Fund Holdings
March 31, 2023
Our Funds
Daily Income Fund (HDIXX)
Short-Term Government Securities Fund (HOSGX)
Short-Term Bond Fund (HOSBX)
Intermediate Bond Fund (HOIBX)
Rural America Growth & Income Fund (HRRLX)
Stock Index Fund (HSTIX)
Value Fund (HOVLX)
Growth Fund (HNASX)
International Equity Fund (HISIX)
Small-Company Stock Fund (HSCSX)
Portfolio of Investments
Daily Income Fund | March 31, 2023 | (Unaudited)
U.S. Government & Agency Obligations | 89.9% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Farm Credit Bank | 4.86%(a) | 05/19/23 | $1,000,000 | $1,000,000 |
Federal Farm Credit Bank | 4.85(a) | 06/14/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.84(a) | 06/23/23 | 500,000 | 499,995 |
Federal Farm Credit Bank | 4.85(a) | 09/18/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.86(a) | 09/20/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 4.87(a) | 09/29/23 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 4.88(a) | 11/07/23 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.86(a) | 12/15/23 | 500,000 | 499,982 |
Federal Farm Credit Bank | 4.86(a) | 01/04/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.88(a) | 01/10/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.86(a) | 01/25/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.86(a) | 02/05/24 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 4.87(a) | 02/20/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.87(a) | 03/15/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.86(a) | 03/18/24 | 1,500,000 | 1,500,000 |
Federal Farm Credit Bank | 4.87(a) | 04/25/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 4.87(a) | 05/24/24 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 4.92(a) | 08/08/24 | 500,000 | 500,000 |
Federal Home Loan Bank | 4.66 | 04/10/23 | 600,000 | 599,303 |
Federal Home Loan Bank | 4.58 | 04/12/23 | 6,400,000 | 6,391,031 |
Federal Home Loan Bank | 4.56 | 04/19/23 | 16,000,000 | 15,963,600 |
Federal Home Loan Bank | 4.63 | 04/21/23 | 10,000,000 | 9,974,361 |
Federal Home Loan Bank | 4.75 | 05/08/23 | 705,000 | 701,572 |
Federal Home Loan Bank | 4.76 | 05/12/23 | 3,000,000 | 2,983,839 |
Federal Home Loan Bank | 4.81 | 07/14/23 | 2,000,000 | 1,972,845 |
Federal Home Loan Bank | 5.01 | 01/12/24 | 500,000 | 480,973 |
Federal Home Loan Bank | 5.02 | 02/09/24 | 3,000,000 | 2,874,923 |
U.S. Treasury Bill | 4.64 | 04/04/23 | 10,000,000 | 9,996,181 |
U.S. Treasury Bill | 4.72 | 04/11/23 | 20,000,000 | 19,974,286 |
U.S. Treasury Bill | 4.74 | 04/17/23 | 15,000,000 | 14,968,967 |
U.S. Treasury Bill | 4.69 | 04/18/23 | 9,000,000 | 8,982,065 |
U.S. Treasury Bill | 4.75 | 05/02/23 | 10,000,000 | 9,959,780 |
U.S. Treasury Bill | 4.71 | 05/04/23 | 4,000,000 | 3,983,152 |
U.S. Treasury Bill | 4.86 | 05/09/23 | 10,000,000 | 9,949,910 |
U.S. Treasury Bill | 4.71 | 05/11/23 | 5,000,000 | 4,974,500 |
U.S. Treasury Bill | 4.76 | 06/06/23 | 4,000,000 | 3,966,083 |
U.S. Treasury Bill | 4.89 | 06/08/23 | 5,000,000 | 4,954,997 |
U.S. Treasury Bill | 4.84 | 06/13/23 | 4,000,000 | 3,961,878 |
U.S. Treasury Bill | 4.80 | 06/29/23 | 2,000,000 | 1,976,885 |
U.S. Treasury Bill | 3.03 | 07/13/23 | 1,000,000 | 991,643 |
U.S. Treasury Bill | 4.13 | 10/05/23 | 1,000,000 | 978,442 |
U.S. Treasury Bill | 4.88 | 01/25/24 | 500,000 | 480,712 |
U.S. Treasury Note | 4.76(a) | 04/30/23 | 4,100,000 | 4,100,015 |
U.S. Treasury Note | 4.76(a) | 07/31/23 | 3,500,000 | 3,500,010 |
U.S. Treasury Note | 4.77(a) | 10/31/23 | 5,500,000 | 5,500,056 |
U.S. Treasury Note | 4.72(a) | 01/31/24 | 500,000 | 499,928 |
U.S. Treasury Note | 0.88 | 01/31/24 | 1,000,000 | 968,599 |
U.S. Treasury Note | 4.66(a) | 04/30/24 | 3,000,000 | 2,997,783 |
U.S. Treasury Note | 4.77(a) | 07/31/24 | 4,500,000 | 4,496,905 |
U.S. Treasury Note | 4.87(a) | 10/31/24 | 2,500,000 | 2,497,833 |
U.S. Treasury Note | 4.93(a) | 01/31/25 | 4,750,000 | 4,748,519 |
Total U.S. Government & Agency Obligations | ||||
(Cost $183,851,553) | 183,851,553 |
1
Portfolio of Investments | Daily Income Fund | March 31, 2023 | (Unaudited) | (Continued)
Money Market Fund | 10.1% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund Premier Class | 4.70%(b) | 20,623,846 | $20,623,846 | |
Total Money Market Fund | ||||
(Cost $20,623,846) | 20,623,846 | |||
Total Investments in Securities | ||||
(Cost $204,475,399) | 100.0% | $204,475,399 |
(a) | Variable coupon rate as of March 31, 2023. |
(b) | 7-day yield at March 31, 2023. |
At March 31, 2023, the cost of investment securities for tax purposes was $204,475,399. 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 | $ — | $183,851,553 | $ — | $183,851,553 |
Money Market Fund | 20,623,846 | — | — | 20,623,846 |
Total | $20,623,846 | $183,851,553 | $ — | $204,475,399 |
2
Portfolio of Investments
Short-Term Government Securities Fund | March 31, 2023 | (Unaudited)
U.S. Government & Agency Obligations | 71.4% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Export-Import Bank of the U.S. | 1.90% | 07/12/24 | $475,364 | $465,412 |
Export-Import Bank of the U.S. | 1.73 | 09/18/24 | 1,164,823 | 1,133,378 |
Export-Import Bank of the U.S. | 1.58 | 11/16/24 | 83,375 | 80,925 |
Export-Import Bank of the U.S. | 2.54 | 07/13/25 | 117,359 | 114,468 |
Export-Import Bank of the U.S. | 2.63 | 04/29/26 | 145,833 | 141,217 |
Export-Import Bank of the U.S. | 2.33 | 01/14/27 | 179,999 | 173,411 |
Export-Import Bank of the U.S. | 2.37 | 03/19/27 | 494,102 | 479,532 |
Private Export Funding Corp. | 1.75 | 11/15/24 | 1,000,000 | 952,190 |
Tennessee Valley Authority | 3.88 | 03/15/28 | 200,000 | 200,054 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 46,000 | 46,082 |
U.S. International Development Finance Corp. | 2.22(a) | 01/24/25 | 2,000,000 | 2,056,450 |
U.S. International Development Finance Corp. | 1.27(a) | 06/21/25 | 1,000,000 | 958,499 |
U.S. International Development Finance Corp. | 0.00(b) | 07/17/25 | 1,000,000 | 925,975 |
U.S. International Development Finance Corp. | 0.00(b) | 01/17/26 | 700,000 | 706,459 |
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 892,857 | 809,409 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 1,608,382 | 1,505,977 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,608,382 | 1,440,523 |
U.S. International Development Finance Corp. | 1.24 | 08/15/31 | 1,378,378 | 1,219,102 |
U.S. Treasury Note | 4.63 | 02/28/25 | 8,752,000 | 8,837,127 |
U.S. Treasury Note | 4.63 | 03/15/26 | 17,729,000 | 18,133,443 |
U.S. Treasury Note | 3.88 | 11/30/27 | 385,000 | 389,000 |
U.S. Treasury Note | 0.75 | 01/31/28 | 5,533,000 | 4,832,730 |
U.S. Treasury Note | 4.00 | 02/29/28 | 2,084,000 | 2,121,610 |
Total U.S. Government & Agency Obligations | ||||
(Cost $48,672,296) | 47,722,973 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 18.9% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 47,623 | 46,330 |
Total Consumer Discretionary | 46,330 | |||
Energy | 7.6% | ||||
Petroleos Mexicanos | 2.38 | 04/15/25 | 405,250 | 394,367 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 520,500 | 502,239 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 1,622,400 | 1,542,965 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 2,090,526 | 1,982,493 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 656,842 | 628,288 |
Total Energy | 5,050,352 | |||
Financials | 11.2% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 1,402,517 | 1,348,906 |
Durrah MSN 35603 | 1.68 | 01/22/25 | 376,714 | 365,138 |
Export Lease Eleven Co. LLC | 5.08(c) | 07/30/25 | 47,152 | 46,979 |
HNA 2015 LLC | 2.29 | 06/30/27 | 206,119 | 199,040 |
HNA 2015 LLC | 2.37 | 09/18/27 | 122,287 | 118,160 |
KE Export Leasing 2013-A LLC | 5.21(c) | 02/25/25 | 1,242,812 | 1,238,649 |
Lulwa Ltd. | 1.89 | 02/15/25 | 751,041 | 724,829 |
Lulwa Ltd. | 1.83 | 03/26/25 | 237,255 | 229,093 |
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 1,150,803 | 1,118,323 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 314,513 | 304,580 |
Osprey Aircraft Leasing LLC | 2.21 | 06/21/25 | 84,267 | 81,500 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 397,315 | 383,300 |
Rimon LLC | 2.45 | 11/01/25 | 123,750 | 119,730 |
Salmon River Export LLC | 2.19 | 09/15/26 | 592,955 | 563,565 |
Sandalwood 2013 LLC | 2.84 | 07/10/25 | 187,041 | 182,671 |
3
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2023 |
(Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 18.9% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 11.2% (Continued) | ||||
Sandalwood 2013 LLC | 2.82% | 02/12/26 | $253,477 | $246,286 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 91,932 | 89,848 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 158,123 | 153,477 |
Total Financials | 7,514,074 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $13,135,664) | 12,610,756 | |||
Mortgage-Backed Securities | 3.7% of portfolio | ||||
GNMA 21-8 | 1.00 | 01/20/50 | 533,349 | 420,193 |
GNMA 23-22EA | 5.00 | 09/20/49 | 996,438 | 996,177 |
GNMA 23-22EC | 5.00 | 01/20/51 | 747,423 | 746,846 |
GNMA CK0445 | 4.00 | 02/15/52 | 363,942 | 346,032 |
Total Mortgage-Backed Securities | ||||
(Cost $2,609,875) | 2,509,248 | |||
Asset-Backed Securities | 3.4% of portfolio | ||||
American Credit Acceptance Receivables Trust 22-1A (d) | 0.99 | 12/15/25 | 16,012 | 15,971 |
Avant Loans Funding Trust 22-REV1 (d) | 6.54 | 09/15/31 | 150,000 | 149,148 |
Credit Acceptance Auto Loan Trust 20-3A (d) | 1.24 | 10/15/29 | 136,493 | 134,469 |
First Investors Auto Owner Trust 21-2A (d) | 0.48 | 03/15/27 | 61,623 | 59,690 |
GLS Auto Receivables Trust 21-3A (d) | 0.42 | 01/15/25 | 2,573 | 2,568 |
GLS Auto Receivables Trust 21-4 (d) | 0.84 | 07/15/25 | 43,056 | 42,561 |
Gracie Point International Fund 21-1 (d) | 5.32(c) | 11/01/23 | 189,953 | 189,841 |
LAD Auto Receivables Trust 21-1 (d) | 1.30 | 08/17/26 | 98,283 | 95,383 |
Oasis Securitisation 21-2A (d) | 2.14 | 10/15/33 | 105,961 | 104,169 |
Oasis Securitisation 22-2A (d) | 6.85 | 10/15/34 | 263,747 | 262,935 |
Oasis Securitisation 23-1A (d) | 7.00 | 02/15/35 | 245,473 | 244,877 |
PenFed Auto Receivables Owner Trust 22-A (d) | 3.83 | 12/16/24 | 233,985 | 232,599 |
Santander Drive Auto Receivables Trust 22-5 | 4.43 | 03/15/27 | 100,000 | 98,465 |
SBA Tower Trust (d) | 2.84 | 01/15/25 | 250,000 | 236,819 |
T-Mobile US Trust 22-1A (d) | 4.91 | 05/22/28 | 150,000 | 150,674 |
Upstart Securitization Trust 21-3 (d) | 0.83 | 07/20/31 | 28,397 | 27,938 |
Westgate Resorts 22-1A (d) | 2.29 | 08/20/36 | 205,680 | 194,314 |
Total Asset-Backed Securities | ||||
(Cost $2,282,890) | 2,242,421 |
Corporate Bonds–Other | 1.8% of portfolio | ||||
Financials | 1.3% | ||||
Bank of America Corp. | 4.83(c) | 07/22/26 | 200,000 | 197,668 |
J.P. Morgan Chase & Co. | 1.04(c) | 02/04/27 | 100,000 | 89,260 |
Metropolitan Life Global Funding I (d) | 5.00 | 01/06/26 | 150,000 | 150,881 |
Owl Rock Capital Corp. III (d) | 3.13 | 04/13/27 | 250,000 | 209,934 |
Owl Rock Core Income Corp. (d) | 3.13 | 09/23/26 | 250,000 | 216,883 |
Total Financials | 864,626 | |||
Information Technology | 0.3% | ||||
Amphenol Corp. | 4.75 | 03/30/26 | 200,000 | 200,786 |
Total Information Technology | 200,786 |
4
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2023 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 1.8% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Utilities | 0.2% | ||||
Metropolitan Edison Co. (d) | 5.20% | 04/01/28 | $150,000 | $151,522 |
Total Utilities | 151,522 | |||
Total Corporate Bonds–Other | ||||
(Cost $1,297,667) | 1,216,934 | |||
Money Market Fund | 0.8% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 4.70(e) | 515,077 | 515,077 | |
Total Money Market Fund | ||||
(Cost $515,077) | 515,077 | |||
Total Investments in Securities | ||||
(Cost $68,513,469) | 100.0% | $66,817,409 |
(a) | Interest is paid at maturity. |
(b) | Zero coupon rate, purchased at a discount. |
(c) | Variable coupon rate as of March 31, 2023. |
(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 $2,873,176 and represents 4.3% of total investments. |
(e) | 7-day yield at March 31, 2023. |
LLC -Limited Liability Company
At March 31, 2023, the cost of investment securities for tax purposes was $68,513,785. Net unrealized depreciation of investment securities was $1,696,376 consisting of unrealized gains of $223,952 and unrealized losses of $1,920,328.
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 | March 31, 2023 |
(Unaudited) | (Continued)
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $47,722,973 | $ — | $47,722,973 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 12,610,756 | — | 12,610,756 |
Mortgage-Backed Securities | — | 2,509,248 | — | 2,509,248 |
Asset-Backed Securities | — | 2,242,421 | — | 2,242,421 |
Corporate Bonds–Other | — | 1,216,934 | — | 1,216,934 |
Money Market Fund | 515,077 | — | — | 515,077 |
Total | $515,077 | $66,302,332 | $ — | $66,817,409 |
6
Portfolio of Investments
Short-Term Bond Fund | March 31, 2023 | (Unaudited)
U.S. Government & Agency Obligations | 43.0% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Tennessee Valley Authority | 3.88% | 03/15/28 | $1,010,000 | $1,010,272 |
U.S. International Development Finance Corp. | 0.67(a) | 04/23/29 | 1,230,000 | 1,150,424 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 679,541 | 636,275 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 977,092 | 875,118 |
U.S. Treasury Note | 4.63 | 02/28/25 | 50,645,000 | 51,137,602 |
U.S. Treasury Note | 4.63 | 03/15/26 | 106,411,000 | 108,838,502 |
U.S. Treasury Note | 3.88 | 11/30/27 | 23,412,000 | 23,655,265 |
U.S. Treasury Note | 4.00 | 02/29/28 | 17,595,000 | 17,912,535 |
Total U.S. Government & Agency Obligations | ||||
(Cost $204,287,186) | 205,215,993 |
Corporate Bonds–Other | 30.7% of portfolio | ||||
Communication Services | 0.5% | ||||
Magallanes, Inc. (b) | 3.76 | 03/15/27 | 1,355,000 | 1,276,042 |
Sprint Spectrum Co. LLC (b) | 4.74 | 03/20/25 | 1,000,000 | 992,388 |
Total Communication Services | 2,268,430 | |||
Consumer Discretionary | 2.5% | ||||
Daimler Trucks Financial N.A. LLC (b) | 1.63 | 12/13/24 | 1,500,000 | 1,419,516 |
Daimler Trucks Financial N.A. LLC (b) | 5.20 | 01/17/25 | 500,000 | 500,810 |
Daimler Trucks Financial N.A. LLC (b) | 3.50 | 04/07/25 | 1,255,000 | 1,216,703 |
Daimler Trucks Financial N.A. LLC (b) | 5.15 | 01/16/26 | 1,000,000 | 1,004,057 |
Hyundai Capital America (b) | 5.50 | 03/30/26 | 1,365,000 | 1,367,056 |
Hyundai Capital America (b) | 5.60 | 03/30/28 | 1,035,000 | 1,037,057 |
Lowe`s Companies, Inc. | 4.80 | 04/01/26 | 500,000 | 502,854 |
Marriott International Inc. | 4.90 | 04/15/29 | 500,000 | 495,619 |
Mercedes-Benz Finance North America LLC (b) | 4.95 | 03/30/25 | 2,060,000 | 2,061,525 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 2,662,986 | 2,489,078 |
Total Consumer Discretionary | 12,094,275 | |||
Consumer Staples | 1.9% | ||||
7-Eleven, Inc. (b) | 0.80 | 02/10/24 | 1,090,000 | 1,043,697 |
7-Eleven, Inc. (b) | 0.95 | 02/10/26 | 800,000 | 719,289 |
Kenvue Inc. (b) | 5.50 | 03/22/25 | 465,000 | 472,687 |
Kenvue Inc. (b) | 5.35 | 03/22/26 | 370,000 | 379,656 |
Kenvue Inc. (b) | 5.05 | 03/22/28 | 465,000 | 480,575 |
Nestle Holdings Inc. (b) | 5.25 | 03/13/26 | 1,250,000 | 1,282,643 |
Philip Morris International Inc. | 5.13 | 11/15/24 | 1,150,000 | 1,157,387 |
Philip Morris International Inc. | 5.00 | 11/17/25 | 460,000 | 463,499 |
Philip Morris International Inc. | 4.88 | 02/13/26 | 1,150,000 | 1,158,424 |
Philip Morris International Inc. | 5.13 | 11/17/27 | 805,000 | 823,764 |
Philip Morris International Inc. | 4.88 | 02/15/28 | 1,060,000 | 1,069,839 |
Total Consumer Staples | 9,051,460 | |||
Energy | 3.4% | ||||
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 2,000,000 | 2,001,520 |
Energy Transfer Operating LP | 2.90 | 05/15/25 | 2,900,000 | 2,763,678 |
Enterprise Products Operating LLC | 3.70 | 02/15/26 | 950,000 | 927,589 |
Midwest Connector Capital Co. LLC (b) | 3.90 | 04/01/24 | 3,270,000 | 3,212,644 |
Phillips 66 Co. | 1.30 | 02/15/26 | 1,500,000 | 1,358,210 |
Phillips 66 Co. | 4.95 | 12/01/27 | 1,780,000 | 1,787,913 |
Pioneer Natural Resources Co. | 1.13 | 01/15/26 | 1,023,000 | 929,678 |
Targa Resources Corp. | 5.20 | 07/01/27 | 1,670,000 | 1,656,036 |
7
Portfolio of Investments | Short-Term Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 30.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 3.4% (Continued) | ||||
Williams Companies, Inc. (The) | 5.40% | 03/02/26 | $1,340,000 | $1,365,137 |
Total Energy | 16,002,405 | |||
Financials | 14.1% | ||||
Antares Holdings LP | 3.95 | 07/15/26 | 335,000 | 290,629 |
Antares Holdings LP | 2.75 | 01/15/27 | 1,000,000 | 814,493 |
Bank of America Corp. | 2.46(c) | 10/22/25 | 2,200,000 | 2,094,293 |
Bank of America Corp. | 2.02(c) | 02/13/26 | 2,100,000 | 1,967,492 |
Bank of America Corp. | 1.32(c) | 06/19/26 | 2,100,000 | 1,919,630 |
Bank of America Corp. | 4.83(c) | 07/22/26 | 2,770,000 | 2,737,699 |
Bank of America Corp. | 1.20(c) | 10/24/26 | 920,000 | 826,236 |
Bank of America Corp. | 4.95(c) | 07/22/28 | 1,955,000 | 1,943,807 |
Bank of America Corp. | 6.20(c) | 11/10/28 | 565,000 | 590,641 |
Citigroup Inc. | 7.00 | 12/01/25 | 2,000,000 | 2,078,514 |
CNO Global Funding (b) | 1.65 | 01/06/25 | 1,125,000 | 1,052,598 |
F&G Global Funding (b) | 1.75 | 06/30/26 | 2,500,000 | 2,247,823 |
Fidus Investment Corp. | 4.75 | 01/31/26 | 304,000 | 279,836 |
Fidus Investment Corp. | 3.50 | 11/15/26 | 943,000 | 809,913 |
GA Global Funding Trust (b) | 0.80 | 09/13/24 | 920,000 | 856,801 |
GA Global Funding Trust (b) | 3.85 | 04/11/25 | 1,715,000 | 1,660,819 |
GA Global Funding Trust (b) | 2.25 | 01/06/27 | 2,370,000 | 2,067,661 |
Goldman Sachs Group, Inc. | 5.70 | 11/01/24 | 1,070,000 | 1,077,582 |
Goldman Sachs Group, Inc. | 2.64(c) | 02/24/28 | 930,000 | 848,284 |
Goldman Sachs Group, Inc. | 3.62(c) | 03/15/28 | 572,000 | 541,091 |
J.P. Morgan Chase & Co. | 4.02(c) | 12/05/24 | 1,225,000 | 1,213,052 |
J.P. Morgan Chase & Co. | 2.30(c) | 10/15/25 | 2,130,000 | 2,036,775 |
J.P. Morgan Chase & Co. | 2.08(c) | 04/22/26 | 2,055,000 | 1,922,929 |
J.P. Morgan Chase & Co. | 4.08(c) | 04/26/26 | 700,000 | 687,250 |
J.P. Morgan Chase & Co. | 1.04(c) | 02/04/27 | 910,000 | 812,268 |
J.P. Morgan Chase & Co. | 4.85(c) | 07/25/28 | 890,000 | 888,407 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 1,154,000 | 1,005,978 |
Mastercard Inc. | 4.88 | 03/09/28 | 500,000 | 515,419 |
Metropolitan Life Global Funding I (b) | 5.00 | 01/06/26 | 1,245,000 | 1,252,310 |
Morgan Stanley | 3.74(c) | 04/24/24 | 1,020,000 | 1,018,187 |
Morgan Stanley | 2.19(c) | 04/28/26 | 425,000 | 398,760 |
Morgan Stanley | 4.68(c) | 07/17/26 | 1,190,000 | 1,174,318 |
Morgan Stanley | 1.51(c) | 07/20/27 | 865,000 | 768,703 |
Owl Rock Capital Corp. III (b) | 3.13 | 04/13/27 | 2,320,000 | 1,948,182 |
Owl Rock Core Income Corp. (b) | 3.13 | 09/23/26 | 3,290,000 | 2,854,185 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 1,415,000 | 1,173,006 |
Santander Holdings USA, Inc. | 2.49(c) | 01/06/28 | 1,000,000 | 864,585 |
Santander Holdings USA, Inc. | 6.50(c) | 03/09/29 | 460,000 | 459,576 |
SCE Recovery Funding LLC | 0.86 | 11/15/31 | 1,633,023 | 1,389,653 |
Security Benefit Global Funding (b) | 1.25 | 05/17/24 | 4,000,000 | 3,793,262 |
UnitedHealth Group Inc. | 4.25 | 01/15/29 | 1,855,000 | 1,841,307 |
Volkswagen Group of America Finance LLC (b) | 1.25 | 11/24/25 | 3,025,000 | 2,752,103 |
Wells Fargo & Co. | 2.16(c) | 02/11/26 | 3,270,000 | 3,075,954 |
Wells Fargo & Co. | 3.91(c) | 04/25/26 | 1,900,000 | 1,844,169 |
Wells Fargo & Co. | 2.19(c) | 04/30/26 | 2,120,000 | 1,986,778 |
Wells Fargo & Co. | 3.53(c) | 03/24/28 | 915,000 | 863,293 |
Wells Fargo & Co. | 4.81(c) | 07/25/28 | 2,140,000 | 2,113,172 |
Total Financials | 67,359,423 | |||
Health Care | 0.8% | ||||
Baylor Scott & White Holdings | 0.83 | 11/15/25 | 1,000,000 | 904,781 |
8
Portfolio of Investments | Short-Term Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 30.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Health Care | 0.8% (Continued) | ||||
GE Healthcare Technologies Inc. (b) | 5.55% | 11/15/24 | $915,000 | $920,420 |
GE Healthcare Technologies Inc. (b) | 5.65 | 11/15/27 | 975,000 | 1,007,780 |
Medtronic Global Holdings SCA | 4.25 | 03/30/28 | 925,000 | 923,526 |
Total Health Care | 3,756,507 | |||
Industrials | 1.5% | ||||
American Airlines Group Inc. | 3.60 | 03/22/29 | 2,005,203 | 1,836,716 |
American Airlines Group Inc. | 3.95 | 01/11/32 | 955,000 | 838,024 |
BNSF Railway Co. (b) | 3.44 | 06/16/28 | 788,973 | 754,843 |
Boeing Co. (The) | 2.20 | 02/04/26 | 1,900,000 | 1,762,892 |
Delta Air Lines, Inc. (b) | 7.00 | 05/01/25 | 965,000 | 989,243 |
Regal Rexnord Corp. (b) | 6.05 | 02/15/26 | 370,000 | 371,622 |
Regal Rexnord Corp. (b) | 6.05 | 04/15/28 | 460,000 | 460,205 |
Total Industrials | 7,013,545 | |||
Information Technology | 0.3% | ||||
Amphenol Corp. | 4.75 | 03/30/26 | 935,000 | 938,675 |
Avnet Inc. | 6.25 | 03/15/28 | 610,000 | 620,906 |
Total Information Technology | 1,559,581 | |||
Materials | 1.8% | ||||
Celanese US Holdings LLC | 6.05 | 03/15/25 | 5,321,000 | 5,351,541 |
Celanese US Holdings LLC | 6.17 | 07/15/27 | 1,330,000 | 1,337,587 |
Sealed Air Corp. (b) | 1.57 | 10/15/26 | 2,200,000 | 1,923,384 |
Total Materials | 8,612,512 | |||
Real Estate | 0.4% | ||||
Extra Space Storage LP | 5.70 | 04/01/28 | 460,000 | 463,119 |
VICI Properties LP (b) | 3.50 | 02/15/25 | 1,600,000 | 1,516,342 |
Total Real Estate | 1,979,461 | |||
Utilities | 3.5% | ||||
Consolidated Edison Co. of New York, Inc. | 3.30 | 12/01/24 | 727,000 | 706,775 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 1,445,000 | 1,412,697 |
Exelon Corp. | 5.15 | 03/15/28 | 830,000 | 844,455 |
Florida Power & Light Co. | 5.05 | 04/01/28 | 625,000 | 645,791 |
Metropolitan Edison Co. (b) | 4.00 | 04/15/25 | 4,250,000 | 4,050,774 |
Metropolitan Edison Co. (b) | 5.20 | 04/01/28 | 1,330,000 | 1,343,493 |
Pacific Gas and Electric Co. | 3.75 | 02/15/24 | 3,500,000 | 3,434,844 |
Southern California Edison Co. | 1.10 | 04/01/24 | 1,850,000 | 1,778,265 |
Southern California Edison Co. | 1.20 | 02/01/26 | 2,065,000 | 1,858,606 |
Southern California Edison Co. | 5.30 | 03/01/28 | 440,000 | 451,038 |
Total Utilities | 16,526,738 | |||
Total Corporate Bonds–Other | ||||
(Cost $153,353,413) | 146,224,337 |
Asset-Backed Securities | 10.5% of portfolio | ||||
American Credit Acceptance Receivables Trust 21-4B (b) | 0.86 | 02/13/26 | 534,549 | 532,955 |
American Credit Acceptance Receivables Trust 22-1A (b) | 0.99 | 12/15/25 | 122,649 | 122,340 |
Avant Credit Card Master Trust 21-1A (b) | 1.37 | 04/15/27 | 2,500,000 | 2,326,141 |
Avant Loans Funding Trust 22-REV1 (b) | 6.54 | 09/15/31 | 3,300,000 | 3,281,268 |
CNH Equipment Trust 22-A | 2.39 | 08/15/25 | 230,297 | 226,243 |
9
Portfolio of Investments | Short-Term Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Asset-Backed Securities | 10.5% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Colony American Finance Ltd. 21-2 (b) | 1.41% | 07/15/54 | $754,171 | $654,957 |
CoreVest American Finance 20-4 (b) | 1.17 | 12/15/52 | 744,437 | 672,368 |
CoreVest American Finance 21-1 (b) | 1.57 | 04/15/53 | 1,140,595 | 1,014,653 |
CoreVest American Finance 21-3 (b) | 2.49 | 10/15/54 | 2,480,000 | 2,197,904 |
CPS Auto Trust 21-B (b) | 0.81 | 12/15/25 | 133,519 | 133,212 |
Credit Acceptance Auto Loan Trust 20-2A (b) | 1.37 | 07/16/29 | 165,168 | 164,428 |
Credit Acceptance Auto Loan Trust 20-3A (b) | 1.24 | 10/15/29 | 1,364,927 | 1,344,690 |
Credit Acceptance Auto Loan Trust 21-2A (b) | 0.96 | 02/15/30 | 1,576,460 | 1,532,660 |
Credito Real USA Auto Receivables Trust 21-1 (b) | 1.35 | 02/16/27 | 479,433 | 471,064 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 190,115 | 185,475 |
FIC Funding 21-1 (b) | 1.13 | 04/15/33 | 332,091 | 323,003 |
First Investors Auto Owner Trust 21-2A (b) | 0.48 | 03/15/27 | 754,887 | 731,199 |
Firstkey Homes Trust 22-SFR2 (b) | 4.25 | 07/17/39 | 969,517 | 928,390 |
Flagship Credit Auto Trust 21-3 (b) | 0.36 | 07/15/27 | 1,328,724 | 1,292,431 |
Foursight Capital Automobile Receivables Trust 22-1A (b) | 1.15 | 09/15/25 | 237,901 | 234,800 |
FRTKL 21-SFR1 (b) | 1.57 | 09/17/38 | 970,000 | 855,656 |
GLS Auto Receivables Trust 21-3A (b) | 0.42 | 01/15/25 | 34,648 | 34,578 |
GLS Auto Receivables Trust 21-4 (b) | 0.84 | 07/15/25 | 599,561 | 592,670 |
Gracie Point International Fund 21-1 (b) | 5.32(c) | 11/01/23 | 1,373,932 | 1,373,124 |
Gracie Point International Fund 22-1 (b) | 6.56(c) | 04/01/24 | 1,478,320 | 1,472,059 |
John Deere Owner Trust 23-A | 5.01 | 11/15/27 | 900,000 | 910,089 |
LAD Auto Receivables Trust 21-1 (b) | 1.30 | 08/17/26 | 596,250 | 578,657 |
Longtrain Leasing III LLC 2015-1 (b) | 2.98 | 01/15/45 | 265,577 | 256,921 |
Marlette Funding Trust 22-2 (b) | 4.25 | 08/15/32 | 619,670 | 611,815 |
NP SPE II LLC 17-1 (b) | 3.37 | 10/21/47 | 274,815 | 259,849 |
Oasis Securitisation 21-2A (b) | 2.14 | 10/15/33 | 895,370 | 880,228 |
Oasis Securitisation 22-1A (b) | 4.75 | 05/15/34 | 475,304 | 468,118 |
Oasis Securitisation 22-2A (b) | 6.85 | 10/15/34 | 1,885,015 | 1,879,212 |
Oasis Securitisation 23-1A (b) | 7.00 | 02/15/35 | 1,698,676 | 1,694,549 |
Oportun Funding 21-A (b) | 1.21 | 03/08/28 | 1,070,000 | 1,012,952 |
Oportun Funding 21-B (b) | 1.47 | 05/08/31 | 2,225,000 | 2,008,692 |
PenFed Auto Receivables Owner Trust 22-A (b) | 3.83 | 12/16/24 | 2,601,910 | 2,586,500 |
Progress Residential Trust 21-SFR8 (b) | 1.51 | 10/17/38 | 1,317,024 | 1,152,952 |
Progress Residential Trust 22-SFR3 (b) | 3.20 | 04/17/39 | 922,636 | 851,116 |
Santander Drive Auto Receivables Trust 22-5 | 4.43 | 03/15/27 | 1,260,000 | 1,240,662 |
SBA Tower Trust (b) | 2.84 | 01/15/25 | 4,765,000 | 4,513,763 |
SBA Tower Trust (b) | 1.88 | 01/15/26 | 1,450,000 | 1,309,969 |
SBA Tower Trust (b) | 1.63 | 11/15/26 | 195,000 | 170,772 |
SBA Tower Trust (b) | 6.60 | 01/15/28 | 775,000 | 817,931 |
SVC ABS LLC 23-1A (b) | 5.15 | 02/20/53 | 459,808 | 453,232 |
T-Mobile US Trust 22-1A (b) | 4.91 | 05/22/28 | 1,780,000 | 1,787,993 |
Upstart Securitization Trust 21-3 (b) | 0.83 | 07/20/31 | 187,646 | 184,607 |
Upstart Securitization Trust 21-4 (b) | 0.84 | 09/20/31 | 431,605 | 421,279 |
Westgate Resorts 20-1A (b) | 3.96 | 03/20/34 | 496,374 | 486,369 |
Westgate Resorts 22-1A (b) | 2.29 | 08/20/36 | 959,842 | 906,797 |
Total Asset-Backed Securities | ||||
(Cost $52,224,348) | 50,143,292 |
Yankee Bonds | 8.9% of portfolio | ||||
Avolon Holdings Funding Ltd. (b) | 5.50 | 01/15/26 | 1,225,000 | 1,199,316 |
Avolon Holdings Funding Ltd. (b) | 2.75 | 02/21/28 | 607,000 | 506,644 |
Bank of Montreal | 4.34(c) | 10/05/28 | 1,300,000 | 1,282,583 |
Barclays PLC | 7.33(c) | 11/02/26 | 1,410,000 | 1,443,959 |
BHP Billiton Finance (USA) Ltd. | 4.88 | 02/27/26 | 2,010,000 | 2,023,549 |
BHP Billiton Finance (USA) Ltd. | 4.75 | 02/28/28 | 985,000 | 996,922 |
BNP Paribas (b) | 1.32(c) | 01/13/27 | 700,000 | 618,807 |
BPCE SA (b) | 5.98(c) | 01/18/27 | 610,000 | 608,421 |
10
Portfolio of Investments | Short-Term Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Yankee Bonds | 8.9% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Delta and SkyMiles IP Ltd. (b) | 4.50% | 10/20/25 | $714,996 | $702,978 |
Delta and SkyMiles IP Ltd. (b) | 4.75 | 10/20/28 | 2,000,000 | 1,929,024 |
Deutsche Bank AG | 1.69 | 03/19/26 | 295,000 | 257,873 |
JBS Finance Luxembourg SARL (b) | 2.50 | 01/15/27 | 3,364,000 | 2,987,232 |
Korea National Oil Corp. (b) | 4.75 | 04/03/26 | 500,000 | 496,900 |
Lloyds Banking Group PLC | 4.72(c) | 08/11/26 | 750,000 | 730,097 |
Macquarie Group Ltd. (b) | 1.34(c) | 01/12/27 | 2,500,000 | 2,230,763 |
Mitsubishi UFJ Financial Group Inc. | 3.85 | 03/01/26 | 1,400,000 | 1,343,093 |
Mizuho Financial Group Inc. (b) | 3.48 | 04/12/26 | 750,000 | 714,141 |
Nationwide Building Society (b) | 2.97(c) | 02/16/28 | 1,500,000 | 1,350,748 |
Natwest Group PLC | 5.85(c) | 03/02/27 | 765,000 | 766,952 |
Nissan Motor Co., Ltd. (b) | 1.85 | 09/16/26 | 2,000,000 | 1,730,960 |
Nutrien Ltd. | 4.90 | 03/27/28 | 925,000 | 924,729 |
Royal Bank of Canada | 4.88 | 01/12/26 | 1,000,000 | 1,001,882 |
Santander UK Group Holdings PLC | 6.83(c) | 11/21/26 | 460,000 | 465,924 |
Santander UK Group Holdings PLC | 6.53(c) | 01/10/29 | 1,005,000 | 1,021,779 |
Saudi Arabian Oil Co. (b) | 1.63 | 11/24/25 | 500,000 | 462,576 |
Societe Generale SA (b) | 6.45(c) | 01/12/27 | 1,375,000 | 1,374,085 |
Sumitomo Mitsui Financial Group Inc. | 5.46 | 01/13/26 | 1,810,000 | 1,827,401 |
Syngenta Finance NV (b) | 4.44 | 04/24/23 | 400,000 | 399,521 |
Tencent Music Entertainment Group | 1.38 | 09/03/25 | 1,260,000 | 1,149,916 |
Toronto-Dominion Bank (The) | 1.20 | 06/03/26 | 1,200,000 | 1,069,257 |
TransCanada Pipelines Ltd. | 7.06 | 10/14/25 | 6,043,000 | 6,278,579 |
Triton Container International Ltd. (b) | 1.15 | 06/07/24 | 2,110,000 | 1,984,484 |
Var Energi ASA (b) | 7.50 | 01/15/28 | 595,000 | 615,998 |
Total Yankee Bonds | ||||
(Cost $44,340,845) | 42,497,093 | |||
Mortgage-Backed Securities | 2.0% of portfolio | ||||
FHLMC 780754 | 4.08(c) | 08/01/33 | 609 | 605 |
FNMA 813842 | 5.45(c) | 01/01/35 | 1,722 | 1,738 |
GNMA 21-8 | 1.00 | 01/20/50 | 2,013,567 | 1,586,368 |
GNMA 23-22EA | 5.00 | 09/20/49 | 3,805,236 | 3,804,238 |
GNMA 23-22EC | 5.00 | 01/20/51 | 1,848,626 | 1,847,200 |
GNMA CK0445 | 4.00 | 02/15/52 | 2,552,144 | 2,426,549 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 1 | 1 |
Total Mortgage-Backed Securities | ||||
(Cost $10,031,847) | 9,666,699 | |||
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 1.5% of portfolio | ||||
Energy | 1.3% | ||||
Petroleos Mexicanos | 5.14(c) | 04/15/25 | 5,276,250 | 5,264,321 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 131,700 | 127,080 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 950,842 | 901,705 |
Total Energy | 6,293,106 | |||
Financials | 0.2% | ||||
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 325,326 | 316,144 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 415,630 | 402,502 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 349,734 | 341,807 |
Total Financials | 1,060,453 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $7,453,856) | 7,353,559 |
11
Portfolio of Investments | Short-Term Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Municipal Bonds | 0.6% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Arizona | 0.4% | ||||
Glendale Arizona | 1.45% | 07/01/26 | $1,000,000 | $902,434 |
Glendale Arizona | 1.72 | 07/01/27 | 1,235,000 | 1,094,956 |
Total Arizona | 1,997,390 | |||
Texas | 0.2% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 800,000 | 746,591 |
Total Texas | 746,591 | |||
Total Municipal Bonds | ||||
(Cost $3,035,000) | 2,743,981 |
Money Market Fund | 2.8% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 4.70(d) | 13,362,542 | 13,362,542 | |
Total Money Market Fund | ||||
(Cost $13,362,542) | 13,362,542 | |||
Total Investments in Securities | ||||
(Cost $488,089,037) | 100.0% | $477,207,496 |
(a) | Interest is paid at maturity. |
(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 $119,783,616 and represents 25.1% of total investments. |
(c) | Variable coupon rate as of March 31, 2023. |
(d) | 7-day yield at March 31, 2023. |
LLC -Limited Liability Company
N.A. -North America
LP -Limited Partnership
SCA -Société en Commandite par Actions
ABS -Asset-Backed Security
PLC -Public Limited Company
SA -Sociedad Anonima or Societe Anonyme
AG -Aktiengesellschaft
SARL -Societe a Responsabilite Limitee
NV -Naamloze Vennottschap
ASA -Allmennaksjeselskap
FHLMC -Federal Home Loan Mortgage Corporation
At March 31, 2023, the cost of investment securities for tax purposes was $488,145,930. Net unrealized depreciation of investment securities was $10,938,434 consisting of unrealized gains of $1,911,273 and unrealized losses of $12,849,708.
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
12
Portfolio of Investments | Short-Term Bond Fund | March 31, 2023 | (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.
Short-Term Bond Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $205,215,993 | $ — | $205,215,993 |
Corporate Bonds–Other | — | 146,224,337 | — | 146,224,337 |
Asset-Backed Securities | — | 50,143,292 | — | 50,143,292 |
Yankee Bonds | — | 42,497,093 | — | 42,497,093 |
Mortgage-Backed Securities | — | 9,666,699 | — | 9,666,699 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 7,353,559 | — | 7,353,559 |
Municipal Bonds | — | 2,743,981 | — | 2,743,981 |
Money Market Fund | 13,362,542 | — | — | 13,362,542 |
Total | $13,362,542 | $463,844,954 | $ — | $477,207,496 |
13
Portfolio of Investments
Intermediate Bond Fund | March 31, 2023 | (Unaudited)
Corporate Bonds–Other | 27.7% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 0.9% | ||||
Magallanes, Inc. (a) | 4.05% | 03/15/29 | $190,000 | $176,725 |
Magallanes, Inc. (a) | 4.28 | 03/15/32 | 190,000 | 169,632 |
Magallanes, Inc. (a) | 5.05 | 03/15/42 | 285,000 | 238,384 |
Magallanes, Inc. (a) | 5.14 | 03/15/52 | 180,000 | 145,842 |
Magallanes, Inc. (a) | 5.39 | 03/15/62 | 190,000 | 153,580 |
Sprint Spectrum Co. LLC (a) | 4.74 | 03/20/25 | 225,000 | 223,287 |
T-Mobile US, Inc. | 3.00 | 02/15/41 | 200,000 | 148,263 |
Total Communication Services | 1,255,713 | |||
Consumer Discretionary | 2.2% | ||||
Block Financial Corp. | 2.50 | 07/15/28 | 145,000 | 124,976 |
Daimler Trucks Financial N.A. LLC (a) | 3.50 | 04/07/25 | 340,000 | 329,625 |
Expedia Group, Inc. | 4.63 | 08/01/27 | 330,000 | 323,420 |
General Motors Financial Co., Inc. | 4.35 | 01/17/27 | 150,000 | 145,377 |
Hyundai Capital America (a) | 5.50 | 03/30/26 | 380,000 | 380,572 |
Hyundai Capital America (a) | 5.60 | 03/30/28 | 290,000 | 290,576 |
Hyundai Capital America (a) | 5.80 | 04/01/30 | 490,000 | 494,234 |
Lowe`s Companies, Inc. | 5.85 | 04/01/63 | 205,000 | 207,921 |
Mercedes-Benz Finance North America LLC (a) | 4.80 | 03/30/26 | 325,000 | 325,198 |
Tractor Supply Co. | 1.75 | 11/01/30 | 100,000 | 79,568 |
US Airways 2013 1A PTT | 3.95 | 05/15/27 | 290,709 | 271,724 |
Total Consumer Discretionary | 2,973,191 | |||
Consumer Staples | 2.1% | ||||
7-Eleven Inc. (a) | 1.30 | 02/10/28 | 60,000 | 51,071 |
7-Eleven Inc. (a) | 1.80 | 02/10/31 | 60,000 | 47,538 |
7-Eleven Inc. (a) | 2.80 | 02/10/51 | 135,000 | 86,809 |
Brown-Forman Corp. | 4.75 | 04/15/33 | 195,000 | 197,234 |
Campbell Soup Co. | 2.38 | 04/24/30 | 250,000 | 214,637 |
JBS USA Finance, Inc. (a) | 3.00 | 02/02/29 | 335,000 | 285,370 |
JBS USA Finance, Inc. (a) | 4.38 | 02/02/52 | 530,000 | 383,018 |
Kellogg Co. | 5.25 | 03/01/33 | 215,000 | 220,612 |
Kenvue Inc. (a) | 4.90 | 03/22/33 | 105,000 | 108,484 |
Kenvue Inc. (a) | 5.10 | 03/22/43 | 105,000 | 108,338 |
Kenvue Inc. (a) | 5.20 | 03/22/63 | 85,000 | 88,068 |
Philip Morris International Inc. | 4.88 | 02/15/28 | 230,000 | 232,135 |
Philip Morris International Inc. | 5.13 | 02/15/30 | 260,000 | 263,336 |
Philip Morris International Inc. | 5.75 | 11/17/32 | 310,000 | 325,317 |
Smithfield Foods, Inc. (a) | 2.63 | 09/13/31 | 340,000 | 256,972 |
Total Consumer Staples | 2,868,939 | |||
Energy | 3.4% | ||||
BP Capital Markets America Inc. | 2.77 | 11/10/50 | 210,000 | 142,099 |
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 180,000 | 180,137 |
Cheniere Corpus Christi Holdings LLC | 3.70 | 11/15/29 | 39,000 | 35,898 |
Cheniere Corpus Christi Holdings LLC | 2.74 | 12/31/39 | 170,000 | 140,281 |
Energy Transfer Operating LP | 3.75 | 05/15/30 | 318,000 | 293,454 |
Energy Transfer Operating LP | 6.00 | 06/15/48 | 420,000 | 401,334 |
Entergy Arkansas, LLC | 5.15 | 01/15/33 | 205,000 | 210,547 |
Enterprise Products Operating LLC | 3.70 | 02/15/26 | 265,000 | 258,749 |
HF Sinclair Corp. | 2.63 | 10/01/23 | 60,000 | 59,046 |
Marathon Oil Corp. | 4.40 | 07/15/27 | 360,000 | 348,792 |
Midwest Connector Capital Co. LLC (a) | 3.90 | 04/01/24 | 85,000 | 83,509 |
Midwest Connector Capital Co. LLC (a) | 4.63 | 04/01/29 | 205,000 | 192,139 |
14
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 27.7% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Energy | 3.4% (Continued) | ||||
MPLX LP | 1.75% | 03/01/26 | $80,000 | $73,009 |
MPLX LP | 2.65 | 08/15/30 | 245,000 | 207,765 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 112,000 | 101,228 |
Phillips 66 | 2.15 | 12/15/30 | 260,000 | 214,556 |
Phillips 66 | 5.30 | 06/30/33 | 300,000 | 304,054 |
Pioneer Natural Resources Co. | 5.10 | 03/29/26 | 215,000 | 215,894 |
Pioneer Natural Resources Co. | 1.90 | 08/15/30 | 255,000 | 207,636 |
Targa Resources Corp. | 5.20 | 07/01/27 | 260,000 | 257,826 |
Targa Resources Corp. | 6.13 | 03/15/33 | 305,000 | 315,832 |
Targa Resources Corp. | 6.50 | 02/15/53 | 305,000 | 312,160 |
Total Energy | 4,555,945 | |||
Financials | 9.7% | ||||
Antares Holdings LP | 3.95 | 07/15/26 | 375,000 | 325,331 |
Athene Global Funding (a) | 2.95 | 11/12/26 | 120,000 | 107,439 |
Athene Holding Ltd. | 3.95 | 05/25/51 | 300,000 | 206,314 |
Bank of America Corp. | 4.83(b) | 07/22/26 | 740,000 | 731,371 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 200,000 | 179,617 |
Bank of America Corp. | 4.95(b) | 07/22/28 | 525,000 | 521,994 |
Bank of America Corp. | 6.20(b) | 11/10/28 | 150,000 | 156,807 |
Bank of America Corp. | 2.50(b) | 02/13/31 | 263,000 | 222,743 |
Bank of America Corp. | 5.02(b) | 07/22/33 | 445,000 | 440,073 |
CIT Group Inc. | 3.93(b) | 06/19/24 | 402,000 | 394,119 |
Citigroup Inc. | 2.57(b) | 06/03/31 | 870,000 | 734,027 |
Citigroup Inc. | 6.27(b) | 11/17/33 | 445,000 | 481,270 |
Fidus Investment Corp. | 3.50 | 11/15/26 | 166,000 | 142,572 |
GA Global Funding Trust (a) | 0.80 | 09/13/24 | 240,000 | 223,513 |
GA Global Funding Trust (a) | 3.85 | 04/11/25 | 460,000 | 445,468 |
Goldman Sachs Group, Inc. | 2.64(b) | 02/24/28 | 245,000 | 223,473 |
Goldman Sachs Group, Inc. | 3.62(b) | 03/15/28 | 153,000 | 144,732 |
Goldman Sachs Group, Inc. | 2.38(b) | 07/21/32 | 365,000 | 296,338 |
Goldman Sachs Group, Inc. | 2.91(b) | 07/21/42 | 230,000 | 164,589 |
Goldman Sachs Group, Inc. | 3.44(b) | 02/24/43 | 255,000 | 196,514 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 340,000 | 318,149 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 150,000 | 133,890 |
J.P. Morgan Chase & Co. | 4.91(b) | 07/25/33 | 185,000 | 183,880 |
Main Street Capital Corp. | 3.00 | 07/14/26 | 311,000 | 271,108 |
Mastercard Inc. | 4.85 | 03/09/33 | 95,000 | 98,588 |
Metropolitan Life Global Funding I (a) | 5.00 | 01/06/26 | 340,000 | 341,996 |
Metropolitan Life Global Funding I (a) | 5.15 | 03/28/33 | 180,000 | 181,456 |
Morgan Stanley | 1.51(b) | 07/20/27 | 200,000 | 177,735 |
Morgan Stanley | 1.79(b) | 02/13/32 | 510,000 | 400,381 |
Morgan Stanley | 4.89(b) | 07/20/33 | 170,000 | 167,096 |
Northern Trust Corp. | 6.13 | 11/02/32 | 265,000 | 282,522 |
Owl Rock Capital Corp. III (a) | 3.13 | 04/13/27 | 681,000 | 571,859 |
Owl Rock Core Income Corp. (a) | 3.13 | 09/23/26 | 843,000 | 731,331 |
Owl Rock Technology Finance Corp. | 3.75 | 06/17/26 | 150,000 | 132,474 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 366,000 | 303,407 |
Prudential Financial, Inc. | 5.70(b) | 09/15/48 | 75,000 | 69,937 |
Santander Holdings USA, Inc. | 2.49(b) | 01/06/28 | 298,000 | 257,646 |
Security Benefit Global Funding (a) | 1.25 | 05/17/24 | 300,000 | 284,495 |
UnitedHealth Group Inc. | 5.05 | 04/15/53 | 295,000 | 298,184 |
UnitedHealth Group Inc. | 5.20 | 04/15/63 | 315,000 | 318,932 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 210,000 | 196,803 |
Wells Fargo & Co. | 3.53(b) | 03/24/28 | 240,000 | 226,438 |
15
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 27.7% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 9.7% (Continued) | ||||
Wells Fargo & Co. | 2.39%(b) | 06/02/28 | $445,000 | $400,704 |
Wells Fargo & Co. | 2.57(b) | 02/11/31 | 200,000 | 169,488 |
Wells Fargo & Co. | 3.07(b) | 04/30/41 | 440,000 | 327,910 |
Total Financials | 13,184,713 | |||
Health Care | 0.9% | ||||
Amgen Inc. | 5.75 | 03/02/63 | 215,000 | 223,092 |
GE Healthcare Technologies Inc. (a) | 5.60 | 11/15/25 | 225,000 | 227,715 |
GE Healthcare Technologies Inc. (a) | 5.65 | 11/15/27 | 255,000 | 263,573 |
GE Healthcare Technologies Inc. (a) | 5.91 | 11/22/32 | 270,000 | 287,502 |
HCA Healthcare, Inc. | 3.50 | 07/15/51 | 228,000 | 157,418 |
Total Health Care | 1,159,300 | |||
Industrials | 1.4% | ||||
Ashtead Capital, Inc. (a) | 1.50 | 08/12/26 | 240,000 | 210,352 |
Ashtead Capital, Inc. (a) | 4.25 | 11/01/29 | 308,000 | 282,630 |
Ashtead Capital, Inc. (a) | 2.45 | 08/12/31 | 200,000 | 157,555 |
BNSF Railway Co. (a) | 3.44 | 06/16/28 | 358,951 | 343,422 |
Boeing Co. (The) | 2.20 | 02/04/26 | 350,000 | 324,743 |
Delta Air Lines, Inc. (a) | 7.00 | 05/01/25 | 250,000 | 256,281 |
Quanta Services, Inc. | 2.35 | 01/15/32 | 260,000 | 206,328 |
Triton International Ltd. | 3.25 | 03/15/32 | 175,000 | 138,071 |
Total Industrials | 1,919,382 | |||
Information Technology | 0.9% | ||||
Avnet Inc. | 6.25 | 03/15/28 | 170,000 | 173,039 |
Broadcom Cayman Finance Ltd. | 3.88 | 01/15/27 | 255,000 | 246,509 |
Qualcomm Inc. | 6.00 | 05/20/53 | 170,000 | 193,145 |
VMware, Inc. | 1.40 | 08/15/26 | 155,000 | 137,097 |
VMware, Inc. | 4.70 | 05/15/30 | 200,000 | 194,157 |
VMware, Inc. | 2.20 | 08/15/31 | 155,000 | 122,715 |
Western Digital Corp. | 2.85 | 02/01/29 | 175,000 | 142,177 |
Total Information Technology | 1,208,839 | |||
Materials | 1.5% | ||||
Air Products and Chemicals, Inc. | 4.80 | 03/03/33 | 295,000 | 303,171 |
Celanese US Holdings LLC | 6.05 | 03/15/25 | 515,000 | 517,956 |
Celanese US Holdings LLC | 6.17 | 07/15/27 | 360,000 | 362,053 |
Celanese US Holdings LLC | 6.33 | 07/15/29 | 260,000 | 262,863 |
Celanese US Holdings LLC | 6.38 | 07/15/32 | 175,000 | 177,395 |
Glencore Funding LLC (a) | 2.63 | 09/23/31 | 260,000 | 213,421 |
Glencore Funding LLC (a) | 3.38 | 09/23/51 | 170,000 | 118,176 |
Silgan Holdings Inc. (a) | 1.40 | 04/01/26 | 125,000 | 112,076 |
Total Materials | 2,067,111 | |||
Real Estate | 0.8% | ||||
American Tower Corp. | 5.50 | 03/15/28 | 205,000 | 209,004 |
Healthpeak OP, LLC | 5.25 | 12/15/32 | 125,000 | 125,364 |
Host Hotels & Resorts, LP | 4.50 | 02/01/26 | 150,000 | 145,412 |
Prologis, LP | 5.25 | 06/15/53 | 280,000 | 280,315 |
Realty Income Corp. | 4.85 | 03/15/30 | 200,000 | 197,035 |
16
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 27.7% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Real Estate | 0.8% (Continued) | ||||
VICI Properties LP | 4.75% | 02/15/28 | $180,000 | $170,623 |
Total Real Estate | 1,127,753 | |||
Utilities | 3.9% | ||||
Ameren Illinois Co. | 5.90 | 12/01/52 | 175,000 | 195,489 |
American Electric Power Co., Inc. | 5.63 | 03/01/33 | 505,000 | 522,360 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 325,000 | 317,735 |
Exelon Corp. | 5.15 | 03/15/28 | 235,000 | 239,092 |
Florida Power & Light Co. | 5.05 | 04/01/28 | 170,000 | 175,655 |
Indiana Michigan Power Co. | 5.63 | 04/01/53 | 215,000 | 223,867 |
Indianapolis Power & Light Co. (a) | 5.65 | 12/01/32 | 260,000 | 273,128 |
National Fuel Gas Co. | 5.50 | 01/15/26 | 80,000 | 79,982 |
Oklahoma Gas & Electric Co. | 5.60 | 04/01/53 | 107,000 | 109,930 |
Pacific Gas & Electric Co. | 4.25 | 08/01/23 | 644,000 | 640,181 |
Pacific Gas & Electric Co. | 3.00 | 06/15/28 | 225,000 | 199,721 |
Pacific Gas & Electric Co. | 4.55 | 07/01/30 | 130,000 | 121,822 |
Pacific Gas & Electric Co. | 4.25 | 03/15/46 | 770,000 | 567,625 |
Public Service Electric & Gas Co. | 4.65 | 03/15/33 | 105,000 | 105,452 |
Public Service Electric & Gas Co. | 5.13 | 03/15/53 | 300,000 | 307,402 |
SCE Recovery Funding LLC | 2.51 | 11/15/43 | 190,000 | 130,614 |
Southern California Edison Co. | 1.10 | 04/01/24 | 370,000 | 355,653 |
Southern California Edison Co. | 5.30 | 03/01/28 | 115,000 | 117,885 |
Southern California Edison Co. | 2.25 | 06/01/30 | 55,000 | 46,719 |
Southern California Edison Co. | 4.50 | 09/01/40 | 200,000 | 177,661 |
Southern California Edison Co. | 4.00 | 04/01/47 | 164,000 | 134,674 |
Southern California Edison Co. | 3.65 | 02/01/50 | 214,000 | 164,738 |
TerraForm Power Operating LLC (a) | 4.75 | 01/15/30 | 171,000 | 153,333 |
Total Utilities | 5,360,718 | |||
Total Corporate Bonds–Other | ||||
(Cost $41,023,039) | 37,681,604 |
Mortgage-Backed Securities | 27.6% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (a) | 2.18(b) | 01/25/51 | 222,727 | 180,553 |
FHLMC QA7479 | 3.00 | 03/01/50 | 216,584 | 196,247 |
FHLMC QE2363 | 3.50 | 05/01/52 | 1,367,587 | 1,270,849 |
FHLMC SD1188 | 3.50 | 06/01/52 | 703,363 | 653,880 |
FHLMC SD1495 | 5.00 | 08/01/52 | 921,699 | 931,389 |
FHLMC SD7555 | 3.00 | 08/01/52 | 908,080 | 823,760 |
FHLMC SD8068 | 3.00 | 06/01/50 | 208,989 | 189,069 |
FHLMC SD8193 | 2.00 | 02/01/52 | 6,211,874 | 5,138,380 |
FHLMC SD8237 | 4.00 | 08/01/52 | 1,357,102 | 1,297,929 |
FNMA BN7662 | 3.50 | 07/01/49 | 86,535 | 81,233 |
FNMA CA4016 | 3.00 | 08/01/49 | 503,313 | 456,068 |
FNMA FM1000 | 3.00 | 04/01/47 | 905,709 | 826,977 |
FNMA FM4231 | 2.50 | 09/01/50 | 236,117 | 204,110 |
FNMA MA3691 | 3.00 | 07/01/49 | 143,622 | 130,030 |
FNMA MA3834 | 3.00 | 11/01/49 | 298,160 | 270,172 |
FNMA MA3960 | 3.00 | 03/01/50 | 137,809 | 124,666 |
FNMA MA3992 | 3.50 | 04/01/50 | 138,363 | 129,641 |
FNMA MA4048 | 3.00 | 06/01/50 | 625,659 | 565,935 |
FNMA MA4124 | 2.50 | 09/01/35 | 1,163,399 | 1,082,463 |
FNMA MA4179 | 2.00 | 11/01/35 | 3,775,199 | 3,415,379 |
FNMA MA4229 | 2.00 | 01/01/36 | 1,775,259 | 1,606,040 |
FNMA MA4254 | 1.50 | 02/01/51 | 2,675,329 | 2,101,573 |
17
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Mortgage-Backed Securities | 27.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
FNMA MA4303 | 2.00% | 04/01/36 | $1,512,635 | $1,364,703 |
FNMA MA4418 | 2.00 | 09/01/36 | 2,529,482 | 2,282,037 |
FNMA MA4437 | 2.00 | 10/01/51 | 4,068,611 | 3,365,025 |
FNMA MA4579 | 3.00 | 04/01/52 | 725,444 | 651,586 |
Freddie Mac STACR 21-HQA3 (a) | 7.91(b) | 09/25/41 | 1,000,000 | 909,465 |
GNMA 21-8 | 1.00 | 01/20/50 | 516,902 | 407,236 |
GNMA 23-22EA | 5.00 | 09/20/49 | 1,075,826 | 1,075,544 |
GNMA 23-22EC | 5.00 | 01/20/51 | 513,230 | 512,835 |
GNMA CK0445 | 4.00 | 02/15/52 | 1,328,389 | 1,263,017 |
GNMA G2786247 | 4.00 | 07/20/52 | 669,678 | 644,371 |
GNMA MA8346 | 4.00 | 10/20/52 | 3,513,405 | 3,382,040 |
Total Mortgage-Backed Securities | ||||
(Cost $39,415,002) | 37,534,202 | |||
U.S. Government & Agency Obligations | 24.7% of portfolio | ||||
Federal Farm Credit Bank | 0.52 | 10/21/25 | 300,000 | 274,508 |
Tennessee Valley Authority | 3.88 | 03/15/28 | 280,000 | 280,075 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 120,629 | 108,039 |
U.S. Treasury Note | 4.87(b) | 10/31/24 | 1,925,000 | 1,924,731 |
U.S. Treasury Note | 4.63 | 02/28/25 | 3,018,000 | 3,047,355 |
U.S. Treasury Note | 4.63 | 03/15/26 | 3,196,000 | 3,268,909 |
U.S. Treasury Note | 3.88 | 11/30/27 | 3,752,000 | 3,790,986 |
U.S. Treasury Note | 4.00 | 02/29/28 | 964,000 | 981,397 |
U.S. Treasury Note | 3.50 | 01/31/30 | 3,222,000 | 3,208,911 |
U.S. Treasury Note | 4.00 | 02/28/30 | 507,000 | 520,388 |
U.S. Treasury Note | 3.50 | 02/15/33 | 1,754,000 | 1,756,741 |
U.S. Treasury Note | 2.38 | 02/15/42 | 4,918,000 | 3,954,764 |
U.S. Treasury Note | 3.25 | 05/15/42 | 1,804,000 | 1,664,260 |
U.S. Treasury Note | 3.38 | 08/15/42 | 4,374,000 | 4,106,776 |
U.S. Treasury Note | 3.88 | 02/15/43 | 465,000 | 469,141 |
U.S. Treasury Note | 4.00 | 11/15/52 | 3,914,000 | 4,153,732 |
Total U.S. Government & Agency Obligations | ||||
(Cost $33,807,802) | 33,510,713 |
Asset-Backed Securities | 8.7% of portfolio | ||||
American Credit Acceptance Receivables Trust 22-1B (a) | 1.68 | 09/14/26 | 375,000 | 369,456 |
Avant Credit Card Master Trust 21-1A (a) | 1.37 | 04/15/27 | 500,000 | 465,228 |
Avant Loans Funding Trust 21-REV1 (a) | 1.21 | 07/15/30 | 500,000 | 485,421 |
Avant Loans Funding Trust 22-REV1 (a) | 6.54 | 09/15/31 | 595,000 | 591,623 |
Colony American Finance Ltd. 21-2 (a) | 1.41 | 07/15/54 | 174,039 | 151,144 |
CoreVest American Finance 20-4 (a) | 1.17 | 12/15/52 | 121,376 | 109,625 |
CoreVest American Finance 21-1 (a) | 1.57 | 04/15/53 | 797,619 | 709,548 |
CoreVest American Finance 21-3 (a) | 2.49 | 10/15/54 | 660,000 | 584,926 |
CPS Auto Trust 21-B (a) | 0.81 | 12/15/25 | 29,026 | 28,959 |
Credit Acceptance Auto Loan Trust 20-2A (a) | 1.37 | 07/16/29 | 47,462 | 47,250 |
Credit Acceptance Auto Loan Trust 20-3A (a) | 1.24 | 10/15/29 | 191,090 | 188,257 |
Credit Acceptance Auto Loan Trust 21-2A (a) | 0.96 | 02/15/30 | 287,446 | 279,459 |
Credito Real USA Auto Receivables Trust 21-1 (a) | 1.35 | 02/16/27 | 193,710 | 190,329 |
FIC Funding 21-1 (a) | 1.13 | 04/15/33 | 73,798 | 71,778 |
First Investors Auto Owner Trust 21-2A (a) | 0.48 | 03/15/27 | 194,114 | 188,022 |
Firstkey Homes Trust 22-SFR2 (a) | 4.25 | 07/17/39 | 323,172 | 309,463 |
Flagship Credit Auto Trust 21-3 (a) | 0.36 | 07/15/27 | 157,593 | 153,288 |
FRTKL 21-SFR1 (a) | 1.57 | 09/17/38 | 250,000 | 220,530 |
GLS Auto Receivables Trust 21-3A (a) | 0.42 | 01/15/25 | 8,405 | 8,388 |
GLS Auto Receivables Trust 21-4 (a) | 0.84 | 07/15/25 | 157,156 | 155,350 |
Gracie Point International Fund 21-1 (a) | 5.32(b) | 11/01/23 | 295,073 | 294,899 |
18
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Asset-Backed Securities | 8.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
LAD Auto Receivables Trust 21-1 (a) | 1.30% | 08/17/26 | $158,891 | $154,203 |
Oasis Securitisation 21-2A (a) | 2.14 | 10/15/33 | 234,880 | 230,908 |
Oasis Securitisation 22-1A (a) | 4.75 | 05/15/34 | 135,801 | 133,748 |
Oasis Securitisation 22-2A (a) | 6.85 | 10/15/34 | 496,465 | 494,937 |
Oasis Securitisation 23-1A (a) | 7.00 | 02/15/35 | 476,218 | 475,062 |
Oportun Funding 21-A (a) | 1.21 | 03/08/28 | 300,000 | 284,005 |
Oportun Funding 21-B (a) | 1.47 | 05/08/31 | 1,000,000 | 902,783 |
PenFed Auto Receivable Owner 22-A (a) | 3.96 | 04/15/26 | 330,000 | 325,854 |
Progress Residential Trust 21-SFR8 (a) | 1.51 | 10/17/38 | 337,724 | 295,651 |
Progress Residential Trust 22-SFR3 (a) | 3.20 | 04/17/39 | 249,361 | 230,031 |
Progress Residential Trust 22-SFR3 (a) | 3.60 | 04/17/39 | 165,000 | 151,828 |
SBA Tower Trust (a) | 2.84 | 01/15/25 | 230,000 | 217,873 |
SBA Tower Trust (a) | 1.88 | 01/15/26 | 330,000 | 298,131 |
SBA Tower Trust (a) | 1.63 | 11/15/26 | 580,000 | 507,936 |
SBA Tower Trust (a) | 6.60 | 01/15/28 | 210,000 | 221,633 |
SBA Tower Trust (a) | 2.59 | 10/15/31 | 430,000 | 348,220 |
T-Mobile US Trust 22-1A (a) | 4.91 | 05/22/28 | 505,000 | 507,268 |
Upstart Securitization Trust 21-3 (a) | 0.83 | 07/20/31 | 43,617 | 42,911 |
Upstart Securitization Trust 21-4 (a) | 0.84 | 09/20/31 | 111,742 | 109,069 |
Westgate Resorts 22-1A (a) | 2.29 | 08/20/36 | 274,241 | 259,085 |
Westlake Automobile Receivable Trust 20-3A (a) | 0.78 | 11/17/25 | 9,418 | 9,401 |
Total Asset-Backed Securities | ||||
(Cost $12,522,367) | 11,803,480 |
Yankee Bonds | 6.6% of portfolio | ||||
AerCap Ireland Capital DAC | 3.88 | 01/23/28 | 250,000 | 230,599 |
Aptiv PLC | 3.10 | 12/01/51 | 280,000 | 177,449 |
Avolon Holdings Funding Ltd. (a) | 5.13 | 10/01/23 | 500,000 | 495,433 |
Avolon Holdings Funding Ltd. (a) | 5.50 | 01/15/26 | 625,000 | 611,896 |
Avolon Holdings Funding Ltd. (a) | 2.75 | 02/21/28 | 130,000 | 108,507 |
Barclays PLC | 7.33(b) | 11/02/26 | 370,000 | 378,911 |
BHP Billiton Finance (USA) Ltd. | 4.75 | 02/28/28 | 275,000 | 278,328 |
BHP Billiton Finance (USA) Ltd. | 4.90 | 02/28/33 | 490,000 | 499,915 |
BP Capital Markets America Inc. | 4.81 | 02/13/33 | 110,000 | 111,690 |
BPCE SA (a) | 5.98(b) | 01/18/27 | 250,000 | 249,353 |
Cenovus Energy Inc. | 5.25 | 06/15/37 | 395,000 | 373,068 |
Delta and SkyMiles IP Ltd. (a) | 4.75 | 10/20/28 | 550,000 | 530,482 |
Deutsche Bank AG | 1.69 | 03/19/26 | 150,000 | 131,122 |
Enbridge Inc. | 5.70 | 03/08/33 | 320,000 | 332,846 |
Mitsubishi UFJ Financial Group Inc. | 3.74 | 03/07/29 | 300,000 | 280,572 |
Mizuho Financial Group Inc. | 4.25(b) | 09/11/29 | 200,000 | 189,470 |
Nissan Motor Co., Ltd. (a) | 1.85 | 09/16/26 | 260,000 | 225,025 |
Nissan Motor Co., Ltd. (a) | 2.45 | 09/15/28 | 435,000 | 353,083 |
Nissan Motor Co., Ltd. (a) | 4.81 | 09/17/30 | 200,000 | 181,102 |
Nutrien Ltd. | 5.80 | 03/27/53 | 105,000 | 108,148 |
OCI NV (a) | 6.70 | 03/16/33 | 310,000 | 309,231 |
Petronas Capital Ltd. (a) | 3.40 | 04/28/61 | 360,000 | 260,125 |
Royal Bank of Canada | 4.88 | 01/12/26 | 250,000 | 250,471 |
Santander UK Group Holdings PLC | 6.53(b) | 01/10/29 | 275,000 | 279,591 |
Sumitomo Mitsui Financial Group Inc. | 5.46 | 01/13/26 | 240,000 | 242,307 |
Sumitomo Mitsui Financial Group Inc. | 5.52 | 01/13/28 | 200,000 | 203,359 |
Sumitomo Mitsui Trust Bank, Ltd. (a) | 5.65 | 03/09/26 | 320,000 | 325,286 |
Syngenta Finance NV (a) | 4.44 | 04/24/23 | 230,000 | 229,725 |
Syngenta Finance NV (a) | 4.89 | 04/24/25 | 530,000 | 518,149 |
Toronto-Dominion Bank (The) | 1.20 | 06/03/26 | 300,000 | 267,314 |
19
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Yankee Bonds | 6.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Var Energi ASA (a) | 7.50% | 01/15/28 | $200,000 | ��� $207,058 |
Total Yankee Bonds | ||||
(Cost $9,362,813) | 8,939,615 | |||
Municipal Bonds | 2.4% of portfolio | ||||
Arizona | 0.2% | ||||
Pinal County Arizona Revenue Obligation | 1.05 | 08/01/24 | 120,000 | 114,883 |
Pinal County Arizona Revenue Obligation | 1.58 | 08/01/26 | 110,000 | 100,781 |
Yuma Arizona Pledged Revenue | 2.63 | 07/15/38 | 135,000 | 102,413 |
Total Arizona | 318,077 | |||
California | 1.3% | ||||
City of Chula Vista California Pension Obligation | 1.16 | 06/01/27 | 130,000 | 111,853 |
City of Chula Vista California Pension Obligation | 1.41 | 06/01/28 | 130,000 | 109,350 |
City of Chula Vista California Pension Obligation | 1.63 | 06/01/29 | 160,000 | 131,890 |
City of Chula Vista California Pension Obligation | 2.91 | 06/01/45 | 255,000 | 170,715 |
City of Los Angeles California Department of Airports | 1.25 | 05/15/28 | 200,000 | 169,059 |
City of Monterey Park California Pension Obligation | 1.89 | 06/01/30 | 1,000,000 | 831,467 |
Huntington Beach California Pension Obligation | 1.68 | 06/15/27 | 155,000 | 136,722 |
San Francisco California City & County Airports | 3.35 | 05/01/51 | 100,000 | 74,061 |
Total California | 1,735,117 | |||
Colorado | 0.2% | ||||
Regional Transportation District Colorado | 1.18 | 11/01/27 | 175,000 | 152,674 |
Regional Transportation District Colorado | 1.33 | 11/01/28 | 150,000 | 127,783 |
Total Colorado | 280,457 | |||
New Jersey | 0.4% | ||||
New Jersey Transportation Trust Fund Authority | 4.08 | 06/15/39 | 575,000 | 510,117 |
Total New Jersey | 510,117 | |||
Texas | 0.2% | ||||
North Texas Tollway Authority Revenue | 3.01 | 01/01/43 | 150,000 | 115,433 |
San Antonio Texas Electric & Gas | 2.91 | 02/01/48 | 150,000 | 108,977 |
Total Texas | 224,410 | |||
West Virginia | 0.1% | ||||
West Virginia State University Revenues | 3.01 | 10/01/41 | 150,000 | 115,273 |
Total West Virginia | 115,273 | |||
Total Municipal Bonds | ||||
(Cost $3,826,944) | 3,183,451 | |||
Corporate Bond Guaranteed by Export-Import Bank of the United States | 0.1% of portfolio | ||||
Energy | 0.1% | ||||
Petroleos Mexicanos | 5.14(b) | 04/15/25 | 160,875 | 160,511 |
Total Energy | 160,511 | |||
Total Corporate Bond Guaranteed by Export-Import Bank of the United States | ||||
(Cost $160,792) | 160,511 |
20
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Money Market Fund | 2.2% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund Premier Class | 4.70%(c) | 3,047,291 | $3,047,291 | |
Total Money Market Fund | ||||
(Cost $3,047,291) | 3,047,291 | |||
Total Investments in Securities | ||||
(Cost $143,166,050) | 100.0% | $135,860,867 |
(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 $27,903,645 and represents 20.5% of total investments. |
(b) | Variable coupon rate as of March 31, 2023. |
(c) | 7-day yield at March 31, 2023. |
LLC -Limited Liability Company
N.A. -North America
LP -Limited Partnership
FHLMC -Federal Home Loan Mortgage Corporation
DAC -Designated Activity Company
PLC -Public Limited Company
SA -Sociedad Anonima or Societe Anonyme
AG -Aktiengesellschaft
NV -Naamloze Vennottschap
ASA -Allmennaksjeselskap
At March 31, 2023, the cost of investment securities for tax purposes was $143,332,495. Net unrealized depreciation of investment securities was $7,471,628 consisting of unrealized gains of $1,277,026 and unrealized losses of $8,748,654.
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.
21
Portfolio of Investments | Intermediate Bond Fund | March 31, 2023 | (Unaudited) |
(Continued)
Intermediate Bond Fund | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds–Other | $ — | $37,681,604 | $ — | $37,681,604 |
Mortgage-Backed Securities | — | 37,534,202 | — | 37,534,202 |
U.S. Government & Agency Obligations | — | 33,510,713 | — | 33,510,713 |
Asset-Backed Securities | — | 11,803,480 | — | 11,803,480 |
Yankee Bonds | — | 8,939,615 | — | 8,939,615 |
Municipal Bonds | — | 3,183,451 | — | 3,183,451 |
Corporate Bond Guaranteed by Export-Import Bank of the United States | — | 160,511 | — | 160,511 |
Money Market Fund | 3,047,291 | — | — | 3,047,291 |
Total | $3,047,291 | $132,813,576 | $ — | $135,860,867 |
22
Portfolio of Investments
Rural America Growth & Income Fund | March 31, 2023 | (Unaudited)
Common Stocks | 56.1% of portfolio | ||||
Shares | Value | |||
Communication Services | 0.8% | ||||
Media | ||||
Cable One, Inc. | 42 | $29,484 | ||
Wireless Telecommunication Services | ||||
T-Mobile U.S., Inc. (a) | 270 | 39,107 | ||
Total Communication Services | 68,591 | |||
Consumer Discretionary | 6.4% | ||||
Broadline Retail | ||||
Ollie's Bargain Outlet Holdings, Inc. (a) | 588 | 34,069 | ||
Hotels, Restaurants & Leisure | ||||
Choice Hotels International, Inc. | 1,059 | 124,104 | ||
Leisure Products | ||||
Malibu Boats, Inc. Class A (a) | 1,079 | 60,910 | ||
Specialty Retail | ||||
ARKO Corp. | 4,866 | 41,312 | ||
Lowe's Companies, Inc. | 317 | 63,390 | ||
O'Reilly Automotive, Inc. (a) | 151 | 128,196 | ||
Tractor Supply Co. | 363 | 85,320 | ||
Total Consumer Discretionary | 537,301 | |||
Consumer Staples | 3.3% | ||||
Consumer Staples Distribution & Retail | ||||
Dollar General Corp. | 344 | 72,398 | ||
Food Products | ||||
Hershey Co. (The) | 785 | 199,712 | ||
Total Consumer Staples | 272,110 | |||
Energy | 2.8% | ||||
Oil, Gas & Consumable Fuels | ||||
Chevron Corp. | 452 | 73,748 | ||
ConocoPhillips | 657 | 65,181 | ||
Marathon Petroleum Corp. | 724 | 97,617 | ||
Total Energy | 236,546 | |||
Financials | 7.9% | ||||
Banks | ||||
FB Financial Corp. | 568 | 17,653 | ||
Glacier Bancorp, Inc. | 991 | 41,632 | ||
SouthState Corp. | 346 | 24,656 | ||
Truist Financial Corp. | 2,002 | 68,268 | ||
Capital Markets | ||||
CME Group, Inc. | 769 | 147,279 | ||
Intercontinental Exchange, Inc. | 948 | 98,867 | ||
Financial Services | ||||
Jack Henry & Associates, Inc. | 993 | 149,665 | ||
Insurance | ||||
Allstate Corp. | 180 | 19,946 | ||
American International Group, Inc. | 820 | 41,295 | ||
Chubb Ltd. | 266 | 51,652 | ||
Total Financials | 660,913 |
23
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2023 |
(Unaudited) | (Continued)
Common Stocks | 56.1% of portfolio (Continued) | ||||
Shares | Value | |||
Health Care | 8.4% | ||||
Health Care Equipment & Supplies | ||||
Integer Holdings Corp. (a) | 1,400 | $108,500 | ||
Stryker Corp. | 624 | 178,133 | ||
Health Care Providers & Services | ||||
AMN Healthcare Services, Inc. (a) | 685 | 56,827 | ||
Centene Corp. (a) | 1,265 | 79,961 | ||
Life Sciences Tools & Services | ||||
IQVIA Holdings Inc. (a) | 433 | 86,119 | ||
Pharmaceuticals | ||||
Zoetis Inc. | 1,176 | 195,734 | ||
Total Health Care | 705,274 | |||
Industrials | 9.2% | ||||
Commercial Services & Supplies | ||||
Casella Waste Systems, Inc. Class A (a) | 793 | 65,549 | ||
Ground Transportation | ||||
CSX Corp. | 3,403 | 101,886 | ||
J.B. Hunt Transport Services, Inc. | 344 | 60,358 | ||
Machinery | ||||
Cummins Inc. | 241 | 57,570 | ||
Deere & Co. | 522 | 215,523 | ||
Xylem, Inc. | 267 | 27,955 | ||
Trading Companies & Distributors | ||||
Applied Industrial Technologies, Inc. | 595 | 84,568 | ||
Fastenal Co. | 2,913 | 157,127 | ||
Total Industrials | 770,536 | |||
Information Technology | 10.7% | ||||
Electronic Equipment, Instruments & Components | ||||
Advanced Energy Industries, Inc. | 948 | 92,904 | ||
Corning Inc. | 3,802 | 134,135 | ||
Trimble Inc. (a) | 1,522 | 79,783 | ||
Semiconductors & Semiconductor Equipment | ||||
Diodes Inc. (a) | 1,204 | 111,683 | ||
Micron Technology, Inc. | 584 | 35,239 | ||
Software | ||||
ANSYS, Inc. (a) | 482 | 160,410 | ||
Paycom Software, Inc. (a) | 519 | 157,781 | ||
Tyler Technologies, Inc. (a) | 354 | 125,542 | ||
Total Information Technology | 897,477 | |||
Materials | 2.2% | ||||
Chemicals | ||||
Sherwin-Williams Co. (The) | 309 | 69,454 | ||
Construction Materials | ||||
Vulcan Materials Co. | 413 | 70,854 | ||
Metals & Mining | ||||
Freeport-McMoRan Inc. | 962 | 39,356 | ||
Total Materials | 179,664 | |||
Real Estate | 4.4% | ||||
Health Care REITs | ||||
Community Healthcare Trust Inc. | 798 | 29,207 |
24
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2023 |
(Unaudited) | (Continued)
Common Stocks | 56.1% of portfolio (Continued) | ||||
Shares | Value | |||
Real Estate | 4.4% (Continued) | ||||
Specialized REITs | ||||
American Tower Corp. | 802 | $163,881 | ||
Crown Castle International Corp. | 1,188 | 159,002 | ||
Uniti Group Inc. | 3,243 | 11,512 | ||
Total Real Estate | 363,602 | |||
Total Common Stocks | ||||
(Cost $ 4,908,946) | 4,692,014 | |||
U.S. Government & Agency Obligations | 21.7% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | ||
Federal Farm Credit Bank | 0.52% | 10/21/25 | $200,000 | 183,005 |
Federal Farm Credit Bank | 4.12 | 02/13/26 | 90,000 | 90,315 |
Federal Farm Credit Bank | 3.32 | 02/25/26 | 200,000 | 196,164 |
Federal Farm Credit Bank | 1.20 | 04/28/27 | 195,000 | 175,184 |
Federal Farm Credit Bank | 3.38 | 09/15/27 | 65,000 | 63,602 |
Federal Farm Credit Bank | 3.87 | 08/15/28 | 240,000 | 240,541 |
Federal Farm Credit Bank | 3.43 | 12/06/28 | 62,000 | 60,438 |
Federal Farm Credit Bank | 4.00 | 09/27/29 | 200,000 | 199,736 |
Federal Farm Credit Bank | 3.50 | 09/01/32 | 50,000 | 47,179 |
Tennessee Valley Authority | 2.88 | 09/15/24 | 99,000 | 96,347 |
Tennessee Valley Authority | 0.75 | 05/15/25 | 88,000 | 81,466 |
Tennessee Valley Authority | 3.88 | 03/15/28 | 30,000 | 30,008 |
Tennessee Valley Authority | 7.12 | 05/01/30 | 150,000 | 177,658 |
Tennessee Valley Authority | 1.50 | 09/15/31 | 205,000 | 167,158 |
U.S. Treasury Note | 4.93(b) | 01/31/25 | 10,000 | 10,006 |
Total U.S. Government & Agency Obligations | ||||
(Cost $ 1,872,060) | 1,818,807 |
Corporate Bonds–Other | 11.6% of portfolio | ||||
Communication Services | 1.1% | ||||
DISH DBS Corp. (c) | 5.25 | 12/01/26 | 57,000 | 45,480 |
T-Mobile USA, Inc. | 3.75 | 04/15/27 | 44,000 | 42,296 |
Total Communication Services | 87,776 | |||
Consumer Discretionary | 0.9% | ||||
Choice Hotels International, Inc. | 3.70 | 01/15/31 | 25,000 | 22,166 |
Kohl's Corp. | 4.25 | 07/17/25 | 22,000 | 20,487 |
Tractor Supply Co. | 1.75 | 11/01/30 | 44,000 | 35,010 |
Total Consumer Discretionary | 77,663 | |||
Consumer Staples | 0.4% | ||||
Bunge Limited Finance Corp. | 3.75 | 09/25/27 | 10,000 | 9,602 |
Dollar General Corp. | 4.15 | 11/01/25 | 22,000 | 21,598 |
Total Consumer Staples | 31,200 | |||
Energy | 0.0% | ||||
Murphy Oil Corp. | 6.38 | 07/15/28 | 3,000 | 2,956 |
Total Energy | 2,956 |
25
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2023 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 11.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 4.7% | ||||
American Tower Corp. | 3.95% | 03/15/29 | $60,000 | $56,193 |
Chubb INA Holdings Inc. | 3.15 | 03/15/25 | 36,000 | 35,119 |
Cincinnati Financial Corp. | 6.92 | 05/15/28 | 25,000 | 27,778 |
Globe Life Inc. | 4.55 | 09/15/28 | 33,000 | 32,609 |
Intercontinental Exchange, Inc. | 3.75 | 12/01/25 | 78,000 | 75,867 |
M&T Bank Corp. | 3.55 | 07/26/23 | 58,000 | 57,058 |
Metlife, Inc. | 3.00 | 03/01/25 | 42,000 | 40,626 |
Truist Bank | 3.69 (b) | 08/02/24 | 30,000 | 29,750 |
Truist Financial Corp. | 1.27 (b) | 03/02/27 | 45,000 | 39,631 |
Total Financials | 394,631 | |||
Health Care | 1.5% | ||||
CVS Health Corp. | 1.30 | 08/21/27 | 26,000 | 22,642 |
Laboratory Corporation of America Holdings | 2.30 | 12/01/24 | 20,000 | 19,065 |
Laboratory Corporation of America Holdings | 1.55 | 06/01/26 | 43,000 | 38,498 |
Zoetis Inc. | 5.40 | 11/14/25 | 40,000 | 40,675 |
Total Health Care | 120,880 | |||
Industrials | 0.6% | ||||
CNH Industrial Capital LLC | 1.45 | 07/15/26 | 17,000 | 15,223 |
J.B. Hunt Transport Services, Inc. | 3.87 | 03/01/26 | 23,000 | 22,519 |
John Deere Capital Corp. | 2.65 | 06/24/24 | 15,000 | 14,622 |
Total Industrials | 52,364 | |||
Information Technology | 0.3% | ||||
Micron Technology, Inc. | 4.66 | 02/15/30 | 26,000 | 24,963 |
Total Information Technology | 24,963 | |||
Materials | 1.0% | ||||
Martin Marietta Materials, Inc. | 3.50 | 12/15/27 | 9,000 | 8,622 |
Mosaic Co. | 4.05 | 11/15/27 | 22,000 | 21,230 |
Steel Dynamics, Inc. | 2.40 | 06/15/25 | 27,000 | 25,468 |
Vulcan Materials Co. | 3.50 | 06/01/30 | 32,000 | 29,244 |
Total Materials | 84,564 | |||
Real Estate | 0.6% | ||||
American Tower Corp. | 5.50 | 03/15/28 | 30,000 | 30,586 |
Crown Castle International Corp. | 3.80 | 02/15/28 | 18,000 | 17,082 |
Total Real Estate | 47,668 | |||
Utilities | 0.5% | ||||
Black Hills Corp. | 4.25 | 11/30/23 | 45,000 | 44,672 |
Total Utilities | 44,672 | |||
Total Corporate Bonds–Other | ||||
(Cost $ 1,051,593) | 969,337 |
Asset-Backed Securities | 2.8% of portfolio | ||||
CNH Equipment Trust 22-A | 2.39 | 08/15/25 | 59,817 | 58,764 |
John Deere Owner Trust 23-A | 5.01 | 11/15/27 | 50,000 | 50,561 |
SBA Tower Trust (c) | 1.63 | 11/15/26 | 60,000 | 52,545 |
SBA Tower Trust (c) | 2.59 | 10/15/31 | 52,000 | 42,110 |
26
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2023 |
(Unaudited) | (Continued)
Asset-Backed Securities | 2.8% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
SBA Tower Trust (c) | 2.84% | 01/15/25 | $35,000 | $33,155 |
Total Asset-Backed Securities | ||||
(Cost $ 257,755) | 237,135 | |||
Municipal Bonds | 1.4% of portfolio | ||||
Kansas | 0.1% | ||||
City of Wichita, Kansas Water & Sewer Utility Revenue | 3.00 | 10/01/24 | 10,000 | 9,762 |
Montana | 0.2% | ||||
Yellowstone County School District No. 2 Billings | 2.22 | 06/15/32 | 15,000 | 12,463 |
Pennsylvania | 0.5% | ||||
Geisinger Health System Revenue | 2.25 | 04/01/27 | 20,000 | 18,374 |
New Castle Sanitation Authority | 1.16 | 06/01/25 | 25,000 | 23,204 |
Total Pennsylvania | 41,578 | |||
Texas | 0.3% | ||||
Grey Forest Texas Gas System Revenue | 1.05 | 02/01/25 | 30,000 | 27,997 |
Washington | 0.3% | ||||
Northwest Open Access Network Revenue | 1.69 | 12/01/27 | 30,000 | 25,783 |
Total Municipal Bonds | ||||
(Cost $ 131,429) | 117,583 | |||
Mortgage-Backed Securities | 1.0% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (c) | 2.18(b) | 01/25/51 | 26,203 | 21,241 |
Freddie Mac Multiclass Certificates 21-P009 | 1.13 | 01/25/31 | 43,499 | 37,868 |
GNMA II POOL 785401 | 2.50 | 10/20/50 | 29,008 | 24,791 |
Total Mortgage-Backed Securities | ||||
(Cost $ 99,963) | 83,900 | |||
Money Market Fund | 5.4% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 4.70%(d) | 452,957 | 452,957 | |
Total Money Market Fund | ||||
(Cost $ 452,957) | 452,957 | |||
Total Investments in Securities | ||||
(Cost $8,774,703) | 100.0% | $8,371,733 |
(a) | Non-income producing. |
(b) | Variable coupon rate as of March 31, 2023. |
(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 $194,531 and represents 2.3% of total investments. |
(d) | 7-day yield at March 31, 2023. |
CME -Chicago Mercantile Exchange
LLC -Limited Liability Company
At March 31, 2023, the cost of investment securities for tax purposes was $8,793,999. Net unrealized depreciation of investment securities was $422,266 consisting of unrealized gains of $213,577 and unrealized losses of $635,843.
27
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2023 |
(Unaudited) | (Continued)
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.
Rural America Growth & Income Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $4,692,014 | $ — | $ — | $4,692,014 |
U.S. Government & Agency Obligations | — | 1,818,807 | — | 1,818,807 |
Corporate Bonds–Other | — | 969,337 | — | 969,337 |
Asset-Backed Securities | — | 237,135 | — | 237,135 |
Municipal Bonds | — | 117,583 | — | 117,583 |
Mortgage-Backed Securities | — | 83,900 | — | 83,900 |
Money Market Fund | 452,957 | — | — | 452,957 |
Total | $5,144,971 | $3,226,762 | $ — | $8,371,733 |
28
Portfolio of Investments
Stock Index Fund | March 31, 2023 | (Unaudited)
Cost | Value | |
Investment | $36,384,598 | $201,967,064 |
Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors. As of March 31, 2023, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.64%. See the Appendix for the S&P 500 Index Master Portfolio for holdings information.
29
Portfolio of Investments
Value Fund | March 31, 2023 | (Unaudited)
Common Stocks | 98.3% of portfolio | ||
Shares | Value | |
Communication Services | 7.0% | ||
Entertainment | ||
Walt Disney Co. (The) (a) | 43,700 | $4,375,681 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 324,320 | 33,729,280 |
Meta Platforms, Inc., Class A (a) | 117,100 | 24,818,174 |
Total Communication Services | 62,923,135 | |
Consumer Discretionary | 6.5% | ||
Hotels, Restaurants & Leisure | ||
McDonald's Corp. | 57,197 | 15,992,853 |
Specialty Retail | ||
Home Depot, Inc. | 37,018 | 10,924,752 |
TJX Companies, Inc. (The) | 143,600 | 11,252,496 |
Ulta Beauty, Inc. (a) | 37,256 | 20,329,482 |
Total Consumer Discretionary | 58,499,583 | |
Consumer Staples | 1.7% | ||
Consumer Staples Distribution & Retail | ||
Target Corp. | 39,800 | 6,592,074 |
Food Products | ||
Kraft Heinz Co. (The) | 228,300 | 8,828,361 |
Total Consumer Staples | 15,420,435 | |
Energy | 7.5% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 166,300 | 27,133,508 |
ConocoPhillips | 238,100 | 23,621,901 |
Hess Corp. | 128,800 | 17,045,392 |
Total Energy | 67,800,801 | |
Financials | 19.1% | ||
Banks | ||
Bank of America Corp. | 558,402 | 15,970,297 |
Citigroup, Inc. | 235,339 | 11,035,046 |
JPMorgan Chase & Co. | 245,291 | 31,963,870 |
Truist Financial Corp. | 319,200 | 10,884,720 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 76,774 | 25,113,543 |
Financial Services | ||
Fiserv, Inc. (a) | 177,700 | 20,085,431 |
Visa Inc., Class A | 101,298 | 22,838,647 |
Insurance | ||
Allstate Corp. | 66,984 | 7,422,497 |
American International Group, Inc. | 211,094 | 10,630,694 |
Chubb Ltd. | 79,138 | 15,367,017 |
Total Financials | 171,311,762 | |
Health Care | 21.0% | ||
Biotechnology | ||
AbbVie Inc. | 208,363 | 33,206,811 |
Common Stocks | 98.3% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 21.0% (Continued) | ||
Health Care Equipment & Supplies | ||
Abbott Laboratories | 288,256 | $29,188,804 |
Boston Scientific Corp. (a) | 433,396 | 21,682,802 |
Health Care Providers & Services | ||
Centene Corp. (a) | 329,397 | 20,821,184 |
Cigna Corp. | 74,014 | 18,912,798 |
Pharmaceuticals | ||
Bristol-Myers Squibb Co. | 249,101 | 17,265,190 |
Merck & Co., Inc. | 187,682 | 19,967,488 |
Pfizer, Inc. | 361,099 | 14,732,839 |
Royalty Pharma PLC, Class A | 346,484 | 12,483,819 |
Total Health Care | 188,261,735 | |
Industrials | 16.4% | ||
Aerospace & Defense | ||
Northrop Grumman Corp. | 47,131 | 21,761,325 |
Electrical Equipment | ||
Eaton Corp. PLC | 88,887 | 15,229,899 |
Ground Transportation | ||
CSX Corp. | 619,182 | 18,538,309 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 165,573 | 31,644,312 |
Machinery | ||
Deere & Co. | 46,800 | 19,322,784 |
Parker-Hannifin Corp. | 94,222 | 31,668,956 |
Professional Services | ||
Leidos Holdings Inc. | 103,617 | 9,538,981 |
Total Industrials | 147,704,566 | |
Information Technology | 8.2% | ||
Electronic Equipment, Instruments & Components | ||
Corning Inc. | 255,600 | 9,017,568 |
Semiconductors & Semiconductor Equipment | ||
Lam Research Corp. | 22,500 | 11,927,700 |
NXP Semiconductors NV | 71,863 | 13,400,653 |
Software | ||
Microsoft Corp. | 135,314 | 39,011,026 |
Total Information Technology | 73,356,947 | |
Materials | 8.1% | ||
Chemicals | ||
Dow Inc. | 193,281 | 10,595,664 |
DuPont de Nemours, Inc. | 259,878 | 18,651,444 |
Containers & Packaging | ||
Avery Dennison Corp. | 132,687 | 23,741,685 |
Metals & Mining | ||
Freeport-McMoRan Inc. | 473,700 | 19,379,067 |
Total Materials | 72,367,860 |
30
Portfolio of Investments | Value Fund | March 31, 2023 | (Unaudited) | (Continued)
Common Stocks | 98.3% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 2.8% | ||
Specialized REITs | ||
Digital Realty Trust, Inc. | 52,301 | $5,141,711 |
VICI Properties Inc. | 611,935 | 19,961,320 |
Total Real Estate | 25,103,031 | |
Total Common Stocks | ||
(Cost $536,029,613) | 882,749,855 | |
Money Market Fund | 1.7% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.70% (b) | 14,979,983 | 14,979,983 |
Total Money Market Fund | ||
(Cost $14,979,983) | 14,979,983 | |
Total Investments in Securities | ||
(Cost $551,009,596) | 100.0% | $897,729,838 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2023. |
PLC -Public Limited Company
NV -Naamloze Vennottschap
At March 31, 2023, the cost of investment securities for tax purposes was $550,648,973. Net unrealized appreciation of investment securities was $347,080,865 consisting of unrealized gains of $362,938,686 and unrealized losses of $15,857,821.
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 | $882,749,855 | $ — | $ — | $882,749,855 |
Money Market Fund | 14,979,983 | — | — | 14,979,983 |
Total | $897,729,838 | $ — | $ — | $897,729,838 |
31
Portfolio of Investments
Growth Fund | March 31, 2023 | (Unaudited)
Common Stocks | 99.2% of portfolio | ||
Shares | Value | |
Communication Services | 12.4% | ||
Entertainment | ||
Live Nation Entertainment, Inc. (a) | 11,053 | $773,710 |
Netflix, Inc. (a) | 8,719 | 3,012,240 |
Spotify Technology SA (a) | 11,073 | 1,479,575 |
Interactive Media & Services | ||
Alphabet, Inc., Class A (a) | 163,340 | 16,943,258 |
Meta Platforms, Inc., Class A (a) | 27,571 | 5,843,398 |
IAC/InterActiveCorp (a) | 13,554 | 699,386 |
Match Group, Inc. (a) | 12,764 | 490,010 |
Media | ||
Trade Desk, Inc. (The), Class A (a) | 15,199 | 925,771 |
Wireless Telecommunication Services | ||
T-Mobile U.S., Inc. (a) | 18,800 | 2,722,992 |
Total Communication Services | 32,890,340 | |
Consumer Discretionary | 13.1% | ||
Automobiles | ||
Rivian Automotive, Inc. (a) | 79,040 | 1,223,539 |
Broadline Retail | ||
Amazon.com, Inc. (a) | 157,396 | 16,257,433 |
Coupang, Inc. (a) | 92,812 | 1,484,992 |
Hotels, Restaurants & Leisure | ||
Booking Holdings, Inc. (a) | 1,486 | 3,941,481 |
Chipotle Mexican Grill, Inc. (a) | 1,361 | 2,324,983 |
Leisure Products | ||
Peloton Interactive, Inc. (a) | 105,877 | 1,200,645 |
Specialty Retail | ||
Ross Stores, Inc. | 49,657 | 5,270,097 |
Textiles, Apparel & Luxury Goods | ||
lululemon athletica Inc. (a) | 2,875 | 1,047,046 |
NIKE, Inc., Class B | 14,857 | 1,822,063 |
Total Consumer Discretionary | 34,572,279 | |
Consumer Staples | 1.6% | ||
Beverages | ||
Monster Beverage Corp. (a) | 64,760 | 3,497,688 |
Consumer Staples Distribution & Retail | ||
Dollar General Corp. | 3,114 | 655,372 |
Total Consumer Staples | 4,153,060 | |
Financials | 10.1% | ||
Financial Services | ||
Affirm Holdings, Inc. (a) | 21,840 | 246,137 |
Fiserv, Inc. (a) | 76,638 | 8,662,393 |
Global Payments, Inc. | 27,323 | 2,875,473 |
Mastercard Inc., Class A | 21,810 | 7,925,972 |
Visa Inc., Class A | 30,716 | 6,925,229 |
Total Financials | 26,635,204 |
Common Stocks | 99.2% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 18.9% | ||
Biotechnology | ||
Vertex Pharmaceuticals, Inc. (a) | 7,910 | $2,492,204 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 14,717 | 3,643,046 |
Insulet Corp. (a) | 4,538 | 1,447,441 |
Intuitive Surgical, Inc. (a) | 21,281 | 5,436,657 |
Penumbra, Inc. (a) | 3,993 | 1,112,809 |
Stryker Corp. | 23,853 | 6,809,316 |
Health Care Providers & Services | ||
Cigna Corp. | 28,614 | 7,311,735 |
HCA Healthcare, Inc. | 5,119 | 1,349,778 |
Humana, Inc. | 6,217 | 3,018,105 |
UnitedHealth Group, Inc. | 23,984 | 11,334,599 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 34,530 | 729,964 |
Pharmaceuticals | ||
Daiichi Sankyo Co., Ltd. ADR | 39,816 | 1,454,478 |
Eli Lilly & Co. | 11,100 | 3,811,962 |
Total Health Care | 49,952,094 | |
Industrials | 1.7% | ||
Ground Transportation | ||
Old Dominion Freight Line, Inc. | 2,992 | 1,019,793 |
Machinery | ||
Ingersoll Rand Inc. | 59,612 | 3,468,226 |
Total Industrials | 4,488,019 | |
Information Technology | 41.4% | ||
Communications Equipment | ||
Arista Networks, Inc. (a) | 24,500 | 4,112,570 |
Electronic Equipment, Instruments & Components | ||
Amphenol Corp., Class A | 50,631 | 4,137,565 |
IT Services | ||
Accenture PLC, Class A | 5,182 | 1,481,068 |
MongoDB, Inc. (a) | 4,061 | 946,700 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 20,360 | 1,995,484 |
ASML Holding NV ADR | 9,129 | 6,214,202 |
Marvell Technology, Inc. | 28,505 | 1,234,266 |
NVIDIA Corp. | 38,879 | 10,799,420 |
Software | ||
Atlassian Corp., Class A (a) | 12,523 | 2,143,562 |
Cadence Design Systems, Inc. (a) | 16,570 | 3,481,191 |
Dynatrace, Inc. (a) | 21,800 | 922,140 |
HashiCorp, Inc., Class A (a) | 8,477 | 248,291 |
Intuit, Inc. | 22,105 | 9,855,072 |
Microsoft Corp. | 112,140 | 32,329,962 |
Paylocity Holding Corp. (a) | 2,616 | 520,009 |
salesforce.com, Inc. (a) | 27,657 | 5,525,315 |
ServiceNow, Inc. (a) | 8,733 | 4,058,400 |
32
Portfolio of Investments | Growth Fund | March 31, 2023 | (Unaudited) | (Continued)
Common Stocks | 99.2% of portfolio (Continued) | ||
Shares | Value | |
Information Technology | 41.4% (Continued) | ||
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 117,522 | $19,379,378 |
Total Information Technology | 109,384,595 | |
Total Common Stocks | ||
(Cost $182,808,040) | 262,075,591 | |
Money Market Fund | 0.8% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.70% (b) | 2,190,263 | 2,190,263 |
Total Money Market Fund | ||
(Cost $2,190,263) | 2,190,263 | |
Total Investments in Securities | ||
(Cost $184,998,303) | 100.0% | $264,265,854 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2023. |
SA -Sociedad Anonima or Societe Anonyme
ADR -American Depositary Receipt
PLC -Public Limited Company
NV -Naamloze Vennottschap
At March 31, 2023, the cost of investment securities for tax purposes was $186,086,984. Net unrealized appreciation of investment securities was $78,178,870 consisting of unrealized gains of $90,880,056 and unrealized losses of $12,701,186.
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 | $262,075,591 | $ — | $ — | $262,075,591 |
Money Market Fund | 2,190,263 | — | — | 2,190,263 |
Total | $264,265,854 | $ — | $ — | $264,265,854 |
33
Portfolio of Investments
International Equity Fund | March 31, 2023 | (Unaudited)
Common Stocks | 96.8% of portfolio | ||
Shares | Value | |
Australia | 2.6% | ||
BHP Group Ltd. ADR | 35,838 | $2,272,488 |
Total Australia | 2,272,488 | |
Brazil | 0.5% | ||
Ambev SA ADR | 93,948 | 264,933 |
XP Inc., Class A (a) | 10,753 | 127,638 |
Total Brazil | 392,571 | |
Britain | 8.3% | ||
Haleon PLC | 361,516 | 1,436,097 |
Rio Tinto PLC | 32,008 | 2,172,636 |
Shell PLC | 78,881 | 2,247,996 |
Standard Chartered PLC | 174,306 | 1,321,076 |
Total Britain | 7,177,805 | |
Canada | 5.4% | ||
Alimentation Couche-Tard Inc. | 37,300 | 1,875,350 |
Canadian National Railway Co. | 11,846 | 1,397,473 |
Manulife Financial Corp. | 76,400 | 1,401,938 |
Total Canada | 4,674,761 | |
China | 2.3% | ||
Haier Smart Home Co., Ltd. | 206,748 | 647,385 |
LONGi Green Technology Co., Ltd. | 124,600 | 732,712 |
Zhejiang Sanhua Intelligent Controls Co., Ltd. | 174,900 | 655,380 |
Total China | 2,035,477 | |
Denmark | 1.3% | ||
Genmab A/S (a) | 1,057 | 399,552 |
Novozymes A/S, Class B | 14,743 | 754,888 |
Total Denmark | 1,154,440 | |
France | 11.7% | ||
Air Liquide SA | 7,800 | 1,305,631 |
Dassault Systèmes SE | 34,284 | 1,414,250 |
Kering SA | 2,378 | 1,551,473 |
L’Oréal SA | 6,032 | 2,695,355 |
Schneider Electric SE | 18,788 | 3,139,921 |
Total France | 10,106,630 | |
Germany | 11.0% | ||
Allianz SE REG | 11,944 | 2,757,106 |
Infineon Technologies AG | 93,806 | 3,852,159 |
SAP SE ADR | 12,937 | 1,637,177 |
Symrise AG | 11,571 | 1,259,202 |
Total Germany | 9,505,644 |
Common Stocks | 96.8% of portfolio (Continued) | ||
Shares | Value | |
Hong Kong | 2.6% | ||
AIA Group Ltd. | 216,800 | $2,273,659 |
Total Hong Kong | 2,273,659 | |
India | 0.9% | ||
HDFC Bank Ltd. ADR | 11,512 | 767,505 |
Total India | 767,505 | |
Indonesia | 0.4% | ||
PT Telkom Indonesia (Persero) Tbk. ADR | 13,191 | 359,719 |
Total Indonesia | 359,719 | |
Japan | 17.5% | ||
Chugai Pharmaceutical Co., Ltd. | 66,200 | 1,634,651 |
Daifuku Co., Ltd. | 56,700 | 1,052,758 |
FANUC Corp. | 22,000 | 794,468 |
Keyence Corp. | 3,200 | 1,568,347 |
Komatsu Ltd. | 57,900 | 1,437,375 |
Kubota Corp. | 82,300 | 1,247,777 |
Nitori Holdings Co., Ltd. | 9,500 | 1,147,237 |
Shimano, Inc. | 6,200 | 1,074,991 |
Shionogi & Co., Ltd. | 27,200 | 1,226,870 |
Shiseido Co., Ltd. | 26,000 | 1,218,964 |
Sysmex Corp. | 15,400 | 1,010,726 |
Unicharm Corp. | 43,200 | 1,775,767 |
Total Japan | 15,189,931 | |
Mexico | 0.6% | ||
Fomento Economico Mexicano, SAB de CV ADR | 5,776 | 549,817 |
Total Mexico | 549,817 | |
Netherlands | 2.3% | ||
Adyen NV (a) | 1,273 | 2,028,434 |
Total Netherlands | 2,028,434 | |
Republic of South Korea | 1.2% | ||
Samsung Electronics Co., Ltd. GDR | 841 | 1,038,874 |
Total Republic of South Korea | 1,038,874 | |
Russia | 0.0% | ||
LUKOIL PJSC (a) | 6,253 | 0 |
Yandex NV, Class A (a) | 4,239 | 0 |
Total Russia | 0 | |
Singapore | 3.5% | ||
DBS Group Holdings Ltd. | 120,615 | 2,998,698 |
Total Singapore | 2,998,698 |
34
Portfolio of Investments | International Equity Fund | March 31, 2023 | (Unaudited) |
(Continued)
Common Stocks | 96.8% of portfolio (Continued) | ||
Shares | Value | |
Spain | 2.5% | ||
Banco Bilboa Vizcaya Argentaria SA | 299,490 | $2,141,161 |
Total Spain | 2,141,161 | |
Sweden | 9.5% | ||
Alfa Laval AB | 49,106 | 1,753,432 |
Atlas Copco AB, Class A | 235,583 | 2,984,447 |
Epiroc AB, Class A | 73,370 | 1,456,396 |
Skandinaviska Enskilda Banken AB, Class A | 182,243 | 2,011,646 |
Total Sweden | 8,205,921 | |
Switzerland | 10.0% | ||
Alcon Inc. | 22,943 | 1,618,399 |
Lonza Group AG REG | 3,743 | 2,253,284 |
Nestlé SA ADR | 12,490 | 1,522,912 |
Roche Holding AG REG | 7,260 | 2,074,490 |
Sonova Holding AG REG | 4,074 | 1,201,783 |
Total Switzerland | 8,670,868 | |
Taiwan | 0.9% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7,996 | 743,788 |
Total Taiwan | 743,788 |
Common Stocks | 96.8% of portfolio (Continued) | ||
Shares | Value | |
United States of America | 1.8% | ||
Linde PLC | 4,455 | $1,583,485 |
Total United States of America | 1,583,485 | |
Total Common Stocks | ||
(Cost $65,999,370) | 83,871,676 | |
Money Market Fund | 3.2% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.70% (b) | 2,764,527 | 2,764,527 |
Total Money Market Fund | ||
(Cost $2,764,527) | 2,764,527 | |
Total Investments in Securities | ||
(Cost $68,763,897) | 100.0% | $86,636,203 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2023. |
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 March 31, 2023, the cost of investment securities for tax purposes was $68,810,270. Net unrealized appreciation of investment securities was $17,825,933 consisting of unrealized gains of $20,915,385 and unrealized losses of $3,089,452.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
35
Portfolio of Investments | International Equity Fund | March 31, 2023 | (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 | $15,731,974 | $68,139,702 | $ — | $83,871,676 |
Money Market Fund | 2,764,527 | — | — | 2,764,527 |
Total | $18,496,501 | $68,139,702 | $ — | $86,636,203 |
36
Portfolio of Investments
Small-Company Stock Fund | March 31, 2023 | (Unaudited)
Common Stocks | 95.4% of portfolio | ||
Shares | Value | |
Communication Services | 2.0% | ||
Interactive Media & Services | ||
Ziff Davis, Inc. (a) | 62,726 | $4,895,764 |
Total Communication Services | 4,895,764 | |
Consumer Discretionary | 11.2% | ||
Diversified Consumer Services | ||
Chegg, Inc. (a) | 119,700 | 1,951,110 |
Hotels, Restaurants & Leisure | ||
Hilton Grand Vacations Inc. (a) | 110,400 | 4,905,072 |
Household Durables | ||
MDC Holdings, Inc. | 134,288 | 5,219,774 |
Leisure Products | ||
Malibu Boats, Inc., Class A (a) | 88,100 | 4,973,245 |
Topgolf Callaway Brands Corp. (a) | 204,351 | 4,418,069 |
YETI Holdings, Inc. (a) | 43,700 | 1,748,000 |
Specialty Retail | ||
ARKO Corp. | 526,600 | 4,470,834 |
Total Consumer Discretionary | 27,686,104 | |
Energy | 4.2% | ||
Oil, Gas & Consumable Fuels | ||
Matador Resources Co. | 12,500 | 595,625 |
Northern Oil and Gas, Inc. | 161,900 | 4,913,665 |
Permian Resources Corp. | 58,600 | 615,300 |
SM Energy Co. | 153,300 | 4,316,928 |
Total Energy | 10,441,518 | |
Financials | 12.9% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 121,492 | 4,258,295 |
Cadence Bank | 124,750 | 2,589,810 |
Columbia Banking System, Inc. | 76,515 | 1,638,951 |
Eastern Bankshares, Inc. | 176,700 | 2,229,954 |
FB Financial Corp. | 130,259 | 4,048,450 |
Glacier Bancorp, Inc. | 97,016 | 4,075,642 |
Live Oak Bancshares, Inc. | 51,300 | 1,250,181 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 116,283 | 5,866,477 |
Insurance | ||
Kinsale Capital Group, Inc. | 19,426 | 5,830,714 |
Total Financials | 31,788,474 | |
Health Care | 12.2% | ||
Biotechnology | ||
Twist Bioscience Corp. (a) | 61,977 | 934,613 |
Health Care Equipment & Supplies | ||
Enovis Corp. (a) | 61,576 | 3,293,700 |
Envista Holdings Corp. (a) | 139,400 | 5,698,672 |
Integer Holdings Corp. (a) | 76,970 | 5,965,175 |
NuVasive, Inc. (a) | 88,300 | 3,647,673 |
STAAR Surgical Co. (a) | 35,236 | 2,253,342 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 41,987 | 3,483,242 |
Common Stocks | 95.4% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 12.2% (Continued) | ||
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 24,650 | $4,635,433 |
Total Health Care | 29,911,850 | |
Industrials | 27.8% | ||
Aerospace & Defense | ||
Triumph Group, Inc. (a) | 469,430 | 5,440,694 |
Building Products | ||
Hayward Holdings, Inc. (a) | 338,900 | 3,971,908 |
Construction & Engineering | ||
Comfort Systems USA, Inc. | 61,888 | 9,033,173 |
Electrical Equipment | ||
Atkore Inc. (a) | 68,100 | 9,566,688 |
EnerSys | 36,035 | 3,130,721 |
Ground Transportation | ||
Werner Enterprises, Inc. | 114,133 | 5,191,910 |
Machinery | ||
ESAB Corp. | 57,176 | 3,377,386 |
Federal Signal Corp. | 172,194 | 9,334,637 |
John Bean Technologies Corp. | 22,200 | 2,426,238 |
Professional Services | ||
CACI International Inc., Class A (a) | 8,371 | 2,480,160 |
CSG Systems International, Inc. | 31,870 | 1,711,419 |
TaskUs, Inc., Class A (a) | 205,100 | 2,961,644 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 68,226 | 9,696,961 |
Total Industrials | 68,323,539 | |
Information Technology | 14.6% | ||
Electronic Equipment, Instruments & Components | ||
Advanced Energy Industries, Inc. | 63,162 | 6,189,876 |
Itron, Inc. (a) | 9,377 | 519,955 |
Semiconductors & Semiconductor Equipment | ||
Diodes Inc. (a) | 67,486 | 6,260,001 |
Software | ||
Altair Engineering Inc., Class A (a) | 101,177 | 7,295,873 |
Descartes Systems Group Inc. (The) (a) | 101,770 | 8,203,680 |
Model N, Inc. (a) | 134,900 | 4,515,103 |
Verint Systems Inc. (a) | 80,126 | 2,983,892 |
Total Information Technology | 35,968,380 | |
Materials | 7.5% | ||
Chemicals | ||
Avient Corp. | 170,627 | 7,023,008 |
Ingevity Corp. (a) | 43,641 | 3,121,204 |
37
Portfolio of Investments | Small-Company Stock Fund | March 31, 2023 | (Unaudited) |
(Continued)
Common Stocks | 95.4% of portfolio (Continued) | ||
Shares | Value | |
Materials | 7.5% (Continued) | ||
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 289,609 | $8,250,960 |
Total Materials | 18,395,172 | |
Real Estate | 3.0% | ||
Health Care REITs | ||
Community Healthcare Trust Inc. | 78,900 | 2,887,740 |
Office REITs | ||
Easterly Government Properties, Inc. | 229,311 | 3,150,733 |
Specialized REITs | ||
Uniti Group Inc. | 390,700 | 1,386,985 |
Total Real Estate | 7,425,458 | |
Total Common Stocks | ||
(Cost $193,392,246) | 234,836,259 |
Money Market Fund | 4.6% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.70% (b) | 11,264,412 | $11,264,412 |
Total Money Market Fund | ||
(Cost $11,264,412) | 11,264,412 | |
Total Investments in Securities | ||
(Cost $204,656,658) | 100.0% | $246,100,671 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2023. |
At March 31, 2023, the cost of investment securities for tax purposes was $204,459,070. Net unrealized appreciation of investment securities was $41,641,601 consisting of unrealized gains of $62,927,645 and unrealized losses of $21,286,044.
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 | $234,836,259 | $ — | $ — | $234,836,259 |
Money Market Fund | 11,264,412 | — | — | 11,264,412 |
Total | $246,100,671 | $ — | $ — | $246,100,671 |
38