NPORT-P
    false
    
      
      
        
          0001768447
          XXXXXXXX
        
      
      
      
      
        S000071687
        C000227133
      
      
      
    
  
  
    
      Homestead Funds Trust
      811-23429
      0001768447
      549300LL0E7B0AZI7X47
      4301 WILSON BLVD
      ARLINGTON
      
      22203
      800-258-3030
      Rural America Growth & Income Fund
      S000071687
      549300CNQF41O7NZWP07
      2022-12-31
      2022-03-31
      N
    
    
      5893962.84
      10427.44
      5883535.40
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      26827.00000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        Dollar General Corp
        OPX52SQVOZI8IVSWYU66
        Dollar General Corp
        256677105
        
          
        
        231.00000000
        NS
        USD
        51427.53000000
        0.874092301713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMN Healthcare Services Inc
        529900W3ARRTCNFH2I39
        AMN Healthcare Services Inc
        001744101
        
          
        
        446.00000000
        NS
        USD
        46531.18000000
        0.790871080677
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack Henry & Associates Inc
        529900X1QS8C54W0JB21
        Jack Henry & Associates Inc
        426281101
        
          
        
        734.00000000
        NS
        USD
        144634.70000000
        2.458295738307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EnerSys
        7ZS3DE5PN30BYUJFWP05
        EnerSys
        29275Y102
        
          
        
        220.00000000
        NS
        USD
        16405.40000000
        0.278835748995
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRUIST BANK
        JJKC32MCHWDI71265Z06
        Truist Bank
        86787EAY3
        
          
        
        55000.00000000
        PA
        USD
        55716.46000000
        0.946989458073
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-02
          Fixed
          3.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        T-MOBILE USA INC
        549300V2JRLO5DIFGE82
        T-Mobile USA Inc
        87264ABD6
        
          
        
        44000.00000000
        PA
        USD
        44257.19000000
        0.752221020034
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PetIQ Inc
        549300GROACFGKVYOX14
        PetIQ Inc
        71639T106
        
          
        
        1285.00000000
        NS
        USD
        31354.00000000
        0.532910875321
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Open Access Network
        N/A
        N W WA OPEN ACCESS NETWORK REVENUE
        667728AX7
        
          
        
        30000.00000000
        PA
        USD
        28044.81000000
        0.476665951563
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-12-01
          Fixed
          1.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tractor Supply Co
        549300OJ9VZHZRO6I137
        Tractor Supply Co
        892356106
        
          
        
        238.00000000
        NS
        USD
        55542.06000000
        0.944025253931
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ARM Master Trust LLC
        N/A
        Arm Master Trust
        04206RAC8
        
          
        
        4000.00000000
        PA
        USD
        3998.40000000
        0.067959138989
        Long
        ABS-O
        CORP
        US
        Y
        
        2
        
          2024-01-15
          Fixed
          1.42000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ollie's Bargain Outlet Holdings Inc
        529900YO5DSQCPEFDZ05
        Ollie's Bargain Outlet Holdings Inc
        681116109
        
          
        
        382.00000000
        NS
        USD
        16410.72000000
        0.278926170818
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dollar General Corp
        OPX52SQVOZI8IVSWYU66
        Dollar General Corp
        256677AD7
        
          
        
        19000.00000000
        PA
        USD
        19634.86000000
        0.333725535160
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-11-01
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTL CORP
        54930012H97VSM0I2R19
        Crown Castle International Corp
        22822VAK7
        
          
        
        18000.00000000
        PA
        USD
        17981.76000000
        0.305628483173
        Long
        DBT
        
        US
        N
        
        2
        
          2028-02-15
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        Chubb Ltd
        000000000
        
          
        
        174.00000000
        NS
        USD
        37218.60000000
        0.632589038216
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TENN VALLEY AUTHORITY
        549300HE1ISW43LNKM54
        Tennessee Valley Authority
        880591EW8
        
          
        
        88000.00000000
        PA
        USD
        83312.31000000
        1.416024623562
        Long
        DBT
        USGA
        US
        N
        
        2
        
          2025-05-15
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac Multiclass Certificates
        N/A
        Freddie Mac Multiclass Certificates Series 2021-P009
        3137H13U8
        
          
        
        48791.60000000
        PA
        USD
        45155.64000000
        0.767491600373
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-01-25
          Fixed
          1.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VULCAN MATERIALS CO
        549300Q8LSNHAVWBNI21
        Vulcan Materials Co
        929160AZ2
        
          
        
        27000.00000000
        PA
        USD
        26778.89000000
        0.455149636730
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVS HEALTH CORP
        549300EJG376EN5NQE29
        CVS Health Corp
        126650DM9
        
          
        
        26000.00000000
        PA
        USD
        23641.75000000
        0.401828975143
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-08-21
          Fixed
          1.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARTIN MARIETTA MATERIAL
        5299005MZ4WZECVATV08
        Martin Marietta Materials Inc
        573284AT3
        
          
        
        9000.00000000
        PA
        USD
        9040.06000000
        0.153650133557
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Applied Industrial Technologies Inc
        549300NU173IJRC6PO38
        Applied Industrial Technologies Inc
        03820C105
        
          
        
        387.00000000
        NS
        USD
        39729.42000000
        0.675264399700
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TENN VALLEY AUTHORITY
        549300HE1ISW43LNKM54
        Tennessee Valley Authority
        880591EX6
        
          
        
        75000.00000000
        PA
        USD
        67388.76000000
        1.145378678268
        Long
        DBT
        USGA
        US
        N
        
        2
        
          2031-09-15
          Fixed
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MetLife Inc
        C4BXATY60WC6XEOZDX54
        MetLife Inc
        59156RBM9
        
          
        
        38000.00000000
        PA
        USD
        38104.86000000
        0.647652430203
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Paycom Software Inc
        254900LSB0HNJUDC6Q18
        Paycom Software Inc
        70432V102
        
          
        
        345.00000000
        NS
        USD
        119501.10000000
        2.031110410247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        Truist Financial Corp
        89832Q109
        
          
        
        1961.00000000
        NS
        USD
        111188.70000000
        1.889828010552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        Advanced Energy Industries Inc
        007973100
        
          
        
        620.00000000
        NS
        USD
        53369.60000000
        0.907100856400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        John Deere Capital Corp
        E0KSF7PFQ210NWI8Z391
        John Deere Capital Corp
        24422ETT6
        
          
        
        13000.00000000
        PA
        USD
        13017.38000000
        0.221250984569
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-24
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group Inc
        12572Q105
        
          
        
        410.00000000
        NS
        USD
        97522.60000000
        1.657551002412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vulcan Materials Co
        549300Q8LSNHAVWBNI21
        Vulcan Materials Co
        929160109
        
          
        
        157.00000000
        NS
        USD
        28840.90000000
        0.490196761627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Centene Corp
        549300Z7JJ4TQSQGT333
        Centene Corp
        15135B101
        
          
        
        829.00000000
        NS
        USD
        69793.51000000
        1.186251212153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MOSAIC CO
        2YD5STGSJNMUB7H76907
        Mosaic Co/The
        61945CAG8
        
          
        
        22000.00000000
        PA
        USD
        22535.20000000
        0.383021405803
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-11-15
          Fixed
          4.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zoetis Inc
        549300HD9Q1LOC9KLJ48
        Zoetis Inc
        98978V103
        
          
        
        770.00000000
        NS
        USD
        145214.30000000
        2.468146958034
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Block Inc
        549300OHIIUWSTIZME52
        Block Inc
        852234103
        
          
        
        834.00000000
        NS
        USD
        113090.40000000
        1.922150413168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KOHL'S CORPORATION
        549300JF6LPRTRJ0FH50
        Kohl's Corp
        500255AU8
        
          
        
        22000.00000000
        PA
        USD
        22251.49000000
        0.378199305132
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-17
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lowe's Cos Inc
        WAFCR4OKGSC504WU3E95
        Lowe's Cos Inc
        548661107
        
          
        
        206.00000000
        NS
        USD
        41651.14000000
        0.707927073915
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cummins Inc
        ZUNI8PYC725B6H8JU438
        Cummins Inc
        231021106
        
          
        
        159.00000000
        NS
        USD
        32612.49000000
        0.554300905540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tyler Technologies Inc
        25490040SMU4Z8LBCW70
        Tyler Technologies Inc
        902252105
        
          
        
        236.00000000
        NS
        USD
        104994.04000000
        1.784539955347
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SouthState Corp
        549300JZUANXM0YQ4W53
        SouthState Corp
        840441109
        
          
        
        446.00000000
        NS
        USD
        36389.14000000
        0.618491052165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp
        03027X100
        
          
        
        489.00000000
        NS
        USD
        122846.58000000
        2.087972140016
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQVIA Holdings Inc
        549300W3R20NM4KQPH86
        IQVIA Holdings Inc
        46266C105
        
          
        
        212.00000000
        NS
        USD
        49016.52000000
        0.833113369216
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CINCINNATI FINL CORP
        254900Q4WEDMZBOZ0002
        Cincinnati Financial Corp
        172062AF8
        
          
        
        25000.00000000
        PA
        USD
        29752.89000000
        0.505697475704
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-05-15
          Fixed
          6.92000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MICRON TECHNOLOGY INC
        B3DXGBC8GAIYWI2Z0172
        Micron Technology Inc
        595112BQ5
        
          
        
        22000.00000000
        PA
        USD
        22992.86000000
        0.390800062153
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-15
          Fixed
          4.66000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Intercontinental Exchange Inc
        5493000F4ZO33MV32P92
        Intercontinental Exchange Inc
        45866F104
        
          
        
        620.00000000
        NS
        USD
        81914.40000000
        1.392264929688
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stryker Corp
        5493002F0SC4JTBU5137
        Stryker Corp
        863667101
        
          
        
        298.00000000
        NS
        USD
        79670.30000000
        1.354122896923
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trimble Inc
        549300E2MI7NSZFQWS19
        Trimble Inc
        896239100
        
          
        
        999.00000000
        NS
        USD
        72067.86000000
        1.224907391565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        O'Reilly Automotive Inc
        549300K2RLMQL149Q332
        O'Reilly Automotive Inc
        67103H107
        
          
        
        104.00000000
        NS
        USD
        71235.84000000
        1.210765894261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crown Castle International Corp
        54930012H97VSM0I2R19
        Crown Castle International Corp
        22822V101
        
          
        
        716.00000000
        NS
        USD
        132173.60000000
        2.246499613140
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Hills Corp
        3MGELCRSTNSAMJ962671
        Black Hills Corp
        092113AH2
        
          
        
        45000.00000000
        PA
        USD
        45860.67000000
        0.779474701554
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-11-30
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN CAMPUS CMNTYS
        RDKVCX5HITZ2GPIR7153
        American Campus Communities Operating Partnership LP
        024836AB4
        
          
        
        20000.00000000
        PA
        USD
        20361.00000000
        0.346067434216
        Long
        DBT
        
        US
        N
        
        2
        
          2024-07-01
          Fixed
          4.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Unum Group
        549300E32YFDO6TZ8R31
        Unum Group
        91529YAK2
        
          
        
        25000.00000000
        PA
        USD
        25354.03000000
        0.430931884934
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FEDERAL FARM CREDIT BANK
        N/A
        Federal Farm Credit Banks Funding Corp
        3133EJ2D0
        
          
        
        18000.00000000
        PA
        USD
        18994.28000000
        0.322837863778
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2028-12-06
          Fixed
          3.43000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Corning Inc
        549300X2937PB0CJ7I56
        Corning Inc
        219350105
        
          
        
        2495.00000000
        NS
        USD
        92090.45000000
        1.565223012000
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DISH DBS CORP
        N/A
        DISH DBS Corp
        25470XBE4
        
          
        
        45000.00000000
        PA
        USD
        42862.50000000
        0.728516055159
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-12-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Castle Sanitation Authority
        N/A
        NEW CASTLE PA SANTN AUTH
        643476ER1
        
          
        
        25000.00000000
        PA
        USD
        23401.45000000
        0.397744696156
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-06-01
          Fixed
          1.16000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INTERCONTINENTALEXCHANGE
        5493000F4ZO33MV32P92
        Intercontinental Exchange Inc
        45866FAD6
        
          
        
        70000.00000000
        PA
        USD
        71582.83000000
        1.216663538728
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SBA Tower Trust
        N/A
        SBA Tower Trust
        78403DAN0
        
          
        
        35000.00000000
        PA
        USD
        34429.92000000
        0.585191006074
        Long
        ABS-O
        
        US
        Y
        
        2
        
          2025-01-15
          Fixed
          2.84000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TENN VALLEY AUTHORITY
        549300HE1ISW43LNKM54
        Tennessee Valley Authority
        880591DM1
        
          
        
        25000.00000000
        PA
        USD
        32994.29000000
        0.560790201075
        Long
        DBT
        USGA
        US
        N
        
        2
        
          2030-05-01
          Fixed
          7.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FB Financial Corp
        5493000B2LD2C2A6C435
        FB Financial Corp
        30257X104
        
          
        
        628.00000000
        NS
        USD
        27895.76000000
        0.474132610810
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TENN VALLEY AUTHORITY
        549300HE1ISW43LNKM54
        Tennessee Valley Authority
        880591ER9
        
          
        
        99000.00000000
        PA
        USD
        99703.47000000
        1.694618341210
        Long
        DBT
        USGA
        US
        N
        
        2
        
          2024-09-15
          Fixed
          2.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hershey Co/The
        21X2CX66SU2BR6QTAD08
        Hershey Co/The
        427866108
        
          
        
        520.00000000
        NS
        USD
        112647.60000000
        1.914624326047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRUIST FINANCIAL CORP
        549300DRQQI75D2JP341
        Truist Financial Corp
        05531GAB7
        
          
        
        35000.00000000
        PA
        USD
        35661.33000000
        0.606120768815
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-03-19
          Fixed
          3.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diodes Inc
        549300XP2X1ARVH3BX23
        Diodes Inc
        254543101
        
          
        
        789.00000000
        NS
        USD
        68635.11000000
        1.166562369965
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SBA TOWER TRUST
        N/A
        SBA Tower Trust
        78403DAX8
        
          
        
        52000.00000000
        PA
        USD
        47325.57000000
        0.804372996548
        Long
        DBT
        
        US
        Y
        
        2
        
          2031-10-15
          Fixed
          2.59000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Community Healthcare Trust Inc
        549300FATSRCMKOV9536
        Community Healthcare Trust Inc
        20369C106
        
          
        
        521.00000000
        NS
        USD
        21991.41000000
        0.373778833726
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb INA Holdings Inc
        CZCBJZWDMLTHWJDXU843
        Chubb INA Holdings Inc
        00440EAS6
        
          
        
        33000.00000000
        PA
        USD
        33350.14000000
        0.566838435271
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-15
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CNH INDUSTRIAL CAP LLC
        549300PNSJ5B81UMVO28
        CNH Industrial Capital LLC
        12592BAM6
        
          
        
        17000.00000000
        PA
        USD
        15609.38000000
        0.265306128692
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          1.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Xylem Inc/NY
        549300DF5MV96DRYLQ48
        Xylem Inc/NY
        98419M100
        
          
        
        171.00000000
        NS
        USD
        14579.46000000
        0.247801007537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GLOBE LIFE INC
        5493001JFHKQOPP6XA71
        Globe Life Inc
        891027AS3
        
          
        
        33000.00000000
        PA
        USD
        34302.62000000
        0.583027341009
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-09-15
          Fixed
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        92800.06000000
        NS
        USD
        92800.06000000
        1.577283957533
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FEDERAL FARM CREDIT BANK
        N/A
        Federal Farm Credit Banks Funding Corp
        3133EMDZ2
        
          
        
        200000.00000000
        PA
        USD
        185706.97000000
        3.156384000001
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2025-10-21
          Fixed
          0.52000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Grey Forest TX
        N/A
        GREY FOREST TX GAS SYS REVENUE
        397878BK4
        
          
        
        30000.00000000
        PA
        USD
        28472.42000000
        0.483933860583
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-02-01
          Fixed
          1.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Air Transport Services Group Inc
        5493000F3MSFGIXTQE27
        Air Transport Services Group Inc
        00922R105
        
          
        
        1588.00000000
        NS
        USD
        53118.60000000
        0.902834713971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CSX Corp
        549300JVQR4N1MMP3Q88
        CSX Corp
        126408103
        
          
        
        2232.00000000
        NS
        USD
        83588.40000000
        1.420717210267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cable One Inc
        549300648QS85T0XSH18
        Cable One Inc
        12685J105
        
          
        
        44.00000000
        NS
        USD
        64426.56000000
        1.095031398978
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHOICE HOTELS INTL INC
        5493003CYRY5RFGTIR97
        Choice Hotels International Inc
        169905AG1
        
          
        
        25000.00000000
        PA
        USD
        24309.00000000
        0.413169945403
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-01-15
          Fixed
          3.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MURPHY OIL CORP
        QBKYQD0ODE7DC7PDIN91
        Murphy Oil Corp
        626717AN2
        
          
        
        35000.00000000
        PA
        USD
        36400.00000000
        0.618675635061
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-15
          Fixed
          6.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LABORATORY CORP OF AMER
        OZ7UA8IXAIFILY2VZH07
        Laboratory Corp of America Holdings
        50540RAV4
        
          
        
        18000.00000000
        PA
        USD
        17638.16000000
        0.299788457123
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-12-01
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        Sherwin-Williams Co/The
        824348106
        
          
        
        208.00000000
        NS
        USD
        51920.96000000
        0.882478925851
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN INTL GROUP
        ODVCVCQG2BP6VHV36M30
        American International Group Inc
        026874DR5
        
          
        
        36000.00000000
        PA
        USD
        35902.20000000
        0.610214735854
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-30
          Fixed
          3.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Deere & Co
        PWFTNG3EI0Y73OXWDH08
        Deere & Co
        244199105
        
          
        
        346.00000000
        NS
        USD
        143749.16000000
        2.443244583860
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T BANK CORPORATION
        549300WYXDDBYRASEG81
        M&T Bank Corp
        55261FAJ3
        
          
        
        58000.00000000
        PA
        USD
        58649.84000000
        0.996846895830
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-07-26
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FARM 2021-1 Mortgage Trust
        N/A
        FARM 21-1 Mortgage Trust
        30768WAA6
        
          
        
        28127.96000000
        PA
        USD
        26084.24000000
        0.443342960084
        Long
        ABS-MBS
        USGSE
        US
        Y
        
        2
        
          2051-01-25
          Variable
          2.18000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SBA TOWER TRUST
        N/A
        SBA Tower Trust
        78403DAT7
        
          
        
        60000.00000000
        PA
        USD
        56384.68000000
        0.958346915019
        Long
        ABS-O
        
        US
        Y
        
        2
        
          2026-11-15
          Fixed
          1.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ubiquiti Inc
        N/A
        Ubiquiti Inc
        90353W103
        
          
        
        91.00000000
        NS
        USD
        26495.56000000
        0.450333994761
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allstate Corp/The
        OBT0W1ED8G0NWVOLOJ77
        Allstate Corp/The
        020002101
        
          
        
        257.00000000
        NS
        USD
        35597.07000000
        0.605028568367
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Geisinger Authority
        N/A
        GEISINGER PA AUTH HLTH SYS REVENUE
        368497KC6
        
          
        
        20000.00000000
        PA
        USD
        18641.86000000
        0.316847927863
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-04-01
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malibu Boats Inc
        N/A
        Malibu Boats Inc
        56117J100
        
          
        
        278.00000000
        NS
        USD
        16126.78000000
        0.274100160933
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LHC Group Inc
        5299009NPLWAMRQYZX73
        LHC Group Inc
        50187A107
        
          
        
        287.00000000
        NS
        USD
        48388.20000000
        0.822434075946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JB Hunt Transport Services Inc
        549300XCD1MPI1C5GK90
        JB Hunt Transport Services Inc
        445658107
        
          
        
        223.00000000
        NS
        USD
        44776.17000000
        0.761041906877
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KOHL'S CORPORATION
        549300JF6LPRTRJ0FH50
        Kohl's Corp
        500255AS3
        
          
        
        8000.00000000
        PA
        USD
        7951.36000000
        0.135145953230
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FEDERAL FARM CREDIT BANK
        N/A
        Federal Farm Credit Banks Funding Corp
        3133EMXP2
        
          
        
        195000.00000000
        PA
        USD
        181574.21000000
        3.086141200068
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2027-04-28
          Fixed
          1.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BLOCK INC
        549300OHIIUWSTIZME52
        Block Inc
        852234AL7
        
          
        
        69000.00000000
        PA
        USD
        65220.18000000
        1.108520227480
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-06-01
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shenandoah Telecommunications Co
        549300XH3H4OUKFPHS84
        Shenandoah Telecommunications Co
        82312B106
        
          
        
        749.00000000
        NS
        USD
        17661.42000000
        0.300183797653
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNH Equipment Trust
        N/A
        CNH Equipment Trust 2022-A
        12660DAB3
        
          
        
        100000.00000000
        PA
        USD
        99997.76000000
        1.699620265733
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          2.39000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Casella Waste Systems Inc
        8EU0XUFVJ48U37IIDH51
        Casella Waste Systems Inc
        147448104
        
          
        
        518.00000000
        NS
        USD
        45402.70000000
        0.771690776263
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bunge Ltd Finance Corp
        549300QHC068L40NNM71
        Bunge Ltd Finance Corp
        120568AZ3
        
          
        
        10000.00000000
        PA
        USD
        10052.43000000
        0.170856964674
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-09-25
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Choice Hotels International Inc
        5493003CYRY5RFGTIR97
        Choice Hotels International Inc
        169905106
        
          
        
        549.00000000
        NS
        USD
        77826.24000000
        1.322780177374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        City of Wichita KS Water & Sewer Utility Revenue
        N/A
        WICHITA KS WTR & SWR UTILITY REVENUE
        967338J96
        
          
        
        10000.00000000
        PA
        USD
        10134.28000000
        0.172248135024
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-10-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANSYS Inc
        549300VJV8H15Z5FJ571
        ANSYS Inc
        03662Q105
        
          
        
        321.00000000
        NS
        USD
        101965.65000000
        1.733067672202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Synovus Financial Corp
        549300EIUS8UN5JTLE54
        Synovus Financial Corp
        87161CAL9
        
          
        
        21000.00000000
        PA
        USD
        21088.57000000
        0.358433638386
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-01
          Fixed
          3.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JB HUNT TRANSPRT SVCS
        549300XCD1MPI1C5GK90
        JB Hunt Transport Services Inc
        445658CF2
        
          
        
        23000.00000000
        PA
        USD
        23415.69000000
        0.397986727504
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-01
          Fixed
          3.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Integer Holdings Corp
        549300SUD2ED5XG6X569
        Integer Holdings Corp
        45826H109
        
          
        
        678.00000000
        NS
        USD
        54626.46000000
        0.928463182188
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Uniti Group Inc
        549300V3NU625PJUVA84
        Uniti Group Inc
        91325V108
        
          
        
        2119.00000000
        NS
        USD
        29157.44000000
        0.495576860130
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        Glacier Bancorp Inc
        37637Q105
        
          
        
        1061.00000000
        NS
        USD
        53347.08000000
        0.906718093342
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LABORATORY CORP OF AMER
        OZ7UA8IXAIFILY2VZH07
        Laboratory Corp of America Holdings
        50540RAX0
        
          
        
        43000.00000000
        PA
        USD
        40038.58000000
        0.680519063418
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-01
          Fixed
          1.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp
        03027XAU4
        
          
        
        60000.00000000
        PA
        USD
        60080.06000000
        1.021155749313
        Long
        DBT
        
        US
        N
        
        2
        
          2029-03-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        Ginnie Mae II Pool
        3622AA3J1
        
          
        
        32412.86000000
        PA
        USD
        31564.46000000
        0.536487976259
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2050-10-20
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mohawk Industries Inc
        549300JI1115MG3Q6322
        Mohawk Industries Inc
        608190AJ3
        
          
        
        10000.00000000
        PA
        USD
        10071.99000000
        0.171189417845
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-01
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STEEL DYNAMICS INC
        549300HGGKEL4FYTTQ83
        Steel Dynamics Inc
        858119BL3
        
          
        
        23000.00000000
        PA
        USD
        22233.42000000
        0.377892176870
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yellowstone County School District No 2 Billings
        N/A
        YELLOWSTONE CNTY MT SCH DIST #2
        985743RP0
        
          
        
        15000.00000000
        PA
        USD
        14014.26000000
        0.238194538610
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-06-15
          Fixed
          2.22000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arko Corp
        N/A
        Arko Corp
        041242108
        
          
        
        3190.00000000
        NS
        USD
        29029.00000000
        0.493393818961
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRACTOR SUPPLY CO
        549300OJ9VZHZRO6I137
        Tractor Supply Co
        892356AA4
        
          
        
        36000.00000000
        PA
        USD
        30922.90000000
        0.525583648226
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-11-01
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American International Group Inc
        ODVCVCQG2BP6VHV36M30
        American International Group Inc
        026874784
        
          
        
        536.00000000
        NS
        USD
        33644.72000000
        0.571845288803
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fastenal Co
        529900PP0C7H2HHPSJ32
        Fastenal Co
        311900104
        
          
        
        1915.00000000
        NS
        USD
        113751.00000000
        1.933378356149
        Long
        EC
        CORP
        US
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      2022-04-29
      Homestead Funds Trust
      Amy DiMauro
      Amy DiMauro
      Treasurer
    
  
  XXXX
Fund Holdings
March 31, 2022
Our Funds
Daily Income Fund (HDIXX)
Short-Term Government Securities Fund (HOSGX)
Short-Term Bond Fund (HOSBX)
Intermediate Bond Fund (HOIBX)
Rural America Growth & Income Fund (HRRLX)
Stock Index Fund (HSTIX)
Value Fund (HOVLX)
Growth Fund (HNASX)
International Equity Fund (HISIX)
Small-Company Stock Fund (HSCSX)
 
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Table of Contents
Portfolio of Investments
Daily Income Fund  |  March 31, 2022  |  (Unaudited)
U.S. Government & Agency Obligations | 93.7% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Federal Farm Credit Bank  0.28%(a)  11/16/22  $1,000,000  $999,987
Federal Farm Credit Bank  0.31(a)  05/19/23  1,000,000  1,000,000
Federal Farm Credit Bank  0.30(a)  06/14/23  500,000  500,000
Federal Farm Credit Bank  0.29(a)  06/23/23  500,000  499,974
Federal Farm Credit Bank  0.30(a)  09/18/23  500,000  500,000
Federal Farm Credit Bank  0.31(a)  09/20/23  1,000,000  1,000,000
Federal Farm Credit Bank  0.32(a)  09/29/23  1,000,000  1,000,000
Federal Farm Credit Bank  0.33(a)  11/07/23  500,000  500,000
Federal Farm Credit Bank  0.31(a)  12/15/23  500,000  499,957
Federal Farm Credit Bank  0.34(a)  01/04/24  500,000  500,000
Federal Farm Credit Bank  0.33(a)  01/10/24  500,000  500,000
Federal Farm Credit Bank  0.31(a)  01/25/24  500,000  500,000
Federal Farm Credit Bank  0.32(a)  03/15/24  500,000  500,000
Federal Home Loan Bank  0.33(a)  05/12/22  6,000,000  6,000,421
Federal Home Loan Bank  0.27(a)  05/18/22  2,000,000  2,000,000
Federal Home Loan Bank  0.28(a)  08/05/22  1,000,000  1,000,000
U.S. Treasury Bill  0.22  04/12/22  11,000,000  10,999,235
U.S. Treasury Bill  0.23  04/19/22  15,000,000  14,998,335
U.S. Treasury Bill  0.17  04/21/22  4,000,000  3,999,617
U.S. Treasury Bill  0.16  04/26/22  7,000,000  6,999,210
U.S. Treasury Bill  0.19  04/28/22  1,000,000  999,858
U.S. Treasury Bill  0.21  05/03/22  7,000,000  6,998,724
U.S. Treasury Bill  0.24  05/05/22  4,000,000  3,999,093
U.S. Treasury Bill  0.27  05/10/22  3,000,000  2,999,121
U.S. Treasury Bill  0.29  05/12/22  6,000,000  5,998,018
U.S. Treasury Bill  0.28  05/17/22  10,000,000  9,996,512
U.S. Treasury Bill  0.30  05/24/22  5,000,000  4,997,821
U.S. Treasury Bill  0.39  05/26/22  7,000,000  6,995,936
U.S. Treasury Bill  0.29  05/31/22  3,000,000  2,998,575
U.S. Treasury Bill  0.32  06/02/22  6,000,000  5,996,745
U.S. Treasury Bill  0.35  06/07/22  3,000,000  2,998,102
U.S. Treasury Bill  0.39  06/09/22  6,000,000  5,995,630
U.S. Treasury Bill  0.37  06/16/22  6,500,000  6,495,028
U.S. Treasury Bill  0.56  06/21/22  3,000,000  2,996,288
U.S. Treasury Bill  0.49  06/23/22  6,000,000  5,993,360
U.S. Treasury Bill  0.58  06/28/22  1,000,000  998,607
U.S. Treasury Bill  0.61  06/30/22  6,000,000  5,990,925
U.S. Treasury Bill  0.54  07/05/22  3,000,000  2,995,765
U.S. Treasury Bill  0.08  07/14/22  1,000,000  999,783
U.S. Treasury Bill  0.68  07/19/22  3,000,000  2,993,960
U.S. Treasury Bill  0.72  07/26/22  2,000,000  1,995,424
U.S. Treasury Bill  0.82  08/02/22  2,000,000  1,994,678
U.S. Treasury Bill  0.08  08/11/22  5,000,000  4,998,533
U.S. Treasury Bill  0.72  08/25/22  2,000,000  1,994,241
U.S. Treasury Note  0.66(a)  07/31/22  4,000,000  4,000,605
U.S. Treasury Note  2.00  07/31/22  2,000,000  2,012,661
U.S. Treasury Note  0.65(a)  01/31/23  6,000,000  6,001,219
U.S. Treasury Note  0.64(a)  04/30/23  4,100,000  4,100,197
U.S. Treasury Note  0.63(a)  07/31/23  3,500,000  3,500,040
U.S. Treasury Note  0.64(a)  10/31/23  5,500,000  5,500,152
U.S. Treasury Note  0.59(a)  01/31/24  500,000  499,842
Total U.S. Government & Agency Obligations        
(Cost $181,532,179)        181,532,179
    
                
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Table of Contents
Portfolio of Investments  |  Daily Income Fund  |  March 31, 2022  |  (Unaudited)  |  (Continued)
Money Market Fund | 6.3% of portfolio
  Interest Rate /Yield   Shares Value
State Street Institutional U.S. Government Money Market Fund Premier Class  0.25%(b)    12,250,433  $12,250,433
Total Money Market Fund        
(Cost $12,250,433)        12,250,433
Total Investments in Securities        
(Cost $193,782,612) | 100.0%        $193,782,612
(a) Variable coupon rate as of March 31, 2022.
(b) 7-day yield at March 31, 2022.
At March 31, 2022, the cost of investment securities for tax purposes was $193,782,612. There were no unrealized gains or losses.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Daily Income Fund Level 1 Level 2 Level 3 Total
U.S. Government & Agency Obligations
$ — $181,532,179 $ — $181,532,179
Money Market Fund
12,250,433 — — 12,250,433
Total $12,250,433 $181,532,179 $ — $193,782,612
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Table of Contents
Portfolio of Investments
Short-Term Government Securities Fund  |  March 31, 2022  |  (Unaudited)
U.S. Government & Agency Obligations | 54.0% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Export-Import Bank of the U.S.  1.90%  07/12/24  $784,847  $780,395
Export-Import Bank of the U.S.  1.73  09/18/24  1,923,646  1,906,078
Export-Import Bank of the U.S.  1.58  11/16/24  141,335  139,596
Export-Import Bank of the U.S.  2.54  07/13/25  173,177  172,600
Export-Import Bank of the U.S.  2.33  01/14/27  224,999  218,853
Private Export Funding Corp.  1.75  11/15/24  1,000,000  974,992
U.S. Department of Housing & Urban Development  6.12  08/01/22  10,000  10,188
U.S. Department of Housing & Urban Development  5.77  08/01/26  46,000  46,571
U.S. International Development Finance Corp.  2.22(a)  01/24/25  2,000,000  2,079,246
U.S. International Development Finance Corp.  1.27(a)  06/21/25  1,000,000  977,342
U.S. International Development Finance Corp.  0.00(b)  07/17/25  1,000,000  945,698
U.S. International Development Finance Corp.  0.00(b)  01/17/26  700,000  724,880
U.S. International Development Finance Corp.  1.11  05/15/29  1,000,000  940,005
U.S. International Development Finance Corp.  2.36  10/15/29  1,787,412  1,754,261
U.S. International Development Finance Corp.  1.05  10/15/29  1,787,412  1,666,830
U.S. International Development Finance Corp.  1.24  08/15/31  1,500,000  1,390,320
U.S. Treasury Note  1.50  02/29/24  9,230,000  9,095,516
U.S. Treasury Note  0.25  07/31/25  12,555,000  11,639,858
U.S. Treasury Note  1.88  02/28/27  880,000  856,419
U.S. Treasury Note  0.75  01/31/28  4,465,000  4,050,243
Total U.S. Government & Agency Obligations        
(Cost $41,188,577)        40,369,891
    
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 38.6% of portfolio
Consumer Discretionary | 0.1%    
Ethiopian Leasing (2012) LLC  2.68  07/30/25  65,793  65,717
Total Consumer Discretionary        65,717
Energy | 12.3%    
Petroleos Mexicanos  1.95  12/20/22  0  0
Petroleos Mexicanos  1.70  12/20/22  57,000  56,927
Petroleos Mexicanos  2.38  04/15/25  567,350  564,964
Petroleos Mexicanos  0.59(c)  04/15/25  2,112,500  2,113,492
Petroleos Mexicanos  2.46  12/15/25  694,000  689,616
Reliance Industries Ltd.  2.06  01/15/26  2,163,200  2,131,121
Reliance Industries Ltd.  1.87  01/15/26  2,787,368  2,735,695
Reliance Industries Ltd.  2.44  01/15/26  875,789  869,464
Total Energy        9,161,279
Financials | 26.2%    
CES MU2 LLC  1.99  05/13/27  1,714,175  1,673,464
Durrah MSN 35603  1.68  01/22/25  560,883  554,227
DY8 Leasing LLC  2.63  04/29/26  177,083  176,368
DY9 Leasing LLC  2.37  03/19/27  619,339  611,246
Export Lease Eleven Co. LLC  0.58(c)  07/30/25  65,142  65,112
Helios Leasing II LLC  2.67  03/18/25  1,731,715  1,730,791
HNA 2015 LLC  2.29  06/30/27  251,817  247,388
HNA 2015 LLC  2.37  09/18/27  147,891  145,251
KE Export Leasing 2013-A LLC  0.75(c)  02/25/25  1,852,355  1,850,893
Lulwa Ltd.  1.89  02/15/25  1,115,812  1,105,176
Lulwa Ltd.  1.83  03/26/25  352,621  348,692
MSN 41079 and 41084 Ltd.  1.72  07/13/24  1,900,494  1,882,093
MSN 41079 and 41084 Ltd.  1.63  12/14/24  490,570  484,514
Osprey Aircraft Leasing LLC  2.21  06/21/25  120,405  119,423
Penta Aircraft Leasing 2013 LLC  1.69  04/29/25  570,478  561,743
                
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Table of Contents
Portfolio of Investments  |  Short-Term Government Securities Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 38.6% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Financials | 26.2% (Continued)    
Pluto Aircraft Leasing LLC  0.53%(c)  02/07/23  $969,692  $968,578
Rimon LLC  2.45  11/01/25  168,750  167,764
Safina Ltd.  2.00  12/30/23  722,085  719,937
Salmon River Export LLC  2.19  09/15/26  791,862  782,176
Sandalwood 2013 LLC  2.84  07/10/25  258,203  258,830
Sandalwood 2013 LLC  2.82  02/12/26  333,269  333,294
Santa Rosa Leasing LLC  1.69  08/15/24  149,930  148,665
Santa Rosa Leasing LLC  1.47  11/03/24  246,503  243,153
Thirax 1 LLC  0.97  01/14/33  1,844,017  1,649,081
VCK Lease SA  2.59  07/24/26  51,524  51,229
Washington Aircraft 2 Co. DAC  1.40(c)  06/26/24  2,716,274  2,722,454
Total Financials        19,601,542
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States        
(Cost $29,432,334)        28,828,538
Asset-Backed Securities | 4.0% of portfolio
American Credit Acceptance Receivables Trust 22-1A (d)  0.99  12/15/25  232,746  231,304
Carvana Auto Receivables Trust 20-N1A (d)  2.01  03/17/25  123,290  123,292
Consumer Loan Underlying Bond 19-HP1 (d)  2.59  12/15/26  3,903  3,905
Credit Acceptance Auto Loan Trust 20-3A (d)  1.24  10/15/29  250,000  245,912
First Investors Auto Owner Trust 21-2A (d)  0.48  03/15/27  142,977  140,056
Freedom Financial 21-2 (d)  0.68  06/19/28  18,409  18,382
GLS Auto Receivables Trust 21-3A (d)  0.42  01/15/25  95,528  94,580
GLS Auto Receivables Trust 21-4 (d)  0.84  07/15/25  169,149  167,566
Gracie Point International Fund 21-1 (d)  0.86(c)  11/01/23  205,967  205,407
LAD Auto Receivables Trust 21-1 (d)  1.30  08/17/26  229,852  225,230
Marlette Funding Trust 21-1 (d)  0.60  06/16/31  78,221  77,906
Oasis Securitisation 21-1A (d)  2.58  02/15/33  108,850  108,554
Oasis Securitisation 21-2A (d)  2.14  10/15/33  254,290  251,574
SBA Tower Trust (d)  3.45  03/15/23  290,000  290,041
SBA Tower Trust (d)  2.84  01/15/25  250,000  245,928
United Auto Credit Securitization Trust 22-1A (d)  1.11  07/10/24  180,301  179,826
Upstart Securitization Trust 21-3 (d)  0.83  07/20/31  102,298  100,460
Westgate Resorts 22-1A (d)  2.29  08/20/36  288,375  280,021
Total Asset-Backed Securities        
(Cost $3,032,661)        2,989,944
Corporate Bonds–Other | 1.4% of portfolio
Financials | 1.4%    
Athene Global Funding (d)  2.50  01/14/25  100,000  97,055
J.P. Morgan Chase & Co.  1.04(c)  02/04/27  100,000  91,632
Main Street Capital Corp.  3.00  07/14/26  415,000  384,762
Owl Rock Capital Corp. III (d)  3.13  04/13/27  250,000  221,149
Owl Rock Core Income Corp. (d)  3.13  09/23/26  250,000  225,883
Total Financials        1,020,481
Total Corporate Bonds–Other        
(Cost $1,114,464)        1,020,481
    
4
                
Table of Contents
Portfolio of Investments  |  Short-Term Government Securities Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
Mortgage-Backed Security | 0.8% of portfolio
  Interest Rate /Yield Maturity Date Face Amount Value
GNMA 21-8  1.00%  01/20/50  $625,816  $569,725
Total Mortgage-Backed Security        
(Cost $626,295)        569,725
    
Municipal Bonds | 0.5% of portfolio
New York | 0.2%    
Suffolk County New York  0.90  06/15/22  100,000  99,912
Suffolk County New York  1.05  06/15/23  100,000  98,542
Total New York        198,454
Texas | 0.3%    
Harris County Texas Cultural Education Facilities Finance Corp.  1.45  11/15/22  200,000  199,836
Total Texas        199,836
Total Municipal Bonds        
(Cost $400,000)        398,290
    
Money Market Fund | 0.7% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund Premier Class  0.25(e)    549,421  549,421
Total Money Market Fund        
(Cost $549,421)        549,421
Total Investments in Securities        
(Cost $76,343,752) | 100.0%        $74,726,290
(a) Interest is paid at maturity.
(b) Zero coupon rate, purchased at a discount.
(c) Variable coupon rate as of March 31, 2022.
(d) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $3,534,031 and represents 4.7% of total investments.
(e) 7-day yield at March 31, 2022.
LLC - Limited Liability Company
SA - Sociedad Anonima or Societe Anonyme
DAC - Designated Activity Company
At March 31, 2022, the cost of investment securities for tax purposes was $76,343,752. Net unrealized depreciation of investment securities was $1,617,462 consisting of unrealized gains of $49,790 and unrealized losses of $1,667,252.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
                
5
Table of Contents
Portfolio of Investments  |  Short-Term Government Securities Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Short-Term Government Securities Fund Level 1 Level 2 Level 3 Total
U.S. Government & Agency Obligations
$ — $40,369,891 $ — $40,369,891
Corporate Bonds Guaranteed by Export-Import Bank of the United States
— 28,828,538 — 28,828,538
Asset-Backed Securities
— 2,989,944 — 2,989,944
Corporate Bonds–Other
— 1,020,481 — 1,020,481
Mortgage-Backed Security
— 569,725 — 569,725
Municipal Bonds
— 398,290 — 398,290
Money Market Fund
549,421 — — 549,421
Total $549,421 $74,176,869 $ — $74,726,290
6
                
Table of Contents
Portfolio of Investments
Short-Term Bond Fund  |  March 31, 2022  |  (Unaudited)
U.S. Government & Agency Obligations | 36.1% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
U.S. Department of Housing & Urban Development  6.12%  08/01/22  $10,000  $10,188
U.S. International Development Finance Corp.  0.67(a)  04/23/29  1,230,000  1,168,161
U.S. International Development Finance Corp.  2.36  10/15/29  755,182  741,175
U.S. International Development Finance Corp.  1.05  10/15/29  1,085,853  1,012,599
U.S. Treasury Note  0.64(b)  10/31/23  15,900,000  15,928,646
U.S. Treasury Note  1.50  02/29/24  54,132,000  53,343,280
U.S. Treasury Note  1.75  03/15/25  55,702,000  54,522,684
U.S. Treasury Note  0.25  07/31/25  54,405,000  50,439,386
U.S. Treasury Note  1.88  02/28/27  15,990,000  15,561,518
Total U.S. Government & Agency Obligations        
(Cost $193,966,002)        192,727,637
    
Corporate Bonds–Other | 30.3% of portfolio
Communication Services | 1.5%    
Magallanes, Inc. (c)  3.43  03/15/24  850,000  854,660
Magallanes, Inc. (c)  3.76  03/15/27  1,355,000  1,352,533
Sprint Spectrum Co. LLC (c)  4.74  03/20/25  1,500,000  1,531,494
Verizon Communications Inc.  0.85  11/20/25  1,700,000  1,572,800
Verizon Communications Inc.  3.00  03/22/27  2,500,000  2,470,792
Total Communication Services        7,782,279
Consumer Discretionary | 1.2%    
Daimler Finance N.A. LLC (c)  3.30  05/19/25  920,000  918,100
Daimler Trucks Financial N.A. LLC (c)  1.63  12/13/24  1,500,000  1,432,096
Daimler Trucks Financial N.A. LLC (c)  3.50  04/07/25  1,255,000  1,253,619
US Airways 2013 1A PTT  3.95  05/15/27  3,057,667  2,920,366
Total Consumer Discretionary        6,524,181
Consumer Staples | 0.9%    
7-Eleven, Inc. (c)  0.63  02/10/23  1,000,000  984,424
7-Eleven, Inc. (c)  0.80  02/10/24  1,090,000  1,047,094
7-Eleven, Inc. (c)  0.95  02/10/26  800,000  727,102
Altria Group, Inc.  4.40  02/14/26  2,055,000  2,125,650
Total Consumer Staples        4,884,270
Energy | 2.8%    
Cheniere Corpus Christi Holdings LLC  5.13  06/30/27  2,000,000  2,131,854
Energy Transfer Operating LP  4.50  04/15/24  1,100,000  1,125,486
Energy Transfer Operating LP  2.90  05/15/25  2,900,000  2,836,639
Midwest Connector Capital Co. LLC (c)  3.63  04/01/22  2,176,000  2,176,000
Midwest Connector Capital Co. LLC (c)  3.90  04/01/24  3,270,000  3,280,248
Phillips 66 Co.  1.30  02/15/26  1,500,000  1,401,707
Pioneer Natural Resources Co.  1.13  01/15/26  2,000,000  1,854,785
Total Energy        14,806,719
Financials | 14.6%    
Antares Holdings LP  2.75  01/15/27  1,000,000  878,888
Athene Global Funding (c)  2.50  01/14/25  5,715,000  5,546,683
Bank of America Corp.  4.00  01/22/25  1,210,000  1,232,155
Bank of America Corp.  3.95  04/21/25  2,210,000  2,251,973
Bank of America Corp.  2.46(b)  10/22/25  2,200,000  2,161,721
Bank of America Corp.  2.02(b)  02/13/26  2,100,000  2,021,354
Bank of America Corp.  1.32(b)  06/19/26  2,100,000  1,968,059
                
7
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 30.3% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Financials | 14.6% (Continued)    
Bank of America Corp.  1.20%(b)  10/24/26  $920,000  $850,250
BOC Aviation (USA) Corp. (c)  1.63  04/29/24  2,100,000  2,017,155
Capital Southwest Corp.  3.38  10/01/26  1,355,000  1,321,125
Citigroup Inc.  7.00  12/01/25  4,000,000  4,455,784
Citigroup Inc.  3.11(b)  04/08/26  1,800,000  1,784,701
CNO Global Funding (c)  1.65  01/06/25  1,125,000  1,071,218
F&G Global Funding (c)  1.75  06/30/26  2,500,000  2,323,596
Fidus Investment Corp.  4.75  01/31/26  304,000  306,243
Fidus Investment Corp.  3.50  11/15/26  693,000  663,821
GA Global Funding Trust (c)  0.80  09/13/24  920,000  861,610
GA Global Funding Trust (c)  2.25  01/06/27  2,370,000  2,212,405
Goldman Sachs Group, Inc.  3.50  04/01/25  2,065,000  2,080,401
Goldman Sachs Group, Inc.  2.64(b)  02/24/28  930,000  889,198
Goldman Sachs Group, Inc.  3.62(b)  03/15/28  572,000  571,199
J.P. Morgan Chase & Co.  4.02(b)  12/05/24  1,225,000  1,244,610
J.P. Morgan Chase & Co.  2.30(b)  10/15/25  2,130,000  2,086,093
J.P. Morgan Chase & Co.  2.08(b)  04/22/26  2,055,000  1,983,086
J.P. Morgan Chase & Co.  1.04(b)  02/04/27  910,000  833,849
Main Street Capital Corp.  5.20  05/01/24  1,271,000  1,297,010
Main Street Capital Corp.  3.00  07/14/26  3,502,000  3,246,832
Morgan Stanley  3.74(b)  04/24/24  1,020,000  1,030,094
Morgan Stanley  2.63(b)  02/18/26  1,365,000  1,338,984
Morgan Stanley  2.19(b)  04/28/26  425,000  410,537
Morgan Stanley  1.51(b)  07/20/27  865,000  795,111
Owl Rock Capital Corp. III (c)  3.13  04/13/27  2,320,000  2,052,263
Owl Rock Core Income Corp. (c)  3.13  09/23/26  4,955,000  4,477,014
Owl Rock Technology Finance Corp.  2.50  01/15/27  1,415,000  1,277,930
Santander Holdings USA, Inc.  2.49(b)  01/06/28  1,000,000  933,001
SCE Recovery Funding LLC  0.86  11/15/31  1,813,732  1,632,932
Security Benefit Global Funding (c)  1.25  05/17/24  4,000,000  3,822,445
Volkswagen Group of America Finance LLC (c)  1.25  11/24/25  6,555,000  6,041,875
Wells Fargo & Co.  2.16(b)  02/11/26  3,270,000  3,162,968
Wells Fargo & Co.  2.19(b)  04/30/26  2,120,000  2,045,043
Wells Fargo & Co.  3.53(b)  03/24/28  915,000  913,162
Total Financials        78,094,378
Health Care | 1.5%    
AmerisourceBergen Corp.  0.74  03/15/23  5,000,000  4,926,356
Baylor Scott & White Holdings  0.83  11/15/25  1,000,000  922,612
Bio-Rad Laboratories, Inc.  3.30  03/15/27  500,000  491,949
Laboratory Corporation of America Holdings  1.55  06/01/26  2,000,000  1,862,260
Total Health Care        8,203,177
Industrials | 2.9%    
American Airlines Group Inc.  3.60  03/22/29  2,147,361  2,086,845
American Airlines Group Inc.  3.95  01/11/32  1,000,000  904,666
BNSF Railway Co. (c)  3.44  06/16/28  377,757  385,195
Boeing Co. (The)  2.20  02/04/26  3,800,000  3,592,583
Burlington Northern & Santa Fe Railway Co.  4.83  01/15/23  1,642  1,647
Delta Air Lines, Inc. (c)  7.00  05/01/25  965,000  1,033,626
Delta Air Lines, Inc.  7.38  01/15/26  730,000  792,769
Triton Container International Ltd. (c)  1.15  06/07/24  2,110,000  2,001,805
United Airlines, Inc.  5.88  04/15/29  4,375,354  4,528,869
Total Industrials        15,328,005
8
                
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 30.3% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Information Technology | 0.9%    
Harman International Industries Inc.  4.15%  05/15/25  $1,800,000  $1,840,069
Tsmc Arizona Corp.  1.75  10/25/26  3,300,000  3,092,569
Total Information Technology        4,932,638
Materials | 0.6%    
Georgia-Pacific LLC (c)  0.95  05/15/26  1,450,000  1,322,995
Sealed Air Corp. (c)  1.57  10/15/26  2,200,000  2,004,173
Total Materials        3,327,168
Real Estate | 0.2%    
Service Properties Trust  7.50  09/15/25  930,000  975,617
Total Real Estate        975,617
Utilities | 3.2%    
Brooklyn Union Gas Co. (c)  3.41  03/10/26  3,200,000  3,168,175
Entergy Louisiana, LLC  3.78  04/01/25  1,445,000  1,454,553
Metropolitan Edison Co. (c)  4.00  04/15/25  4,250,000  4,227,697
Pacific Gas and Electric Co.  3.75  02/15/24  3,500,000  3,511,768
PPL Electric Utilities Corp.  1.22(b)  09/28/23  1,000,000  995,126
Southern California Edison Co.  1.10  04/01/24  1,850,000  1,785,232
Southern California Edison Co.  1.20  02/01/26  2,065,000  1,899,036
Total Utilities        17,041,587
Total Corporate Bonds–Other        
(Cost $169,876,145)        161,900,019
    
Asset-Backed Securities | 12.4% of portfolio
American Credit Acceptance Receivables Trust 20-3B (c)  1.15  08/13/24  290,891  290,801
American Credit Acceptance Receivables Trust 21-2B (c)  0.68  05/13/25  625,000  620,425
American Credit Acceptance Receivables Trust 21-4B (c)  0.86  02/13/26  1,081,000  1,051,516
American Credit Acceptance Receivables Trust 22-1A (c)  0.99  12/15/25  1,782,831  1,771,786
Avant Credit Card Master Trust 21-1A (c)  1.37  04/15/27  2,500,000  2,375,935
Avid Automobile Receivables Trust 21-1A (c)  0.61  01/15/25  493,023  489,744
Carvana Auto Receivables Trust 20-N1A (c)  2.01  03/17/25  769,332  769,340
CNH Equipment Trust 22-A  2.39  08/15/25  385,000  384,991
Colony American Finance Ltd. 21-2 (c)  1.41  07/15/54  835,687  767,163
Consumer Loan Underlying Bond 19-HP1 (c)  2.59  12/15/26  57,964  57,982
CoreVest American Finance 20-4 (c)  1.17  12/15/52  817,765  758,667
CoreVest American Finance 21-1 (c)  1.57  04/15/53  1,211,317  1,116,629
CoreVest American Finance 21-3 (c)  2.49  10/15/54  2,480,000  2,291,089
CPS Auto Trust 21-B (c)  0.81  12/15/25  920,000  904,238
Credit Acceptance Auto Loan Trust 19-1C (c)  3.94  06/15/28  663,136  664,451
Credit Acceptance Auto Loan Trust 20-1A (c)  2.01  02/15/29  1,496,526  1,496,516
Credit Acceptance Auto Loan Trust 20-2A (c)  1.37  07/16/29  870,000  861,624
Credit Acceptance Auto Loan Trust 20-3A (c)  1.24  10/15/29  2,500,000  2,459,118
Credit Acceptance Auto Loan Trust 21-2A (c)  0.96  02/15/30  1,755,000  1,697,055
Credito Real USA Auto Receivables Trust 21-1 (c)  1.35  02/16/27  1,333,202  1,309,064
DT Auto Owner Trust 18-2D (c)  4.15  03/15/24  75,585  75,850
DT Auto Owner Trust 20-3A (c)  0.54  04/15/24  208,001  207,762
Entergy New Orleans Storm Recovery Fund 15-1  2.67  06/01/27  313,753  310,649
FIC Funding 21-1 (c)  1.13  04/15/33  860,252  851,454
First Investors Auto Owner Trust 21-2A (c)  0.48  03/15/27  1,751,472  1,715,691
Flagship Credit Auto Trust 21-3 (c)  0.36  07/15/27  3,132,805  3,066,082
Foursight Capital Automobile Receivables Trust 22-1A (c)  1.15  09/15/25  585,000  576,735
                
9
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Asset-Backed Securities | 12.4% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Freedom Financial 21-2 (c)  0.68%  06/19/28  $118,824  $118,649
FRTKL 21-SFR1 (c)  1.57  09/17/38  970,000  878,117
GLS Auto Receivables Trust 20-2 (c)  1.58  08/15/24  353,341  353,444
GLS Auto Receivables Trust 20-4 (c)  0.52  02/15/24  85,579  85,549
GLS Auto Receivables Trust 21-3A (c)  0.42  01/15/25  1,286,442  1,273,680
GLS Auto Receivables Trust 21-4 (c)  0.84  07/15/25  2,355,405  2,333,357
Gracie Point International Fund 20-B (c)  1.51(b)  05/02/23  749,971  751,432
Gracie Point International Fund 21-1 (c)  0.86(b)  11/01/23  1,489,764  1,485,712
Gracie Point International Fund 22-1 (c)  2.36(b)  04/01/24  1,496,000  1,496,935
LAD Auto Receivables Trust 21-1 (c)  1.30  08/17/26  1,394,433  1,366,396
Longtrain Leasing III LLC 2015-1 (c)  2.98  01/15/45  271,759  270,039
Marlette Funding Trust 21-1 (c)  0.60  06/16/31  273,772  272,672
NP SPE II LLC 17-1 (c)  3.37  10/21/47  321,676  317,753
Oasis Securitisation 21-1A (c)  2.58  02/15/33  603,898  602,255
Oasis Securitisation 21-2A (c)  2.14  10/15/33  2,148,747  2,125,804
Oportun Funding 21-A (c)  1.21  03/08/28  1,070,000  1,038,869
Oportun Funding 21-B (c)  1.47  05/08/31  2,225,000  2,100,479
Oscar US Funding Trust 21-1A (c)  0.40  03/11/24  476,408  473,335
Progress Residential Trust 21-SFR8 (c)  1.51  10/17/38  1,322,000  1,198,853
SBA Tower Trust (c)  3.45  03/15/23  2,420,000  2,420,340
SBA Tower Trust (c)  2.84  01/15/25  4,765,000  4,687,387
SBA Tower Trust (c)  1.88  01/15/26  1,450,000  1,368,017
SBA Tower Trust (c)  1.63  11/15/26  195,000  183,250
United Auto Credit Securitization Trust 21-1A (c)  0.34  07/10/23  181,225  181,110
United Auto Credit Securitization Trust 21-1B (c)  0.68  03/11/24  3,230,000  3,215,065
United Auto Credit Securitization Trust 22-1A (c)  1.11  07/10/24  1,063,774  1,060,975
Upstart Securitization Trust 21-1 (c)  0.87  03/20/31  409,599  405,843
Upstart Securitization Trust 21-3 (c)  0.83  07/20/31  675,969  663,821
Upstart Securitization Trust 21-4 (c)  0.84  09/20/31  1,201,114  1,168,325
Westgate Resorts 20-1A (c)  3.96  03/20/34  913,827  917,282
Westgate Resorts 22-1A (c)  2.29  08/20/36  1,345,749  1,306,764
Westlake Automobile Receivable Trust 19-2A (c)  2.84  07/15/24  361,176  361,620
Westlake Automobile Receivable Trust 20-3A (c)  0.56  05/15/24  787,650  785,765
Total Asset-Backed Securities        
(Cost $67,943,099)        66,211,251
    
Yankee Bonds | 11.4% of portfolio
Aircastle Ltd. (c)  5.25  08/11/25  1,243,000  1,266,276
Antares Holdings LP  3.95  07/15/26  335,000  312,268
Avolon Holdings Funding Ltd. (c)  2.88  02/15/25  1,840,000  1,766,728
Avolon Holdings Funding Ltd. (c)  5.50  01/15/26  1,850,000  1,909,305
Avolon Holdings Funding Ltd. (c)  2.13  02/21/26  1,500,000  1,369,548
Banco Bilbao Vizcaya Argentaria SA  1.13  09/18/25  800,000  736,960
Banco Santader SA  3.50  03/24/25  800,000  800,520
Banco Santader SA  4.18(b)  03/24/28  1,000,000  1,005,072
Bank of Montreal  4.34(b)  10/05/28  1,300,000  1,320,179
Delta and SkyMiles IP Ltd. (c)  4.50  10/20/25  780,000  784,532
Delta and SkyMiles IP Ltd. (c)  4.75  10/20/28  2,000,000  2,015,313
Enel Finance International NV (c)  2.65  09/10/24  3,275,000  3,225,852
JBS Finance Luxembourg SARL (c)  2.50  01/15/27  3,364,000  3,124,349
Legrand France SA  8.50  02/15/25  3,384,000  3,874,696
Macquarie Group Ltd. (c)  1.34(b)  01/12/27  2,500,000  2,277,697
Mitsubishi UFJ Financial Group  2.34(b)  01/19/28  850,000  802,812
Nationwide Building Society (c)  3.62(b)  04/26/23  1,980,000  1,980,354
Nationwide Building Society (c)  2.97(b)  02/16/28  1,500,000  1,426,981
NatWest Group PLC  2.36(b)  05/22/24  845,000  838,135
NatWest Group PLC  4.52(b)  06/25/24  1,325,000  1,344,954
10
                
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Yankee Bonds | 11.4% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
NatWest Group PLC  4.27%(b)  03/22/25  $1,330,000  $1,345,427
Nissan Motor Co., Ltd. (c)  3.52  09/17/25  2,500,000  2,450,130
Nissan Motor Co., Ltd. (c)  1.85  09/16/26  2,000,000  1,790,778
Nissan Motor Co., Ltd. (c)  4.35  09/17/27  1,850,000  1,822,948
Panasonic Corp. (c)  2.68  07/19/24  3,880,000  3,832,486
Reckitt Benckiser Treasury Services PLC (c)  2.75  06/26/24  1,100,000  1,097,579
Royal Bank of Canada  4.65  01/27/26  2,500,000  2,605,799
Saudi Arabian Oil Co. (c)  1.25  11/24/23  800,000  781,251
Saudi Arabian Oil Co. (c)  1.63  11/24/25  500,000  474,141
Sinopec Group Overseas Development (2012) Ltd.  (c)  3.90  05/17/22  2,100,000  2,103,025
Sumitomo Mitsui Trust Bank Ltd. (c)  0.80  09/16/24  2,500,000  2,359,556
Syngenta Finance NV (c)  4.44  04/24/23  400,000  405,324
Tencent Music Entertainment Group  1.38  09/03/25  1,260,000  1,154,312
TransCanada Pipelines Ltd.  7.06  10/14/25  6,043,000  6,728,370
Total Yankee Bonds        
(Cost $63,820,664)        61,133,657
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 2.6% of portfolio
Energy | 1.7%    
Petroleos Mexicanos  0.59(b)  04/15/25  7,621,250  7,624,830
Petroleos Mexicanos  2.46  12/15/25  175,600  174,491
Reliance Industries Ltd.  1.87  01/15/26  1,267,789  1,244,286
Total Energy        9,043,607
Financials | 0.9%    
MSN 41079 and 41084 Ltd.  1.72  07/13/24  537,259  532,057
MSN 41079 and 41084 Ltd.  1.63  12/14/24  648,288  640,286
Pluto Aircraft Leasing LLC  0.53(b)  02/07/23  113,212  113,082
Santa Rosa Leasing LLC  1.69  08/15/24  570,375  565,564
Thirax 1 LLC  0.97  01/14/33  2,212,820  1,978,898
Washington Aircraft 2 Co. DAC  1.40(b)  06/26/24  788,636  790,430
Total Financials        4,620,317
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States        
(Cost $13,949,095)        13,663,924
    
Municipal Bonds | 1.3% of portfolio
Arizona | 0.4%    
Glendale Arizona  1.45  07/01/26  1,000,000  938,628
Glendale Arizona  1.72  07/01/27  1,235,000  1,154,025
Total Arizona        2,092,653
California | 0.1%    
EL Cajon California Pension Obligation  1.70  04/01/27  300,000  281,396
Total California        281,396
Maine | 0.1%    
Maine Health & Higher Educational Facilities  1.66  07/01/27  300,000  280,355
Maine State Housing Authority  1.70  11/15/26  245,000  231,103
Total Maine        511,458
                
11
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Municipal Bonds | 1.3% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
New Jersey | 0.4%    
New Jersey Housing and Morgage Finance Agency  1.34%  04/01/24  $690,000  $665,440
New Jersey Housing and Morgage Finance Agency  1.49  04/01/25  590,000  558,540
New Jersey Housing and Morgage Finance Agency  1.54  10/01/25  1,020,000  958,468
Total New Jersey        2,182,448
New York | 0.1%    
Suffolk County New York  0.90  06/15/22  370,000  369,675
Suffolk County New York  1.05  06/15/23  350,000  344,897
Total New York        714,572
Texas | 0.2%    
Grey Forest Texas Gas System Revenue  1.05  02/01/25  800,000  759,264
Harris County Texas Cultural Education Facilities Finance Corp.  1.45  11/15/22  400,000  399,673
Total Texas        1,158,937
Total Municipal Bonds        
(Cost $7,322,504)        6,941,464
Mortgage-Backed Securities | 0.4% of portfolio
ARM Master Trust 21-T (c)  1.42  01/15/24  76,000  75,970
FHLMC 780754  2.25(b)  08/01/33  685  693
FNMA 813842  1.70(b)  01/01/35  1,854  1,911
GNMA 21-8  1.00  01/20/50  2,362,661  2,150,901
Salomon Brothers Mortgage Securities 97-LB6  6.82  12/25/27  1  1
Total Mortgage-Backed Securities        
(Cost $2,443,052)        2,229,476
Money Market Fund | 5.5% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund Premier Class  0.25(d)    29,435,365  29,435,365
Total Money Market Fund        
(Cost $29,435,365)        29,435,365
Total Investments in Securities        
(Cost $548,755,926) | 100.0%        $534,242,793
(a) Interest is paid at maturity.
(b) Variable coupon rate as of March 31, 2022.
(c) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $163,983,034 and represents 30.7% of total investments.
(d) 7-day yield at March 31, 2022.
LLC - Limited Liability Company
N.A. - North America
LP - Limited Partnership
SA - Sociedad Anonima or Societe Anonyme
NV - Naamloze Vennottschap
SARL - Societe a responsabilite limitee
12
                
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
PLC - Public Limited Company
DAC - Designated Activity Company
ARM - Adjustable Rate Mortgage
FHLMC - Federal Home Loan Mortgage Corporation
At March 31, 2022, the cost of investment securities for tax purposes was $548,818,207. Net unrealized depreciation of investment securities was $14,575,414 consisting of unrealized gains of $391,823 and unrealized losses of $14,967,237.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Short-Term Bond Fund Level 1 Level 2 Level 3 Total
U.S. Government & Agency Obligations
$ — $192,727,637 $ — $192,727,637
Corporate Bonds–Other
— 161,900,019 — 161,900,019
Asset-Backed Securities
— 66,211,251 — 66,211,251
Yankee Bonds
— 61,133,657 — 61,133,657
Corporate Bonds Guaranteed by Export-Import Bank of the United States
— 13,663,924 — 13,663,924
Municipal Bonds
— 6,941,464 — 6,941,464
Mortgage-Backed Securities
— 2,229,476 — 2,229,476
Money Market Fund
29,435,365 — — 29,435,365
Total $29,435,365 $504,807,428 $ — $534,242,793
                
13
Table of Contents
Portfolio of Investments
Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)
Corporate Bonds–Other | 33.3% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Communication Services | 2.4%    
AT&T Inc.  2.25%  02/01/32  $145,000  $128,574
AT&T Inc.  3.65  06/01/51  395,000  359,432
AT&T Inc.  3.65  09/15/59  140,000  122,771
DISH DBS Corp. (a)  5.25  12/01/26  120,000  114,300
Magallanes, Inc. (a)  3.64  03/15/25  205,000  206,246
Magallanes, Inc. (a)  4.05  03/15/29  190,000  190,942
Magallanes, Inc. (a)  4.28  03/15/32  190,000  190,845
Magallanes, Inc. (a)  5.05  03/15/42  285,000  290,709
Magallanes, Inc. (a)  5.14  03/15/52  180,000  184,157
Magallanes, Inc. (a)  5.39  03/15/62  190,000  196,285
Sprint Spectrum Co. LLC (a)  4.74  03/20/25  337,500  344,586
T-Mobile US, Inc.  3.00  02/15/41  200,000  169,064
Verizon Communications Inc.  0.85  11/20/25  150,000  138,776
Verizon Communications Inc.  2.10  03/22/28  200,000  186,415
Verizon Communications Inc.  2.55  03/21/31  130,000  120,776
Verizon Communications Inc.  2.65  11/20/40  100,000  85,066
Verizon Communications Inc.  3.40  03/22/41  195,000  182,796
Verizon Communications Inc.  3.55  03/22/51  185,000  173,844
Total Communication Services        3,385,584
Consumer Discretionary | 4.2%    
Amazon.com, Inc.  2.88  05/12/41  615,000  567,593
Amazon.com, Inc.  2.70  06/03/60  160,000  132,138
American Airlines Group, Inc. (a)  5.50  04/20/26  530,000  533,975
American Airlines Group, Inc. (a)  5.75  04/20/29  750,000  747,187
American Airlines Pass Through Trust 2017-1  3.65  02/15/29  124,988  121,057
Block Financial Corp.  2.50  07/15/28  145,000  132,285
Daimler Finance N.A. LLC (a)  3.30  05/19/25  175,000  174,639
Daimler Trucks Financial N.A. LLC (a)  3.50  04/07/25  340,000  339,626
Expedia Group, Inc.  4.63  08/01/27  330,000  342,786
Ford Motor Co.  3.37  11/17/23  200,000  199,702
Ford Motor Co.  3.38  11/13/25  200,000  195,489
General Motors Financial Co., Inc.  4.35  01/17/27  150,000  152,537
Harley-Davidson Financial Services, Inc. (a)  3.35  06/08/25  365,000  358,800
Kohl's Corp.  5.55  07/17/45  530,000  528,992
Lowe's Companies, Inc.  1.70  09/15/28  191,000  172,861
Lowe's Companies, Inc.  1.70  10/15/30  180,000  157,124
Lowe's Companies, Inc.  2.80  09/15/41  260,000  222,690
Lowe's Companies, Inc.  3.00  10/15/50  170,000  144,628
Mileage Plus Holdings, LLC (a)  6.50  06/20/27  225,000  234,562
Tractor Supply Co.  1.75  11/01/30  100,000  85,897
US Airways 2013 1A PTT  3.95  05/15/27  333,795  318,807
Total Consumer Discretionary        5,863,375
Consumer Staples | 1.3%    
7-Eleven Inc. (a)  1.30  02/10/28  60,000  52,526
7-Eleven Inc. (a)  1.80  02/10/31  60,000  51,677
7-Eleven Inc. (a)  2.80  02/10/51  135,000  108,693
Anheuser-Busch InBev SA/NV  4.90  02/01/46  301,000  334,756
Campbell Soup Co.  2.38  04/24/30  250,000  227,974
JBS USA Finance, Inc. (a)  3.00  02/02/29  335,000  309,875
JBS USA Finance, Inc. (a)  4.38  02/02/52  530,000  461,038
Smithfield Foods, Inc. (a)  2.63  09/13/31  340,000  298,539
Total Consumer Staples        1,845,078
14
                
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 33.3% of portfolio (Continued)
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Energy | 2.8%    
BP Capital Markets America Inc.  2.77%  11/10/50  $210,000  $175,318
Cheniere Corpus Christi Holdings LLC  5.13  06/30/27  180,000  191,867
Cheniere Corpus Christi Holdings LLC  3.70  11/15/29  39,000  38,878
Cheniere Corpus Christi Holdings LLC (a)  2.74  12/31/39  170,000  147,919
Energy Transfer Operating LP  4.50  04/15/24  150,000  153,475
Energy Transfer Operating LP  3.75  05/15/30  318,000  312,835
Energy Transfer Operating LP  6.00  06/15/48  420,000  465,569
Energy Transfer Operating LP  6.50(b)  12/31/99  145,000  142,506
EQM Midstream Partners, LP  4.75  07/15/23  188,000  189,410
EQM Midstream Partners, LP  5.50  07/15/28  68,000  68,266
Gray Oak Pipeline, LLC (a)  2.00  09/15/23  150,000  147,775
HollyFrontier Corp.  2.63  10/01/23  60,000  59,387
Marathon Oil Corp.  4.40  07/15/27  360,000  371,122
Midwest Connector Capital Co. LLC (a)  3.90  04/01/24  85,000  85,266
Midwest Connector Capital Co. LLC (a)  4.63  04/01/29  205,000  207,164
MPLX LP  1.75  03/01/26  80,000  74,962
MPLX LP  2.65  08/15/30  245,000  224,499
National Oilwell Varco, Inc.  3.60  12/01/29  112,000  110,103
Phillips 66  2.15  12/15/30  260,000  230,937
Pioneer Natural Resources Co.  1.90  08/15/30  255,000  226,048
Valero Energy Corp.  2.80  12/01/31  340,000  313,803
Total Energy        3,937,109
Financials | 13.0%    
Athene Global Funding (a)  2.50  01/14/25  1,144,000  1,110,307
Athene Global Funding (a)  2.95  11/12/26  120,000  116,178
Athene Holding Ltd.  3.95  05/25/51  300,000  273,725
Bank of America Corp.  3.95  04/21/25  844,000  860,030
Bank of America Corp.  1.20(b)  10/24/26  200,000  184,837
Bank of America Corp.  2.50(b)  02/13/31  263,000  241,742
Bank of America Corp.  1.92(b)  10/24/31  700,000  608,074
Bank of America Corp.  2.57(b)  10/20/32  245,000  222,622
Bank of America Corp.  2.68(b)  06/19/41  275,000  232,198
Bank of America Corp.  2.83(b)  10/24/51  300,000  255,123
BOC Aviation (USA) Corp. (a)  1.63  04/29/24  220,000  211,321
CIT Group Inc.  3.93(b)  06/19/24  402,000  406,062
Citigroup Inc.  2.98(b)  11/05/30  365,000  346,206
Citigroup Inc.  2.57(b)  06/03/31  870,000  797,013
CoreStates Capital II (a)  0.89(b)  01/15/27  725,000  700,121
Fidus Investment Corp.  3.50  11/15/26  166,000  159,010
GA Global Funding Trust (a)  0.80  09/13/24  240,000  224,768
Goldman Sachs Group, Inc.  3.50  01/23/25  265,000  267,223
Goldman Sachs Group, Inc.  3.50  04/01/25  565,000  569,214
Goldman Sachs Group, Inc.  2.64(b)  02/24/28  245,000  234,251
Goldman Sachs Group, Inc.  3.62(b)  03/15/28  153,000  152,786
Goldman Sachs Group, Inc.  2.38(b)  07/21/32  365,000  323,281
Goldman Sachs Group, Inc.  3.10(b)  02/24/33  265,000  249,786
Goldman Sachs Group, Inc.  2.91(b)  07/21/42  230,000  197,992
Goldman Sachs Group, Inc.  3.44(b)  02/24/43  255,000  236,329
J.P. Morgan Chase & Co.  2.08(b)  04/22/26  340,000  328,102
J.P. Morgan Chase & Co.  1.04(b)  02/04/27  150,000  137,448
J.P. Morgan Chase & Co.  3.63  12/01/27  722,000  723,768
J.P. Morgan Chase & Co.  1.95(b)  02/04/32  480,000  420,481
J.P. Morgan Chase & Co.  2.55(b)  11/08/32  175,000  159,905
Main Street Capital Corp.  5.20  05/01/24  428,000  436,759
                
15
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 33.3% of portfolio (Continued)
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Financials | 13.0% (Continued)    
Main Street Capital Corp.  3.00%  07/14/26  $906,000  $839,986
Morgan Stanley  2.63(b)  02/18/26  355,000  348,234
Morgan Stanley  1.51(b)  07/20/27  200,000  183,841
Morgan Stanley  1.79(b)  02/13/32  1,015,000  872,825
Owl Rock Capital Corp. III (a)  3.13  04/13/27  681,000  602,410
Owl Rock Core Income Corp. (a)  3.13  09/23/26  1,311,000  1,184,534
Owl Rock Technology Finance Corp.  3.75  06/17/26  150,000  143,388
Owl Rock Technology Finance Corp.  2.50  01/15/27  366,000  330,546
Prudential Financial, Inc.  5.70(b)  09/15/48  75,000  76,513
Santander Holdings USA, Inc.  2.49(b)  01/06/28  298,000  278,034
Security Benefit Global Funding (a)  1.25  05/17/24  300,000  286,683
Volkswagen Group of America Finance LLC (a)  1.25  11/24/25  330,000  304,168
Wells Fargo & Co.  2.19(b)  04/30/26  210,000  202,575
Wells Fargo & Co.  3.53(b)  03/24/28  240,000  239,518
Wells Fargo & Co.  2.39(b)  06/02/28  445,000  420,792
Wells Fargo & Co.  2.57(b)  02/11/31  200,000  185,804
Wells Fargo & Co.  3.07(b)  04/30/41  440,000  395,549
Total Financials        18,282,062
Health Care | 0.7%    
Bristol-Myers Squibb Co.  2.35  11/13/40  170,000  143,454
CVS Health Corp.  2.70  08/21/40  170,000  144,942
HCA Healthcare, Inc.  3.50  07/15/51  228,000  197,695
Laboratory Corporation of America Holdings  1.55  06/01/26  490,000  456,253
Mylan Inc.  5.20  04/15/48  50,000  49,012
Total Health Care        991,356
Industrials | 2.7%    
Ashtead Capital, Inc. (a)  1.50  08/12/26  240,000  217,808
Ashtead Capital, Inc. (a)  4.25  11/01/29  308,000  306,487
Ashtead Capital, Inc. (a)  2.45  08/12/31  200,000  175,991
BNSF Railway Co. (a)  3.44  06/16/28  377,757  385,195
Boeing Co. (The)  2.20  02/04/26  700,000  661,791
Boeing Co. (The)  5.71  05/01/40  280,000  312,886
Boeing Co. (The)  5.93  05/01/60  230,000  265,555
Delta Air Lines, Inc. (a)  7.00  05/01/25  250,000  267,779
Delta Air Lines, Inc.  7.38  01/15/26  180,000  195,477
Quanta Services, Inc.  2.35  01/15/32  260,000  225,705
Quanta Services, Inc.  3.05  10/01/41  260,000  213,892
Triton International Ltd.  3.25  03/15/32  175,000  161,198
Union Pacific Corp.  3.20  05/20/41  400,000  377,465
Total Industrials        3,767,229
Information Technology | 1.9%    
Broadcom Cayman Finance Ltd.  3.88  01/15/27  255,000  256,705
Dell International LLC / EMC Corp.  5.85  07/15/25  110,000  117,407
Dell International LLC / EMC Corp.  4.90  10/01/26  182,000  190,899
Harman International Industries Inc.  4.15  05/15/25  465,000  475,351
Microchip Technology Inc.  0.97  02/15/24  200,000  191,680
Microsoft Corp.  2.92  03/17/52  445,000  417,583
TSMC Arizona Corp.  3.13  10/25/41  200,000  182,363
TSMC Arizona Corp.  3.25  10/25/51  200,000  180,886
VMware, Inc.  1.40  08/15/26  155,000  142,298
VMware, Inc.  4.70  05/15/30  200,000  211,519
16
                
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 33.3% of portfolio (Continued)
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Information Technology | 1.9% (Continued)    
VMware, Inc.  2.20%  08/15/31  $155,000  $136,467
Western Digital Corp.  2.85  02/01/29  175,000  159,878
Total Information Technology        2,663,036
Materials | 0.4%    
Glencore Funding LLC (a)  2.63  09/23/31  260,000  232,572
Glencore Funding LLC (a)  3.38  09/23/51  170,000  142,939
Silgan Holdings Inc. (a)  1.40  04/01/26  125,000  114,000
Total Materials        489,511
Real Estate | 1.1%    
Crown Castle International Corp.  2.90  04/01/41  450,000  372,493
Realty Income Corp.  2.20  06/15/28  495,000  456,633
Service Properties Trust  7.50  09/15/25  505,000  529,770
Vornado Realty LP  2.15  06/01/26  150,000  140,192
Total Real Estate        1,499,088
Utilities | 2.8%    
Brooklyn Union Gas Co. (a)  3.41  03/10/26  180,000  178,210
Entergy Louisiana, LLC  3.78  04/01/25  325,000  327,149
National Fuel Gas Co.  5.50  01/15/26  307,000  325,054
Pacific Gas & Electric Co.  4.25  08/01/23  644,000  650,260
Pacific Gas & Electric Co.  3.00  06/15/28  225,000  209,283
Pacific Gas & Electric Co.  4.55  07/01/30  130,000  128,987
Pacific Gas & Electric Co.  4.25  03/15/46  770,000  665,739
SCE Recovery Funding LLC  2.51  11/15/43  190,000  163,460
Southern California Edison Co.  1.10  04/01/24  370,000  357,046
Southern California Edison Co.  2.25  06/01/30  55,000  49,721
Southern California Edison Co.  4.50  09/01/40  200,000  202,631
Southern California Edison Co.  4.00  04/01/47  164,000  157,576
Southern California Edison Co.  3.65  02/01/50  214,000  198,095
TerraForm Power Operating LLC (a)  4.25  01/31/23  215,000  214,462
TerraForm Power Operating LLC (a)  4.75  01/15/30  171,000  166,776
Total Utilities        3,994,449
Total Corporate Bonds–Other        
(Cost $50,327,173)        46,717,877
    
U.S. Government & Agency Obligations | 27.3% of portfolio
Federal Farm Credit Bank  0.52  10/21/25  300,000  278,561
U.S. International Development Finance Corp.  1.05  10/15/29  134,056  125,012
U.S. International Development Finance Corp.  1.49  08/15/31  80,000  75,230
U.S. International Development Finance Corp.  3.00  10/05/34  182,996  182,756
U.S. International Development Finance Corp.  1.32  03/15/35  225,000  200,200
U.S. Treasury Note  1.50  02/29/24  5,327,000  5,249,384
U.S. Treasury Note  1.75  03/15/25  3,190,000  3,122,462
U.S. Treasury Note  1.88  02/28/27  7,684,000  7,478,093
U.S. Treasury Note  1.88  02/28/29  4,372,000  4,220,346
U.S. Treasury Note  1.88  02/15/32  4,475,000  4,297,406
U.S. Treasury Note  1.75  08/15/41  5,309,000  4,601,410
U.S. Treasury Note  2.38  02/15/42  3,616,000  3,487,745
                
17
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
U.S. Government & Agency Obligations | 27.3% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
U.S. Treasury Note  1.88%  11/15/51  $5,792,000  $5,080,670
Total U.S. Government & Agency Obligations        
(Cost $39,576,653)        38,399,275
Mortgage-Backed Securities | 14.3% of portfolio
Farm 2021-1 Mortgage Trust 21-1 (a)  2.18(b)  01/25/51  239,088  221,716
FHLMC QA7479  3.00  03/01/50  245,458  240,764
FHLMC SB8503  2.00  08/01/35  1,555,627  1,512,735
FHLMC SD8068  3.00  06/01/50  240,430  235,941
FNMA BN7662  3.50  07/01/49  103,810  104,348
FNMA CA4016  3.00  08/01/49  571,841  562,203
FNMA FM1000  3.00  04/01/47  1,031,248  1,021,605
FNMA FM4231  2.50  09/01/50  261,395  250,130
FNMA FM5470  2.00  01/01/36  1,011,488  983,759
FNMA MA3691  3.00  07/01/49  165,509  162,553
FNMA MA3834  3.00  11/01/49  347,252  340,710
FNMA MA3960  3.00  03/01/50  158,819  155,740
FNMA MA3992  3.50  04/01/50  167,201  168,065
FNMA MA4048  3.00  06/01/50  724,051  710,420
FNMA MA4124  2.50  09/01/35  1,348,582  1,334,843
FNMA MA4179  2.00  11/01/35  4,295,105  4,176,573
FNMA MA4229  2.00  01/01/36  2,017,305  1,966,598
FNMA MA4303  2.00  04/01/36  1,715,394  1,667,977
FNMA MA4418  2.00  09/01/36  2,853,140  2,774,275
Freddie Mac STACR 21-HQA3 (a)  3.45(b)  09/25/41  1,000,000  892,296
GNMA 21-8  1.00  01/20/50  606,517  552,157
Total Mortgage-Backed Securities        
(Cost $21,402,689)        20,035,408
    
Asset-Backed Securities | 12.4% of portfolio
American Credit Acceptance Receivables Trust 20-3B (a)  1.15  08/13/24  39,356  39,344
American Credit Acceptance Receivables Trust 21-2B (a)  0.68  05/13/25  1,500,000  1,489,021
American Credit Acceptance Receivables Trust 22-1B (a)  1.68  09/14/26  375,000  365,654
Avant Credit Card Master Trust 21-1A (a)  1.37  04/15/27  500,000  475,187
Avant Loans Funding Trust 21-REV1 (a)  1.21  07/15/30  500,000  483,184
Carvana Auto Receivables Trust 20-N1A (a)  2.01  03/17/25  172,606  172,608
Colony American Finance Ltd. 21-2 (a)  1.41  07/15/54  192,851  177,038
Consumer Loan Underlying Bond 19-HP1 (a)  2.59  12/15/26  1,952  1,952
CoreVest American Finance 20-4 (a)  1.17  12/15/52  133,331  123,696
CoreVest American Finance 21-1 (a)  1.57  04/15/53  847,075  780,859
CoreVest American Finance 21-3 (a)  2.49  10/15/54  660,000  609,725
CPS Auto Trust 20-C (a)  1.01  01/15/25  33,657  33,637
CPS Auto Trust 21-B (a)  0.81  12/15/25  200,000  196,573
Credit Acceptance Auto Loan Trust 19-1C (a)  3.94  06/15/28  211,190  211,609
Credit Acceptance Auto Loan Trust 20-1A (a)  2.01  02/15/29  433,776  433,773
Credit Acceptance Auto Loan Trust 20-1A (a)  2.39  04/16/29  250,000  247,088
Credit Acceptance Auto Loan Trust 20-2A (a)  1.37  07/16/29  250,000  247,593
Credit Acceptance Auto Loan Trust 20-3A (a)  1.24  10/15/29  350,000  344,276
Credit Acceptance Auto Loan Trust 21-2A (a)  0.96  02/15/30  320,000  309,434
Credito Real USA Auto Receivables Trust 21-1 (a)  1.35  02/16/27  538,667  528,914
DT Auto Owner Trust 18-2D (a)  4.15  03/15/24  21,909  21,985
DT Auto Owner Trust 20-3A (a)  0.91  12/16/24  200,000  198,992
Exeter Automobile Receivables Trust 21-1A  0.50  02/18/25  219,910  219,320
FIC Funding 21-1 (a)  1.13  04/15/33  191,167  189,212
First Investors Auto Owner Trust 21-2A (a)  0.48  03/15/27  450,378  441,178
Flagship Credit Auto Trust 21-3 (a)  0.36  07/15/27  371,565  363,652
18
                
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Asset-Backed Securities | 12.4% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Freedom Financial 21-1 (a)  0.66%  03/20/28  $67,027  $66,882
Freedom Financial 21-2 (a)  0.68  06/19/28  25,941  25,902
FRTKL 21-SFR1 (a)  1.57  09/17/38  250,000  226,319
GLS Auto Receivables Trust 20-3 (a)  1.38  08/15/24  92,231  92,147
GLS Auto Receivables Trust 20-4 (a)  0.87  12/16/24  300,000  298,999
GLS Auto Receivables Trust 21-3A (a)  0.42  01/15/25  312,058  308,962
GLS Auto Receivables Trust 21-4 (a)  0.84  07/15/25  617,395  611,616
Gracie Point International Fund 20-B (a)  1.51(b)  05/02/23  290,989  291,556
Gracie Point International Fund 21-1 (a)  0.86(b)  11/01/23  319,949  319,079
LAD Auto Receivables Trust 21-1 (a)  1.30  08/17/26  371,593  364,122
Marlette Funding Trust 21-1 (a)  0.60  06/16/31  65,184  64,922
Oasis Securitisation 21-1A (a)  2.58  02/15/33  217,699  217,107
Oasis Securitisation 21-2A (a)  2.14  10/15/33  563,675  557,657
Oportun Funding 21-A (a)  1.21  03/08/28  300,000  291,272
Oportun Funding 21-B (a)  1.47  05/08/31  1,000,000  944,036
Oscar US Funding Trust 21-1A (a)  0.40  03/11/24  90,999  90,412
Progress Residential Trust 21-SFR8 (a)  1.51  10/17/38  339,000  307,421
SBA Tower Trust (a)  2.84  01/15/25  230,000  226,254
SBA Tower Trust (a)  1.88  01/15/26  330,000  311,342
SBA Tower Trust (a)  1.63  11/15/26  580,000  545,052
SBA Tower Trust (a)  2.59  10/15/31  430,000  391,346
United Auto Credit Securitization Trust 21-1A (a)  0.34  07/10/23  34,653  34,631
United Auto Credit Securitization Trust 21-1B (a)  0.68  03/11/24  1,050,000  1,045,145
Upstart Securitization Trust 21-3 (a)  0.83  07/20/31  157,124  154,301
Upstart Securitization Trust 21-4 (a)  0.84  09/20/31  310,968  302,479
Westgate Resorts 22-1A (a)  2.29  08/20/36  384,500  373,361
Westlake Automobile Receivable Trust 19-2A (a)  2.84  07/15/24  70,473  70,560
Westlake Automobile Receivable Trust 20-3A (a)  0.78  11/17/25  230,000  228,251
Total Asset-Backed Securities        
(Cost $18,025,410)        17,466,637
    
Yankee Bonds | 8.6% of portfolio
AerCap Ireland Capital DAC  4.13  07/03/23  185,000  186,101
AerCap Ireland Capital DAC  3.30  01/30/32  265,000  238,887
AerCap Ireland Capital DAC  3.85  10/29/41  175,000  153,465
Aircastle Ltd. (a)  5.25  08/11/25  310,000  315,805
Antares Holdings LP  3.95  07/15/26  375,000  349,554
Avolon Holdings Funding Ltd. (a)  5.13  10/01/23  500,000  508,806
Avolon Holdings Funding Ltd. (a)  2.88  02/15/25  430,000  412,877
Avolon Holdings Funding Ltd. (a)  5.50  01/15/26  800,000  825,645
Avolon Holdings Funding Ltd. (a)  2.13  02/21/26  250,000  228,258
Avolon Holdings Funding Ltd. (a)  4.25  04/15/26  100,000  98,615
Avolon Holdings Funding Ltd. (a)  2.75  02/21/28  400,000  355,713
Banco Bilbao Vizcaya Argentaria SA  1.13  09/18/25  200,000  184,240
Banco Santader SA  3.50  03/24/25  200,000  200,130
Banco Santader SA  4.18(b)  03/24/28  200,000  201,014
Cemex, SAB de CV (a)  7.38  06/05/27  370,000  395,900
Cenovus Energy Inc.  2.65  01/15/32  260,000  235,477
Cenovus Energy Inc.  5.25  06/15/37  395,000  427,898
Delta and SkyMiles IP Ltd. (a)  4.75  10/20/28  1,100,000  1,108,422
Enel Finance International NV (a)  2.65  09/10/24  545,000  536,821
Lenovo Group Ltd. (a)  3.42  11/02/30  805,000  745,179
Mitsubishi UFJ Financial Group  2.34(b)  01/19/28  225,000  212,509
Nationwide Building Society (a)  3.62(b)  04/26/23  200,000  200,036
NatWest Group PLC  4.27(b)  03/22/25  296,000  299,433
Nissan Motor Co., Ltd. (a)  3.52  09/17/25  230,000  225,412
Nissan Motor Co., Ltd. (a)  1.85  09/16/26  260,000  232,801
                
19
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Yankee Bonds | 8.6% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Nissan Motor Co., Ltd. (a)  2.45%  09/15/28  $435,000  $379,724
Nissan Motor Co., Ltd. (a)  4.81  09/17/30  200,000  198,271
Petronas Capital Ltd. (a)  2.48  01/28/32  200,000  185,763
Petronas Capital Ltd. (a)  3.40  04/28/61  360,000  316,952
Spirit Loyalty Cayman Ltd. (a)  8.00  09/20/25  385,000  410,025
Sumitomo Mitsui Financial Group, Inc. (a)  1.05  09/12/25  200,000  185,347
Syngenta Finance NV (a)  4.44  04/24/23  230,000  233,062
Syngenta Finance NV (a)  4.89  04/24/25  530,000  539,503
Syngenta Finance NV (a)  5.68  04/24/48  300,000  321,627
Vodafone Group PLC  4.13(b)  06/04/81  145,000  131,651
Westpac Banking Corp.  2.96  11/16/40  300,000  252,099
Total Yankee Bonds        
(Cost $12,750,303)        12,033,022
    
Municipal Bonds | 3.1% of portfolio
Alabama | 0.1%    
Alabama Public School & College Authority  1.16  06/01/26  85,000  79,202
Total Alabama        79,202
Arizona | 0.2%    
Pinal County Arizona Revenue Obligation  1.05  08/01/24  120,000  115,585
Pinal County Arizona Revenue Obligation  1.58  08/01/26  110,000  104,344
Yuma Arizona Pledged Revenue  2.63  07/15/38  135,000  122,335
Total Arizona        342,264
California | 1.4%    
California Infrastructure & Economic Development Bank  1.24  10/01/27  50,000  46,345
City of Chula Vista California Pension Obligation  1.16  06/01/27  130,000  117,444
City of Chula Vista California Pension Obligation  1.41  06/01/28  130,000  115,955
City of Chula Vista California Pension Obligation  1.63  06/01/29  160,000  140,797
City of Chula Vista California Pension Obligation  2.91  06/01/45  255,000  197,844
City of Los Angeles California Department of Airports  1.25  05/15/28  200,000  176,949
City of Monterey Park California Pension Obligation  1.89  06/01/30  1,000,000  913,049
EL Cajon California Pension Obligation  1.70  04/01/27  100,000  93,799
Huntington Beach California Pension Obligation  1.68  06/15/27  155,000  144,305
San Francisco California City & County Airports  3.35  05/01/51  100,000  87,976
Total California        2,034,463
Colorado | 0.3%    
Denver City & County Colorado Airport  1.57  11/15/26  95,000  88,811
Regional Transportation District Colorado  1.18  11/01/27  175,000  160,842
Regional Transportation District Colorado  1.33  11/01/28  150,000  135,908
Total Colorado        385,561
New Jersey | 0.6%    
New Jersey Housing and Morgage Finance Agency  1.34  04/01/24  85,000  81,975
New Jersey Housing and Morgage Finance Agency  1.49  04/01/25  75,000  71,001
New Jersey Housing and Morgage Finance Agency  1.54  10/01/25  135,000  126,856
New Jersey Transportation Trust Fund Authority  4.08  06/15/39  575,000  575,903
Total New Jersey        855,735
20
                
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Municipal Bonds | 3.1% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Texas | 0.4%    
Harris County Texas Cultural Education Facilities Finance Corp.  3.34%  11/15/37  $275,000  $264,699
North Texas Tollway Authority Revenue  3.01  01/01/43  150,000  135,932
San Antonio Texas Electric & Gas  2.91  02/01/48  150,000  127,538
Total Texas        528,169
West Virginia | 0.1%    
West Virginia State University Revenues  3.01  10/01/41  150,000  136,528
Total West Virginia        136,528
Total Municipal Bonds        
(Cost $4,731,506)        4,361,922
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.5% of portfolio
Energy | 0.2%    
Petroleos Mexicanos  0.59(b)  04/15/25  232,375  232,484
Total Energy        232,484
Financials | 0.3%    
Thirax 1 LLC  0.97  01/14/33  461,004  412,270
Total Financials        412,270
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States        
(Cost $693,201)        644,754
Money Market Fund | 0.5% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund Premier Class  0.25(c)    693,824  693,824
Total Money Market Fund        
(Cost $693,824)        693,824
Total Investments in Securities        
(Cost $148,200,759) | 100.0%        $140,352,719
(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Trustees. The total of such securities at period-end amounts to $40,441,933 and represents 28.8% of total investments.
(b) Variable coupon rate as of March 31, 2022.
(c) 7-day yield at March 31, 2022.
LLC - Limited Liability Company
N.A. - North America
LP - Limited Partnership
FHLMC - Federal Home Loan Mortgage Corporation
DAC - Designated Activity Company
SA - Sociedad Anonima or Societe Anonyme
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
NV - Naamloze Vennottschap
                
21
Table of Contents
Portfolio of Investments  |  Intermediate Bond Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
PLC - Public Limited Company
At March 31, 2022, the cost of investment securities for tax purposes was $148,225,865. Net unrealized depreciation of investment securities was $7,873,146 consisting of unrealized gains of $79,822 and unrealized losses of $7,952,968.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Intermediate Bond Fund Level 1 Level 2 Level 3 Total
Corporate Bonds–Other
$ — $46,717,877 $ — $46,717,877
U.S. Government & Agency Obligations
— 38,399,275 — 38,399,275
Mortgage-Backed Securities
— 20,035,408 — 20,035,408
Asset-Backed Securities
— 17,466,637 — 17,466,637
Yankee Bonds
— 12,033,022 — 12,033,022
Municipal Bonds
— 4,361,922 — 4,361,922
Corporate Bonds Guaranteed by Export-Import Bank of the United States
— 644,754 — 644,754
Money Market Fund
693,824 — — 693,824
Total $693,824 $139,658,895 $ — $140,352,719
22
                
Table of Contents
Portfolio of Investments
Rural America Growth & Income Fund  |  March 31, 2022  |  (Unaudited)
Common Stocks | 59.4% of portfolio
      Shares Value
Communication Services | 1.4%
Media        
Cable One, Inc.      44  $64,427
Wireless Telecommunication Services        
Shenandoah Telecommunications Co.      749  17,661
Total Communication Services        82,088
Consumer Discretionary | 6.2%
Hotels, Restaurants & Leisure        
Choice Hotels International, Inc.      549  77,826
Leisure Products        
Malibu Boats, Inc. Class A (a)      278  16,127
Multiline Retail        
Dollar General Corp.      231  51,427
Ollie's Bargain Outlet Holdings, Inc. (a)      382  16,411
Specialty Retail        
ARKO Corp. (a)      3,190  29,029
Lowe's Companies, Inc.      206  41,651
O'Reilly Automotive, Inc. (a)      104  71,236
Tractor Supply Co.      238  55,542
Total Consumer Discretionary        359,249
Consumer Staples | 1.9%
Food Products        
Hershey Co. (The)      520  112,648
Total Consumer Staples        112,648
Financials | 8.8%
Banks        
FB Financial Corp.      628  27,896
Glacier Bancorp, Inc.      1,061  53,347
South State Corp.      446  36,389
Truist Financial Corp.      1,961  111,189
Capital Markets        
CME Group, Inc.      410  97,523
Intercontinental Exchange, Inc.      620  81,914
Insurance        
Allstate Corp.      257  35,597
American International Group, Inc.      536  33,645
Chubb Ltd.      174  37,218
Total Financials        514,718
Health Care | 9.0%
Health Care Equipment & Supplies        
Integer Holdings Corp. (a)      678  54,627
Stryker Corp.      298  79,670
Health Care Providers & Services        
AMN Healthcare Services, Inc. (a)      446  46,531
Centene Corp. (a)      829  69,794
LHC Group, Inc. (a)      287  48,388
PetIQ, Inc. (a)      1,285  31,354
Life Sciences Tools & Services        
IQVIA Holdings Inc. (a)      212  49,016
                
23
Table of Contents
Portfolio of Investments  |  Rural America Growth & Income Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
Common Stocks | 59.4% of portfolio (Continued)
      Shares Value
Health Care | 9.0% (Continued)
Pharmaceuticals        
Zoetis Inc.      770  $145,214
Total Health Care        524,594
Industrials | 10.1%
Air Freight & Logistics        
Air Transport Services Group, Inc. (a)      1,588  53,119
Commercial Services & Supplies        
Casella Waste Systems, Inc. Class A (a)      518  45,403
Electrical Equipment        
EnerSys      220  16,405
Machinery        
Cummins Inc.      159  32,613
Deere & Co.      346  143,749
Xylem, Inc.      171  14,579
Road & Rail        
CSX Corp.      2,232  83,589
J.B. Hunt Transport Services, Inc.      223  44,776
Trading Companies & Distributors        
Applied Industrial Technologies, Inc.      387  39,729
Fastenal Co.      1,915  113,751
Total Industrials        587,713
Information Technology | 15.4%
Communications Equipment        
Ubiquiti Inc.      91  26,496
Electronic Equipment, Instruments & Components        
Advanced Energy Industries, Inc.      620  53,370
Corning Inc.      2,495  92,090
Trimble Inc. (a)      999  72,068
IT Services        
Block, Inc. (a)      834  113,090
Jack Henry & Associates, Inc.      734  144,635
Semiconductors & Semiconductor Equipment        
Diodes Inc. (a)      789  68,635
Software        
ANSYS, Inc. (a)      321  101,966
Paycom Software, Inc. (a)      345  119,501
Tyler Technologies, Inc. (a)      236  104,994
Total Information Technology        896,845
Materials | 1.4%
Chemicals        
Sherwin-Williams Co. (The)      208  51,921
Construction Materials        
Vulcan Materials Co.      157  28,841
Total Materials        80,762
Real Estate | 5.2%
Equity Real Estate Investment Trusts (REITs)        
American Tower Corp.      489  122,847
Community Healthcare Trust Inc.      521  21,991
Crown Castle International Corp.      716  132,174
24
                
Table of Contents
Portfolio of Investments  |  Rural America Growth & Income Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
Common Stocks | 59.4% of portfolio (Continued)
      Shares Value
Real Estate | 5.2% (Continued)
Uniti Group Inc.      2,119  $29,157
Total Real Estate        306,169
Total Common Stocks        
(Cost $ 3,380,641)        3,464,786
    
Corporate Bonds–Other | 19.5% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount  
Communication Services | 1.5%
DISH DBS Corp. (b)  5.25%  12/01/26  $45,000  42,863
T-Mobile USA, Inc.  3.75  04/15/27  44,000  44,257
Total Communication Services        87,120
Consumer Discretionary | 1.6%
Choice Hotels International, Inc.  3.70  01/15/31  25,000  24,309
Kohl's Corp.  3.25  02/01/23  8,000  7,951
Kohl's Corp.  4.25  07/17/25  22,000  22,252
Mohawk Industries, Inc.  3.85  02/01/23  10,000  10,072
Tractor Supply Co.  1.75  11/01/30  36,000  30,923
Total Consumer Discretionary        95,507
Consumer Staples | 0.5%
Bunge Limited Finance Corp.  3.75  09/25/27  10,000  10,052
Dollar General Corp.  4.15  11/01/25  19,000  19,635
Total Consumer Staples        29,687
Energy | 0.6%
Murphy Oil Corp.  6.38  07/15/28  35,000  36,400
Total Energy        36,400
Financials | 8.6%
American International Group, Inc.  3.40  06/30/30  36,000  35,902
American Tower Corp.  3.95  03/15/29  60,000  60,080
Chubb INA Holdings Inc.  3.15  03/15/25  33,000  33,350
Cincinnati Financial Corp.  6.92  05/15/28  25,000  29,753
Globe Life Inc.  4.55  09/15/28  33,000  34,303
Intercontinental Exchange, Inc.  3.75  12/01/25  70,000  71,583
M&T Bank Corp.  3.55  07/26/23  58,000  58,650
Metlife, Inc.  3.00  03/01/25  38,000  38,105
Synovus Financial Corp.  3.13  11/01/22  21,000  21,089
Truist Bank  3.69 (c)  08/02/24  55,000  55,716
Truist Financial Corp.  3.87  03/19/29  35,000  35,661
Unum Group  4.00  03/15/24  25,000  25,354
Total Financials        499,546
Health Care | 1.4%
CVS Health Corp.  1.30  08/21/27  26,000  23,642
Laboratory Corporation of America Holdings  2.30  12/01/24  18,000  17,638
Laboratory Corporation of America Holdings  1.55  06/01/26  43,000  40,038
Total Health Care        81,318
                
25
Table of Contents
Portfolio of Investments  |  Rural America Growth & Income Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
Corporate Bonds–Other | 19.5% of portfolio (Continued)
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Industrials | 0.9%
CNH Industrial Capital LLC  1.45%  07/15/26  $17,000  $15,609
J.B. Hunt Transport Services, Inc.  3.87  03/01/26  23,000  23,416
John Deere Capital Corp.  2.65  06/24/24  13,000  13,017
Total Industrials        52,042
Information Technology | 1.5%
Block, Inc. (b)  2.75  06/01/26  69,000  65,220
Micron Technology, Inc.  4.66  02/15/30  22,000  22,993
Total Information Technology        88,213
Materials | 1.4%
Martin Marietta Materials, Inc.  3.50  12/15/27  9,000  9,040
Mosaic Co.  4.05  11/15/27  22,000  22,535
Steel Dynamics, Inc.  2.40  06/15/25  23,000  22,233
Vulcan Materials Co.  3.50  06/01/30  27,000  26,779
Total Materials        80,587
Real Estate | 0.7%
American Campus Communities Operating Partnership LP  4.13  07/01/24  20,000  20,361
Crown Castle International Corp.  3.80  02/15/28  18,000  17,982
Total Real Estate        38,343
Utilities | 0.8%
Black Hills Corp.  4.25  11/30/23  45,000  45,861
Total Utilities        45,861
Total Corporate Bonds–Other        
(Cost $ 1,193,623)        1,134,624
U.S. Government & Agency Obligations | 11.5% of portfolio
Federal Farm Credit Bank  0.52  10/21/25  200,000  185,707
Federal Farm Credit Bank  1.20  04/28/27  195,000  181,574
Federal Farm Credit Bank  3.43  12/06/28  18,000  18,994
Tennessee Valley Authority  2.88  09/15/24  99,000  99,704
Tennessee Valley Authority  0.75  05/15/25  88,000  83,312
Tennessee Valley Authority  7.12  05/01/30  25,000  32,994
Tennessee Valley Authority  1.50  09/15/31  75,000  67,389
Total U.S. Government & Agency Obligations        
(Cost $ 693,917)        669,674
Asset-Backed Securities | 4.1% of portfolio
CNH Equipment Trust 22-A  2.39  08/15/25  100,000  99,998
SBA Tower Trust (b)  1.63  11/15/26  60,000  56,385
SBA Tower Trust (b)  2.59  10/15/31  52,000  47,325
SBA Tower Trust (b)  2.84  01/15/25  35,000  34,430
Total Asset-Backed Securities        
(Cost $ 248,719)        238,138
    
26
                
Table of Contents
Portfolio of Investments  |  Rural America Growth & Income Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
Municipal Bonds | 2.1% of portfolio
  Interest Rate /Yield Maturity Date Face Amount Value
Kansas | 0.2%
City of Wichita, Kansas Water & Sewer Utility Revenue  3.00%  10/01/24  $10,000  $10,134
Montana | 0.2%
Yellowstone County School District No. 2 Billings  2.22  06/15/32  15,000  14,014
Pennsylvania | 0.7%
Geisinger Health System Revenue  2.25  04/01/27  20,000  18,642
New Castle Sanitation Authority  1.16  06/01/25  25,000  23,401
Total Pennsylvania        42,043
Texas | 0.5%
Grey Forest Texas Gas System Revenue  1.05  02/01/25  30,000  28,473
Washington | 0.5%
Northwest Open Access Network Revenue  1.68  12/01/27  30,000  28,045
Total Municipal Bonds        
(Cost $ 131,903)        122,709
    
Mortgage-Backed Securities | 1.8% of portfolio
ARM Master Trust 21-T (b)  1.42  01/15/24  4,000  3,998
Farm 2021-1 Mortgage Trust 21-1 (b)  2.18(c)  01/25/51  28,128  26,084
Freddie Mac Multiclass Certificates 21-P009  1.13  01/25/31  48,791  45,156
GNMA II POOL 785401  2.50  10/20/50  32,413  31,565
Total Mortgage-Backed Securities        
(Cost $ 114,772)        106,803
    
Money Market Fund | 1.6% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund  0.25%(d)    92,800  92,800
Total Money Market Fund        
(Cost $ 92,800)        92,800
Total Investments in Securities        
(Cost $5,856,375) | 100.0%        $5,829,534
(a) Non-income producing.
(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $276,305 and represents 4.7% of total investments.
(c) Variable coupon rate as of March 31, 2022.
(d) 7-day yield at March 31, 2022.
CME - Chicago Mercantile Exchange
LLC - Limited Liability Company
LP - Limited Partnership
ARM - Adjustable Rate Mortgage
At March 31, 2022, the cost of investment securities for tax purposes was $5,856,478. Net unrealized depreciation of investment securities was $26,944 consisting of unrealized gains of $182,807 and unrealized losses of $209,751.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
                
27
Table of Contents
Portfolio of Investments  |  Rural America Growth & Income Fund  |  March 31, 2022  |  
(Unaudited)  |  (Continued)
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Rural America Growth & Income Fund Level 1 Level 2 Level 3 Total
Common Stocks
$3,464,786 $ — $ — $3,464,786
Corporate Bonds–Other
— 1,134,624 — 1,134,624
U.S. Government & Agency Obligations
— 669,674 — 669,674
Asset-Backed Securities
— 238,138 — 238,138
Municipal Bonds
— 122,709 — 122,709
Mortgage-Backed Securities
— 106,803 — 106,803
Money Market Fund
92,800 — — 92,800
Total $3,557,586 $2,271,948 $ — $5,829,534
28
                
Table of Contents
Portfolio of Investments
Stock Index Fund  |  March 31, 2022  |  (Unaudited)
  Cost Value
Investment $40,374,165 $226,166,975
Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors.  As of March 31, 2022, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.69%.  See the Appendix for the S&P 500 Index Master Portfolio for holdings information.
                
29
Table of Contents
Portfolio of Investments
Value Fund  |  March 31, 2022  |  (Unaudited)
Common Stocks | 98.9% of portfolio
  Shares Value
Communication Services | 6.4%
Interactive Media & Services    
Alphabet, Inc., Class C (a) 17,711 $49,466,646
Meta Platforms, Inc., Class A (a) 65,700 14,609,052
Total Communication Services   64,075,698
Consumer Discretionary | 5.9%
Hotels, Restaurants & Leisure    
McDonald's Corp. 57,197 14,143,674
Multiline Retail    
Target Corp. 39,800 8,446,356
Specialty Retail    
Home Depot, Inc. 37,018 11,080,598
TJX Companies, Inc. (The) 143,600 8,699,288
Ulta Beauty, Inc. (a) 41,056 16,349,320
Total Consumer Discretionary   58,719,236
Energy | 4.9%
Oil, Gas & Consumable Fuels    
Chevron Corp. 166,300 27,078,629
ConocoPhillips 218,900 21,890,000
Total Energy   48,968,629
Financials | 18.4%
Banks    
Bank of America Corp. 618,502 25,494,652
Citigroup, Inc. 274,739 14,671,063
JPMorgan Chase & Co. 308,891 42,108,021
Truist Financial Corp. 355,600 20,162,520
Capital Markets    
Goldman Sachs Group, Inc. 76,774 25,343,097
Insurance    
Allstate Corp. 118,584 16,425,070
American International Group, Inc. 364,794 22,898,120
Chubb Ltd. 79,138 16,927,618
Total Financials   184,030,161
Health Care | 21.4%
Biotechnology    
AbbVie Inc. 214,263 34,734,175
Health Care Equipment & Supplies    
Abbott Laboratories 305,556 36,165,608
Boston Scientific Corp. (a) 475,696 21,068,576
Medtronic PLC 86,456 9,592,293
Health Care Providers & Services    
Centene Corp. (a) 334,097 28,127,626
Cigna Corp. 83,614 20,034,751
Pharmaceuticals    
Bristol-Myers Squibb Co. 224,401 16,388,005
Merck & Co., Inc. 187,682 15,399,308
Pfizer, Inc. 361,099 18,694,095
Common Stocks | 98.9% of portfolio (Continued)
  Shares Value
Health Care | 21.4% (Continued)
Royalty Pharma PLC, Class A 346,484 $13,499,017
Total Health Care   213,703,454
Industrials | 18.1%
Aerospace & Defense    
Northrop Grumman Corp. 47,131 21,077,926
Airlines    
Southwest Airlines Co. (a) 157,432 7,210,386
Electrical Equipment    
Eaton Corp. PLC 88,887 13,489,491
Industrial Conglomerates    
Honeywell International, Inc. 202,573 39,416,654
Machinery    
Deere & Co. 46,800 19,443,528
Parker-Hannifin Corp. 108,122 30,680,699
Stanley Black & Decker, Inc. 64,142 8,966,410
Professional Services    
Leidos Holdings Inc. 161,117 17,403,858
Road & Rail    
CSX Corp. 619,182 23,188,366
Total Industrials   180,877,318
Information Technology | 12.6%
Electronic Equipment, Instruments & Components    
Corning Inc. 255,600 9,434,196
IT Services    
Fiserv, Inc. (a) 177,700 18,018,780
Visa Inc., Class A 113,498 25,170,451
Semiconductors & Semiconductor Equipment    
NXP Semiconductors NV 71,863 13,300,404
Software    
Microsoft Corp. 152,314 46,959,930
VMware, Inc., Class A 115,883 13,195,597
Total Information Technology   126,079,358
Materials | 8.7%
Chemicals    
Dow Inc. 181,181 11,544,854
DuPont de Nemours, Inc. 259,878 19,121,823
Containers & Packaging    
Avery Dennison Corp. 185,787 32,321,364
Metals & Mining    
Freeport-McMoRan Inc. 473,700 23,561,838
Total Materials   86,549,879
Real Estate | 2.5%
Equity Real Estate Investment Trusts (REITs)    
Digital Realty Trust, Inc. 52,301 7,416,282
 
30
                
Table of Contents
Portfolio of Investments  |  Value Fund  |  March 31, 2022  |  (Unaudited)  |  (Continued)
Common Stocks | 98.9% of portfolio (Continued)
  Shares Value
Real Estate | 2.5% (Continued)
VICI Properties Inc. 611,935 $17,415,670
Total Real Estate   24,831,952
Total Common Stocks    
(Cost $551,103,644)   987,835,685
Money Market Fund | 1.1% of portfolio
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) 10,861,062 10,861,062
Total Money Market Fund    
(Cost $10,861,062)   10,861,062
Total Investments in Securities    
(Cost $561,964,706) | 100.0%   $998,696,747
(a) Non-income producing.
(b) 7-day yield at March 31, 2022.
PLC - Public Limited Company
NV - Naamloze Vennottschap
At March 31, 2022, the cost of investment securities for tax purposes was $562,366,061. Net unrealized appreciation of investment securities was $436,330,686 consisting of unrealized gains of $445,171,559 and unrealized losses of $8,840,873.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Value Fund Level 1 Level 2 Level 3 Total
Common Stocks
$987,835,685 $ — $ — $987,835,685
Money Market Fund
10,861,062 — — 10,861,062
Total $998,696,747 $ — $ — $998,696,747
                
31
Table of Contents
Portfolio of Investments
Growth Fund  |  March 31, 2022  |  (Unaudited)
Common Stocks | 98.9% of portfolio
  Shares Value
Communication Services | 19.8%
Entertainment    
Live Nation Entertainment, Inc. (a) 19,331 $2,274,099
Netflix, Inc. (a) 10,745 4,024,969
Spotify Technology SA (a) 21,284 3,214,310
Interactive Media & Services    
Alphabet, Inc., Class C (a) 4,220 11,786,418
Alphabet, Inc., Class A (a) 8,947 24,884,738
Meta Platforms, Inc., Class A (a) 49,863 11,087,537
IAC/InterActiveCorp (a) 15,373 1,541,604
Match Group, Inc. (a) 23,801 2,588,121
Snap Inc., Class A (a) 98,932 3,560,563
Total Communication Services   64,962,359
Consumer Discretionary | 18.3%
Automobiles    
Rivian Automotive, Inc. (a) 13,230 664,675
Tesla, Inc. (a) 3,604 3,883,670
Hotels, Restaurants & Leisure    
Booking Holdings, Inc. (a) 1,574 3,696,460
Chipotle Mexican Grill, Inc. (a) 1,883 2,978,963
Internet & Direct Marketing Retail    
Amazon.com, Inc. (a) 9,229 30,086,078
Coupang, Inc. (a) 63,150 1,116,492
DoorDash, Inc., Class A (a) 9,321 1,092,328
Leisure Products    
Peloton Interactive, Inc. (a) 80,861 2,136,348
Multiline Retail    
Dollar General Corp. 17,453 3,885,561
Specialty Retail    
Carvana Co. (a) 13,126 1,565,801
Ross Stores, Inc. 51,309 4,641,412
Textiles, Apparel & Luxury Goods    
lululemon athletica Inc. (a) 6,819 2,490,504
NIKE, Inc., Class B 13,772 1,853,160
Total Consumer Discretionary   60,091,452
Financials | 0.2%
Capital Markets    
MarketAxess Holdings Inc. 2,044 695,369
Total Financials   695,369
Health Care | 14.4%
Biotechnology    
Vertex Pharmaceuticals, Inc. (a) 12,448 3,248,555
Health Care Equipment & Supplies    
Becton, Dickinson & Co. (a) 9,851 2,620,366
Insulet Corp. (a) 8,146 2,170,013
Intuitive Surgical, Inc. (a) 21,395 6,454,444
Stryker Corp. 25,793 6,895,758
Health Care Providers & Services    
Cigna Corp. 33,350 7,990,993
HCA Healthcare, Inc. 4,136 1,036,564
Common Stocks | 98.9% of portfolio (Continued)
  Shares Value
Health Care | 14.4% (Continued)
Humana, Inc. 7,274 $3,165,427
UnitedHealth Group, Inc. 20,363 10,384,519
Life Sciences Tools & Services    
Avantor, Inc. (a) 93,441 3,160,175
Total Health Care   47,126,814
Industrials | 1.0%
Machinery    
Ingersoll Rand Inc. 63,788 3,211,726
Total Industrials   3,211,726
Information Technology | 45.2%
Electronic Equipment, Instruments & Components    
Amphenol Corp., Class A 53,466 4,028,663
IT Services    
Affirm Holdings, Inc. (a) 21,226 982,339
Block, Inc. (a) 8,585 1,164,126
Fiserv, Inc. (a) 68,038 6,899,053
Global Payments, Inc. 40,917 5,599,082
Mastercard Inc., Class A 12,855 4,594,120
MongoDB, Inc. (a) 8,682 3,851,249
PayPal Holdings, Inc. (a) 15,725 1,818,596
Snowflake Inc., Class A (a) 5,182 1,187,352
Visa Inc., Class A 30,543 6,773,521
Semiconductors & Semiconductor Equipment    
Advanced Micro Devices, Inc. (a) 24,427 2,670,848
ASML Holding NV ADR 8,421 5,624,638
NVIDIA Corp. 26,403 7,204,323
Software    
Atlassian Corp. PLC, Class A (a) 9,925 2,916,263
Fortinet, Inc. (a) 14,713 5,028,021
HashiCorp, Inc., Class A (a) 6,265 338,310
Intuit, Inc. 22,594 10,864,099
Microsoft Corp. 112,640 34,728,038
salesforce.com, Inc. (a) 41,949 8,906,612
SentinelOne, Inc., Class A (a) 40,505 1,569,164
ServiceNow, Inc. (a) 9,175 5,109,466
Synopsys, Inc. (a) 10,907 3,634,976
Trade Desk, Inc. (The), Class A (a) 19,901 1,378,144
UiPath, Inc. (a) 26,555 573,322
Technology Hardware, Storage & Peripherals    
Apple, Inc. 117,522 20,520,516
Total Information Technology   147,964,841
Total Common Stocks    
(Cost $196,241,639)   324,052,561
    
 
32
                
Table of Contents
Portfolio of Investments  |  Growth Fund  |  March 31, 2022  |  (Unaudited)  |  (Continued)
Money Market Fund | 1.1% of portfolio
  Shares Value
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) 3,675,011 $3,675,011
Total Money Market Fund    
(Cost $3,675,011)   3,675,011
Total Investments in Securities    
(Cost $199,916,650) | 100.0%   $327,727,572
(a) Non-income producing.
(b) 7-day yield at March 31, 2022.
SA - Sociedad Anonima or Societe Anonyme
ADR - American Depositary Deposit
NV - Naamloze Vennottschap
PLC - Public Limited Company
At March 31, 2022, the cost of investment securities for tax purposes was $200,062,981. Net unrealized appreciation of investment securities was $127,664,591 consisting of unrealized gains of $137,239,365 and unrealized losses of $9,574,774.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Growth Fund Level 1 Level 2 Level 3 Total
Common Stocks
$324,052,561 $ — $ — $324,052,561
Money Market Fund
3,675,011 — — 3,675,011
Total $327,727,572 $ — $ — $327,727,572
                
33
Table of Contents
Portfolio of Investments
International Equity Fund  |  March 31, 2022  |  (Unaudited)
Common Stocks | 95.5% of portfolio
  Shares Value
Australia | 3.9%
BHP Group Ltd. ADR 47,589 $3,676,250
Total Australia   3,676,250
Brazil | 0.7%
Ambev SA ADR 103,138 333,136
XP Inc., Class A (a) 10,753 323,665
Total Brazil   656,801
Britain | 7.7%
Diageo PLC 29,392 1,490,895
Rio Tinto PLC 32,632 2,608,816
Shell PLC 81,244 2,226,792
Standard Chartered PLC 122,993 816,428
Total Britain   7,142,931
Canada | 2.6%
Alimentation Couche-Tard Inc., Class B 28,800 1,297,456
Canadian National Railway Co. 8,503 1,140,593
Total Canada   2,438,049
China | 3.0%
CSPC Pharmaceutical Group Ltd. 400,000 458,338
ENN Energy Holdings Ltd. 26,217 391,575
Haier Smart Home Co., Ltd. 118,148 377,776
JD.com, Inc., Class A (a) 1,057 30,035
Ping An Insurance Group Co. of China Ltd., Class H 39,000 272,652
Tencent Holdings Ltd. 22,200 1,023,294
Zhejiang Sanhua Intelligent Controls Co., Ltd. 84,700 221,928
Total China   2,775,598
Denmark | 1.1%
Novozymes A/S, Class B 15,282 1,047,797
Total Denmark   1,047,797
France | 10.8%
Air Liquide SA 7,288 1,274,990
Dassault Systèmes SE 35,620 1,749,961
L’Oréal SA 9,438 3,769,963
Schneider Electric SE 19,411 3,258,919
Total France   10,053,833
Germany | 9.9%
Allianz SE REG 12,363 2,952,385
Infineon Technologies AG 96,677 3,270,583
SAP SE ADR 13,692 1,519,264
Symrise AG 12,037 1,443,148
Total Germany   9,185,380
Common Stocks | 95.5% of portfolio (Continued)
  Shares Value
Hong Kong | 3.3%
AIA Group Ltd. 291,800 $3,046,940
Total Hong Kong   3,046,940
India | 0.9%
HDFC Bank Ltd. ADR 5,614 344,306
ICICI Bank Ltd. ADR 27,120 513,653
Total India   857,959
Indonesia | 0.5%
PT Telkom Indonesia (Persero) Tbk. ADR 13,191 421,452
Total Indonesia   421,452
Israel | 1.2%
Check Point Software Technologies Ltd. (a) 7,773 1,074,695
Total Israel   1,074,695
Japan | 14.6%
Chugai Pharmaceutical Co., Ltd. 47,300 1,578,325
Daifuku Co., Ltd. 3,300 235,460
FANUC Corp. 4,400 772,243
Keyence Corp. 3,300 1,530,218
Komatsu Ltd. 59,600 1,431,920
Kubota Corp. 84,800 1,589,512
Nitori Holdings Co., Ltd. 9,500 1,195,221
Shionogi & Co., Ltd. 28,000 1,720,414
Shiseido Co., Ltd. 11,900 601,051
Sysmex Corp. 16,200 1,173,326
Unicharm Corp. 49,400 1,774,738
Total Japan   13,602,428
Mexico | 0.4%
Fomento Economico Mexicano, SAB de CV ADR 4,891 405,219
Total Mexico   405,219
Netherlands | 2.8%
Adyen NV (a) 1,315 2,604,612
Total Netherlands   2,604,612
Republic of South Korea | 1.3%
Samsung Electronics Co., Ltd. GDR 866 1,220,655
Total Republic of South Korea   1,220,655
Russia | 0.0%
LUKOIL PJSC ADR 6,253 0
Yandex NV, Class A (a) 4,239 0
Total Russia   0
 
34
                
Table of Contents
Portfolio of Investments  |  International Equity Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Common Stocks | 95.5% of portfolio (Continued)
  Shares Value
Singapore | 3.5%
DBS Group Holdings Ltd. 124,615 $3,265,188
Total Singapore   3,265,188
Spain | 1.9%
Banco Bilboa Vizcaya Argentaria SA 307,413 1,755,305
Total Spain   1,755,305
Sweden | 8.5%
Alfa Laval AB 50,914 1,751,311
Atlas Copco AB, Class A 67,072 3,481,434
Epiroc AB, Class A 74,699 1,597,726
Skandinaviska Enskilda Banken AB, Class A 103,768 1,121,820
Total Sweden   7,952,291
Switzerland | 14.4%
Alcon Inc. 23,501 1,864,335
Lonza Group AG REG 3,813 2,762,913
Nestlé SA ADR 18,385 2,390,393
Roche Holding AG REG 9,408 3,722,385
SGS SA REG 339 942,468
Sonova Holding AG REG 4,214 1,760,348
Total Switzerland   13,442,842
Common Stocks | 95.5% of portfolio (Continued)
  Shares Value
Taiwan | 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 7,996 $833,663
Total Taiwan   833,663
United States of America | 1.6%
Linde PLC 4,602 1,468,462
Total United States of America   1,468,462
Total Common Stocks    
(Cost $63,847,500)   88,928,350
Money Market Fund | 4.5% of portfolio
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) 4,141,840 4,141,840
Total Money Market Fund    
(Cost $4,141,840)   4,141,840
Total Investments in Securities    
(Cost $67,989,340) | 100.0%   $93,070,190
 
(a) Non-income producing.
(b) 7-day yield at March 31, 2022.
ADR - American Depositary Deposit
SA - Sociedad Anonima or Societe Anonyme
PLC - Public Limited Company
A/S - Aktieselskab
SE - Societas Europaea
REG - Registered Shares
AG - Aktiengesellschaft
Tbk. - Terbuka
SAB de CV - Sociedad Anonima Bursatil de Capital Variable
SAB - Sociedad Anonima Bursatil
NV - Naamloze Vennottschap
GDR - Global Depositary Receipt
AB - Aktiebolag
At March 31, 2022, the cost of investment securities for tax purposes was $68,044,195. Net unrealized appreciation of investment securities was $25,025,995 consisting of unrealized gains of $27,445,760 and unrealized losses of $2,419,765.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
                
35
Table of Contents
Portfolio of Investments  |  International Equity Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
International Equity Fund Level 1 Level 2 Level 3 Total
Common Stocks
$13,747,687 $75,180,663 $ — $88,928,350
Money Market Fund
4,141,840 — — 4,141,840
Total $17,889,527 $75,180,663 $ — $93,070,190
36
                
Table of Contents
Portfolio of Investments
Small-Company Stock Fund  |  March 31, 2022  |  (Unaudited)
Common Stocks | 97.8% of portfolio
  Shares Value
Communication Services | 2.7%
Interactive Media & Services    
Ziff Davis, Inc. (a) 62,726 $6,070,622
Wireless Telecommunication Services    
Shenandoah Telecommunications Co. 69,763 1,645,012
Total Communication Services   7,715,634
Consumer Discretionary | 7.5%
Hotels, Restaurants & Leisure    
Hilton Grand Vacations Inc. (a) 65,900 3,427,459
Household Durables    
MDC Holdings, Inc. 102,288 3,870,578
Leisure Products    
Callaway Golf Co. (a) 181,651 4,254,266
Malibu Boats, Inc., Class A (a) 51,800 3,004,918
Specialty Retail    
ARKO Corp. (a) 398,000 3,621,800
Textiles, Apparel & Luxury Goods    
Carter's, Inc. 31,851 2,929,974
Total Consumer Discretionary   21,108,995
Financials | 18.9%
Banks    
Atlantic Union Bankshares Corp. 141,992 5,209,686
Cadence Bank 145,250 4,250,015
Eastern Bankshares, Inc. 365,900 7,881,486
FB Financial Corp. 152,959 6,794,439
Glacier Bancorp, Inc. 151,916 7,638,337
Umpqua Holdings Corp. 163,000 3,074,180
Capital Markets    
Virtu Financial, Inc., Class A 104,243 3,879,924
Consumer Finance    
Encore Capital Group, Inc. (a) 134,983 8,467,484
Insurance    
Kinsale Capital Group, Inc. 27,726 6,322,082
Total Financials   53,517,633
Health Care | 17.2%
Biotechnology    
Emergent BioSolutions Inc. (a) 57,525 2,361,977
Twist Bioscience Corp. (a) 46,977 2,319,724
Health Care Equipment & Supplies    
Envista Holdings Corp. (a) 100,700 4,905,097
Integer Holdings Corp. (a) 51,470 4,146,938
NuVasive, Inc. (a) 63,500 3,600,450
STAAR Surgical Co. (a) 25,136 2,008,618
Health Care Providers & Services    
AMN Healthcare Services, Inc. (a) 79,687 8,313,744
LHC Group, Inc. (a) 34,528 5,821,421
PetIQ, Inc. (a) 137,000 3,342,800
Life Sciences Tools & Services    
Medpace Holdings, Inc. (a) 46,950 7,680,550
Common Stocks | 97.8% of portfolio (Continued)
  Shares Value
Health Care | 17.2% (Continued)
NanoString Technologies, Inc. (a) 117,153 $4,071,067
Total Health Care   48,572,386
Industrials | 25.6%
Aerospace & Defense    
Maxar Technologies Inc. 93,500 3,689,510
Triumph Group, Inc. (a) 270,600 6,840,768
Construction & Engineering    
Comfort Systems USA, Inc. 68,188 6,069,414
Dycom Industries, Inc. (a) 21,100 2,009,986
Electrical Equipment    
Atkore Inc. (a) 89,700 8,830,068
EnerSys 36,035 2,687,130
Machinery    
Barnes Group Inc. 78,200 3,142,858
Colfax Corp. (a) 171,528 6,825,099
Federal Signal Corp. 141,994 4,792,297
Professional Services    
CACI International Inc., Class A (a) 8,371 2,521,848
ManTech International Corp., Class A 103,665 8,934,886
Road & Rail    
Werner Enterprises, Inc. 141,733 5,811,053
Trading Companies & Distributors    
Applied Industrial Technologies, Inc. 98,726 10,135,211
Total Industrials   72,290,128
Information Technology | 14.1%
Electronic Equipment, Instruments & Components    
Advanced Energy Industries, Inc. 63,162 5,436,985
Itron, Inc. (a) 51,377 2,706,541
IT Services    
CSG Systems International, Inc. 61,670 3,920,362
Semiconductors & Semiconductor Equipment    
Diodes Inc. (a) 67,486 5,870,607
Software    
Altair Engineering Inc., Class A (a) 101,177 6,515,799
Descartes Systems Group Inc. (The) (a) 101,770 7,455,670
Model N, Inc. (a) 118,600 3,190,340
Verint Systems Inc. (a) 93,726 4,845,634
Total Information Technology   39,941,938
Materials | 7.4%
Chemicals    
Avient Corp. 191,027 9,169,296
Ingevity Corp. 43,641 2,796,079
 
                
37
Table of Contents
Portfolio of Investments  |  Small-Company Stock Fund  |  March 31, 2022  |  (Unaudited)  |  
(Continued)
Common Stocks | 97.8% of portfolio (Continued)
  Shares Value
Materials | 7.4% (Continued)
Construction Materials    
Summit Materials, Inc., Class A (a) 284,768 $8,844,894
Total Materials   20,810,269
Real Estate | 4.4%
Equity Real Estate Investment Trusts (REITs)    
Community Healthcare Trust Inc. 78,900 3,330,369
Easterly Government Properties, Inc. 229,311 4,847,634
Uniti Group Inc. 320,400 4,408,704
Total Real Estate   12,586,707
Total Common Stocks    
(Cost $202,605,159)   276,543,690
    
Money Market Fund | 2.2% of portfolio
  Shares Value
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25% (b) 6,323,465 $6,323,465
Total Money Market Fund    
(Cost $6,323,465)   6,323,465
Total Investments in Securities    
(Cost $208,928,624) | 100.0%   $282,867,155
 
(a) Non-income producing.
(b) 7-day yield at March 31, 2022.
At March 31, 2022, the cost of investment securities for tax purposes was $208,886,195. Net unrealized appreciation of investment securities was $73,980,960 consisting of unrealized gains of $84,909,364 and unrealized losses of $10,928,404.
Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorized the inputs used to value assets and liabilities at measurement date. These inputs are summarized into three broad levels as follows:
Level 1 - quoted prices in active markets for identical investments;
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.
Small-Company Stock Fund Level 1 Level 2 Level 3 Total
Common Stocks
$276,543,690 $ — $ — $276,543,690
Money Market Fund
6,323,465 — — 6,323,465
Total $282,867,155 $ — $ — $282,867,155
38
                
Table of Contents
Appendix
S&P 500 Index Master Portfolio
39