UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number: 811-06136
HOMESTEAD FUNDS, INC.
(Exact name of registrant as specified in charter)
4301 Wilson Boulevard
Arlington, VA 22203
(Address of principal executive office – Zip code)
Danielle Sieverling
Homestead Funds, Inc.
4301 Wilson Boulevard
Arlington, VA 22203
(Name and address of agent for service)
Copies to:
Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036-8704
(Name and addresses of agent for service)
Registrant’s telephone number, including area code: (703) 907-5993
Date of fiscal year end: December 31
Date of reporting period: June 30, 2020
Item 1. Reports to Stockholders.
Performance Evaluation | ||
2 | ||
4 | ||
6 | ||
8 | ||
10 | ||
12 | ||
14 | ||
16 | ||
18 | ||
20 | ||
22 | ||
Portfolio of Investments | ||
27 | ||
28 | ||
31 | ||
38 | ||
45 | ||
46 | ||
48 | ||
50 | ||
52 |
54 | ||
56 | ||
58 | ||
Financial Highlights | ||
63 | ||
64 | ||
65 | ||
66 | ||
67 | ||
68 | ||
69 | ||
70 | ||
71 | ||
72 | ||
80 | ||
81 |
Investment Advisor: RE Advisers Corporation | |
Marc Johnston, CFP, ChFC, CAIAMoney Market Portfolio ManagerBA, General Arts, Villanova University; MBA, Northeastern University |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Daily Income Fund | 0.78 | 0.58 | 0.29 |
Yield | ||
Annualized 7-day current yield quoted 6/30/20 | 0.01% |
Security Diversification | ||
% of Total Investments | ||
as of 12/31/19 | as of 6/30/20 | |
U.S. government and agency obligations | 89.7 | 69.9 |
Short-term and other assets* | 10.3 | 30.1 |
Total | 100.0% | 100.0% |
Maturity | ||||
as of 12/31/19 | as of 06/30/20 | |||
Average weighted maturity | 46 days | 50 days |
Investment Advisor: RE Advisers Corporation | |
Mauricio Agudelo, CFASenior Fixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business | |
Ivan Naranjo, CFA, FRMFixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Short-Term Government Securities Fund | 4.53 | 1.84 | 1.45 | |||
ICE BofA 1-5 Year U.S. Treasury Index | 5.25 | 2.31 | 1.84 |
Security Diversification | ||
% of Total Investments | ||
as of 12/31/19 | as of 6/30/20 | |
U.S. government and agency obligations | 62.6 | 49.9 |
Corporate bonds–government guaranteed | 27.5 | 37.8 |
Corporate bonds–other | 2.7 | 3.0 |
Asset-backed securities | 4.3 | 2.6 |
Certificates of deposit | 0.6 | 0.3 |
Mortgage-backed securities | 0.1 | 0.1 |
Short-term and other assets | 2.2 | 6.3 |
Total | 100.0% | 100.0% |
Maturity | ||||
as of 12/31/19 | as of 06/30/20 | |||
Average weighted maturity | 2.70 | 2.60 |
Investment Advisor: RE Advisers Corporation | |
Mauricio Agudelo, CFASenior Fixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business | |
Ivan Naranjo, CFA, FRMFixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Short-Term Bond Fund | 5.21 | 2.64 | 2.50 | |||
ICE BofA 1-5 Year Corp./Gov. Index | 5.32 | 2.64 | 2.27 |
Security Diversification | ||
% of Total Investments | ||
as of 12/31/19 | as of 6/30/20 | |
U.S. government and agency obligations | 61.4 | 40.5 |
Corporate bonds–other | 19.6 | 37.7 |
Asset-backed securities | 12.2 | 9.3 |
Yankee bonds | 5.6 | 7.1 |
Corporate bonds–government guaranteed | 0.1 | 0.7 |
Mortgage-backed securities | 0.1 | 0.1 |
Municipal bonds | 0.2 | 0.0 |
Short-term and other assets | 0.8 | 4.6 |
Total | 100.0% | 100.0% |
Maturity | ||||
as of 12/31/19 | as of 06/30/20 | |||
Average weighted maturity | 2.64 | 2.70 |
Investment Advisor: RE Advisers Corporation | |
Mauricio Agudelo, CFASenior Fixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business | |
Ivan Naranjo, CFA, FRMFixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business |
Average Total Returns (periods ended 06/30/20) | ||||
1 YR % | Since Inception 05/01/2019 % | |||
Intermediate Bond Fund | 8.52 | 9.59 | ||
Bloomberg Barclays U.S. Agg Index | 8.74 | 10.25 |
Security Diversification | ||
% of Total Investments | ||
as of 12/31/19 | as of 6/30/20 | |
Corporate bonds–other | 25.5 | 34.7 |
U.S. government and agency obligations | 39.8 | 22.4 |
Mortgage-backed securities | 23.4 | 20.5 |
Asset-backed securities | 5.2 | 7.3 |
Yankee bonds | 3.8 | 7.2 |
Municipal bonds | 0.4 | 0.4 |
Short-term and other assets | 1.9 | 7.5 |
Total | 100.0% | 100.0% |
Maturity | ||||
as of 12/31/19 | as of 06/30/20 | |||
Average weighted maturity | 7.30 | 7.32 |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Stock Index Fund | 6.91 | 10.11 | 13.36 | |||
Standard & Poor’s 500 Stock Index | 7.51 | 10.73 | 13.99 |
Sector Diversification | ||
% of Total Investments as of 6/30/20 | ||
Information technology | 27.0 | |
Health care | 14.4 | |
Consumer discretionary | 10.6 | |
Communication services | 10.5 | |
Financials | 9.9 | |
Industrials | 7.9 | |
Consumer staples | 6.8 | |
Utilities | 3.1 | |
Real estate | 2.8 | |
Energy | 2.8 | |
Materials | 2.4 |
Short-term and other assets | 1.8 |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 6/30/20 | ||
Microsoft Corp. | 5.9 | |
Apple, Inc. | 5.7 | |
Amazon.com, Inc. | 4.4 | |
Alphabet, Inc. | 3.2 | |
Facebook, Inc. | 2.1 | |
Johnson & Johnson | 1.4 | |
Berkshire Hathaway, Inc. | 1.3 | |
Visa Inc. | 1.3 | |
Procter & Gamble Co. | 1.1 | |
JPMorgan Chase & Co. | 1.1 | |
Total | 27.5% |
Investment Advisor: RE Advisers Corporation | |
Prabha Carpenter, CFASenior Equity Portfolio ManagerBA, Economics, University of Madras; MBA with distinction in Finance and BS in Business Economics, The American University | |
Jim Polk, CFASenior Equity Portfolio ManagerBA, English, Colby College; MBA, The Olin Graduate School of Business at Babson College |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Value Fund | -2.75 | 7.50 | 11.83 | |||
Standard & Poor’s 500 Value Index | -4.50 | 5.98 | 10.88 | |||
Russell 1000 Value Index | -8.84 | 4.64 | 10.41 |
Sector Diversification | ||
% of Total Investments as of 6/30/20 | ||
Health care | 23.1 | |
Information technology | 19.8 | |
Financials | 16.8 | |
Industrials | 13.0 | |
Communication services | 7.6 | |
Materials | 6.9 | |
Consumer discretionary | 4.7 | |
Energy | 3.9 | |
Real estate | 1.9 | |
Short-term and other assets | 2.3 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 6/30/20 | ||
Microsoft Corp. | 5.6 | |
Alphabet, Inc. | 5.1 | |
Abbott Laboratories | 4.3 | |
Avery Dennison Corp. | 4.0 | |
Visa Inc. | 4.0 | |
NVIDIA Corp. | 4.0 | |
Honeywell International, Inc. | 3.9 | |
Allstate Corp. | 3.7 | |
JPMorgan Chase & Co. | 3.6 | |
Merck & Co., Inc. | 3.4 | |
Total | 41.6% |
Subadvisor: T. Rowe Price Associates | |
Taymour Tamaddon, CFAPortfolio ManagerBS, Applied Physics, Cornell University; MBA, Finance, Dartmouth |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Growth Fund | 20.77 | 16.68 | 18.01 | |||
Russell 1000 Growth Index | 23.28 | 15.89 | 17.23 |
Sector Diversification | ||
% of Total Investments as of 6/30/20 | ||
Information technology | 34.8 | |
Communication services | 21.6 | |
Consumer discretionary | 21.1 | |
Health care | 14.3 | |
Industrials | 2.0 | |
Financials | 1.7 | |
Utilities | 1.5 | |
Energy | 0.3 | |
Short-term and other assets | 2.7 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 6/30/20 | ||
Amazon.com, Inc. | 10.1 | |
Microsoft Corp. | 8.9 | |
Alphabet, Inc. | 7.3 | |
Facebook, Inc. | 5.9 | |
Visa Inc. | 4.3 | |
Apple, Inc. | 3.9 | |
Global Payments, Inc. | 2.9 | |
Intuit, Inc. | 2.3 | |
Netflix, Inc. | 2.2 | |
Cigna Corp. | 2.2 | |
Total | 50.0% |
Investment Advisor: RE Advisers Corporation | |
Prabha Carpenter, CFASenior Equity Portfolio ManagerBA, Economics, University of Madras; MBA with distinction in Finance and BS in Business Economics, The American University | |
Jim Polk, CFASenior Equity Portfolio ManagerBA, English, Colby College; MBA, The Olin Graduate School of Business at Babson College |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Small-Company Stock Fund | -6.11 | 0.37 | 9.29 | |||
Russell 2000 Index | -6.63 | 4.29 | 10.50 |
Sector Diversification | ||
% of Total Investments as of 6/30/20 | ||
Health care | 23.4 | |
Information technology | 23.2 | |
Financials | 16.1 | |
Industrials | 14.4 | |
Consumer discretionary | 7.5 | |
Materials | 6.2 | |
Real estate | 4.6 | |
Communication services | 1.6 | |
Consumer staples | 1.1 | |
Short-term and other assets | 1.9 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 6/30/20 | ||
STAAR Surgical Co. | 4.1 | |
Descartes Systems Group Inc. (The) | 4.0 | |
Kinsale Capital Group, Inc. | 3.9 | |
Applied Industrial Technologies, Inc. | 3.6 | |
LHC Group, Inc. | 3.4 | |
ManTech International Corp. | 3.3 | |
Five9, Inc. | 3.1 | |
Glacier Bancorp, Inc. | 3.1 | |
PolyOne Corp. | 2.9 | |
NanoString Technologies, Inc. | 2.9 | |
Total | 34.3% |
Subadvisor: Harding Loevner LP | |
Ferrill D. Roll, CFACo-Lead Portfolio ManagerBA, Economics, Stanford University | |
Andrew West, CFACo-Lead Portfolio ManagerBS, Business Administration, University of Central Florida; MBA, New York University |
Average Annual Total Returns (periods ended 06/30/20) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
International Equity Fund* | 4.53 | 5.72 | 6.44 | |||
MSCI® EAFE® Index | -5.13 | 2.05 | 5.73 |
Country Diversification | ||
% of Total Investments as of 6/30/20 | ||
Japan | 18.2 | |
Germany | 15.4 | |
Switzerland | 14.0 | |
France | 10.3 | |
Britain | 8.4 | |
Sweden | 7.3 | |
Hong Kong | 3.2 | |
Netherlands | 3.0 | |
Singapore | 2.5 | |
China | 2.5 | |
Canada | 2.2 | |
Israel | 1.8 | |
United States of America | 1.8 | |
Spain | 1.4 | |
Taiwan | 1.4 | |
Denmark | 1.2 | |
Republic of South Korea | 0.9 | |
Russia | 0.9 | |
Brazil, India & Mexico | 1.8 | |
Short-term and other assets | 1.8 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 6/30/20 | ||
SAP SE ADR | 4.1 | |
L’Oréal SA | 4.1 | |
Infineon Technologies AG | 3.9 | |
Roche Holding AG REG | 3.8 | |
Atlas Copco AB | 3.8 | |
Chugai Pharmaceutical Co., Ltd. | 3.4 | |
AIA Group Ltd. | 3.2 | |
Lonza Group AG REG | 3.2 | |
Allianz SE REG | 3.2 | |
Unicharm Corp. | 3.1 | |
Total | 35.8% |
Daily Income Fundb | Beginning Account Value January 1, 2020 | Ending Account Value June 30, 2020 | Expenses Paid During the Perioda | Annualized Expense Ratio for the Period Ended June 30, 2020 |
Actual Return | $1,000.00 | $1,001.80 | $3.11 | 0.62% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.89 | $3.14 | 0.62% |
Short-Term Government Securities Fundb | ||||
Actual Return | $1,000.00 | $1,035.60 | $3.79 | 0.75% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.27 | $3.77 | 0.75% |
Short-Term Bond Fund | ||||
Actual Return | $1,000.00 | $1,041.40 | $3.98 | 0.79% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.10 | $3.94 | 0.79% |
Intermediate Bond Fundb | ||||
Actual Return | $1,000.00 | $1,062.90 | $4.08 | 0.80% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.05 | $4.00 | 0.80% |
Stock Index Fundc | ||||
Actual Return | $1,000.00 | $966.70 | $2.75 | 0.56% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,022.20 | $2.83 | 0.56% |
Value Fund | ||||
Actual Return | $1,000.00 | $884.80 | $3.12 | 0.67% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.68 | $3.35 | 0.67% |
Growth Fund | ||||
Actual Return | $1,000.00 | $1,111.40 | $4.92 | 0.94% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,020.34 | $4.71 | 0.94% |
Small-Company Stock Fund | ||||
Actual Return | $1,000.00 | $922.60 | $5.23 | 1.09% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,019.56 | $5.49 | 1.09% |
International Equity Fundb | ||||
Actual Return | $1,000.00 | $983.40 | $4.88 | 0.99% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,020.08 | $4.97 | 0.99% |
a. | The dollar amounts shown as “Expenses Paid During the Period” are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period 182, then divided by 366. |
b. | Reflects fee waiver and/or expense reimbursements in effect during the period. |
c. | The Stock Index Fund is a feeder fund that invests substantially all of its assets in a Master Portfolio. The example reflects the expenses of both the feeder fund and the Master Portfolio. |
U.S. Government & Agency Obligations | 69.9% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Farm Credit Bank | 0.17% | 11/09/20 | $3,000,000 | $2,998,144 |
Federal Farm Credit Bank | 0.29(a) | 11/02/21 | 8,650,000 | 8,669,516 |
Federal Home Loan Bank | 0.11 | 07/20/20 | 1,100,000 | 1,099,936 |
Federal Home Loan Bank | 0.11 | 07/23/20 | 4,400,000 | 4,399,704 |
Federal Home Loan Bank | 0.11 | 07/29/20 | 1,100,000 | 1,099,906 |
Federal Home Loan Bank | 0.12 | 08/11/20 | 3,850,000 | 3,849,474 |
Federal Home Loan Bank | 0.14 | 08/21/20 | 1,600,000 | 1,599,683 |
Federal Home Loan Bank | 0.16 | 08/28/20 | 1,900,000 | 1,899,510 |
Federal Home Loan Bank | 0.17 | 09/09/20 | 2,600,000 | 2,599,166 |
Federal Home Loan Bank | 0.22 | 09/15/20 | 1,400,000 | 1,399,350 |
Federal Home Loan Bank | 0.14 | 09/18/20 | 1,900,000 | 1,899,437 |
Federal Home Loan Bank | 0.28 | 11/16/20 | 2,000,000 | 1,997,853 |
Federal Home Loan Bank | 0.29 | 11/24/20 | 1,200,000 | 1,198,589 |
Federal Home Loan Bank | 3.13 | 12/11/20 | 2,750,000 | 2,785,078 |
Federal Home Loan Mortgage Corp. | 0.26 | 08/19/20 | 3,833,000 | 3,831,644 |
Federal Home Loan Mortgage Corp. | 0.14 | 09/24/20 | 4,000,000 | 3,998,678 |
Hashemite Kingdom of Jordan Government Aid Bond | 2.50 | 10/30/20 | 2,000,000 | 2,015,154 |
Private Export Funding Corp. (b) | 2.65 | 02/16/21 | 8,000,000 | 8,101,643 |
Resolution Funding Corp. Principal Strip | 0.51 | 07/15/20 | 2,000,000 | 1,999,612 |
Resolution Funding Corp. Principal Strip | 0.51 | 07/15/20 | 6,885,000 | 6,883,661 |
Resolution Funding Corp. Principal Strip | 0.22 | 10/15/20 | 2,000,000 | 1,998,708 |
U.S. International Development Finance Corp. | 0.34(a) | 03/15/30 | 5,000,000 | 5,000,000 |
U.S. International Development Finance Corp. | 0.45(a) | 07/05/38 | 2,500,000 | 2,500,000 |
U.S. Treasury Bill | 0.11 | 07/07/20 | 3,000,000 | 2,999,947 |
U.S. Treasury Bill | 0.14 | 08/06/20 | 6,000,000 | 5,999,166 |
U.S. Treasury Bill | 0.11 | 08/13/20 | 5,000,000 | 4,999,336 |
U.S. Treasury Bill | 0.12 | 08/20/20 | 4,000,000 | 3,999,242 |
U.S. Treasury Bill | 0.14 | 08/20/20 | 4,000,000 | 3,999,326 |
U.S. Treasury Bill | 0.13 | 09/03/20 | 3,000,000 | 2,999,320 |
U.S. Treasury Bill | 0.11 | 09/03/20 | 5,000,000 | 4,999,013 |
U.S. Treasury Bill | 0.12 | 09/10/20 | 4,500,000 | 4,498,793 |
U.S. Treasury Bill | 0.14 | 09/10/20 | 4,500,000 | 4,498,923 |
U.S. Treasury Bill | 0.14 | 10/22/20 | 5,000,000 | 4,997,858 |
U.S. Treasury Bill | 0.15 | 10/29/20 | 2,500,000 | 2,498,770 |
U.S. Treasury Bill | 0.14 | 11/05/20 | 2,000,000 | 1,999,012 |
U.S. Treasury Bill | 0.16 | 11/05/20 | 2,750,000 | 2,748,496 |
Total U.S. Government & Agency Obligations | ||||
(Cost $125,061,648) | 125,061,648 |
Money Market Fund | 30.1% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.12(c) | 53,829,475 | 53,829,475 | |
Total Money Market Fund | ||||
(Cost $53,829,475) | 53,829,475 | |||
Total Investments in Securities | ||||
(Cost $178,891,123) | 100.0% | $178,891,123 |
(a) | Variable coupon rate as of June 30, 2020. |
(b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $8,101,643 and represents 4.5% of total investments. |
(c) | 7-day yield at June 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
U.S. Government & Agency Obligations | 49.9% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Private Export Funding Corp. | 1.75% | 11/15/24 | $1,000,000 | $1,053,585 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 20,000 | 20,098 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,049 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 94,000 | 94,424 |
U.S. International Development Finance Corp. | 2.74(a) | 04/23/21 | 1,000,000 | 1,047,653 |
U.S. International Development Finance Corp. | 0.00(b) | 08/11/21 | 2,000,000 | 2,041,625 |
U.S. International Development Finance Corp. | 2.22(a) | 01/24/25 | 2,000,000 | 2,166,464 |
U.S. International Development Finance Corp. | 1.27(a) | 06/21/25 | 1,000,000 | 999,400 |
U.S. International Development Finance Corp. | 0.95(a) | 04/23/29 | 5,000,000 | 5,062,800 |
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 1,000,000 | 1,006,874 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 2,000,000 | 2,132,367 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 2,000,000 | 1,993,232 |
U.S. Treasury Note | 0.38 | 03/31/22 | 3,675,000 | 3,688,207 |
U.S. Treasury Note | 0.13 | 05/15/23 | 15,853,000 | 15,828,849 |
U.S. Treasury Note | 0.25 | 06/15/23 | 975,000 | 977,057 |
U.S. Treasury Note | 0.25 | 06/30/25 | 765,000 | 763,506 |
Total U.S. Government & Agency Obligations | ||||
(Cost $38,454,335) | 38,886,190 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 37.8% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 96,438 | 100,551 |
Total Consumer Discretionary | 100,551 | |||
Energy | 16.0% | ||||
Petroleos Mexicanos | 2.00 | 12/20/22 | 781,250 | 793,503 |
Petroleos Mexicanos | 1.95 | 12/20/22 | 1,045,250 | 1,060,230 |
Petroleos Mexicanos | 2.38 | 04/15/25 | 810,500 | 838,776 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 954,250 | 989,459 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 3,094,800 | 3,174,440 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 4,181,053 | 4,260,252 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 1,313,684 | 1,363,634 |
Total Energy | 12,480,294 | |||
Financials | 21.6% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 2,053,478 | 2,126,078 |
Export Leasing 2009 LLC | 1.86 | 08/28/21 | 90,441 | 90,913 |
Lulwa Ltd. | 1.83 | 03/26/25 | 422,640 | 431,254 |
Mexican Aircraft Finance IV | 2.54 | 07/13/25 | 237,969 | 247,133 |
Mexican Aircraft Finance V | 2.33 | 01/14/27 | 303,750 | 317,595 |
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 3,179,614 | 3,235,263 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 792,397 | 810,435 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 868,544 | 883,262 |
Pluto Aircraft Leasing LLC | 0.68(c) | 02/07/23 | 2,999,996 | 2,985,481 |
Rimon LLC | 2.45 | 11/01/25 | 130,625 | 135,870 |
Safina Ltd. | 1.55 | 01/15/22 | 367,931 | 369,642 |
Safina Ltd. | 2.00 | 12/30/23 | 1,418,878 | 1,448,297 |
Salmon River Export LLC | 2.19 | 09/15/26 | 483,728 | 500,251 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 337,678 | 354,696 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 36,919 | 37,501 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 397,791 | 402,136 |
Tagua Leasing LLC | 1.90 | 07/12/24 | 1,692,967 | 1,725,328 |
Tagua Leasing LLC | 1.73 | 09/18/24 | 379,746 | 386,661 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 37.8% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 21.6% (Continued) | ||||
Tagua Leasing LLC | 1.58% | 11/16/24 | $209,495 | $212,634 |
VCK Lease SA | 2.59 | 07/24/26 | 69,980 | 73,447 |
Total Financials | 16,773,877 | |||
Industrials | 0.1% | ||||
Sayarra Ltd. | 2.77 | 10/29/21 | 83,924 | 84,994 |
Total Industrials | 84,994 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $28,859,453) | 29,439,716 |
Corporate Bonds–Other | 3.0% of portfolio | ||||
Communication Services | 0.4% | ||||
AT&T Inc. | 1.50(c) | 06/12/24 | 250,000 | 250,495 |
Verizon Communications Inc. | 1.32(c) | 03/16/22 | 100,000 | 101,344 |
Total Communication Services | 351,839 | |||
Financials | 2.0% | ||||
Athene Global Funding (d) | 2.50 | 01/14/25 | 100,000 | 99,866 |
Citibank, NA | 2.84(c) | 05/20/22 | 250,000 | 254,966 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 250,000 | 254,845 |
Jackson National Life Global Funding (d) | 0.65(c) | 01/06/23 | 150,000 | 148,008 |
Met Tower Global Funding (d) | 1.56(c) | 01/17/23 | 150,000 | 148,855 |
Metropolitan Life Global Funding (d) | 3.38 | 01/11/22 | 150,000 | 156,488 |
Metropolitan Life Global Funding (d) | 1.69(c) | 01/13/23 | 150,000 | 149,057 |
Wells Fargo Bank NA | 3.33(c) | 07/23/21 | 323,000 | 323,526 |
Total Financials | 1,535,611 | |||
Real Estate | 0.4% | ||||
SBA Tower Trust (d) | 3.45 | 03/15/23 | 290,000 | 301,679 |
Total Real Estate | 301,679 | |||
Utilities | 0.2% | ||||
Southwest Gas Corp. | 4.45 | 12/01/20 | 125,000 | 125,602 |
Total Utilities | 125,602 | |||
Total Corporate Bonds–Other | ||||
(Cost $2,276,676) | 2,314,731 |
Asset-Backed Securities | 2.6% of portfolio | ||||
Avid Automobile Receivables Trust 19-1 (d) | 2.62 | 02/15/24 | 171,913 | 173,561 |
Consumer Loan Underlying Bond 19-HP1 (d) | 2.59 | 12/15/26 | 146,651 | 147,245 |
CPS Auto Trust 20-A A (d) | 2.09 | 05/15/23 | 113,129 | 114,069 |
CPS Auto Trust 20-A B (d) | 2.36 | 02/15/24 | 150,000 | 151,828 |
Exeter Automobile Receivables Trust 19-4 (d) | 2.18 | 01/17/23 | 139,812 | 140,406 |
Foursight Capital Automobile Receivables Trust 17-1 (d) | 2.37 | 04/15/22 | 1,476 | 1,478 |
Foursight Capital Automobile Receivables Trust 18-2 (d) | 3.32 | 04/15/22 | 5,932 | 5,938 |
Foursight Capital Automobile Receivables Trust 19-1 (d) | 2.67 | 03/15/24 | 300,000 | 307,639 |
Freedom Financial 18-2 (d) | 3.99 | 10/20/25 | 41,905 | 41,888 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Asset-Backed Securities | 2.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
GLS Auto Receivables Trust 18-3 (d) | 3.35% | 08/15/22 | $21,681 | $21,783 |
GLS Auto Receivables Trust 19-4 (d) | 2.47 | 11/15/23 | 350,145 | 354,060 |
Marlette Funding Trust 19-3 (d) | 2.69 | 09/17/29 | 123,685 | 124,336 |
Small Business Administration Pool # 503463 | 1.13(c) | 09/25/21 | 70 | 69 |
SoFi Consumer Loan Program Trust 19-4 (d) | 2.45 | 08/25/28 | 60,458 | 61,125 |
Upstart Securitization Trust 19-3 (d) | 2.68 | 01/21/30 | 367,289 | 369,399 |
Total Asset-Backed Securities | ||||
(Cost $1,996,014) | 2,014,824 |
Mortgage-Backed Security | 0.1% of portfolio | ||||
FDIC Structured Sale Guaranteed Notes 2010-S3 (d) | 2.74 | 12/03/20 | 49,385 | 49,666 |
Total Mortgage-Backed Security | ||||
(Cost $49,382) | 49,666 |
Certificate of Deposit | 0.3% of portfolio | ||||
HSBC Bank USA NA | 3.10(c) | 11/17/20 | 246,000 | 248,758 |
Total Certificate of Deposit | ||||
(Cost $246,000) | 248,758 |
Money Market Fund | 6.3% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.12(e) | 4,933,893 | 4,933,893 | |
Total Money Market Fund | ||||
(Cost $4,933,893) | 4,933,893 | |||
Total Investments in Securities | ||||
(Cost $76,815,753) | 100.0% | $77,887,778 |
(a) | Interest is paid at maturity. |
(b) | Zero coupon rate, purchased at a discount. |
(c) | Variable coupon rate as of June 30, 2020. |
(d) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $3,068,374 and represents 3.9% of total investments. |
(e) | 7-day yield at June 30, 2020. |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
U.S. Government & Agency Obligations | 40.5% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Freddie Mac | 0.38% | 04/20/23 | $2,120,000 | $2,125,784 |
Tennessee Valley Authority | 0.00(a) | 06/15/21 | 595,000 | 591,567 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 10,000 | 10,049 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,049 |
U.S. International Development Finance Corp. | 1.27 | 06/21/25 | 850,000 | 849,490 |
U.S. International Development Finance Corp. | 2.36 | 10/15/29 | 845,000 | 900,925 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 1,215,000 | 1,210,889 |
U.S. Treasury Note | 0.38 | 03/31/22 | 27,050,000 | 27,147,211 |
U.S. Treasury Note | 0.13 | 06/30/22 | 770,000 | 769,549 |
U.S. Treasury Note | 1.38 | 02/15/23 | 111,041,000 | 114,532,719 |
U.S. Treasury Note | 0.13 | 05/15/23 | 40,330,000 | 40,268,560 |
U.S. Treasury Note | 0.25 | 06/15/23 | 5,000,000 | 5,010,547 |
U.S. Treasury Note | 0.38 | 04/30/25 | 8,886,000 | 8,926,265 |
U.S. Treasury Note | 0.25 | 06/30/25 | 19,200,000 | 19,162,500 |
Total U.S. Government & Agency Obligations | ||||
(Cost $219,227,338) | 221,516,104 |
Corporate Bonds–Other | 37.7% of portfolio | ||||
Communication Services | 4.1% | ||||
AT&T Inc. | 1.50(b) | 06/12/24 | 4,040,000 | 4,047,995 |
Comcast Corp. | 3.70 | 04/15/24 | 10,400,000 | 11,541,146 |
Comcast Corp. | 3.10 | 04/01/25 | 835,000 | 917,212 |
Sprint Spectrum Co. LLC (c) | 4.74 | 03/20/25 | 2,310,000 | 2,500,575 |
Verizon Communications Inc. | 2.95 | 03/15/22 | 420,000 | 438,060 |
Verizon Communications Inc. | 1.32(b) | 03/16/22 | 2,725,000 | 2,761,618 |
Walt Disney Co. (The) | 1.75 | 01/13/26 | 420,000 | 432,116 |
Total Communication Services | 22,638,722 | |||
Consumer Discretionary | 2.6% | ||||
Amazon.com, Inc. | 2.40 | 02/22/23 | 535,000 | 562,111 |
Booking Holdings Inc. | 2.75 | 03/15/23 | 1,945,000 | 2,039,166 |
Booking Holdings Inc. | 4.10 | 04/13/25 | 422,000 | 474,151 |
Ford Motor Co. | 8.50 | 04/21/23 | 1,000,000 | 1,057,500 |
Harley-Davidson Financial Services, Inc. (c) | 3.35 | 02/15/23 | 1,205,000 | 1,230,884 |
Harley-Davidson Financial Services, Inc. (c) | 3.35 | 06/08/25 | 900,000 | 919,762 |
Nike, Inc. | 2.40 | 03/27/25 | 1,245,000 | 1,338,935 |
Ralph Lauren Corp. | 1.70 | 06/15/22 | 1,000,000 | 1,017,423 |
Ralph Lauren Corp. | 3.75 | 09/15/25 | 850,000 | 944,508 |
Target Corp. | 2.25 | 04/15/25 | 1,250,000 | 1,337,153 |
Volkswagen Group of America, Inc. (c) | 2.50 | 09/24/21 | 1,270,000 | 1,290,264 |
Volkswagen Group of America, Inc. (c) | 2.70 | 09/26/22 | 2,120,000 | 2,190,046 |
Total Consumer Discretionary | 14,401,903 | |||
Consumer Staples | 1.9% | ||||
Altria Group Inc. | 3.80 | 02/14/24 | 1,300,000 | 1,421,393 |
Altria Group Inc. | 2.35 | 05/06/25 | 1,280,000 | 1,346,842 |
Cargill Inc. (c) | 1.38 | 07/23/23 | 850,000 | 864,668 |
Hershey Co. (The) | 0.90 | 06/01/25 | 1,000,000 | 1,005,741 |
Mead Johnson Nutrition Co. | 3.00 | 11/15/20 | 4,125,000 | 4,164,089 |
Procter & Gamble Co. (The) | 2.45 | 03/25/25 | 1,255,000 | 1,362,046 |
Total Consumer Staples | 10,164,779 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bonds–Other | 37.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 3.0% | ||||
BP Capital Markets America Inc. | 2.52% | 09/19/22 | $1,600,000 | $1,661,411 |
BP Capital Markets America Inc. | 2.94 | 04/06/23 | 2,105,000 | 2,228,838 |
BP Capital Markets America Inc. | 3.19 | 04/06/25 | 3,600,000 | 3,914,249 |
Cheniere Corpus Christi Holdings LLC | 5.88 | 03/31/25 | 2,487,000 | 2,791,094 |
Chevron Corp. | 1.14 | 05/11/23 | 420,000 | 427,234 |
Chevron Corp. | 1.55 | 05/11/25 | 840,000 | 862,866 |
Exxon Mobil Corp. | 1.57 | 04/15/23 | 2,065,000 | 2,117,560 |
Midwest Connector Capital Co. LLC (c) | 3.90 | 04/01/24 | 825,000 | 866,843 |
Midwest Connector Capital Company LLC (c) | 3.63 | 04/01/22 | 620,000 | 635,189 |
Rockies Express Pipeline LLC (c) | 3.60 | 05/15/25 | 1,300,000 | 1,199,640 |
Total Energy | 16,704,924 | |||
Financials | 16.8% | ||||
AIG Global Funding Inc. (c) | 1.90 | 10/06/21 | 1,204,000 | 1,225,780 |
AIG Global Funding Inc. (c) | 2.30 | 07/01/22 | 865,000 | 890,732 |
AIG Global Funding Inc. (c) | 0.80 | 07/07/23 | 1,300,000 | 1,300,092 |
Air Lease Corp. | 3.38 | 07/01/25 | 850,000 | 849,781 |
Ambac Assurance Corp. (c)(d) | 5.10 | 06/07/20 | 2,695 | 3,611 |
Ambac LSNI LLC (c) | 6.00(b) | 02/12/23 | 10,797 | 10,662 |
American Express Co. | 1.31(b) | 08/03/23 | 862,000 | 861,235 |
Anthem, Inc. | 3.30 | 01/15/23 | 625,000 | 666,116 |
Athene Global Funding (c) | 2.80 | 05/26/23 | 925,000 | 943,708 |
Athene Global Funding (c) | 2.50 | 01/14/25 | 4,800,000 | 4,793,587 |
Bank of America Corp. | 2.74(b) | 01/23/22 | 2,100,000 | 2,123,319 |
Bank of America Corp. | 4.00 | 01/22/25 | 1,210,000 | 1,335,422 |
Bank of America Corp. | 3.95 | 04/21/25 | 1,030,000 | 1,139,704 |
Bank of America Corp. | 2.46(b) | 10/22/25 | 2,200,000 | 2,314,459 |
Bank of America Corp. | 2.02(b) | 02/13/26 | 2,100,000 | 2,171,603 |
Bank of America Corp. | 1.32(b) | 06/19/26 | 2,100,000 | 2,104,965 |
Capital One Bank (USA), NA | 2.01(b) | 01/27/23 | 875,000 | 887,206 |
Capital One Financial Corp. | 3.90 | 01/29/24 | 1,440,000 | 1,565,977 |
CIT Group Inc. | 3.93(b) | 06/19/24 | 540,000 | 527,904 |
Citibank, NA | 2.85 | 02/12/21 | 1,650,000 | 1,671,425 |
Citibank, NA | 3.40 | 07/23/21 | 875,000 | 901,483 |
Citibank, NA | 2.84(b) | 05/20/22 | 3,535,000 | 3,605,224 |
Citibank, NA | 3.65 | 01/23/24 | 1,325,000 | 1,453,578 |
Citigroup Inc. | 1.78(b) | 09/01/23 | 740,000 | 747,511 |
Citigroup Inc. | 1.68(b) | 05/15/24 | 715,000 | 728,920 |
Citigroup Inc. | 3.11(b) | 04/08/26 | 1,685,000 | 1,806,581 |
Discover Bank | 4.68(b) | 08/09/28 | 3,081,000 | 3,110,269 |
Fifth Third Bancorp | 1.63 | 05/05/23 | 1,250,000 | 1,282,134 |
Goldman Sachs Group, Inc. | 5.75 | 01/24/22 | 420,000 | 453,126 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 5,330,000 | 5,433,295 |
Guardian Life Global Funding (c) | 1.10 | 06/23/25 | 720,000 | 722,624 |
J.P. Morgan Chase & Co. | 4.02(b) | 12/05/24 | 1,225,000 | 1,349,819 |
J.P. Morgan Chase & Co. | 2.30(b) | 10/15/25 | 2,130,000 | 2,231,227 |
Jackson National Life Global Funding (c) | 0.63(b) | 03/16/21 | 930,000 | 930,314 |
Jackson National Life Global Funding (c) | 0.65(b) | 01/06/23 | 3,400,000 | 3,354,857 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 2,000,000 | 2,056,455 |
MassMutual Global Funding II (c) | 2.25 | 07/01/22 | 636,000 | 655,222 |
Met Tower Global Funding (c) | 1.56(b) | 01/17/23 | 1,570,000 | 1,558,018 |
Metropolitan Life Global Funding (c) | 3.38 | 01/11/22 | 4,540,000 | 4,736,355 |
Metropolitan Life Global Funding (c) | 1.69(b) | 01/13/23 | 1,640,000 | 1,629,684 |
Metropolitan Life Global Funding (c) | 3.60 | 01/11/24 | 450,000 | 491,762 |
Morgan Stanley | 2.32(b) | 01/20/22 | 1,642,000 | 1,648,749 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Corporate Bonds–Other | 37.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 16.8% (Continued) | ||||
Morgan Stanley | 1.61%(b) | 01/20/23 | $372,000 | $370,741 |
Morgan Stanley | 3.13 | 01/23/23 | 420,000 | 445,328 |
Morgan Stanley | 3.74(b) | 04/24/24 | 1,020,000 | 1,099,624 |
Morgan Stanley | 2.72(b) | 07/22/25 | 1,220,000 | 1,295,415 |
Morgan Stanley | 2.19(b) | 04/28/26 | 425,000 | 442,005 |
Oaktree Specialty Lending Corp. | 3.50 | 02/25/25 | 1,277,000 | 1,247,599 |
Owl Rock Technology Finance Corp. (c) | 6.75 | 06/30/25 | 719,000 | 740,734 |
PACCAR Financial Corp. | 0.80 | 06/08/23 | 1,000,000 | 1,003,829 |
PNC Bank NA | 1.55(b) | 07/22/22 | 850,000 | 851,843 |
Principal Life Global Funding II (c) | 1.25 | 06/23/25 | 550,000 | 551,675 |
Protective Life Global Funding (c) | 2.62 | 08/22/22 | 1,695,000 | 1,761,203 |
Protective Life Global Funding (c) | 1.08 | 06/09/23 | 845,000 | 851,787 |
USAA Capital Corp. (c) | 1.50 | 05/01/23 | 1,075,000 | 1,102,929 |
Wells Fargo & Co. | 1.65(b) | 06/02/24 | 4,250,000 | 4,318,824 |
Wells Fargo & Co. | 2.16(b) | 02/11/26 | 840,000 | 866,956 |
Wells Fargo & Co. | 2.19(b) | 04/30/26 | 2,120,000 | 2,192,011 |
Wells Fargo Bank NA | 3.33(b) | 07/23/21 | 3,990,000 | 3,996,496 |
Wells Fargo Bank NA | 3.63 | 10/22/21 | 625,000 | 648,940 |
Total Financials | 92,062,434 | |||
Health Care | 1.5% | ||||
Anthem, Inc. | 2.38 | 01/15/25 | 2,130,000 | 2,257,336 |
Baxter International Inc. (c) | 3.75 | 10/01/25 | 835,000 | 951,341 |
Health Care Service Corp. (c) | 1.50 | 06/01/25 | 1,800,000 | 1,833,517 |
Highmark Inc. (c) | 4.75 | 05/15/21 | 585,000 | 600,448 |
Merck & Co., Inc. | 0.75 | 02/24/26 | 1,165,000 | 1,164,034 |
Stryker Corp. | 1.15 | 06/15/25 | 1,500,000 | 1,509,915 |
Total Health Care | 8,316,591 | |||
Industrials | 2.4% | ||||
American Airlines Group Inc. | 3.60 | 03/22/29 | 2,431,641 | 2,247,717 |
Boeing Co. (The) | 2.85 | 10/30/24 | 600,000 | 605,843 |
Burlington Northern & Santa Fe Railway Co. | 4.58 | 01/15/21 | 28,195 | 28,674 |
Burlington Northern & Santa Fe Railway Co. | 4.83 | 01/15/23 | 20,013 | 20,656 |
Caterpillar Financial Services Corp. | 3.15 | 09/07/21 | 875,000 | 903,047 |
Caterpillar Financial Services Corp. | 0.95 | 05/13/22 | 1,235,000 | 1,250,886 |
Caterpillar Financial Services Corp. | 2.15 | 11/08/24 | 940,000 | 997,525 |
Deere & Co. | 2.75 | 04/15/25 | 1,250,000 | 1,365,714 |
Delta Air Lines, Inc. | 3.63 | 03/15/22 | 600,000 | 568,320 |
Delta Air Lines, Inc. (c) | 7.00 | 05/01/25 | 365,000 | 376,778 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 365,000 | 353,100 |
Honeywell International Inc. | 1.35 | 06/01/25 | 420,000 | 431,295 |
John Deere Capital Corp. | 3.13 | 09/10/21 | 220,000 | 227,001 |
John Deere Capital Corp. | 0.55 | 07/05/22 | 1,145,000 | 1,148,204 |
John Deere Capital Corp. | 0.70 | 07/05/23 | 850,000 | 853,001 |
Ryder System Inc. | 2.88 | 06/01/22 | 435,000 | 450,044 |
Ryder System, Inc. | 3.50 | 06/01/21 | 220,000 | 224,778 |
Southwest Airlines Co. | 4.75 | 05/04/23 | 1,000,000 | 1,032,564 |
Total Industrials | 13,085,147 | |||
Information Technology | 2.3% | ||||
Broadcom Inc. (c) | 3.15 | 11/15/25 | 1,265,000 | 1,343,057 |
Dell International LLC / EMC Corp. (c) | 5.85 | 07/15/25 | 420,000 | 482,513 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bonds–Other | 37.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Information Technology | 2.3% (Continued) | ||||
Hewlett Packard Enterprise Co. | 4.45% | 10/02/23 | $500,000 | $546,376 |
International Business Machine Corp. | 3.00 | 05/15/24 | 2,200,000 | 2,382,384 |
Oracle Corp. | 1.90 | 09/15/21 | 4,235,000 | 4,306,351 |
PayPal Holdings, Inc. | 1.35 | 06/01/23 | 840,000 | 857,472 |
PayPal Holdings, Inc. | 1.65 | 06/01/25 | 1,265,000 | 1,309,395 |
VMware Inc. | 4.50 | 05/15/25 | 1,260,000 | 1,378,556 |
Total Information Technology | 12,606,104 | |||
Materials | 0.4% | ||||
3M Co. | 1.63 | 09/19/21 | 450,000 | 456,072 |
E. I. Du Pont De Nemours and Co. | 1.70 | 07/15/25 | 500,000 | 516,230 |
Nucor Corp. | 2.00 | 06/01/25 | 1,000,000 | 1,038,230 |
Total Materials | 2,010,532 | |||
Real Estate | 1.2% | ||||
SBA Tower Trust (c) | 3.45 | 03/15/23 | 2,420,000 | 2,517,462 |
SBA Tower Trust (c) | 2.84 | 01/15/25 | 3,450,000 | 3,556,996 |
Service Properties Trust | 7.50 | 09/15/25 | 360,000 | 377,892 |
Total Real Estate | 6,452,350 | |||
Utilities | 1.5% | ||||
Florida Power & Light Co. | 2.85 | 04/01/25 | 1,275,000 | 1,394,474 |
NextEra Energy Capital Holdings, Inc. | 2.75 | 05/01/25 | 500,000 | 539,891 |
Oncor Electric Delivery Co. LLC | 5.75 | 09/30/20 | 660,000 | 668,551 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 1,420,600 | 1,426,982 |
Southern California Edison Co. | 3.88 | 06/01/21 | 1,050,000 | 1,074,344 |
Southern California Edison Co. | 1.85 | 02/01/22 | 2,340,000 | 2,341,982 |
Southwest Gas Corp. | 4.45 | 12/01/20 | 825,000 | 828,973 |
Total Utilities | 8,275,197 | |||
Total Corporate Bonds–Other | ||||
(Cost $200,475,607) | 206,718,683 |
Asset-Backed Securities | 9.3% of portfolio | ||||
American Credit Acceptance Receivables Trust 19-2 (c) | 2.85 | 07/12/22 | 270,165 | 270,646 |
American Credit Acceptance Receivables Trust 20-1 (c) | 1.89 | 04/13/23 | 946,619 | 951,563 |
Avant Loans Funding Trust 19-A (c) | 3.48 | 07/15/22 | 181,185 | 181,461 |
Avant Loans Funding Trust 19-B (c) | 2.72 | 10/15/26 | 868,023 | 869,577 |
Avid Automobile Receivables Trust 19-1 (c) | 2.62 | 02/15/24 | 1,206,832 | 1,218,394 |
Carvana Auto Receivables Trust 19-2A (c) | 2.60 | 01/18/22 | 1,613,717 | 1,615,852 |
CCR Inc. MT-100 Payment Rights Master Trust 12-C (c) | 4.75 | 07/10/22 | 520,833 | 532,874 |
Consumer Loan Underlying Bond 18-P2 (c) | 3.47 | 10/15/25 | 206,569 | 207,298 |
Consumer Loan Underlying Bond 18-P3 (c) | 3.82 | 01/15/26 | 333,427 | 335,545 |
Consumer Loan Underlying Bond 19-HP1 (c) | 2.59 | 12/15/26 | 2,177,769 | 2,186,587 |
Consumer Loan Underlying Bond 19-P1 (c) | 2.94 | 07/15/26 | 438,374 | 439,871 |
Consumer Loan Underlying Bond 20-P1 (c) | 2.26 | 03/15/28 | 1,022,588 | 1,023,370 |
CPS Auto Trust 19-A (c) | 3.18 | 06/15/22 | 147,620 | 148,128 |
CPS Auto Trust 20-A A (c) | 2.09 | 05/15/23 | 905,031 | 912,552 |
CPS Auto Trust 20-A B (c) | 2.36 | 02/15/24 | 1,200,000 | 1,214,625 |
Credit Acceptance Auto Loan Trust 17-2 (c) | 2.55 | 02/17/26 | 4,196 | 4,199 |
Credit Acceptance Auto Loan Trust 17-3 (c) | 2.65 | 06/15/26 | 266,844 | 267,596 |
Credit Acceptance Auto Loan Trust 18-1 (c) | 3.01 | 02/16/27 | 903,742 | 909,332 |
Credit Acceptance Auto Loan Trust 18-2 (c) | 3.47 | 05/17/27 | 4,138,438 | 4,189,454 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Asset-Backed Securities | 9.3% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Credit Acceptance Auto Loan Trust 18-3 (c) | 3.55% | 08/15/27 | $1,100,000 | $1,118,589 |
Credit Acceptance Auto Loan Trust 19-1A (c) | 3.33 | 02/15/28 | 2,880,000 | 2,947,404 |
Credit Acceptance Auto Loan Trust 19-1B (c) | 3.75 | 04/17/28 | 1,900,000 | 1,957,069 |
Credit Acceptance Auto Loan Trust 20-1A (c) | 2.01 | 02/15/29 | 1,725,000 | 1,753,913 |
Drive Auto Receivables Trust 19-3 | 2.63 | 09/15/22 | 180,302 | 180,650 |
DT Auto Owner Trust 19-1 (c) | 3.08 | 09/15/22 | 253,024 | 253,684 |
Element Rail Leasing I LLC 14-1 (c) | 2.30 | 04/19/44 | 369,095 | 370,301 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 494,551 | 504,164 |
Exeter Automobile Receivables Trust 19-4 (c) | 2.18 | 01/17/23 | 666,436 | 669,270 |
Foursight Capital Automobile Receivables Trust 17-1 (c) | 2.37 | 04/15/22 | 10,631 | 10,637 |
Foursight Capital Automobile Receivables Trust 18-2 (c) | 3.32 | 04/15/22 | 40,042 | 40,082 |
Foursight Capital Automobile Receivables Trust 19-1 (c) | 2.67 | 03/15/24 | 4,140,000 | 4,245,421 |
Freedom Financial 18-1 (c) | 3.61 | 07/18/24 | 250,007 | 249,194 |
Freedom Financial 18-2 (c) | 3.99 | 10/20/25 | 217,904 | 217,819 |
Freedom Financial 19-1 (c) | 3.42 | 06/18/26 | 150,919 | 151,199 |
Freedom Financial 20-1 (c) | 2.52 | 03/18/27 | 1,299,856 | 1,297,609 |
GLS Auto Receivables Trust 18-1 (c) | 2.82 | 07/15/22 | 410,914 | 412,179 |
GLS Auto Receivables Trust 18-3 (c) | 3.35 | 08/15/22 | 151,770 | 152,480 |
GLS Auto Receivables Trust 19-1 (c) | 3.37 | 01/17/23 | 368,885 | 372,213 |
GLS Auto Receivables Trust 19-2 (c) | 3.06 | 04/17/23 | 648,819 | 655,832 |
GLS Auto Receivables Trust 19-4 (c) | 2.47 | 11/15/23 | 1,481,113 | 1,497,672 |
GLS Auto Receivables Trust 20-2 (c) | 1.58 | 08/15/24 | 900,000 | 901,457 |
Longtrain Leasing III LLC 2015-1 (c) | 2.98 | 01/15/45 | 347,486 | 350,591 |
Marlette Funding Trust 18-3 (c) | 3.20 | 09/15/28 | 60,393 | 60,356 |
Marlette Funding Trust 18-4 (c) | 3.71 | 12/15/28 | 553,693 | 558,963 |
Marlette Funding Trust 19-1 (c) | 3.44 | 04/16/29 | 585,005 | 590,457 |
Marlette Funding Trust 19-3 (c) | 2.69 | 09/17/29 | 2,260,957 | 2,272,864 |
NP SPE II LLC 17-1 (c) | 3.37 | 10/21/47 | 411,247 | 419,328 |
Oscar US Funding Trust 17-2 (c) | 2.45 | 12/10/21 | 222,789 | 223,193 |
Oscar US Funding Trust 18-2 (c) | 3.15 | 08/10/21 | 23,092 | 23,137 |
Oscar US Funding Trust 19-1 (c) | 3.10 | 04/11/22 | 458,422 | 461,300 |
Prosper Marketplace Issuance Trust 19-2 (c) | 3.20 | 09/15/25 | 167,956 | 168,286 |
Prosper Marketplace Issuance Trust 19-3 (c) | 3.19 | 07/15/25 | 505,772 | 507,773 |
SoFi Consumer Loan Program Trust 17-1 (c) | 3.28 | 01/26/26 | 97,505 | 97,855 |
SoFi Consumer Loan Program Trust 17-3 (c) | 2.77 | 05/25/26 | 216,703 | 217,978 |
SoFi Consumer Loan Program Trust 17-4 (c) | 2.50 | 05/26/26 | 192,808 | 194,655 |
SoFi Consumer Loan Program Trust 18-4 (c) | 3.54 | 11/26/27 | 538,826 | 544,277 |
SoFi Consumer Loan Program Trust 19-2 (c) | 3.01 | 04/25/28 | 473,014 | 479,220 |
SoFi Consumer Loan Program Trust 19-4 (c) | 2.45 | 08/25/28 | 816,179 | 825,192 |
United Auto Credit Securitization Trust 19-1 (c) | 2.82 | 07/12/21 | 163,642 | 163,734 |
United Auto Credit Securitization Trust 20-1 (c) | 1.47 | 11/10/22 | 1,120,000 | 1,119,776 |
Upgrade Receivables Trust 19-1 (c) | 3.48 | 03/15/25 | 149,142 | 148,971 |
Upstart Securitization Trust 19-3 (c) | 2.68 | 01/21/30 | 2,894,235 | 2,910,867 |
World Financial Network Credit Card Master Note Trust 18-B | 3.46 | 07/15/25 | 1,200,000 | 1,235,749 |
Total Asset-Backed Securities | ||||
(Cost $50,533,846) | 51,012,284 |
Yankee Bonds | 7.1% of portfolio | ||||
AerCap Ireland Capital DAC | 6.50 | 07/15/25 | 1,000,000 | 1,047,632 |
Avolon Holdings Funding Ltd. (c) | 3.63 | 05/01/22 | 950,000 | 895,542 |
Baidu Inc. | 3.08 | 04/07/25 | 1,050,000 | 1,103,319 |
Banco Santander SA | 2.75 | 05/28/25 | 1,200,000 | 1,242,984 |
Bank of Montreal | 0.84(b) | 03/10/23 | 1,035,000 | 1,028,231 |
Bank of Montreal | 4.34(b) | 10/05/28 | 1,300,000 | 1,388,252 |
Barclays Bank PLC | 1.70 | 05/12/22 | 3,000,000 | 3,052,830 |
Barclays PLC | 1.77(b) | 05/16/24 | 1,250,000 | 1,238,569 |
Barclays PLC | 2.85(b) | 05/07/26 | 1,250,000 | 1,301,286 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Yankee Bonds | 7.1% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
BMO Financial Group | 2.90% | 03/26/22 | $900,000 | $938,055 |
BMW Finance NV (c) | 2.40 | 08/14/24 | 2,500,000 | 2,589,802 |
Coca-Cola European Partners PLC | 3.50 | 09/15/20 | 825,000 | 829,917 |
Enel Finance International NV (c) | 2.65 | 09/10/24 | 1,275,000 | 1,331,821 |
ING Groep NV | 3.55 | 04/09/24 | 720,000 | 783,640 |
Lloyds Banking Group PLC | 2.86(b) | 03/17/23 | 1,400,000 | 1,442,010 |
Lloyds Banking Group PLC | 2.91(b) | 11/07/23 | 1,400,000 | 1,457,584 |
NXP Semiconductors NV (c) | 2.70 | 05/01/25 | 425,000 | 446,441 |
Reckitt Benckiser Treasury Services PLC (c) | 2.75 | 06/26/24 | 1,100,000 | 1,169,395 |
Royal Bank of Scotland Group PLC | 2.36(b) | 05/22/24 | 845,000 | 867,514 |
Royal Bank of Scotland Group PLC | 4.52(b) | 06/25/24 | 1,325,000 | 1,439,480 |
Royal Bank of Scotland Group PLC | 4.27(b) | 03/22/25 | 1,330,000 | 1,446,089 |
Seagate HDD Cayman | 4.75 | 01/01/25 | 500,000 | 536,176 |
Shell International Finance BV | 2.00 | 11/07/24 | 1,650,000 | 1,724,466 |
Sinopec Group Overseas Development (2012) Ltd. (c) | 3.90 | 05/17/22 | 2,100,000 | 2,196,867 |
Sinopec Group Overseas Development (2020) Ltd. (c) | 2.25 | 09/13/20 | 2,200,000 | 2,204,092 |
Standard Chartered PLC (c) | 2.74(b) | 09/10/22 | 1,700,000 | 1,719,629 |
Syngenta Finance NV (c) | 4.44 | 04/24/23 | 400,000 | 419,821 |
Tencent Holdings Ltd. (c) | 3.28 | 04/11/24 | 1,840,000 | 1,954,543 |
Tencent Holdings Ltd. (c) | 1.81 | 01/26/26 | 1,000,000 | 1,011,220 |
Total Yankee Bonds | ||||
(Cost $37,500,353) | 38,807,207 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.7% of portfolio | ||||
Energy | 0.4% | ||||
Petroleos Mexicanos | 2.46 | 12/15/25 | 241,450 | 250,359 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,901,684 | 1,937,707 |
Total Energy | 2,188,066 | |||
Financials | 0.3% | ||||
MSN 41079 and 41084 Ltd. | 1.72 | 07/13/24 | 898,859 | 914,590 |
Pluto Aircraft Leasing LLC | 0.68(b) | 02/07/23 | 847,999 | 843,896 |
Total Financials | 1,758,486 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $3,894,412) | 3,946,552 |
Mortgage-Backed Securities | 0.1% of portfolio | ||||
ACE Securities Corp. 06-ASL1 | 0.45(b) | 02/25/36 | 174,115 | 61,683 |
Amresco Residential Securities 98-1 | 6.50(b) | 10/25/27 | 21,194 | 22,337 |
Bear Stearns Asset Backed Securities Trust 03-3 | 1.35(b) | 06/25/43 | 28,324 | 26,760 |
Bear Stearns Asset Backed Securities Trust 04-HE5 | 2.06(b) | 07/25/34 | 23,114 | 22,977 |
CDC Mortgage Capital Trust 02-HE1 | 0.80(b) | 01/25/33 | 131,347 | 129,209 |
CITICORP Mortgage Securities, Inc. 07-1 | 5.22(e) | 03/25/37 | 3,071 | 3,064 |
Cityscape Home Equity Loan Trust 96-2 | 8.10 | 08/25/26 | 43,306 | 43,329 |
Conseco Finance Securitizations Corp. 01-2 | 7.10 | 02/01/33 | 69,441 | 72,226 |
Countrywide Asset Backed Certificate 02-S2 (d) | 5.98 | 01/25/17 | 1,688 | 1,686 |
Countrywide Asset Backed Certificate 02-S4 (d) | 4.45(b) | 10/25/17 | 4,736 | 4,870 |
Countrywide Asset Backed Certificate 04-S1 | 5.12 | 02/25/35 | 5,715 | 5,707 |
FHLMC 780754 | 4.63(b) | 08/01/33 | 1,001 | 1,020 |
FNMA 813842 | 3.32(b) | 01/01/35 | 3,546 | 3,631 |
GMAC Mortgage Corp. Loan Trust 06-HE3 | 5.75 | 10/25/36 | 11,119 | 11,414 |
Green Tree Financial Corp. 98-5 | 6.22 | 03/01/30 | 15,904 | 16,230 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Mortgage-Backed Securities | 0.1% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Master Asset Backed Securities Trust 07-NCW (c) | 0.47%(b) | 05/25/37 | $226,055 | $202,099 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 2 | 2 |
Total Mortgage-Backed Securities | ||||
(Cost $748,317) | 628,244 |
Money Market Fund | 4.6% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.12(f) | 25,220,906 | 25,220,906 | |
Total Money Market Fund | ||||
(Cost $25,220,906) | 25,220,906 | |||
Total Investments in Securities | ||||
(Cost $537,600,779) | 100.0% | $547,849,980 |
(a) | Zero coupon rate, purchased at a discount. |
(b) | Variable coupon rate as of June 30, 2020. |
(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 $116,848,312 and represents 21.3% of total investments. |
(d) | Security did not mature on maturity date. While additional principal and interest have been received past the maturity date, the amount and timing of future payments is uncertain. |
(e) | Step coupon security, the current rate may be adjusted upwards before maturity date. |
(f) | 7-day yield at June 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bonds–Other | 34.7% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Communication Services | 2.1% | ||||
AT&T Inc. | 1.50%(a) | 06/12/24 | $190,000 | $190,376 |
AT&T Inc. | 3.50 | 06/01/41 | 30,000 | 31,505 |
AT&T Inc. | 3.65 | 06/01/51 | 95,000 | 99,103 |
Charter Communications Operating LLC | 3.70 | 04/01/51 | 25,000 | 24,319 |
Comcast Corp. | 1.85(a) | 04/15/24 | 26,000 | 26,070 |
Comcast Corp. | 3.95 | 10/15/25 | 75,000 | 85,946 |
Comcast Corp. | 3.30 | 04/01/27 | 100,000 | 112,409 |
Comcast Corp. | 1.95 | 01/15/31 | 55,000 | 56,016 |
Comcast Corp. | 3.75 | 04/01/40 | 80,000 | 94,101 |
Comcast Corp. | 2.80 | 01/15/51 | 30,000 | 30,660 |
Sprint Communications, Inc. | 6.00 | 11/15/22 | 94,000 | 99,145 |
T-Mobile US, Inc. (b) | 3.88 | 04/15/30 | 75,000 | 83,593 |
T-Mobile US, Inc. (b) | 4.38 | 04/15/40 | 25,000 | 28,918 |
T-Mobile US, Inc. (b) | 4.50 | 04/15/50 | 25,000 | 29,449 |
Verizon Communications Inc. | 3.88 | 02/08/29 | 95,000 | 112,426 |
Walt Disney Co. (The) | 3.50 | 05/13/40 | 55,000 | 59,931 |
Total Communication Services | 1,163,967 | |||
Consumer Discretionary | 3.8% | ||||
Amazon.com, Inc. | 2.70 | 06/03/60 | 100,000 | 101,505 |
American Airlines Pass Through Trust 2017-1 | 3.65 | 02/15/29 | 127,875 | 122,444 |
Booking Holdings Inc. | 2.75 | 03/15/23 | 100,000 | 104,841 |
Booking Holdings Inc. | 4.50 | 04/13/27 | 55,000 | 63,138 |
Ford Motor Co. | 8.50 | 04/21/23 | 195,000 | 206,212 |
Ford Motor Co. | 9.00 | 04/22/25 | 35,000 | 37,844 |
Ford Motor Co. | 5.13 | 06/16/25 | 200,000 | 200,456 |
General Motors Financial Co., Inc. | 1.62(a) | 06/30/22 | 50,000 | 48,988 |
General Motors Financial Co., Inc. | 2.36(a) | 01/05/23 | 35,000 | 33,735 |
General Motors Financial Co., Inc. | 5.20 | 03/20/23 | 140,000 | 149,793 |
General Motors Financial Co., Inc. | 2.75 | 06/20/25 | 45,000 | 44,346 |
Harley-Davidson Financial Services, Inc. (b) | 3.35 | 02/15/23 | 150,000 | 153,222 |
Harley-Davidson Financial Services, Inc. (b) | 3.35 | 06/08/25 | 100,000 | 102,196 |
Marriott International, Inc. | 4.63 | 06/15/30 | 100,000 | 103,970 |
McDonald's Corp. | 3.50 | 07/01/27 | 50,000 | 56,764 |
McDonald's Corp. | 4.20 | 04/01/50 | 25,000 | 30,282 |
Newell Brands Inc. | 4.35 | 04/01/23 | 110,000 | 113,278 |
Ralph Lauren Corp. | 3.75 | 09/15/25 | 140,000 | 155,566 |
Southwest Airlines Co. | 5.25 | 05/04/25 | 75,000 | 79,116 |
Southwest Airlines Co. | 5.13 | 06/15/27 | 100,000 | 103,674 |
Target Corp. | 2.65 | 09/15/30 | 50,000 | 54,929 |
United Airlines Holdings, Inc. | 4.88 | 01/15/25 | 50,000 | 39,931 |
Total Consumer Discretionary | 2,106,230 | |||
Consumer Staples | 1.0% | ||||
General Mills, Inc. | 2.14(a) | 10/17/23 | 210,000 | 211,029 |
General Mills, Inc. | 2.88 | 04/15/30 | 25,000 | 27,179 |
Kellogg Co. | 2.10 | 06/01/30 | 80,000 | 81,028 |
Keurig Dr Pepper Inc. | 3.43 | 06/15/27 | 159,000 | 175,310 |
Molson Coors Brewing Co. | 3.00 | 07/15/26 | 32,000 | 33,224 |
Molson Coors Brewing Co. | 5.00 | 05/01/42 | 40,000 | 42,480 |
Total Consumer Staples | 570,250 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Corporate Bonds–Other | 34.7% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Energy | 3.4% | ||||
BP Capital Markets America Inc. | 3.00% | 02/24/50 | $134,000 | $131,940 |
BP Capital Markets America Inc. | 3.19 | 04/06/25 | 350,000 | 380,552 |
Cheniere Corpus Christi Holdings LLC | 5.88 | 03/31/25 | 138,000 | 154,874 |
Cheniere Corpus Christi Holdings LLC (b) | 3.70 | 11/15/29 | 19,000 | 19,455 |
Chevron Corp. | 2.00 | 05/11/27 | 50,000 | 52,353 |
Chevron Corp. | 2.24 | 05/11/30 | 55,000 | 57,573 |
Chevron Corp. | 2.98 | 05/11/40 | 55,000 | 58,817 |
Energy Transfer Operating LP | 3.75 | 05/15/30 | 288,000 | 284,585 |
Energy Transfer Operating LP | 5.00 | 05/15/50 | 30,000 | 28,344 |
EOG Resources, Inc. | 4.38 | 04/15/30 | 50,000 | 59,519 |
EOG Resources, Inc. | 4.95 | 04/15/50 | 50,000 | 65,044 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 98,000 | 98,858 |
EQM Midstream Partners, LP | 5.50 | 07/15/28 | 103,000 | 98,108 |
Exxon Mobil Corp. | 2.99 | 03/19/25 | 50,000 | 54,392 |
Exxon Mobil Corp. | 2.61 | 10/15/30 | 70,000 | 74,626 |
Midwest Connector Capital Co. LLC (b) | 3.90 | 04/01/24 | 120,000 | 126,086 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 102,000 | 99,787 |
Rockies Express Pipeline LLC (b) | 4.80 | 05/15/30 | 50,000 | 46,000 |
Total Energy | 1,890,913 | |||
Financials | 14.7% | ||||
Air Lease Corp. | 2.63 | 07/01/22 | 70,000 | 69,256 |
Air Lease Corp. | 3.88 | 07/03/23 | 45,000 | 45,581 |
Air Lease Corp. | 3.38 | 07/01/25 | 95,000 | 94,975 |
Ally Financial Inc. | 3.05 | 06/05/23 | 110,000 | 111,522 |
Athene Global Funding (b) | 2.80 | 05/26/23 | 85,000 | 86,719 |
Athene Global Funding (b) | 2.50 | 01/14/25 | 444,000 | 443,407 |
Athene Global Funding (b) | 2.95 | 11/12/26 | 90,000 | 90,309 |
Bank of America Corp. | 3.95 | 04/21/25 | 583,000 | 645,094 |
Bank of America Corp. | 2.50(a) | 02/13/31 | 238,000 | 249,469 |
Bank of America Corp. | 2.68(a) | 06/19/41 | 250,000 | 256,722 |
Capital One Bank (USA), NA | 2.01(a) | 01/27/23 | 275,000 | 278,836 |
CIT Group Inc. | 3.93(a) | 06/19/24 | 55,000 | 53,768 |
Citigroup Inc. | 1.68(a) | 05/15/24 | 65,000 | 66,265 |
Citigroup Inc. | 4.45 | 09/29/27 | 548,000 | 624,499 |
Citigroup Inc. | 2.98(a) | 11/05/30 | 55,000 | 58,518 |
Citigroup Inc. | 2.57(a) | 06/03/31 | 265,000 | 273,872 |
CoreStates Capital II (b) | 1.87(a) | 01/15/27 | 175,000 | 153,719 |
Discover Bank | 4.68(a) | 08/09/28 | 435,000 | 439,132 |
Fifth Third Bancorp | 1.63 | 05/05/23 | 100,000 | 102,571 |
Goldman Sachs Group Inc. | 3.81(a) | 04/23/29 | 107,000 | 120,935 |
Goldman Sachs Group, Inc. | 3.50 | 04/01/25 | 145,000 | 158,994 |
Guardian Life Global Funding (b) | 1.10 | 06/23/25 | 75,000 | 75,273 |
Jackson National Life Global Funding (b) | 0.63(a) | 03/16/21 | 65,000 | 65,022 |
Jackson National Life Global Funding (b) | 0.65(a) | 01/06/23 | 350,000 | 345,353 |
JPMorgan Chase & Co. | 2.52(a) | 04/22/31 | 95,000 | 100,330 |
JPMorgan Chase & Co. | 2.96(a) | 05/13/31 | 40,000 | 42,535 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 364,000 | 374,275 |
Mastercard Inc. | 3.30 | 03/26/27 | 50,000 | 56,620 |
Met Tower Global Funding (b) | 1.56(a) | 01/17/23 | 150,000 | 148,855 |
Metropolitan Life Global Funding (b) | 1.69(a) | 01/13/23 | 150,000 | 149,056 |
Morgan Stanley | 2.32(a) | 01/20/22 | 90,000 | 90,370 |
Morgan Stanley | 2.72(a) | 07/22/25 | 187,000 | 198,559 |
Morgan Stanley | 2.70(a) | 01/22/31 | 210,000 | 223,049 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bonds–Other | 34.7% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Financials | 14.7% (Continued) | ||||
Oaktree Specialty Lending Corp. | 3.50% | 02/25/25 | $405,000 | $395,676 |
Owl Rock Technology Finance Corp. (b) | 6.75 | 06/30/25 | 131,000 | 134,960 |
Principal Life Global Funding II (b) | 1.25 | 06/23/25 | 55,000 | 55,167 |
Protective Life Co. (b) | 3.10 | 04/15/24 | 315,000 | 339,016 |
Prudential Financial, Inc. | 5.70(a) | 09/15/48 | 75,000 | 84,057 |
Regions Financial Corp. | 2.25 | 05/18/25 | 60,000 | 62,764 |
Travelers Companies, Inc. (The) | 2.55 | 04/27/50 | 50,000 | 49,403 |
Visa Inc. | 2.70 | 04/15/40 | 65,000 | 69,634 |
Wells Fargo & Co. | 1.65(a) | 06/02/24 | 305,000 | 309,939 |
Wells Fargo & Co. | 2.19(a) | 04/30/26 | 50,000 | 51,698 |
Wells Fargo & Co. | 2.39(a) | 06/02/28 | 155,000 | 160,119 |
Wells Fargo & Co. | 2.57(a) | 02/11/31 | 40,000 | 41,844 |
Wells Fargo & Co. | 4.48(a) | 04/04/31 | 0 | 0 |
Wells Fargo & Co. | 3.07(a) | 04/30/41 | 185,000 | 192,498 |
Total Financials | 8,240,235 | |||
Health Care | 2.2% | ||||
AbbVie Inc. (b) | 2.95 | 11/21/26 | 145,000 | 158,661 |
AbbVie Inc. (b) | 4.05 | 11/21/39 | 157,000 | 182,090 |
Anthem, Inc. | 2.38 | 01/15/25 | 50,000 | 52,989 |
Anthem, Inc. | 3.13 | 05/15/50 | 50,000 | 51,700 |
Biogen Inc. | 2.25 | 05/01/30 | 25,000 | 25,229 |
Biogen Inc. | 3.15 | 05/01/50 | 50,000 | 48,139 |
CVS Health Corp. | 3.75 | 04/01/30 | 155,000 | 178,233 |
HCA Healthcare Inc. | 5.13 | 06/15/39 | 69,000 | 80,404 |
Health Care Service Corp. (b) | 1.50 | 06/01/25 | 200,000 | 203,724 |
Merck & Co., Inc. | 2.35 | 06/24/40 | 65,000 | 66,133 |
Mylan Inc. | 4.55 | 04/15/28 | 70,000 | 80,411 |
Mylan Inc. | 5.20 | 04/15/48 | 30,000 | 36,890 |
Thermo Fisher Scientific Inc. | 4.50 | 03/25/30 | 45,000 | 55,663 |
Total Health Care | 1,220,266 | |||
Industrials | 1.4% | ||||
Ashtead Capital, Inc. (b) | 4.25 | 11/01/29 | 228,000 | 228,000 |
Boeing Co. (The) | 2.70 | 05/01/22 | 80,000 | 81,098 |
Boeing Co. (The) | 2.85 | 10/30/24 | 56,000 | 56,545 |
Boeing Co. (The) | 5.71 | 05/01/40 | 57,000 | 64,463 |
Caterpillar Financial Services Corp. | 0.95 | 05/13/22 | 110,000 | 111,415 |
Caterpillar Inc. | 3.25 | 04/09/50 | 45,000 | 50,257 |
Delta Air Lines, Inc. | 3.63 | 03/15/22 | 80,000 | 75,776 |
Delta Air Lines, Inc. (b) | 7.00 | 05/01/25 | 30,000 | 30,968 |
Delta Air Lines, Inc. | 7.38 | 01/15/26 | 45,000 | 43,533 |
Honeywell International Inc. | 1.95 | 06/01/30 | 60,000 | 62,689 |
Total Industrials | 804,744 | |||
Information Technology | 2.4% | ||||
Broadcom Inc. (b) | 4.15 | 11/15/30 | 200,000 | 217,609 |
Dell International LLC / EMC Crop. (b) | 4.42 | 06/15/21 | 65,000 | 66,811 |
DXC Technology Co. | 4.00 | 04/15/23 | 70,000 | 73,466 |
Hewlett Packard Enterprise Co. | 4.45 | 10/02/23 | 75,000 | 81,956 |
Infor, Inc. (b) | 1.75 | 07/15/25 | 60,000 | 60,251 |
International Business Machines Corp. | 4.15 | 05/15/39 | 121,000 | 146,856 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Corporate Bonds–Other | 34.7% of portfolio (Continued) | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Information Technology | 2.4% (Continued) | ||||
Microsoft Corp. | 3.70% | 08/08/46 | $320,000 | $401,358 |
NVIDIA Corp. | 3.50 | 04/01/40 | 50,000 | 58,331 |
NVIDIA Corp. | 3.50 | 04/01/50 | 50,000 | 57,944 |
PayPal Holdings, Inc. | 2.30 | 06/01/30 | 60,000 | 62,352 |
PayPal Holdings, Inc. | 3.25 | 06/01/50 | 60,000 | 65,334 |
VMware, Inc. | 4.65 | 05/15/27 | 75,000 | 82,947 |
Total Information Technology | 1,375,215 | |||
Materials | 0.4% | ||||
3M Co. | 3.70 | 04/15/50 | 50,000 | 59,465 |
Air Products and Chemicals, Inc. | 1.85 | 05/15/27 | 25,000 | 26,190 |
Air Products and Chemicals, Inc. | 2.05 | 05/15/30 | 25,000 | 26,270 |
DuPont de Nemours, Inc. | 2.17 | 05/01/23 | 70,000 | 71,312 |
E.I. du Pont de Nemours & Co. | 2.30 | 07/15/30 | 30,000 | 31,206 |
Total Materials | 214,443 | |||
Real Estate | 1.2% | ||||
American Tower Corp. | 2.40 | 03/15/25 | 123,000 | 129,298 |
American Tower Corp. | 1.30 | 09/15/25 | 50,000 | 50,159 |
American Tower Corp. | 2.90 | 01/15/30 | 96,000 | 102,440 |
Equinix, Inc. | 1.25 | 07/15/25 | 50,000 | 49,987 |
Equinix, Inc. | 1.80 | 07/15/27 | 33,000 | 33,034 |
Equinix, Inc. | 2.15 | 07/15/30 | 33,000 | 32,598 |
Equinix, Inc. | 3.00 | 07/15/50 | 15,000 | 14,598 |
SBA Tower Trust (b) | 2.84 | 01/15/25 | 115,000 | 118,567 |
Service Properties Trust | 7.50 | 09/15/25 | 50,000 | 52,485 |
Welltower Inc. | 2.75 | 01/15/31 | 75,000 | 74,620 |
Total Real Estate | 657,786 | |||
Utilities | 2.1% | ||||
National Fuel Gas Co. | 5.50 | 01/15/26 | 200,000 | 212,744 |
NextEra Energy Capital Holdings, Inc. | 3.30 | 08/15/22 | 80,000 | 84,879 |
Pacific Gas & Electric Co. | 3.30 | 08/01/40 | 65,000 | 63,248 |
Pacific Gas & Electric Co. | 3.50 | 08/01/50 | 65,000 | 62,750 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 18,572 | 18,655 |
Southern California Edison Co. | 2.25 | 06/01/30 | 45,000 | 45,696 |
Southern California Edison Co. | 4.00 | 04/01/47 | 284,000 | 324,302 |
Southern California Edison Co. | 3.65 | 02/01/50 | 194,000 | 213,098 |
TerraForm Power Operating LLC (b) | 4.25 | 01/31/23 | 15,000 | 15,075 |
TerraForm Power Operating LLC (b) | 4.75 | 01/15/30 | 116,000 | 117,740 |
Total Utilities | 1,158,187 | |||
Total Corporate Bonds–Other | ||||
(Cost $18,677,375) | 19,402,236 |
U.S. Government & Agency Obligations | 22.4% of portfolio | ||||
U.S. International Development Finance Corp. | 1.11 | 05/15/29 | 300,000 | 302,062 |
U.S. International Development Finance Corp. | 1.05 | 10/15/29 | 150,000 | 149,492 |
U.S. International Development Finance Corp. | 1.49 | 08/15/31 | 80,000 | 82,460 |
U.S. International Development Finance Corp. | 3.00 | 10/05/34 | 193,640 | 216,129 |
U.S. Treasury Note | 0.38 | 03/31/22 | 942,000 | 945,385 |
U.S. Treasury Note | 0.13 | 06/30/22 | 210,000 | 209,877 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
U.S. Government & Agency Obligations | 22.4% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
U.S. Treasury Note | 0.13% | 05/15/23 | $1,962,000 | $1,959,011 |
U.S. Treasury Note | 0.25 | 06/15/23 | 40,000 | 40,084 |
U.S. Treasury Note | 0.25 | 06/30/25 | 740,000 | 738,555 |
U.S. Treasury Note | 0.50 | 06/30/27 | 2,475,000 | 2,476,547 |
U.S. Treasury Note | 0.63 | 05/15/30 | 1,009,000 | 1,005,926 |
U.S. Treasury Note | 1.13 | 05/15/40 | 215,000 | 212,968 |
U.S. Treasury Note | 2.00 | 02/15/50 | 3,655,000 | 4,183,547 |
Total U.S. Government & Agency Obligations | ||||
(Cost $12,460,325) | 12,522,043 |
Mortgage-Backed Securities | 20.5% of portfolio | ||||
Federal Home Loan Mortgage Corp. | 3.00 | 06/01/50 | 590,565 | 622,225 |
FNMA BN5402 | 3.50 | 04/01/49 | 117,954 | 124,091 |
FNMA BN7662 | 3.50 | 07/01/49 | 368,026 | 386,637 |
FNMA CA4016 | 3.00 | 08/01/49 | 237,941 | 251,955 |
FNMA FM1000 | 3.00 | 04/01/47 | 1,638,196 | 1,732,910 |
FNMA MA3691 | 3.00 | 07/01/49 | 666,229 | 701,945 |
FNMA MA3692 | 3.50 | 07/01/49 | 1,604,245 | 1,685,384 |
FNMA MA3745 | 3.50 | 08/01/49 | 1,789,704 | 1,881,033 |
FNMA MA3834 | 3.00 | 11/01/49 | 1,207,517 | 1,272,252 |
FNMA MA3960 | 3.00 | 03/01/50 | 529,691 | 558,088 |
FNMA MA4048 | 3.00 | 06/01/50 | 1,673,382 | 1,774,971 |
GNMA MA6474 | 3.00 | 02/20/50 | 465,976 | 494,276 |
Total Mortgage-Backed Securities | ||||
(Cost $11,261,376) | 11,485,767 |
Asset-Backed Securities | 7.3% of portfolio | ||||
American Credit Acceptance Receivables Trust 2019-3 (b) | 2.59 | 08/14/23 | 800,000 | 808,826 |
Avant Loans Funding Trust 19-B (b) | 2.72 | 10/15/26 | 85,100 | 85,253 |
Avid Automobile Receivables Trust 19-1 (b) | 2.62 | 02/15/24 | 68,765 | 69,424 |
Carvana Auto Receivables Trust 19-2A (b) | 2.60 | 01/18/22 | 38,487 | 38,538 |
Carvana Auto Receivables Trust 19-2A (b) | 2.74 | 12/15/23 | 310,000 | 315,362 |
Consumer Loan Underlying Bond 19-HP1 (b) | 2.59 | 12/15/26 | 73,326 | 73,623 |
Consumer Loan Underlying Bond 20-P1 (b) | 2.26 | 03/15/28 | 200,508 | 200,661 |
CPS Auto Trust 19-A (b) | 3.18 | 06/15/22 | 22,075 | 22,151 |
Credit Acceptance Auto Loan Trust 18-2 (b) | 3.47 | 05/17/27 | 223,217 | 225,968 |
Credit Acceptance Auto Loan Trust 20-1A (b) | 2.01 | 02/15/29 | 250,000 | 254,190 |
Credit Acceptance Auto Loan Trust 20-1A (b) | 2.39 | 04/16/29 | 250,000 | 253,004 |
Drive Auto Receivables Trust 19-3 | 2.63 | 09/15/22 | 14,197 | 14,224 |
Exeter Automobile Receivables Trust 19-4 (b) | 2.18 | 01/17/23 | 74,566 | 74,883 |
Exeter Automobile Receivables Trust 20-1A (b) | 2.05 | 06/15/23 | 69,374 | 69,790 |
Exeter Automobile Receivables Trust 20-1A (b) | 2.26 | 04/15/24 | 100,000 | 101,014 |
Foursight Capital Automobile Receivables Trust 19-1 (b) | 2.67 | 03/15/24 | 100,000 | 102,546 |
GLS Auto Receivables Trust 19-1 (b) | 3.65 | 12/16/24 | 800,000 | 815,420 |
GLS Auto Receivables Trust 19-2 (b) | 3.06 | 04/17/23 | 3,932 | 3,975 |
GLS Auto Receivables Trust 20-2 (b) | 1.58 | 08/15/24 | 90,000 | 90,146 |
Marlette Funding Trust 19-3 (b) | 2.69 | 09/17/29 | 49,474 | 49,735 |
Prosper Marketplace Issuance Trust 19-3 (b) | 3.19 | 07/15/25 | 36,783 | 36,929 |
SoFi Consumer Loan Program Trust 19-1 (b) | 3.24 | 02/25/28 | 50,792 | 51,305 |
SoFi Consumer Loan Program Trust 19-4 (b) | 2.45 | 08/25/28 | 60,458 | 61,125 |
United Auto Credit Securitization Trust 19-1 (b) | 2.82 | 07/12/21 | 4,720 | 4,723 |
United Auto Credit Securitization Trust 20-1 (b) | 1.47 | 11/10/22 | 120,000 | 119,976 |
Upstart Securitization Trust 19-3 (b) | 2.68 | 01/21/30 | 110,187 | 110,820 |
Total Asset-Backed Securities | ||||
(Cost $4,018,647) | 4,053,611 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Yankee Bonds | 7.2% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
AerCap Ireland Capital DAC | 4.13% | 07/03/23 | $150,000 | $146,674 |
AerCap Ireland Capital DAC | 6.50 | 07/15/25 | 150,000 | 157,145 |
Avolon Holdings Funding Ltd. (b) | 3.63 | 05/01/22 | 57,000 | 53,733 |
Avolon Holdings Funding Ltd. (b) | 3.95 | 07/01/24 | 50,000 | 43,745 |
Banco Santander SA | 2.75 | 05/28/25 | 200,000 | 207,164 |
Banco Santander SA | 3.49 | 05/28/30 | 200,000 | 214,069 |
Bank of Montreal | 0.84(a) | 03/10/23 | 100,000 | 99,346 |
Barclays PLC | 1.77(a) | 05/16/24 | 200,000 | 198,171 |
Barclays PLC | 2.85(a) | 05/07/26 | 250,000 | 260,257 |
Barclays PLC | 2.65(a) | 06/24/31 | 200,000 | 198,612 |
Cemex, SAB de CV (b) | 7.38 | 06/05/27 | 200,000 | 203,200 |
DH Europe Finance II SARL | 2.60 | 11/15/29 | 138,000 | 146,827 |
Imperial Brands PLC (b) | 3.88 | 07/26/29 | 266,000 | 280,005 |
NXP BV (b) | 3.40 | 05/01/30 | 50,000 | 53,802 |
Royal Bank of Scotland Group PLC | 4.27(a) | 03/22/25 | 266,000 | 289,218 |
Seagate HDD Cayman (b) | 4.09 | 06/01/29 | 187,000 | 195,576 |
Seagate HDD Cayman (b) | 4.13 | 01/15/31 | 65,000 | 68,099 |
Shell International Finance BV | 2.38 | 04/06/25 | 45,000 | 47,768 |
Syngenta Finance NV (b) | 4.44 | 04/24/23 | 200,000 | 209,911 |
Syngenta Finance NV (b) | 4.89 | 04/24/25 | 405,000 | 425,781 |
Tencent Holdings Ltd. (b) | 3.28 | 04/11/24 | 200,000 | 212,450 |
Tencent Holdings Ltd. (b) | 1.81 | 01/26/26 | 200,000 | 202,244 |
Teva Pharmaceutical Industries Ltd. | 2.80 | 07/21/23 | 98,000 | 92,610 |
Total Capital International SA | 3.13 | 05/29/50 | 30,000 | 30,622 |
Total Yankee Bonds | ||||
(Cost $3,923,394) | 4,037,029 |
Municipal Bond | 0.4% of portfolio | ||||
New Jersey | 0.4% | ||||
New Jersey Transportation Trust Fund Authority | 4.08 | 06/15/39 | 265,000 | 248,904 |
Total New Jersey | 248,904 | |||
Total Municipal Bond | ||||
(Cost $258,438) | 248,904 |
Money Market Fund | 7.5% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 0.12(c) | 4,192,883 | 4,192,883 | |
Total Money Market Fund | ||||
(Cost $4,192,883) | 4,192,883 | |||
Total Investments in Securities | ||||
(Cost $54,792,438) | 100.0% | $55,942,473 |
(a) | Variable coupon rate as of June 30, 2020. |
(b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Trustees. The total of such securities at period-end amounts to $10,063,204 and represents 18.0% of total investments. |
(c) | 7-day yield at June 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Cost | Value | |
Investment | $43,949,373 | $160,479,819 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 97.7% of portfolio | ||
Shares | Value | |
Communication Services | 7.6% | ||
Diversified Telecommunication Services | ||
Verizon Communications, Inc. | 223,531 | $12,323,264 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 29,211 | 41,292,962 |
Facebook, Inc., Class A (a) | 36,700 | 8,333,469 |
Total Communication Services | 61,949,695 | |
Consumer Discretionary | 4.7% | ||
Hotels, Restaurants & Leisure | ||
Las Vegas Sands Corp. | 123,648 | 5,630,930 |
McDonald's Corp. | 54,997 | 10,145,296 |
Specialty Retail | ||
Home Depot, Inc. | 35,118 | 8,797,410 |
TJX Companies, Inc. (The) | 116,400 | 5,885,184 |
Ulta Beauty, Inc. (a) | 38,056 | 7,741,352 |
Total Consumer Discretionary | 38,200,172 | |
Energy | 3.9% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 205,696 | 18,354,254 |
ConocoPhillips | 332,298 | 13,963,162 |
Total Energy | 32,317,416 | |
Financials | 16.8% | ||
Banks | ||
Bank of America Corp. | 751,902 | 17,857,673 |
Citigroup, Inc. | 282,839 | 14,453,073 |
JPMorgan Chase & Co. | 317,991 | 29,910,233 |
Wells Fargo & Co. | 277,259 | 7,097,830 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 77,374 | 15,290,650 |
Insurance | ||
Allstate Corp. | 310,384 | 30,104,144 |
American International Group, Inc. | 375,494 | 11,707,903 |
Chubb Ltd. | 81,538 | 10,324,342 |
Total Financials | 136,745,848 | |
Health Care | 23.1% | ||
Biotechnology | ||
AbbVie Inc. | 167,663 | 16,461,153 |
Health Care Equipment & Supplies | ||
Abbott Laboratories | 381,156 | 34,849,093 |
Boston Scientific Corp. (a) | 338,496 | 11,884,595 |
Medtronic PLC | 139,956 | 12,833,965 |
Health Care Providers & Services | ||
Centene Corp. (a) | 306,497 | 19,477,885 |
Cigna Corp. | 86,114 | 16,159,292 |
Life Sciences Tools & Services | ||
Mettler-Toledo International, Inc. (a) | 10,704 | 8,622,607 |
Common Stocks | 97.7% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 23.1% (Continued) | ||
Pharmaceuticals | ||
Bristol-Myers Squibb Co. | 260,801 | $15,335,099 |
Merck & Co., Inc. | 357,182 | 27,620,884 |
Pfizer, Inc. | 762,899 | 24,946,797 |
Total Health Care | 188,191,370 | |
Industrials | 13.0% | ||
Aerospace & Defense | ||
Northrop Grumman Corp. | 33,031 | 10,155,051 |
Airlines | ||
Southwest Airlines Co. | 257,532 | 8,802,444 |
Electrical Equipment | ||
Eaton Corp. PLC | 46,387 | 4,057,935 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 220,773 | 31,921,568 |
Machinery | ||
Deere & Co. | 24,400 | 3,834,460 |
Parker-Hannifin Corp. | 111,322 | 20,401,983 |
Stanley Black & Decker, Inc. | 86,442 | 12,048,286 |
Road & Rail | ||
CSX Corp. | 212,494 | 14,819,331 |
Total Industrials | 106,041,058 | |
Information Technology | 19.8% | ||
IT Services | ||
Leidos Holdings Inc. | 165,917 | 15,541,445 |
Visa Inc., Class A | 168,298 | 32,510,125 |
Semiconductors & Semiconductor Equipment | ||
NVIDIA Corp. | 85,477 | 32,473,567 |
NXP Semiconductors NV | 142,063 | 16,200,865 |
Software | ||
Microsoft Corp. | 225,614 | 45,914,705 |
VMware, Inc., Class A (a) | 119,383 | 18,487,651 |
Total Information Technology | 161,128,358 | |
Materials | 6.9% | ||
Chemicals | ||
Dow Inc. | 186,481 | 7,600,965 |
DuPont de Nemours, Inc. | 302,578 | 16,075,969 |
Containers & Packaging | ||
Avery Dennison Corp. | 285,487 | 32,571,212 |
Total Materials | 56,248,146 | |
Real Estate | 1.9% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Digital Realty Trust, Inc. | 48,601 | 6,906,688 |
VICI Properties Inc. | 432,035 | 8,722,787 |
Total Real Estate | 15,629,475 | |
Total Common Stocks | ||
(Cost $539,051,882) | 796,451,538 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Money Market Fund | 2.3% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.12% (b) | 18,655,231 | $18,655,231 |
Total Money Market Fund | ||
(Cost $18,655,231) | 18,655,231 | |
Total Investments in Securities | ||
(Cost $557,707,113) | 100.0% | $815,106,769 |
(a) | Non-income producing. |
(b) | 7-day yield at June 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 97.3% of portfolio | ||
Shares | Value | |
Communication Services | 21.6% | ||
Entertainment | ||
Netflix, Inc. (a) | 12,518 | $5,696,191 |
Spotify Technology SA (a) | 18,475 | 4,770,060 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 4,400 | 6,219,884 |
Alphabet, Inc., Class A (a) | 8,947 | 12,687,293 |
Facebook, Inc., Class A (a) | 66,825 | 15,173,953 |
IAC/InterActiveCorp (a) | 9,188 | 2,971,399 |
Snap Inc., Class A (a) | 126,703 | 2,976,254 |
Tencent Holdings Ltd. ADR | 83,354 | 5,334,656 |
Total Communication Services | 55,829,690 | |
Consumer Discretionary | 21.1% | ||
Auto Components | ||
Aptiv PLC | 35,141 | 2,738,187 |
Hotels, Restaurants & Leisure | ||
Chipotle Mexican Grill, Inc. (a) | 1,327 | 1,396,482 |
DraftKings Inc., Class A (a) | 33,089 | 1,100,540 |
Hilton Worldwide Holdings, Inc. | 17,569 | 1,290,443 |
Wynn Resorts, Ltd. | 4,104 | 305,707 |
Internet & Direct Marketing Retail | ||
Alibaba Group Holding Ltd. ADR (a) | 24,247 | 5,230,078 |
Amazon.com, Inc. (a) | 9,459 | 26,095,678 |
Booking Holdings, Inc. (a) | 1,495 | 2,380,548 |
Multiline Retail | ||
Dollar General Corp. | 20,980 | 3,996,900 |
Specialty Retail | ||
CarMax, Inc. (a) | 12,453 | 1,115,166 |
Carvana Co. (a) | 28,609 | 3,438,802 |
Ross Stores, Inc. | 37,488 | 3,195,477 |
Textiles, Apparel & Luxury Goods | ||
lululemon athletica Inc. (a) | 7,140 | 2,227,751 |
Total Consumer Discretionary | 54,511,759 | |
Energy | 0.3% | ||
Oil, Gas & Consumable Fuels | ||
Concho Resources Inc. | 14,604 | 752,106 |
Total Energy | 752,106 | |
Financials | 1.7% | ||
Capital Markets | ||
Charles Schwab Corp. | 27,747 | 936,184 |
Goldman Sachs Group, Inc. | 7,000 | 1,383,340 |
S&P Global Inc. | 5,615 | 1,850,030 |
XP Inc., Class A (a) | 7,382 | 310,118 |
Total Financials | 4,479,672 | |
Health Care | 14.3% | ||
Biotechnology | ||
Alexion Pharmaceuticals, Inc. (a) | 4,825 | 541,558 |
Incyte Corp. (a) | 15,946 | 1,657,906 |
Common Stocks | 97.3% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 14.3% (Continued) | ||
Vertex Pharmaceuticals, Inc. (a) | 14,137 | $4,104,112 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 9,345 | 2,235,978 |
Intuitive Surgical, Inc. (a) | 7,816 | 4,453,791 |
Stryker Corp. | 25,600 | 4,612,864 |
Health Care Providers & Services | ||
Anthem, Inc. | 5,570 | 1,464,799 |
Centene Corp. (a) | 25,594 | 1,626,499 |
Cigna Corp. | 30,024 | 5,634,004 |
HCA Healthcare, Inc. | 23,693 | 2,299,643 |
Humana Inc. | 5,830 | 2,260,582 |
UnitedHealth Group, Inc. | 16,711 | 4,928,909 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 75,060 | 1,276,020 |
Total Health Care | 37,096,665 | |
Industrials | 2.0% | ||
Machinery | ||
Ingersoll Rand Inc. (a) | 54,476 | 1,531,865 |
Professional Services | ||
CoStar Group, Inc. (a) | 2,815 | 2,000,536 |
Road & Rail | ||
J.B. Hunt Transport Services, Inc. | 5,277 | 635,034 |
Norfolk Southern Corp. | 6,055 | 1,063,077 |
Total Industrials | 5,230,512 | |
Information Technology | 34.8% | ||
IT Services | ||
Fidelity National Information Services, Inc. | 19,967 | 2,677,375 |
Global Payments, Inc. | 44,514 | 7,550,465 |
MongoDB, Inc. (a) | 4,000 | 905,360 |
PayPal Holdings, Inc. (a) | 31,075 | 5,414,197 |
Visa Inc., Class A | 57,280 | 11,064,777 |
Wix.com Ltd. (a) | 2,291 | 587,000 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 27,800 | 1,462,558 |
ASML Holding NV ADR | 9,605 | 3,534,928 |
Marvell Technology Group Ltd. | 43,203 | 1,514,697 |
Software | ||
CrowdStrike Holdngs, Inc., Class A (a) | 9,004 | 903,011 |
Intuit, Inc. | 19,886 | 5,890,034 |
Microsoft Corp. | 113,340 | 23,065,824 |
salesforce.com, Inc. (a) | 27,449 | 5,142,021 |
ServiceNow, Inc. (a) | 7,746 | 3,137,595 |
Slack Technologies, Inc., Class A (a) | 29,448 | 915,538 |
Splunk Inc. (a) | 19,061 | 3,787,421 |
Synopsys, Inc. (a) | 8,854 | 1,726,530 |
Workday, Inc., Class A (a) | 3,403 | 637,586 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 97.3% of portfolio (Continued) | ||
Shares | Value | |
Information Technology | 34.8% (Continued) | ||
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 27,267 | $9,947,002 |
Total Information Technology | 89,863,919 | |
Utilities | 1.5% | ||
Electric Utilities | ||
NextEra Energy, Inc. | 11,515 | 2,765,557 |
Multi-Utilities | ||
Sempra Energy | 10,242 | 1,200,670 |
Total Utilities | 3,966,227 | |
Total Common Stocks | ||
(Cost $148,619,071) | 251,730,550 |
Money Market Fund | 2.7% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.12% (b) | 6,932,021 | $6,932,021 |
Total Money Market Fund | ||
(Cost $6,932,021) | 6,932,021 | |
Total Investments in Securities | ||
(Cost $155,551,092) | 100.0% | $258,662,571 |
(a) | Non-income producing. |
(b) | 7-day yield at June 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 98.1% of portfolio | ||
Shares | Value | |
Communication Services | 1.6% | ||
Wireless Telecommunication Services | ||
Shenandoah Telecommunications Co. | 77,763 | $3,832,938 |
Total Communication Services | 3,832,938 | |
Consumer Discretionary | 7.5% | ||
Distributors | ||
Core-Mark Holding Company, Inc. | 227,773 | 5,684,075 |
Hotels, Restaurants & Leisure | ||
Cracker Barrel Old Country Store, Inc. | 27,319 | 3,029,950 |
Extended Stay America, Inc. | 161,024 | 1,801,859 |
Leisure Products | ||
Callaway Golf Co. | 170,551 | 2,986,348 |
Specialty Retail | ||
Floor & Decor Holdings, Inc. (a) | 39,979 | 2,304,789 |
Textiles, Apparel & Luxury Goods | ||
Carter's, Inc. | 34,651 | 2,796,336 |
Total Consumer Discretionary | 18,603,357 | |
Consumer Staples | 1.1% | ||
Food Products | ||
TreeHouse Foods, Inc. (a) | 63,527 | 2,782,483 |
Total Consumer Staples | 2,782,483 | |
Financials | 16.1% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 140,892 | 3,263,059 |
FB Financial Corp. | 151,759 | 3,759,070 |
Glacier Bancorp, Inc. | 214,316 | 7,563,212 |
Metropolitan Bank Holding Corp. (a) | 103,361 | 3,315,821 |
South State Corp. | 56,775 | 2,705,896 |
Capital Markets | ||
Virtu Financial, Inc., Class A | 103,443 | 2,441,255 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 206,283 | 7,050,753 |
Insurance | ||
Kinsale Capital Group, Inc. | 62,726 | 9,735,703 |
Total Financials | 39,834,769 | |
Health Care | 23.4% | ||
Biotechnology | ||
Emergent BioSolutions Inc. (a) | 69,625 | 5,505,945 |
Twist Bioscience Corp. (a) | 104,577 | 4,737,338 |
Health Care Equipment & Supplies | ||
Integer Holdings Corp. (a) | 35,470 | 2,591,084 |
STAAR Surgical Co. (a) | 164,336 | 10,113,237 |
STERIS PLC | 7,561 | 1,160,160 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 88,387 | 3,998,628 |
LHC Group, Inc. (a) | 48,928 | 8,529,129 |
Common Stocks | 98.1% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 23.4% (Continued) | ||
Health Care Technology | ||
Inovalon Holdings, Inc. (a) | 362,691 | $6,985,429 |
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 71,150 | 6,618,373 |
NanoString Technologies, Inc. (a) | 245,253 | 7,198,175 |
Pharmaceuticals | ||
Aerie Pharmaceuticals, Inc. (a) | 49,538 | 731,181 |
Total Health Care | 58,168,679 | |
Industrials | 14.4% | ||
Aerospace & Defense | ||
BWX Technologies, Inc. | 15,583 | 882,621 |
Construction & Engineering | ||
Comfort Systems USA, Inc. | 69,388 | 2,827,561 |
Primoris Services Corp. | 228,898 | 4,065,229 |
Electrical Equipment | ||
EnerSys | 49,735 | 3,201,939 |
Machinery | ||
Colfax Corp. (a) | 173,328 | 4,835,851 |
Federal Signal Corp. | 67,994 | 2,021,462 |
Road & Rail | ||
Knight-Swift Transportation Holdings Inc. | 68,238 | 2,846,207 |
Werner Enterprises, Inc. | 143,933 | 6,265,403 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 142,826 | 8,910,914 |
Total Industrials | 35,857,187 | |
Information Technology | 23.2% | ||
Electronic Equipment, Instruments & Components | ||
Itron, Inc. (a) | 46,877 | 3,105,601 |
Knowles Corp. | 160,894 | 2,455,243 |
IT Services | ||
CACI International Inc., Class A (a) | 24,371 | 5,285,583 |
CSG Systems International, Inc. | 30,870 | 1,277,709 |
ManTech International Corp., Class A | 117,165 | 8,024,631 |
Semiconductors & Semiconductor Equipment | ||
Advanced Energy Industries, Inc. (a) | 62,662 | 4,247,857 |
Diodes Inc. (a) | 62,786 | 3,183,250 |
Software | ||
Altair Engineering Inc. (a) | 100,477 | 3,993,961 |
Descartes Systems Group Inc. (The) (a) | 186,170 | 9,848,393 |
Five9, Inc. (a) | 69,588 | 7,701,304 |
j2 Global, Inc. (a) | 79,026 | 4,995,233 |
Verint Systems Inc. (a) | 78,726 | 3,556,841 |
Total Information Technology | 57,675,606 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 98.1% of portfolio (Continued) | ||
Shares | Value | |
Materials | 6.2% | ||
Chemicals | ||
Ingevity Corp. | 43,341 | $2,278,437 |
PolyOne Corp. | 276,527 | 7,253,303 |
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 369,668 | 5,944,261 |
Total Materials | 15,476,001 | |
Real Estate | 4.6% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Easterly Government Properties, Inc. | 199,211 | 4,605,758 |
QTS Realty Trust, Inc. Class A | 107,178 | 6,869,038 |
Total Real Estate | 11,474,796 | |
Total Common Stocks | ||
(Cost $206,850,274) | 243,705,816 |
Money Market Fund | 1.9% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.12% (b) | 4,595,946 | $4,595,946 |
Total Money Market Fund | ||
(Cost $4,595,946) | 4,595,946 | |
Total Investments in Securities | ||
(Cost $211,446,220) | 100.0% | $248,301,762 |
(a) | Non-income producing. |
(b) | 7-day yield at June 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 96.5% of portfolio | ||
Shares | Value | |
Brazil | 0.4% | ||
Ambev SA ADR | 103,138 | $272,284 |
Total Brazil | 272,284 | |
Britain | 8.4% | ||
Diageo PLC | 42,463 | 1,411,357 |
Rio Tinto PLC | 31,088 | 1,749,526 |
Royal Dutch Shell PLC, Class B | 74,955 | 1,136,340 |
Standard Chartered PLC | 127,888 | 693,255 |
Unilever PLC | 25,885 | 1,396,265 |
Total Britain | 6,386,743 | |
Canada | 2.2% | ||
Alimentation Couche-Tard Inc., Class B | 29,100 | 912,483 |
Canadian National Railway Co. | 8,270 | 732,474 |
Total Canada | 1,644,957 | |
China | 2.5% | ||
Alibaba Group Holding Ltd. ADR (a) | 1,408 | 303,705 |
China Moble Ltd. ADR | 9,092 | 305,855 |
Ping An Insurance Group Co. of China Ltd., Class H | 41,500 | 413,713 |
Tencent Holdings Ltd. | 13,100 | 839,420 |
Total China | 1,862,693 | |
Denmark | 1.2% | ||
Novozymes A/S, Class B | 15,656 | 907,671 |
Total Denmark | 907,671 | |
France | 10.3% | ||
Air Liquide SA | 6,333 | 915,667 |
Dassault Systèmes SE | 9,247 | 1,605,213 |
L’Oréal SA | 9,467 | 3,055,440 |
Schneider Electric SE | 19,715 | 2,193,030 |
Total France | 7,769,350 | |
Germany | 14.8% | ||
adidas AG | 4,975 | 1,311,666 |
Allianz SE REG | 11,736 | 2,398,161 |
Infineon Technologies AG | 126,654 | 2,967,779 |
SAP SE ADR | 22,389 | 3,134,460 |
Symrise AG | 12,082 | 1,411,741 |
Total Germany | 11,223,807 | |
Hong Kong | 3.2% | ||
AIA Group Ltd. | 261,800 | 2,449,820 |
Total Hong Kong | 2,449,820 |
Common Stocks | 96.5% of portfolio (Continued) | ||
Shares | Value | |
India | 0.6% | ||
HDFC Bank Ltd. ADR | 5,614 | $255,212 |
ICICI Bank Ltd. ADR | 25,206 | 234,164 |
Total India | 489,376 | |
Israel | 1.8% | ||
Check Point Software Technologies Ltd. (a) | 12,991 | 1,395,623 |
Total Israel | 1,395,623 | |
Japan | 18.2% | ||
Chugai Pharmaceutical Co., Ltd. | 48,000 | 2,569,917 |
FANUC Corp. | 4,500 | 806,714 |
Keyence Corp. | 5,000 | 2,095,308 |
Komatsu Ltd. | 59,400 | 1,216,543 |
Kubota Corp. | 87,700 | 1,311,881 |
Nitori Holdings Co., Ltd. | 6,100 | 1,196,021 |
Shionogi & Co., Ltd. | 16,500 | 1,035,100 |
Sysmex Corp. | 16,300 | 1,251,215 |
Unicharm Corp. | 56,700 | 2,325,408 |
Total Japan | 13,808,107 | |
Mexico | 0.3% | ||
Fomento Economico Mexicano, SAB de CV ADR | 3,960 | 245,560 |
Total Mexico | 245,560 | |
Netherlands | 3.0% | ||
Adyen NV (a) | 1,542 | 2,244,371 |
Total Netherlands | 2,244,371 | |
Republic of South Korea | 0.3% | ||
Samsung Electronics Co., Ltd. GDR | 228 | 249,253 |
Total Republic of South Korea | 249,253 | |
Russia | 0.9% | ||
LUKOIL PJSC ADR | 4,255 | 315,806 |
Yandex NV, Class A (a) | 8,029 | 401,611 |
Total Russia | 717,417 | |
Singapore | 2.5% | ||
DBS Group Holdings Ltd. | 124,600 | 1,874,834 |
Total Singapore | 1,874,834 | |
Spain | 1.4% | ||
Banco Bilboa Vizcaya Argentaria SA | 314,121 | 1,081,507 |
Total Spain | 1,081,507 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 96.5% of portfolio (Continued) | ||
Shares | Value | |
Sweden | 7.3% | ||
Alfa Laval AB | 51,435 | $1,134,665 |
Atlas Copco AB, Class A | 67,330 | 2,867,278 |
Epiroc AB, Class A | 76,288 | 955,919 |
Skandinaviska Enskilda Banken AB, Class A | 63,357 | 549,973 |
Total Sweden | 5,507,835 | |
Switzerland | 14.0% | ||
Alcon Inc. (a) | 22,642 | 1,297,840 |
Lonza Group AG REG | 4,545 | 2,407,474 |
Nestlé SA ADR | 18,594 | 2,061,529 |
Roche Holding AG REG | 8,349 | 2,892,507 |
SGS SA REG | 347 | 850,026 |
Sonova Holding AG REG | 5,430 | 1,086,951 |
Total Switzerland | 10,596,327 | |
Taiwan | 1.4% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 18,618 | 1,056,944 |
Total Taiwan | 1,056,944 | |
United States of America | 1.8% | ||
Linde PLC | 6,349 | 1,344,683 |
Total United States of America | 1,344,683 | |
Total Common Stocks | ||
(Cost $57,245,098) | 73,129,162 |
Preferred Stocks | 1.7% of portfolio | ||
Shares | Value | |
Brazil | 0.5% | ||
Itaú Unibanco Holding SA ADR | 74,855 | $351,070 |
Total Brazil | 351,070 | |
Germany | 0.6% | ||
FUCHS PETROLUB SE | 10,870 | 436,907 |
Total Germany | 436,907 | |
Republic of South Korea | 0.6% | ||
Samsung Electronics Co., Ltd. REG GDR | 514 | 492,013 |
Total Republic of South Korea | 492,013 | |
Total Preferred Stocks | ||
(Cost $1,013,543) | 1,279,990 |
Money Market Fund | 1.8% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.12% (b) | 1,389,276 | 1,389,276 |
Total Money Market Fund | ||
(Cost $1,389,276) | 1,389,276 | |
Total Investments in Securities | ||
(Cost $59,647,917) | 100.0% | $75,798,428 |
(a) | Non-income producing. |
(b) | 7-day yield at June 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Assets | Daily Income Fund | Short-Term Government Securities Fund | Short-Term Bond Fund |
Investments in securities, at value (cost: $178,891,123, $76,815,753, $537,600,779, $54,792,438, $43,949,373, $557,707,113, $155,551,092, $211,446,220 and $59,647,917, respectively) | $178,891,123 | $77,887,778 | $547,849,980 |
Foreign currency (cost $2,968) | — | — | — |
Investment securities sold | — | — | — |
Dividends, interest, and tax reclaims | 104,552 | 166,182 | 2,169,586 |
Capital shares sold | 159,516 | 1,932 | 779,667 |
Prepaid expenses | 41,318 | 25,780 | 114,673 |
Total Assets | 179,196,509 | 78,081,672 | 550,913,906 |
Liabilities | |||
Investment securities purchased | — | 1,176,588 | 9,243,761 |
Accrued expenses | 59,996 | 16,043 | 157,968 |
Independent Director/Trustee's deferred compensation | 69,184 | 27,848 | 152,409 |
Due to RE Advisers | 1,770 | 32,566 | 320,132 |
Due to custodian | — | — | 3,782 |
Capital shares redeemed | 101,776 | 205,422 | 389,237 |
Dividends | 7 | 877 | 16,157 |
Total Liabilities | 232,733 | 1,459,344 | 10,283,446 |
Net Assets | $178,963,776 | $76,622,328 | $540,630,460 |
Net Assets Consist Of: | |||
Distributable earnings (losses) | (69,185) | 2,522,045 | 20,514,091 |
Paid-in-capital applicable to outstanding shares of 179,032,920, 14,275,107, 99,994,068, 10,379,210, 6,952,566, 18,306,348, 19,929,965, 10,332,822 and 8,605,948, respectively | 179,032,961 | 74,100,283 | 520,116,369 |
Net Assets | $178,963,776 | $76,622,328 | $540,630,460 |
Net Asset Value Per Share | $1.00 | $5.37 | $5.41 |
Statements of Assets and Liabilities | The accompanying notes are an integral part of these financial statements. |
Intermediate Bond Fund | Stock Index Fund | Value Fund | Growth Fund | Small-Company Stock Fund | International Equity Fund |
$55,942,473 | $160,479,819 | $815,106,769 | $258,662,571 | $248,301,762 | $75,798,428 |
— | — | — | — | — | 2,968 |
488,849 | — | — | 384,833 | — | — |
232,857 | — | 735,947 | 30,131 | 129,235 | 329,139 |
267,750 | 264,758 | 232,133 | 77,772 | 44,193 | 6,031 |
27,802 | 43,441 | 212,071 | 59,249 | 76,751 | 24,664 |
56,959,731 | 160,788,018 | 816,286,920 | 259,214,556 | 248,551,941 | 76,161,230 |
709,603 | 219,232 | — | 566,636 | — | — |
16,026 | 90,606 | 306,307 | 113,336 | 111,497 | 35,123 |
942 | 31,356 | 254,075 | 26,463 | 172,076 | 50,433 |
20,280 | 54,287 | 412,498 | 162,538 | 201,698 | 37,349 |
10,637 | — | — | — | — | — |
21,931 | 45,527 | 1,813,021 | 27,815 | 1,179,983 | 6,757 |
50 | 5,443 | 343,946 | 13,478 | 33,218 | 305 |
779,469 | 446,451 | 3,129,847 | 910,266 | 1,698,472 | 129,967 |
$56,180,262 | $160,341,567 | $813,157,073 | $258,304,290 | $246,853,469 | $76,031,263 |
2,034,275 | 116,390,533 | 359,665,949 | 109,946,064 | 59,846,618 | 13,648,695 |
54,145,987 | 43,951,034 | 453,491,124 | 148,358,226 | 187,006,851 | 62,382,568 |
$56,180,262 | $160,341,567 | $813,157,073 | $258,304,290 | $246,853,469 | $76,031,263 |
$5.41 | $23.06 | $44.42 | $12.96 | $23.89 | $8.83 |
The accompanying notes are an integral part of these financial statements. | Statements of Assets and Liabilities |
Investment Income | Daily Income Fund | Short-Term Government Securities Fund | Short-Term Bond Fund |
Interest | $844,354 | $575,228 | $5,106,842 |
Dividends | — | — | — |
Allocated from Master Portfolio | |||
Dividends | — | — | — |
Interest | — | — | — |
Total Investment Income | 844,354 | 575,228 | 5,106,842 |
Expenses | |||
Management fees | 437,633 | 163,701 | 1,605,043 |
Shareholder servicing fees | 100,881 | 39,919 | 113,829 |
Custodian and accounting fees | 49,442 | 35,950 | 97,673 |
Legal and audit fees | 38,421 | 14,894 | 103,800 |
Director, Trustee, and Board meeting expenses | 28,066 | 10,578 | 84,018 |
Registration fees | 16,655 | 11,620 | 20,400 |
Printing and regulatory filings | 7,229 | 3,318 | 11,149 |
Communication | 6,313 | 2,779 | 10,198 |
Insurance | 4,756 | 1,839 | 14,892 |
Other expenses | 6,842 | 9,863 | 39,173 |
Administration fees | — | — | — |
Allocated from Master Portfolio | — | — | — |
Total Expenses | 696,238 | 294,461 | 2,100,175 |
Less fees waived and/or expenses reimbursed by RE Advisers | (149,529) | (21,802) | — |
Net Expenses | 546,709 | 272,659 | 2,100,175 |
Net Investment Income (Loss) | 297,645 | 302,569 | 3,006,667 |
Realized and Unrealized Gain (Loss) on Investments | |||
Net realized gain (loss) on investments | — | 1,480,041 | 10,452,327 |
Net change in unrealized apprecation (depreciation) | — | 771,020 | 7,587,622 |
Net Gain (Loss) On Investments | — | 2,251,061 | 18,039,949 |
Net Increase (Decrease) In Net Assets From Operations | $297,645 | $2,553,630 | $21,046,616 |
(a) | Includes foreign tax withholding expense of $16,066 in Value Fund, $2,143 in Growth Fund, and $107,036 in International Equity Fund. |
(b) | Represents realized and unrealized gain on investments allocated from the Master Portfolio. |
Statements of Operations | The accompanying notes are an integral part of these financial statements. |
Intermediate Bond Fund | Stock Index Fund | Value Fund | Growth Fund | Small-Company Stock Fund | International Equity Fund |
$411,592 | $— | $55,778 | $9,465 | $20,851 | $3,013 |
130 | — | 9,041,270(a) | 613,532(a) | 1,136,891 | 877,219(a) |
— | 1,554,104 | — | — | — | — |
— | 6,556 | — | — | — | — |
411,722 | 1,560,660 | 9,097,048 | 622,997 | 1,157,742 | 880,232 |
118,101 | — | 2,038,173 | 761,231 | 1,094,421 | 264,417 |
26,035 | 100,408 | 247,667 | 128,755 | 157,842 | 75,380 |
46,213 | 30,163 | 97,689 | 57,318 | 42,319 | 55,423 |
7,903 | 31,308 | 167,464 | 50,601 | 47,135 | 14,519 |
5,126 | 25,584 | 24,483 | 41,627 | 47,914 | 11,052 |
38,500 | 17,686 | 136,206 | 17,909 | 16,130 | 12,613 |
1,113 | 9,511 | 25,456 | 15,128 | 14,506 | 7,598 |
688 | 7,750 | 22,040 | 9,297 | 11,998 | 6,073 |
573 | 4,537 | 27,209 | 7,000 | 8,212 | 1,996 |
13,953 | 7,620 | 33,600 | 11,023 | 12,558 | 4,665 |
— | 192,993 | — | — | — | — |
— | 6,979 | — | — | — | — |
258,205 | 434,539 | 2,819,987 | 1,099,889 | 1,453,035 | 453,736 |
(101,874) | — | — | — | — | (104,701) |
156,331 | 434,539 | 2,819,987 | 1,099,889 | 1,453,035 | 349,035 |
255,391 | 1,126,121 | 6,277,061 | (476,892) | (295,293) | 531,197 |
1,014,692 | (400,925)(b) | 101,997,053 | 7,631,227 | 23,474,976 | (1,085,436) |
1,066,514 | (6,564,748)(b) | (224,019,527) | 17,997,677 | (51,117,124) | (933,971) |
2,081,206 | (6,965,673) | (122,022,474) | 25,628,904 | (27,642,148) | (2,019,407) |
$2,336,597 | $(5,839,552) | $(115,745,413) | $25,152,012 | $(27,937,441) | $(1,488,210) |
The accompanying notes are an integral part of these financial statements. | Statements of Operations |
Daily Income Fund | ||
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $297,645 | $2,355,051 |
Net realized gain (loss) on investments | — | — |
Net change in unrealized appreciation (depreciation) | — | — |
Increase (decrease) in net assets from operations | 297,645 | 2,355,051 |
Distributions to Shareholders | ||
Distributions to shareholders | (297,645) | (2,360,611) |
Total Distributions to shareholders | (297,645) | (2,360,611) |
Capital Share Transactions | ||
Net capital share transactions | 16,129,026 | (1,013,479) |
Total increase (decrease) in net assets from capital transactions | 16,129,026 | (1,013,479) |
Total Increase (Decrease) In Net Assets | 16,129,026 | (1,019,039) |
Net Assets | ||
Beginning of period | $162,834,750 | $163,853,789 |
End of period | $178,963,776 | $162,834,750 |
Statements of Changes in Net Assets | The accompanying notes are an integral part of these financial statements. |
Short-Term Government Securities Fund | Short-Term Bond Fund | Intermediate Bond Fund | |||
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six Months Ended June 30, 2020 (Unaudited) | Since Inception December 31, 2019 |
$302,569 | $1,130,343 | $3,006,667 | $10,411,224 | $255,391 | $138,679 |
1,480,041 | 359,731 | 10,452,327 | 5,060,226 | 1,014,692 | 108,114 |
771,020 | 861,300 | 7,587,622 | 5,694,771 | 1,066,514 | 83,521 |
2,553,630 | 2,351,374 | 21,046,616 | 21,166,221 | 2,336,597 | 330,314 |
(349,668) | (1,441,910) | (3,663,836) | (14,850,051) | (305,174) | (327,462) |
(349,668) | (1,441,910) | (3,663,836) | (14,850,051) | (305,174) | (327,462) |
2,902,728 | (6,312,013) | (25,064,031) | (20,036,998) | 30,304,280 | 23,841,707 |
2,902,728 | (6,312,013) | (25,064,031) | (20,036,998) | 30,304,280 | 23,841,707 |
5,106,690 | (5,402,549) | (7,681,251) | (13,720,828) | 32,335,703 | 23,844,559 |
$71,515,638 | $76,918,187 | $548,311,711 | $562,032,539 | $23,844,559 | $— |
$76,622,328 | $71,515,638 | $540,630,460 | $548,311,711 | $56,180,262 | $23,844,559 |
The accompanying notes are an integral part of these financial statements. | Statements of Changes in Net Assets |
Stock Index Fund | ||
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $1,126,121 | $2,130,742 |
Net realized gain (loss) on investments | (400,925) | 841,781 |
Net change in unrealized appreciation (depreciation) | (6,564,748) | 37,525,793 |
Increase (decrease) in net assets from operations | (5,839,552) | 40,498,316 |
Distributions to Shareholders | ||
Distributions to shareholders | (514,238) | (3,333,711) |
Total Distributions to shareholders | (514,238) | (3,333,711) |
Capital Share Transactions | ||
Net capital share transactions | (4,255,915) | (147,519) |
Total increase (decrease) in net assets from capital transactions | (4,255,915) | (147,519) |
Total Increase (Decrease) In Net Assets | (10,609,705) | 37,017,086 |
Net Assets | ||
Beginning of period | $170,951,272 | $133,934,186 |
End of period | $160,341,567 | $170,951,272 |
Statements of Changes in Net Assets | The accompanying notes are an integral part of these financial statements. |
Value Fund | Growth Fund | Small-Company Stock Fund | |||
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 |
$6,277,061 | $14,376,369 | $(476,892) | $(312,429) | $(295,293) | $2,287,266 |
101,997,053 | 137,873,648 | 7,631,227 | 14,030,244 | 23,474,976 | 38,451,396 |
(224,019,527) | 76,986,017 | 17,997,677 | 40,898,938 | (51,117,124) | 52,318,099 |
(115,745,413) | 229,236,034 | 25,152,012 | 54,616,753 | (27,937,441) | 93,056,761 |
(20,636,048) | (135,337,648) | (2,603,949) | (12,506,704) | (3,372,328) | (65,351,838) |
(20,636,048) | (135,337,648) | (2,603,949) | (12,506,704) | (3,372,328) | (65,351,838) |
(42,569,299) | 22,943,471 | (7,791,625) | 6,970,674 | (54,286,939) | (182,247,316) |
(42,569,299) | 22,943,471 | (7,791,625) | 6,970,674 | (54,286,939) | (182,247,316) |
(178,950,760) | 116,841,857 | 14,756,438 | 49,080,723 | (85,596,708) | (154,542,393) |
$992,107,833 | $875,265,976 | $243,547,852 | $194,467,129 | $332,450,177 | $486,992,570 |
$813,157,073 | $992,107,833 | $258,304,290 | $243,547,852 | $246,853,469 | $332,450,177 |
The accompanying notes are an integral part of these financial statements. | Statements of Changes in Net Assets |
International Equity Fund | ||
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $531,197 | $943,527 |
Net realized gain (loss) on investments | (1,085,436) | 3,272,569 |
Net change in unrealized appreciation (depreciation) | (933,971) | 11,841,604 |
Increase (decrease) in net assets from operations | (1,488,210) | 16,057,700 |
Distributions to Shareholders | ||
Distributions to shareholders | (95,407) | (841,645) |
Total Distributions to shareholders | (95,407) | (841,645) |
Capital Share Transactions | ||
Net capital share transactions | (1,160,385) | (2,522,666) |
Total increase (decrease) in net assets from capital transactions | (1,160,385) | (2,522,666) |
Total Increase (Decrease) In Net Assets | (2,744,002) | 12,693,389 |
Net Assets | ||
Beginning of period | $78,775,265 | $66,081,876 |
End of period | $76,031,263 | $78,775,265 |
Statements of Changes in Net Assets | The accompanying notes are an integral part of these financial statements. |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from investment operations | ||||||
Net investment income | —(a) | 0.01 | 0.01 | -—(a,b,c) | —(a,b,c) | —(a,b,c) |
Net realized and unrealized gain (loss) on investments | — | — | — | — | — | — |
Total from investment operations | — | 0.01 | 0.01 | — | — | — |
Distributions | ||||||
Net investment income | —(a) | (0.01) | (0.01) | —(a) | —(a) | —(a) |
Net realized gain | — | — | — | — | — | — |
Total distributions | — | (0.01) | (0.01) | — | — | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return | 0.18%(d) | 1.43% | 1.08% | 0.18% | 0.01% | 0.01% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $178,964 | $162,835 | $163,854 | $173,927 | $195,858 | $193,156 |
Ratio of net investment income to average net assets | 0.34%(b,c,e) | 1.42% | 1.07% | 0.17%(b,c) | 0.00%(b,c,f) | 0.00%(b,c,f) |
Ratio of gross expenses before voluntary expense limitation to average net assets | 0.80%(e) | 0.78% | 0.74% | 0.71% | 0.71% | 0.68% |
Ratio of expenses to average net assets | 0.62%(b,c,e) | 0.78% | 0.74% | 0.66%(b,c) | 0.37%(b,c) | 0.14%(b,c) |
(a) | Less than $0.01 per share. |
(b) | Effective August 14, 2009, RE Advisers agreed to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in maintaining a positive yield. The temporary waiver continued through May 11, 2017 and was reinstated on April 20, 2020. |
(c) | Excludes excess investment management fees and other expenses voluntarily waived and reimbursed by RE Advisers. |
(d) | Aggregate total return for the period. |
(e) | Annualized. |
(f) | Less than 0.01%. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $5.21 | $5.14 | $5.15 | $5.16 | $5.18 | $5.20 |
Income from investment operations | ||||||
Net investment income | 0.02 | 0.08 | 0.07 | 0.05 | 0.04 | 0.04 |
Net realized and unrealized gain (loss) on investments | 0.16 | 0.09 | (0.01) | (0.01) | (0.02) | (0.02) |
Total from investment operations | 0.18 | 0.17 | 0.06 | 0.04 | 0.02 | 0.02 |
Distributions | ||||||
Net investment income | (0.02) | (0.08) | (0.07) | (0.05) | (0.04) | (0.04) |
Net realized gain | —(a) | (0.02) | —(a) | —(a) | —(a) | —(a) |
Total distributions | (0.02) | (0.10) | (0.07) | (0.05) | (0.04) | (0.04) |
Net Asset Value, End of Period | $5.37 | $5.21 | $5.14 | $5.15 | $5.16 | $5.18 |
Total Return | 3.56%(b) | 3.36% | 1.20% | 0.87% | 0.45% | 0.46% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $76,622 | $71,516 | $76,918 | $75,425 | $73,108 | $73,048 |
Ratio of net investment income to average net assets | 0.83%(c,d) | 1.52%(d) | 1.37%(d) | 1.02%(d) | 0.81%(d) | 0.84% |
Ratio of gross expenses before expense limitation to average net assets | 0.81%(c) | 0.85% | 0.82% | 0.81% | 0.78% | 0.77% |
Ratio of expenses to average net assets | 0.75%(c,d) | 0.75%(d) | 0.75%(d) | 0.75%(d) | 0.75%(d) | 0.77% |
Portfolio turnover rate | 176% | 237%(e) | 40% | 33% | 26% | 32% |
(a) | Less than $0.01 per share. |
(b) | Aggregate total return for the period. |
(c) | Annualized. |
(d) | Excludes expenses in excess of a 0.75% contractual expense limitation with RE Advisers, in effect through April 30, 2021. |
(e) | The change in portfolio turnover from 2018 to 2019 is due to a repositioning of the Fund as a result of market activities. |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $5.23 | $5.17 | $5.19 | $5.19 | $5.18 | $5.23 |
Income from investment operations | ||||||
Net investment income | 0.03 | 0.10 | 0.10 | 0.08 | 0.08 | 0.07 |
Net realized and unrealized gain (loss) on investments | 0.19 | 0.10 | (0.02) | —(a) | 0.01 | (0.05) |
Total from investment operations | 0.22 | 0.20 | 0.08 | 0.08 | 0.09 | 0.02 |
Distributions | ||||||
Net investment income | (0.03) | (0.10) | (0.10) | (0.08) | (0.08) | (0.07) |
Net realized gain | (0.01) | (0.04) | —(a) | —(a) | — | — |
Total distributions | (0.04) | (0.14) | (0.10) | (0.08) | (0.08) | (0.07) |
Net Asset Value, End of Period | $5.41 | $5.23 | $5.17 | $5.19 | $5.19 | $5.18 |
Total Return | 4.14%(b) | 3.90% | 1.69% | 1.65% | 1.75% | 0.43% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $540,630 | $548,312 | $562,033 | $550,242 | $541,014 | $542,251 |
Ratio of net investment income to average net assets | 1.12%(c) | 1.87% | 2.02% | 1.59% | 1.49% | 1.38% |
Ratio of expenses to average net assets | 0.79%(c) | 0.79% | 0.77% | 0.76% | 0.76% | 0.74% |
Portfolio turnover rate | 181% | 276%(d) | 39% | 32% | 31% | 20% |
(a) | Less than $0.01 per share. |
(b) | Aggregate total return for the period. |
(c) | Annualized. |
(d) | The change in portfolio turnover from 2018 to 2019 is due to a repositioning of the Fund as a result of market activities. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Six Months Ended June 30, 2020 | Since Inception May 1, 2019 to December 31 , | |
(Unaudited) | 2019 | |
Net Asset Value, Beginning of Period | $5.13 | $5.00 |
Income from investment operations | ||
Net investment income | 0.04 | 0.06 |
Net realized and unrealized gain (loss) on investments | 0.28 | 0.17 |
Total from investment operations | 0.32 | 0.23 |
Distributions | ||
Net investment income | (0.04) | (0.06) |
Net realized gain | — | (0.04) |
Total distributions | (0.04) | (0.10) |
Net Asset Value, End of Period | $5.41 | $5.13 |
Total Return | 6.29%(a) | 4.69%(a) |
Ratios/Supplemental Data | ||
Net assets, end of period (thousands) | $56,180 | $23,845 |
Ratio of net investment income to average net assets | 1.30%(b,c) | 1.69%(b,c) |
Ratio of gross expenses before expense limitation to average net assets | 1.31%(b) | 2.49%(b) |
Ratio of expenses to average net assets | 0.80%(b,c) | 0.80%(b,c) |
Portfolio turnover rate | 269%(d) | 395%(d) |
(a) | Aggregate total return for the period. |
(b) | Annualized. |
(c) | Excludes expenses in excess of a 0.80% contractual expense limitation with RE Advisers, in effect through April 30, 2021. |
(d) | Rate includes purchases and sales of long-term U.S. Treasury Bonds. |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $23.93 | $18.67 | $20.02 | $16.67 | $15.20 | $15.33 |
Income from investment operations | ||||||
Net investment income | 0.16 | 0.34 | 0.32 | 0.27 | 0.25 | 0.25 |
Net realized and unrealized gain (loss) on investments | (0.96) | 5.39 | (1.30) | 3.26 | 1.47 | (0.13) |
Total from investment operations | (0.80) | 5.73 | (0.98) | 3.53 | 1.72 | 0.12 |
Distributions | ||||||
Net investment income | — | (0.38) | (0.37) | (0.18) | (0.25) | (0.25) |
Net realized gain | (0.07) | (0.09) | — | — | — | — |
Total distributions | (0.07) | (0.47) | (0.37) | (0.18) | (0.25) | (0.25) |
Net Asset Value, End of Period | $23.06 | $23.93 | $18.67 | $20.02 | $16.67 | $15.20 |
Total Return | -3.33%(a) | 30.77% | -4.95% | 21.16% | 11.33% | 0.79% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $160,342 | $170,951 | $133,934 | $145,094 | $123,039 | $114,436 |
Ratio of net investment income to average net assets | 1.46%(b) | 1.39% | 1.39% | 1.42% | 1.57% | 1.49% |
Ratio of expenses to average net assets | 0.56%(b) | 0.59% | 0.56% | 0.55% | 0.58% | 0.54% |
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | N/A |
(a) | Aggregate total return for the period. |
(b) | Annualized. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $51.51 | $46.64 | $55.26 | $47.70 | $46.77 | $50.79 |
Income from investment operations | ||||||
Net investment income | 0.35 | 0.83 | 0.91 | 1.00 | 1.10 | 0.94 |
Net realized and unrealized gain (loss) on investments | (6.28) | 11.93 | (4.39) | 9.52 | 4.60 | (1.59) |
Total from investment operations | (5.93) | 12.76 | (3.48) | 10.52 | 5.70 | (0.65) |
Distributions | ||||||
Net investment income | (0.33) | (0.83) | (0.91) | (1.00) | (1.10) | (0.94) |
Net realized gain | (0.83) | (7.06) | (4.23) | (1.96) | (3.67) | (2.43) |
Total distributions | (1.16) | (7.89) | (5.14) | (2.96) | (4.77) | (3.37) |
Net Asset Value, End of Period | $44.42 | $51.51 | $46.64 | $55.26 | $47.70 | $46.77 |
Total Return | -11.52%(a) | 27.69% | -6.36% | 22.17% | 12.26% | -1.28% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $813,157 | $992,108 | $875,266 | $1,118,709 | $955,828 | $899,158 |
Ratio of net investment income to average net assets | 1.48%(b) | 1.53% | 1.55% | 1.92% | 2.26% | 1.85% |
Ratio of expenses to average net assets | 0.67%(b) | 0.66% | 0.60% | 0.60% | 0.62% | 0.59% |
Portfolio turnover rate | 16% | 17%(c) | 1% | 7% | 9% | 8% |
(a) | Aggregate total return for the period. |
(b) | Annualized. |
(c) | The change in portfolio turnover from 2018 to 2019 is due to a repositioning of the Fund as a result of market activities. |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $11.78 | $9.68 | $10.36 | $8.07 | $8.00 | $7.79 |
Income from investment operations | ||||||
Net investment income | -0.02 | -— | 0.02 | -— | — | — |
Net realized and unrealized gain (loss) on investments | 1.33 | 2.73 | 0.41 | 3.04 | 0.19 | 0.73 |
Total from investment operations | 1.31 | 2.73 | 0.43 | 3.04 | 0.19 | 0.73 |
Distributions | ||||||
Net investment income | — | — | (0.02) | — | — | — |
Net realized gain | (0.13) | (0.63) | (1.09) | (0.75) | (0.12) | (0.52) |
Total distributions | (0.13) | (0.63) | (1.11) | (0.75) | (0.12) | (0.52) |
Net Asset Value, End of Period | $12.96 | $11.78 | $9.68 | $10.36 | $8.07 | $8.00 |
Total Return | 11.14%(a) | 28.36% | 3.96% | 37.68% | 2.54% | 9.43% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $258,304 | $243,548 | $194,467 | $178,020 | $117,281 | $114,329 |
Ratio of net investment income (loss) to average net assets | (0.41)%(b) | (0.14)% | 0.14% | (0.12)% | (0.14)%(c) | (0.32)% |
Ratio of gross expenses before expense limitation to average net assets | 0.94%(b) | 0.93% | 0.86% | 0.93% | 0.98% | 0.95% |
Ratio of expenses to average net assets | 0.94%(b) | 0.93% | 0.86% | 0.93% | 0.95%(c) | 0.95% |
Portfolio turnover rate | 13% | 29% | 34% | 37% | 39% | 40% |
(a) | Aggregate total return for the period. |
(b) | Annualized. |
(c) | Excludes expenses in excess of a 0.95% contractual expense limitation with RE Advisers, in effect through April 30, 2021. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $26.25 | $25.57 | $44.11 | $41.13 | $35.45 | $39.28 |
Income from investment operations | ||||||
Net investment income (loss) | (0.03) | 0.18 | 0.15 | 0.08 | 0.14 | 0.15 |
Net realized and unrealized gain (loss) on investments | (2.00) | 5.42 | (11.45) | 4.86 | 6.55 | (2.19) |
Total from investment operations | (2.03) | 5.60 | (11.30) | 4.94 | 6.69 | (2.04) |
Distributions | ||||||
Net investment income | —(a) | (0.18) | (0.15) | (0.08) | (0.14) | (0.15) |
Net realized gain | (0.33) | (4.74) | (7.09) | (1.88) | (0.87) | (1.64) |
Total distributions | (0.33) | (4.92) | (7.24) | (1.96) | (1.01) | (1.79) |
Net Asset Value, End of Period | $23.89 | $26.25 | $25.57 | $44.11 | $41.13 | $35.45 |
Total Return | -7.74%(b) | 22.16% | -26.18% | 11.99% | 18.85% | -5.18% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $246,853 | $332,450 | $486,993 | $1,277,434 | $1,322,218 | $1,211,351 |
Ratio of net investment income (loss) to average net assets | (0.22)%(c) | 0.54% | 0.26% | 0.14% | 0.34% | 0.43% |
Ratio of expenses to average net assets | 1.09%(c) | 1.05% | 0.90% | 0.88% | 0.89% | 0.86% |
Portfolio turnover rate | 12% | 38% | 5% | 7% | 14% | 16% |
(a) | Less than 0.01%. |
(b) | Aggregate total return for the period. |
(c) | Annualized. |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $8.99 | $7.28 | $8.49 | $6.69 | $6.44 | $7.17 |
Income from investment operations | ||||||
Net investment income | 0.06 | 0.12 | 0.12 | 0.08 | 0.07 | 0.47 |
Net realized and unrealized gain (loss) on investments | (0.21) | 1.69 | (1.20) | 1.80 | 0.24 | (0.72) |
Total from investment operations | (0.15) | 1.81 | (1.08) | 1.88 | 0.31 | (0.25) |
Distributions | ||||||
Net investment income | (0.01) | (0.10) | (0.13) | (0.08) | (0.06) | (0.48) |
Net realized gain | — | — | — | — | — | — |
Total distributions | (0.01) | (0.10) | (0.13) | (0.08) | (0.06) | (0.48) |
Net Asset Value, End of Period | $8.83 | $8.99 | $7.28 | $8.49 | $6.69 | $6.44 |
Total Return | -1.66%(a) | 24.83% | -12.74% | 28.12% | 4.85% | -3.48% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (thousands) | $76,031 | $78,775 | $66,082 | $74,138 | $53,974 | $53,144 |
Ratio of net investment income to average net assets | 1.51%(b,c) | 1.29%(c) | 1.39%(c) | 1.03%(c) | 1.22%(c,d) | 1.87%(c,d) |
Ratio of gross expenses before voluntary expense limitation to average net assets | 1.29%(b) | 1.30% | 1.23% | 1.25% | 1.46% | 1.01% |
Ratio of expenses to average net assets | 0.99%(b,c) | 0.99%(c) | 0.99%(c) | 0.99%(c) | 0.97%(c,d) | 0.87%(c,d) |
Portfolio turnover rate | 14% | 27% | 16% | 11% | 112%(e) | 62% |
(a) | Aggregate total return for the period. |
(b) | Annualized. |
(c) | Excludes expenses in excess of a 0.99% contractual expense limitation with RE Advisers, in effect through April 30, 2021. |
(d) | RE Advisers waived additional management fees equal to the difference between the fee that would have been paid to the previous subadviser, Mercator and the fee paid to SSgA Funds Management Inc., beginning September 7, 2015 through January 14, 2016, the period in which SSgA Funds Management Inc. was subadviser. |
(e) | Unusually high due to change in strategy and subadviser on January 15, 2016. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Notes to Financial Statements |
Daily Income Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $125,061,648 | $ — | $125,061,648 |
Money Market Fund | 53,829,475 | — | — | 53,829,475 |
Total | $53,829,475 | $125,061,648 | $ — | $178,891,123 |
Notes to Financial Statements |
Short-Term Government Securities Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $38,886,190 | $ — | $38,886,190 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 29,439,716 | — | 29,439,716 |
Corporate Bonds–Other | — | 2,314,731 | — | 2,314,731 |
Asset-Backed Securities | — | 2,014,824 | — | 2,014,824 |
Mortgage-Backed Security | — | 49,666 | — | 49,666 |
Certificate of Deposit | — | 248,758 | — | 248,758 |
Money Market Fund | 4,933,893 | — | — | 4,933,893 |
Total | $4,933,893 | $72,953,885 | $ — | $77,887,778 |
Short-Term Bond Fund | ||||
U.S. Government & Agency Obligations | $ — | $221,516,104 | $ — | $221,516,104 |
Corporate Bonds–Other | — | 206,718,683 | — | 206,718,683 |
Asset-Backed Securities | — | 51,012,284 | — | 51,012,284 |
Yankee Bonds | — | 38,807,207 | — | 38,807,207 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 3,946,552 | — | 3,946,552 |
Mortgage-Backed Securities | — | 628,244 | — | 628,244 |
Money Market Fund | 25,220,906 | — | — | 25,220,906 |
Total | $25,220,906 | $522,629,074 | $ — | $547,849,980 |
Intermediate Bond Fund | ||||
Corporate Bonds–Other | $ — | $19,402,236 | $ — | $19,402,236 |
U.S. Government & Agency Obligations | — | 12,522,043 | — | 12,522,043 |
Mortgage-Backed Securities | — | 11,485,767 | — | 11,485,767 |
Asset-Backed Securities | — | 4,053,611 | — | 4,053,611 |
Yankee Bonds | — | 4,037,029 | — | 4,037,029 |
Municipal Bond | — | 248,904 | — | 248,904 |
Money Market Fund | 4,192,883 | — | — | 4,192,883 |
Total | $4,192,883 | $51,749,590 | $ — | $55,942,473 |
Value Fund | ||||
Common Stocks | $796,451,538 | $ — | $ — | $796,451,538 |
Money Market Fund | 18,655,231 | — | — | 18,655,231 |
Total | $815,106,769 | $ — | $ — | $815,106,769 |
Growth Fund | ||||
Common Stocks | $251,730,550 | $ — | $ — | $251,730,550 |
Money Market Fund | 6,932,021 | — | — | 6,932,021 |
Total | $258,662,571 | $ — | $ — | $258,662,571 |
Small-Company Stock Fund | ||||
Common Stocks | $243,705,816 | $ — | $ — | $243,705,816 |
Money Market Fund | 4,595,946 | — | — | 4,595,946 |
Total | $248,301,762 | $ — | $ — | $248,301,762 |
International Equity Fund | ||||
Common Stocks | $10,864,021 | $62,265,141 | $ — | $73,129,162 |
Preferred Stocks | 351,070 | 928,920 | — | 1,279,990 |
Money Market Fund | 1,389,276 | — | — | 1,389,276 |
Total | $12,604,367 | $63,194,061 | $ — | $75,798,428 |
Notes to Financial Statements |
Notes to Financial Statements |
Tax Cost | Tax Appreciation | Tax Depreciation | Net Tax Appreciation (Depreciation) | |
Daily Income Fund | $178,891,123 | $— | $— | $— |
Short-Term Gov. Securities Fund | $76,816,983 | $1,081,717 | $(10,922) | $1,070,795 |
Short-Term Bond Fund | $537,628,768 | $10,542,503 | $(321,291) | $10,221,212 |
Intermediate Bond Fund | $54,796,343 | $1,235,251 | $(89,121) | $1,146,130 |
Value Fund | $557,725,306 | $284,945,418 | $(27,563,955) | $257,381,463 |
Growth Fund | $155,843,118 | $105,176,003 | $(2,356,550) | $102,819,453 |
Small-Company Stock Fund | $211,441,961 | $54,418,359 | $(17,558,558) | $36,859,801 |
International Equity Fund | $59,675,872 | $18,868,752 | $(2,746,196) | $16,122,556 |
Purchases | Proceeds from Sale | |
Short-Term Gov. Securities Fund | $16,272,795 | $5,906,719 |
Short-Term Bond Fund | $225,311,552 | $134,014,530 |
Intermediate Bond Fund | $53,702,520 | $28,912,811 |
Value Fund | $136,261,970 | $202,060,229 |
Growth Fund | $30,931,857 | $46,417,211 |
Small-Company Stock Fund | $30,627,182 | $88,100,686 |
International Equity Fund | $9,753,505 | $10,559,592 |
Purchases | Proceeds from Sale | |
Short-Term Gov. Securities Fund | $109,325,603 | $119,042,844 |
Short-Term Bond Fund | $729,822,153 | $861,296,803 |
Intermediate Bond Fund | $76,206,404 | $74,643,666 |
Notes to Financial Statements |
Notes to Financial Statements |
Shares Sold | Shares Issued In Reinvestment of Dividends | Total Shares Issued | Total Shares Redeemed | Net Increase (Decrease) | |
Period Ended June 30, 2020 | |||||
In Dollars | |||||
Daily Income Fund | $77,815,767 | $295,083 | $78,110,850 | $(61,981,824) | $16,129,026 |
Short-Term Government Securities Fund | $10,522,628 | $344,072 | $10,866,700 | $(7,963,972) | $2,902,728 |
Short-Term Bond Fund | $47,550,547 | $3,589,152 | $51,139,699 | $(76,203,730) | $(25,064,031) |
Intermediate Bond Fund | $35,067,756 | $304,073 | $35,371,829 | $(5,067,549) | $30,304,280 |
Stock Index Fund | $12,496,625 | $508,777 | $13,005,402 | $(17,261,317) | $(4,255,915) |
Value Fund | $37,131,402 | $20,292,100 | $57,423,502 | $(99,992,801) | $(42,569,299) |
Growth Fund | $24,504,126 | $2,590,471 | $27,094,597 | $(34,886,222) | $(7,791,625) |
Small-Company Stock Fund | $7,841,435 | $3,339,110 | $11,180,545 | $(65,467,484) | $(54,286,939) |
International Equity Fund | $5,192,228 | $95,101 | $5,287,329 | $(6,447,714) | $(1,160,385) |
In Shares | |||||
Daily Income Fund | 77,815,767 | 295,083 | 78,110,850 | (61,981,824) | 16,129,026 |
Short-Term Government Securities Fund | 1,978,777 | 64,661 | 2,043,438 | (1,506,480) | 536,958 |
Short-Term Bond Fund | 8,940,666 | 672,010 | 9,612,676 | (14,412,039) | (4,799,363) |
Intermediate Bond Fund | 6,645,951 | 57,218 | 6,703,169 | (973,832) | 5,729,337 |
Stock Index Fund | 579,283 | 22,064 | 601,347 | (792,762) | (191,415) |
Value Fund | 851,190 | 456,823 | 1,308,013 | (2,263,810) | (955,797) |
Growth Fund | 2,149,361 | 199,883 | 2,349,244 | (3,096,407) | (747,163) |
Small-Company Stock Fund | 349,779 | 139,770 | 489,549 | (2,822,113) | (2,332,564) |
International Equity Fund | 649,893 | 10,769 | 660,662 | (817,457) | (156,795) |
Notes to Financial Statements |
Shares Sold | Shares Issued In Reinvestment of Dividends | Total Shares Issued | Total Shares Redeemed | Net Increase (Decrease) | |
Year Ended December 31, 2019 | |||||
In Dollars | |||||
Daily Income Fund | $91,086,706 | $2,336,618 | $93,423,324 | $(94,436,803) | $(1,013,479) |
Short-Term Government Securities Fund | $4,833,516 | $1,424,511 | $6,258,027 | $(12,570,040) | $(6,312,013) |
Short-Term Bond Fund | $56,684,029 | $14,583,306 | $71,267,335 | $(91,304,333) | $(20,036,998) |
Intermediate Bond Fund | $23,899,853 | $327,117 | $24,226,970 | $(385,263) | $23,841,707 |
Stock Index Fund | $17,527,067 | $3,303,467 | $20,830,534 | $(20,978,053) | $(147,519) |
Value Fund | $48,837,566 | $131,515,248 | $180,352,814 | $(157,409,343) | $22,943,471 |
Growth Fund | $36,189,129 | $12,427,196 | $48,616,325 | $(41,645,651) | $6,970,674 |
Small-Company Stock Fund | $35,434,305 | $64,691,901 | $100,126,206 | $(282,373,522) | $(182,247,316) |
International Equity Fund | $5,229,301 | $831,804 | $6,061,105 | $(8,583,771) | $(2,522,666) |
In Shares | |||||
Daily Income Fund | 91,086,706 | 2,336,618 | 93,423,324 | (94,436,803) | (1,013,479) |
Short-Term Government Securities Fund | 930,893 | 273,974 | 1,204,867 | (2,420,838) | (1,215,971) |
Short-Term Bond Fund | 10,852,517 | 2,786,212 | 13,638,729 | (17,474,550) | (3,835,821) |
Intermediate Bond Fund | 4,660,754 | 63,669 | 4,724,423 | (74,550) | 4,649,873 |
Stock Index Fund | 807,251 | 140,575 | 947,826 | (976,297) | (28,471) |
Value Fund | 936,620 | 2,568,734 | 3,505,354 | (3,011,146) | 494,208 |
Growth Fund | 3,255,743 | 1,071,930 | 4,327,673 | (3,749,241) | 578,432 |
Small-Company Stock Fund | 1,258,845 | 2,385,961 | 3,644,806 | (10,027,693) | (6,382,887) |
International Equity Fund | 638,711 | 93,043 | 731,754 | (1,045,911) | (314,157) |
Notes to Financial Statements |
Common Stocks | 99.5% of net assets | ||
Shares | Value | |
Aerospace & Defense | 1.7% | ||
Boeing Co. | 469,852 | $86,123,872 |
General Dynamics Corp. | 204,034 | 30,494,922 |
Howmet Aerospace, Inc. | 339,873 | 5,386,987 |
Huntington Ingalls Industries, Inc. | 35,861 | 6,257,386 |
L3Harris Technologies, Inc. | 189,219 | 32,104,788 |
Lockheed Martin Corp. | 216,123 | 78,867,605 |
Northrop Grumman Corp. | 136,467 | 41,955,414 |
Raytheon Technologies Corp. | 1,287,420 | 79,330,820 |
Teledyne Technologies, Inc. (a) | 30,627 | 9,523,466 |
Textron, Inc. (b) | 195,208 | 6,424,295 |
TransDigm Group, Inc. | 44,575 | 19,704,379 |
Total Aerospace & Defense | 396,173,934 | |
Air Freight & Logistics | 0.5% | ||
C.H. Robinson Worldwide, Inc. | 118,262 | 9,349,794 |
Expeditors International of Washington, Inc. | 148,661 | 11,304,183 |
FedEx Corp. | 208,997 | 29,305,559 |
United Parcel Service, Inc., Class B | 616,741 | 68,569,264 |
Total Air Freight & Logistics | 118,528,800 | |
Airlines | 0.2% | ||
Alaska Air Group, Inc. | 104,278 | 3,781,120 |
American Airlines Group, Inc. | 333,289 | 4,356,087 |
Delta Air Lines, Inc. | 501,167 | 14,057,735 |
Southwest Airlines Co. | 474,003 | 16,201,423 |
United Airlines Holdings, Inc. (a) | 219,251 | 7,588,277 |
Total Airlines | 45,984,642 | |
Auto Components | 0.1% | ||
Aptiv PLC | 222,275 | 17,319,668 |
BorgWarner, Inc. | 176,581 | 6,233,309 |
Total Auto Components | 23,552,977 | |
Automobiles | 0.2% | ||
Ford Motor Co. | 3,390,483 | 20,614,137 |
General Motors Co. | 1,094,737 | 27,696,846 |
Total Automobiles | 48,310,983 | |
Banks | 3.6% | ||
Bank of America Corp. | 6,838,485 | 162,414,019 |
Citigroup, Inc. | 1,825,690 | 93,292,759 |
Citizens Financial Group, Inc. | 374,540 | 9,453,390 |
Comerica, Inc. | 123,273 | 4,696,701 |
Fifth Third Bancorp | 611,953 | 11,798,454 |
First Republic Bank | 146,729 | 15,551,807 |
Huntington Bancshares, Inc. | 906,047 | 8,186,135 |
JPMorgan Chase & Co. | 2,665,067 | 250,676,202 |
KeyCorp | 858,569 | 10,457,370 |
M&T Bank Corp. | 115,028 | 11,959,461 |
People's United Financial, Inc. | 379,790 | 4,394,170 |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Banks | 3.6% (Continued) | ||
PNC Financial Services Group, Inc. | 372,506 | $39,191,356 |
Regions Financial Corp. (b) | 833,745 | 9,271,244 |
SVB Financial Group (a) | 45,318 | 9,767,389 |
Truist Financial Corp. | 1,181,407 | 44,361,833 |
U.S. Bancorp | 1,207,529 | 44,461,218 |
Wells Fargo & Co. | 3,273,507 | 83,801,779 |
Zions Bancorp. NA | 145,771 | 4,956,214 |
Total Banks | 818,691,501 | |
Beverages | 1.7% | ||
Brown-Forman Corp., Class B (b) | 159,978 | 10,184,200 |
Coca-Cola Co. | 3,387,177 | 151,339,068 |
Constellation Brands, Inc., Class A | 145,838 | 25,514,358 |
Molson Coors Brewing Co., Class B | 161,725 | 5,556,871 |
Monster Beverage Corp. (a) | 332,387 | 23,041,067 |
PepsiCo, Inc. | 1,214,112 | 160,578,453 |
Total Beverages | 376,214,017 | |
Biotechnology | 2.5% | ||
AbbVie Inc. | 1,544,161 | 151,605,727 |
Alexion Pharmaceuticals, Inc. (a) | 192,675 | 21,625,842 |
Amgen, Inc. | 514,855 | 121,433,700 |
Biogen, Inc. (a) | 143,130 | 38,294,432 |
Gilead Sciences, Inc. | 1,101,542 | 84,752,641 |
Incyte Corp. (a) | 155,660 | 16,183,970 |
Regeneron Pharmaceuticals, Inc. (a) | 88,764 | 55,357,669 |
Vertex Pharmaceuticals, Inc. (a) | 227,675 | 66,096,329 |
Total Biotechnology | 555,350,310 | |
Building Products | 0.4% | ||
Allegion PLC | 81,467 | 8,327,557 |
AO Smith Corp. | 116,550 | 5,491,836 |
Carrier Global Corp. | 706,396 | 15,696,119 |
Fortune Brands Home & Security, Inc. | 122,796 | 7,850,348 |
Johnson Controls International PLC | 653,975 | 22,326,706 |
Masco Corp. | 233,628 | 11,730,462 |
Trane Technologies PLC | 208,613 | 18,562,385 |
Total Building Products | 89,985,413 | |
Capital Markets | 2.7% | ||
Ameriprise Financial, Inc. | 106,629 | 15,998,615 |
Bank of New York Mellon Corp. | 709,810 | 27,434,157 |
BlackRock, Inc. (c) | 134,888 | 73,391,212 |
Cboe Global Markets, Inc. | 95,502 | 8,908,427 |
Charles Schwab Corp. | 995,432 | 33,585,876 |
CME Group, Inc. | 315,229 | 51,237,322 |
E*Trade Financial Corp. | 198,933 | 9,892,938 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Capital Markets | 2.7% (Continued) | ||
Franklin Resources, Inc. | 241,326 | $5,060,606 |
Goldman Sachs Group, Inc. | 271,334 | 53,621,025 |
Intercontinental Exchange, Inc. | 478,868 | 43,864,309 |
Invesco Ltd. | 327,515 | 3,524,061 |
MarketAxess Holdings, Inc. (b) | 33,020 | 16,540,378 |
Moody's Corp. | 141,371 | 38,838,855 |
Morgan Stanley | 1,046,939 | 50,567,154 |
MSCI, Inc. | 73,753 | 24,620,226 |
Nasdaq, Inc. | 99,903 | 11,935,411 |
Northern Trust Corp. | 184,482 | 14,636,802 |
Raymond James Financial, Inc. | 108,288 | 7,453,463 |
S&P Global Inc. | 211,055 | 69,538,401 |
State Street Corp. | 307,805 | 19,561,008 |
T. Rowe Price Group, Inc. | 198,932 | 24,568,102 |
Total Capital Markets | 604,778,348 | |
Chemicals | 1.8% | ||
Air Products & Chemicals, Inc. | 191,928 | 46,342,935 |
Albemarle Corp. (b) | 90,674 | 7,000,940 |
Celanese Corp. | 106,350 | 9,182,259 |
CF Industries Holdings, Inc. | 190,977 | 5,374,093 |
Corteva, Inc. (a) | 651,621 | 17,456,927 |
Dow Inc. | 645,609 | 26,315,023 |
DuPont de Nemours, Inc. | 645,009 | 34,269,328 |
Eastman Chemical Co. | 118,841 | 8,276,087 |
Ecolab, Inc. | 218,343 | 43,439,340 |
FMC Corp. | 112,854 | 11,242,515 |
International Flavors & Fragrances, Inc. | 93,335 | 11,429,804 |
Linde PLC | 462,000 | 97,994,820 |
LyondellBasell Industries NV, Class A | 223,528 | 14,690,260 |
Mosaic Co. (b) | 301,320 | 3,769,513 |
PPG Industries, Inc. | 205,885 | 21,836,163 |
Sherwin-Williams Co. | 70,550 | 40,767,317 |
Total Chemicals | 399,387,324 | |
Commercial Services & Supplies | 0.4% | ||
Cintas Corp. | 72,994 | 19,442,682 |
Copart, Inc. (a) | 178,107 | 14,830,970 |
Republic Services, Inc. | 183,397 | 15,047,724 |
Rollins, Inc. (b) | 120,824 | 5,121,729 |
Waste Management, Inc. | 339,829 | 35,991,289 |
Total Commercial Services & Supplies | 90,434,394 | |
Communications Equipment | 1.0% | ||
Arista Networks, Inc. (a)(b) | 47,229 | 9,919,507 |
Cisco Systems, Inc. | 3,715,175 | 173,275,762 |
F5 Networks, Inc. (a) | 51,988 | 7,251,286 |
Juniper Networks, Inc. | 290,641 | 6,644,053 |
Motorola Solutions, Inc. | 149,180 | 20,904,594 |
Total Communications Equipment | 217,995,202 |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Construction & Engineering | 0.1% | ||
Jacobs Engineering Group, Inc. | 111,963 | $9,494,463 |
Quanta Services, Inc. | 121,753 | 4,776,370 |
Total Construction & Engineering | 14,270,833 | |
Construction Materials | 0.1% | ||
Martin Marietta Materials, Inc. | 54,531 | 11,264,469 |
Vulcan Materials Co. | 115,239 | 13,350,438 |
Total Construction Materials | 24,614,907 | |
Consumer Finance | 0.5% | ||
American Express Co. | 578,861 | 55,107,567 |
Capital One Financial Corp. | 397,815 | 24,899,241 |
Discover Financial Services | 264,542 | 13,250,909 |
Synchrony Financial | 473,928 | 10,502,244 |
Total Consumer Finance | 103,759,961 | |
Containers & Packaging | 0.3% | ||
Amcor PLC (a) | 1,410,632 | 14,402,553 |
Avery Dennison Corp. | 72,705 | 8,294,913 |
Ball Corp. | 284,827 | 19,792,628 |
International Paper Co. | 341,409 | 12,021,011 |
Packaging Corp. of America | 81,400 | 8,123,720 |
Sealed Air Corp. | 133,968 | 4,400,849 |
WestRock Co. | 221,545 | 6,260,862 |
Total Containers & Packaging | 73,296,536 | |
Distributors | 0.1% | ||
Genuine Parts Co. | 127,513 | 11,088,530 |
LKQ Corp. (a) | 263,623 | 6,906,923 |
Total Distributors | 17,995,453 | |
Diversified Consumer Services | 0.0% | ||
H&R Block, Inc. | 171,262 | 2,445,621 |
Total Diversified Consumer Services | 2,445,621 | |
Diversified Financial Services | 1.3% | ||
Berkshire Hathaway, Inc., Class B (a) | 1,703,091 | 304,018,774 |
Total Diversified Financial Services | 304,018,774 | |
Diversified Telecommunication Services | 1.8% | ||
AT&T, Inc. | 6,251,352 | 188,978,371 |
CenturyLink, Inc. | 857,752 | 8,603,253 |
Verizon Communications, Inc. | 3,622,635 | 199,715,867 |
Total Diversified Telecommunication Services | 397,297,491 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Electric Utilities | 1.9% | ||
Alliant Energy Corp. | 226,714 | $10,845,998 |
American Electric Power Co., Inc. | 437,484 | 34,841,226 |
Duke Energy Corp. | 645,289 | 51,552,138 |
Edison International | 333,137 | 18,092,670 |
Entergy Corp. | 173,355 | 16,262,433 |
Evergy, Inc. | 198,431 | 11,764,974 |
Eversource Energy | 296,144 | 24,659,911 |
Exelon Corp. | 846,400 | 30,715,856 |
FirstEnergy Corp. | 470,441 | 18,243,702 |
NextEra Energy, Inc. | 429,255 | 103,094,173 |
NRG Energy, Inc. | 219,075 | 7,133,082 |
Pinnacle West Capital Corp. | 96,814 | 7,095,498 |
PPL Corp. | 668,523 | 17,274,634 |
Southern Co. | 928,516 | 48,143,555 |
Xcel Energy, Inc. | 456,576 | 28,536,000 |
Total Electric Utilities | 428,255,850 | |
Electrical Equipment | 0.4% | ||
AMETEK, Inc. | 199,032 | 17,787,490 |
Eaton Corp. PLC | 353,585 | 30,931,616 |
Emerson Electric Co. | 530,381 | 32,899,533 |
Rockwell Automation, Inc. | 100,605 | 21,428,865 |
Total Electrical Equipment | 103,047,504 | |
Electronic Equipment, Instruments & Components | 0.5% | ||
Amphenol Corp., Class A | 258,151 | 24,733,447 |
CDW Corp. | 125,101 | 14,534,234 |
Corning, Inc. | 669,652 | 17,343,987 |
FLIR Systems, Inc. | 113,633 | 4,610,091 |
IPG Photonics Corp. (a)(b) | 29,995 | 4,810,898 |
Keysight Technologies, Inc. (a)(b) | 163,321 | 16,459,491 |
TE Connectivity Ltd. | 291,222 | 23,749,154 |
Zebra Technologies Corp. (a)(b) | 47,038 | 12,039,376 |
Total Electronic Equipment, Instruments & Components | 118,280,678 | |
Energy Equipment & Services | 0.2% | ||
Baker Hughes a GE Co. | 572,371 | 8,808,790 |
Halliburton Co. | 750,650 | 9,743,437 |
National Oilwell Varco, Inc. | 342,352 | 4,193,812 |
Schlumberger Ltd. | 1,205,365 | 22,166,662 |
TechnipFMC PLC | 362,703 | 2,480,889 |
Total Energy Equipment & Services | 47,393,590 | |
Entertainment | 2.0% | ||
Activision Blizzard, Inc. | 676,656 | 51,358,191 |
Electronic Arts Inc. (a) | 254,221 | 33,569,883 |
Live Nation Entertainment, Inc. (a)(b) | 125,402 | 5,559,071 |
Netflix, Inc. (a) | 385,482 | 175,409,729 |
Take-Two Interactive Software, Inc. (a)(b) | 98,542 | 13,753,507 |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Entertainment | 2.0% (Continued) | ||
Walt Disney Co. | 1,582,473 | $176,461,564 |
Total Entertainment | 456,111,945 | |
Equity Real Estate Investment Trusts (REITs) | 2.8% | ||
Alexandria Real Estate Equities, Inc. | 111,256 | 18,051,286 |
American Tower Corp. | 388,513 | 100,446,151 |
Apartment Investment & Management Co., Class A | 128,731 | 4,845,435 |
AvalonBay Communities, Inc. | 121,601 | 18,804,379 |
Boston Properties, Inc. | 125,203 | 11,315,847 |
Crown Castle International Corp. (b) | 365,601 | 61,183,327 |
Digital Realty Trust, Inc. (b) | 235,250 | 33,431,377 |
Duke Realty Corp. | 320,492 | 11,342,212 |
Equinix, Inc. | 77,610 | 54,505,503 |
Equity Residential (b) | 303,932 | 17,877,280 |
Essex Property Trust, Inc. | 57,537 | 13,185,754 |
Extra Space Storage, Inc. | 112,839 | 10,422,938 |
Federal Realty Investment Trust | 61,405 | 5,232,320 |
Healthpeak Properties, Inc. | 483,477 | 13,324,626 |
Host Hotels & Resorts, Inc. (b) | 624,435 | 6,737,654 |
Iron Mountain, Inc. | 252,876 | 6,600,064 |
Kimco Realty Corp. | 361,070 | 4,636,139 |
Mid-America Apartment Communities, Inc. | 99,445 | 11,403,358 |
Prologis, Inc. | 648,611 | 60,534,865 |
Public Storage | 130,798 | 25,098,828 |
Realty Income Corp. | 303,861 | 18,079,730 |
Regency Centers Corp. | 143,993 | 6,607,839 |
SBA Communications Corp. | 98,040 | 29,208,077 |
Simon Property Group, Inc. | 267,179 | 18,269,700 |
SL Green Realty Corp. | 70,082 | 3,454,342 |
UDR, Inc. | 255,798 | 9,561,729 |
Ventas, Inc. | 326,439 | 11,954,196 |
Vornado Realty Trust | 135,460 | 5,175,927 |
Welltower, Inc. | 368,719 | 19,081,208 |
Weyerhaeuser Co. | 648,783 | 14,571,666 |
Total Equity Real Estate Investment Trusts (REITs) | 624,943,757 | |
Food & Staples Retailing | 1.5% | ||
Costco Wholesale Corp. (b) | 386,638 | 117,232,508 |
Kroger Co. | 698,289 | 23,637,083 |
Sysco Corp. | 444,246 | 24,282,486 |
Walgreens Boots Alliance, Inc. | 652,782 | 27,671,429 |
Walmart, Inc. | 1,239,866 | 148,511,149 |
Total Food & Staples Retailing | 341,334,655 | |
Food Products | 1.1% | ||
Archer-Daniels-Midland Co. | 484,698 | 19,339,450 |
Campbell Soup Co. | 147,082 | 7,299,680 |
Conagra Brands, Inc. | 423,722 | 14,902,303 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Food Products | 1.1% (Continued) | ||
General Mills, Inc. | 526,236 | $32,442,449 |
Hershey Co. | 129,129 | 16,737,701 |
Hormel Foods Corp. (b) | 242,105 | 11,686,408 |
J.M. Smucker Co. | 99,331 | 10,510,213 |
Kellogg Co. | 216,799 | 14,321,742 |
Kraft Heinz Co. | 542,255 | 17,292,512 |
Lamb Weston Holdings, Inc. | 128,399 | 8,208,548 |
McCormick & Co., Inc. | 107,590 | 19,302,722 |
Mondelez International, Inc., Class A | 1,253,632 | 64,098,204 |
Tyson Foods, Inc., Class A | 257,012 | 15,346,187 |
Total Food Products | 251,488,119 | |
Gas Utilities | 0.0% | ||
Atmos Energy Corp. | 109,515 | 10,905,504 |
Total Gas Utilities | 10,905,504 | |
Health Care Equipment & Supplies | 3.8% | ||
Abbott Laboratories | 1,548,578 | 141,586,487 |
ABIOMED, Inc. (a)(b) | 39,437 | 9,526,402 |
Align Technology, Inc. (a) | 62,445 | 17,137,406 |
Baxter International, Inc. | 444,533 | 38,274,291 |
Becton, Dickinson & Co. | 259,026 | 61,977,151 |
Boston Scientific Corp. (a) | 1,251,798 | 43,950,628 |
Cooper Cos., Inc. (b) | 43,163 | 12,242,753 |
Danaher Corp. | 551,872 | 97,587,526 |
DENTSPLY SIRONA, Inc. | 191,806 | 8,450,972 |
DexCom, Inc. (a)(b) | 80,946 | 32,815,508 |
Edwards Lifesciences Corp. (a) | 544,797 | 37,650,921 |
Hologic, Inc. (a) | 223,962 | 12,765,834 |
IDEXX Laboratories, Inc. (a) | 74,690 | 24,659,650 |
Intuitive Surgical, Inc. (a)(b) | 102,215 | 58,245,173 |
Medtronic PLC | 1,175,033 | 107,750,526 |
ResMed, Inc. (b) | 125,192 | 24,036,864 |
STERIS PLC | 73,941 | 11,345,507 |
Stryker Corp. | 283,298 | 51,047,467 |
Teleflex, Inc. (b) | 40,309 | 14,671,670 |
Varian Medical Systems, Inc. (a)(b) | 79,598 | 9,752,347 |
West Pharmaceutical Services, Inc. | 64,375 | 14,624,069 |
Zimmer Biomet Holdings, Inc. | 179,086 | 21,375,705 |
Total Health Care Equipment & Supplies | 851,474,857 | |
Health Care Providers & Services | 2.8% | ||
AmerisourceBergen Corp. | 130,884 | 13,189,181 |
Anthem, Inc. | 220,774 | 58,059,146 |
Cardinal Health, Inc. | 254,665 | 13,290,966 |
Centene Corp. (a) | 508,314 | 32,303,355 |
Cigna Corp. | 325,135 | 61,011,583 |
CVS Health Corp. | 1,145,066 | 74,394,938 |
DaVita, Inc. (a) | 72,091 | 5,705,282 |
HCA Healthcare, Inc. | 230,347 | 22,357,480 |
Henry Schein, Inc. (a)(b) | 128,011 | 7,474,562 |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Health Care Providers & Services | 2.8% (Continued) | ||
Humana Inc. | 115,301 | $44,707,963 |
Laboratory Corp. of America Holdings (a) | 84,938 | 14,109,051 |
McKesson Corp. | 140,617 | 21,573,460 |
Quest Diagnostics, Inc. | 126,586 | 13,378,562 |
UnitedHealth Group, Inc. | 830,096 | 244,836,815 |
Universal Health Services, Inc., Class B | 69,185 | 6,426,595 |
Total Health Care Providers & Services | 632,818,939 | |
Health Care Technology | 0.1% | ||
Cerner Corp. (b) | 273,479 | 18,746,985 |
Total Health Care Technology | 18,746,985 | |
Hotels, Restaurants & Leisure | 1.5% | ||
Carnival Corp. (b) | 417,773 | 6,859,833 |
Chipotle Mexican Grill, Inc. (a) | 22,265 | 23,430,795 |
Darden Restaurants, Inc. | 114,785 | 8,697,259 |
Domino's Pizza, Inc. | 33,697 | 12,449,020 |
Hilton Worldwide Holdings, Inc. | 245,675 | 18,044,829 |
Las Vegas Sands Corp. | 294,236 | 13,399,507 |
Marriott International, Inc., Class A | 236,267 | 20,255,170 |
McDonald's Corp. | 652,275 | 120,325,169 |
MGM Resorts International | 425,866 | 7,154,549 |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 225,621 | 3,706,953 |
Royal Caribbean Cruises Ltd. | 146,997 | 7,393,949 |
Starbucks Corp. | 1,028,278 | 75,670,978 |
Wynn Resorts, Ltd. | 85,011 | 6,332,469 |
Yum! Brands, Inc. | 263,349 | 22,887,662 |
Total Hotels, Restaurants & Leisure | 346,608,142 | |
Household Durables | 0.4% | ||
D.R. Horton, Inc. | 292,058 | 16,194,616 |
Garmin Ltd. | 126,070 | 12,291,825 |
Leggett & Platt, Inc. | 117,117 | 4,116,663 |
Lennar Corp., Class A | 243,688 | 15,016,055 |
Mohawk Industries, Inc. (a)(b) | 50,377 | 5,126,363 |
Newell Brands, Inc. | 333,665 | 5,298,600 |
NVR, Inc. (a) | 3,042 | 9,913,117 |
PulteGroup, Inc. | 224,355 | 7,634,801 |
Whirlpool Corp. | 55,454 | 7,182,957 |
Total Household Durables | 82,774,997 | |
Household Products | 1.8% | ||
Church & Dwight Co., Inc. | 213,668 | 16,516,536 |
Clorox Co. | 109,273 | 23,971,218 |
Colgate-Palmolive Co. | 746,215 | 54,667,711 |
Kimberly-Clark Corp. | 298,476 | 42,189,583 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Household Products | 1.8% (Continued) | ||
Procter & Gamble Co. | 2,171,322 | $259,624,971 |
Total Household Products | 396,970,019 | |
Independent Power and Renewable Electricity Producers | 0.0% | ||
AES Corp. | 582,112 | 8,434,803 |
Total Independent Power and Renewable Electricity Producers | 8,434,803 | |
Industrial Conglomerates | 1.1% | ||
3M Co. | 504,228 | 78,654,526 |
General Electric Co. | 7,679,838 | 52,453,293 |
Honeywell International, Inc. | 615,562 | 89,004,110 |
Roper Technologies, Inc. (b) | 90,602 | 35,177,132 |
Total Industrial Conglomerates | 255,289,061 | |
Insurance | 1.9% | ||
Aflac, Inc. | 623,963 | 22,481,387 |
Allstate Corp. | 274,800 | 26,652,852 |
American International Group, Inc. | 757,453 | 23,617,385 |
Aon PLC (b) | 203,859 | 39,263,243 |
Arthur J Gallagher & Co. | 168,313 | 16,408,834 |
Assurant, Inc. | 52,112 | 5,382,648 |
Chubb Ltd. | 394,596 | 49,963,746 |
Cincinnati Financial Corp. | 132,290 | 8,470,529 |
Everest Re Group Ltd. | 35,730 | 7,367,526 |
Globe Life, Inc. | 87,904 | 6,525,114 |
Hartford Financial Services Group, Inc. | 313,812 | 12,097,453 |
Lincoln National Corp. | 169,602 | 6,239,658 |
Loews Corp. | 224,555 | 7,699,991 |
Marsh & McLennan Cos., Inc. | 445,448 | 47,827,752 |
MetLife, Inc. | 680,602 | 24,855,585 |
Principal Financial Group, Inc. | 227,817 | 9,463,518 |
Progressive Corp. | 509,028 | 40,778,233 |
Prudential Financial, Inc. | 350,015 | 21,315,913 |
Travelers Cos., Inc. | 219,868 | 25,075,945 |
Unum Group | 173,973 | 2,886,212 |
W.R. Berkley Corp. | 124,448 | 7,129,626 |
Willis Towers Watson PLC | 111,946 | 22,047,765 |
Total Insurance | 433,550,915 | |
Interactive Media & Services | 5.5% | ||
Alphabet, Inc., Class C (a) | 256,655 | 362,810,075 |
Alphabet, Inc., Class A (a) | 262,364 | 372,045,270 |
Facebook, Inc., Class A (a) | 2,105,934 | 478,194,433 |
Twitter, Inc. (a) | 692,286 | 20,623,200 |
Total Interactive Media & Services | 1,233,672,978 | |
Internet & Direct Marketing Retail | 4.9% | ||
Amazon.com, Inc. (a) | 367,029 | 1,012,566,946 |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Internet & Direct Marketing Retail | 4.9% (Continued) | ||
Booking Holdings, Inc. (a) | 35,967 | $57,271,693 |
eBay, Inc. | 580,136 | 30,428,133 |
Expedia Group, Inc. | 116,285 | 9,558,627 |
Total Internet & Direct Marketing Retail | 1,109,825,399 | |
IT Services | 5.7% | ||
Accenture PLC, Class A | 557,072 | 119,614,500 |
Akamai Technologies, Inc. (a)(b) | 140,703 | 15,067,884 |
Automatic Data Processing, Inc. | 376,743 | 56,093,265 |
Broadridge Financial Solutions, Inc. | 99,873 | 12,602,974 |
Cognizant Technology Solutions Corp., Class A | 476,757 | 27,089,333 |
DXC Technology Co. | 220,706 | 3,641,649 |
Fidelity National Information Services, Inc. | 541,579 | 72,620,328 |
Fiserv, Inc. (a) | 491,787 | 48,008,247 |
FleetCor Technologies, Inc. (a) | 73,405 | 18,463,560 |
Gartner, Inc. (a) | 76,998 | 9,342,167 |
Global Payments, Inc. | 261,682 | 44,386,501 |
International Business Machines Corp. | 777,371 | 93,883,096 |
Jack Henry & Associates, Inc. (b) | 67,031 | 12,335,715 |
Leidos Holdings Inc. | 116,021 | 10,867,687 |
Mastercard, Inc., Class A | 774,789 | 229,105,107 |
Paychex, Inc. | 277,374 | 21,011,081 |
PayPal Holdings, Inc. (a) | 1,028,558 | 179,205,660 |
VeriSign, Inc. (a) | 89,959 | 18,606,220 |
Visa Inc., Class A (b) | 1,478,273 | 285,557,995 |
Western Union Co. | 365,039 | 7,892,143 |
Total IT Services | 1,285,395,112 | |
Leisure Products | 0.0% | ||
Hasbro, Inc. | 112,430 | 8,426,628 |
Total Leisure Products | 8,426,628 | |
Life Sciences Tools & Services | 1.2% | ||
Agilent Technologies, Inc. | 269,449 | 23,811,208 |
Bio-Rad Laboratories, Inc., Class A (a) | 18,020 | 8,135,850 |
Illumina, Inc. (a) | 127,991 | 47,401,467 |
IQVIA Holdings, Inc. (a) | 157,120 | 22,292,185 |
Mettler-Toledo International, Inc. (a) | 21,205 | 17,081,688 |
PerkinElmer, Inc. | 95,779 | 9,394,962 |
Thermo Fisher Scientific, Inc. | 346,314 | 125,483,415 |
Waters Corp. (a) | 55,926 | 10,089,050 |
Total Life Sciences Tools & Services | 263,689,825 | |
Machinery | 1.5% | ||
Caterpillar, Inc. | 474,438 | 60,016,407 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Machinery | 1.5% (Continued) | ||
Cummins, Inc. | 129,916 | $22,509,246 |
Deere & Co. | 274,155 | 43,083,458 |
Dover Corp. | 126,740 | 12,238,014 |
Flowserve Corp. | 112,148 | 3,198,461 |
Fortive Corp. | 257,294 | 17,408,512 |
IDEX Corp. | 66,471 | 10,505,077 |
Illinois Tool Works, Inc. | 251,320 | 43,943,302 |
Ingersoll Rand Inc. (a)(b) | 304,349 | 8,558,294 |
Otis Worldwide Corp. | 353,198 | 20,082,838 |
PACCAR Inc. | 301,147 | 22,540,853 |
Parker-Hannifin Corp. | 111,852 | 20,499,116 |
Pentair PLC | 147,777 | 5,614,048 |
Snap-on, Inc. | 46,909 | 6,497,366 |
Stanley Black & Decker, Inc. | 136,441 | 19,017,147 |
Westinghouse Air Brake Technologies Corp. (b) | 158,550 | 9,127,724 |
Xylem, Inc. | 156,792 | 10,185,208 |
Total Machinery | 335,025,071 | |
Media | 1.2% | ||
Charter Communications, Inc., Class A (a) | 132,211 | 67,432,899 |
Comcast Corp., Class A | 3,985,641 | 155,360,286 |
Discovery, Inc., Class A (a)(b) | 134,754 | 2,843,309 |
Discovery, Inc., Class C (a) | 296,694 | 5,714,326 |
DISH Network Corp., Class A (a) | 226,383 | 7,812,477 |
Fox Corp., Class A | 303,158 | 8,130,698 |
Fox Corp., Class B (a) | 133,124 | 3,573,048 |
Interpublic Group of Cos., Inc. | 340,340 | 5,840,234 |
News Corp., Class A | 332,273 | 3,940,758 |
News Corp., Class B | 114,231 | 1,365,061 |
Omnicom Group, Inc. | 189,576 | 10,350,850 |
ViacomCBS, Inc. | 476,020 | 11,100,786 |
Total Media | 283,464,732 | |
Metals & Mining | 0.3% | ||
Freeport-McMoRan, Inc. | 1,270,884 | 14,704,128 |
Newmont Corp. (b) | 703,717 | 43,447,488 |
Nucor Corp. | 264,725 | 10,962,262 |
Total Metals & Mining | 69,113,878 | |
Multi-Utilities | 1.0% | ||
Ameren Corp. | 214,214 | 15,072,097 |
CenterPoint Energy, Inc. | 482,886 | 9,015,482 |
CMS Energy Corp. | 247,137 | 14,437,744 |
Consolidated Edison, Inc. | 289,441 | 20,819,491 |
Dominion Energy, Inc. | 737,301 | 59,854,095 |
DTE Energy Co. | 167,263 | 17,980,773 |
NiSource, Inc. | 321,488 | 7,310,637 |
Public Service Enterprise Group, Inc. | 440,328 | 21,646,524 |
Sempra Energy | 257,508 | 30,187,663 |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Multi-Utilities | 1.0% (Continued) | ||
WEC Energy Group, Inc. | 274,645 | $24,072,634 |
Total Multi-Utilities | 220,397,140 | |
Multiline Retail | 0.5% | ||
Dollar General Corp. | 221,676 | 42,231,495 |
Dollar Tree, Inc. (a) | 206,058 | 19,097,456 |
Kohl's Corp. | 132,816 | 2,758,588 |
Target Corp. | 436,466 | 52,345,367 |
Total Multiline Retail | 116,432,906 | |
Oil, Gas & Consumable Fuels | 2.6% | ||
Apache Corp. | 317,469 | 4,285,832 |
Cabot Oil & Gas Corp. | 360,902 | 6,200,296 |
Chevron Corp. | 1,639,214 | 146,267,065 |
Concho Resources Inc. | 176,012 | 9,064,618 |
ConocoPhillips | 942,843 | 39,618,263 |
Devon Energy Corp. | 330,941 | 3,752,871 |
Diamondback Energy, Inc. | 136,845 | 5,722,858 |
EOG Resources, Inc. | 506,533 | 25,660,962 |
Exxon Mobil Corp. | 3,710,967 | 165,954,444 |
Hess Corp. | 226,905 | 11,755,948 |
HollyFrontier Corp. | 129,331 | 3,776,465 |
Kinder Morgan, Inc. | 1,695,979 | 25,728,001 |
Marathon Oil Corp. | 684,055 | 4,186,417 |
Marathon Petroleum Corp. | 565,354 | 21,132,933 |
Noble Energy, Inc. | 412,314 | 3,694,333 |
Occidental Petroleum Corp. | 780,181 | 14,277,312 |
ONEOK, Inc. | 361,298 | 12,002,320 |
Phillips 66 | 386,895 | 27,817,751 |
Pioneer Natural Resources Co. | 144,347 | 14,102,702 |
Valero Energy Corp. | 357,549 | 21,031,032 |
Williams Cos., Inc. | 1,055,312 | 20,072,034 |
Total Oil, Gas & Consumable Fuels | 586,104,457 | |
Personal Products | 0.2% | ||
Coty, Inc., Class A | 246,388 | 1,101,354 |
Estee Lauder Cos., Inc., Class A | 197,477 | 37,259,961 |
Total Personal Products | 38,361,315 | |
Pharmaceuticals | 4.3% | ||
Bristol-Myers Squibb Co. | 1,986,644 | 116,814,667 |
Eli Lilly & Co. | 739,107 | 121,346,587 |
Johnson & Johnson | 2,306,607 | 324,378,143 |
Merck & Co., Inc. | 2,209,404 | 170,853,211 |
Mylan NV (a) | 452,280 | 7,272,663 |
Perrigo Co. PLC | 116,394 | 6,433,097 |
Pfizer, Inc. | 4,863,259 | 159,028,569 |
Zoetis, Inc. | 414,706 | 56,831,310 |
Total Pharmaceuticals | 962,958,247 | |
Professional Services | 0.3% | ||
Equifax, Inc. | 105,425 | 18,120,449 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Professional Services | 0.3% (Continued) | ||
IHS Markit Ltd. | 349,134 | $26,359,617 |
Nielsen Holdings PLC | 313,402 | 4,657,153 |
Robert Half International, Inc. | 103,512 | 5,468,539 |
Verisk Analytics, Inc. (b) | 142,679 | 24,283,966 |
Total Professional Services | 78,889,724 | |
Real Estate Management & Development | 0.1% | ||
CBRE Group, Inc., Class A (a)(b) | 291,463 | 13,179,957 |
Total Real Estate Management & Development | 13,179,957 | |
Road & Rail | 1.0% | ||
CSX Corp. | 669,042 | 46,658,989 |
J.B. Hunt Transport Services, Inc. | 73,282 | 8,818,756 |
Kansas City Southern | 82,498 | 12,316,126 |
Norfolk Southern Corp. | 223,865 | 39,303,978 |
Old Dominion Freight Line, Inc. (b) | 83,696 | 14,194,005 |
Union Pacific Corp. | 595,643 | 100,705,362 |
Total Road & Rail | 221,997,216 | |
Semiconductors & Semiconductor Equipment | 4.8% | ||
Advanced Micro Devices, Inc. (a) | 1,028,786 | 54,124,432 |
Analog Devices, Inc. | 320,675 | 39,327,582 |
Applied Materials, Inc. (b) | 804,298 | 48,619,814 |
Broadcom, Inc. | 350,066 | 110,484,330 |
Intel Corp. | 3,708,362 | 221,871,299 |
KLA-Tencor Corp. | 137,389 | 26,719,413 |
Lam Research Corp. | 126,318 | 40,858,820 |
Maxim Integrated Products, Inc. | 235,615 | 14,280,625 |
Microchip Technology, Inc. | 215,006 | 22,642,282 |
Micron Technology, Inc. (a) | 974,972 | 50,230,557 |
NVIDIA Corp. | 538,850 | 204,714,504 |
Qorvo, Inc. (a) | 99,482 | 10,995,745 |
QUALCOMM, Inc. | 985,455 | 89,883,351 |
Skyworks Solutions, Inc. | 148,343 | 18,967,136 |
Texas Instruments, Inc. | 803,790 | 102,057,216 |
Xilinx, Inc. | 212,901 | 20,947,329 |
Total Semiconductors & Semiconductor Equipment | 1,076,724,435 | |
Software | 9.3% | ||
Adobe, Inc. (a) | 422,853 | 184,072,139 |
ANSYS, Inc. (a) | 74,514 | 21,737,969 |
Autodesk, Inc. (a) | 191,579 | 45,823,781 |
Cadence Design Systems, Inc. (a) | 244,308 | 23,443,796 |
Citrix Systems, Inc. (b) | 100,790 | 14,907,849 |
Fortinet, Inc. (a) | 118,007 | 16,198,821 |
Intuit, Inc. | 228,604 | 67,710,219 |
Microsoft Corp. | 6,642,279 | 1,351,770,199 |
NortonLifeLock, Inc. | 472,334 | 9,366,383 |
Oracle Corp. | 1,824,314 | 100,829,835 |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Software | 9.3% (Continued) | ||
Paycom Software, Inc. (a) | 42,795 | $13,254,895 |
salesforce.com, Inc. (a) | 789,826 | 147,958,105 |
ServiceNow, Inc. (a) | 167,282 | 67,759,247 |
Synopsys, Inc. (a) | 130,891 | 25,523,745 |
Tyler Technologies, Inc. (a)(b) | 34,089 | 11,824,792 |
Total Software | 2,102,181,775 | |
Specialty Retail | 2.4% | ||
Advance Auto Parts, Inc. | 59,306 | 8,448,140 |
AutoZone, Inc. (a) | 20,282 | 22,880,530 |
Best Buy Co., Inc. | 198,275 | 17,303,459 |
CarMax, Inc. (a) | 144,768 | 12,963,974 |
Gap, Inc. | 180,058 | 2,272,332 |
Home Depot, Inc. | 942,377 | 236,074,862 |
L Brands, Inc. | 200,125 | 2,995,871 |
Lowe's Cos., Inc. | 662,364 | 89,498,624 |
O'Reilly Automotive, Inc. (a) | 64,549 | 27,218,377 |
Ross Stores, Inc. | 314,953 | 26,846,594 |
Tiffany & Co. | 94,104 | 11,475,042 |
TJX Companies, Inc. (The) | 1,045,674 | 52,869,277 |
Tractor Supply Co. | 103,755 | 13,673,872 |
Ulta Beauty, Inc. (a)(b) | 49,300 | 10,028,606 |
Total Specialty Retail | 534,549,560 | |
Technology Hardware, Storage & Peripherals | 6.1% | ||
Apple, Inc. | 3,568,959 | 1,301,956,243 |
Hewlett Packard Enterprise Co. | 1,126,665 | 10,962,450 |
HP, Inc. | 1,256,230 | 21,896,089 |
NetApp, Inc. | 199,758 | 8,863,263 |
Seagate Technology PLC | 198,698 | 9,618,970 |
Western Digital Corp. | 259,683 | 11,465,005 |
Xerox Holdings Corp. (a) | 160,203 | 2,449,504 |
Total Technology Hardware, Storage & Peripherals | 1,367,211,524 | |
Textiles, Apparel & Luxury Goods | 0.6% | ||
Hanesbrands, Inc. | 313,302 | 3,537,179 |
NIKE, Inc., Class B | 1,317,547 | 106,374,151 |
PVH Corp. | 63,061 | 3,030,081 |
Ralph Lauren Corp. | 42,619 | 3,090,730 |
Tapestry, Inc. | 237,843 | 3,158,555 |
Under Armour, Inc., Class A (a) | 164,871 | 1,605,843 |
Under Armour, Inc., Class C (a) | 169,421 | 1,497,682 |
VF Corp. | 285,137 | 17,376,249 |
Total Textiles, Apparel & Luxury Goods | 139,670,470 | |
Tobacco | 0.7% | ||
Altria Group, Inc. | 1,626,548 | 63,842,009 |
Philip Morris International, Inc. | 1,364,925 | 95,626,645 |
Total Tobacco | 159,468,654 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Common Stocks | 99.5% of net assets (Continued) | ||
Shares | Value | |
Trading Companies & Distributors | 0.2% | ||
Fastenal Co. | 499,361 | $21,392,626 |
United Rentals, Inc. (a) | 64,479 | 9,609,950 |
W.W. Grainger, Inc. | 37,989 | 11,934,624 |
Total Trading Companies & Distributors | 42,937,200 | |
Water Utilities | 0.1% | ||
American Water Works Co., Inc. | 157,399 | 20,250,955 |
Total Water Utilities | 20,250,955 | |
Wireless Telecommunication Services | 0.2% | ||
T-Mobile U.S., Inc. (a) | 818,787 | 50,249,913 |
Total Wireless Telecommunication Services | 50,249,913 | |
Total Common Stocks | ||
(Cost $13,456,604,388) | 22,451,696,812 |
Investment Companies | 0.0% of net assets | ||
iShares Core S&P 500 ETF (c) | 45,152 | $13,983,123 |
Total Investment Companies | ||
(Cost $11,189,428) | 13,983,123 | |
Total Long-Term Investments | ||
(Cost $13,467,793,816) | 22,465,679,935 |
Short-Term Securities | 1.8% of net assets | ||
Shares | Value | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.55% (c)(d)(e) | 347,655,469 | $348,107,421 |
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.16% (c)(d) | 55,054,308 | 55,054,308 |
Total Short-Term Securities | ||
(Cost $402,730,975) | 403,161,729 | |
Total Investments | ||
(Cost $13,870,524,791) | 101.3% | 22,868,841,664 | |
Liabilities in Excess of Other Assets | (1.3)% | (301,152,250) | |
Net Assets | 100.0% | $22,567,689,414 |
(a) | Non-income producing. |
(b) | Security, or a portion of security, is on loan. |
(c) | During the period ended June 30, 2020, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Master Portfolio were as follows: |
Affiliate Persons and/or Related Parties | Shares Held at December 31, 2019 | Shares Purchased | Shares Sold | Shares Held at June 30, 2020 | Value at June 30, 2020 | Income | Realized Gain (Loss)1 | Change in Unrealized Appreciation (Depreciation) |
BlackRock Cash Funds: Institutional, SL Agency Shares | 139,348,114 | 208,307,3552 | — | 347,655,469 | 348,107,421 | $1,070,9553 | $(51,736) | $414,266 |
BlackRock Cash Funds: Treasury, SL Agency Shares | 215,380,072 | — | (160,325,764) | 55,054,308 | 55,054,308 | 914,818 | — | — |
BlackRock, Inc. | 100,848 | 34,040 | — | 134,888 | 73,391,212 | 847,507 | — | 5,919,586 |
iShares Core S&P 500 ETF | 292,674 | 71,582 | (319,104) | 45,152 | 13,983,123 | 622,628 | (2,419,239) | (3,653,158) |
Total | $490,536,064 | $3,455,908 | $(2,470,975) | $2,680,694 |
1 | Includes net capital gain distributions, if applicable. |
2 | Represents net shares purchased (sold). |
3 | Represents all or portion of securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and collateral investment expenses, and other payments to and from borrowers of securities. |
(d) | 7-day yield at June 30, 2020. |
Appendix | The accompanying notes are an integral part of these financial statements. |
(e) | All or a portion of security was purchased with the cash collateral from loaned securities. |
Derivative Financial Instruments Outstanding as of Period End - Futures Contracts | ||||
Contracts Long | Issue | Expiration | Notional Amount (000) | Unrealized Appreciation (Depreciation) |
495 | S&P 500 E-Mini Index | September 2020 | $76,482 | $422,383 |
Assets-Derivative Financial Instruments | Commodity Contracts | Credit Contract | Equity Contracts | Foriegn Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total |
Futures contracts net unrealized appreciation1 | — | — | $422,383 | — | — | — | $422,383 |
1 | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in net unrealized appreciation (depreciation). |
Commodity Contracts | Credit Contract | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) From: | |||||||
Futures contracts | — | — | $(18,020,384) | — | — | — | $(18,020,384) |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | — | — | $(1,923,103) | — | — | — | $(1,923,103) |
Average Quarterly Balances on Outstanding Derivative Financial Instruments | |||||||
Futures contracts: Average notional value of contracts—long | $238,613,583 |
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Investments: | ||||
Long-Term Investments | $22,465,679,935 | $— | $— | $22,465,679,935 |
Short-Term Securities: Money Market Funds | 403,161,729 | — | — | 403,161,729 |
$22,868,841,664 | $— | $— | $22,868,841,664 | |
Derivative Financial Instruments(a) | ||||
Assets: | ||||
Equity contracts | $422,383 | $— | $— | $422,383 |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The accompanying notes are an integral part of these financial statements. | Appendix |
Assets | |
Investments in securities, at value (including securities loaned of $343,981,568) (cost: $13,407,989,404) | $22,378,305,600 |
Investments at value—affiliated (cost—$462,535,387) | 490,536,064 |
Cash pledged for futures contracts | 5,611,800 |
Dividends—unaffiliated | 17,377,752 |
Dividends—affiliated | 29,024 |
Securities lending income—affiliated | 256,175 |
Variation margin on futures contracts | 983,561 |
Contributions from investors | 22,796,015 |
Prepaid expenses | 89,478 |
Total Assets | 22,915,985,469 |
Liabilities | |
Collateral on securities loaned at value | 347,733,132 |
Investment advisory fees | 470,663 |
Trustees' fees | 82,286 |
Professional fees | 9,974 |
Total Liabilities | 348,296,055 |
Net Assets | $22,567,689,414 |
Net Assets Consist Of: | |
Unrealized appreciation (depreciation) of investments | 8,998,739,256 |
Investors’ capital | 13,568,950,158 |
Net Assets | $22,567,689,414 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Investment Income | |
Dividends—unaffiliated | 217,579,833 |
Dividends—affiliated | 2,384,953 |
Securities lending—affiliated—net | 1,070,955 |
Foreign taxes withheld | (1,149,838) |
Total Investment Income | 219,885,903 |
Expenses | |
Investment advisory | 1,088,781 |
Director, Trustee, and Board meeting expenses | 152,620 |
Professional | 37,075 |
Total Expenses | 1,278,476 |
Less fees waived and/or reimbursed by the Manager | (300,242) |
Total Expenses After Fees Waived and/or Reimbursed | 978,234 |
Net Investment Income | 218,907,669 |
Realized And Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments—unaffiliated | (38,555,350) |
Investments—affiliated | (2,470,975) |
Futures contracts | (18,020,384) |
Net Realized Gain (Loss) | (59,046,709) |
Net change in unrealized appreciation (depreciation) on: | |
Investments—unaffiliated | (783,930,569) |
Investments—affiliated | 2,680,694 |
Futures contracts | (1,923,103) |
Net Change In Unrealized Appreciation (Depreciation) | (783,172,978) |
Net Realized And Unrealized Loss | $(842,219,687) |
Net Decrease In Net Assets From Operations | $(623,312,018) |
The accompanying notes are an integral part of these financial statements. | Appendix |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $218,907,669 | $393,599,409 |
Net realized gain (loss) on investments | (59,046,709) | 53,806,401 |
Net change in unrealized appreciation (depreciation) | (783,172,978) | 4,979,951,890 |
Net Increase (decrease) in net assets from operations | (623,312,018) | 5,427,357,700 |
Capital Transactions | ||
Proceeds from contributions | 3,990,257,080 | 11,063,823,888 |
Value of withdrawals | (4,007,213,993) | (10,540,152,052) |
Total increase (decrease) in net assets from capital transactions | (16,956,913) | 523,671,836 |
Total Increase (Decrease) In Net Assets | (640,268,931) | 5,951,029,536 |
Net Assets | ||
Beginning of period | $23,207,958,345 | $17,256,928,809 |
End of period | $22,567,689,414 | $23,207,958,345 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Six Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Total Return | -3.03%(a) | 31.44% | -4.38% | 21.77% | 11.92% | 1.35% |
Ratio to Average Net Assets | ||||||
Total expenses | 0.01%(b) | 0.03% | 0.04% | 0.04% | 0.04% | 0.05% |
Total expenses after fees waived and/or reimbursed | 0.01%(b) | 0.02% | 0.04% | 0.04% | 0.04% | 0.04% |
Net investment income | 2.01%(b) | 1.95% | 1.92% | 1.93% | 2.11% | 2.00% |
Supplemental Data | ||||||
Net assets, end of period (000) | $22,567,689 | $23,207,958 | $17,256,929 | $13,775,074 | $9,791,759 | $7,209,857 |
Portfolio turnover rate | 1% | 3% | 12% | 11% | 4% | 2% |
(a) | Aggregate total return. |
(b) | Annualized. |
The accompanying notes are an integral part of these financial statements. | Appendix |
Appendix | Notes to Financial Statements |
Notes to Financial Statements | Appendix |
Counterparty | Securities Loaned at Value | Cash Collateral Received1 | Net Amount |
Bank of America N.A. | $231,243,727 | $(231,243,727) | — |
Barclays Bank PLC | 4,051,200 | (4,051,200) | — |
Barclays Capital, Inc. | 294,924 | (294,924) | — |
BNP Paribas Securities Corp. | 1,359,892 | (1,359,892) | — |
Citigroup Global Markets, Inc. | 32,239,790 | (32,239,790) | — |
Credit Suisse Securities (USA) LLC | 593,565 | (588,633) | 4,932 |
Goldman Sachs & Co. | 14,311,883 | (14,311,883) | — |
HSBC Bank PLC | 14,538,917 | (14,505,735) | 33,182 |
Jefferies LLC | 312,192 | (312,192) | — |
JP Morgan Securities LLC | 19,313,625 | (19,313,625) | — |
Scotia Capital (USA), Inc. | 17,931 | (17,931) | — |
State Street Bank & Trust Company | 960,992 | (960,992) | — |
UBS AG | 13,750,796 | (13,750,796) | — |
Counterparty | Securities Loaned at Value | Cash Collateral Received1 | Net Amount |
UBS Securities LLC | 5,340,901 | (5,340,901) | — |
Virtu Americas, LLC | 610,738 | (610,306) | 432 |
Wells Fargo Securities LLC | 5,040,495 | (5,040,495) | — |
$343,981,568 | $(343,943,022) | $38,546 | |
1Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio’s Statement of Assets and Liabilities. | |||
2The market value of the loaned securities is determined as of June 30, 2020. Additional collateral is delivered to the Master Portfolio on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. |
Appendix | Notes to Financial Statements |
Notes to Financial Statements | Appendix |
Purchases | Sales | Net Realized Gain (Loss) |
$108,714,886 | $32,403,279 | $(32,510,222) |
Appendix | Notes to Financial Statements |
Tax cost | $ 13,658,331,188 |
Gross unrealized appreciation | $10,023,087,860 |
Gross unrealized depreciation | $(812,155,001) |
Net unrealized appreciation | $9,210,932,859 |
Notes to Financial Statements | Appendix |
Appendix | Notes to Financial Statements |
S&P 500 Index Master Portfolio 1
Item 2. Code of Ethics.
Not required in this filing.
Item 3. Audit Committee Financial Expert.
Not required in this filing.
Item 4. Principal Accountant Fees and Services.
Not required in this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | The Registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | Disclosure Controls and Procedures. The registrant's principal executive officer and principal financial officer concluded, based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the registrant's disclosure controls and procedures are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported by the filing date, including the registrant's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. |
(b) | Internal Control. There were no changes in registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not required with this filing.
|
(a)(2) |
|
(a)(3) | Not applicable.
|
(a)(4) | Not applicable. |
(b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
HOMESTEAD FUNDS, INC.
By: | /s/ Mark D. Santero |
| Mark D. Santero |
| President, Chief Executive Officer and Director |
Date: September 4, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mark D. Santero |
| Mark D. Santero |
| President, Chief Executive Officer and Director |
Date: September 4, 2020
By: | /s/ Amy M. DiMauro |
| Amy M. DiMauro |
| Treasurer |
Date: September 4, 2020