Fund Holdings
September 30, 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 | September 30, 2022 | (Unaudited)
U.S. Government & Agency Obligations | 79.5% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Farm Credit Bank | 2.97%(a) | 11/16/22 | $1,000,000 | $999,997 |
Federal Farm Credit Bank | 3.00(a) | 05/19/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 2.99(a) | 06/14/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 2.98(a) | 06/23/23 | 500,000 | 499,984 |
Federal Farm Credit Bank | 2.99(a) | 09/18/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.00(a) | 09/20/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 3.01(a) | 09/29/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 3.02(a) | 11/07/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.00(a) | 12/15/23 | 500,000 | 499,970 |
Federal Farm Credit Bank | 3.00(a) | 01/04/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.02(a) | 01/10/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.00(a) | 01/25/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.00(a) | 02/05/24 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 3.01(a) | 02/20/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.01(a) | 03/15/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.00(a) | 03/18/24 | 1,500,000 | 1,500,000 |
Federal Farm Credit Bank | 3.01(a) | 04/25/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 3.01(a) | 05/24/24 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 3.06(a) | 08/08/24 | 500,000 | 500,000 |
Federal Home Loan Bank | 2.99(a) | 10/20/22 | 8,000,000 | 8,000,000 |
Federal Home Loan Bank | 3.14 | 11/18/22 | 5,985,000 | 5,959,984 |
U.S. Treasury Bill | 2.33 | 10/04/22 | 12,000,000 | 11,997,707 |
U.S. Treasury Bill | 2.25 | 10/13/22 | 7,000,000 | 6,994,827 |
U.S. Treasury Bill | 2.46 | 10/18/22 | 8,000,000 | 7,990,872 |
U.S. Treasury Bill | 2.52 | 10/20/22 | 7,000,000 | 6,990,875 |
U.S. Treasury Bill | 2.38 | 11/01/22 | 6,000,000 | 5,988,211 |
U.S. Treasury Bill | 2.54 | 11/08/22 | 6,000,000 | 5,984,747 |
U.S. Treasury Bill | 2.77 | 11/15/22 | 3,000,000 | 2,989,967 |
U.S. Treasury Bill | 2.66 | 11/17/22 | 2,000,000 | 1,993,185 |
U.S. Treasury Bill | 2.99 | 11/22/22 | 14,135,000 | 14,075,593 |
U.S. Treasury Bill | 3.10 | 11/29/22 | 11,000,000 | 10,947,914 |
U.S. Treasury Bill | 3.02 | 12/08/22 | 2,000,000 | 1,988,799 |
U.S. Treasury Bill | 2.84 | 12/13/22 | 3,000,000 | 2,983,088 |
U.S. Treasury Bill | 3.16 | 12/15/22 | 3,000,000 | 2,980,651 |
U.S. Treasury Bill | 2.96 | 12/20/22 | 2,000,000 | 1,987,156 |
U.S. Treasury Bill | 3.34 | 12/22/22 | 10,000,000 | 9,925,517 |
U.S. Treasury Bill | 3.34 | 12/29/22 | 4,000,000 | 3,967,663 |
U.S. Treasury Bill | 3.27 | 01/10/23 | 2,000,000 | 1,982,073 |
U.S. Treasury Bill | 3.64 | 01/17/23 | 4,000,000 | 3,957,400 |
U.S. Treasury Bill | 3.68 | 01/24/23 | 7,000,000 | 6,919,724 |
U.S. Treasury Bill | 3.68 | 01/31/23 | 5,000,000 | 4,940,665 |
U.S. Treasury Bill | 3.03 | 07/13/23 | 1,000,000 | 976,875 |
U.S. Treasury Note | 3.35(a) | 01/31/23 | 6,000,000 | 6,000,488 |
U.S. Treasury Note | 3.33(a) | 04/30/23 | 4,100,000 | 4,100,105 |
U.S. Treasury Note | 3.33(a) | 07/31/23 | 3,500,000 | 3,500,025 |
U.S. Treasury Note | 3.33(a) | 10/31/23 | 5,500,000 | 5,500,104 |
U.S. Treasury Note | 3.28(a) | 01/31/24 | 500,000 | 499,885 |
U.S. Treasury Note | 3.22(a) | 04/30/24 | 3,000,000 | 2,996,762 |
U.S. Treasury Note | 3.33(a) | 07/31/24 | 4,500,000 | 4,495,749 |
Total U.S. Government & Agency Obligations | ||||
(Cost $173,116,562) | 173,116,562 |
1
Portfolio of Investments | Daily Income Fund | September 30, 2022 | (Unaudited) |
(Continued)
Money Market Fund | 20.5% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund Premier Class | 2.94%(b) | 44,671,410 | $44,671,410 | |
Total Money Market Fund | ||||
(Cost $44,671,410) | 44,671,410 | |||
Total Investments in Securities | ||||
(Cost $217,787,972) | 100.0% | $217,787,972 |
(a) | Variable coupon rate as of September 30, 2022. |
(b) | 7-day yield at September 30, 2022. |
At September 30, 2022, the cost of investment securities for tax purposes was $217,787,972. 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 | $ — | $173,116,562 | $ — | $173,116,562 |
Money Market Fund | 44,671,410 | — | — | 44,671,410 |
Total | $44,671,410 | $173,116,562 | $ — | $217,787,972 |
2
Portfolio of Investments
Short-Term Government Securities Fund | September 30, 2022 | (Unaudited)
U.S. Government & Agency Obligations | 62.5% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Export-Import Bank of the U.S. | 1.90% | 07/12/24 | $630,839 | $616,862 |
Export-Import Bank of the U.S. | 1.73 | 09/18/24 | 1,545,985 | 1,501,927 |
Export-Import Bank of the U.S. | 1.58 | 11/16/24 | 106,746 | 103,357 |
Export-Import Bank of the U.S. | 2.54 | 07/13/25 | 139,932 | 135,587 |
Export-Import Bank of the U.S. | 2.33 | 01/14/27 | 202,499 | 185,439 |
Private Export Funding Corp. | 1.75 | 11/15/24 | 1,000,000 | 938,654 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 46,000 | 46,187 |
U.S. International Development Finance Corp. | 2.22(a) | 01/24/25 | 2,000,000 | 2,005,583 |
U.S. International Development Finance Corp. | 1.27(a) | 06/21/25 | 1,000,000 | 934,317 |
U.S. International Development Finance Corp. | 0.00(b) | 07/17/25 | 1,000,000 | 902,746 |
U.S. International Development Finance Corp. | 0.00(b) | 01/17/26 | 700,000 | 687,216 |
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 964,286 | 859,870 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 1,679,461 | 1,545,958 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,679,461 | 1,471,758 |
U.S. International Development Finance Corp. | 1.24 | 08/15/31 | 1,459,459 | 1,267,104 |
U.S. Treasury Note | 4.25 | 09/30/24 | 9,400,000 | 9,404,406 |
U.S. Treasury Note | 0.25 | 07/31/25 | 15,880,000 | 14,193,990 |
U.S. Treasury Note | 3.50 | 09/15/25 | 565,000 | 553,479 |
U.S. Treasury Note | 4.13 | 09/30/27 | 894,000 | 896,933 |
U.S. Treasury Note | 0.75 | 01/31/28 | 5,533,000 | 4,657,878 |
Total U.S. Government & Agency Obligations | ||||
(Cost $45,151,649) | 42,909,251 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 28.4% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 56,769 | 55,054 |
Total Consumer Discretionary | 55,054 | |||
Energy | 9.2% | ||||
Petroleos Mexicanos | 1.70 | 12/20/22 | 463,100 | 460,440 |
Petroleos Mexicanos | 2.38 | 04/15/25 | 486,300 | 471,978 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 607,250 | 583,633 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 1,892,800 | 1,802,584 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 2,438,947 | 2,314,792 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 766,316 | 737,082 |
Total Energy | 6,370,509 | |||
Financials | 19.1% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 1,559,190 | 1,454,429 |
Durrah MSN 35603 | 1.68 | 01/22/25 | 469,143 | 453,863 |
DY8 Leasing LLC | 2.63 | 04/29/26 | 156,250 | 150,108 |
DY9 Leasing LLC | 2.37 | 03/19/27 | 556,721 | 525,634 |
Export Lease Eleven Co. LLC | 3.09(c) | 07/30/25 | 56,207 | 55,971 |
Helios Leasing II LLC | 2.67 | 03/18/25 | 1,453,068 | 1,416,527 |
HNA 2015 LLC | 2.29 | 06/30/27 | 229,119 | 214,425 |
HNA 2015 LLC | 2.37 | 09/18/27 | 135,170 | 126,490 |
KE Export Leasing 2013-A LLC | 3.25(c) | 02/25/25 | 1,548,562 | 1,541,575 |
Lulwa Ltd. | 1.89 | 02/15/25 | 934,308 | 901,717 |
Lulwa Ltd. | 1.83 | 03/26/25 | 295,206 | 284,489 |
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 1,527,378 | 1,484,160 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 402,871 | 389,240 |
Osprey Aircraft Leasing LLC | 2.21 | 06/21/25 | 102,435 | 98,687 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 484,157 | 465,075 |
Pluto Aircraft Leasing LLC | 3.07(c) | 02/07/23 | 484,843 | 484,410 |
Rimon LLC | 2.45 | 11/01/25 | 146,250 | 140,969 |
3
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2022 |
(Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 28.4% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 19.1% (Continued) | ||||
Salmon River Export LLC | 2.19% | 09/15/26 | $693,003 | $660,260 |
Sandalwood 2013 LLC | 2.84 | 07/10/25 | 222,875 | 217,009 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 293,657 | 283,468 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 118,297 | 115,387 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 202,490 | 195,983 |
Thirax 1 LLC | 0.97 | 01/14/33 | 1,765,327 | 1,452,244 |
Total Financials | 13,112,120 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $20,687,254) | 19,537,683 | |||
Asset-Backed Securities | 3.6% of portfolio | ||||
American Credit Acceptance Receivables Trust 22-1A (d) | 0.99 | 12/15/25 | 117,449 | 115,631 |
Avant Loans Funding Trust 22-REV1 (d) | 6.54 | 09/15/31 | 150,000 | 146,846 |
Carvana Auto Receivables Trust 20-N1A (d) | 2.01 | 03/17/25 | 6,139 | 6,134 |
Credit Acceptance Auto Loan Trust 20-3A (d) | 1.24 | 10/15/29 | 250,000 | 242,803 |
First Investors Auto Owner Trust 21-2A (d) | 0.48 | 03/15/27 | 93,213 | 90,490 |
GLS Auto Receivables Trust 21-3A (d) | 0.42 | 01/15/25 | 40,167 | 39,774 |
GLS Auto Receivables Trust 21-4 (d) | 0.84 | 07/15/25 | 93,969 | 92,470 |
Gracie Point International Fund 21-1 (d) | 3.12(c) | 11/01/23 | 205,921 | 204,994 |
LAD Auto Receivables Trust 21-1 (d) | 1.30 | 08/17/26 | 150,755 | 145,316 |
Oasis Securitisation 21-1A (d) | 2.58 | 02/15/33 | 56,623 | 55,843 |
Oasis Securitisation 21-2A (d) | 2.14 | 10/15/33 | 169,350 | 164,631 |
Oasis Securitisation 22-2A (d) | 6.85 | 10/15/34 | 340,000 | 340,340 |
PenFed Auto Receivables Owner Trust 22-A (d) | 3.83 | 12/16/24 | 250,000 | 248,539 |
SBA Tower Trust (d) | 2.84 | 01/15/25 | 250,000 | 233,885 |
United Auto Credit Securitization Trust 22-1A (d) | 1.11 | 07/10/24 | 77,022 | 76,425 |
Upstart Securitization Trust 21-3 (d) | 0.83 | 07/20/31 | 59,896 | 57,978 |
Westgate Resorts 22-1A (d) | 2.29 | 08/20/36 | 244,915 | 230,740 |
Total Asset-Backed Securities | ||||
(Cost $2,559,605) | 2,492,839 | |||
Corporate Bonds–Other | 1.7% of portfolio | ||||
Financials | 1.7% | ||||
Athene Global Funding (d) | 2.50 | 01/14/25 | 100,000 | 93,266 |
Bank of America Corp. | 4.83(c) | 07/22/26 | 200,000 | 195,539 |
J.P. Morgan Chase & Co. | 1.04(c) | 02/04/27 | 100,000 | 84,974 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 415,000 | 349,392 |
Owl Rock Capital Corp. III (d) | 3.13 | 04/13/27 | 250,000 | 202,753 |
Owl Rock Core Income Corp. (d) | 3.13 | 09/23/26 | 250,000 | 210,159 |
Total Financials | 1,136,083 | |||
Total Corporate Bonds–Other | ||||
(Cost $1,314,510) | 1,136,083 | |||
Mortgage-Backed Security | 0.7% of portfolio | ||||
GNMA 21-8 | 1.00 | 01/20/50 | 562,332 | 460,732 |
Total Mortgage-Backed Security | ||||
(Cost $562,757) | 460,732 |
4
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2022 |
(Unaudited) | (Continued)
Municipal Bonds | 0.4% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
New York | 0.1% | ||||
Suffolk County New York | 1.05% | 06/15/23 | $100,000 | $97,775 |
Total New York | 97,775 | |||
Texas | 0.3% | ||||
Harris County Texas Cultural Education Facilities Finance Corp. | 1.45 | 11/15/22 | 200,000 | 199,484 |
Total Texas | 199,484 | |||
Total Municipal Bonds | ||||
(Cost $300,000) | 297,259 |
Money Market Fund | 2.7% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 2.94(e) | 1,846,118 | 1,846,118 | |
Total Money Market Fund | ||||
(Cost $1,846,118) | 1,846,118 | |||
Total Investments in Securities | ||||
(Cost $72,421,893) | 100.0% | $68,679,965 |
(a) | Interest is paid at maturity. |
(b) | Zero coupon rate, purchased at a discount. |
(c) | Variable coupon rate as of September 30, 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 $2,999,017 and represents 4.4% of total investments. |
(e) | 7-day yield at September 30, 2022. |
LLC - Limited Liability Company
At September 30, 2022, the cost of investment securities for tax purposes was $72,421,893. Net unrealized depreciation of investment securities was $3,741,928 consisting of unrealized gains of $4,906 and unrealized losses of $3,746,834.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
5
Portfolio of Investments | Short-Term Government Securities Fund | September 30, 2022 |
(Unaudited) | (Continued)
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $42,909,251 | $ — | $42,909,251 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 19,537,683 | — | 19,537,683 |
Asset-Backed Securities | — | 2,492,839 | — | 2,492,839 |
Corporate Bonds–Other | — | 1,136,083 | — | 1,136,083 |
Mortgage-Backed Security | — | 460,732 | — | 460,732 |
Municipal Bonds | — | 297,259 | — | 297,259 |
Money Market Fund | 1,846,118 | — | — | 1,846,118 |
Total | $1,846,118 | $66,833,847 | $ — | $68,679,965 |
6
Portfolio of Investments
Short-Term Bond Fund | September 30, 2022 | (Unaudited)
U.S. Government & Agency Obligations | 48.3% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
U.S. International Development Finance Corp. | 0.67%(a) | 04/23/29 | $1,230,000 | $1,121,379 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 709,572 | 653,168 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,020,273 | 894,093 |
U.S. Treasury Note | 3.33(b) | 10/31/23 | 10,900,000 | 10,910,952 |
U.S. Treasury Note | 4.25 | 09/30/24 | 60,000,000 | 60,028,125 |
U.S. Treasury Note | 0.25 | 07/31/25 | 86,090,000 | 76,949,663 |
U.S. Treasury Note | 3.50 | 09/15/25 | 49,252,000 | 48,247,721 |
U.S. Treasury Note | 4.13 | 09/30/27 | 36,494,000 | 36,613,746 |
Total U.S. Government & Agency Obligations | ||||
(Cost $239,523,250) | 235,418,847 |
Corporate Bonds–Other | 25.9% of portfolio | ||||
Communication Services | 0.5% | ||||
Magallanes, Inc. (c) | 3.76 | 03/15/27 | 1,355,000 | 1,212,325 |
Sprint Spectrum Co. LLC (c) | 4.74 | 03/20/25 | 1,250,003 | 1,231,989 |
Total Communication Services | 2,444,314 | |||
Consumer Discretionary | 1.1% | ||||
Daimler Trucks Financial N.A. LLC (c) | 1.63 | 12/13/24 | 1,500,000 | 1,383,359 |
Daimler Trucks Financial N.A. LLC (c) | 3.50 | 04/07/25 | 1,255,000 | 1,191,488 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 2,857,530 | 2,532,859 |
Total Consumer Discretionary | 5,107,706 | |||
Consumer Staples | 0.6% | ||||
7-Eleven, Inc. (c) | 0.63 | 02/10/23 | 1,000,000 | 985,646 |
7-Eleven, Inc. (c) | 0.80 | 02/10/24 | 1,090,000 | 1,030,392 |
7-Eleven, Inc. (c) | 0.95 | 02/10/26 | 800,000 | 689,947 |
Total Consumer Staples | 2,705,985 | |||
Energy | 2.2% | ||||
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 2,000,000 | 1,936,430 |
Energy Transfer Operating LP | 2.90 | 05/15/25 | 2,900,000 | 2,703,081 |
Midwest Connector Capital Co. LLC (c) | 3.90 | 04/01/24 | 3,270,000 | 3,159,010 |
Phillips 66 Co. | 1.30 | 02/15/26 | 1,500,000 | 1,310,117 |
Pioneer Natural Resources Co. | 1.13 | 01/15/26 | 1,023,000 | 894,379 |
Targa Resources Corp. | 5.20 | 07/01/27 | 985,000 | 947,547 |
Total Energy | 10,950,564 | |||
Financials | 14.9% | ||||
Antares Holdings LP | 3.95 | 07/15/26 | 335,000 | 286,426 |
Antares Holdings LP | 2.75 | 01/15/27 | 1,000,000 | 796,200 |
Athene Global Funding (c) | 2.50 | 01/14/25 | 4,750,000 | 4,430,116 |
Bank of America Corp. | 2.46(b) | 10/22/25 | 2,200,000 | 2,059,824 |
Bank of America Corp. | 2.02(b) | 02/13/26 | 2,100,000 | 1,925,035 |
Bank of America Corp. | 1.32(b) | 06/19/26 | 2,100,000 | 1,863,955 |
Bank of America Corp. | 4.83(b) | 07/22/26 | 2,770,000 | 2,708,212 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 920,000 | 802,749 |
Bank of America Corp. | 4.95(b) | 07/22/28 | 4,160,000 | 3,997,070 |
Capital Southwest Corp. | 3.38 | 10/01/26 | 1,355,000 | 1,151,750 |
Citigroup Inc. | 7.00 | 12/01/25 | 2,000,000 | 2,078,710 |
CNO Global Funding (c) | 1.65 | 01/06/25 | 1,125,000 | 1,032,515 |
F&G Global Funding (c) | 1.75 | 06/30/26 | 2,500,000 | 2,176,048 |
Fidus Investment Corp. | 4.75 | 01/31/26 | 304,000 | 282,299 |
7
Portfolio of Investments | Short-Term Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 25.9% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 14.9% (Continued) | ||||
Fidus Investment Corp. | 3.50% | 11/15/26 | $693,000 | $577,268 |
GA Global Funding Trust (c) | 0.80 | 09/13/24 | 920,000 | 832,542 |
GA Global Funding Trust (c) | 3.85 | 04/11/25 | 1,715,000 | 1,633,807 |
GA Global Funding Trust (c) | 2.25 | 01/06/27 | 2,370,000 | 2,052,560 |
Goldman Sachs Group, Inc. | 2.64(b) | 02/24/28 | 930,000 | 806,904 |
Goldman Sachs Group, Inc. | 3.62(b) | 03/15/28 | 572,000 | 520,549 |
J.P. Morgan Chase & Co. | 4.02(b) | 12/05/24 | 1,225,000 | 1,205,357 |
J.P. Morgan Chase & Co. | 2.30(b) | 10/15/25 | 2,130,000 | 1,997,457 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 2,055,000 | 1,872,287 |
J.P. Morgan Chase & Co. | 4.08(b) | 04/26/26 | 700,000 | 673,969 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 910,000 | 773,259 |
J.P. Morgan Chase & Co. | 4.85(b) | 07/25/28 | 890,000 | 854,555 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 3,905,000 | 3,287,657 |
Morgan Stanley | 3.74(b) | 04/24/24 | 1,020,000 | 1,009,302 |
Morgan Stanley | 2.63(b) | 02/18/26 | 1,365,000 | 1,271,746 |
Morgan Stanley | 2.19(b) | 04/28/26 | 425,000 | 389,843 |
Morgan Stanley | 4.68(b) | 07/17/26 | 1,190,000 | 1,158,730 |
Morgan Stanley | 1.51(b) | 07/20/27 | 865,000 | 736,709 |
Owl Rock Capital Corp. III (c) | 3.13 | 04/13/27 | 2,320,000 | 1,881,550 |
Owl Rock Core Income Corp. (c) | 3.13 | 09/23/26 | 4,955,000 | 4,165,347 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 1,415,000 | 1,135,286 |
Santander Holdings USA, Inc. | 2.49(b) | 01/06/28 | 1,000,000 | 833,920 |
SCE Recovery Funding LLC | 0.86 | 11/15/31 | 1,723,572 | 1,409,675 |
Security Benefit Global Funding (c) | 1.25 | 05/17/24 | 4,000,000 | 3,729,611 |
Volkswagen Group of America Finance LLC (c) | 1.25 | 11/24/25 | 3,025,000 | 2,656,035 |
Wells Fargo & Co. | 2.16(b) | 02/11/26 | 3,270,000 | 3,010,719 |
Wells Fargo & Co. | 3.91(b) | 04/25/26 | 1,900,000 | 1,816,338 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 2,120,000 | 1,936,137 |
Wells Fargo & Co. | 3.53(b) | 03/24/28 | 915,000 | 828,731 |
Wells Fargo & Co. | 4.81(b) | 07/25/28 | 2,140,000 | 2,040,972 |
Total Financials | 72,689,731 | |||
Health Care | 0.6% | ||||
AmerisourceBergen Corp. | 0.74 | 03/15/23 | 2,213,000 | 2,177,286 |
Baylor Scott & White Holdings | 0.83 | 11/15/25 | 1,000,000 | 873,673 |
Total Health Care | 3,050,959 | |||
Industrials | 1.3% | ||||
American Airlines Group Inc. | 3.60 | 03/22/29 | 2,076,283 | 1,860,791 |
American Airlines Group Inc. | 3.95 | 01/11/32 | 1,000,000 | 811,177 |
BNSF Railway Co. (c) | 3.44 | 06/16/28 | 809,642 | 753,723 |
Boeing Co. (The) | 2.20 | 02/04/26 | 1,900,000 | 1,686,131 |
Burlington Northern & Santa Fe Railway Co. | 4.83 | 01/15/23 | 1,642 | 1,638 |
Delta Air Lines, Inc. (c) | 7.00 | 05/01/25 | 965,000 | 971,226 |
Total Industrials | 6,084,686 | |||
Materials | 1.7% | ||||
Celanese US Holdings LLC | 6.05 | 03/15/25 | 5,321,000 | 5,197,798 |
Celanese US Holdings LLC | 6.17 | 07/15/27 | 1,330,000 | 1,258,719 |
Sealed Air Corp. (c) | 1.57 | 10/15/26 | 2,200,000 | 1,841,886 |
Total Materials | 8,298,403 |
8
Portfolio of Investments | Short-Term Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 25.9% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Real Estate | 0.3% | ||||
VICI Properties LP (c) | 3.50% | 02/15/25 | $1,600,000 | $1,478,976 |
Total Real Estate | 1,478,976 | |||
Utilities | 2.7% | ||||
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 1,445,000 | 1,393,130 |
Metropolitan Edison Co. (c) | 4.00 | 04/15/25 | 4,250,000 | 4,032,863 |
Pacific Gas and Electric Co. | 3.75 | 02/15/24 | 3,500,000 | 3,396,655 |
PPL Electric Utilities Corp. | 3.89(b) | 09/28/23 | 1,000,000 | 995,962 |
Southern California Edison Co. | 1.10 | 04/01/24 | 1,850,000 | 1,743,052 |
Southern California Edison Co. | 1.20 | 02/01/26 | 2,065,000 | 1,817,238 |
Total Utilities | 13,378,900 | |||
Total Corporate Bonds–Other | ||||
(Cost $138,292,654) | 126,190,224 |
Asset-Backed Securities | 11.5% of portfolio | ||||
American Credit Acceptance Receivables Trust 21-2B (c) | 0.68 | 05/13/25 | 302,533 | 302,146 |
American Credit Acceptance Receivables Trust 21-4B (c) | 0.86 | 02/13/26 | 1,081,000 | 1,063,402 |
American Credit Acceptance Receivables Trust 22-1A (c) | 0.99 | 12/15/25 | 899,660 | 885,733 |
Avant Credit Card Master Trust 21-1A (c) | 1.37 | 04/15/27 | 2,500,000 | 2,266,707 |
Avant Loans Funding Trust 22-REV1 (c) | 6.54 | 09/15/31 | 3,300,000 | 3,230,609 |
Avid Automobile Receivables Trust 21-1A (c) | 0.61 | 01/15/25 | 185,419 | 184,170 |
Carvana Auto Receivables Trust 20-N1A (c) | 2.01 | 03/17/25 | 38,310 | 38,278 |
CNH Equipment Trust 22-A | 2.39 | 08/15/25 | 385,000 | 377,447 |
Colony American Finance Ltd. 21-2 (c) | 1.41 | 07/15/54 | 768,070 | 654,164 |
CoreVest American Finance 20-4 (c) | 1.17 | 12/15/52 | 796,396 | 702,040 |
CoreVest American Finance 21-1 (c) | 1.57 | 04/15/53 | 1,195,996 | 1,035,812 |
CoreVest American Finance 21-3 (c) | 2.49 | 10/15/54 | 2,480,000 | 2,130,087 |
CPS Auto Trust 21-B (c) | 0.81 | 12/15/25 | 920,000 | 909,054 |
Credit Acceptance Auto Loan Trust 20-1A (c) | 2.01 | 02/15/29 | 277,834 | 277,477 |
Credit Acceptance Auto Loan Trust 20-2A (c) | 1.37 | 07/16/29 | 667,415 | 658,604 |
Credit Acceptance Auto Loan Trust 20-3A (c) | 1.24 | 10/15/29 | 2,500,000 | 2,428,026 |
Credit Acceptance Auto Loan Trust 21-2A (c) | 0.96 | 02/15/30 | 1,755,000 | 1,673,506 |
Credito Real USA Auto Receivables Trust 21-1 (c) | 1.35 | 02/16/27 | 860,449 | 837,527 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 253,832 | 246,793 |
FIC Funding 21-1 (c) | 1.13 | 04/15/33 | 575,009 | 557,569 |
First Investors Auto Owner Trust 21-2A (c) | 0.48 | 03/15/27 | 1,141,857 | 1,108,509 |
Firstkey Homes Trust 22-SFR2 (c) | 4.25 | 07/17/39 | 973,528 | 916,308 |
Flagship Credit Auto Trust 21-3 (c) | 0.36 | 07/15/27 | 2,068,278 | 2,011,501 |
Foursight Capital Automobile Receivables Trust 22-1A (c) | 1.15 | 09/15/25 | 471,680 | 461,591 |
FRTKL 21-SFR1 (c) | 1.57 | 09/17/38 | 970,000 | 833,651 |
GLS Auto Receivables Trust 21-3A (c) | 0.42 | 01/15/25 | 540,919 | 535,622 |
GLS Auto Receivables Trust 21-4 (c) | 0.84 | 07/15/25 | 1,308,513 | 1,287,651 |
Gracie Point International Fund 20-B (c) | 3.77(b) | 05/02/23 | 749,971 | 749,848 |
Gracie Point International Fund 21-1 (c) | 3.12(b) | 11/01/23 | 1,489,427 | 1,482,723 |
Gracie Point International Fund 22-1 (c) | 4.53(b) | 04/01/24 | 1,496,000 | 1,493,556 |
LAD Auto Receivables Trust 21-1 (c) | 1.30 | 08/17/26 | 914,579 | 881,581 |
Longtrain Leasing III LLC 2015-1 (c) | 2.98 | 01/15/45 | 266,217 | 257,642 |
Marlette Funding Trust 22-2 (c) | 4.25 | 08/15/32 | 1,022,954 | 1,011,785 |
NP SPE II LLC 17-1 (c) | 3.37 | 10/21/47 | 297,724 | 279,386 |
Oasis Securitisation 21-1A (c) | 2.58 | 02/15/33 | 314,147 | 309,818 |
Oasis Securitisation 21-2A (c) | 2.14 | 10/15/33 | 1,431,011 | 1,391,135 |
Oasis Securitisation 22-1A (c) | 4.75 | 05/15/34 | 706,785 | 694,244 |
Oasis Securitisation 22-2A (c) | 6.85 | 10/15/34 | 2,430,000 | 2,432,430 |
Oportun Funding 21-A (c) | 1.21 | 03/08/28 | 1,070,000 | 993,450 |
9
Portfolio of Investments | Short-Term Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Asset-Backed Securities | 11.5% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Oportun Funding 21-B (c) | 1.47% | 05/08/31 | $2,225,000 | $1,975,209 |
Oscar US Funding Trust 21-1A (c) | 0.40 | 03/11/24 | 191,448 | 190,320 |
PenFed Auto Receivables Owner Trust 22-A (c) | 3.83 | 12/16/24 | 2,780,000 | 2,763,760 |
Progress Residential Trust 21-SFR8 (c) | 1.51 | 10/17/38 | 1,320,779 | 1,132,132 |
Progress Residential Trust 22-SFR3 (c) | 3.20 | 04/17/39 | 925,000 | 838,905 |
SBA Tower Trust (c) | 2.84 | 01/15/25 | 4,765,000 | 4,457,848 |
SBA Tower Trust (c) | 1.88 | 01/15/26 | 1,450,000 | 1,274,937 |
SBA Tower Trust (c) | 1.63 | 11/15/26 | 195,000 | 166,220 |
United Auto Credit Securitization Trust 21-1B (c) | 0.68 | 03/11/24 | 457,865 | 457,459 |
United Auto Credit Securitization Trust 22-1A (c) | 1.11 | 07/10/24 | 454,430 | 450,906 |
Upstart Securitization Trust 21-1 (c) | 0.87 | 03/20/31 | 134,635 | 133,647 |
Upstart Securitization Trust 21-3 (c) | 0.83 | 07/20/31 | 395,780 | 383,107 |
Upstart Securitization Trust 21-4 (c) | 0.84 | 09/20/31 | 767,240 | 735,667 |
Westgate Resorts 20-1A (c) | 3.96 | 03/20/34 | 690,630 | 675,763 |
Westgate Resorts 22-1A (c) | 2.29 | 08/20/36 | 1,142,936 | 1,076,785 |
Westlake Automobile Receivable Trust 20-3A (c) | 0.56 | 05/15/24 | 31,898 | 31,847 |
Total Asset-Backed Securities | ||||
(Cost $59,304,893) | 56,336,094 | |||
Yankee Bonds | 7.0% of portfolio | ||||
Aircastle Ltd. (c) | 5.25 | 08/11/25 | 850,000 | 800,129 |
Avolon Holdings Funding Ltd. (c) | 5.50 | 01/15/26 | 1,850,000 | 1,739,915 |
Avolon Holdings Funding Ltd. (c) | 2.75 | 02/21/28 | 1,930,000 | 1,515,541 |
Bank of Montreal | 4.34(b) | 10/05/28 | 1,300,000 | 1,282,139 |
Delta and SkyMiles IP Ltd. (c) | 4.50 | 10/20/25 | 780,000 | 757,112 |
Delta and SkyMiles IP Ltd. (c) | 4.75 | 10/20/28 | 2,000,000 | 1,862,711 |
JBS Finance Luxembourg SARL (c) | 2.50 | 01/15/27 | 3,364,000 | 2,874,101 |
Lenovo Group Ltd. (c) | 5.83 | 01/27/28 | 2,770,000 | 2,628,504 |
Macquarie Group Ltd. (c) | 1.34(b) | 01/12/27 | 2,500,000 | 2,139,669 |
Nationwide Building Society (c) | 2.97(b) | 02/16/28 | 1,500,000 | 1,289,061 |
NatWest Group PLC | 2.36(b) | 05/22/24 | 845,000 | 825,149 |
NatWest Group PLC | 4.52(b) | 06/25/24 | 1,325,000 | 1,309,238 |
NatWest Group PLC | 4.27(b) | 03/22/25 | 1,330,000 | 1,293,096 |
Nissan Motor Co., Ltd. (c) | 3.52 | 09/17/25 | 2,500,000 | 2,299,261 |
Nissan Motor Co., Ltd. (c) | 1.85 | 09/16/26 | 2,000,000 | 1,624,335 |
Saudi Arabian Oil Co. (c) | 1.63 | 11/24/25 | 500,000 | 449,832 |
Syngenta Finance NV (c) | 4.44 | 04/24/23 | 400,000 | 397,651 |
Tencent Music Entertainment Group | 1.38 | 09/03/25 | 1,260,000 | 1,116,343 |
TransCanada Pipelines Ltd. | 7.06 | 10/14/25 | 6,043,000 | 6,217,348 |
Triton Container International Ltd. (c) | 1.15 | 06/07/24 | 2,110,000 | 1,921,727 |
Total Yankee Bonds | ||||
(Cost $37,908,362) | 34,342,862 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 2.2% of portfolio | ||||
Energy | 1.6% | ||||
Petroleos Mexicanos | 2.86(b) | 04/15/25 | 6,448,750 | 6,426,181 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 153,650 | 147,674 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,109,316 | 1,052,846 |
Total Energy | 7,626,701 | |||
Financials | 0.6% | ||||
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 431,781 | 419,564 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 532,394 | 514,381 |
Pluto Aircraft Leasing LLC | 3.07(b) | 02/07/23 | 56,605 | 56,555 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 450,035 | 438,965 |
10
Portfolio of Investments | Short-Term Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 2.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 0.6% (Continued) | ||||
Thirax 1 LLC | 0.97% | 01/14/33 | $2,118,392 | $1,742,692 |
Total Financials | 3,172,157 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $11,309,596) | 10,798,858 | |||
Municipal Bonds | 1.3% of portfolio | ||||
Arizona | 0.4% | ||||
Glendale Arizona | 1.45 | 07/01/26 | 1,000,000 | 881,383 |
Glendale Arizona | 1.72 | 07/01/27 | 1,235,000 | 1,066,570 |
Total Arizona | 1,947,953 | |||
California | 0.1% | ||||
EL Cajon California Pension Obligation | 1.70 | 04/01/27 | 300,000 | 256,781 |
Total California | 256,781 | |||
Maine | 0.1% | ||||
Maine Health & Higher Educational Facilities | 1.66 | 07/01/27 | 300,000 | 253,602 |
Maine State Housing Authority | 1.70 | 11/15/26 | 245,000 | 217,983 |
Total Maine | 471,585 | |||
New Jersey | 0.4% | ||||
New Jersey Housing and Mortgage Finance Agency | 1.34 | 04/01/24 | 675,000 | 640,366 |
New Jersey Housing and Mortgage Finance Agency | 1.49 | 04/01/25 | 580,000 | 530,579 |
New Jersey Housing and Mortgage Finance Agency | 1.54 | 10/01/25 | 1,000,000 | 901,917 |
Total New Jersey | 2,072,862 | |||
New York | 0.1% | ||||
Suffolk County New York | 1.05 | 06/15/23 | 350,000 | 342,213 |
Total New York | 342,213 | |||
Texas | 0.2% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 800,000 | 735,010 |
Harris County Texas Cultural Education Facilities Finance Corp. | 1.45 | 11/15/22 | 400,000 | 398,968 |
Total Texas | 1,133,978 | |||
Total Municipal Bonds | ||||
(Cost $6,903,336) | 6,225,372 | |||
Mortgage-Backed Securities | 0.4% of portfolio | ||||
FHLMC 780754 | 4.08(b) | 08/01/33 | 643 | 641 |
FNMA 813842 | 3.45(b) | 01/01/35 | 1,784 | 1,814 |
GNMA 21-8 | 1.00 | 01/20/50 | 2,122,991 | 1,739,417 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 1 | 1 |
Total Mortgage-Backed Securities | ||||
(Cost $2,127,019) | 1,741,873 |
11
Portfolio of Investments | Short-Term Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Money Market Fund | 3.4% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund Premier Class | 2.94%(d) | 16,814,815 | $16,814,815 | |
Total Money Market Fund | ||||
(Cost $16,814,815) | 16,814,815 | |||
Total Investments in Securities | ||||
(Cost $512,183,925) | 100.0% | $487,868,945 |
(a) | Interest is paid at maturity. |
(b) | Variable coupon rate as of September 30, 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 $122,564,364 and represents 25.1% of total investments. |
(d) | 7-day yield at September 30, 2022. |
LLC - Limited Liability Company
N.A. - North America
LP - Limited Partnership
SARL - Societe a responsabilite limitee
PLC - Public Limited Company
NV - Naamloze Vennottschap
FHLMC - Federal Home Loan Mortgage Corporation
At September 30, 2022, the cost of investment securities for tax purposes was $512,246,206. Net unrealized depreciation of investment securities was $24,377,261 consisting of unrealized gains of $4,395 and unrealized losses of $24,381,656.
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 | $ — | $235,418,847 | $ — | $235,418,847 |
Corporate Bonds–Other | — | 126,190,224 | — | 126,190,224 |
Asset-Backed Securities | — | 56,336,094 | — | 56,336,094 |
Yankee Bonds | — | 34,342,862 | — | 34,342,862 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 10,798,858 | — | 10,798,858 |
Municipal Bonds | — | 6,225,372 | — | 6,225,372 |
Mortgage-Backed Securities | — | 1,741,873 | — | 1,741,873 |
Money Market Fund | 16,814,815 | — | — | 16,814,815 |
Total | $16,814,815 | $471,054,130 | $ — | $487,868,945 |
12
Portfolio of Investments
Intermediate Bond Fund | September 30, 2022 | (Unaudited)
U.S. Government & Agency Obligations | 37.2% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Farm Credit Bank | 0.52% | 10/21/25 | $300,000 | $266,018 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 125,960 | 110,382 |
U.S. Treasury Note | 4.25 | 09/30/24 | 5,170,000 | 5,172,423 |
U.S. Treasury Note | 3.50 | 09/15/25 | 6,936,000 | 6,794,571 |
U.S. Treasury Note | 4.13 | 09/30/27 | 8,341,000 | 8,368,369 |
U.S. Treasury Note | 2.38 | 03/31/29 | 3,195,000 | 2,892,973 |
U.S. Treasury Note | 2.63 | 07/31/29 | 3,491,000 | 3,207,902 |
U.S. Treasury Note | 2.75 | 08/15/32 | 5,516,000 | 5,043,692 |
U.S. Treasury Note | 1.75 | 08/15/41 | 5,309,000 | 3,629,821 |
U.S. Treasury Note | 2.38 | 02/15/42 | 4,918,000 | 3,768,418 |
U.S. Treasury Note | 3.25 | 05/15/42 | 3,088,000 | 2,740,600 |
U.S. Treasury Note | 3.38 | 08/15/42 | 344,000 | 311,589 |
U.S. Treasury Note | 1.88 | 11/15/51 | 2,000,000 | 1,322,578 |
U.S. Treasury Note | 2.25 | 02/15/52 | 5,179,000 | 3,762,867 |
U.S. Treasury Note | 2.88 | 05/15/52 | 570,000 | 477,998 |
Total U.S. Government & Agency Obligations | ||||
(Cost $52,637,722) | 47,870,201 |
Corporate Bonds–Other | 23.3% of portfolio | ||||
Communication Services | 1.0% | ||||
Magallanes, Inc. (a) | 4.05 | 03/15/29 | 190,000 | 164,101 |
Magallanes, Inc. (a) | 4.28 | 03/15/32 | 190,000 | 156,310 |
Magallanes, Inc. (a) | 5.05 | 03/15/42 | 285,000 | 213,249 |
Magallanes, Inc. (a) | 5.14 | 03/15/52 | 180,000 | 130,827 |
Magallanes, Inc. (a) | 5.39 | 03/15/62 | 190,000 | 137,733 |
Sprint Spectrum Co. LLC (a) | 4.74 | 03/20/25 | 281,251 | 277,198 |
T-Mobile US, Inc. | 3.00 | 02/15/41 | 200,000 | 133,668 |
Total Communication Services | 1,213,086 | |||
Consumer Discretionary | 1.2% | ||||
Block Financial Corp. | 2.50 | 07/15/28 | 145,000 | 119,758 |
Daimler Trucks Financial N.A. LLC (a) | 3.50 | 04/07/25 | 340,000 | 322,794 |
Expedia Group, Inc. | 4.63 | 08/01/27 | 330,000 | 309,904 |
General Motors Financial Co., Inc. | 4.35 | 01/17/27 | 150,000 | 139,063 |
Kohl's Corp. | 5.55 | 07/17/45 | 530,000 | 317,306 |
Tractor Supply Co. | 1.75 | 11/01/30 | 100,000 | 74,895 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 311,947 | 276,504 |
Total Consumer Discretionary | 1,560,224 | |||
Consumer Staples | 1.0% | ||||
7-Eleven Inc. (a) | 1.30 | 02/10/28 | 60,000 | 48,335 |
7-Eleven Inc. (a) | 1.80 | 02/10/31 | 60,000 | 44,576 |
7-Eleven Inc. (a) | 2.80 | 02/10/51 | 135,000 | 78,678 |
Campbell Soup Co. | 2.38 | 04/24/30 | 250,000 | 198,414 |
JBS USA Finance, Inc. (a) | 3.00 | 02/02/29 | 335,000 | 274,089 |
JBS USA Finance, Inc. (a) | 4.38 | 02/02/52 | 530,000 | 355,238 |
Smithfield Foods, Inc. (a) | 2.63 | 09/13/31 | 340,000 | 249,202 |
Total Consumer Staples | 1,248,532 | |||
Energy | 2.4% | ||||
BP Capital Markets America Inc. | 2.77 | 11/10/50 | 210,000 | 130,411 |
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 180,000 | 174,279 |
Cheniere Corpus Christi Holdings LLC | 3.70 | 11/15/29 | 39,000 | 33,821 |
Cheniere Corpus Christi Holdings LLC | 2.74 | 12/31/39 | 170,000 | 122,609 |
13
Portfolio of Investments | Intermediate Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 23.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 2.4% (Continued) | ||||
Energy Transfer Operating LP | 3.75% | 05/15/30 | $318,000 | $269,270 |
Energy Transfer Operating LP | 6.00 | 06/15/48 | 420,000 | 362,876 |
HF Sinclair Corp. (a) | 2.63 | 10/01/23 | 60,000 | 58,070 |
Marathon Oil Corp. | 4.40 | 07/15/27 | 360,000 | 336,128 |
Midwest Connector Capital Co. LLC (a) | 3.90 | 04/01/24 | 85,000 | 82,115 |
Midwest Connector Capital Co. LLC (a) | 4.63 | 04/01/29 | 205,000 | 182,912 |
MPLX LP | 1.75 | 03/01/26 | 80,000 | 69,999 |
MPLX LP | 2.65 | 08/15/30 | 245,000 | 191,939 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 112,000 | 94,681 |
Phillips 66 | 2.15 | 12/15/30 | 260,000 | 200,320 |
Pioneer Natural Resources Co. | 1.90 | 08/15/30 | 255,000 | 194,959 |
Targa Resources Corp. | 5.20 | 07/01/27 | 260,000 | 250,114 |
Valero Energy Corp. | 2.80 | 12/01/31 | 340,000 | 270,426 |
Total Energy | 3,024,929 | |||
Financials | 11.8% | ||||
Antares Holdings LP | 3.95 | 07/15/26 | 375,000 | 320,626 |
Athene Global Funding (a) | 2.50 | 01/14/25 | 884,000 | 824,468 |
Athene Global Funding (a) | 2.95 | 11/12/26 | 120,000 | 105,832 |
Athene Holding Ltd. | 3.95 | 05/25/51 | 300,000 | 199,812 |
Bank of America Corp. | 4.83(b) | 07/22/26 | 740,000 | 723,493 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 200,000 | 174,511 |
Bank of America Corp. | 4.95(b) | 07/22/28 | 525,000 | 504,438 |
Bank of America Corp. | 2.50(b) | 02/13/31 | 263,000 | 207,523 |
Bank of America Corp. | 1.92(b) | 10/24/31 | 700,000 | 517,788 |
Bank of America Corp. | 5.02(b) | 07/22/33 | 885,000 | 820,972 |
CIT Group Inc. | 3.93(b) | 06/19/24 | 402,000 | 396,573 |
Citigroup Inc. | 2.57(b) | 06/03/31 | 870,000 | 684,271 |
CoreStates Capital II (a) | 3.16(b) | 01/15/27 | 725,000 | 683,312 |
Fidus Investment Corp. | 3.50 | 11/15/26 | 166,000 | 138,278 |
GA Global Funding Trust (a) | 0.80 | 09/13/24 | 240,000 | 217,185 |
GA Global Funding Trust (a) | 3.85 | 04/11/25 | 460,000 | 438,222 |
Goldman Sachs Group, Inc. | 2.64(b) | 02/24/28 | 245,000 | 212,572 |
Goldman Sachs Group, Inc. | 3.62(b) | 03/15/28 | 153,000 | 139,238 |
Goldman Sachs Group, Inc. | 2.38(b) | 07/21/32 | 365,000 | 275,205 |
Goldman Sachs Group, Inc. | 3.10(b) | 02/24/33 | 265,000 | 210,477 |
Goldman Sachs Group, Inc. | 2.91(b) | 07/21/42 | 230,000 | 147,878 |
Goldman Sachs Group, Inc. | 3.44(b) | 02/24/43 | 255,000 | 176,574 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 340,000 | 309,770 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 150,000 | 127,460 |
J.P. Morgan Chase & Co. | 1.95(b) | 02/04/32 | 480,000 | 355,071 |
J.P. Morgan Chase & Co. | 4.91(b) | 07/25/33 | 185,000 | 170,599 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 906,000 | 762,770 |
Morgan Stanley | 2.63(b) | 02/18/26 | 355,000 | 330,747 |
Morgan Stanley | 1.51(b) | 07/20/27 | 200,000 | 170,337 |
Morgan Stanley | 1.79(b) | 02/13/32 | 510,000 | 372,719 |
Morgan Stanley | 4.89(b) | 07/20/33 | 170,000 | 157,516 |
Owl Rock Capital Corp. III (a) | 3.13 | 04/13/27 | 681,000 | 552,300 |
Owl Rock Core Income Corp. (a) | 3.13 | 09/23/26 | 1,311,000 | 1,102,073 |
Owl Rock Technology Finance Corp. | 3.75 | 06/17/26 | 150,000 | 129,784 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 366,000 | 293,650 |
Prudential Financial, Inc. | 5.70(b) | 09/15/48 | 75,000 | 70,031 |
Santander Holdings USA, Inc. | 2.49(b) | 01/06/28 | 298,000 | 248,508 |
Security Benefit Global Funding (a) | 1.25 | 05/17/24 | 300,000 | 279,721 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 210,000 | 191,787 |
Wells Fargo & Co. | 3.53(b) | 03/24/28 | 240,000 | 217,372 |
14
Portfolio of Investments | Intermediate Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 23.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 11.8% (Continued) | ||||
Wells Fargo & Co. | 2.39%(b) | 06/02/28 | $445,000 | $381,631 |
Wells Fargo & Co. | 2.57(b) | 02/11/31 | 200,000 | 160,089 |
Wells Fargo & Co. | 4.90(b) | 07/25/33 | 465,000 | 428,699 |
Wells Fargo & Co. | 3.07(b) | 04/30/41 | 440,000 | 301,992 |
Total Financials | 15,233,874 | |||
Health Care | 0.1% | ||||
HCA Healthcare, Inc. | 3.50 | 07/15/51 | 228,000 | 141,171 |
Mylan Inc. | 5.20 | 04/15/48 | 50,000 | 34,408 |
Total Health Care | 175,579 | |||
Industrials | 1.4% | ||||
Ashtead Capital, Inc. (a) | 1.50 | 08/12/26 | 240,000 | 201,221 |
Ashtead Capital, Inc. (a) | 4.25 | 11/01/29 | 308,000 | 268,763 |
Ashtead Capital, Inc. (a) | 2.45 | 08/12/31 | 200,000 | 147,021 |
BNSF Railway Co. (a) | 3.44 | 06/16/28 | 368,354 | 342,913 |
Boeing Co. (The) | 2.20 | 02/04/26 | 350,000 | 310,603 |
Delta Air Lines, Inc. (a) | 7.00 | 05/01/25 | 250,000 | 251,613 |
Quanta Services, Inc. | 2.35 | 01/15/32 | 260,000 | 191,284 |
Triton International Ltd. | 3.25 | 03/15/32 | 175,000 | 129,404 |
Total Industrials | 1,842,822 | |||
Information Technology | 0.6% | ||||
Broadcom Cayman Finance Ltd. | 3.88 | 01/15/27 | 255,000 | 234,569 |
VMware, Inc. | 1.40 | 08/15/26 | 155,000 | 132,559 |
VMware, Inc. | 4.70 | 05/15/30 | 200,000 | 179,919 |
VMware, Inc. | 2.20 | 08/15/31 | 155,000 | 112,819 |
Western Digital Corp. | 2.85 | 02/01/29 | 175,000 | 136,000 |
Total Information Technology | 795,866 | |||
Materials | 1.3% | ||||
Celanese US Holdings LLC | 6.05 | 03/15/25 | 515,000 | 503,076 |
Celanese US Holdings LLC | 6.17 | 07/15/27 | 360,000 | 340,706 |
Celanese US Holdings LLC | 6.33 | 07/15/29 | 260,000 | 242,326 |
Celanese US Holdings LLC | 6.38 | 07/15/32 | 175,000 | 162,622 |
Glencore Funding LLC (a) | 2.63 | 09/23/31 | 260,000 | 194,871 |
Glencore Funding LLC (a) | 3.38 | 09/23/51 | 170,000 | 103,480 |
Silgan Holdings Inc. (a) | 1.40 | 04/01/26 | 125,000 | 106,705 |
Total Materials | 1,653,786 | |||
Real Estate | 0.2% | ||||
Host Hotels & Resorts, LP | 4.50 | 02/01/26 | 150,000 | 142,403 |
VICI Properties LP | 4.75 | 02/15/28 | 180,000 | 165,512 |
Total Real Estate | 307,915 | |||
Utilities | 2.3% | ||||
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 325,000 | 313,334 |
National Fuel Gas Co. | 5.50 | 01/15/26 | 80,000 | 78,566 |
Pacific Gas & Electric Co. | 4.25 | 08/01/23 | 644,000 | 638,937 |
Pacific Gas & Electric Co. | 3.00 | 06/15/28 | 225,000 | 185,388 |
Pacific Gas & Electric Co. | 4.55 | 07/01/30 | 130,000 | 111,402 |
Pacific Gas & Electric Co. | 4.25 | 03/15/46 | 770,000 | 517,479 |
SCE Recovery Funding LLC | 2.51 | 11/15/43 | 190,000 | 123,428 |
15
Portfolio of Investments | Intermediate Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 23.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Utilities | 2.3% (Continued) | ||||
Southern California Edison Co. | 1.10% | 04/01/24 | $370,000 | $348,610 |
Southern California Edison Co. | 2.25 | 06/01/30 | 55,000 | 43,571 |
Southern California Edison Co. | 4.50 | 09/01/40 | 200,000 | 161,687 |
Southern California Edison Co. | 4.00 | 04/01/47 | 164,000 | 119,486 |
Southern California Edison Co. | 3.65 | 02/01/50 | 214,000 | 146,448 |
TerraForm Power Operating LLC (a) | 4.75 | 01/15/30 | 171,000 | 145,141 |
Total Utilities | 2,933,477 | |||
Total Corporate Bonds–Other | ||||
(Cost $36,117,904) | 29,990,090 | |||
Mortgage-Backed Securities | 17.5% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (a) | 2.18(b) | 01/25/51 | 229,090 | 192,952 |
FHLMC QA7479 | 3.00 | 03/01/50 | 223,647 | 196,434 |
FHLMC QE2363 | 3.50 | 05/01/52 | 1,398,507 | 1,260,830 |
FHLMC SB8503 | 2.00 | 08/01/35 | 1,434,102 | 1,265,260 |
FHLMC SD1188 | 3.50 | 06/01/52 | 712,976 | 642,471 |
FHLMC SD1495 | 5.00 | 08/01/52 | 944,329 | 928,835 |
FHLMC SD7555 | 3.00 | 08/01/52 | 943,290 | 830,157 |
FHLMC SD8068 | 3.00 | 06/01/50 | 218,763 | 191,732 |
FHLMC SD8237 | 4.00 | 08/01/52 | 1,387,268 | 1,288,103 |
FNMA BN7662 | 3.50 | 07/01/49 | 91,411 | 83,108 |
FNMA CA4016 | 3.00 | 08/01/49 | 527,606 | 463,473 |
FNMA FM1000 | 3.00 | 04/01/47 | 948,524 | 841,312 |
FNMA FM4231 | 2.50 | 09/01/50 | 244,369 | 206,621 |
FNMA FM5470 | 2.00 | 01/01/36 | 936,351 | 826,111 |
FNMA MA3691 | 3.00 | 07/01/49 | 149,560 | 131,351 |
FNMA MA3834 | 3.00 | 11/01/49 | 312,041 | 273,782 |
FNMA MA3960 | 3.00 | 03/01/50 | 143,637 | 125,918 |
FNMA MA3992 | 3.50 | 04/01/50 | 144,945 | 131,701 |
FNMA MA4048 | 3.00 | 06/01/50 | 655,422 | 574,868 |
FNMA MA4124 | 2.50 | 09/01/35 | 1,236,529 | 1,123,376 |
FNMA MA4179 | 2.00 | 11/01/35 | 3,994,412 | 3,524,028 |
FNMA MA4229 | 2.00 | 01/01/36 | 1,877,014 | 1,660,570 |
FNMA MA4303 | 2.00 | 04/01/36 | 1,597,002 | 1,408,905 |
FNMA MA4418 | 2.00 | 09/01/36 | 2,663,532 | 2,349,729 |
Freddie Mac STACR 21-HQA3 (a) | 5.53(b) | 09/25/41 | 1,000,000 | 856,945 |
GNMA 21-8 | 1.00 | 01/20/50 | 544,992 | 446,525 |
GNMA G2786247 | 4.00 | 07/20/52 | 683,789 | 639,543 |
Total Mortgage-Backed Securities | ||||
(Cost $25,663,434) | 22,464,640 |
Asset-Backed Securities | 11.1% of portfolio | ||||
American Credit Acceptance Receivables Trust 21-2B (a) | 0.68 | 05/13/25 | 726,080 | 725,152 |
American Credit Acceptance Receivables Trust 22-1B (a) | 1.68 | 09/14/26 | 375,000 | 359,297 |
Avant Credit Card Master Trust 21-1A (a) | 1.37 | 04/15/27 | 500,000 | 453,341 |
Avant Loans Funding Trust 21-REV1 (a) | 1.21 | 07/15/30 | 500,000 | 469,393 |
Avant Loans Funding Trust 22-REV1 (a) | 6.54 | 09/15/31 | 595,000 | 582,488 |
Carvana Auto Receivables Trust 20-N1A (a) | 2.01 | 03/17/25 | 8,595 | 8,588 |
Colony American Finance Ltd. 21-2 (a) | 1.41 | 07/15/54 | 177,247 | 150,961 |
CoreVest American Finance 20-4 (a) | 1.17 | 12/15/52 | 129,847 | 114,463 |
CoreVest American Finance 21-1 (a) | 1.57 | 04/15/53 | 836,361 | 724,344 |
CoreVest American Finance 21-3 (a) | 2.49 | 10/15/54 | 660,000 | 566,878 |
CPS Auto Trust 21-B (a) | 0.81 | 12/15/25 | 200,000 | 197,620 |
Credit Acceptance Auto Loan Trust 20-1A (a) | 2.01 | 02/15/29 | 80,532 | 80,428 |
16
Portfolio of Investments | Intermediate Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Asset-Backed Securities | 11.1% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Credit Acceptance Auto Loan Trust 20-1A (a) | 2.39% | 04/16/29 | $250,000 | $247,462 |
Credit Acceptance Auto Loan Trust 20-2A (a) | 1.37 | 07/16/29 | 191,786 | 189,254 |
Credit Acceptance Auto Loan Trust 20-3A (a) | 1.24 | 10/15/29 | 350,000 | 339,924 |
Credit Acceptance Auto Loan Trust 21-2A (a) | 0.96 | 02/15/30 | 320,000 | 305,141 |
Credito Real USA Auto Receivables Trust 21-1 (a) | 1.35 | 02/16/27 | 347,656 | 338,395 |
DT Auto Owner Trust 20-3A (a) | 0.91 | 12/16/24 | 115,564 | 114,880 |
Exeter Automobile Receivables Trust 21-1A | 0.50 | 02/18/25 | 20,978 | 20,955 |
FIC Funding 21-1 (a) | 1.13 | 04/15/33 | 127,780 | 123,904 |
First Investors Auto Owner Trust 21-2A (a) | 0.48 | 03/15/27 | 293,620 | 285,045 |
Firstkey Homes Trust 22-SFR2 (a) | 4.25 | 07/17/39 | 324,509 | 305,436 |
Flagship Credit Auto Trust 21-3 (a) | 0.36 | 07/15/27 | 245,307 | 238,573 |
FRTKL 21-SFR1 (a) | 1.57 | 09/17/38 | 250,000 | 214,858 |
GLS Auto Receivables Trust 20-4 (a) | 0.87 | 12/16/24 | 52,528 | 52,454 |
GLS Auto Receivables Trust 21-3A (a) | 0.42 | 01/15/25 | 131,213 | 129,928 |
GLS Auto Receivables Trust 21-4 (a) | 0.84 | 07/15/25 | 342,986 | 337,517 |
Gracie Point International Fund 20-B (a) | 3.77(b) | 05/02/23 | 290,989 | 290,941 |
Gracie Point International Fund 21-1 (a) | 3.12(b) | 11/01/23 | 319,877 | 318,437 |
LAD Auto Receivables Trust 21-1 (a) | 1.30 | 08/17/26 | 243,720 | 234,927 |
Oasis Securitisation 21-1A (a) | 2.58 | 02/15/33 | 113,247 | 111,686 |
Oasis Securitisation 21-2A (a) | 2.14 | 10/15/33 | 375,394 | 364,933 |
Oasis Securitisation 22-1A (a) | 4.75 | 05/15/34 | 201,944 | 198,361 |
Oasis Securitisation 22-2A (a) | 6.85 | 10/15/34 | 640,000 | 640,640 |
Oportun Funding 21-A (a) | 1.21 | 03/08/28 | 300,000 | 278,537 |
Oportun Funding 21-B (a) | 1.47 | 05/08/31 | 1,000,000 | 887,734 |
Oscar US Funding Trust 21-1A (a) | 0.40 | 03/11/24 | 36,569 | 36,353 |
PenFed Auto Receivable Owner 22-A (a) | 3.96 | 04/15/26 | 330,000 | 325,147 |
Progress Residential Trust 21-SFR8 (a) | 1.51 | 10/17/38 | 338,687 | 290,312 |
Progress Residential Trust 22-SFR3 (a) | 3.20 | 04/17/39 | 250,000 | 226,731 |
Progress Residential Trust 22-SFR3 (a) | 3.60 | 04/17/39 | 165,000 | 148,894 |
SBA Tower Trust (a) | 2.84 | 01/15/25 | 230,000 | 215,174 |
SBA Tower Trust (a) | 1.88 | 01/15/26 | 330,000 | 290,158 |
SBA Tower Trust (a) | 1.63 | 11/15/26 | 580,000 | 494,399 |
SBA Tower Trust (a) | 2.59 | 10/15/31 | 430,000 | 335,576 |
United Auto Credit Securitization Trust 21-1B (a) | 0.68 | 03/11/24 | 148,842 | 148,710 |
Upstart Securitization Trust 21-3 (a) | 0.83 | 07/20/31 | 91,996 | 89,051 |
Upstart Securitization Trust 21-4 (a) | 0.84 | 09/20/31 | 198,638 | 190,464 |
Westgate Resorts 22-1A (a) | 2.29 | 08/20/36 | 326,553 | 307,653 |
Westlake Automobile Receivable Trust 20-3A (a) | 0.78 | 11/17/25 | 230,000 | 228,130 |
Total Asset-Backed Securities | ||||
(Cost $15,306,086) | 14,329,627 |
Yankee Bonds | 5.0% of portfolio | ||||
Aircastle Ltd. (a) | 5.25 | 08/11/25 | 206,000 | 193,915 |
Aptiv PLC | 3.10 | 12/01/51 | 280,000 | 156,798 |
Avolon Holdings Funding Ltd. (a) | 5.13 | 10/01/23 | 500,000 | 491,584 |
Avolon Holdings Funding Ltd. (a) | 5.50 | 01/15/26 | 800,000 | 752,395 |
Avolon Holdings Funding Ltd. (a) | 2.75 | 02/21/28 | 500,000 | 392,627 |
Bausch Health Cos. Inc. (a) | 6.13 | 02/01/27 | 180,000 | 124,588 |
Cenovus Energy Inc. | 2.65 | 01/15/32 | 260,000 | 200,379 |
Cenovus Energy Inc. | 5.25 | 06/15/37 | 395,000 | 346,076 |
Delta and SkyMiles IP Ltd. (a) | 4.75 | 10/20/28 | 550,000 | 512,246 |
Lenovo Group Ltd. (a) | 5.83 | 01/27/28 | 370,000 | 351,100 |
Lenovo Group Ltd. (a) | 3.42 | 11/02/30 | 805,000 | 608,411 |
NatWest Group PLC | 4.27(b) | 03/22/25 | 296,000 | 287,787 |
Nissan Motor Co., Ltd. (a) | 3.52 | 09/17/25 | 230,000 | 211,532 |
Nissan Motor Co., Ltd. (a) | 1.85 | 09/16/26 | 260,000 | 211,164 |
Nissan Motor Co., Ltd. (a) | 2.45 | 09/15/28 | 435,000 | 327,715 |
17
Portfolio of Investments | Intermediate Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Yankee Bonds | 5.0% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Nissan Motor Co., Ltd. (a) | 4.81% | 09/17/30 | $200,000 | $162,036 |
Petronas Capital Ltd. (a) | 2.48 | 01/28/32 | 200,000 | 163,999 |
Petronas Capital Ltd. (a) | 3.40 | 04/28/61 | 360,000 | 247,127 |
Syngenta Finance NV (a) | 4.44 | 04/24/23 | 230,000 | 228,649 |
Syngenta Finance NV (a) | 4.89 | 04/24/25 | 530,000 | 512,392 |
Total Yankee Bonds | ||||
(Cost $7,651,604) | 6,482,520 |
Municipal Bonds | 2.9% of portfolio | ||||
Alabama | 0.1% | ||||
Alabama Public School & College Authority | 1.16 | 06/01/26 | 85,000 | 75,310 |
Total Alabama | 75,310 | |||
Arizona | 0.2% | ||||
Pinal County Arizona Revenue Obligation | 1.05 | 08/01/24 | 120,000 | 112,914 |
Pinal County Arizona Revenue Obligation | 1.58 | 08/01/26 | 110,000 | 98,836 |
Yuma Arizona Pledged Revenue | 2.63 | 07/15/38 | 135,000 | 98,077 |
Total Arizona | 309,827 | |||
California | 1.4% | ||||
City of Chula Vista California Pension Obligation | 1.16 | 06/01/27 | 130,000 | 109,432 |
City of Chula Vista California Pension Obligation | 1.41 | 06/01/28 | 130,000 | 106,777 |
City of Chula Vista California Pension Obligation | 1.63 | 06/01/29 | 160,000 | 128,532 |
City of Chula Vista California Pension Obligation | 2.91 | 06/01/45 | 255,000 | 157,669 |
City of Los Angeles California Department of Airports | 1.25 | 05/15/28 | 200,000 | 163,359 |
City of Monterey Park California Pension Obligation | 1.89 | 06/01/30 | 1,000,000 | 800,375 |
EL Cajon California Pension Obligation | 1.70 | 04/01/27 | 100,000 | 85,594 |
Huntington Beach California Pension Obligation | 1.68 | 06/15/27 | 155,000 | 134,039 |
San Francisco California City & County Airports | 3.35 | 05/01/51 | 100,000 | 69,642 |
Total California | 1,755,419 | |||
Colorado | 0.2% | ||||
Regional Transportation District Colorado | 1.18 | 11/01/27 | 175,000 | 148,460 |
Regional Transportation District Colorado | 1.33 | 11/01/28 | 150,000 | 124,084 |
Total Colorado | 272,544 | |||
New Jersey | 0.6% | ||||
New Jersey Housing and Mortgage Finance Agency | 1.34 | 04/01/24 | 85,000 | 80,639 |
New Jersey Housing and Mortgage Finance Agency | 1.49 | 04/01/25 | 75,000 | 68,609 |
New Jersey Housing and Mortgage Finance Agency | 1.54 | 10/01/25 | 130,000 | 117,249 |
New Jersey Transportation Trust Fund Authority | 4.08 | 06/15/39 | 575,000 | 478,062 |
Total New Jersey | 744,559 | |||
Texas | 0.3% | ||||
Harris County Texas Cultural Education Facilities Finance Corp. | 3.34 | 11/15/37 | 275,000 | 222,251 |
North Texas Tollway Authority Revenue | 3.01 | 01/01/43 | 150,000 | 108,450 |
San Antonio Texas Electric & Gas | 2.91 | 02/01/48 | 150,000 | 105,367 |
Total Texas | 436,068 |
18
Portfolio of Investments | Intermediate Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Municipal Bonds | 2.9% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
West Virginia | 0.1% | ||||
West Virginia State University Revenues | 3.01% | 10/01/41 | $150,000 | $109,463 |
Total West Virginia | 109,463 | |||
Total Municipal Bonds | ||||
(Cost $4,581,276) | 3,703,190 | |||
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.4% of portfolio | ||||
Energy | 0.1% | ||||
Petroleos Mexicanos | 2.86(b) | 04/15/25 | 196,625 | 195,937 |
Total Energy | 195,937 | |||
Financials | 0.3% | ||||
Thirax 1 LLC | 0.97 | 01/14/33 | 441,332 | 363,061 |
Total Financials | 363,061 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $637,830) | 558,998 | |||
Money Market Fund | 2.6% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 2.94(c) | 3,395,409 | 3,395,409 | |
Total Money Market Fund | ||||
(Cost $3,395,409) | 3,395,409 | |||
Total Investments in Securities | ||||
(Cost $145,991,265) | 100.0% | $128,794,675 |
(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 $29,590,317 and represents 23.0% of total investments. |
(b) | Variable coupon rate as of September 30, 2022. |
(c) | 7-day yield at September 30, 2022. |
LLC - Limited Liability Company
N.A. - North America
LP - Limited Partnership
FHLMC - Federal Home Loan Mortgage Corporation
PLC - Public Limited Company
NV - Naamloze Vennottschap
At September 30, 2022, the cost of investment securities for tax purposes was $146,016,371. Net unrealized depreciation of investment securities was $17,221,696 consisting of unrealized gains of $6,470 and unrealized losses of $17,228,166.
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
19
Portfolio of Investments | Intermediate Bond Fund | September 30, 2022 | (Unaudited) |
(Continued)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Intermediate Bond Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $47,870,201 | $ — | $47,870,201 |
Corporate Bonds–Other | — | 29,990,090 | — | 29,990,090 |
Mortgage-Backed Securities | — | 22,464,640 | — | 22,464,640 |
Asset-Backed Securities | — | 14,329,627 | — | 14,329,627 |
Yankee Bonds | — | 6,482,520 | — | 6,482,520 |
Municipal Bonds | — | 3,703,190 | — | 3,703,190 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 558,998 | — | 558,998 |
Money Market Fund | 3,395,409 | — | — | 3,395,409 |
Total | $3,395,409 | $125,399,266 | $ — | $128,794,675 |
20
Portfolio of Investments
Rural America Growth & Income Fund | September 30, 2022 | (Unaudited)
Common Stocks | 57.4% of portfolio | ||||
Shares | Value | |||
Communication Services | 0.5% | ||||
Media | ||||
Cable One, Inc. | 38 | $32,416 | ||
Total Communication Services | 32,416 | |||
Consumer Discretionary | 7.1% | ||||
Hotels, Restaurants & Leisure | ||||
Choice Hotels International, Inc. | 705 | 77,211 | ||
Leisure Products | ||||
Malibu Boats, Inc. Class A (a) | 908 | 43,575 | ||
Multiline Retail | ||||
Dollar General Corp. | 291 | 69,799 | ||
Ollie's Bargain Outlet Holdings, Inc. (a) | 493 | 25,439 | ||
Specialty Retail | ||||
ARKO Corp. (a) | 4,095 | 38,452 | ||
Lowe's Companies, Inc. | 266 | 49,958 | ||
O'Reilly Automotive, Inc. (a) | 129 | 90,732 | ||
Tractor Supply Co. | 306 | 56,879 | ||
Total Consumer Discretionary | 452,045 | |||
Consumer Staples | 2.3% | ||||
Food Products | ||||
Hershey Co. (The) | 663 | 146,172 | ||
Total Consumer Staples | 146,172 | |||
Energy | 1.5% | ||||
Oil, Gas & Consumable Fuels | ||||
Chevron Corp. | 202 | 29,021 | ||
ConocoPhillips | 287 | 29,372 | ||
Marathon Petroleum Corp. | 348 | 34,567 | ||
Total Energy | 92,960 | |||
Financials | 8.0% | ||||
Banks | ||||
FB Financial Corp. | 805 | 30,759 | ||
Glacier Bancorp, Inc. | 1,361 | 66,866 | ||
South State Corp. | 575 | 45,494 | ||
Truist Financial Corp. | 2,511 | 109,329 | ||
Capital Markets | ||||
CME Group, Inc. | 523 | 92,639 | ||
Intercontinental Exchange, Inc. | 797 | 72,009 | ||
Insurance | ||||
Allstate Corp. | 150 | 18,679 | ||
American International Group, Inc. | 689 | 32,714 | ||
Chubb Ltd. | 223 | 40,559 | ||
Total Financials | 509,048 | |||
Health Care | 8.8% | ||||
Health Care Equipment & Supplies | ||||
Integer Holdings Corp. (a) | 1,178 | 73,307 | ||
Stryker Corp. | 528 | 106,941 | ||
Health Care Providers & Services | ||||
AMN Healthcare Services, Inc. (a) | 575 | 60,927 | ||
Centene Corp. (a) | 1,064 | 82,790 |
21
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2022 |
(Unaudited) | (Continued)
Common Stocks | 57.4% of portfolio (Continued) | ||||
Shares | Value | |||
Health Care | 8.8% (Continued) | ||||
LHC Group, Inc. (a) | 130 | $21,275 | ||
Life Sciences Tools & Services | ||||
IQVIA Holdings Inc. (a) | 363 | 65,754 | ||
Pharmaceuticals | ||||
Zoetis Inc. | 989 | 146,659 | ||
Total Health Care | 557,653 | |||
Industrials | 9.4% | ||||
Air Freight & Logistics | ||||
Air Transport Services Group, Inc. (a) | 2,041 | 49,168 | ||
Commercial Services & Supplies | ||||
Casella Waste Systems, Inc. Class A (a) | 666 | 50,876 | ||
Machinery | ||||
Cummins Inc. | 205 | 41,720 | ||
Deere & Co. | 441 | 147,245 | ||
Xylem, Inc. | 224 | 19,569 | ||
Road & Rail | ||||
CSX Corp. | 2,865 | 76,323 | ||
J.B. Hunt Transport Services, Inc. | 288 | 45,049 | ||
Trading Companies & Distributors | ||||
Applied Industrial Technologies, Inc. | 499 | 51,287 | ||
Fastenal Co. | 2,453 | 112,936 | ||
Total Industrials | 594,173 | |||
Information Technology | 13.3% | ||||
Electronic Equipment, Instruments & Components | ||||
Advanced Energy Industries, Inc. | 797 | 61,695 | ||
Corning Inc. | 3,200 | 92,864 | ||
Trimble Inc. (a) | 1,281 | 69,520 | ||
IT Services | ||||
Block, Inc. (a) | 1,071 | 58,894 | ||
Jack Henry & Associates, Inc. | 835 | 152,196 | ||
Semiconductors & Semiconductor Equipment | ||||
Diodes Inc. (a) | 1,013 | 65,754 | ||
Software | ||||
ANSYS, Inc. (a) | 408 | 90,453 | ||
Paycom Software, Inc. (a) | 438 | 144,536 | ||
Tyler Technologies, Inc. (a) | 300 | 104,250 | ||
Total Information Technology | 840,162 | |||
Materials | 1.7% | ||||
Chemicals | ||||
Sherwin-Williams Co. (The) | 262 | 53,645 | ||
Construction Materials | ||||
Vulcan Materials Co. | 347 | 54,725 | ||
Total Materials | 108,370 | |||
Real Estate | 4.8% | ||||
Equity Real Estate Investment Trusts (REITs) | ||||
American Tower Corp. | 623 | 133,758 | ||
Community Healthcare Trust Inc. | 671 | 21,975 | ||
Crown Castle International Corp. | 919 | 132,842 |
22
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2022 |
(Unaudited) | (Continued)
Common Stocks | 57.4% of portfolio (Continued) | ||||
Shares | Value | |||
Real Estate | 4.8% (Continued) | ||||
Uniti Group Inc. | 2,725 | $18,939 | ||
Total Real Estate | 307,514 | |||
Total Common Stocks | ||||
(Cost $ 4,236,520) | 3,640,513 | |||
U.S. Government & Agency Obligations | 18.3% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | ||
Federal Farm Credit Bank | 0.52% | 10/21/25 | $200,000 | 177,345 |
Federal Farm Credit Bank | 3.32 | 02/25/26 | 200,000 | 193,970 |
Federal Farm Credit Bank | 1.20 | 04/28/27 | 195,000 | 169,821 |
Federal Farm Credit Bank | 3.38 | 09/15/27 | 120,000 | 116,017 |
Federal Farm Credit Bank | 3.43 | 12/06/28 | 62,000 | 59,751 |
Federal Farm Credit Bank | 3.50 | 09/01/32 | 50,000 | 46,736 |
Tennessee Valley Authority | 2.88 | 09/15/24 | 99,000 | 96,205 |
Tennessee Valley Authority | 0.75 | 05/15/25 | 88,000 | 80,218 |
Tennessee Valley Authority | 7.12 | 05/01/30 | 95,000 | 112,661 |
Tennessee Valley Authority | 1.50 | 09/15/31 | 135,000 | 107,830 |
Total U.S. Government & Agency Obligations | ||||
(Cost $ 1,242,559) | 1,160,554 |
Corporate Bonds–Other | 14.8% of portfolio | ||||
Communication Services | 1.4% | ||||
DISH DBS Corp. (b) | 5.25 | 12/01/26 | 57,000 | 46,697 |
T-Mobile USA, Inc. | 3.75 | 04/15/27 | 44,000 | 40,605 |
Total Communication Services | 87,302 | |||
Consumer Discretionary | 1.4% | ||||
Choice Hotels International, Inc. | 3.70 | 01/15/31 | 25,000 | 20,781 |
Kohl's Corp. | 3.25 | 02/01/23 | 8,000 | 7,895 |
Kohl's Corp. | 4.25 | 07/17/25 | 22,000 | 19,641 |
Mohawk Industries, Inc. | 3.85 | 02/01/23 | 10,000 | 9,994 |
Tractor Supply Co. | 1.75 | 11/01/30 | 44,000 | 32,954 |
Total Consumer Discretionary | 91,265 | |||
Consumer Staples | 0.5% | ||||
Bunge Limited Finance Corp. | 3.75 | 09/25/27 | 10,000 | 9,160 |
Dollar General Corp. | 4.15 | 11/01/25 | 22,000 | 21,329 |
Total Consumer Staples | 30,489 | |||
Energy | 0.0% | ||||
Murphy Oil Corp. | 6.38 | 07/15/28 | 3,000 | 2,835 |
Total Energy | 2,835 | |||
Financials | 6.8% | ||||
American Tower Corp. | 3.95 | 03/15/29 | 60,000 | 53,516 |
Chubb INA Holdings Inc. | 3.15 | 03/15/25 | 36,000 | 34,537 |
Cincinnati Financial Corp. | 6.92 | 05/15/28 | 25,000 | 26,572 |
Globe Life Inc. | 4.55 | 09/15/28 | 33,000 | 31,039 |
Intercontinental Exchange, Inc. | 3.75 | 12/01/25 | 78,000 | 75,322 |
M&T Bank Corp. | 3.55 | 07/26/23 | 58,000 | 57,634 |
23
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2022 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 14.8% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 6.8% (Continued) | ||||
Metlife, Inc. | 3.00% | 03/01/25 | $42,000 | $40,565 |
Synovus Financial Corp. | 3.13 | 11/01/22 | 21,000 | 20,966 |
Truist Bank | 3.69 (c) | 08/02/24 | 60,000 | 59,348 |
Truist Financial Corp. | 3.87 | 03/19/29 | 35,000 | 31,649 |
Total Financials | 431,148 | |||
Health Care | 1.2% | ||||
CVS Health Corp. | 1.30 | 08/21/27 | 26,000 | 21,661 |
Laboratory Corporation of America Holdings | 2.30 | 12/01/24 | 20,000 | 18,827 |
Laboratory Corporation of America Holdings | 1.55 | 06/01/26 | 43,000 | 37,674 |
Total Health Care | 78,162 | |||
Industrials | 0.8% | ||||
CNH Industrial Capital LLC | 1.45 | 07/15/26 | 17,000 | 14,698 |
J.B. Hunt Transport Services, Inc. | 3.87 | 03/01/26 | 23,000 | 22,098 |
John Deere Capital Corp. | 2.65 | 06/24/24 | 15,000 | 14,511 |
Total Industrials | 51,307 | |||
Information Technology | 0.4% | ||||
Micron Technology, Inc. | 4.66 | 02/15/30 | 26,000 | 23,068 |
Total Information Technology | 23,068 | |||
Materials | 1.3% | ||||
Martin Marietta Materials, Inc. | 3.50 | 12/15/27 | 9,000 | 8,285 |
Mosaic Co. | 4.05 | 11/15/27 | 22,000 | 20,472 |
Steel Dynamics, Inc. | 2.40 | 06/15/25 | 27,000 | 24,962 |
Vulcan Materials Co. | 3.50 | 06/01/30 | 32,000 | 27,372 |
Total Materials | 81,091 | |||
Real Estate | 0.3% | ||||
Crown Castle International Corp. | 3.80 | 02/15/28 | 18,000 | 16,287 |
Total Real Estate | 16,287 | |||
Utilities | 0.7% | ||||
Black Hills Corp. | 4.25 | 11/30/23 | 45,000 | 44,806 |
Total Utilities | 44,806 | |||
Total Corporate Bonds–Other | ||||
(Cost $ 1,054,927) | 937,760 | |||
Asset-Backed Securities | 3.5% of portfolio | ||||
CNH Equipment Trust 22-A | 2.39 | 08/15/25 | 100,000 | 98,038 |
SBA Tower Trust (b) | 1.63 | 11/15/26 | 60,000 | 51,145 |
SBA Tower Trust (b) | 2.59 | 10/15/31 | 52,000 | 40,581 |
SBA Tower Trust (b) | 2.84 | 01/15/25 | 35,000 | 32,744 |
Total Asset-Backed Securities | ||||
(Cost $ 248,335) | 222,508 |
Municipal Bonds | 1.8% of portfolio | ||||
Kansas | 0.2% | ||||
City of Wichita, Kansas Water & Sewer Utility Revenue | 3.00 | 10/01/24 | 10,000 | 9,681 |
24
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2022 |
(Unaudited) | (Continued)
Municipal Bonds | 1.8% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Montana | 0.2% | ||||
Yellowstone County School District No. 2 Billings | 2.22% | 06/15/32 | $15,000 | $11,893 |
Pennsylvania | 0.6% | ||||
Geisinger Health System Revenue | 2.25 | 04/01/27 | 20,000 | 17,891 |
New Castle Sanitation Authority | 1.16 | 06/01/25 | 25,000 | 22,795 |
Total Pennsylvania | 40,686 | |||
Texas | 0.4% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 30,000 | 27,563 |
Washington | 0.4% | ||||
Northwest Open Access Network Revenue | 1.69 | 12/01/27 | 30,000 | 25,086 |
Total Municipal Bonds | ||||
(Cost $ 131,667) | 114,909 | |||
Mortgage-Backed Securities | 1.4% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (b) | 2.18(c) | 01/25/51 | 26,952 | 22,700 |
Freddie Mac Multiclass Certificates 21-P009 | 1.13 | 01/25/31 | 46,821 | 39,904 |
GNMA II POOL 785401 | 2.50 | 10/20/50 | 30,636 | 26,114 |
Total Mortgage-Backed Securities | ||||
(Cost $ 105,750) | 88,718 | |||
Money Market Fund | 2.8% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 2.94%(d) | 175,581 | 175,582 | |
Total Money Market Fund | ||||
(Cost $ 175,581) | 175,582 | |||
Total Investments in Securities | ||||
(Cost $7,195,339) | 100.0% | $6,340,544 |
(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 $193,867 and represents 3.1% of total investments. |
(c) | Variable coupon rate as of September 30, 2022. |
(d) | 7-day yield at September 30, 2022. |
CME - Chicago Mercantile Exchange
LLC - Limited Liability Company
At September 30, 2022, the cost of investment securities for tax purposes was $7,195,442. Net unrealized depreciation of investment securities was $854,898 consisting of unrealized gains of $63,699 and unrealized losses of $918,597.
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
25
Portfolio of Investments | Rural America Growth & Income Fund | September 30, 2022 |
(Unaudited) | (Continued)
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 | $3,640,513 | $ — | $ — | $3,640,513 |
U.S. Government & Agency Obligations | — | 1,160,554 | — | 1,160,554 |
Corporate Bonds–Other | — | 937,760 | — | 937,760 |
Asset-Backed Securities | — | 222,508 | — | 222,508 |
Municipal Bonds | — | 114,909 | — | 114,909 |
Mortgage-Backed Securities | — | 88,718 | — | 88,718 |
Money Market Fund | 175,582 | — | — | 175,582 |
Total | $3,816,095 | $2,524,449 | $ — | $6,340,544 |
26
Portfolio of Investments
Stock Index Fund | September 30, 2022 | (Unaudited)
Cost | Value | |
Investment | $38,242,377 | $177,783,824 |
Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors. As of September 30, 2022, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.67%. See the Appendix for the S&P 500 Index Master Portfolio for holdings information.
27
Portfolio of Investments
Value Fund | September 30, 2022 | (Unaudited)
Common Stocks | 98.2% of portfolio | ||
Shares | Value | |
Communication Services | 5.1% | ||
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 324,320 | $31,183,368 |
Meta Platforms, Inc., Class A (a) | 76,200 | 10,338,816 |
Total Communication Services | 41,522,184 | |
Consumer Discretionary | 6.6% | ||
Hotels, Restaurants & Leisure | ||
McDonald's Corp. | 57,197 | 13,197,636 |
Multiline Retail | ||
Target Corp. | 39,800 | 5,905,922 |
Specialty Retail | ||
Home Depot, Inc. | 37,018 | 10,214,747 |
TJX Companies, Inc. (The) | 143,600 | 8,920,432 |
Ulta Beauty, Inc. (a) | 37,256 | 14,946,734 |
Total Consumer Discretionary | 53,185,471 | |
Consumer Staples | 0.9% | ||
Food Products | ||
Kraft Heinz Co. (The) | 228,300 | 7,613,805 |
Total Consumer Staples | 7,613,805 | |
Energy | 6.8% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 166,300 | 23,892,321 |
ConocoPhillips | 238,100 | 24,367,154 |
Hess Corp. | 61,100 | 6,659,289 |
Total Energy | 54,918,764 | |
Financials | 17.6% | ||
Banks | ||
Bank of America Corp. | 618,502 | 18,678,760 |
Citigroup, Inc. | 274,739 | 11,448,374 |
JPMorgan Chase & Co. | 301,691 | 31,526,710 |
Truist Financial Corp. | 355,600 | 15,482,824 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 76,774 | 22,498,621 |
Insurance | ||
Allstate Corp. | 103,784 | 12,924,222 |
American International Group, Inc. | 339,594 | 16,123,923 |
Chubb Ltd. | 79,138 | 14,393,619 |
Total Financials | 143,077,053 | |
Health Care | 23.0% | ||
Biotechnology | ||
AbbVie Inc. | 214,263 | 28,756,237 |
Health Care Equipment & Supplies | ||
Abbott Laboratories | 305,556 | 29,565,599 |
Boston Scientific Corp. (a) | 475,696 | 18,423,706 |
Health Care Providers & Services | ||
Centene Corp. (a) | 329,397 | 25,630,380 |
Cigna Corp. | 81,814 | 22,700,931 |
Common Stocks | 98.2% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 23.0% (Continued) | ||
Pharmaceuticals | ||
Bristol-Myers Squibb Co. | 217,701 | $15,476,364 |
Merck & Co., Inc. | 187,682 | 16,163,174 |
Pfizer, Inc. | 361,099 | 15,801,692 |
Royalty Pharma PLC, Class A | 346,484 | 13,921,727 |
Total Health Care | 186,439,810 | |
Industrials | 17.2% | ||
Aerospace & Defense | ||
Northrop Grumman Corp. | 47,131 | 22,166,652 |
Air Freight & Logistics | ||
FedEx Corp. | 39,000 | 5,790,330 |
Electrical Equipment | ||
Eaton Corp. PLC | 88,887 | 11,853,970 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 175,473 | 29,298,727 |
Machinery | ||
Deere & Co. | 46,800 | 15,626,052 |
Parker-Hannifin Corp. | 100,922 | 24,454,410 |
Professional Services | ||
Leidos Holdings Inc. | 161,117 | 14,092,904 |
Road & Rail | ||
CSX Corp. | 619,182 | 16,495,008 |
Total Industrials | 139,778,053 | |
Information Technology | 10.9% | ||
Electronic Equipment, Instruments & Components | ||
Corning Inc. | 255,600 | 7,417,512 |
IT Services | ||
Fiserv, Inc. (a) | 177,700 | 16,627,389 |
Visa Inc., Class A | 101,298 | 17,995,590 |
Semiconductors & Semiconductor Equipment | ||
NXP Semiconductors NV | 71,863 | 10,600,511 |
Software | ||
Microsoft Corp. | 135,314 | 31,514,631 |
VMware, Inc., Class A | 38,483 | 4,096,900 |
Total Information Technology | 88,252,533 | |
Materials | 7.2% | ||
Chemicals | ||
Dow Inc. | 193,281 | 8,490,835 |
DuPont de Nemours, Inc. | 259,878 | 13,097,851 |
Containers & Packaging | ||
Avery Dennison Corp. | 147,987 | 24,077,485 |
Metals & Mining | ||
Freeport-McMoRan Inc. | 473,700 | 12,946,221 |
Total Materials | 58,612,392 | |
Real Estate | 2.9% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Digital Realty Trust, Inc. | 52,301 | 5,187,213 |
28
Portfolio of Investments | Value Fund | September 30, 2022 | (Unaudited) | (Continued)
Common Stocks | 98.2% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 2.9% (Continued) | ||
VICI Properties Inc. | 611,935 | $18,266,260 |
Total Real Estate | 23,453,473 | |
Total Common Stocks | ||
(Cost $542,229,063) | 796,853,538 | |
Money Market Fund | 1.8% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.94% (b) | 14,720,361 | 14,720,361 |
Total Money Market Fund | ||
(Cost $14,720,361) | 14,720,361 | |
Total Investments in Securities | ||
(Cost $556,949,424) | 100.0% | $811,573,899 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2022. |
PLC - Public Limited Company
NV - Naamloze Vennottschap
At September 30, 2022, the cost of investment securities for tax purposes was $557,350,779. Net unrealized appreciation of investment securities was $254,223,120 consisting of unrealized gains of $284,844,230 and unrealized losses of $30,621,110.
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 | $796,853,538 | $ — | $ — | $796,853,538 |
Money Market Fund | 14,720,361 | — | — | 14,720,361 |
Total | $811,573,899 | $ — | $ — | $811,573,899 |
29
Portfolio of Investments
Growth Fund | September 30, 2022 | (Unaudited)
Common Stocks | 97.9% of portfolio | ||
Shares | Value | |
Communication Services | 13.6% | ||
Entertainment | ||
Live Nation Entertainment, Inc. (a) | 18,434 | $1,401,721 |
Netflix, Inc. (a) | 9,608 | 2,262,108 |
Spotify Technology SA (a) | 19,473 | 1,680,520 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 44,082 | 4,238,484 |
Alphabet, Inc., Class A (a) | 178,940 | 17,115,611 |
Meta Platforms, Inc., Class A (a) | 22,389 | 3,037,739 |
IAC/InterActiveCorp (a) | 13,554 | 750,621 |
Match Group, Inc. (a) | 22,064 | 1,053,556 |
Media | ||
Trade Desk, Inc. (The), Class A (a) | 16,586 | 991,013 |
Total Communication Services | 32,531,373 | |
Consumer Discretionary | 19.5% | ||
Automobiles | ||
Rivian Automotive, Inc. (a) | 222,040 | 7,307,336 |
Tesla, Inc. (a) | 6,072 | 1,610,598 |
Hotels, Restaurants & Leisure | ||
Booking Holdings, Inc. (a) | 1,486 | 2,441,810 |
Chipotle Mexican Grill, Inc. (a) | 1,627 | 2,444,991 |
Internet & Direct Marketing Retail | ||
Amazon.com, Inc. (a) | 184,580 | 20,857,540 |
Coupang, Inc. (a) | 86,173 | 1,436,504 |
Leisure Products | ||
Peloton Interactive, Inc. (a) | 99,383 | 688,724 |
Multiline Retail | ||
Dollar General Corp. | 14,914 | 3,577,272 |
Specialty Retail | ||
Carvana Co. (a) | 19,701 | 399,930 |
Ross Stores, Inc. | 48,609 | 4,096,281 |
Textiles, Apparel & Luxury Goods | ||
lululemon athletica Inc. (a) | 3,275 | 915,559 |
NIKE, Inc., Class B | 12,457 | 1,035,426 |
Total Consumer Discretionary | 46,811,971 | |
Consumer Staples | 0.7% | ||
Beverages | ||
Monster Beverage Corp. (a) | 18,300 | 1,591,368 |
Total Consumer Staples | 1,591,368 | |
Health Care | 19.1% | ||
Biotechnology | ||
Vertex Pharmaceuticals, Inc. (a) | 10,400 | 3,011,216 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 8,917 | 1,986,975 |
Insulet Corp. (a) | 7,906 | 1,813,636 |
Intuitive Surgical, Inc. (a) | 21,657 | 4,059,388 |
Stryker Corp. | 25,018 | 5,067,146 |
Health Care Providers & Services | ||
Cigna Corp. | 30,702 | 8,518,884 |
Common Stocks | 97.9% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 19.1% (Continued) | ||
Humana, Inc. | 6,217 | $3,016,426 |
UnitedHealth Group, Inc. | 22,511 | 11,368,956 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 87,530 | 1,715,588 |
Pharmaceuticals | ||
Daiichi Sankyo Co., Ltd. ADR (a) | 39,816 | 1,117,237 |
Eli Lilly & Co. | 12,300 | 3,977,205 |
Total Health Care | 45,652,657 | |
Industrials | 1.4% | ||
Machinery | ||
Ingersoll Rand Inc. | 59,612 | 2,578,815 |
Road & Rail | ||
Old Dominion Freight Line, Inc. | 3,460 | 860,744 |
Total Industrials | 3,439,559 | |
Information Technology | 43.6% | ||
Communications Equipment | ||
Arista Networks, Inc. (a) | 11,200 | 1,264,368 |
Electronic Equipment, Instruments & Components | ||
Amphenol Corp., Class A | 51,700 | 3,461,832 |
IT Services | ||
Accenture PLC, Class A | 5,407 | 1,391,221 |
Affirm Holdings, Inc. (a) | 26,879 | 504,250 |
Fiserv, Inc. (a) | 73,387 | 6,866,822 |
Global Payments, Inc. | 33,823 | 3,654,575 |
Mastercard Inc., Class A | 14,917 | 4,241,500 |
MongoDB, Inc. (a) | 5,861 | 1,163,760 |
Snowflake Inc., Class A (a) | 3,613 | 614,065 |
Visa Inc., Class A | 28,864 | 5,127,690 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 22,160 | 1,404,057 |
ASML Holding NV ADR | 8,306 | 3,449,897 |
NVIDIA Corp. | 26,253 | 3,186,852 |
Software | ||
Atlassian Corp. PLC, Class A (a) | 11,723 | 2,468,747 |
Cadence Design Systems, Inc. (a) | 14,942 | 2,441,971 |
Fortinet, Inc. (a) | 50,063 | 2,459,595 |
HashiCorp, Inc., Class A (a) | 8,886 | 286,041 |
Intuit, Inc. | 22,054 | 8,541,955 |
Microsoft Corp. | 112,140 | 26,117,406 |
salesforce.com, Inc. (a) | 42,780 | 6,153,475 |
ServiceNow, Inc. (a) | 8,733 | 3,297,668 |
Synopsys, Inc. (a) | 771 | 235,548 |
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 117,522 | 16,241,541 |
Total Information Technology | 104,574,836 | |
Total Common Stocks | ||
(Cost $189,469,280) | 234,601,764 |
30
Portfolio of Investments | Growth Fund | September 30, 2022 | (Unaudited) | (Continued)
Money Market Fund | 2.1% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.94% (b) | 5,092,064 | $5,092,064 |
Total Money Market Fund | ||
(Cost $5,092,064) | 5,092,064 | |
Total Investments in Securities | ||
(Cost $194,561,344) | 100.0% | $239,693,828 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2022. |
SA - Sociedad Anonima or Societe Anonyme
ADR - American Depositary Receipt
PLC - Public Limited Company
NV - Naamloze Vennottschap
At September 30, 2022, the cost of investment securities for tax purposes was $194,707,675. Net unrealized appreciation of investment securities was $44,986,153 consisting of unrealized gains of $73,046,258 and unrealized losses of $28,060,105.
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 | $234,601,764 | $ — | $ — | $234,601,764 |
Money Market Fund | 5,092,064 | — | — | 5,092,064 |
Total | $239,693,828 | $ — | $ — | $239,693,828 |
31
Portfolio of Investments
International Equity Fund | September 30, 2022 | (Unaudited)
Common Stocks | 97.0% of portfolio | ||
Shares | Value | |
Australia | 3.8% | ||
BHP Group Ltd. ADR | 47,204 | $2,362,088 |
Woodside Energy Group Ltd. | 17,059 | 343,910 |
Total Australia | 2,705,998 | |
Brazil | 0.7% | ||
Ambev SA ADR | 103,138 | 291,881 |
XP Inc., Class A (a) | 10,753 | 204,414 |
Total Brazil | 496,295 | |
Britain | 7.3% | ||
Rio Tinto PLC | 32,008 | 1,731,820 |
Shell PLC | 80,351 | 1,993,342 |
Standard Chartered PLC | 231,807 | 1,449,849 |
Total Britain | 5,175,011 | |
Canada | 4.6% | ||
Alimentation Couche-Tard Inc. | 28,800 | 1,159,422 |
Canadian National Railway Co. | 8,152 | 880,335 |
Manulife Financial Corp. | 78,000 | 1,224,194 |
Total Canada | 3,263,951 | |
China | 3.1% | ||
CSPC Pharmaceutical Group Ltd. | 400,000 | 396,469 |
ENN Energy Holdings Ltd. | 26,217 | 349,556 |
Haier Smart Home Co., Ltd. | 118,148 | 359,522 |
Ping An Insurance Group Co. of China Ltd., Class H | 39,000 | 194,563 |
Tencent Holdings Ltd. | 21,400 | 722,813 |
Zhejiang Sanhua Intelligent Controls Co., Ltd. | 45,200 | 156,803 |
Total China | 2,179,726 | |
Denmark | 1.0% | ||
Novozymes A/S, Class B | 14,743 | 740,867 |
Total Denmark | 740,867 | |
France | 11.8% | ||
Air Liquide SA | 8,016 | 916,221 |
Dassault Systèmes SE | 35,620 | 1,229,783 |
Kering SA | 2,462 | 1,092,017 |
L’Oréal SA | 9,197 | 2,940,667 |
Schneider Electric SE | 19,411 | 2,192,487 |
Total France | 8,371,175 | |
Germany | 8.8% | ||
Allianz SE REG | 12,135 | 1,911,678 |
Infineon Technologies AG | 95,148 | 2,082,221 |
SAP SE ADR | 13,327 | 1,082,819 |
Symrise AG | 12,037 | 1,173,756 |
Total Germany | 6,250,474 |
Common Stocks | 97.0% of portfolio (Continued) | ||
Shares | Value | |
Hong Kong | 3.4% | ||
AIA Group Ltd. | 288,200 | $2,399,525 |
Total Hong Kong | 2,399,525 | |
India | 1.2% | ||
HDFC Bank Ltd. ADR | 5,614 | 327,970 |
ICICI Bank Ltd. ADR | 25,175 | 527,920 |
Total India | 855,890 | |
Indonesia | 0.5% | ||
PT Telkom Indonesia (Persero) Tbk. ADR | 13,191 | 380,560 |
Total Indonesia | 380,560 | |
Japan | 17.4% | ||
Chugai Pharmaceutical Co., Ltd. | 47,300 | 1,181,699 |
Daifuku Co., Ltd. | 18,900 | 889,000 |
FANUC Corp. | 4,400 | 617,823 |
Keyence Corp. | 3,200 | 1,057,793 |
Komatsu Ltd. | 59,600 | 1,085,215 |
Kubota Corp. | 84,800 | 1,178,456 |
Nitori Holdings Co., Ltd. | 9,500 | 797,241 |
Shimano, Inc. | 6,400 | 1,001,376 |
Shionogi & Co., Ltd. | 28,000 | 1,352,235 |
Shiseido Co., Ltd. | 26,700 | 935,760 |
Sysmex Corp. | 15,800 | 844,292 |
Unicharm Corp. | 43,200 | 1,417,170 |
Total Japan | 12,358,060 | |
Mexico | 0.5% | ||
Fomento Economico Mexicano, SAB de CV ADR | 6,050 | 379,638 |
Total Mexico | 379,638 | |
Netherlands | 2.3% | ||
Adyen NV (a) | 1,291 | 1,610,085 |
Total Netherlands | 1,610,085 | |
Republic of South Korea | 1.1% | ||
Samsung Electronics Co., Ltd. GDR | 866 | 787,326 |
Total Republic of South Korea | 787,326 | |
Russia | 0.0% | ||
LUKOIL PJSC ADR | 6,253 | 0 |
Yandex NV, Class A (a) | 4,239 | 0 |
Total Russia | 0 | |
Singapore | 4.0% | ||
DBS Group Holdings Ltd. | 121,915 | 2,820,303 |
Total Singapore | 2,820,303 |
32
Portfolio of Investments | International Equity Fund | September 30, 2022 | (Unaudited) |
(Continued)
Common Stocks | 97.0% of portfolio (Continued) | ||
Shares | Value | |
Spain | 1.9% | ||
Banco Bilboa Vizcaya Argentaria SA | 307,413 | $1,379,007 |
Total Spain | 1,379,007 | |
Sweden | 9.1% | ||
Alfa Laval AB | 49,106 | 1,217,681 |
Atlas Copco AB, Class A | 260,721 | 2,423,234 |
Epiroc AB, Class A | 74,699 | 1,068,606 |
Skandinaviska Enskilda Banken AB, Class A | 185,530 | 1,768,241 |
Total Sweden | 6,477,762 | |
Switzerland | 11.9% | ||
Alcon Inc. | 22,943 | 1,334,824 |
Lonza Group AG REG | 3,813 | 1,856,515 |
Nestlé SA ADR | 12,908 | 1,396,095 |
Roche Holding AG REG | 9,120 | 2,968,857 |
Sonova Holding AG REG | 4,214 | 927,336 |
Total Switzerland | 8,483,627 | |
Taiwan | 0.8% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7,996 | 548,206 |
Total Taiwan | 548,206 |
Common Stocks | 97.0% of portfolio (Continued) | ||
Shares | Value | |
United States of America | 1.8% | ||
Linde PLC | 4,602 | $1,245,911 |
Total United States of America | 1,245,911 | |
Total Common Stocks | ||
(Cost $67,497,755) | 68,909,397 | |
Money Market Fund | 3.0% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.94% (b) | 2,105,617 | 2,105,617 |
Total Money Market Fund | ||
(Cost $2,105,617) | 2,105,617 | |
Total Investments in Securities | ||
(Cost $69,603,372) | 100.0% | $71,015,014 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2022. |
ADR - American Depositary Receipt
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 September 30, 2022, the cost of investment securities for tax purposes was $69,658,227. Net unrealized appreciation of investment securities was $1,356,787 consisting of unrealized gains of $10,027,091 and unrealized losses of $8,670,304.
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;
33
Portfolio of Investments | International Equity Fund | September 30, 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 | $11,048,181 | $57,861,216 | $ — | $68,909,397 |
Money Market Fund | 2,105,617 | — | — | 2,105,617 |
Total | $13,153,798 | $57,861,216 | $ — | $71,015,014 |
34
Portfolio of Investments
Small-Company Stock Fund | September 30, 2022 | (Unaudited)
Common Stocks | 98.1% of portfolio | ||
Shares | Value | |
Communication Services | 1.9% | ||
Interactive Media & Services | ||
Ziff Davis, Inc. (a) | 62,726 | $4,295,476 |
Total Communication Services | 4,295,476 | |
Consumer Discretionary | 8.4% | ||
Hotels, Restaurants & Leisure | ||
Hilton Grand Vacations Inc. (a) | 65,900 | 2,167,451 |
Household Durables | ||
MDC Holdings, Inc. | 111,288 | 3,051,517 |
Leisure Products | ||
Malibu Boats, Inc., Class A (a) | 77,300 | 3,709,627 |
Topgolf Callaway Brands Corp. (a) | 181,651 | 3,498,598 |
Specialty Retail | ||
ARKO Corp. (a) | 455,000 | 4,272,450 |
Textiles, Apparel & Luxury Goods | ||
Carter's, Inc. | 31,851 | 2,087,196 |
Total Consumer Discretionary | 18,786,839 | |
Energy | 0.7% | ||
Oil, Gas & Consumable Fuels | ||
Northern Oil and Gas, Inc. | 59,900 | 1,641,859 |
Total Energy | 1,641,859 | |
Financials | 20.4% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 141,992 | 4,313,717 |
Cadence Bank | 145,250 | 3,690,803 |
Eastern Bankshares, Inc. | 335,300 | 6,585,292 |
FB Financial Corp. | 152,959 | 5,844,563 |
Glacier Bancorp, Inc. | 138,216 | 6,790,552 |
Live Oak Bancshares, Inc. | 59,900 | 1,832,940 |
Umpqua Holdings Corp. | 163,000 | 2,785,670 |
Capital Markets | ||
Virtu Financial, Inc., Class A | 104,243 | 2,165,127 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 130,383 | 5,929,819 |
Insurance | ||
Kinsale Capital Group, Inc. | 22,726 | 5,804,675 |
Total Financials | 45,743,158 | |
Health Care | 17.3% | ||
Biotechnology | ||
Twist Bioscience Corp. (a) | 61,977 | 2,184,070 |
Health Care Equipment & Supplies | ||
Enovis Corp. (a) | 61,576 | 2,836,806 |
Envista Holdings Corp. (a) | 100,700 | 3,303,967 |
Integer Holdings Corp. (a) | 76,970 | 4,789,843 |
NuVasive, Inc. (a) | 103,200 | 4,521,192 |
STAAR Surgical Co. (a) | 35,236 | 2,485,900 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 61,587 | 6,525,759 |
LHC Group, Inc. (a) | 19,828 | 3,245,050 |
Common Stocks | 98.1% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 17.3% (Continued) | ||
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 46,950 | $7,379,131 |
NanoString Technologies, Inc. (a) | 117,153 | 1,496,044 |
Total Health Care | 38,767,762 | |
Industrials | 23.0% | ||
Aerospace & Defense | ||
Maxar Technologies Inc. | 93,500 | 1,750,320 |
Triumph Group, Inc. (a) | 361,100 | 3,101,849 |
Building Products | ||
Hayward Holdings, Inc. (a) | 153,200 | 1,358,884 |
Construction & Engineering | ||
Comfort Systems USA, Inc. | 68,188 | 6,636,738 |
Dycom Industries, Inc. (a) | 25,900 | 2,474,227 |
Electrical Equipment | ||
Atkore Inc. (a) | 89,700 | 6,979,557 |
EnerSys | 36,035 | 2,096,156 |
Machinery | ||
ESAB Corp. | 57,176 | 1,907,392 |
Federal Signal Corp. | 186,594 | 6,963,688 |
John Bean Technologies Corp. | 16,400 | 1,410,400 |
Professional Services | ||
CACI International Inc., Class A (a) | 8,371 | 2,185,333 |
Road & Rail | ||
Werner Enterprises, Inc. | 141,733 | 5,329,161 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 92,926 | 9,550,934 |
Total Industrials | 51,744,639 | |
Information Technology | 15.9% | ||
Electronic Equipment, Instruments & Components | ||
Advanced Energy Industries, Inc. | 63,162 | 4,889,370 |
Itron, Inc. (a) | 51,377 | 2,163,486 |
IT Services | ||
CSG Systems International, Inc. | 61,670 | 3,261,110 |
TaskUs, Inc., Class A (a) | 143,500 | 2,310,350 |
Semiconductors & Semiconductor Equipment | ||
Diodes Inc. (a) | 67,486 | 4,380,516 |
Software | ||
Altair Engineering Inc., Class A (a) | 101,177 | 4,474,047 |
Descartes Systems Group Inc. (The) (a) | 101,770 | 6,465,448 |
Model N, Inc. (a) | 134,900 | 4,617,627 |
Verint Systems Inc. (a) | 93,726 | 3,147,319 |
Total Information Technology | 35,709,273 | |
Materials | 6.5% | ||
Chemicals | ||
Avient Corp. | 170,627 | 5,169,998 |
35
Portfolio of Investments | Small-Company Stock Fund | September 30, 2022 | (Unaudited) |
(Continued)
Common Stocks | 98.1% of portfolio (Continued) | ||
Shares | Value | |
Materials | 6.5% (Continued) | ||
Ingevity Corp. | 43,641 | $2,645,954 |
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 284,768 | 6,823,041 |
Total Materials | 14,638,993 | |
Real Estate | 4.0% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Community Healthcare Trust Inc. | 78,900 | 2,583,975 |
Easterly Government Properties, Inc. | 229,311 | 3,616,234 |
Uniti Group Inc. | 390,700 | 2,715,365 |
Total Real Estate | 8,915,574 | |
Total Common Stocks | ||
(Cost $201,959,570) | 220,243,573 |
Money Market Fund | 1.9% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.94% (b) | 4,238,245 | $4,238,245 |
Total Money Market Fund | ||
(Cost $4,238,245) | 4,238,245 | |
Total Investments in Securities | ||
(Cost $206,197,815) | 100.0% | $224,481,818 |
(a) | Non-income producing. |
(b) | 7-day yield at September 30, 2022. |
At September 30, 2022, the cost of investment securities for tax purposes was $206,155,386. Net unrealized appreciation of investment securities was $18,326,432 consisting of unrealized gains of $43,375,109 and unrealized losses of $25,048,676.
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 | $220,243,573 | $ — | $ — | $220,243,573 |
Money Market Fund | 4,238,245 | — | — | 4,238,245 |
Total | $224,481,818 | $ — | $ — | $224,481,818 |
36