An Insurance Group Co. of China Ltd., Class H | 39,000 | 272,652 |
Tencent Holdings Ltd. | 22,200 | 1,023,294 |
Zhejiang Sanhua Intelligent Controls Co., Ltd. | 84,700 | 221,928 |
Total China | 2,775,598 | |
Denmark | 1.1% | ||
Novozymes A/S, Class B | 15,282 | 1,047,797 |
Total Denmark | 1,047,797 | |
France | 10.8% | ||
Air Liquide SA | 7,288 | 1,274,990 |
Dassault Systèmes SE | 35,620 | 1,749,961 |
L’Oréal SA | 9,438 | 3,769,963 |
Schneider Electric SE | 19,411 | 3,258,919 |
Total France | 10,053,833 | |
Germany | 9.9% | ||
Allianz SE REG | 12,363 | 2,952,385 |
Infineon Technologies AG | 96,677 | 3,270,583 |
SAP SE ADR | 13,692 | 1,519,264 |
Symrise AG | 12,037 | 1,443,148 |
Total Germany | 9,185,380 |
Common Stocks | 95.5% of portfolio (Continued) | ||
Shares | Value | |
Hong Kong | 3.3% | ||
AIA Group Ltd. | 291,800 | $3,046,940 |
Total Hong Kong | 3,046,940 | |
India | 0.9% | ||
HDFC Bank Ltd. ADR | 5,614 | 344,306 |
ICICI Bank Ltd. ADR | 27,120 | 513,653 |
Total India | 857,959 | |
Indonesia | 0.5% | ||
PT Telkom Indonesia (Persero) Tbk. ADR | 13,191 | 421,452 |
Total Indonesia | 421,452 | |
Israel | 1.2% | ||
Check Point Software Technologies Ltd. (a) | 7,773 | 1,074,695 |
Total Israel | 1,074,695 | |
Japan | 14.6% | ||
Chugai Pharmaceutical Co., Ltd. | 47,300 | 1,578,325 |
Daifuku Co., Ltd. | 3,300 | 235,460 |
FANUC Corp. | 4,400 | 772,243 |
Keyence Corp. | 3,300 | 1,530,218 |
Komatsu Ltd. | 59,600 | 1,431,920 |
Kubota Corp. | 84,800 | 1,589,512 |
Nitori Holdings Co., Ltd. | 9,500 | 1,195,221 |
Shionogi & Co., Ltd. | 28,000 | 1,720,414 |
Shiseido Co., Ltd. | 11,900 | 601,051 |
Sysmex Corp. | 16,200 | 1,173,326 |
Unicharm Corp. | 49,400 | 1,774,738 |
Total Japan | 13,602,428 | |
Mexico | 0.4% | ||
Fomento Economico Mexicano, SAB de CV ADR | 4,891 | 405,219 |
Total Mexico | 405,219 | |
Netherlands | 2.8% | ||
Adyen NV (a) | 1,315 | 2,604,612 |
Total Netherlands | 2,604,612 | |
Republic of South Korea | 1.3% | ||
Samsung Electronics Co., Ltd. GDR | 866 | 1,220,655 |
Total Republic of South Korea | 1,220,655 | |
Russia | 0.0% | ||
LUKOIL PJSC ADR | 6,253 | 0 |
Yandex NV, Class A (a) | 4,239 | 0 |
Total Russia | 0 |
34
Portfolio of Investments | International Equity Fund | March 31, 2022 | (Unaudited) |
(Continued)
Common Stocks | 95.5% of portfolio (Continued) | ||
Shares | Value | |
Singapore | 3.5% | ||
DBS Group Holdings Ltd. | 124,615 | $3,265,188 |
Total Singapore | 3,265,188 | |
Spain | 1.9% | ||
Banco Bilboa Vizcaya Argentaria SA | 307,413 | 1,755,305 |
Total Spain | 1,755,305 | |
Sweden | 8.5% | ||
Alfa Laval AB | 50,914 | 1,751,311 |
Atlas Copco AB, Class A | 67,072 | 3,481,434 |
Epiroc AB, Class A | 74,699 | 1,597,726 |
Skandinaviska Enskilda Banken AB, Class A | 103,768 | 1,121,820 |
Total Sweden | 7,952,291 | |
Switzerland | 14.4% | ||
Alcon Inc. | 23,501 | 1,864,335 |
Lonza Group AG REG | 3,813 | 2,762,913 |
Nestlé SA ADR | 18,385 | 2,390,393 |
Roche Holding AG REG | 9,408 | 3,722,385 |
SGS SA REG | 339 | 942,468 |
Sonova Holding AG REG | 4,214 | 1,760,348 |
Total Switzerland | 13,442,842 |
Common Stocks | 95.5% of portfolio (Continued) | ||
Shares | Value | |
Taiwan | 0.9% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7,996 | $833,663 |
Total Taiwan | 833,663 | |
United States of America | 1.6% | ||
Linde PLC | 4,602 | 1,468,462 |
Total United States of America | 1,468,462 | |
Total Common Stocks | ||
(Cost $63,847,500) | 88,928,350 | |
Money Market Fund | 4.5% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) | 4,141,840 | 4,141,840 |
Total Money Market Fund | ||
(Cost $4,141,840) | 4,141,840 | |
Total Investments in Securities | ||
(Cost $67,989,340) | 100.0% | $93,070,190 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2022. |
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
NV - Naamloze Vennottschap
GDR - Global Depositary Receipt
AB - Aktiebolag
At March 31, 2022, the cost of investment securities for tax purposes was $68,044,195. Net unrealized appreciation of investment securities was $25,025,995 consisting of unrealized gains of $27,445,760 and unrealized losses of $2,419,765.
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;
35
Portfolio of Investments | International Equity Fund | March 31, 2022 | (Unaudited) |
(Continued)
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
International Equity Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $13,747,687 | $75,180,663 | $ — | $88,928,350 |
Money Market Fund | 4,141,840 | — | — | 4,141,840 |
Total | $17,889,527 | $75,180,663 | $ — | $93,070,190 |
36
Portfolio of Investments
Small-Company Stock Fund | March 31, 2022 | (Unaudited)
Common Stocks | 97.8% of portfolio | ||
Shares | Value | |
Communication Services | 2.7% | ||
Interactive Media & Services | ||
Ziff Davis, Inc. (a) | 62,726 | $6,070,622 |
Wireless Telecommunication Services | ||
Shenandoah Telecommunications Co. | 69,763 | 1,645,012 |
Total Communication Services | 7,715,634 | |
Consumer Discretionary | 7.5% | ||
Hotels, Restaurants & Leisure | ||
Hilton Grand Vacations Inc. (a) | 65,900 | 3,427,459 |
Household Durables | ||
MDC Holdings, Inc. | 102,288 | 3,870,578 |
Leisure Products | ||
Callaway Golf Co. (a) | 181,651 | 4,254,266 |
Malibu Boats, Inc., Class A (a) | 51,800 | 3,004,918 |
Specialty Retail | ||
ARKO Corp. (a) | 398,000 | 3,621,800 |
Textiles, Apparel & Luxury Goods | ||
Carter's, Inc. | 31,851 | 2,929,974 |
Total Consumer Discretionary | 21,108,995 | |
Financials | 18.9% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 141,992 | 5,209,686 |
Cadence Bank | 145,250 | 4,250,015 |
Eastern Bankshares, Inc. | 365,900 | 7,881,486 |
FB Financial Corp. | 152,959 | 6,794,439 |
Glacier Bancorp, Inc. | 151,916 | 7,638,337 |
Umpqua Holdings Corp. | 163,000 | 3,074,180 |
Capital Markets | ||
Virtu Financial, Inc., Class A | 104,243 | 3,879,924 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 134,983 | 8,467,484 |
Insurance | ||
Kinsale Capital Group, Inc. | 27,726 | 6,322,082 |
Total Financials | 53,517,633 | |
Health Care | 17.2% | ||
Biotechnology | ||
Emergent BioSolutions Inc. (a) | 57,525 | 2,361,977 |
Twist Bioscience Corp. (a) | 46,977 | 2,319,724 |
Health Care Equipment & Supplies | ||
Envista Holdings Corp. (a) | 100,700 | 4,905,097 |
Integer Holdings Corp. (a) | 51,470 | 4,146,938 |
NuVasive, Inc. (a) | 63,500 | 3,600,450 |
STAAR Surgical Co. (a) | 25,136 | 2,008,618 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 79,687 | 8,313,744 |
LHC Group, Inc. (a) | 34,528 | 5,821,421 |
PetIQ, Inc. (a) | 137,000 | 3,342,800 |
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 46,950 | 7,680,550 |
Common Stocks | 97.8% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 17.2% (Continued) | ||
NanoString Technologies, Inc. (a) | 117,153 | $4,071,067 |
Total Health Care | 48,572,386 | |
Industrials | 25.6% | ||
Aerospace & Defense | ||
Maxar Technologies Inc. | 93,500 | 3,689,510 |
Triumph Group, Inc. (a) | 270,600 | 6,840,768 |
Construction & Engineering | ||
Comfort Systems USA, Inc. | 68,188 | 6,069,414 |
Dycom Industries, Inc. (a) | 21,100 | 2,009,986 |
Electrical Equipment | ||
Atkore Inc. (a) | 89,700 | 8,830,068 |
EnerSys | 36,035 | 2,687,130 |
Machinery | ||
Barnes Group Inc. | 78,200 | 3,142,858 |
Colfax Corp. (a) | 171,528 | 6,825,099 |
Federal Signal Corp. | 141,994 | 4,792,297 |
Professional Services | ||
CACI International Inc., Class A (a) | 8,371 | 2,521,848 |
ManTech International Corp., Class A | 103,665 | 8,934,886 |
Road & Rail | ||
Werner Enterprises, Inc. | 141,733 | 5,811,053 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 98,726 | 10,135,211 |
Total Industrials | 72,290,128 | |
Information Technology | 14.1% | ||
Electronic Equipment, Instruments & Components | ||
Advanced Energy Industries, Inc. | 63,162 | 5,436,985 |
Itron, Inc. (a) | 51,377 | 2,706,541 |
IT Services | ||
CSG Systems International, Inc. | 61,670 | 3,920,362 |
Semiconductors & Semiconductor Equipment | ||
Diodes Inc. (a) | 67,486 | 5,870,607 |
Software | ||
Altair Engineering Inc., Class A (a) | 101,177 | 6,515,799 |
Descartes Systems Group Inc. (The) (a) | 101,770 | 7,455,670 |
Model N, Inc. (a) | 118,600 | 3,190,340 |
Verint Systems Inc. (a) | 93,726 | 4,845,634 |
Total Information Technology | 39,941,938 | |
Materials | 7.4% | ||
Chemicals | ||
Avient Corp. | 191,027 | 9,169,296 |
Ingevity Corp. | 43,641 | 2,796,079 |
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Portfolio of Investments | Small-Company Stock Fund | March 31, 2022 | (Unaudited) |
(Continued)
Common Stocks | 97.8% of portfolio (Continued) | ||
Shares | Value | |
Materials | 7.4% (Continued) | ||
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 284,768 | $8,844,894 |
Total Materials | 20,810,269 | |
Real Estate | 4.4% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Community Healthcare Trust Inc. | 78,900 | 3,330,369 |
Easterly Government Properties, Inc. | 229,311 | 4,847,634 |
Uniti Group Inc. | 320,400 | 4,408,704 |
Total Real Estate | 12,586,707 | |
Total Common Stocks | ||
(Cost $202,605,159) | 276,543,690 |
Money Market Fund | 2.2% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) | 6,323,465 | $6,323,465 |
Total Money Market Fund | ||
(Cost $6,323,465) | 6,323,465 | |
Total Investments in Securities | ||
(Cost $208,928,624) | 100.0% | $282,867,155 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2022. |
At March 31, 2022, the cost of investment securities for tax purposes was $208,886,195. Net unrealized appreciation of investment securities was $73,980,960 consisting of unrealized gains of $84,909,364 and unrealized losses of $10,928,404.
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 | $276,543,690 | $ — | $ — | $276,543,690 |
Money Market Fund | 6,323,465 | — | — | 6,323,465 |
Total | $282,867,155 | $ — | $ — | $282,867,155 |
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