NPORT-P
    false
    
      
      
        
          0000865733
          XXXXXXXX
        
      
      
      
      
        S000010527
        C000029060
      
      
      
    
  
  
    
      HOMESTEAD FUNDS INC
      811-06136
      0000865733
      54930064OKHCLZTUHW53
      4301 WILSON BLVD
      ARLINGTON
      
      22203
      800-258-3030
      Stock Index Fund
      S000010527
      549300RAJ8U7SPPAZK13
      2022-12-31
      2022-03-31
      N
    
    
      226193379.74
      117009.30
      226076370.44
      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
      0.00000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        MASTER INVESTMENT PORTFOLIO
        5493004HQXF0DFT60U28
        S&P 500 Index Master Portfolio
        000000000
        
          
        
        606687.03890000
        NS
        USD
        226166968.00000000
        100.0400738740
        Long
        EC
        RF
        US
        N
        
        N/A
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-29
      HOMESTEAD FUNDS INC
      Amy DiMauro
      Amy DiMauro
      Treasurer
    
  
  XXXX




HTML

Schedule of Investments  (unaudited) 

March 31, 2022

  

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks            
Aerospace & Defense — 1.6%  

Boeing Co.(a)

    466,191     $ 89,275,576  

General Dynamics Corp.

    196,266       47,335,434  

Howmet Aerospace, Inc.

    329,069       11,826,740  

Huntington Ingalls Industries, Inc.

    34,143       6,809,480  

L3Harris Technologies, Inc.

    166,925       41,475,855  

Lockheed Martin Corp.

    205,897       90,882,936  

Northrop Grumman Corp.

    125,140       55,965,111  

Raytheon Technologies Corp.

    1,269,499       125,769,266  

Textron, Inc.(b)

    185,345       13,785,961  

TransDigm Group, Inc.(a)

    44,821       29,202,674  
   

 

 

 
      512,329,033  
Air Freight & Logistics — 0.6%  

CH Robinson Worldwide, Inc.

    109,300       11,772,703  

Expeditors International of Washington, Inc.

    144,109       14,866,285  

FedEx Corp.

    207,372       47,983,807  

United Parcel Service, Inc., Class B

    620,281       133,025,463  
   

 

 

 
      207,648,258  
Airlines(a) — 0.2%  

Alaska Air Group, Inc.

    104,278       6,049,167  

American Airlines Group, Inc.(b)

    546,838       9,979,794  

Delta Air Lines, Inc.

    544,448       21,543,807  

Southwest Airlines Co.

    503,895       23,078,391  

United Airlines Holdings, Inc.(b)

    274,606       12,730,734  
   

 

 

 
      73,381,893  
Auto Components — 0.1%  

Aptiv PLC(a)

    230,235       27,561,432  

BorgWarner, Inc.

    203,548       7,918,017  
   

 

 

 
      35,479,449  
Automobiles — 2.7%  

Ford Motor Co.

    3,346,068       56,582,010  

General Motors Co.(a)

    1,236,058       54,065,177  

Tesla, Inc.(a)

    712,141       767,403,141  
   

 

 

 
      878,050,328  
Banks — 3.8%  

Bank of America Corp.

    6,047,040       249,258,989  

Citigroup, Inc.

    1,688,093       90,144,166  

Citizens Financial Group, Inc.

    365,077       16,548,940  

Comerica, Inc.

    110,277       9,972,349  

Fifth Third Bancorp

    581,811       25,041,145  

First Republic Bank

    152,494       24,719,277  

Huntington Bancshares, Inc.

    1,215,338       17,768,242  

JPMorgan Chase & Co.

    2,513,991       342,707,253  

KeyCorp.

    782,882       17,520,899  

M&T Bank Corp.

    109,183       18,506,519  

People’s United Financial, Inc.

    362,910       7,254,571  

PNC Financial Services Group, Inc.

    357,286       65,901,403  

Regions Financial Corp.

    801,570       17,842,948  

Signature Bank

    53,365       15,662,094  

SVB Financial Group(a)

    49,976       27,959,073  

Truist Financial Corp.

    1,135,568       64,386,706  

U.S. Bancorp

    1,148,795       61,058,454  

Wells Fargo & Co.

    3,305,579       160,188,358  

Zions Bancorp NA

    131,562       8,625,205  
   

 

 

 
      1,241,066,591  
Beverages — 1.5%  

Brown-Forman Corp., Class B

    152,675       10,232,278  

Coca-Cola Co.

    3,307,006       205,034,372  
Security   Shares     Value  
Beverages (continued)            

Constellation Brands, Inc., Class A

    139,800     $ 32,198,736  

Molson Coors Beverage Co., Class B

    161,725       8,632,881  

Monster Beverage Corp.(a)

    319,881       25,558,492  

PepsiCo, Inc.

    1,176,876       196,985,505  
   

 

 

 
      478,642,264  
Biotechnology — 1.9%  

AbbVie, Inc.

    1,503,904       243,797,877  

Amgen, Inc.

    479,160       115,870,471  

Biogen, Inc.(a)

    125,054       26,336,372  

Gilead Sciences, Inc.

    1,067,082       63,438,025  

Incyte Corp.(a)

    161,271       12,808,143  

Moderna, Inc.(a)

    300,071       51,690,231  

Regeneron Pharmaceuticals, Inc.(a)

    90,781       63,403,266  

Vertex Pharmaceuticals, Inc.(a)

    216,564       56,516,707  
   

 

 

 
      633,861,092  
Building Products — 0.4%  

A O Smith Corp.

    112,155       7,165,583  

Allegion PLC

    76,360       8,382,801  

Carrier Global Corp.

    729,501       33,462,211  

Fortune Brands Home & Security, Inc.

    116,636       8,663,722  

Johnson Controls International PLC

    595,912       39,073,950  

Masco Corp.

    205,241       10,467,291  

Trane Technologies PLC

    199,668       30,489,303  
   

 

 

 
      137,704,861  
Capital Markets — 2.9%  

Ameriprise Financial, Inc.

    94,083       28,258,770  

Bank of New York Mellon Corp.

    630,534       31,293,403  

BlackRock, Inc.(c)

    121,293       92,688,472  

Cboe Global Markets, Inc.

    90,101       10,309,357  

Charles Schwab Corp.

    1,278,901       107,824,143  

CME Group, Inc.

    305,732       72,721,414  

FactSet Research Systems, Inc.

    32,382       14,058,645  

Franklin Resources, Inc.

    241,316       6,737,543  

Goldman Sachs Group, Inc.

    288,772       95,323,637  

Intercontinental Exchange, Inc.

    477,957       63,147,679  

Invesco Ltd.

    287,050       6,619,373  

MarketAxess Holdings, Inc.

    32,527       11,065,685  

Moody’s Corp.

    137,583       46,421,880  

Morgan Stanley

    1,205,926       105,397,932  

MSCI, Inc.

    69,386       34,892,832  

Nasdaq, Inc.

    99,577       17,744,621  

Northern Trust Corp.

    176,469       20,549,815  

Raymond James Financial, Inc.

    158,943       17,469,425  

S&P Global, Inc.

    301,304       123,588,875  

State Street Corp.

    311,335       27,123,505  

T Rowe Price Group, Inc.

    193,444       29,246,798  
   

 

 

 
      962,483,804  
Chemicals — 1.7%  

Air Products & Chemicals, Inc.

    188,611       47,135,775  

Albemarle Corp.

    99,057       21,906,456  

Celanese Corp.

    91,544       13,078,891  

CF Industries Holdings, Inc.

    183,713       18,933,462  

Corteva, Inc.

    618,649       35,559,945  

Dow, Inc.

    627,049       39,955,562  

DuPont de Nemours, Inc.

    435,649       32,055,053  

Eastman Chemical Co.

    113,044       12,667,711  

Ecolab, Inc.

    212,086       37,445,904  

FMC Corp.

    107,378       14,127,723  

International Flavors & Fragrances, Inc.

    216,538       28,437,936  

Linde PLC(a)

    436,021       139,278,188  

 

 

 

 

A S T E R    O R T F O L I O     C H E D U L E    O F    N V E S T M E N T S

  1


Schedule of Investments  (unaudited) (continued)

March 31, 2022

  

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Chemicals (continued)  

LyondellBasell Industries NV, Class A

    224,192     $ 23,051,421  

Mosaic Co.

    316,629       21,055,829  

PPG Industries, Inc.

    201,953       26,469,980  

Sherwin-Williams Co.

    205,202       51,222,523  
   

 

 

 
      562,382,359  
Commercial Services & Supplies — 0.4%  

Cintas Corp.

    75,007       31,907,228  

Copart, Inc.(a)

    181,913       22,824,624  

Republic Services, Inc.

    178,417       23,640,253  

Rollins, Inc.

    192,545       6,748,702  

Waste Management, Inc.

    327,385       51,890,522  
   

 

 

 
      137,011,329  
Communications Equipment — 0.9%  

Arista Networks, Inc.(a)

    191,063       26,553,936  

Cisco Systems, Inc.

    3,587,840       200,057,958  

F5, Inc.(a)

    51,760       10,815,252  

Juniper Networks, Inc.

    278,138       10,335,608  

Motorola Solutions, Inc.

    142,665       34,553,463  
   

 

 

 
      282,316,217  
Construction & Engineering — 0.0%  

Quanta Services, Inc.

    121,221       15,953,896  
   

 

 

 
Construction Materials — 0.1%  

Martin Marietta Materials, Inc.

    52,614       20,250,602  

Vulcan Materials Co.

    112,890       20,737,893  
   

 

 

 
      40,988,495  
Consumer Finance — 0.6%  

American Express Co.

    523,235       97,844,945  

Capital One Financial Corp.

    352,097       46,226,815  

Discover Financial Services

    246,433       27,154,452  

Synchrony Financial

    439,951       15,314,695  
   

 

 

 
      186,540,907  
Containers & Packaging — 0.3%  

Amcor PLC

    1,280,178       14,504,417  

Avery Dennison Corp.

    70,445       12,255,316  

Ball Corp.

    275,531       24,797,790  

International Paper Co.

    325,206       15,008,257  

Packaging Corp. of America

    81,208       12,677,381  

Sealed Air Corp.

    127,950       8,567,532  

Westrock Co.

    221,545       10,419,261  
   

 

 

 
      98,229,954  
Distributors — 0.1%  

Genuine Parts Co.

    122,091       15,385,908  

LKQ Corp.

    225,493       10,239,637  

Pool Corp.

    33,768       14,278,799  
   

 

 

 
      39,904,344  
Diversified Financial Services — 1.7%  

Berkshire Hathaway, Inc., Class B(a)

    1,557,917       549,804,488  
   

 

 

 
Diversified Telecommunication Services — 1.0%  

AT&T, Inc.

    6,074,718       143,545,587  

Lumen Technologies, Inc.

    774,849       8,732,548  

Verizon Communications, Inc.

    3,571,162       181,914,992  
   

 

 

 
      334,193,127  
Electric Utilities — 1.7%  

Alliant Energy Corp.

    212,278       13,263,129  

American Electric Power Co., Inc.

    428,448       42,746,257  

Constellation Energy Corp.

    274,745       15,454,406  

Duke Energy Corp.

    654,361       73,065,949  
Security   Shares     Value  
Electric Utilities (continued)  

Edison International

    324,386     $ 22,739,459  

Entergy Corp.

    170,291       19,881,474  

Evergy, Inc.

    194,569       13,296,846  

Eversource Energy

    292,469       25,792,841  

Exelon Corp.

    833,243       39,687,364  

FirstEnergy Corp.

    481,236       22,069,483  

NextEra Energy, Inc.

    1,669,154       141,394,035  

NRG Energy, Inc.

    209,647       8,042,059  

Pinnacle West Capital Corp.

    97,495       7,614,360  

PPL Corp.

    631,241       18,028,243  

Southern Co.

    901,556       65,371,826  

Xcel Energy, Inc.

    458,242       33,071,325  
   

 

 

 
      561,519,056  
Electrical Equipment — 0.5%  

AMETEK, Inc.

    196,784       26,207,693  

Eaton Corp. PLC

    339,082       51,459,084  

Emerson Electric Co.

    504,847       49,500,248  

Generac Holdings, Inc.(a)(b)

    53,719       15,968,510  

Rockwell Automation, Inc.

    99,094       27,749,293  
   

 

 

 
      170,884,828  
Electronic Equipment, Instruments & Components — 0.6%  

Amphenol Corp., Class A.

    509,507       38,391,352  

CDW Corp.

    115,912       20,735,498  

Corning, Inc.

    630,465       23,270,463  

IPG Photonics Corp.(a)(b)

    29,995       3,292,251  

Keysight Technologies, Inc.(a)

    154,868       24,464,498  

TE Connectivity Ltd.

    276,961       36,276,352  

Teledyne Technologies, Inc.(a)

    39,831       18,825,326  

Trimble, Inc.(a)

    214,630       15,483,408  

Zebra Technologies Corp., Class A(a)

    45,233       18,712,892  
   

 

 

 
      199,452,040  
Energy Equipment & Services — 0.3%  

Baker Hughes Co.

    764,385       27,831,258  

Halliburton Co.

    764,399       28,947,790  

Schlumberger NV

    1,193,831       49,317,159  
   

 

 

 
      106,096,207  
Entertainment — 1.4%  

Activision Blizzard, Inc.

    662,730       53,091,300  

Electronic Arts, Inc.

    237,420       30,036,004  

Live Nation Entertainment, Inc.(a)(b)

    114,913       13,518,365  

Netflix, Inc.(a)

    377,671       141,471,780  

Take-Two Interactive Software, Inc.(a)(b)

    98,152       15,089,889  

Walt Disney Co.(a)

    1,548,779       212,430,528  
   

 

 

 
      465,637,866  
Equity Real Estate Investment Trusts (REITs) — 2.6%  

Alexandria Real Estate Equities, Inc.

    122,842       24,721,953  

American Tower Corp.

    387,412       97,325,643  

AvalonBay Communities, Inc.

    118,890       29,528,709  

Boston Properties, Inc.

    119,633       15,408,730  

Crown Castle International Corp.

    367,667       67,871,328  

Digital Realty Trust, Inc.

    241,412       34,232,222  

Duke Realty Corp.

    325,940       18,924,076  

Equinix, Inc.

    76,596       56,805,126  

Equity Residential

    288,204       25,915,304  

Essex Property Trust, Inc.

    55,122       19,043,549  

Extra Space Storage, Inc.

    113,899       23,417,634  

Federal Realty Investment Trust

    58,771       7,174,176  

Healthpeak Properties, Inc.

    457,368       15,701,443  

Host Hotels & Resorts, Inc.

    607,417       11,802,112  

Iron Mountain, Inc.

    244,276       13,535,333  
 

 

 

2  


Schedule of Investments  (unaudited) (continued)

March 31, 2022

  

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) (continued)  

Kimco Realty Corp.

    524,581     $ 12,957,151  

Mid-America Apartment Communities, Inc.

    98,712       20,675,228  

Prologis, Inc.

    629,504       101,652,306  

Public Storage

    129,779       50,650,148  

Realty Income Corp.

    481,280       33,352,704  

Regency Centers Corp.

    131,429       9,376,145  

SBA Communications Corp.

    92,538       31,842,326  

Simon Property Group, Inc.

    279,544       36,776,809  

UDR, Inc.

    254,406       14,595,272  

Ventas, Inc.

    341,045       21,062,939  

Vornado Realty Trust

    135,460       6,139,047  

Welltower, Inc.

    370,280       35,598,719  

Weyerhaeuser Co.

    635,715       24,093,599  
   

 

 

 
      860,179,731  
Food & Staples Retailing — 1.5%            

Costco Wholesale Corp.

    377,220       217,222,137  

Kroger Co.

    571,684       32,797,511  

Sysco Corp.

    430,072       35,115,379  

Walgreens Boots Alliance, Inc.

    609,527       27,288,524  

Walmart, Inc.

    1,203,441       179,216,433  
   

 

 

 
      491,639,984  
Food Products — 1.0%            

Archer-Daniels-Midland Co.

    476,001       42,963,850  

Campbell Soup Co.

    172,290       7,678,965  

Conagra Brands, Inc.

    411,386       13,810,228  

General Mills, Inc.

    514,439       34,837,809  

Hershey Co.

    122,861       26,615,378  

Hormel Foods Corp.

    239,218       12,329,296  

J M Smucker Co.

    91,126       12,339,372  

Kellogg Co.

    219,114       14,130,662  

Kraft Heinz Co.

    605,487       23,850,133  

Lamb Weston Holdings, Inc.

    124,846       7,479,524  

McCormick & Co., Inc.

    212,452       21,202,710  

Mondelez International, Inc., Class A

    1,181,025       74,144,749  

Tyson Foods, Inc., Class A

    248,636       22,285,245  
   

 

 

 
      313,667,921  
Gas Utilities — 0.0%            

Atmos Energy Corp.

    115,210       13,766,443  
   

 

 

 
Health Care Equipment & Supplies — 2.8%            

Abbott Laboratories

    1,504,249       178,042,912  

ABIOMED, Inc.(a)

    38,941       12,898,817  

Align Technology, Inc.(a)

    62,503       27,251,308  

Baxter International, Inc.

    427,373       33,138,502  

Becton Dickinson and Co.

    241,449       64,225,434  

Boston Scientific Corp.(a)

    1,212,215       53,689,002  

Cooper Cos., Inc.(b)

    41,795       17,453,174  

DENTSPLY SIRONA, Inc.

    185,620       9,136,216  

DexCom, Inc.(a)(b)

    82,450       42,181,420  

Edwards Lifesciences Corp.(a)

    531,110       62,522,269  

Hologic, Inc.(a)

    213,145       16,373,799  

IDEXX Laboratories, Inc.(a)

    71,792       39,274,532  

Intuitive Surgical, Inc.(a)

    304,326       91,809,068  

Medtronic PLC

    1,143,791       126,903,611  

ResMed, Inc.

    124,399       30,168,001  

STERIS PLC

    85,176       20,593,002  

Stryker Corp.

    285,611       76,358,101  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

Teleflex, Inc.

    39,660     $ 14,072,558  

Zimmer Biomet Holdings, Inc.

    177,714       22,729,621  
   

 

 

 
      938,821,347  
Health Care Providers & Services — 3.0%            

AmerisourceBergen Corp.

    128,094       19,817,423  

Anthem, Inc.

    206,473       101,423,667  

Cardinal Health, Inc.

    236,942       13,434,612  

Centene Corp.(a)

    496,375       41,789,811  

Cigna Corp.

    274,725       65,826,857  

CVS Health Corp.

    1,116,528       113,003,799  

DaVita, Inc.(a)

    54,837       6,202,613  

HCA Healthcare, Inc.

    203,728       51,058,311  

Henry Schein, Inc.(a)

    118,442       10,326,958  

Humana, Inc.

    109,342       47,582,358  

Laboratory Corp. of America Holdings(a)

    80,470       21,216,720  

McKesson Corp.

    128,383       39,301,888  

Molina Healthcare, Inc.(a)

    49,082       16,373,264  

Quest Diagnostics, Inc.

    102,721       14,058,396  

UnitedHealth Group, Inc.

    801,215       408,595,614  

Universal Health Services, Inc., Class B

    61,483       8,911,961  
   

 

 

 
      978,924,252  
Health Care Technology — 0.1%            

Cerner Corp.

    250,825       23,467,187  
   

 

 

 
Hotels, Restaurants & Leisure — 1.9%            

Booking Holdings, Inc.(a)

    34,932       82,036,055  

Caesars Entertainment, Inc.(a)

    181,854       14,068,225  

Carnival Corp.(a)(b)

    693,972       14,032,114  

Chipotle Mexican Grill, Inc.(a)

    23,934       37,864,306  

Darden Restaurants, Inc.

    109,918       14,613,598  

Domino’s Pizza, Inc.

    30,984       12,610,798  

Expedia Group, Inc.(a)

    126,794       24,809,782  

Hilton Worldwide Holdings, Inc.(a)

    237,104       35,978,161  

Las Vegas Sands Corp.(a)

    289,081       11,236,579  

Marriott International, Inc., Class A(a)

    232,724       40,901,243  

McDonald’s Corp.

    635,668       157,187,983  

MGM Resorts International

    327,290       13,726,543  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    351,855       7,698,587  

Penn National Gaming, Inc.(a)

    139,685       5,925,438  

Royal Caribbean Cruises Ltd.(a)(b)

    190,758       15,981,705  

Starbucks Corp.

    978,539       89,017,693  

Wynn Resorts Ltd.(a)(b)

    89,689       7,151,801  

Yum! Brands, Inc.

    246,481       29,215,393  
   

 

 

 
      614,056,004  
Household Durables — 0.3%            

D.R. Horton, Inc.

    274,922       20,484,438  

Garmin Ltd.

    129,873       15,404,237  

Lennar Corp., Class A

    220,599       17,906,021  

Mohawk Industries, Inc.(a)

    46,132       5,729,594  

Newell Brands, Inc.

    322,363       6,901,792  

NVR, Inc.(a)

    2,753       12,298,394  

PulteGroup, Inc.

    212,892       8,920,175  

Whirlpool Corp.

    50,983       8,808,843  
   

 

 

 
      96,453,494  
Household Products — 1.3%            

Church & Dwight Co., Inc.

    206,456       20,517,597  

Clorox Co.

    104,297       14,500,412  

Colgate-Palmolive Co.

    716,996       54,369,807  
 

 

 

A S T E R    O R T F O L I O     C H E D U L E    O F    N V E S T M E N T S

  3


Schedule of Investments  (unaudited) (continued)

March 31, 2022

  

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Household Products (continued)            

Kimberly-Clark Corp.

    286,715     $ 35,311,819  

Procter & Gamble Co.

    2,039,140       311,580,592  
   

 

 

 
      436,280,227  
Independent Power and Renewable Electricity Producers — 0.0%  

AES Corp.

    571,773       14,711,719  
   

 

 

 
Industrial Conglomerates — 1.0%            

3M Co.

    486,707       72,460,938  

General Electric Co.

    935,173       85,568,330  

Honeywell International, Inc.

    583,414       113,520,696  

Roper Technologies, Inc.

    89,734       42,375,087  
   

 

 

 
      313,925,051  
Insurance — 2.1%            

Aflac, Inc.

    511,747       32,951,389  

Allstate Corp.

    241,052       33,388,112  

American International Group, Inc.

    706,319       44,335,644  

Aon PLC, Class A

    182,726       59,501,067  

Arthur J Gallagher and Co.

    177,328       30,961,469  

Assurant, Inc.

    47,910       8,711,475  

Brown & Brown, Inc.

    196,507       14,201,561  

Chubb Ltd.

    366,423       78,377,880  

Cincinnati Financial Corp.

    126,390       17,183,984  

Everest Re Group Ltd.

    33,258       10,023,296  

Globe Life, Inc.

    77,552       7,801,731  

Hartford Financial Services Group, Inc.

    286,186       20,551,017  

Lincoln National Corp.

    142,833       9,335,565  

Loews Corp.

    170,875       11,076,117  

Marsh & McLennan Cos., Inc.

    429,505       73,196,242  

MetLife, Inc.

    601,197       42,252,125  

Principal Financial Group, Inc.

    207,282       15,216,572  

Progressive Corp.

    497,138       56,668,761  

Prudential Financial, Inc.

    321,558       37,998,509  

Travelers Cos., Inc.

    206,857       37,798,980  

W R Berkley Corp.

    178,384       11,878,591  

Willis Towers Watson PLC

    104,775       24,749,950  
   

 

 

 
      678,160,037  
Interactive Media & Services(a) — 5.7%            

Alphabet, Inc., Class A

    255,847       711,600,054  

Alphabet, Inc., Class C

    236,287       659,947,228  

Match Group, Inc.

    241,158       26,223,521  

Meta Platforms, Inc., Class A

    1,964,292       436,779,969  

Twitter, Inc.

    680,384       26,324,057  
   

 

 

 
      1,860,874,829  
Internet & Direct Marketing Retail — 3.8%            

Amazon.com, Inc.(a)

    372,263       1,213,558,767  

eBay, Inc.

    532,530       30,492,668  

Etsy, Inc.(a)

    108,518       13,486,617  
   

 

 

 
      1,257,538,052  
IT Services — 4.2%            

Accenture PLC, Class A

    537,632       181,305,639  

Akamai Technologies, Inc.(a)(b)

    137,627       16,431,288  

Automatic Data Processing, Inc.

    357,325       81,305,730  

Broadridge Financial Solutions, Inc.

    99,337       15,467,764  

Cognizant Technology Solutions Corp., Class A

    446,822       40,066,529  

DXC Technology Co.(a)

    212,880       6,946,274  

EPAM Systems, Inc.(a)(b)

    47,634       14,128,721  

Fidelity National Information Services, Inc.

    518,012       52,018,765  

Fiserv, Inc.(a)

    505,483       51,255,976  

FleetCor Technologies, Inc.(a)

    68,276       17,004,821  

Gartner, Inc.(a)(b)

    70,227       20,889,723  
Security   Shares     Value  
IT Services (continued)            

Global Payments, Inc.

    243,974     $ 33,385,402  

International Business Machines Corp.

    762,891       99,191,088  

Jack Henry & Associates, Inc.

    63,214       12,456,319  

Mastercard, Inc., Class A

    734,188       262,384,107  

Paychex, Inc.

    273,132       37,274,324  

PayPal Holdings, Inc.(a)

    988,924       114,369,061  

VeriSign, Inc.(a)

    82,712       18,400,112  

Visa, Inc., Class A

    1,410,791       312,871,120  
   

 

 

 
      1,387,152,763  
Leisure Products — 0.0%            

Hasbro, Inc.

    109,344       8,957,460  
   

 

 

 
Life Sciences Tools & Services — 1.8%            

Agilent Technologies, Inc.

    255,445       33,803,037  

Bio-Rad Laboratories, Inc., Class A(a)

    18,566       10,456,928  

Bio-Techne Corp.

    33,441       14,481,291  

Charles River Laboratories International, Inc.(a)

    42,647       12,110,469  

Danaher Corp.

    541,331       158,788,622  

Illumina, Inc.(a)

    132,962       46,456,923  

IQVIA Holdings, Inc.(a)

    162,756       37,630,815  

Mettler-Toledo International, Inc.(a)(b)

    19,557       26,855,477  

PerkinElmer, Inc.(b)

    107,875       18,819,872  

Thermo Fisher Scientific, Inc.

    335,209       197,991,196  

Waters Corp.(a)

    51,322       15,929,835  

West Pharmaceutical Services, Inc.

    63,019       25,882,533  
   

 

 

 
      599,206,998  
Machinery — 1.5%            

Caterpillar, Inc.

    460,169       102,534,857  

Cummins, Inc.

    120,269       24,668,375  

Deere & Co.

    238,582       99,121,278  

Dover Corp.

    122,144       19,164,394  

Fortive Corp.

    306,494       18,674,679  

IDEX Corp.

    64,439       12,354,889  

Illinois Tool Works, Inc.

    242,982       50,880,431  

Ingersoll Rand, Inc.(b)

    346,883       17,465,559  

Nordson Corp.

    45,431       10,316,471  

Otis Worldwide Corp.

    358,805       27,610,045  

PACCAR, Inc.

    295,442       26,019,577  

Parker-Hannifin Corp.

    109,631       31,108,893  

Pentair PLC

    138,010       7,481,522  

Snap-on, Inc.

    45,895       9,430,505  

Stanley Black & Decker, Inc.

    138,689       19,387,335  

Westinghouse Air Brake Technologies Corp.

    158,926       15,283,913  

Xylem, Inc.

    152,793       13,027,131  
   

 

 

 
      504,529,854  
Media — 1.0%            

Charter Communications, Inc., Class A(a)(b)

    101,394       55,312,455  

Comcast Corp., Class A

    3,848,302       180,177,500  

Discovery, Inc., Class A(a)(b)

    143,129       3,566,775  

Discovery, Inc., Class C(a)

    254,964       6,366,451  

DISH Network Corp., Class A(a)

    215,893       6,833,013  

Fox Corp., Class A

    269,365       10,626,449  

Fox Corp., Class B

    124,115       4,502,892  

Interpublic Group of Cos., Inc.

    330,733       11,724,485  

News Corp., Class A

    335,584       7,433,186  

News Corp., Class B

    114,231       2,572,482  

Omnicom Group, Inc.

    180,687       15,336,713  

Paramount Global, Class B

    516,114       19,514,270  
   

 

 

 
      323,966,671  
 

 

 

4  


Schedule of Investments  (unaudited) (continued)

March 31, 2022

  

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Metals & Mining — 0.5%            

Freeport-McMoRan, Inc.

    1,248,855     $ 62,118,048  

Newmont Corp.

    678,783       53,929,309  

Nucor Corp.

    231,924       34,475,503  
   

 

 

 
      150,522,860  
Multiline Retail — 0.5%            

Dollar General Corp.

    196,179       43,675,331  

Dollar Tree, Inc.(a)(b)

    191,366       30,647,265  

Target Corp.

    407,582       86,497,052  
   

 

 

 
      160,819,648  
Multi-Utilities — 0.8%            

Ameren Corp.

    220,529       20,676,799  

CenterPoint Energy, Inc.

    528,783       16,201,911  

CMS Energy Corp.

    245,651       17,180,831  

Consolidated Edison, Inc.

    301,068       28,505,118  

Dominion Energy, Inc.

    689,052       58,548,748  

DTE Energy Co.

    164,816       21,790,323  

NiSource, Inc.

    332,857       10,584,853  

Public Service Enterprise Group, Inc.

    430,159       30,111,130  

Sempra Energy

    271,654       45,670,471  

WEC Energy Group, Inc.

    268,349       26,783,914  
   

 

 

 
      276,054,098  
Oil, Gas & Consumable Fuels — 3.5%            

APA Corp.

    304,246       12,574,487  

Chevron Corp.

    1,639,847       267,016,287  

ConocoPhillips

    1,107,794       110,779,400  

Coterra Energy, Inc.

    691,384       18,646,626  

Devon Energy Corp.

    535,598       31,669,910  

Diamondback Energy, Inc.

    145,525       19,948,567  

EOG Resources, Inc.

    497,725       59,343,752  

Exxon Mobil Corp.

    3,601,418       297,441,113  

Hess Corp.

    234,496       25,100,452  

Kinder Morgan, Inc.

    1,658,861       31,369,062  

Marathon Oil Corp.

    660,608       16,587,867  

Marathon Petroleum Corp.

    492,771       42,131,920  

Occidental Petroleum Corp.

    754,795       42,827,068  

ONEOK, Inc.

    379,350       26,793,491  

Phillips 66

    398,941       34,464,513  

Pioneer Natural Resources Co.

    193,143       48,291,544  

Valero Energy Corp.

    346,896       35,223,820  

Williams Cos., Inc.

    1,030,913       34,442,803  
   

 

 

 
      1,154,652,682  
Personal Products — 0.2%            

Estee Lauder Cos., Inc., Class A

    197,719       53,842,838  
   

 

 

 
Pharmaceuticals — 3.8%            

Bristol-Myers Squibb Co.

    1,854,242       135,415,293  

Catalent, Inc.(a)(b)

    151,163       16,763,977  

Eli Lilly & Co.

    675,417       193,419,166  

Johnson & Johnson

    2,239,502       396,906,939  

Merck & Co., Inc.

    2,148,774       176,306,907  

Organon & Co.

    212,173       7,411,203  

Pfizer, Inc.

    4,774,763       247,189,481  

Viatris, Inc.

    1,040,410       11,319,661  

Zoetis, Inc.

    402,480       75,903,703  
   

 

 

 
      1,260,636,330  
Professional Services — 0.3%            

Equifax, Inc.

    103,785       24,607,424  

Jacobs Engineering Group, Inc.

    109,619       15,106,595  

Leidos Holdings, Inc.

    118,004       12,746,792  
Security   Shares     Value  
Professional Services (continued)            

Nielsen Holdings PLC

    301,814     $ 8,221,413  

Robert Half International, Inc.

    95,263       10,877,129  

Verisk Analytics, Inc.

    136,594       29,317,170  
   

 

 

 
      100,876,523  
Real Estate Management & Development — 0.1%  

CBRE Group, Inc., Class A(a)

    284,757       26,060,961  
   

 

 

 
Road & Rail — 1.0%            

CSX Corp.

    1,886,798       70,660,585  

JB Hunt Transport Services, Inc.

    71,467       14,349,859  

Norfolk Southern Corp.

    204,617       58,360,861  

Old Dominion Freight Line, Inc.

    79,311       23,688,609  

Union Pacific Corp.

    541,798       148,024,632  
   

 

 

 
      315,084,546  
Semiconductors & Semiconductor Equipment — 5.9%  

Advanced Micro Devices, Inc.(a)

    1,390,700       152,059,138  

Analog Devices, Inc.

    446,889       73,817,125  

Applied Materials, Inc.

    755,399       99,561,588  

Broadcom, Inc.

    351,224       221,158,728  

Enphase Energy, Inc.(a)

    113,469       22,895,775  

Intel Corp.

    3,463,976       171,674,650  

KLA Corp.

    128,371       46,991,488  

Lam Research Corp.

    118,391       63,648,185  

Microchip Technology, Inc.

    472,971       35,539,041  

Micron Technology, Inc.

    952,574       74,195,989  

Monolithic Power Systems, Inc.

    36,500       17,727,320  

NVIDIA Corp.

    2,126,704       580,292,453  

NXP Semiconductors NV

    226,224       41,869,538  

Qorvo, Inc.(a)

    92,517       11,481,360  

Qualcomm, Inc.

    958,718       146,511,285  

Skyworks Solutions, Inc.

    138,467       18,454,882  

SolarEdge Technologies, Inc.(a)(b)

    44,162       14,236,504  

Teradyne, Inc.

    139,672       16,513,421  

Texas Instruments, Inc.

    785,645       144,150,145  
   

 

 

 
      1,952,778,615  
Software — 8.8%            

Adobe, Inc.(a)

    401,267       182,825,271  

ANSYS, Inc.(a)

    73,962       23,494,029  

Autodesk, Inc.(a)

    187,127       40,110,672  

Cadence Design Systems, Inc.(a)

    235,759       38,772,925  

Ceridian HCM Holding, Inc.(a)(b)

    117,946       8,062,789  

Citrix Systems, Inc.(a)

    106,925       10,788,732  

Fortinet, Inc.(a)

    115,442       39,451,149  

Intuit, Inc.

    240,886       115,827,624  

Microsoft Corp.

    6,377,447       1,966,230,685  

NortonLifeLock, Inc.

    492,908       13,071,920  

Oracle Corp.

    1,340,303       110,883,267  

Paycom Software, Inc.(a)

    41,207       14,273,281  

PTC, Inc.(a)

    88,186       9,499,396  

salesforce.com, Inc.(a)

    837,921       177,907,387  

ServiceNow, Inc.(a)

    170,136       94,747,037  

Synopsys, Inc.(a)(b)

    130,527       43,500,733  

Tyler Technologies, Inc.(a)

    34,886       15,520,433  
   

 

 

 
      2,904,967,330  
Specialty Retail — 1.9%            

Advance Auto Parts, Inc.

    52,975       10,963,706  

AutoZone, Inc.(a)

    17,631       36,047,990  

Bath & Body Works, Inc.

    222,582       10,639,420  

Best Buy Co., Inc.

    187,470       17,041,023  

CarMax, Inc.(a)(b)

    136,909       13,208,980  
 

 

 

A S T E R    O R T F O L I O     C H E D U L E    O F    N V E S T M E N T S

  5


Schedule of Investments  (unaudited) (continued)

March 31, 2022

  

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Specialty Retail (continued)            

Home Depot, Inc.

    888,315     $ 265,899,329  

Lowe’s Cos., Inc.

    573,144       115,883,985  

O’Reilly Automotive, Inc.(a)

    57,317       39,259,852  

Ross Stores, Inc.

    300,147       27,151,298  

TJX Cos., Inc.

    1,015,861       61,540,859  

Tractor Supply Co.

    96,986       22,633,623  

Ulta Beauty, Inc.(a)

    45,673       18,187,902  
   

 

 

 
      638,457,967  
Technology Hardware, Storage & Peripherals — 7.3%  

Apple, Inc.

    13,188,518       2,302,847,128  

Hewlett Packard Enterprise Co.

    1,101,086       18,399,147  

HP, Inc.

    922,465       33,485,480  

NetApp, Inc.

    187,617       15,572,211  

Seagate Technology Holdings PLC

    172,228       15,483,297  

Western Digital Corp.(a)

    266,582       13,235,796  
   

 

 

 
      2,399,023,059  
Textiles, Apparel & Luxury Goods — 0.6%  

NIKE, Inc., Class B

    1,085,715       146,093,810  

PVH Corp.

    60,241       4,615,063  

Ralph Lauren Corp.

    39,948       4,531,701  

Tapestry, Inc.

    237,843       8,835,867  

Under Armour, Inc., Class A(a)

    150,302       2,558,140  

Under Armour, Inc., Class C(a)(b)

    169,421       2,636,191  

VF Corp.

    274,125       15,586,748  
   

 

 

 
      184,857,520  
Tobacco — 0.6%  

Altria Group, Inc.

    1,550,942       81,036,720  

Philip Morris International, Inc.

    1,318,410           123,851,435  
   

 

 

 
      204,888,155  
Trading Companies & Distributors — 0.2%  

Fastenal Co.

    489,610       29,082,834  

United Rentals, Inc.(a)

    61,424       21,818,419  

WW Grainger, Inc.

    36,543       18,848,514  
   

 

 

 
      69,749,767  
Water Utilities — 0.1%  

American Water Works Co., Inc.

    153,076       25,338,670  
   

 

 

 
Security   Shares     Value  
Wireless Telecommunication Services — 0.2%  

T-Mobile U.S., Inc.(a)

    499,461     $ 64,105,819  
   

 

 

 

Total Common Stocks — 98.9%
(Cost: $13,592,858,549)

      32,570,560,098  
   

 

 

 

Investment Companies

   
Equity Funds — 0.4%            

iShares Core S&P 500 ETF(c)

    314,558       142,711,819  
   

 

 

 

Total Investment Companies — 0.4%
(Cost: $131,845,295)

      142,711,819  
   

 

 

 

Total Long-Term Investments — 99.3%
(Cost: $13,724,703,844)

      32,713,271,917  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.8%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.37%(c)(d)(e)

    109,538,613       109,516,705  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.28%(c)(d)

    147,033,225       147,033,225  
   

 

 

 

Total Short-Term Securities — 0.8%
(Cost: $256,531,957)

      256,549,930  
   

 

 

 

Total Investments — 100.1%
(Cost: $13,981,235,801)

      32,969,821,847  

Liabilities in Excess of Other Assets — (0.1)%

 

    (46,860,300
   

 

 

 

Net Assets — 100.0%

    $ 32,922,961,547  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Master Portfolio.

(d) 

Annualized 7-day yield as of period end.

(e) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

For Master Portfolio compliance purposes, the Master Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

6  

  


Schedule of Investments  (unaudited) (continued)

March 31, 2022

  

S&P 500 Index Master Portfolio

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

    Affiliated Issuer   Value at
12/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
03/31/22
    Shares
Held at
03/31/22
    Income     Capital Gain
Distributions
from
Underlying
Funds
     

    

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 129,540,046     $     $ (19,954,260 )(a)    $ (71,463   $ 2,382     $ 109,516,705       109,538,613     $ 51,442 (b)     $         
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    190,825,864             (43,792,639 )(a)                  147,033,225       147,033,225       32,923          
 

BlackRock, Inc.

    110,121,726       744,844                   (18,178,098     92,688,472       121,293       586,957          
 

iShares Core S&P 500 ETF

    433,216,628       656,238,867       (951,487,468     20,096,820       (15,353,028     142,711,819       314,558       543,540          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 20,025,357     $ (33,528,744   $ 491,950,221       $ 1,214,862     $         —    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description    Number of
Contracts
     Expiration
Date
     Notional
Amount (000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

Long Contracts

           

S&P 500 E-Mini Index

     868        06/17/22      $ 196,635      $ 13,479,228  
           

 

 

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

 

 

A S T E R    O R T F O L I O     C H E D U L E    O F    N V E S T M E N T S

  7


Schedule of Investments  (unaudited) (continued)

March 31, 2022

  

S&P 500 Index Master Portfolio

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Master Portfolio’s financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 32,570,560,098        $        $        $ 32,570,560,098  

Investment Companies

     142,711,819                            142,711,819  

Short-Term Securities

                 

Money Market Funds

     256,549,930                          —                          —          256,549,930  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 32,969,821,847        $        $        $ 32,969,821,847  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Equity Contracts

   $ 13,479,228        $        $        $ 13,479,228  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

Portfolio Abbreviation
ETF    Exchange-Traded Fund
MSCI    Morgan Stanley Capital International
S&P    Standard & Poor’s

 

 

8  

  


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)
 


Table of Contents


  1

  3

  7

  14

  23

  29

  30

  32

  34

  37

  39

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
    
                
1

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
2
                

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
                
3

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