Fund Holdings
March 31, 2024
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, 2024 | (Unaudited)
U.S. Government & Agency Obligations | 86.2% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Farm Credit Bank | 5.39%(a) | 04/25/24 | $500,000 | $500,000 |
Federal Farm Credit Bank | 5.39(a) | 05/24/24 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 5.37(a) | 06/11/24 | 4,000,000 | 4,000,000 |
Federal Farm Credit Bank | 5.44(a) | 08/08/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.40(a) | 08/27/24 | 2,000,000 | 2,000,000 |
Federal Farm Credit Bank | 5.35(a) | 09/06/24 | 2,000,000 | 2,000,000 |
Federal Farm Credit Bank | 5.42(a) | 11/22/24 | 4,000,000 | 4,000,000 |
Federal Farm Credit Bank | 5.41(a) | 12/18/24 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 5.42(a) | 12/30/24 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.43(a) | 03/07/25 | 2,000,000 | 2,000,000 |
Federal Farm Credit Bank | 5.46(a) | 05/28/25 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.46(a) | 05/30/25 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 5.39(a) | 07/18/25 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 5.47(a) | 08/13/25 | 750,000 | 750,000 |
Federal Farm Credit Bank | 5.48(a) | 08/22/25 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.50(a) | 11/28/25 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.50(a) | 12/01/25 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.49(a) | 12/15/25 | 1,000,000 | 1,000,000 |
Federal Farm Credit Bank | 5.49(a) | 01/12/26 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.49(a) | 01/29/26 | 500,000 | 500,000 |
Federal Farm Credit Bank | 5.46(a) | 03/12/26 | 1,000,000 | 1,000,000 |
Federal Home Loan Bank | 5.00 | 02/10/17 | 1,000,000 | 958,350 |
Federal Home Loan Bank | 5.41(a) | 06/17/24 | 500,000 | 500,000 |
Federal Home Loan Bank | 5.50 | 08/12/24 | 1,000,000 | 999,866 |
Federal Home Loan Bank | 5.59 | 09/27/24 | 250,000 | 250,000 |
Federal Home Loan Bank | 5.27 | 11/01/24 | 2,000,000 | 1,940,318 |
Federal Home Loan Bank | 5.46(a) | 01/03/25 | 1,300,000 | 1,299,985 |
Federal Home Loan Bank | 5.03 | 01/10/25 | 1,500,000 | 1,500,000 |
Federal Home Loan Bank | 5.47(a) | 03/24/25 | 1,200,000 | 1,199,882 |
Federal Home Loan Bank | 5.48(a) | 07/24/25 | 1,000,000 | 1,000,000 |
Federal Home Loan Bank | 5.50(a) | 08/08/25 | 770,000 | 769,923 |
Federal Home Loan Bank | 5.48(a) | 08/22/25 | 500,000 | 500,000 |
Federal Home Loan Bank | 5.42(a) | 09/19/25 | 1,000,000 | 1,000,000 |
Federal Home Loan Bank | 5.49(a) | 12/08/25 | 2,000,000 | 2,000,000 |
Federal Home Loan Bank | 5.49(a) | 12/11/25 | 750,000 | 750,000 |
Federal Home Loan Bank | 5.53(a) | 01/14/26 | 500,000 | 500,000 |
Federal Home Loan Bank | 5.47(a) | 02/09/26 | 500,000 | 500,000 |
U.S. Treasury Bill | 5.39 | 04/09/24 | 25,000,000 | 24,970,667 |
U.S. Treasury Bill | 5.39 | 04/16/24 | 30,000,000 | 29,934,000 |
U.S. Treasury Bill | 5.38 | 04/23/24 | 27,000,000 | 26,913,045 |
U.S. Treasury Bill | 5.41 | 04/25/24 | 13,000,000 | 12,954,197 |
U.S. Treasury Bill | 5.40 | 04/30/24 | 17,000,000 | 16,930,121 |
U.S. Treasury Bill | 5.40 | 05/09/24 | 10,000,000 | 9,944,267 |
U.S. Treasury Bill | 5.32 | 05/14/24 | 2,000,000 | 1,987,706 |
U.S. Treasury Bill | 5.21 | 06/13/24 | 500,000 | 495,002 |
U.S. Treasury Bill | 5.19 | 07/18/24 | 3,000,000 | 2,955,225 |
U.S. Treasury Bill | 5.24 | 07/25/24 | 2,000,000 | 1,967,928 |
U.S. Treasury Bill | 5.20 | 08/01/24 | 1,000,000 | 983,106 |
U.S. Treasury Bill | 5.26 | 08/08/24 | 2,000,000 | 1,963,880 |
U.S. Treasury Bill | 5.28 | 08/15/24 | 2,000,000 | 1,961,731 |
U.S. Treasury Bill | 5.31 | 09/12/24 | 1,500,000 | 1,465,106 |
U.S. Treasury Bill | 5.07 | 11/29/24 | 2,250,000 | 2,177,384 |
U.S. Treasury Bill | 4.84 | 12/26/24 | 3,000,000 | 2,896,995 |
U.S. Treasury Bill | 4.81 | 01/23/25 | 2,000,000 | 1,924,595 |
U.S. Treasury Bill | 5.00 | 02/20/25 | 1,500,000 | 1,435,748 |
U.S. Treasury Note | 0.38 | 08/15/24 | 1,200,000 | 1,178,075 |
U.S. Treasury Note | 1.50 | 10/31/24 | 3,500,000 | 3,431,086 |
1
Portfolio of Investments | Daily Income Fund | March 31, 2024 | (Unaudited) | (Continued)
U.S. Government & Agency Obligations | 86.2% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
U.S. Treasury Note | 5.44%(a) | 10/31/24 | $1,000,000 | $999,432 |
U.S. Treasury Note | 0.75 | 11/15/24 | 1,500,000 | 1,460,701 |
U.S. Treasury Note | 2.25 | 11/15/24 | 2,000,000 | 1,965,304 |
U.S. Treasury Note | 5.50(a) | 01/31/25 | 3,000,000 | 2,998,965 |
U.S. Treasury Note | 5.47(a) | 04/30/25 | 2,000,000 | 1,999,709 |
U.S. Treasury Note | 5.47(a) | 10/31/25 | 1,500,000 | 1,500,000 |
Total U.S. Government & Agency Obligations | ||||
(Cost $200,312,299) | 200,312,299 | |||
Money Market Fund | 13.8% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 5.26(b) | 32,185,860 | 32,185,860 | |
Total Money Market Fund | ||||
(Cost $32,185,860) | 32,185,860 | |||
Total Investments in Securities | ||||
(Cost $232,498,159) | 100.0% | $232,498,159 |
(a) | Variable coupon rate as of March 31, 2024. |
(b) | 7-day yield at March 31, 2024. |
At March 31, 2024, the cost of investment securities for tax purposes was $232,498,159. 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 | $ — | $200,312,299 | $ — | $200,312,299 |
Money Market Fund | 32,185,860 | — | — | 32,185,860 |
Total | $32,185,860 | $200,312,299 | $ — | $232,498,159 |
2
Portfolio of Investments
Short-Term Government Securities Fund | March 31, 2024 | (Unaudited)
U.S. Government & Agency Obligations | 50.5% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Export-Import Bank of the U.S. | 1.90% | 07/12/24 | $159,959 | $159,064 |
Export-Import Bank of the U.S. | 1.73 | 09/18/24 | 391,863 | 386,897 |
Export-Import Bank of the U.S. | 1.58 | 11/16/24 | 36,036 | 35,521 |
Export-Import Bank of the U.S. | 2.54 | 07/13/25 | 71,326 | 69,884 |
Export-Import Bank of the U.S. | 2.63 | 04/29/26 | 93,750 | 90,556 |
Export-Import Bank of the U.S. | 2.33 | 01/14/27 | 134,999 | 124,802 |
Export-Import Bank of the U.S. | 2.37 | 03/19/27 | 368,864 | 350,309 |
Federal Farm Credit Banks Funding Corp. | 2.25 | 01/14/30 | 150,000 | 131,992 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 46,000 | 46,098 |
U.S. International Development Finance Corp. | 0.00(a) | 07/17/25 | 1,000,000 | 964,972 |
U.S. International Development Finance Corp. | 0.00(a) | 01/17/26 | 700,000 | 733,556 |
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 750,000 | 676,365 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 1,421,511 | 1,335,961 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,421,511 | 1,287,124 |
U.S. International Development Finance Corp. | 1.24 | 08/15/31 | 1,216,216 | 1,069,898 |
U.S. Treasury Note | 4.63 | 02/28/26 | 4,740,000 | 4,736,112 |
U.S. Treasury Note | 4.25 | 03/15/27 | 11,247,000 | 11,195,158 |
U.S. Treasury Note | 4.25 | 02/28/29 | 5,345,000 | 5,352,099 |
Total U.S. Government & Agency Obligations | ||||
(Cost $29,316,021) | 28,746,368 |
Mortgage-Backed Securities | 27.8% of portfolio | ||||
GNMA 21-8 | 1.00 | 01/20/50 | 476,993 | 366,860 |
GNMA 22-177 | 5.00 | 05/20/48 | 1,264,534 | 1,253,461 |
GNMA 23-128 | 5.75 | 08/20/47 | 592,668 | 593,850 |
GNMA 23-22EA | 5.00 | 09/20/49 | 811,847 | 803,342 |
GNMA 23-22EC | 5.00 | 01/20/51 | 624,379 | 617,817 |
GNMA 23-4 | 5.00 | 07/20/49 | 431,095 | 426,315 |
GNMA 23-59 | 5.00 | 11/20/41 | 530,226 | 526,512 |
GNMA 23-84KA | 5.50 | 06/20/42 | 300,961 | 299,323 |
GNMA 24-1 | 5.50 | 08/20/48 | 987,250 | 977,820 |
GNMA 24-11 | 5.00 | 09/20/50 | 498,778 | 491,250 |
GNMA 24-43 | 5.50 | 08/20/48 | 1,400,000 | 1,401,680 |
GNMA 786428 | 4.00 | 06/20/52 | 990,985 | 914,240 |
GNMA 786576 | 4.50 | 09/20/52 | 188,807 | 178,932 |
GNMA 787194 | 7.50 | 12/20/53 | 499,190 | 512,353 |
GNMA 787238 | 7.50 | 02/20/54 | 999,133 | 1,025,479 |
GNMA 787291 | 7.50 | 03/20/54 | 1,250,000 | 1,282,961 |
GNMA CK0445 | 4.00 | 02/15/52 | 313,215 | 293,993 |
GNMA CV1215 | 7.00 | 07/20/53 | 332,563 | 339,553 |
GNMA CW8493 | 8.00 | 11/20/53 | 398,534 | 409,429 |
GNMA CW8495 | 7.50 | 11/20/53 | 498,325 | 511,284 |
GNMA CZ5438 | 7.00 | 01/20/54 | 998,413 | 1,020,062 |
GNMA II POOL 786948 | 7.00 | 09/20/53 | 489,230 | 499,920 |
GNMA MA8017 | 2.50 | 05/20/37 | 596,813 | 540,762 |
GNMA MA8880 | 6.00 | 05/20/53 | 90,489 | 91,333 |
GNMA MA8917 | 5.00 | 06/20/38 | 456,570 | 454,597 |
Total Mortgage-Backed Securities | ||||
(Cost $15,939,850) | 15,833,128 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 13.3% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 28,957 | 28,417 |
Total Consumer Discretionary | 28,417 |
3
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2024 |
(Unaudited) | (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 13.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 5.9% | ||||
Petroleos Mexicanos | 2.38% | 04/15/25 | $243,150 | $238,989 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 347,000 | 329,105 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 1,081,600 | 1,040,672 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,393,684 | 1,338,664 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 437,895 | 423,681 |
Total Energy | 3,371,111 | |||
Financials | 7.3% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 1,084,035 | 1,021,058 |
Durrah MSN 35603 | 1.68 | 01/22/25 | 189,767 | 186,679 |
Export Lease Eleven Co. LLC | 5.86(b) | 07/30/25 | 28,671 | 28,729 |
HNA 2015 LLC | 2.29 | 06/30/27 | 171,178 | 161,204 |
HNA 2015 LLC | 2.37 | 09/18/27 | 96,131 | 90,441 |
KE Export Leasing 2013-A LLC | 5.84(b) | 02/25/25 | 625,395 | 626,128 |
Lulwa Ltd. | 1.89 | 02/15/25 | 379,150 | 372,427 |
Lulwa Ltd. | 1.83 | 03/26/25 | 119,728 | 117,086 |
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 387,146 | 384,226 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 135,801 | 133,505 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 222,058 | 217,095 |
Rimon LLC | 2.45 | 11/01/25 | 78,750 | 76,703 |
Salmon River Export LLC | 2.19 | 09/15/26 | 389,232 | 374,388 |
Sandalwood 2013 LLC | 2.84 | 07/10/25 | 113,821 | 111,925 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 171,379 | 166,684 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 15,997 | 15,885 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 68,312 | 67,373 |
Total Financials | 4,151,536 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $7,828,699) | 7,551,064 | |||
Asset-Backed Securities | 3.9% of portfolio | ||||
Avant Loans Funding Trust 22-REV1 (c) | 6.54 | 09/15/31 | 130,703 | 130,579 |
First Investors Auto Owner Trust 21-2A (c) | 0.48 | 03/15/27 | 16,766 | 16,578 |
Frontier Issuer 23-1A (c) | 6.60 | 08/20/53 | 450,000 | 454,484 |
GLS Auto Select Receivables Trust 24-1A (c) | 5.24 | 03/15/30 | 250,000 | 249,127 |
Gracie Point International Funding 23-2A (c) | 7.61(b) | 03/01/27 | 77,851 | 78,496 |
LAD Auto Receivables Trust 21-1 (c) | 1.30 | 08/17/26 | 22,244 | 22,077 |
LAD Auto Receivables Trust 23-2 (c) | 5.93 | 06/15/27 | 62,800 | 62,860 |
Oasis Securitisation 22-2A (c) | 6.85 | 10/15/34 | 111,068 | 110,729 |
Oasis Securitisation 23-1A (c) | 7.00 | 02/15/35 | 126,564 | 126,326 |
Santander Drive Auto Receivables Trust 22-5 | 4.43 | 03/15/27 | 100,000 | 99,124 |
Santander Drive Auto Receivables Trust 28 | 5.25 | 04/17/28 | 100,000 | 99,925 |
SBA Tower Trust (c) | 2.84 | 01/15/25 | 250,000 | 244,006 |
T-Mobile US Trust 22-1A (c) | 4.91 | 05/22/28 | 150,000 | 149,300 |
Westgate Resorts 22-1A (c) | 2.29 | 08/20/36 | 132,213 | 126,761 |
Westlake Automobile Receivables Trust 24-1A (c) | 5.55 | 11/15/27 | 250,000 | 249,821 |
Total Asset-Backed Securities | ||||
(Cost $2,211,966) | 2,220,193 |
4
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2024 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 3.5% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Consumer Discretionary | 0.3% | ||||
United Airlines 2019-2AA PT | 2.70% | 05/01/32 | $166,694 | $142,596 |
Total Consumer Discretionary | 142,596 | |||
Financials | 2.0% | ||||
American Express Co. | 5.10(b) | 02/16/28 | 200,000 | 199,691 |
Athene Global Funding (c) | 5.52 | 03/25/27 | 200,000 | 200,198 |
Bank of America Corp. | 4.83(b) | 07/22/26 | 200,000 | 198,200 |
Blue Owl Capital Corp. III | 3.13 | 04/13/27 | 125,000 | 113,797 |
Blue Owl Credit Income Corp. | 3.13 | 09/23/26 | 250,000 | 229,374 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 100,000 | 92,546 |
PNC Financial Services Group Inc. (The) | 5.81(b) | 06/12/26 | 100,000 | 100,333 |
Total Financials | 1,134,139 | |||
Information Technology | 0.3% | ||||
Amphenol Corp. | 4.75 | 03/30/26 | 200,000 | 198,543 |
Total Information Technology | 198,543 | |||
Utilities | 0.9% | ||||
American Water Capital Corp. | 2.80 | 05/01/30 | 200,000 | 176,064 |
Metropolitan Edison Co. (c) | 5.20 | 04/01/28 | 150,000 | 150,147 |
PacifiCorp | 5.10 | 02/15/29 | 200,000 | 201,437 |
Total Utilities | 527,648 | |||
Total Corporate Bonds–Other | ||||
(Cost $2,045,008) | 2,002,926 |
Money Market Fund | 1.0% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 5.26(d) | 570,445 | 570,445 | |
Total Money Market Fund | ||||
(Cost $570,445) | 570,445 | |||
Total Investments in Securities | ||||
(Cost $57,911,989) | 100.0% | $56,924,124 |
(a) | Zero coupon rate, purchased at a discount. |
(b) | Variable coupon rate as of March 31, 2024. |
(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 $2,371,489 and represents 4.2% of total investments. |
(d) | 7-day yield at March 31, 2024. |
LLC -Limited Liability Company
At March 31, 2024, the cost of investment securities for tax purposes was $57,911,989. Net unrealized depreciation of investment securities was $987,865 consisting of unrealized gains of $85,860 and unrealized losses of $1,073,725.
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;
5
Portfolio of Investments | Short-Term Government Securities Fund | March 31, 2024 |
(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.
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $28,746,368 | $ — | $28,746,368 |
Mortgage-Backed Securities | — | 15,833,128 | — | 15,833,128 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 7,551,064 | — | 7,551,064 |
Asset-Backed Securities | — | 2,220,193 | — | 2,220,193 |
Corporate Bonds–Other | — | 2,002,926 | — | 2,002,926 |
Money Market Fund | 570,445 | — | — | 570,445 |
Total | $570,445 | $56,353,679 | $ — | $56,924,124 |
6
Portfolio of Investments
Short-Term Bond Fund | March 31, 2024 | (Unaudited)
Corporate Bonds–Other | 38.8% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 0.7% | ||||
Comcast Corp. | 4.55% | 01/15/29 | $500,000 | $495,976 |
Sprint Spectrum Co. LLC (a) | 4.74 | 03/20/25 | 500,000 | 497,244 |
T-Mobile USA Inc. | 4.80 | 07/15/28 | 910,000 | 902,470 |
Warnermedia Holdings Inc. | 3.76 | 03/15/27 | 1,355,000 | 1,293,114 |
Total Communication Services | 3,188,804 | |||
Consumer Discretionary | 5.1% | ||||
Daimler Trucks Financial N.A. LLC (a) | 3.50 | 04/07/25 | 1,255,000 | 1,229,181 |
Daimler Trucks Financial N.A. LLC (a) | 5.15 | 01/16/26 | 1,000,000 | 996,334 |
Daimler Trucks Financial N.A. LLC (a) | 5.00 | 01/15/27 | 915,000 | 912,415 |
Ford Motor Credit Co. LLC | 4.27 | 01/09/27 | 915,000 | 880,195 |
Ford Motor Credit Co. LLC | 2.90 | 02/10/29 | 883,000 | 778,543 |
Hyundai Capital America (a) | 5.80 | 06/26/25 | 920,000 | 922,113 |
Hyundai Capital America (a) | 5.50 | 03/30/26 | 1,365,000 | 1,367,224 |
Hyundai Capital America (a) | 5.30 | 03/19/27 | 745,000 | 745,135 |
Hyundai Capital America (a) | 5.60 | 03/30/28 | 1,035,000 | 1,046,754 |
Hyundai Capital America (a) | 5.35 | 03/19/29 | 465,000 | 466,612 |
Hyundai Capital America (a) | 5.80 | 04/01/30 | 1,360,000 | 1,390,773 |
Marriott International Inc. | 4.90 | 04/15/29 | 500,000 | 496,056 |
Nissan Motor Acceptance Corp. (a) | 2.45 | 09/15/28 | 1,365,000 | 1,175,994 |
Ross Stores Inc. | 0.88 | 04/15/26 | 1,730,000 | 1,590,088 |
United Airlines 2019-2AA PT | 2.70 | 05/01/32 | 3,275,539 | 2,802,000 |
US Airways 2012 2A PTT | 4.63 | 06/03/25 | 965,799 | 949,794 |
US Airways 2013 1A PTT | 3.95 | 11/15/25 | 2,275,149 | 2,220,543 |
Volkswagen Group of America Finance LLC (a) | 5.30 | 03/22/27 | 930,000 | 931,930 |
Volkswagen Group of America Finance LLC (a) | 5.25 | 03/22/29 | 1,395,000 | 1,395,987 |
Total Consumer Discretionary | 22,297,671 | |||
Consumer Staples | 2.9% | ||||
7-Eleven, Inc. (a) | 0.95 | 02/10/26 | 800,000 | 739,212 |
Altria Group Inc. | 6.20 | 11/01/28 | 1,395,000 | 1,453,969 |
Bimbo Bakeries USA Inc. (a) | 6.05 | 01/15/29 | 695,000 | 719,130 |
Campbell Soup Co. | 5.20 | 03/21/29 | 910,000 | 914,360 |
JBS USA Food Co. | 2.50 | 01/15/27 | 3,364,000 | 3,100,872 |
Kenvue Inc. | 5.05 | 03/22/28 | 465,000 | 469,996 |
Philip Morris International Inc. | 4.75 | 02/12/27 | 1,195,000 | 1,188,361 |
Philip Morris International Inc. | 5.13 | 11/17/27 | 805,000 | 809,163 |
Philip Morris International Inc. | 4.88 | 02/15/28 | 1,060,000 | 1,057,079 |
Philip Morris International Inc. | 4.88 | 02/13/29 | 2,275,000 | 2,260,504 |
Total Consumer Staples | 12,712,646 | |||
Energy | 1.8% | ||||
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 2,000,000 | 1,995,232 |
Marathon Oil Corp. | 4.40 | 07/15/27 | 1,277,000 | 1,240,914 |
Phillips 66 Co. | 1.30 | 02/15/26 | 1,500,000 | 1,395,533 |
Phillips 66 Co. | 4.95 | 12/01/27 | 1,780,000 | 1,781,126 |
Targa Resources Corp. | 5.20 | 07/01/27 | 1,670,000 | 1,667,581 |
Total Energy | 8,080,386 | |||
Financials | 16.7% | ||||
American Express Co. | 4.99(b) | 05/01/26 | 870,000 | 864,806 |
American Express Co. | 5.10(b) | 02/16/28 | 1,750,000 | 1,747,300 |
Antares Holdings LP | 3.95 | 07/15/26 | 335,000 | 314,827 |
7
Portfolio of Investments | Short-Term Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 38.8% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 16.7% (Continued) | ||||
Antares Holdings LP | 2.75% | 01/15/27 | $1,000,000 | $895,882 |
Athene Global Funding (a) | 5.52 | 03/25/27 | 1,960,000 | 1,961,938 |
Athene Global Funding (a) | 5.58 | 01/09/29 | 805,000 | 810,228 |
Bank of America Corp. | 2.02(b) | 02/13/26 | 2,100,000 | 2,034,423 |
Bank of America Corp. | 1.32(b) | 06/19/26 | 2,100,000 | 1,996,177 |
Bank of America Corp. | 4.83(b) | 07/22/26 | 2,770,000 | 2,745,076 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 920,000 | 861,088 |
Bank of America Corp. | 4.95(b) | 07/22/28 | 1,955,000 | 1,940,082 |
Bank of America Corp. | 6.20(b) | 11/10/28 | 565,000 | 584,467 |
Blue Owl Capital Corp. III | 3.13 | 04/13/27 | 1,321,000 | 1,202,610 |
Blue Owl Credit Income Corp. | 3.13 | 09/23/26 | 2,135,000 | 1,958,851 |
Citigroup Inc. | 7.00 | 12/01/25 | 2,000,000 | 2,049,808 |
Citigroup Inc. | 5.17(b) | 02/13/30 | 2,290,000 | 2,279,315 |
F&G Global Funding (a) | 1.75 | 06/30/26 | 2,500,000 | 2,266,617 |
Fifth Third Bancorp | 6.34(b) | 07/27/29 | 1,000,000 | 1,030,871 |
GA Global Funding Trust (a) | 3.85 | 04/11/25 | 1,715,000 | 1,682,871 |
GA Global Funding Trust (a) | 2.25 | 01/06/27 | 2,370,000 | 2,168,668 |
General Motors Financial Co., Inc. | 5.40 | 04/06/26 | 465,000 | 465,173 |
Goldman Sachs Group, Inc. | 2.64(b) | 02/24/28 | 930,000 | 866,186 |
Goldman Sachs Group, Inc. | 3.62(b) | 03/15/28 | 2,857,000 | 2,732,819 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 2,055,000 | 1,980,120 |
J.P. Morgan Chase & Co. | 4.08(b) | 04/26/26 | 700,000 | 689,275 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 910,000 | 842,165 |
J.P. Morgan Chase & Co. | 5.04(b) | 01/23/28 | 915,000 | 911,845 |
J.P. Morgan Chase & Co. | 4.85(b) | 07/25/28 | 890,000 | 882,495 |
J.P. Morgan Chase & Co. | 6.09(b) | 10/23/29 | 820,000 | 852,482 |
M&T Bank Corp. | 7.41(b) | 10/30/29 | 1,800,000 | 1,898,392 |
Manufacturers and Traders Trust Co. | 4.65 | 01/27/26 | 1,040,000 | 1,017,362 |
Metropolitan Life Global Funding I (a) | 4.85 | 01/08/29 | 455,000 | 451,531 |
Morgan Stanley | 2.19(b) | 04/28/26 | 425,000 | 410,019 |
Morgan Stanley | 4.68(b) | 07/17/26 | 1,190,000 | 1,177,178 |
Morgan Stanley | 3.13 | 07/27/26 | 925,000 | 884,752 |
Morgan Stanley | 1.51(b) | 07/20/27 | 865,000 | 793,899 |
Morgan Stanley | 5.45(b) | 07/20/29 | 1,390,000 | 1,402,189 |
Morgan Stanley Bank N.A. | 4.95(b) | 01/14/28 | 3,435,000 | 3,420,851 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 632,000 | 561,150 |
Pacific Life Global Funding II (a) | 5.50 | 07/18/28 | 1,385,000 | 1,407,037 |
PNC Financial Services Group Inc. (The) | 5.30(b) | 01/21/28 | 1,380,000 | 1,381,576 |
PNC Financial Services Group Inc. (The) | 5.58(b) | 06/12/29 | 465,000 | 470,664 |
Principal Life Global Funding II (a) | 5.00 | 01/16/27 | 915,000 | 914,874 |
Santander Holdings USA, Inc. | 2.49(b) | 01/06/28 | 1,000,000 | 908,812 |
Santander Holdings USA, Inc. | 6.50(b) | 03/09/29 | 460,000 | 470,489 |
SCE Recovery Funding LLC | 0.86 | 11/15/31 | 1,450,756 | 1,242,437 |
Truist Financial Corp. | 6.05(b) | 06/08/27 | 925,000 | 937,485 |
Truist Financial Corp. | 5.44(b) | 01/24/30 | 2,440,000 | 2,437,154 |
Wells Fargo & Co. | 3.91(b) | 04/25/26 | 1,900,000 | 1,864,771 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 2,120,000 | 2,041,622 |
Wells Fargo & Co. | 3.53(b) | 03/24/28 | 915,000 | 870,887 |
Wells Fargo & Co. | 4.81(b) | 07/25/28 | 2,140,000 | 2,108,581 |
Wells Fargo & Co. | 6.30(b) | 10/23/29 | 465,000 | 484,316 |
Wells Fargo & Co. | 5.20(b) | 01/23/30 | 1,595,000 | 1,591,638 |
Total Financials | 72,768,131 | |||
Health Care | 2.1% | ||||
AbbVie Inc. | 4.80 | 03/15/27 | 915,000 | 915,945 |
8
Portfolio of Investments | Short-Term Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 38.8% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Health Care | 2.1% (Continued) | ||||
AbbVie Inc. | 4.80% | 03/15/29 | $455,000 | $455,668 |
AstraZeneca Finance LLC | 4.85 | 02/26/29 | 1,365,000 | 1,368,851 |
Bayer US Finance LLC (a) | 6.25 | 01/21/29 | 1,144,000 | 1,163,928 |
Baylor Scott & White Holdings | 0.83 | 11/15/25 | 1,000,000 | 925,134 |
GE HealthCare Technologies Inc. | 5.65 | 11/15/27 | 975,000 | 992,826 |
Medtronic Global Holdings SCA | 4.25 | 03/30/28 | 925,000 | 908,730 |
Pfizer Investment Enterprises Pte Ltd. | 4.45 | 05/19/28 | 885,000 | 872,408 |
Solventum Corp. (a) | 5.45 | 02/25/27 | 455,000 | 456,571 |
Solventum Corp. (a) | 5.40 | 03/01/29 | 915,000 | 916,844 |
Total Health Care | 8,976,905 | |||
Industrials | 2.5% | ||||
American Airlines Group Inc. | 3.60 | 03/22/29 | 2,425,046 | 2,293,121 |
American Airlines Group Inc. | 3.95 | 01/11/32 | 865,000 | 795,716 |
BNSF Railway Co. (a) | 3.44 | 06/16/28 | 747,636 | 710,373 |
Boeing Co. (The) | 2.20 | 02/04/26 | 1,900,000 | 1,778,778 |
Delta Air Lines, Inc. (a) | 7.00 | 05/01/25 | 965,000 | 977,661 |
ERAC USA Finance LLC (a) | 4.60 | 05/01/28 | 925,000 | 913,288 |
Federal Express Corp. 20-1 | 1.88 | 02/20/34 | 2,063,816 | 1,710,007 |
John Deere Capital Corp. | 4.95 | 07/14/28 | 915,000 | 921,897 |
Regal Rexnord Corp. (a) | 6.05 | 02/15/26 | 370,000 | 371,911 |
Regal Rexnord Corp. (a) | 6.05 | 04/15/28 | 460,000 | 466,331 |
Total Industrials | 10,939,083 | |||
Information Technology | 0.3% | ||||
Amphenol Corp. | 4.75 | 03/30/26 | 935,000 | 928,190 |
Avnet Inc. | 6.25 | 03/15/28 | 610,000 | 624,861 |
Total Information Technology | 1,553,051 | |||
Materials | 1.5% | ||||
Celanese US Holdings LLC | 6.05 | 03/15/25 | 745,000 | 746,434 |
Celanese US Holdings LLC | 6.17 | 07/15/27 | 1,330,000 | 1,354,618 |
EIDP Inc. | 4.50 | 05/15/26 | 1,390,000 | 1,373,994 |
Newmont Corp. (a) | 5.30 | 03/15/26 | 1,000,000 | 1,002,461 |
Sealed Air Corp. (a) | 1.57 | 10/15/26 | 2,200,000 | 1,987,201 |
Total Materials | 6,464,708 | |||
Real Estate | 0.5% | ||||
Extra Space Storage LP | 5.70 | 04/01/28 | 460,000 | 468,246 |
VICI Properties LP (a) | 3.50 | 02/15/25 | 1,600,000 | 1,564,890 |
Total Real Estate | 2,033,136 | |||
Utilities | 4.7% | ||||
American Water Capital Corp. | 2.80 | 05/01/30 | 2,830,000 | 2,491,304 |
CenterPoint Energy Houston Electric LLC | 5.20 | 10/01/28 | 1,850,000 | 1,881,459 |
Consumers Energy Co. | 4.60 | 05/30/29 | 456,000 | 450,696 |
DTE Electric Co. | 4.85 | 12/01/26 | 1,000,000 | 999,336 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 1,445,000 | 1,415,348 |
Exelon Corp. | 5.15 | 03/15/28 | 830,000 | 832,030 |
Florida Power & Light Co. | 4.45 | 05/15/26 | 465,000 | 460,519 |
Florida Power & Light Co. | 5.05 | 04/01/28 | 625,000 | 631,836 |
Florida Power & Light Co. | 4.40 | 05/15/28 | 465,000 | 459,978 |
Metropolitan Edison Co. (a) | 4.00 | 04/15/25 | 4,250,000 | 4,140,963 |
9
Portfolio of Investments | Short-Term Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 38.8% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Utilities | 4.7% (Continued) | ||||
Metropolitan Edison Co. (a) | 5.20% | 04/01/28 | $1,330,000 | $1,331,306 |
Pacific Gas & Electric Co. | 4.55 | 07/01/30 | 1,390,000 | 1,321,226 |
PacifiCorp | 5.10 | 02/15/29 | 2,305,000 | 2,321,564 |
San Diego Gas & Electric Co. | 4.95 | 08/15/28 | 1,400,000 | 1,405,251 |
Southern California Edison Co. | 5.30 | 03/01/28 | 440,000 | 444,897 |
Total Utilities | 20,587,713 | |||
Total Corporate Bonds–Other | ||||
(Cost $172,570,246) | 169,602,234 | |||
U.S. Government & Agency Obligations | 23.3% of portfolio | ||||
Federal Farm Credit Banks Funding Corp. | 2.25 | 01/14/30 | 1,423,000 | 1,252,167 |
U.S. International Development Finance Corp. | 0.67(c) | 04/23/29 | 1,230,000 | 1,198,445 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 600,588 | 564,444 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 863,568 | 781,928 |
U.S. Treasury Note | 4.63 | 02/28/26 | 47,896,000 | 47,856,710 |
U.S. Treasury Note | 4.13 | 02/15/27 | 27,027,000 | 26,798,960 |
U.S. Treasury Note | 4.25 | 03/15/27 | 19,779,000 | 19,687,831 |
U.S. Treasury Note | 4.25 | 02/28/29 | 3,549,000 | 3,553,713 |
Total U.S. Government & Agency Obligations | ||||
(Cost $102,125,165) | 101,694,198 |
Asset-Backed Securities | 12.8% of portfolio | ||||
American Credit Acceptance Receivables Trust 23-4A (a) | 6.20 | 06/14/27 | 1,028,485 | 1,030,731 |
Avant Credit Card Master Trust 21-1A (a) | 1.37 | 04/15/27 | 2,500,000 | 2,413,635 |
Avant Loans Funding Trust 22-REV1 (a) | 6.54 | 09/15/31 | 2,875,462 | 2,872,740 |
Carvana Auto Receivables Trust 24-P1 (a) | 5.05 | 04/10/29 | 1,130,000 | 1,127,404 |
Colony American Finance Ltd. 21-2 (a) | 1.41 | 07/15/54 | 711,726 | 644,374 |
CoreVest American Finance 20-4 (a) | 1.17 | 12/15/52 | 550,410 | 515,619 |
CoreVest American Finance 21-1 (a) | 1.57 | 04/15/53 | 933,126 | 862,980 |
CoreVest American Finance 21-3 (a) | 2.49 | 10/15/54 | 2,480,000 | 2,269,578 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 63,258 | 62,914 |
Exeter Automobile Receivables Trust 22-1A | 2.56 | 06/15/28 | 2,143,643 | 2,114,322 |
FIC Funding 21-1 (a) | 1.13 | 04/15/33 | 403,408 | 399,525 |
First Investors Auto Owner Trust 21-2A (a) | 0.48 | 03/15/27 | 205,386 | 203,078 |
Firstkey Homes Trust 22-SFR2 (a) | 4.25 | 07/17/39 | 969,055 | 937,333 |
Flagship Credit Auto Trust 21-3 (a) | 0.36 | 07/15/27 | 217,901 | 216,513 |
Ford Credit Auto Lease Trust 20-A | 5.06 | 05/15/27 | 930,000 | 928,631 |
Frontier Issuer 23-1A (a) | 6.60 | 08/20/53 | 3,400,000 | 3,433,882 |
Frontier Issuer 23-1B (a) | 8.30 | 08/20/53 | 2,340,000 | 2,377,691 |
FRTKL 21-SFR1 (a) | 1.57 | 09/17/38 | 970,000 | 882,833 |
GLS Auto Select Receivables Trust 24-1A (a) | 5.24 | 03/15/30 | 925,000 | 921,768 |
GM Financial Automobile Leasing Trust 24-1 | 5.09 | 03/22/27 | 1,810,000 | 1,808,806 |
Gracie Point International Funding 23-2A (a) | 7.61(b) | 03/01/27 | 688,983 | 694,689 |
Gracie Point International Funding 24-1A (a) | 7.06(b) | 03/01/28 | 2,045,000 | 2,050,273 |
Honda Auto Receivables Owner Trust 24-1 | 5.21 | 08/15/28 | 3,180,000 | 3,193,204 |
John Deere Owner Trust 23-A | 5.01 | 11/15/27 | 900,000 | 897,364 |
John Deere Owner Trust 23-B | 5.18 | 03/15/28 | 650,000 | 650,125 |
LAD Auto Receivables Trust 21-1 (a) | 1.30 | 08/17/26 | 134,947 | 133,934 |
LAD Auto Receivables Trust 23-2 (a) | 5.93 | 06/15/27 | 533,804 | 534,310 |
Longtrain Leasing III LLC 2015-1 (a) | 2.98 | 01/15/45 | 265,577 | 261,349 |
NP SPE II LLC 17-1 (a) | 3.37 | 10/21/47 | 212,743 | 203,769 |
Oasis Securitisation 22-1A (a) | 4.75 | 05/15/34 | 145,507 | 144,526 |
Oasis Securitisation 22-2A (a) | 6.85 | 10/15/34 | 793,806 | 791,385 |
10
Portfolio of Investments | Short-Term Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Asset-Backed Securities | 12.8% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Oasis Securitisation 23-1A (a) | 7.00% | 02/15/35 | $875,825 | $874,177 |
Oportun Funding 21-A (a) | 1.21 | 03/08/28 | 416,428 | 402,788 |
Oportun Funding 21-B (a) | 1.47 | 05/08/31 | 2,225,000 | 2,110,325 |
Oscar US Funding Trust 24-1 (a) | 5.54 | 02/10/28 | 1,885,000 | 1,882,075 |
Progress Residential Trust 21-SFR8 (a) | 1.51 | 10/17/38 | 1,312,100 | 1,192,685 |
Progress Residential Trust 22-SFR3 (a) | 3.20 | 04/17/39 | 910,221 | 856,801 |
Santander Drive Auto Receivables Trust 22-5 | 4.43 | 03/15/27 | 1,260,000 | 1,248,965 |
Santander Drive Auto Receivables Trust 24-1 | 5.23 | 12/15/28 | 685,000 | 683,583 |
Santander Drive Auto Receivables Trust 28 | 5.25 | 04/17/28 | 525,000 | 524,608 |
SBA Tower Trust (a) | 2.84 | 01/15/25 | 4,765,000 | 4,650,762 |
SBA Tower Trust (a) | 1.88 | 01/15/26 | 355,000 | 331,386 |
SBA Tower Trust (a) | 6.60 | 01/15/28 | 775,000 | 793,946 |
SVC ABS LLC 23-1A (a) | 5.15 | 02/20/53 | 457,508 | 436,549 |
T-Mobile US Trust 22-1A (a) | 4.91 | 05/22/28 | 1,780,000 | 1,771,689 |
Volkswagen Auto Lease Trust 24-A | 5.21 | 06/21/27 | 785,000 | 786,771 |
Westgate Resorts 20-1A (a) | 3.96 | 03/20/34 | 150,589 | 149,337 |
Westgate Resorts 22-1A (a) | 2.29 | 08/20/36 | 616,994 | 591,550 |
Westlake Automobile Receivables Trust 24-1A (a) | 5.55 | 11/15/27 | 1,020,000 | 1,019,269 |
Total Asset-Backed Securities | ||||
(Cost $56,498,938) | 55,886,551 | |||
Mortgage-Backed Securities | 11.8% of portfolio | ||||
FHLMC 780754 | 6.09(b) | 08/01/33 | 484 | 485 |
FNMA 813842 | 7.27(b) | 01/01/35 | 1,593 | 1,617 |
GNMA 21-8 | 1.00 | 01/20/50 | 1,800,805 | 1,385,017 |
GNMA 22-177 | 5.00 | 05/20/48 | 5,206,394 | 5,160,800 |
GNMA 23-128 | 5.75 | 08/20/47 | 2,118,787 | 2,123,015 |
GNMA 23-22EA | 5.00 | 09/20/49 | 3,100,312 | 3,067,835 |
GNMA 23-22EC | 5.00 | 01/20/51 | 1,544,299 | 1,528,068 |
GNMA 23-4 | 5.00 | 07/20/49 | 788,903 | 780,157 |
GNMA 23-59 | 5.00 | 11/20/41 | 1,648,119 | 1,636,574 |
GNMA 23-84KA | 5.50 | 06/20/42 | 2,006,403 | 1,995,486 |
GNMA 24-1 | 5.50 | 08/20/48 | 6,683,685 | 6,619,843 |
GNMA 24-11 | 5.00 | 09/20/50 | 2,194,622 | 2,161,502 |
GNMA 24-43 | 5.50 | 08/20/48 | 3,500,000 | 3,504,200 |
GNMA 786576 | 4.50 | 09/20/52 | 925,153 | 876,766 |
GNMA 787194 | 7.50 | 12/20/53 | 2,066,647 | 2,121,141 |
GNMA 787238 | 7.50 | 02/20/54 | 2,273,028 | 2,332,965 |
GNMA 787291 | 7.50 | 03/20/54 | 2,885,000 | 2,961,074 |
GNMA CK0445 | 4.00 | 02/15/52 | 2,196,422 | 2,061,625 |
GNMA CV1215 | 7.00 | 07/20/53 | 2,273,343 | 2,321,121 |
GNMA CW8493 | 8.00 | 11/20/53 | 991,352 | 1,018,456 |
GNMA CW8494 | 7.50 | 11/20/53 | 2,122,998 | 2,178,209 |
GNMA CW8495 | 7.50 | 11/20/53 | 1,186,013 | 1,216,857 |
GNMA CZ5438 | 7.00 | 01/20/54 | 1,997,584 | 2,040,899 |
GNMA MA8017 | 2.50 | 05/20/37 | 1,476,116 | 1,337,485 |
GNMA MA8917 | 5.00 | 06/20/38 | 1,020,612 | 1,016,200 |
Total Mortgage-Backed Securities | ||||
(Cost $51,850,856) | 51,447,397 |
Yankee Bonds | 11.4% of portfolio | ||||
AerCap Holdings NV | 6.10 | 01/15/27 | 500,000 | 508,183 |
Avolon Holdings Funding Ltd. (a) | 5.50 | 01/15/26 | 1,225,000 | 1,212,278 |
Avolon Holdings Funding Ltd. (a) | 2.75 | 02/21/28 | 607,000 | 543,113 |
BAE Systems PLC (a) | 5.00 | 03/26/27 | 1,115,000 | 1,112,733 |
BAE Systems PLC (a) | 5.13 | 03/26/29 | 1,115,000 | 1,118,858 |
11
Portfolio of Investments | Short-Term Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Yankee Bonds | 11.4% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Banco Bilbao Vizcaya Argentaria SA | 5.38% | 03/13/29 | $1,400,000 | $1,412,436 |
Banco Santander SA | 6.53(b) | 11/07/27 | 400,000 | 410,266 |
Banco Santander SA | 5.59 | 08/08/28 | 1,400,000 | 1,419,774 |
Barclays PLC | 7.33(b) | 11/02/26 | 1,410,000 | 1,444,589 |
Barclays PLC | 5.83(b) | 05/09/27 | 855,000 | 856,815 |
Barclays PLC | 5.67(b) | 03/12/28 | 1,360,000 | 1,364,838 |
BNP Paribas (a) | 1.32(b) | 01/13/27 | 700,000 | 650,678 |
BPCE SA (a) | 5.98(b) | 01/18/27 | 610,000 | 611,574 |
BPCE SA (a) | 5.20 | 01/18/27 | 1,375,000 | 1,377,801 |
Danske Bank AS (a) | 5.43(b) | 03/01/28 | 1,365,000 | 1,367,898 |
Delta and SkyMiles IP Ltd. (a) | 4.50 | 10/20/25 | 454,999 | 450,372 |
Delta and SkyMiles IP Ltd. (a) | 4.75 | 10/20/28 | 2,000,000 | 1,956,114 |
Deutsche Bank AG | 1.69 | 03/19/26 | 295,000 | 276,172 |
Electricite de France SA (a) | 5.70 | 05/23/28 | 500,000 | 507,254 |
Hyundai Capital Services Inc. (a) | 5.13 | 02/05/27 | 2,305,000 | 2,287,838 |
Korea National Oil Corp. (a) | 4.75 | 04/03/26 | 500,000 | 493,540 |
Lloyds Banking Group PLC | 4.72(b) | 08/11/26 | 750,000 | 741,017 |
Macquarie Airfinance Holdings Ltd. (a) | 6.40 | 03/26/29 | 500,000 | 507,910 |
Macquarie Group Ltd. (a) | 1.34(b) | 01/12/27 | 2,500,000 | 2,318,760 |
Mizuho Financial Group Inc. (a) | 3.48 | 04/12/26 | 750,000 | 724,495 |
Nationwide Building Society (a) | 2.97(b) | 02/16/28 | 1,500,000 | 1,399,071 |
Natwest Group PLC | 5.85(b) | 03/02/27 | 765,000 | 768,670 |
Nutrien Ltd. | 4.90 | 03/27/28 | 925,000 | 920,101 |
Roche Holdings Inc. (a) | 5.34 | 11/13/28 | 2,536,000 | 2,597,406 |
Royal Bank of Canada | 4.88 | 01/19/27 | 1,140,000 | 1,137,507 |
Santander UK Group Holdings PLC | 6.83(b) | 11/21/26 | 460,000 | 467,589 |
Santander UK Group Holdings PLC | 6.53(b) | 01/10/29 | 1,005,000 | 1,038,905 |
Saudi Arabian Oil Co. (a) | 1.63 | 11/24/25 | 500,000 | 469,800 |
Saudi Arabian Oil Co. (a) | 3.50 | 04/16/29 | 1,360,000 | 1,267,117 |
Societe Generale (a) | 5.52(b) | 01/19/28 | 1,155,000 | 1,147,055 |
Societe Generale (a) | 5.63(b) | 01/19/30 | 455,000 | 453,061 |
Sumitomo Mitsui Financial Group Inc. | 5.46 | 01/13/26 | 1,810,000 | 1,816,092 |
Svenska Handelsbanken AB (a) | 5.25 | 06/15/26 | 460,000 | 461,140 |
Svenska Handelsbanken AB (a) | 5.50 | 06/15/28 | 2,060,000 | 2,080,983 |
TransCanada Pipelines Ltd. | 7.06 | 10/14/25 | 6,043,000 | 6,134,630 |
Triton Container International Ltd. (a) | 2.05 | 04/15/26 | 1,390,000 | 1,280,839 |
Var Energi ASA (a) | 7.50 | 01/15/28 | 595,000 | 629,317 |
Total Yankee Bonds | ||||
(Cost $50,379,330) | 49,744,589 | |||
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.9% of portfolio | ||||
Energy | 0.8% | ||||
Petroleos Mexicanos | 5.93(b) | 04/15/25 | 2,931,250 | 2,928,437 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 87,800 | 83,272 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 633,895 | 608,870 |
Total Energy | 3,620,579 | |||
Financials | 0.1% | ||||
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 109,444 | 108,619 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 179,461 | 176,426 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 60,857 | 60,433 |
Total Financials | 345,478 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $4,002,178) | 3,966,057 |
12
Portfolio of Investments | Short-Term Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Municipal Bonds | 0.5% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Arizona | 0.5% | ||||
Glendale Arizona | 1.45% | 07/01/26 | $1,000,000 | $928,237 |
Glendale Arizona | 1.72 | 07/01/27 | 1,235,000 | 1,124,898 |
Total Arizona | 2,053,135 | |||
Total Municipal Bonds | ||||
(Cost $2,235,000) | 2,053,135 |
Money Market Fund | 0.5% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 5.26(d) | 2,034,449 | 2,034,449 | |
Total Money Market Fund | ||||
(Cost $2,034,449) | 2,034,449 | |||
Total Investments in Securities | ||||
(Cost $441,696,162) | 100.0% | $436,428,610 |
(a) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $114,217,793 and represents 26.2% of total investments. |
(b) | Variable coupon rate as of March 31, 2024. |
(c) | Interest is paid at maturity. |
(d) | 7-day yield at March 31, 2024. |
LLC -Limited Liability Company
N.A. -North America
LP -Limited Partnership
SCA -Société en Commandite par Actions
Pte -Private Limited Company
ABS -Asset-Backed Security
FHLMC -Federal Home Loan Mortgage Corporation
NV -Naamloze Vennottschap
PLC -Public Limited Company
SA -Sociedad Anonima or Societe Anonyme
AS -Anonim Sirket
AG -Aktiengesellschaft
AB -Aktiebolag
ASA -Allmennaksjeselskap
At March 31, 2024, the cost of investment securities for tax purposes was $441,736,417. Net unrealized depreciation of investment securities was $5,307,807 consisting of unrealized gains of $1,523,090 and unrealized losses of $6,830,897.
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
13
Portfolio of Investments | Short-Term Bond Fund | March 31, 2024 | (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 |
Corporate Bonds–Other | $ — | $169,602,234 | $ — | $169,602,234 |
U.S. Government & Agency Obligations | — | 101,694,198 | — | 101,694,198 |
Asset-Backed Securities | — | 55,886,551 | — | 55,886,551 |
Mortgage-Backed Securities | — | 51,447,397 | — | 51,447,397 |
Yankee Bonds | — | 49,744,589 | — | 49,744,589 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 3,966,057 | — | 3,966,057 |
Municipal Bonds | — | 2,053,135 | — | 2,053,135 |
Money Market Fund | 2,034,449 | — | — | 2,034,449 |
Total | $2,034,449 | $434,394,161 | $ — | $436,428,610 |
14
Portfolio of Investments
Intermediate Bond Fund | March 31, 2024 | (Unaudited)
Corporate Bonds–Other | 34.5% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 0.9% | ||||
Sprint Spectrum Co. LLC (a) | 4.74% | 03/20/25 | $112,500 | $111,880 |
T-Mobile US, Inc. | 3.00 | 02/15/41 | 200,000 | 147,309 |
Warnermedia Holdings Inc. | 4.05 | 03/15/29 | 190,000 | 177,864 |
Warnermedia Holdings Inc. | 4.28 | 03/15/32 | 190,000 | 169,715 |
Warnermedia Holdings Inc. | 5.05 | 03/15/42 | 285,000 | 244,956 |
Warnermedia Holdings Inc. | 5.14 | 03/15/52 | 180,000 | 149,399 |
Warnermedia Holdings Inc. | 5.39 | 03/15/62 | 190,000 | 157,677 |
Total Communication Services | 1,158,800 | |||
Consumer Discretionary | 4.0% | ||||
Block Financial Corp. | 2.50 | 07/15/28 | 145,000 | 128,805 |
Daimler Trucks Financial N.A. LLC (a) | 3.50 | 04/07/25 | 340,000 | 333,005 |
Expedia Group, Inc. | 4.63 | 08/01/27 | 330,000 | 323,717 |
Ford Motor Credit Co. LLC | 2.90 | 02/10/29 | 225,000 | 198,383 |
Ford Motor Credit Co. LLC | 6.05 | 03/05/31 | 200,000 | 201,422 |
General Motors Financial Co., Inc. | 4.35 | 01/17/27 | 150,000 | 146,499 |
Hyundai Capital America (a) | 5.50 | 03/30/26 | 380,000 | 380,619 |
Hyundai Capital America (a) | 5.65 | 06/26/26 | 290,000 | 290,919 |
Hyundai Capital America (a) | 5.60 | 03/30/28 | 290,000 | 293,294 |
Hyundai Capital America (a) | 5.80 | 04/01/30 | 490,000 | 501,087 |
Lowe`s Companies, Inc. | 5.85 | 04/01/63 | 205,000 | 211,460 |
Nissan Motor Acceptance Corp. (a) | 2.45 | 09/15/28 | 435,000 | 374,767 |
Ross Stores Inc. | 0.88 | 04/15/26 | 495,000 | 454,967 |
Tractor Supply Co. | 1.75 | 11/01/30 | 100,000 | 81,065 |
United Airlines 2019-2AA PT | 2.70 | 05/01/32 | 875,144 | 748,626 |
US Airways 2013 1A PTT | 3.95 | 11/15/25 | 248,370 | 242,409 |
Volkswagen Group of America Finance LLC (a) | 5.60 | 03/22/34 | 325,000 | 328,303 |
Total Consumer Discretionary | 5,239,347 | |||
Consumer Staples | 2.8% | ||||
7-Eleven Inc. (a) | 1.30 | 02/10/28 | 60,000 | 52,285 |
7-Eleven Inc. (a) | 1.80 | 02/10/31 | 60,000 | 48,202 |
7-Eleven Inc. (a) | 2.80 | 02/10/51 | 135,000 | 83,799 |
BAT Capital Corp. | 5.83 | 02/20/31 | 630,000 | 635,407 |
Campbell Soup Co. | 2.38 | 04/24/30 | 250,000 | 214,047 |
J.M Smucker Co. (The) | 6.50 | 11/15/53 | 375,000 | 416,432 |
JBS USA Food Co. | 3.00 | 02/02/29 | 335,000 | 296,626 |
JBS USA Food Co. | 4.38 | 02/02/52 | 530,000 | 384,887 |
Kenvue Inc. | 5.20 | 03/22/63 | 85,000 | 84,087 |
Philip Morris International Inc. | 4.88 | 02/15/28 | 230,000 | 229,366 |
Philip Morris International Inc. | 5.13 | 02/15/30 | 260,000 | 259,997 |
Philip Morris International Inc. | 5.13 | 02/13/31 | 380,000 | 377,509 |
Philip Morris International Inc. | 5.75 | 11/17/32 | 310,000 | 320,049 |
Smithfield Foods, Inc. (a) | 2.63 | 09/13/31 | 340,000 | 266,260 |
Total Consumer Staples | 3,668,953 | |||
Energy | 2.9% | ||||
Boardwalk Pipelines LP | 5.63 | 08/01/34 | 130,000 | 130,058 |
BP Capital Markets America Inc. | 2.77 | 11/10/50 | 210,000 | 135,931 |
Cheniere Corpus Christi Holdings LLC | 5.13 | 06/30/27 | 180,000 | 179,571 |
Cheniere Corpus Christi Holdings LLC | 3.70 | 11/15/29 | 39,000 | 36,277 |
Cheniere Corpus Christi Holdings LLC | 2.74 | 12/31/39 | 170,000 | 137,314 |
Cheniere Energy Inc. (a) | 5.65 | 04/15/34 | 130,000 | 130,928 |
Cheniere Energy Partners LP | 5.95 | 06/30/33 | 105,000 | 107,349 |
15
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 34.5% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Energy | 2.9% (Continued) | ||||
Energy Transfer Operating LP | 3.75% | 05/15/30 | $318,000 | $293,102 |
Energy Transfer Operating LP | 6.00 | 06/15/48 | 420,000 | 417,450 |
Entergy Arkansas, LLC | 5.15 | 01/15/33 | 205,000 | 205,541 |
Marathon Oil Corp. | 4.40 | 07/15/27 | 360,000 | 349,827 |
Midwest Connector Capital Co. LLC (a) | 4.63 | 04/01/29 | 205,000 | 197,904 |
MPLX LP | 1.75 | 03/01/26 | 80,000 | 74,783 |
MPLX LP | 2.65 | 08/15/30 | 245,000 | 210,725 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 112,000 | 102,994 |
Phillips 66 | 2.15 | 12/15/30 | 260,000 | 218,114 |
Phillips 66 | 5.30 | 06/30/33 | 300,000 | 301,858 |
Targa Resources Corp. | 5.20 | 07/01/27 | 260,000 | 259,623 |
Targa Resources Corp. | 6.50 | 02/15/53 | 305,000 | 326,833 |
Total Energy | 3,816,182 | |||
Financials | 12.0% | ||||
Ally Financial Inc. | 6.99(b) | 06/13/29 | 205,000 | 212,527 |
American Express Co. | 4.99(b) | 05/01/26 | 250,000 | 248,507 |
Antares Holdings LP | 3.95 | 07/15/26 | 375,000 | 352,418 |
Athene Global Funding (a) | 2.95 | 11/12/26 | 120,000 | 112,146 |
Athene Holding Ltd. | 3.95 | 05/25/51 | 300,000 | 220,374 |
Bank of America Corp. | 4.83(b) | 07/22/26 | 740,000 | 733,342 |
Bank of America Corp. | 1.20(b) | 10/24/26 | 200,000 | 187,193 |
Bank of America Corp. | 4.95(b) | 07/22/28 | 525,000 | 520,994 |
Bank of America Corp. | 6.20(b) | 11/10/28 | 150,000 | 155,168 |
Bank of America Corp. | 2.50(b) | 02/13/31 | 263,000 | 226,559 |
Bank of America Corp. | 5.02(b) | 07/22/33 | 445,000 | 437,995 |
Blue Owl Capital Corp. III | 3.13 | 04/13/27 | 396,000 | 360,510 |
Blue Owl Credit Income Corp. | 3.13 | 09/23/26 | 518,000 | 475,262 |
Citigroup Inc. | 5.17(b) | 02/13/30 | 390,000 | 388,180 |
Citigroup Inc. | 2.57(b) | 06/03/31 | 870,000 | 743,411 |
Citigroup Inc. | 6.27(b) | 11/17/33 | 445,000 | 469,995 |
Citigroup Inc. | 5.83(b) | 02/13/35 | 390,000 | 386,095 |
GA Global Funding Trust (a) | 3.85 | 04/11/25 | 460,000 | 451,382 |
Goldman Sachs Group, Inc. | 2.64(b) | 02/24/28 | 245,000 | 228,189 |
Goldman Sachs Group, Inc. | 3.62(b) | 03/15/28 | 153,000 | 146,350 |
Goldman Sachs Group, Inc. | 2.38(b) | 07/21/32 | 365,000 | 299,431 |
Goldman Sachs Group, Inc. | 2.91(b) | 07/21/42 | 230,000 | 165,377 |
Goldman Sachs Group, Inc. | 3.44(b) | 02/24/43 | 255,000 | 197,525 |
J.P. Morgan Chase & Co. | 2.08(b) | 04/22/26 | 340,000 | 327,611 |
J.P. Morgan Chase & Co. | 1.04(b) | 02/04/27 | 150,000 | 138,818 |
J.P. Morgan Chase & Co. | 6.07(b) | 10/22/27 | 125,000 | 127,541 |
J.P. Morgan Chase & Co. | 5.30(b) | 07/24/29 | 195,000 | 196,449 |
J.P. Morgan Chase & Co. | 4.91(b) | 07/25/33 | 185,000 | 181,142 |
M&T Bank Corp. | 7.41(b) | 10/30/29 | 500,000 | 527,331 |
Manufacturers and Traders Trust Co. | 4.65 | 01/27/26 | 300,000 | 293,470 |
Metropolitan Life Global Funding I (a) | 5.00 | 01/06/26 | 340,000 | 339,128 |
Metropolitan Life Global Funding I (a) | 5.15 | 03/28/33 | 180,000 | 180,202 |
Morgan Stanley | 1.51(b) | 07/20/27 | 200,000 | 183,560 |
Morgan Stanley | 5.16(b) | 04/20/29 | 320,000 | 319,742 |
Morgan Stanley | 5.17(b) | 01/16/30 | 370,000 | 370,313 |
Morgan Stanley | 1.79(b) | 02/13/32 | 510,000 | 407,685 |
Morgan Stanley | 4.89(b) | 07/20/33 | 170,000 | 164,880 |
Northern Trust Corp. | 6.13 | 11/02/32 | 265,000 | 279,926 |
Owl Rock Technology Finance Corp. | 3.75 | 06/17/26 | 150,000 | 138,903 |
Owl Rock Technology Finance Corp. | 2.50 | 01/15/27 | 139,000 | 123,417 |
16
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 34.5% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 12.0% (Continued) | ||||
Prudential Financial Inc. | 6.50%(b) | 03/15/54 | $620,000 | $628,572 |
Prudential Financial, Inc. | 5.70(b) | 09/15/48 | 75,000 | 74,176 |
Santander Holdings USA, Inc. | 2.49(b) | 01/06/28 | 298,000 | 270,826 |
Truist Financial Corp. | 5.44(b) | 01/24/30 | 315,000 | 314,633 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 210,000 | 202,236 |
Wells Fargo & Co. | 3.53(b) | 03/24/28 | 240,000 | 228,429 |
Wells Fargo & Co. | 2.39(b) | 06/02/28 | 445,000 | 407,310 |
Wells Fargo & Co. | 5.57(b) | 07/25/29 | 375,000 | 379,445 |
Wells Fargo & Co. | 5.20(b) | 01/23/30 | 265,000 | 264,441 |
Wells Fargo & Co. | 2.57(b) | 02/11/31 | 200,000 | 172,403 |
Wells Fargo & Co. | 6.49(b) | 10/23/34 | 220,000 | 235,966 |
Wells Fargo & Co. | 3.07(b) | 04/30/41 | 440,000 | 329,214 |
Total Financials | 15,526,699 | |||
Health Care | 3.1% | ||||
AbbVie Inc. | 4.95 | 03/15/31 | 105,000 | 105,749 |
AbbVie Inc. | 5.35 | 03/15/44 | 65,000 | 66,277 |
AbbVie Inc. | 5.40 | 03/15/54 | 130,000 | 133,808 |
Amgen Inc. | 5.75 | 03/02/63 | 215,000 | 219,289 |
Bayer US Finance LLC (a) | 6.25 | 01/21/29 | 331,000 | 336,766 |
Bayer US Finance LLC (a) | 6.88 | 11/21/53 | 610,000 | 625,838 |
Bristol-Myers Squibb Co. | 6.25 | 11/15/53 | 127,000 | 143,059 |
GE HealthCare Technologies Inc. | 5.60 | 11/15/25 | 225,000 | 225,758 |
GE HealthCare Technologies Inc. | 5.65 | 11/15/27 | 255,000 | 259,662 |
GE HealthCare Technologies Inc. | 5.91 | 11/22/32 | 270,000 | 283,465 |
HCA Inc. | 5.45 | 04/01/31 | 390,000 | 392,034 |
HCA Inc. | 5.90 | 06/01/53 | 315,000 | 316,740 |
Pfizer Investment Enterprises Pte Ltd. | 4.65 | 05/19/30 | 195,000 | 193,108 |
Pfizer Investment Enterprises Pte Ltd. | 5.11 | 05/19/43 | 95,000 | 92,896 |
Pfizer Investment Enterprises Pte Ltd. | 5.30 | 05/19/53 | 255,000 | 253,530 |
Solventum Corp. (a) | 5.90 | 04/30/54 | 380,000 | 379,065 |
Total Health Care | 4,027,044 | |||
Industrials | 1.5% | ||||
Ashtead Capital, Inc. (a) | 1.50 | 08/12/26 | 240,000 | 218,512 |
Ashtead Capital, Inc. (a) | 4.25 | 11/01/29 | 308,000 | 287,141 |
Ashtead Capital, Inc. (a) | 2.45 | 08/12/31 | 200,000 | 162,402 |
BNSF Railway Co. (a) | 3.44 | 06/16/28 | 340,144 | 323,190 |
Boeing Co. (The) | 2.20 | 02/04/26 | 350,000 | 327,670 |
Delta Air Lines, Inc. (a) | 7.00 | 05/01/25 | 250,000 | 253,280 |
Quanta Services, Inc. | 2.35 | 01/15/32 | 260,000 | 211,270 |
Triton International Ltd. | 3.25 | 03/15/32 | 175,000 | 142,015 |
Total Industrials | 1,925,480 | |||
Information Technology | 1.0% | ||||
Avnet Inc. | 6.25 | 03/15/28 | 170,000 | 174,142 |
Broadcom Cayman Finance Ltd. | 3.88 | 01/15/27 | 255,000 | 247,204 |
Cisco Systems Inc. | 4.95 | 02/26/31 | 230,000 | 232,030 |
Cisco Systems Inc. | 5.30 | 02/26/54 | 130,000 | 133,443 |
VMware, Inc. | 1.40 | 08/15/26 | 155,000 | 141,555 |
VMware, Inc. | 4.70 | 05/15/30 | 200,000 | 194,683 |
VMware, Inc. | 2.20 | 08/15/31 | 155,000 | 126,137 |
Total Information Technology | 1,249,194 |
17
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Corporate Bonds–Other | 34.5% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Materials | 1.1% | ||||
Celanese US Holdings LLC | 6.05% | 03/15/25 | $140,000 | $140,269 |
Celanese US Holdings LLC | 6.17 | 07/15/27 | 360,000 | 366,664 |
Celanese US Holdings LLC | 6.33 | 07/15/29 | 260,000 | 269,607 |
Celanese US Holdings LLC | 6.38 | 07/15/32 | 175,000 | 181,547 |
Glencore Funding LLC (a) | 2.63 | 09/23/31 | 260,000 | 216,700 |
Glencore Funding LLC (a) | 3.38 | 09/23/51 | 170,000 | 116,357 |
Silgan Holdings Inc. (a) | 1.40 | 04/01/26 | 125,000 | 114,495 |
Total Materials | 1,405,639 | |||
Real Estate | 1.0% | ||||
American Tower Corp. | 5.50 | 03/15/28 | 205,000 | 206,717 |
Healthpeak OP, LLC | 5.25 | 12/15/32 | 125,000 | 123,980 |
Host Hotels & Resorts, LP | 4.50 | 02/01/26 | 150,000 | 146,883 |
Realty Income Corp. | 4.85 | 03/15/30 | 200,000 | 197,695 |
VICI Properties LP | 4.75 | 02/15/28 | 180,000 | 175,536 |
VICI Properties LP | 6.13 | 04/01/54 | 385,000 | 379,737 |
Total Real Estate | 1,230,548 | |||
Utilities | 4.2% | ||||
Ameren Illinois Co. | 5.90 | 12/01/52 | 175,000 | 187,408 |
American Water Capital Corp. | 2.80 | 05/01/30 | 920,000 | 809,894 |
American Water Capital Corp. | 5.45 | 03/01/54 | 365,000 | 368,112 |
Entergy Louisiana, LLC | 3.78 | 04/01/25 | 325,000 | 318,331 |
Exelon Corp. | 5.15 | 03/15/28 | 235,000 | 235,575 |
Florida Power & Light Co. | 5.05 | 04/01/28 | 170,000 | 171,859 |
Indiana Michigan Power Co. | 5.63 | 04/01/53 | 215,000 | 217,192 |
Indianapolis Power & Light Co. (a) | 5.65 | 12/01/32 | 260,000 | 264,339 |
National Fuel Gas Co. | 5.50 | 01/15/26 | 80,000 | 79,876 |
Oklahoma Gas & Electric Co. | 5.60 | 04/01/53 | 107,000 | 107,015 |
Pacific Gas & Electric Co. | 3.00 | 06/15/28 | 225,000 | 205,515 |
Pacific Gas & Electric Co. | 4.55 | 07/01/30 | 130,000 | 123,568 |
Pacific Gas & Electric Co. | 4.25 | 03/15/46 | 770,000 | 603,081 |
PacifiCorp | 5.30 | 02/15/31 | 500,000 | 501,434 |
Public Service Electric & Gas Co. | 4.65 | 03/15/33 | 105,000 | 102,342 |
Public Service Electric & Gas Co. | 5.13 | 03/15/53 | 300,000 | 295,117 |
SCE Recovery Funding LLC | 2.51 | 11/15/43 | 190,000 | 130,659 |
Southern California Edison Co. | 5.30 | 03/01/28 | 115,000 | 116,280 |
Southern California Edison Co. | 2.25 | 06/01/30 | 55,000 | 46,736 |
Southern California Edison Co. | 4.50 | 09/01/40 | 200,000 | 177,665 |
Southern California Edison Co. | 4.00 | 04/01/47 | 164,000 | 129,801 |
Southern California Edison Co. | 3.65 | 02/01/50 | 214,000 | 158,493 |
TerraForm Power Operating LLC (a) | 4.75 | 01/15/30 | 171,000 | 156,745 |
Total Utilities | 5,507,037 | |||
Total Corporate Bonds–Other | ||||
(Cost $47,332,851) | 44,754,923 |
Mortgage-Backed Securities | 31.2% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (a) | 2.18(b) | 01/25/51 | 212,665 | 167,340 |
FHLMC QA7479 | 3.00 | 03/01/50 | 197,340 | 172,408 |
FHLMC QE2363 | 3.50 | 05/01/52 | 1,284,344 | 1,149,479 |
FHLMC RA8249 | 5.50 | 11/01/52 | 695,694 | 694,490 |
FHLMC SD1188 | 3.50 | 06/01/52 | 679,858 | 608,729 |
FHLMC SD1495 | 5.00 | 08/01/52 | 846,396 | 835,291 |
18
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Mortgage-Backed Securities | 31.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
FHLMC SD2605 | 5.50% | 04/01/53 | $478,966 | $477,568 |
FHLMC SD7555 | 3.00 | 08/01/52 | 833,036 | 727,867 |
FHLMC SD8068 | 3.00 | 06/01/50 | 191,686 | 167,012 |
FHLMC SD8193 | 2.00 | 02/01/52 | 5,895,195 | 4,667,835 |
FHLMC SD8237 | 4.00 | 08/01/52 | 1,292,334 | 1,198,632 |
FNMA BN7662 | 3.50 | 07/01/49 | 77,356 | 70,293 |
FNMA CA4016 | 3.00 | 08/01/49 | 455,031 | 396,760 |
FNMA FM1000 | 3.00 | 04/01/47 | 831,210 | 731,161 |
FNMA FM4231 | 2.50 | 09/01/50 | 219,474 | 183,076 |
FNMA MA3691 | 3.00 | 07/01/49 | 131,556 | 114,778 |
FNMA MA3834 | 3.00 | 11/01/49 | 273,550 | 238,406 |
FNMA MA3960 | 3.00 | 03/01/50 | 126,806 | 110,221 |
FNMA MA3992 | 3.50 | 04/01/50 | 126,048 | 114,062 |
FNMA MA4048 | 3.00 | 06/01/50 | 572,508 | 497,392 |
FNMA MA4124 | 2.50 | 09/01/35 | 1,023,693 | 934,497 |
FNMA MA4179 | 2.00 | 11/01/35 | 3,344,645 | 2,985,449 |
FNMA MA4254 | 1.50 | 02/01/51 | 2,530,680 | 1,911,416 |
FNMA MA4303 | 2.00 | 04/01/36 | 1,347,870 | 1,201,479 |
FNMA MA4418 | 2.00 | 09/01/36 | 2,254,883 | 2,001,534 |
FNMA MA4437 | 2.00 | 10/01/51 | 3,843,379 | 3,049,566 |
FNMA MA4579 | 3.00 | 04/01/52 | 682,624 | 588,016 |
GNMA 21-8 | 1.00 | 01/20/50 | 462,284 | 355,547 |
GNMA 22-177 | 5.00 | 05/20/48 | 1,365,697 | 1,353,737 |
GNMA 23-128 | 5.75 | 08/20/47 | 577,851 | 579,004 |
GNMA 23-22EA | 5.00 | 09/20/49 | 876,528 | 867,346 |
GNMA 23-22EC | 5.00 | 01/20/51 | 428,741 | 424,234 |
GNMA 23-4 | 5.00 | 07/20/49 | 224,169 | 221,684 |
GNMA 23-59 | 5.00 | 11/20/41 | 455,111 | 451,923 |
GNMA 23-76 | 5.00 | 05/20/53 | 1,489,454 | 1,464,408 |
GNMA 23-84KA | 5.50 | 06/20/42 | 632,453 | 629,012 |
GNMA 786247 | 4.00 | 07/20/52 | 622,796 | 582,398 |
GNMA 786428 | 4.00 | 06/20/52 | 1,024,176 | 944,861 |
GNMA 786576 | 4.50 | 09/20/52 | 254,889 | 241,558 |
GNMA 787291 | 7.50 | 03/20/54 | 275,000 | 282,251 |
GNMA CK0445 | 4.00 | 02/15/52 | 1,143,236 | 1,073,074 |
GNMA CV1215 | 7.00 | 07/20/53 | 704,836 | 719,649 |
GNMA CW8493 | 8.00 | 11/20/53 | 283,955 | 291,719 |
GNMA CW8495 | 7.50 | 11/20/53 | 318,928 | 327,222 |
GNMA MA8346 | 4.00 | 10/20/52 | 3,320,079 | 3,106,023 |
GNMA MA8880 | 6.00 | 05/20/53 | 547,456 | 552,563 |
Total Mortgage-Backed Securities | ||||
(Cost $42,822,444) | 40,462,970 |
U.S. Government & Agency Obligations | 15.3% of portfolio | ||||
Federal Farm Credit Bank | 0.52 | 10/21/25 | 300,000 | 280,591 |
Federal Farm Credit Bank | 1.33 | 07/01/30 | 605,000 | 497,668 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 106,613 | 96,534 |
U.S. Treasury Note | 4.63 | 02/28/26 | 1,375,000 | 1,373,872 |
U.S. Treasury Note | 4.25 | 03/15/27 | 1,362,000 | 1,355,722 |
U.S. Treasury Note | 4.25 | 02/28/29 | 1,161,000 | 1,162,542 |
U.S. Treasury Note | 4.25 | 02/28/31 | 1,580,000 | 1,582,716 |
U.S. Treasury Note | 4.00 | 02/15/34 | 1,308,000 | 1,286,336 |
U.S. Treasury Note | 2.38 | 02/15/42 | 4,918,000 | 3,657,955 |
U.S. Treasury Note | 3.25 | 05/15/42 | 510,000 | 433,520 |
U.S. Treasury Note | 3.38 | 08/15/42 | 4,374,000 | 3,778,042 |
U.S. Treasury Note | 4.50 | 02/15/44 | 1,448,000 | 1,455,919 |
19
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
U.S. Government & Agency Obligations | 15.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
U.S. Treasury Note | 4.75% | 11/15/53 | $2,723,000 | $2,906,803 |
Total U.S. Government & Agency Obligations | ||||
(Cost $21,080,505) | 19,868,220 | |||
Asset-Backed Securities | 9.3% of portfolio | ||||
Avant Credit Card Master Trust 21-1A (a) | 1.37 | 04/15/27 | 500,000 | 482,727 |
Avant Loans Funding Trust 21-REV1 (a) | 1.21 | 07/15/30 | 15,240 | 15,220 |
Avant Loans Funding Trust 22-REV1 (a) | 6.54 | 09/15/31 | 518,454 | 517,964 |
Carvana Auto Receivables Trust 24-P1 (a) | 5.05 | 04/10/29 | 325,000 | 324,253 |
Colony American Finance Ltd. 21-2 (a) | 1.41 | 07/15/54 | 164,244 | 148,702 |
CoreVest American Finance 20-4 (a) | 1.17 | 12/15/52 | 89,741 | 84,068 |
CoreVest American Finance 21-1 (a) | 1.57 | 04/15/53 | 652,536 | 603,482 |
CoreVest American Finance 21-3 (a) | 2.49 | 10/15/54 | 660,000 | 604,001 |
FIC Funding 21-1 (a) | 1.13 | 04/15/33 | 22,149 | 21,936 |
First Investors Auto Owner Trust 21-2A (a) | 0.48 | 03/15/27 | 52,814 | 52,220 |
Firstkey Homes Trust 22-SFR2 (a) | 4.25 | 07/17/39 | 323,018 | 312,444 |
Flagship Credit Auto Trust 21-3 (a) | 0.36 | 07/15/27 | 25,844 | 25,679 |
Ford Credit Auto Lease Trust 20-A | 5.06 | 05/15/27 | 260,000 | 259,617 |
Frontier Issuer 23-1A (a) | 6.60 | 08/20/53 | 1,000,000 | 1,009,965 |
Frontier Issuer 23-1B (a) | 8.30 | 08/20/53 | 675,000 | 685,872 |
FRTKL 21-SFR1 (a) | 1.57 | 09/17/38 | 250,000 | 227,534 |
GLS Auto Select Receivables Trust 24-1A (a) | 5.24 | 03/15/30 | 265,000 | 264,074 |
GM Financial Automobile Leasing Trust 24-1 | 5.09 | 03/22/27 | 525,000 | 524,654 |
Gracie Point International Funding 23-2A (a) | 7.61(b) | 03/01/27 | 175,165 | 176,616 |
Honda Auto Receivables Owner Trust 24-1 | 5.21 | 08/15/28 | 580,000 | 582,408 |
John Deere Owner Trust 23-B | 5.18 | 03/15/28 | 185,000 | 185,036 |
LAD Auto Receivables Trust 21-1 (a) | 1.30 | 08/17/26 | 35,961 | 35,691 |
LAD Auto Receivables Trust 23-2 (a) | 5.93 | 06/15/27 | 147,581 | 147,721 |
Oasis Securitisation 22-1A (a) | 4.75 | 05/15/34 | 41,573 | 41,293 |
Oasis Securitisation 22-2A (a) | 6.85 | 10/15/34 | 209,068 | 208,431 |
Oasis Securitisation 23-1A (a) | 7.00 | 02/15/35 | 245,535 | 245,073 |
Oportun Funding 21-A (a) | 1.21 | 03/08/28 | 116,756 | 112,931 |
Oportun Funding 21-B (a) | 1.47 | 05/08/31 | 1,000,000 | 948,461 |
PenFed Auto Receivable Owner 22-A (a) | 3.96 | 04/15/26 | 240,694 | 239,127 |
Progress Residential Trust 21-SFR8 (a) | 1.51 | 10/17/38 | 336,461 | 305,840 |
Progress Residential Trust 22-SFR3 (a) | 3.20 | 04/17/39 | 246,006 | 231,568 |
Progress Residential Trust 22-SFR3 (a) | 3.60 | 04/17/39 | 165,000 | 155,983 |
SBA Tower Trust (a) | 2.84 | 01/15/25 | 230,000 | 224,486 |
SBA Tower Trust (a) | 1.88 | 01/15/26 | 20,000 | 18,670 |
SBA Tower Trust (a) | 1.63 | 11/15/26 | 240,000 | 217,160 |
SBA Tower Trust (a) | 6.60 | 01/15/28 | 210,000 | 215,134 |
SBA Tower Trust (a) | 2.59 | 10/15/31 | 430,000 | 346,650 |
SBIC 2023-10B | 5.69 | 09/10/33 | 341,790 | 349,795 |
T-Mobile US Trust 22-1A (a) | 4.91 | 05/22/28 | 505,000 | 502,642 |
Volkswagen Auto Lease Trust 24-A | 5.21 | 06/21/27 | 230,000 | 230,519 |
Westgate Resorts 22-1A (a) | 2.29 | 08/20/36 | 176,284 | 169,014 |
Total Asset-Backed Securities | ||||
(Cost $12,339,927) | 12,054,661 |
Yankee Bonds | 6.7% of portfolio | ||||
AerCap Ireland Capital DAC | 3.88 | 01/23/28 | 250,000 | 237,016 |
Aptiv PLC | 3.10 | 12/01/51 | 280,000 | 176,595 |
Avolon Holdings Funding Ltd. (a) | 5.50 | 01/15/26 | 625,000 | 618,509 |
Avolon Holdings Funding Ltd. (a) | 2.75 | 02/21/28 | 130,000 | 116,317 |
BAE Systems PLC (a) | 5.00 | 03/26/27 | 325,000 | 324,339 |
BAE Systems PLC (a) | 5.13 | 03/26/29 | 325,000 | 326,125 |
20
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Yankee Bonds | 6.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Banco Santander SA | 6.53%(b) | 11/07/27 | $200,000 | $205,133 |
Barclays PLC | 7.33(b) | 11/02/26 | 370,000 | 379,076 |
Barclays PLC | 5.83(b) | 05/09/27 | 240,000 | 240,510 |
Barclays PLC | 6.04(b) | 03/12/55 | 200,000 | 208,230 |
BP Capital Markets America Inc. | 4.81 | 02/13/33 | 110,000 | 108,559 |
BPCE SA (a) | 5.98(b) | 01/18/27 | 250,000 | 250,645 |
Cenovus Energy Inc. | 5.25 | 06/15/37 | 395,000 | 377,853 |
Danske Bank AS (a) | 5.43(b) | 03/01/28 | 260,000 | 260,552 |
Delta and SkyMiles IP Ltd. (a) | 4.75 | 10/20/28 | 550,000 | 537,931 |
Deutsche Bank AG | 1.69 | 03/19/26 | 150,000 | 140,427 |
Enbridge Inc. | 5.70 | 03/08/33 | 320,000 | 327,729 |
Hyundai Capital Services Inc. (a) | 5.13 | 02/05/27 | 550,000 | 545,905 |
Mitsubishi UFJ Financial Group Inc. | 3.74 | 03/07/29 | 300,000 | 285,333 |
Mizuho Financial Group Inc. | 4.25(b) | 09/11/29 | 200,000 | 193,203 |
Nissan Motor Co., Ltd. (a) | 4.81 | 09/17/30 | 200,000 | 186,755 |
OCI NV (a) | 6.70 | 03/16/33 | 310,000 | 308,967 |
Petronas Capital Ltd. (a) | 3.40 | 04/28/61 | 360,000 | 246,629 |
Roche Holdings Inc. (a) | 5.49 | 11/13/30 | 390,000 | 404,178 |
Roche Holdings Inc. (a) | 5.22 | 03/08/54 | 200,000 | 202,862 |
Santander UK Group Holdings PLC | 6.53(b) | 01/10/29 | 275,000 | 284,278 |
Societe Generale (a) | 5.52(b) | 01/19/28 | 325,000 | 322,765 |
Sumitomo Mitsui Financial Group Inc. | 5.46 | 01/13/26 | 240,000 | 240,808 |
Sumitomo Mitsui Financial Group Inc. | 5.52 | 01/13/28 | 200,000 | 203,954 |
Svenska Handelsbanken AB (a) | 5.50 | 06/15/28 | 260,000 | 262,648 |
Var Energi ASA (a) | 7.50 | 01/15/28 | 200,000 | 211,535 |
Total Yankee Bonds | ||||
(Cost $8,960,624) | 8,735,366 | |||
Municipal Bonds | 1.3% of portfolio | ||||
Arizona | 0.2% | ||||
Pinal County Arizona Revenue Obligation | 1.58 | 08/01/26 | 110,000 | 101,706 |
Yuma Arizona Pledged Revenue | 2.63 | 07/15/38 | 135,000 | 105,779 |
Total Arizona | 207,485 | |||
California | 0.9% | ||||
City of Chula Vista California Pension Obligation | 2.91 | 06/01/45 | 255,000 | 178,331 |
City of Monterey Park California Pension Obligation | 1.89 | 06/01/30 | 1,000,000 | 845,852 |
Huntington Beach California Pension Obligation | 1.68 | 06/15/27 | 155,000 | 140,707 |
San Francisco California City & County Airports | 3.35 | 05/01/51 | 100,000 | 74,919 |
Total California | 1,239,809 | |||
Texas | 0.1% | ||||
North Texas Tollway Authority Revenue | 3.01 | 01/01/43 | 150,000 | 114,603 |
Total Texas | 114,603 | |||
West Virginia | 0.1% | ||||
West Virginia State University Revenues | 3.01 | 10/01/41 | 150,000 | 116,688 |
Total West Virginia | 116,688 | |||
Total Municipal Bonds | ||||
(Cost $2,055,000) | 1,678,585 |
21
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
Corporate Bond Guaranteed by Export-Import Bank of the United States | 0.1% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 0.1% | ||||
Petroleos Mexicanos | 5.93%(b) | 04/15/25 | $89,375 | $89,289 |
Total Energy | 89,289 | |||
Total Corporate Bond Guaranteed by Export-Import Bank of the United States | ||||
(Cost $89,351) | 89,289 |
Money Market Fund | 1.6% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 5.26(c) | 2,140,318 | 2,140,318 | |
Total Money Market Fund | ||||
(Cost $2,140,318) | 2,140,318 | |||
Total Investments in Securities | ||||
(Cost $136,821,020) | 100.0% | $129,784,332 |
(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 $23,147,574 and represents 17.8% of total investments. |
(b) | Variable coupon rate as of March 31, 2024. |
(c) | 7-day yield at March 31, 2024. |
LLC -Limited Liability Company
N.A. -North America
LP -Limited Partnership
Pte -Private Limited Company
FHLMC -Federal Home Loan Mortgage Corporation
DAC -Designated Activity Company
PLC -Public Limited Company
SA -Sociedad Anonima or Societe Anonyme
AS -Anonim Sirket
AG -Aktiengesellschaft
NV -Naamloze Vennottschap
AB -Aktiebolag
ASA -Allmennaksjeselskap
At March 31, 2024, the cost of investment securities for tax purposes was $136,940,694. Net unrealized depreciation of investment securities was $7,156,362 consisting of unrealized gains of $568,384 and unrealized losses of $7,724,746.
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).
22
Portfolio of Investments | Intermediate Bond Fund | March 31, 2024 | (Unaudited) |
(Continued)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Intermediate Bond Fund | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds–Other | $ — | $44,754,923 | $ — | $44,754,923 |
Mortgage-Backed Securities | — | 40,462,970 | — | 40,462,970 |
U.S. Government & Agency Obligations | — | 19,868,220 | — | 19,868,220 |
Asset-Backed Securities | — | 12,054,661 | — | 12,054,661 |
Yankee Bonds | — | 8,735,366 | — | 8,735,366 |
Municipal Bonds | — | 1,678,585 | — | 1,678,585 |
Corporate Bond Guaranteed by Export-Import Bank of the United States | — | 89,289 | — | 89,289 |
Money Market Fund | 2,140,318 | — | — | 2,140,318 |
Total | $2,140,318 | $127,644,014 | $ — | $129,784,332 |
23
Portfolio of Investments
Rural America Growth & Income Fund | March 31, 2024 | (Unaudited)
Common Stocks | 59.4% of portfolio | ||||
Shares | Value | |||
Communication Services | 1.6% | ||||
Media | ||||
Cable One, Inc. | 42 | $17,771 | ||
Wireless Telecommunication Services | ||||
T-Mobile U.S., Inc. | 872 | 142,328 | ||
Total Communication Services | 160,099 | |||
Consumer Discretionary | 7.5% | ||||
Hotels, Restaurants & Leisure | ||||
Choice Hotels International, Inc. | 1,059 | 133,804 | ||
Leisure Products | ||||
Malibu Boats, Inc. Class A (a) | 1,079 | 46,699 | ||
Specialty Retail | ||||
ARKO Corp. | 4,866 | 27,736 | ||
Burlington Stores, Inc. (a) | 552 | 128,169 | ||
Lowe's Companies, Inc. | 317 | 80,750 | ||
Ollie's Bargain Outlet Holdings, Inc. (a) | 588 | 46,787 | ||
O'Reilly Automotive, Inc. (a) | 151 | 170,461 | ||
Tractor Supply Co. | 503 | 131,645 | ||
Total Consumer Discretionary | 766,051 | |||
Consumer Staples | 2.0% | ||||
Consumer Staples Distribution & Retail | ||||
Dollar General Corp. | 344 | 53,685 | ||
Food Products | ||||
Hershey Co. (The) | 785 | 152,682 | ||
Total Consumer Staples | 206,367 | |||
Energy | 3.8% | ||||
Oil, Gas & Consumable Fuels | ||||
Chevron Corp. | 705 | 111,207 | ||
ConocoPhillips | 981 | 124,861 | ||
Marathon Petroleum Corp. | 724 | 145,886 | ||
Total Energy | 381,954 | |||
Financials | 7.4% | ||||
Banks | ||||
FB Financial Corp. | 568 | 21,391 | ||
Glacier Bancorp, Inc. | 991 | 39,918 | ||
SouthState Corp. | 346 | 29,420 | ||
Truist Financial Corp. | 2,002 | 78,038 | ||
Capital Markets | ||||
CME Group, Inc. | 769 | 165,558 | ||
Intercontinental Exchange, Inc. | 948 | 130,284 | ||
Financial Services | ||||
Jack Henry & Associates, Inc. | 842 | 146,281 | ||
Insurance | ||||
Allstate Corp. | 180 | 31,142 | ||
American International Group, Inc. | 548 | 42,837 | ||
Chubb Ltd. | 266 | 68,928 | ||
Total Financials | 753,797 |
24
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2024 |
(Unaudited) | (Continued)
Common Stocks | 59.4% of portfolio (Continued) | ||||
Shares | Value | |||
Health Care | 10.1% | ||||
Health Care Equipment & Supplies | ||||
Integer Holdings Corp. (a) | 1,400 | $163,352 | ||
Stryker Corp. | 624 | 223,311 | ||
Health Care Providers & Services | ||||
AMN Healthcare Services, Inc. (a) | 685 | 42,819 | ||
Cencora, Inc. | 275 | 66,822 | ||
Centene Corp. (a) | 1,489 | 116,857 | ||
Life Sciences Tools & Services | ||||
IQVIA Holdings Inc. (a) | 564 | 142,630 | ||
Mettler-Toledo International, Inc. (a) | 51 | 67,896 | ||
Pharmaceuticals | ||||
Zoetis Inc. | 1,176 | 198,991 | ||
Total Health Care | 1,022,678 | |||
Industrials | 10.1% | ||||
Commercial Services & Supplies | ||||
Casella Waste Systems, Inc. Class A (a) | 793 | 78,404 | ||
Ground Transportation | ||||
CSX Corp. | 3,403 | 126,149 | ||
J.B. Hunt Transport Services, Inc. | 344 | 68,542 | ||
Machinery | ||||
Cummins Inc. | 241 | 71,011 | ||
Deere & Co. | 522 | 214,406 | ||
Xylem, Inc. | 267 | 34,507 | ||
Software | ||||
Paycom Software, Inc. | 480 | 95,525 | ||
Trading Companies & Distributors | ||||
Applied Industrial Technologies, Inc. | 595 | 117,542 | ||
Fastenal Co. | 2,913 | 224,709 | ||
Total Industrials | 1,030,795 | |||
Information Technology | 8.9% | ||||
Electronic Equipment, Instruments & Components | ||||
Advanced Energy Industries, Inc. | 948 | 96,677 | ||
Corning Inc. | 3,070 | 101,187 | ||
Trimble Inc. (a) | 1,522 | 97,956 | ||
Semiconductors & Semiconductor Equipment | ||||
Diodes Inc. (a) | 1,204 | 84,882 | ||
Micron Technology, Inc. | 1,736 | 204,657 | ||
Software | ||||
ANSYS, Inc. (a) | 482 | 167,331 | ||
Tyler Technologies, Inc. (a) | 354 | 150,454 | ||
Total Information Technology | 903,144 | |||
Materials | 4.3% | ||||
Chemicals | ||||
Sherwin-Williams Co. (The) | 309 | 107,325 | ||
Construction Materials | ||||
Vulcan Materials Co. | 413 | 112,716 | ||
Containers & Packaging | ||||
Ball Corp. | 1,577 | 106,227 | ||
Metals & Mining | ||||
Freeport-McMoRan Inc. | 2,303 | 108,287 | ||
Total Materials | 434,555 |
25
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2024 |
(Unaudited) | (Continued)
Common Stocks | 59.4% of portfolio (Continued) | ||||
Shares | Value | |||
Real Estate | 3.7% | ||||
Health Care REITs | ||||
Community Healthcare Trust Inc. | 798 | $21,187 | ||
Specialized REITs | ||||
American Tower Corp. | 802 | 158,467 | ||
Crown Castle Inc. | 1,302 | 137,791 | ||
Uniti Group Inc. | 9,981 | 58,888 | ||
Total Real Estate | 376,333 | |||
Total Common Stocks | ||||
(Cost $ 5,505,492) | 6,035,773 | |||
U.S. Government & Agency Obligations | 25.6% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | ||
Federal Farm Credit Bank | 0.52% | 10/21/25 | $200,000 | 187,061 |
Federal Farm Credit Bank | 3.32 | 02/25/26 | 200,000 | 195,024 |
Federal Farm Credit Bank | 1.20 | 04/28/27 | 195,000 | 176,059 |
Federal Farm Credit Bank | 3.38 | 09/15/27 | 65,000 | 62,839 |
Federal Farm Credit Bank | 3.87 | 08/15/28 | 265,000 | 260,510 |
Federal Farm Credit Bank | 3.43 | 12/06/28 | 62,000 | 59,781 |
Federal Farm Credit Bank | 4.00 | 09/27/29 | 200,000 | 197,179 |
Federal Farm Credit Bank | 4.09 | 05/03/32 | 324,000 | 306,849 |
Federal Farm Credit Bank | 3.50 | 09/01/32 | 50,000 | 46,613 |
Federal Farm Credit Bank | 2.50 | 04/14/36 | 70,000 | 54,659 |
Federal Farm Credit Banks Funding Corp. | 2.25 | 01/14/30 | 70,000 | 61,596 |
Federal Farm Credit Banks Funding Corp. | 6.69 | 10/18/38 | 30,000 | 30,191 |
Tennessee Valley Authority | 2.88 | 09/15/24 | 99,000 | 97,863 |
Tennessee Valley Authority | 0.75 | 05/15/25 | 128,000 | 122,117 |
Tennessee Valley Authority | 1.50 | 09/15/31 | 65,000 | 53,620 |
U.S. Treasury Note | 4.62 | 02/28/26 | 83,000 | 82,932 |
U.S. Treasury Note | 4.12 | 02/15/27 | 24,000 | 23,797 |
U.S. Treasury Note | 4.25 | 03/15/27 | 301,000 | 299,612 |
U.S. Treasury Note | 4.25 | 02/28/29 | 17,000 | 17,023 |
U.S. Treasury Note | 4.25 | 02/28/31 | 225,000 | 225,387 |
U.S. Treasury Note | 4.00 | 02/15/34 | 41,000 | 40,321 |
Total U.S. Government & Agency Obligations | ||||
(Cost $ 2,644,862) | 2,601,033 |
Corporate Bonds–Other | 9.2% of portfolio | ||||
Communication Services | 0.8% | ||||
T-Mobile USA Inc. | 4.80 | 07/15/28 | 41,000 | 40,661 |
T-Mobile USA, Inc. | 3.75 | 04/15/27 | 44,000 | 42,376 |
Total Communication Services | 83,037 | |||
Consumer Discretionary | 1.1% | ||||
Choice Hotels International, Inc. | 3.70 | 01/15/31 | 25,000 | 21,905 |
Dollar General Corp. | 5.00 | 11/01/32 | 30,000 | 29,643 |
Kohl's Corp. | 4.25 | 07/17/25 | 22,000 | 21,515 |
Tractor Supply Co. | 1.75 | 11/01/30 | 44,000 | 35,668 |
Total Consumer Discretionary | 108,731 | |||
Consumer Staples | 0.4% | ||||
Bunge Limited Finance Corp. | 3.75 | 09/25/27 | 10,000 | 9,597 |
26
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2024 |
(Unaudited) | (Continued)
Corporate Bonds–Other | 9.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Consumer Staples | 0.4% (Continued) | ||||
Bunge Limited Finance Corp. | 2.75% | 05/14/31 | $35,000 | $30,142 |
Total Consumer Staples | 39,739 | |||
Energy | 0.0% | ||||
Murphy Oil Corp. | 6.38 | 07/15/28 | 2,000 | 2,013 |
Total Energy | 2,013 | |||
Financials | 3.7% | ||||
American Tower Corp. | 3.95 | 03/15/29 | 60,000 | 56,683 |
Chubb INA Holdings Inc. | 3.15 | 03/15/25 | 36,000 | 35,251 |
Cincinnati Financial Corp. | 6.92 | 05/15/28 | 25,000 | 26,578 |
Globe Life Inc. | 4.55 | 09/15/28 | 33,000 | 32,325 |
Intercontinental Exchange, Inc. | 3.75 | 12/01/25 | 78,000 | 76,322 |
M&T Bank Corp. | 7.41 (b) | 10/30/29 | 35,000 | 36,913 |
Metlife, Inc. | 3.00 | 03/01/25 | 42,000 | 41,107 |
Truist Financial Corp. | 1.27 (b) | 03/02/27 | 45,000 | 41,603 |
Truist Financial Corp. | 5.43 (b) | 01/24/30 | 25,000 | 24,971 |
Total Financials | 371,753 | |||
Health Care | 0.8% | ||||
Laboratory Corporation of America Holdings | 1.55 | 06/01/26 | 43,000 | 39,826 |
Zoetis Inc. | 5.40 | 11/14/25 | 40,000 | 40,053 |
Total Health Care | 79,879 | |||
Industrials | 0.5% | ||||
CNH Industrial Capital LLC | 1.45 | 07/15/26 | 17,000 | 15,605 |
J.B. Hunt Transport Services, Inc. | 3.88 | 03/01/26 | 23,000 | 22,483 |
John Deere Capital Corp. | 4.95 | 07/14/28 | 15,000 | 15,113 |
Total Industrials | 53,201 | |||
Information Technology | 0.2% | ||||
Micron Technology, Inc. | 4.66 | 02/15/30 | 26,000 | 25,396 |
Total Information Technology | 25,396 | |||
Materials | 0.7% | ||||
Mosaic Co. | 4.05 | 11/15/27 | 22,000 | 21,222 |
Steel Dynamics, Inc. | 2.40 | 06/15/25 | 27,000 | 25,999 |
Vulcan Materials Co. | 3.50 | 06/01/30 | 32,000 | 29,329 |
Total Materials | 76,550 | |||
Real Estate | 0.5% | ||||
American Tower Corp. | 5.50 | 03/15/28 | 30,000 | 30,251 |
Crown Castle International Corp. | 3.80 | 02/15/28 | 18,000 | 17,041 |
Total Real Estate | 47,292 | |||
Utilities | 0.5% | ||||
Black Hills Corp. | 2.50 | 06/15/30 | 60,000 | 50,217 |
Total Utilities | 50,217 | |||
Total Corporate Bonds–Other | ||||
(Cost $ 985,286) | 937,808 |
27
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2024 |
(Unaudited) | (Continued)
Asset-Backed Securities | 1.7% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
John Deere Owner Trust 23-A | 5.01% | 11/15/27 | $50,000 | $49,854 |
John Deere Owner Trust 23-B | 5.18 | 03/15/28 | 20,000 | 20,004 |
SBA Tower Trust (c) | 1.63 | 11/15/26 | 30,000 | 27,145 |
SBA Tower Trust (c) | 2.59 | 10/15/31 | 52,000 | 41,920 |
SBA Tower Trust (c) | 2.84 | 01/15/25 | 35,000 | 34,161 |
Total Asset-Backed Securities | ||||
(Cost $ 187,198) | 173,084 |
Mortgage-Backed Securities | 1.7% of portfolio | ||||
Farm 2021-1 Mortgage Trust 21-1 (c) | 2.18(b) | 01/25/51 | 25,019 | 19,687 |
Freddie Mac Multiclass Certificates 21-P009 | 1.13 | 01/25/31 | 35,807 | 31,444 |
GNMA 786428 | 4.00 | 06/20/52 | 47,416 | 43,744 |
GNMA 786576 | 4.50 | 09/20/52 | 56,642 | 53,680 |
GNMA II POOL 785401 | 2.50 | 10/20/50 | 26,978 | 22,422 |
Total Mortgage-Backed Securities | ||||
(Cost $ 186,671) | 170,977 |
Municipal Bonds | 0.9% of portfolio | ||||
Kansas | 0.1% | ||||
City of Wichita, Kansas Water & Sewer Utility Revenue | 3.00 | 10/01/24 | 10,000 | 9,896 |
Montana | 0.1% | ||||
Yellowstone County School District No. 2 Billings | 2.22 | 06/15/32 | 15,000 | 12,402 |
Pennsylvania | 0.4% | ||||
Geisinger Health System Revenue | 2.25 | 04/01/27 | 20,000 | 18,546 |
New Castle Sanitation Authority | 1.16 | 06/01/25 | 25,000 | 23,837 |
Total Pennsylvania | 42,383 | |||
Washington | 0.3% | ||||
Northwest Open Access Network Revenue | 1.69 | 12/01/27 | 30,000 | 26,556 |
Total Municipal Bonds | ||||
(Cost $ 100,950) | 91,237 |
Money Market Fund | 1.5% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 5.26%(d) | 156,021 | 156,021 | |
Total Money Market Fund | ||||
(Cost $ 156,021) | 156,021 | |||
Total Investments in Securities | ||||
(Cost $9,766,480) | 100.0% | $10,165,933 |
(a) | Non-income producing. |
(b) | Variable coupon rate as of March 31, 2024. |
(c) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $122,913 and represents 1.2% of total investments. |
(d) | 7-day yield at March 31, 2024. |
CME -Chicago Mercantile Exchange
LLC -Limited Liability Company
28
Portfolio of Investments | Rural America Growth & Income Fund | March 31, 2024 |
(Unaudited) | (Continued)
At March 31, 2024, the cost of investment securities for tax purposes was $9,786,088. Net unrealized appreciation of investment securities was $379,845 consisting of unrealized gains of $955,144 and unrealized losses of $575,299.
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 | $6,035,773 | $ — | $ — | $6,035,773 |
U.S. Government & Agency Obligations | — | 2,601,033 | — | 2,601,033 |
Corporate Bonds–Other | — | 937,808 | — | 937,808 |
Asset-Backed Securities | — | 173,084 | — | 173,084 |
Mortgage-Backed Securities | — | 170,977 | — | 170,977 |
Municipal Bonds | — | 91,237 | — | 91,237 |
Money Market Fund | 156,021 | — | — | 156,021 |
Total | $6,191,794 | $3,974,139 | $ — | $10,165,933 |
29
Portfolio of Investments
Stock Index Fund | March 31, 2024 | (Unaudited)
Cost | Value | |
INVESTMENT | $22,905,940 | $241,413,656 |
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, 2024, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.62%. See the Appendix for the S&P 500 Index Master Portfolio for holdings information.
30
Portfolio of Investments
Value Fund | March 31, 2024 | (Unaudited)
Common Stocks | 98.6% of portfolio | ||
Shares | Value | |
Communication Services | 8.2% | ||
Entertainment | ||
Walt Disney Co. (The) | 180,600 | $22,098,216 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 172,020 | 26,191,765 |
Meta Platforms, Inc., Class A | 75,500 | 36,661,290 |
Total Communication Services | 84,951,271 | |
Consumer Discretionary | 8.0% | ||
Distributors | ||
LKQ Corp. | 169,500 | 9,052,995 |
Hotels, Restaurants & Leisure | ||
McDonald's Corp. | 57,097 | 16,098,499 |
Household Durables | ||
PulteGroup, Inc. | 94,700 | 11,422,714 |
Specialty Retail | ||
Home Depot, Inc. | 36,918 | 14,161,745 |
TJX Companies, Inc. (The) | 143,200 | 14,523,344 |
Ulta Beauty, Inc. (a) | 35,356 | 18,486,945 |
Total Consumer Discretionary | 83,746,242 | |
Consumer Staples | 0.8% | ||
Food Products | ||
Kraft Heinz Co. (The) | 227,700 | 8,402,130 |
Total Consumer Staples | 8,402,130 | |
Energy | 7.5% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 165,900 | 26,169,066 |
ConocoPhillips | 237,500 | 30,229,000 |
Diamondback Energy, Inc. | 112,200 | 22,234,674 |
Total Energy | 78,632,740 | |
Financials | 20.8% | ||
Banks | ||
Bank of America Corp. | 557,102 | 21,125,308 |
Citigroup, Inc. | 221,939 | 14,035,422 |
JPMorgan Chase & Co. | 226,791 | 45,426,237 |
Truist Financial Corp. | 318,400 | 12,411,232 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 76,674 | 32,025,963 |
Financial Services | ||
Fiserv, Inc. (a) | 197,400 | 31,548,468 |
Visa Inc., Class A | 74,898 | 20,902,534 |
Insurance | ||
Allstate Corp. | 86,984 | 15,049,102 |
American International Group, Inc. | 52,494 | 4,103,456 |
Chubb Ltd. | 78,938 | 20,455,204 |
Total Financials | 217,082,926 | |
Health Care | 18.5% | ||
Biotechnology | ||
AbbVie Inc. | 180,763 | 32,916,943 |
Common Stocks | 98.6% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 18.5% (Continued) | ||
Health Care Equipment & Supplies | ||
Abbott Laboratories | 265,156 | $30,137,631 |
Boston Scientific Corp. (a) | 416,696 | 28,539,509 |
Health Care Providers & Services | ||
Centene Corp. (a) | 321,997 | 25,270,324 |
Cigna Corp. | 64,814 | 23,539,797 |
Pharmaceuticals | ||
Bristol-Myers Squibb Co. | 248,501 | 13,476,209 |
Merck & Co., Inc. | 187,182 | 24,698,665 |
Royalty Pharma PLC, Class A | 483,484 | 14,683,409 |
Total Health Care | 193,262,487 | |
Industrials | 16.5% | ||
Aerospace & Defense | ||
Northrop Grumman Corp. | 47,031 | 22,511,859 |
Electrical Equipment | ||
Eaton Corp. PLC | 88,687 | 27,730,651 |
Ground Transportation | ||
CSX Corp. | 617,782 | 22,901,179 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 165,173 | 33,901,758 |
Machinery | ||
Deere & Co. | 46,700 | 19,181,558 |
Parker-Hannifin Corp. | 82,422 | 45,809,323 |
Total Industrials | 172,036,328 | |
Information Technology | 8.3% | ||
Semiconductors & Semiconductor Equipment | ||
Lam Research Corp. | 28,300 | 27,495,431 |
NXP Semiconductors NV | 94,763 | 23,479,429 |
Software | ||
Microsoft Corp. | 62,114 | 26,132,602 |
Oracle Corp. | 73,400 | 9,219,774 |
Total Information Technology | 86,327,236 | |
Materials | 5.9% | ||
Chemicals | ||
DuPont de Nemours, Inc. | 226,278 | 17,348,734 |
Containers & Packaging | ||
Avery Dennison Corp. | 117,587 | 26,251,298 |
Metals & Mining | ||
Freeport-McMoRan Inc. | 375,000 | 17,632,500 |
Total Materials | 61,232,532 | |
Real Estate | 4.1% | ||
Specialized REITs | ||
Crown Castle Inc. | 130,700 | 13,831,981 |
Digital Realty Trust, Inc. | 111,801 | 16,103,816 |
31
Portfolio of Investments | Value Fund | March 31, 2024 | (Unaudited) | (Continued)
Common Stocks | 98.6% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 4.1% (Continued) | ||
VICI Properties Inc. | 444,235 | $13,233,761 |
Total Real Estate | 43,169,558 | |
Total Common Stocks | ||
(Cost $527,618,580) | 1,028,843,450 | |
Money Market Fund | 1.4% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26% (b) | 14,363,447 | 14,363,447 |
Total Money Market Fund | ||
(Cost $14,363,447) | 14,363,447 | |
Total Investments in Securities | ||
(Cost $541,982,027) | 100.0% | $1,043,206,897 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2024. |
PLC -Public Limited Company
NV -Naamloze Vennottschap
At March 31, 2024, the cost of investment securities for tax purposes was $542,994,470. Net unrealized appreciation of investment securities was $500,212,427 consisting of unrealized gains of $506,083,523 and unrealized losses of $5,871,096.
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 | $1,028,843,450 | $ — | $ — | $1,028,843,450 |
Money Market Fund | 14,363,447 | — | — | 14,363,447 |
Total | $1,043,206,897 | $ — | $ — | $1,043,206,897 |
32
Portfolio of Investments
Growth Fund | March 31, 2024 | (Unaudited)
Common Stocks | 99.8% of portfolio | ||
Shares | Value | |
Communication Services | 14.0% | ||
Entertainment | ||
Netflix, Inc. (a) | 7,552 | $4,586,556 |
Spotify Technology SA (a) | 9,592 | 2,531,329 |
Interactive Media & Services | ||
Alphabet, Inc., Class A (a) | 146,946 | 22,178,560 |
Meta Platforms, Inc., Class A | 35,439 | 17,208,470 |
Wireless Telecommunication Services | ||
T-Mobile U.S., Inc. | 14,347 | 2,341,717 |
Total Communication Services | 48,846,632 | |
Consumer Discretionary | 12.4% | ||
Broadline Retail | ||
Amazon.com, Inc. (a) | 149,916 | 27,041,848 |
Coupang, Inc. (a) | 138,519 | 2,464,253 |
MercadoLibre, Inc. (a) | 340 | 514,066 |
Hotels, Restaurants & Leisure | ||
Booking Holdings, Inc. | 1,326 | 4,810,569 |
Chipotle Mexican Grill, Inc. (a) | 1,184 | 3,441,616 |
Leisure Products | ||
Peloton Interactive, Inc. (a) | 69,531 | 297,940 |
Specialty Retail | ||
Ross Stores, Inc. | 32,842 | 4,819,892 |
Total Consumer Discretionary | 43,390,184 | |
Consumer Staples | 0.8% | ||
Beverages | ||
Monster Beverage Corp. (a) | 13,608 | 806,682 |
Consumer Staples Distribution & Retail | ||
Dollar General Corp. | 13,397 | 2,090,736 |
Total Consumer Staples | 2,897,418 | |
Energy | 0.8% | ||
Energy Equipment & Services | ||
Schlumberger NV | 50,656 | 2,776,455 |
Total Energy | 2,776,455 | |
Financials | 10.8% | ||
Capital Markets | ||
Charles Schwab Corp. | 29,006 | 2,098,294 |
Tradeweb Markets Inc. | 16,666 | 1,736,097 |
Financial Services | ||
Affirm Holdings, Inc. (a) | 6,661 | 248,189 |
Fiserv, Inc. (a) | 68,002 | 10,868,080 |
Global Payments, Inc. | 19,841 | 2,651,948 |
Mastercard Inc., Class A | 24,886 | 11,984,351 |
Visa Inc., Class A | 29,881 | 8,339,189 |
Total Financials | 37,926,148 | |
Health Care | 15.3% | ||
Biotechnology | ||
argenx SE ADR (a) | 3,700 | 1,456,764 |
Common Stocks | 99.8% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 15.3% (Continued) | ||
Legend Biotech Corp. ADR (a) | 20,220 | $1,134,140 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 15,387 | 3,807,513 |
Intuitive Surgical, Inc. (a) | 19,371 | 7,730,773 |
Penumbra, Inc. (a) | 3,982 | 888,703 |
Stryker Corp. | 19,530 | 6,989,201 |
Health Care Providers & Services | ||
Cigna Corp. | 24,687 | 8,966,072 |
Humana, Inc. | 2,777 | 962,841 |
UnitedHealth Group, Inc. | 24,292 | 12,017,252 |
Life Sciences Tools & Services | ||
Danaher Corp. | 5,077 | 1,267,828 |
Pharmaceuticals | ||
Eli Lilly & Co. | 10,895 | 8,475,874 |
Total Health Care | 53,696,961 | |
Industrials | 3.1% | ||
Aerospace & Defense | ||
Howmet Aerospace Inc. | 31,411 | 2,149,455 |
Machinery | ||
Ingersoll Rand Inc. | 53,965 | 5,123,977 |
Professional Services | ||
Equifax Inc. | 4,000 | 1,070,080 |
Paylocity Holding Corp. (a) | 15,102 | 2,595,429 |
Total Industrials | 10,938,941 | |
Information Technology | 42.6% | ||
Electronic Equipment, Instruments & Components | ||
Amphenol Corp., Class A | 51,161 | 5,901,422 |
IT Services | ||
MongoDB, Inc. (a) | 1,708 | 612,557 |
Shopify Inc., Class A (a) | 18,500 | 1,427,645 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 17,833 | 3,218,678 |
ASML Holding NV ADR | 5,272 | 5,116,318 |
NVIDIA Corp. | 32,870 | 29,700,017 |
Software | ||
Adobe Inc. (a) | 9,325 | 4,705,395 |
Atlassian Corp., Class A (a) | 14,400 | 2,809,584 |
Aurora Innovation, Inc. (a) | 86,713 | 244,531 |
Cadence Design Systems, Inc. (a) | 8,828 | 2,747,980 |
Dynatrace, Inc. (a) | 40,349 | 1,873,807 |
Fair Isaac Corp. (a) | 1,985 | 2,480,476 |
Fortinet, Inc. (a) | 25,900 | 1,769,229 |
Intuit, Inc. | 18,095 | 11,761,750 |
Microsoft Corp. | 112,140 | 47,179,541 |
salesforce.com, Inc. | 7,377 | 2,221,805 |
ServiceNow, Inc. (a) | 7,019 | 5,351,285 |
33
Portfolio of Investments | Growth Fund | March 31, 2024 | (Unaudited) | (Continued)
Common Stocks | 99.8% of portfolio (Continued) | ||
Shares | Value | |
Information Technology | 42.6% (Continued) | ||
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 117,522 | $20,152,673 |
Total Information Technology | 149,274,693 | |
Total Common Stocks | ||
(Cost $169,969,169) | 349,747,432 | |
Money Market Fund | 0.2% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26% (b) | 814,404 | 814,404 |
Total Money Market Fund | ||
(Cost $814,404) | 814,404 | |
Total Investments in Securities | ||
(Cost $170,783,573) | 100.0% | $350,561,836 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2024. |
SA -Sociedad Anonima or Societe Anonyme
NV -Naamloze Vennottschap
ADR -American Depositary Receipt
SE -Societas Europaea
At March 31, 2024, the cost of investment securities for tax purposes was $171,983,838. Net unrealized appreciation of investment securities was $178,577,998 consisting of unrealized gains of $180,666,962 and unrealized losses of $2,088,964.
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 | $349,747,432 | $ — | $ — | $349,747,432 |
Money Market Fund | 814,404 | — | — | 814,404 |
Total | $350,561,836 | $ — | $ — | $350,561,836 |
34
Portfolio of Investments
International Equity Fund | March 31, 2024 | (Unaudited)
Common Stocks | 95.7% of portfolio | ||
Shares | Value | |
Australia | 2.1% | ||
BHP Group Ltd. ADR | 32,364 | $1,867,079 |
Total Australia | 1,867,079 | |
Britain | 8.1% | ||
Haleon PLC | 569,627 | 2,387,179 |
Rio Tinto PLC | 29,166 | 1,844,016 |
Shell PLC | 85,557 | 2,838,736 |
Total Britain | 7,069,931 | |
Canada | 7.6% | ||
Alimentation Couche-Tard Inc. | 33,600 | 1,917,697 |
Canadian National Railway Co. | 10,749 | 1,415,751 |
Manulife Financial Corp. | 131,800 | 3,291,716 |
Total Canada | 6,625,164 | |
China | 1.3% | ||
Haier Smart Home Co., Ltd. | 182,548 | 568,053 |
Zhejiang Sanhua Intelligent Controls Co., Ltd. | 158,000 | 525,260 |
Total China | 1,093,313 | |
Denmark | 2.9% | ||
Coloplast A/S | 2,080 | 280,835 |
Genmab A/S (a) | 4,424 | 1,326,442 |
Novozymes A/S, Class B | 15,803 | 929,556 |
Total Denmark | 2,536,833 | |
France | 10.2% | ||
Air Liquide SA | 6,985 | 1,453,219 |
Dassault Systèmes SE | 36,619 | 1,621,018 |
L’Oréal SA | 5,958 | 2,821,540 |
Schneider Electric SE | 12,975 | 2,933,341 |
Total France | 8,829,118 | |
Germany | 13.5% | ||
Allianz SE REG | 11,015 | 3,301,384 |
BioNTech SE ADR (a) | 13,860 | 1,278,585 |
Infineon Technologies AG | 86,070 | 2,926,856 |
SAP SE ADR | 13,771 | 2,685,758 |
Symrise AG | 12,717 | 1,522,363 |
Total Germany | 11,714,946 | |
Hong Kong | 1.7% | ||
AIA Group Ltd. | 223,400 | 1,502,716 |
Total Hong Kong | 1,502,716 | |
India | 0.9% | ||
HDFC Bank Ltd. ADR | 13,523 | 756,882 |
Total India | 756,882 |
Common Stocks | 95.7% of portfolio (Continued) | ||
Shares | Value | |
Indonesia | 0.3% | ||
PT Telkom Indonesia (Persero) Tbk. ADR | 11,663 | $259,618 |
Total Indonesia | 259,618 | |
Japan | 16.2% | ||
Chugai Pharmaceutical Co., Ltd. | 79,300 | 3,030,480 |
Daifuku Co., Ltd. | 50,900 | 1,220,043 |
Keyence Corp. | 2,900 | 1,346,356 |
Komatsu Ltd. | 58,500 | 1,731,060 |
Shimano, Inc. | 5,800 | 862,829 |
Shionogi & Co., Ltd. | 24,700 | 1,262,213 |
Sony Group Corp. | 28,800 | 2,469,621 |
Sysmex Corp. | 50,100 | 894,029 |
Unicharm Corp. | 39,100 | 1,244,797 |
Total Japan | 14,061,428 | |
Netherlands | 2.2% | ||
Adyen NV (a) | 1,140 | 1,925,616 |
Total Netherlands | 1,925,616 | |
Republic of South Korea | 1.5% | ||
Samsung Electronics Co., Ltd. GDR | 884 | 1,312,503 |
Total Republic of South Korea | 1,312,503 | |
Russia | 0.0% | ||
LUKOIL PJSC (a) | 6,253 | 0 |
Total Russia | 0 | |
Singapore | 3.7% | ||
DBS Group Holdings Ltd. | 121,115 | 3,232,295 |
Total Singapore | 3,232,295 | |
Spain | 3.7% | ||
Banco Bilboa Vizcaya Argentaria SA | 271,853 | 3,237,359 |
Total Spain | 3,237,359 | |
Sweden | 9.3% | ||
Alfa Laval AB | 44,682 | 1,755,749 |
Assa Abloy AB | 42,623 | 1,223,208 |
Atlas Copco AB, Class A | 99,465 | 1,679,820 |
Epiroc AB, Class A | 66,799 | 1,253,987 |
Skandinaviska Enskilda Banken AB, Class A | 163,699 | 2,217,717 |
Total Sweden | 8,130,481 | |
Switzerland | 6.6% | ||
Alcon Inc. | 21,740 | 1,810,725 |
Nestlé SA ADR | 11,452 | 1,216,774 |
Roche Holding AG REG | 6,661 | 1,700,679 |
35
Portfolio of Investments | International Equity Fund | March 31, 2024 | (Unaudited) |
(Continued)
Common Stocks | 95.7% of portfolio (Continued) | ||
Shares | Value | |
Switzerland | 6.6% (Continued) | ||
Sonova Holding AG REG | 3,638 | $1,053,539 |
Total Switzerland | 5,781,717 | |
Taiwan | 1.7% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10,614 | 1,444,035 |
Total Taiwan | 1,444,035 | |
United States of America | 2.2% | ||
Linde PLC | 4,087 | 1,897,676 |
Total United States of America | 1,897,676 | |
Total Common Stocks | ||
(Cost $62,231,311) | 83,278,710 |
Money Market Fund | 4.3% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26% (b) | 3,721,628 | $3,721,628 |
Total Money Market Fund | ||
(Cost $3,721,628) | 3,721,628 | |
Total Investments in Securities | ||
(Cost $65,952,939) | 100.0% | $87,000,338 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2024. |
ADR -American Depositary Receipt
PLC -Public Limited Company
A/S -Aktieselskab
SA -Sociedad Anonima or Societe Anonyme
SE -Societas Europaea
REG -Registered Shares
AG -Aktiengesellschaft
Tbk. -Terbuka
NV -Naamloze Vennottschap
GDR -Global Depositary Receipt
AB -Aktiebolag
At March 31, 2024, the cost of investment securities for tax purposes was $65,994,632. Net unrealized appreciation of investment securities was $21,005,706 consisting of unrealized gains of $23,788,881 and unrealized losses of $2,783,175.
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.
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Portfolio of Investments | International Equity Fund | March 31, 2024 | (Unaudited) |
(Continued)
International Equity Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $18,625,522 | $64,653,188 | $ — | $83,278,710 |
Money Market Fund | 3,721,628 | — | — | 3,721,628 |
Total | $22,347,150 | $64,653,188 | $ — | $87,000,338 |
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Portfolio of Investments
Small-Company Stock Fund | March 31, 2024 | (Unaudited)
Common Stocks | 98.6% of portfolio | ||
Shares | Value | |
Consumer Discretionary | 7.8% | ||
Broadline Retail | ||
Savers Value Village, Inc. (a) | 37,400 | $721,072 |
Hotels, Restaurants & Leisure | ||
Hilton Grand Vacations Inc. (a) | 110,400 | 5,211,984 |
Household Durables | ||
MDC Holdings, Inc. | 42,388 | 2,666,629 |
Leisure Products | ||
Malibu Boats, Inc., Class A (a) | 61,500 | 2,661,720 |
Topgolf Callaway Brands Corp. (a) | 187,951 | 3,039,168 |
YETI Holdings, Inc. (a) | 82,700 | 3,188,085 |
Specialty Retail | ||
ARKO Corp. | 441,500 | 2,516,550 |
Total Consumer Discretionary | 20,005,208 | |
Energy | 8.7% | ||
Oil, Gas & Consumable Fuels | ||
Matador Resources Co. | 59,300 | 3,959,461 |
Northern Oil and Gas, Inc. | 161,900 | 6,424,192 |
Permian Resources Corp. | 243,300 | 4,296,678 |
SM Energy Co. | 153,300 | 7,642,005 |
Total Energy | 22,322,336 | |
Financials | 15.5% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 129,592 | 4,575,894 |
Cadence Bank | 136,750 | 3,965,750 |
FB Financial Corp. | 138,259 | 5,206,834 |
Glacier Bancorp, Inc. | 104,116 | 4,193,792 |
Live Oak Bancshares, Inc. | 123,000 | 5,105,730 |
Capital Markets | ||
Donnelley Financial Solutions, Inc. (a) | 56,900 | 3,528,369 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 116,283 | 5,303,668 |
Insurance | ||
Kinsale Capital Group, Inc. | 14,826 | 7,779,795 |
Total Financials | 39,659,832 | |
Health Care | 13.8% | ||
Health Care Equipment & Supplies | ||
Enovis Corp. (a) | 56,976 | 3,558,151 |
Envista Holdings Corp. (a) | 106,000 | 2,266,280 |
Globus Medical, Inc. (a) | 66,225 | 3,552,309 |
Integer Holdings Corp. (a) | 76,970 | 8,980,860 |
iRhythm Technologies, Inc. (a) | 16,900 | 1,960,400 |
Lantheus Holdings, Inc. (a) | 31,600 | 1,966,784 |
STAAR Surgical Co. (a) | 35,236 | 1,348,834 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 39,087 | 2,443,327 |
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 22,650 | 9,153,998 |
Total Health Care | 35,230,943 |
Common Stocks | 98.6% of portfolio (Continued) | ||
Shares | Value | |
Industrials | 26.5% | ||
Aerospace & Defense | ||
Triumph Group, Inc. (a) | 407,930 | $6,135,267 |
Building Products | ||
Hayward Holdings, Inc. (a) | 386,000 | 5,909,660 |
Construction & Engineering | ||
Comfort Systems USA, Inc. | 29,188 | 9,273,320 |
Electrical Equipment | ||
Atkore Inc. | 53,500 | 10,184,260 |
Ground Transportation | ||
Werner Enterprises, Inc. | 85,933 | 3,361,699 |
Machinery | ||
ESAB Corp. | 57,176 | 6,321,950 |
Federal Signal Corp. | 118,894 | 10,090,534 |
John Bean Technologies Corp. | 34,600 | 3,629,194 |
Professional Services | ||
CACI International Inc., Class A (a) | 8,371 | 3,171,186 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 48,326 | 9,546,801 |
Total Industrials | 67,623,871 | |
Information Technology | 15.9% | ||
Electronic Equipment, Instruments & Components | ||
Advanced Energy Industries, Inc. | 63,162 | 6,441,261 |
Plexus Corp. (a) | 35,600 | 3,375,592 |
Semiconductors & Semiconductor Equipment | ||
Axcelis Technologies, Inc. (a) | 11,000 | 1,226,720 |
Diodes Inc. (a) | 67,486 | 4,757,763 |
Software | ||
Altair Engineering Inc., Class A (a) | 94,477 | 8,139,193 |
Descartes Systems Group Inc. (The) (a) | 86,570 | 7,923,752 |
Model N, Inc. (a) | 153,300 | 4,364,451 |
PowerSchool Holdings, Inc. (a) | 207,669 | 4,421,273 |
Total Information Technology | 40,650,005 | |
Materials | 6.8% | ||
Chemicals | ||
Avient Corp. | 170,627 | 7,405,212 |
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 225,209 | 10,037,565 |
Total Materials | 17,442,777 | |
Real Estate | 3.6% | ||
Health Care REITs | ||
Community Healthcare Trust Inc. | 78,900 | 2,094,795 |
Office REITs | ||
Easterly Government Properties, Inc. | 229,311 | 2,639,369 |
38
Portfolio of Investments | Small-Company Stock Fund | March 31, 2024 | (Unaudited) |
(Continued)
Common Stocks | 98.6% of portfolio (Continued) | ||
Shares | Value | |
Real Estate | 3.6% (Continued) | ||
Real Estate Management & Development | ||
DigitalBridge Group, Inc. | 79,200 | $1,526,184 |
Specialized REITs | ||
Uniti Group Inc. | 497,500 | 2,935,250 |
Total Real Estate | 9,195,598 | |
Total Common Stocks | ||
(Cost $176,555,325) | 252,130,570 |
Money Market Fund | 1.4% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26% (b) | 3,454,310 | $3,454,310 |
Total Money Market Fund | ||
(Cost $3,454,310) | 3,454,310 | |
Total Investments in Securities | ||
(Cost $180,009,635) | 100.0% | $255,584,880 |
(a) | Non-income producing. |
(b) | 7-day yield at March 31, 2024. |
At March 31, 2024, the cost of investment securities for tax purposes was $179,583,446. Net unrealized appreciation of investment securities was $76,001,434 consisting of unrealized gains of $90,374,759 and unrealized losses of $14,373,325.
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 | $252,130,570 | $ — | $ — | $252,130,570 |
Money Market Fund | 3,454,310 | — | — | 3,454,310 |
Total | $255,584,880 | $ — | $ — | $255,584,880 |
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