UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number: 811-06136
HOMESTEAD FUNDS, INC.
(Exact name of registrant as specified in charter)
4301 Wilson Boulevard
Arlington, VA 22203
(Address of principal executive office – Zip code)
Danielle Sieverling
Homestead Funds, Inc.
4301 Wilson Boulevard
Arlington, VA 22203
(Name and address of agent for service)
Copies to:
Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036-8704
(Name and addresses of agent for service)
Registrant’s telephone number, including area code: (703) 907-5993
Date of fiscal year end: December 31
Date of reporting period: December 31, 2019
Item 1. Reports to Stockholders.
Performance Evaluation | ||
2 | ||
4 | ||
6 | ||
8 | ||
10 | ||
12 | ||
14 | ||
16 | ||
18 | ||
20 | ||
22 | ||
32 | ||
Portfolio of Investments | ||
33 | ||
34 | ||
37 | ||
43 | ||
47 | ||
48 | ||
50 | ||
52 | ||
54 |
56 | ||
58 | ||
60 | ||
Financial Highlights | ||
65 | ||
66 | ||
67 | ||
68 | ||
69 | ||
70 | ||
71 | ||
72 | ||
73 | ||
74 | ||
83 | ||
84 | ||
87 | ||
88 |
Investment Advisor: RE Advisers Corporation | |
Marc Johnston, CFP, ChFC, CAIAMoney Market Portfolio ManagerBA, General Arts, Villanova University; MBA, Northeastern University |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Daily Income Fund | 1.43 | 0.54 | 0.28 |
Yield | ||
Annualized 7-day current yield quoted 12/31/19 | 0.81% |
Security Diversification | ||
% of Total Investments | ||
as of 12/31/18 | as of 12/31/19 | |
U.S. government and agency obligations | 94.4 | 89.7 |
Short-term and other assets* | 5.6 | 10.3 |
Total | 100.0% | 100.0% |
Maturity | ||||
as of 12/31/18 | as of 12/31/19 | |||
Average weighted maturity | 39 days | 46 days |
Investment Advisor: RE Advisers Corporation | |
Mauricio Agudelo, CFASenior Fixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business | |
Ivan Naranjo, CFA, FRMFixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Short-Term Government Securities Fund | 3.36 | 1.26 | 1.28 | |||
ICE BofAML 1-5 Year U.S. Treasury Index | 4.20 | 1.68 | 1.73 |
Security Diversification | ||
% of Total Investments | ||
as of 12/31/18 | as of 12/31/19 | |
U.S. government and agency obligations | 58.1 | 62.6 |
Corporate bonds–government guaranteed | 21.3 | 27.5 |
Asset-backed securities | 3.4 | 4.3 |
Corporate bonds–other | 8.4 | 2.7 |
Certificates of deposit | 1.5 | 0.6 |
Mortgage-backed securities | 2.2 | 0.1 |
Municipal bonds | 0.3 | 0.0 |
Short-term and other assets | 4.8 | 2.2 |
Total | 100.0% | 100.0% |
Maturity | ||||
as of 12/31/18 | as of 12/31/19 | |||
Average weighted maturity | 1.71 | 2.70 |
Investment Advisor: RE Advisers Corporation | |
Mauricio Agudelo, CFASenior Fixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business | |
Ivan Naranjo, CFA, FRMFixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Short-Term Bond Fund | 3.90 | 1.88 | 2.47 | |||
ICE BofAML 1-5 Year Corp./Gov. Index | 5.08 | 2.07 | 2.19 |
Security Diversification | ||
% of Total Investments | ||
as of 12/31/18 | as of 12/31/19 | |
U.S. government and agency obligations | 11.4 | 61.4 |
Corporate bonds–other | 37.4 | 19.6 |
Asset-backed securities | 21.7 | 12.2 |
Yankee bonds | 10.3 | 5.6 |
Municipal bonds | 14.5 | 0.2 |
Mortgage-backed securities | 0.8 | 0.1 |
Corporate bonds–government guaranteed | 0.0 | 0.1 |
Short-term and other assets | 3.9 | 0.8 |
Total | 100.0% | 100.0% |
Maturity | ||||
as of 12/31/18 | as of 12/31/19 | |||
Average weighted maturity | 1.52 | 2.64 |
Investment Advisor: RE Advisers Corporation | |
Mauricio Agudelo, CFASenior Fixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business | |
Ivan Naranjo, CFA, FRMFixed Income Portfolio ManagerBS, Finance, The University of Maryland, Robert H. Smith School of Business |
Aggregate Since Inception Return (for the period 05/01/19 to 12/31/19) | ||
Since Inception 05/01/19 % | ||
Intermediate Bond Fund | 4.69 | |
Bloomberg Barclays U.S. Agg Index | 5.55 |
Security Diversification | |
% of Total Investments | |
as of 12/31/19 | |
U.S. government and agency obligations | 39.8 |
Corporate bonds–other | 25.5 |
Mortgage-backed securities | 23.4 |
Asset-backed securities | 5.2 |
Yankee bonds | 3.8 |
Municipal bonds | 0.4 |
Short-term and other assets | 1.9 |
Total | 100.0% |
Maturity | ||
as of 12/31/19 | ||
Average weighted maturity | 7.30 |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Stock Index Fund | 30.77 | 11.06 | 12.95 | |||
Standard & Poor’s 500 Stock Index | 31.49 | 11.70 | 13.56 |
Sector Diversification | ||
% of Total Investments as of 12/31/19 | ||
Information technology | 22.8 | |
Health care | 13.9 | |
Financials | 12.7 | |
Communication services | 10.1 | |
Consumer discretionary | 9.5 | |
Industrials | 9.0 | |
Consumer staples | 7.1 | |
Energy | 4.2 | |
Utilities | 3.2 | |
Real estate | 2.9 | |
Materials | 2.7 |
Short-term and other assets | 1.9 |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 12/31/19 | ||
Apple, Inc. | 4.5 | |
Microsoft Corp. | 4.4 | |
Alphabet, Inc. | 2.9 | |
Amazon.com, Inc. | 2.8 | |
Facebook, Inc. | 1.8 | |
Berkshire Hathaway, Inc. | 1.6 | |
JPMorgan Chase & Co. | 1.6 | |
Johnson & Johnson | 1.4 | |
Visa Inc. | 1.2 | |
Procter & Gamble Co. | 1.1 | |
Total | 23.3% |
Investment Advisor: RE Advisers Corporation | |
Prabha Carpenter, CFASenior Equity Portfolio ManagerBA, Economics, University of Madras; MBA with distinction in Finance and BS in Business Economics, The American University | |
Jim Polk, CFASenior Equity Portfolio ManagerBA, English, Colby College; MBA, The Olin Graduate School of Business at Babson College |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Value Fund | 27.69 | 10.11 | 12.52 | |||
Standard & Poor’s 500 Value Index | 31.93 | 9.52 | 12.16 | |||
Russell 1000 Value Index | 26.54 | 8.29 | 11.80 |
Sector Diversification | ||
% of Total Investments as of 12/31/19 | ||
Health care | 22.0 | |
Information technology | 21.4 | |
Financials | 17.5 | |
Industrials | 12.7 | |
Materials | 7.8 | |
Energy | 6.9 | |
Communication services | 6.0 | |
Consumer discretionary | 4.1 | |
Consumer staples | 0.8 | |
Short-term and other assets | 0.8 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 12/31/19 | ||
Microsoft Corp. | 5.4 | |
JPMorgan Chase & Co. | 4.7 | |
Visa Inc. | 4.7 | |
Avery Dennison Corp. | 4.5 | |
Alphabet, Inc. | 4.5 | |
Parker-Hannifin Corp. | 4.5 | |
Allstate Corp. | 4.1 | |
Honeywell International, Inc. | 4.1 | |
Merck & Co., Inc. | 3.5 | |
Abbott Laboratories | 3.4 | |
Total | 43.4% |
Subadvisor: T. Rowe Price Associates | |
Taymour Tamaddon, CFAPortfolio ManagerBS, Applied Physics, Cornell University; MBA, Finance, Dartmouth |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Growth Fund | 28.36 | 15.57 | 15.60 | |||
Russell 1000 Growth Index | 36.39 | 14.63 | 15.22 |
Sector Diversification | ||
% of Total Investments as of 12/31/19 | ||
Information technology | 33.3 | |
Consumer discretionary | 19.3 | |
Communication services | 19.2 | |
Health care | 15.7 | |
Industrials | 6.9 | |
Utilities | 2.1 | |
Financials | 1.8 | |
Energy | 0.6 | |
Consumer staples | 0.4 | |
Short-term and other assets | 0.7 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 12/31/19 | ||
Microsoft Corp. | 7.8 | |
Amazon.com, Inc. | 7.5 | |
Alphabet, Inc. | 7.3 | |
Facebook, Inc. | 5.7 | |
Visa Inc. | 5.2 | |
Boeing Co. | 4.4 | |
Apple, Inc. | 3.4 | |
Alibaba Group Holding Ltd. ADR | 2.7 | |
Global Payments, Inc. | 2.6 | |
Tencent Holdings Ltd. ADR | 2.4 | |
Total | 49.0% |
Investment Advisor: RE Advisers Corporation | |
Prabha Carpenter, CFASenior Equity Portfolio ManagerBA, Economics, University of Madras; MBA with distinction in Finance and BS in Business Economics, The American University | |
Jim Polk, CFASenior Equity Portfolio ManagerBA, English, Colby College; MBA, The Olin Graduate School of Business at Babson College |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
Small-Company Stock Fund | 22.16 | 2.62 | 10.46 | |||
Russell 2000 Index | 25.52 | 8.23 | 11.83 |
Sector Diversification | ||
% of Total Investments as of 12/31/19 | ||
Information technology | 23.1 | |
Industrials | 19.5 | |
Health care | 18.0 | |
Financials | 17.8 | |
Consumer discretionary | 8.0 | |
Materials | 6.9 | |
Real estate | 3.7 | |
Consumer staples | 1.0 | |
Communication services | 0.5 | |
Short-term and other assets | 1.5 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 12/31/19 | ||
Descartes Systems Group Inc. (The) | 4.2 | |
STERIS PLC | 4.0 | |
ManTech International Corp. | 4.0 | |
Kinsale Capital Group, Inc. | 4.0 | |
Applied Industrial Technologies, Inc. | 3.7 | |
Glacier Bancorp, Inc. | 3.5 | |
NanoString Technologies, Inc. | 3.2 | |
PolyOne Corp. | 3.2 | |
Cracker Barrel Old Country Store, Inc. | 2.9 | |
Encore Capital Group, Inc. | 2.9 | |
Total | 35.6% |
Subadvisor: Harding Loevner LP | |
Ferrill D. Roll, CFACo-Lead Portfolio ManagerBA, Economics, Stanford University | |
Andrew West, CFACo-Lead Portfolio ManagerBS, Business Administration, University of Central Florida; MBA, New York University |
Average Annual Total Returns (periods ended 12/31/19) | ||||||
1 YR % | 5 YR % | 10 YR % | ||||
International Equity Fund* | 24.83 | 7.15 | 5.11 | |||
MSCI® EAFE® Index | 22.01 | 5.67 | 5.50 |
Country Diversification | ||
% of Total Investments as of 12/31/19 | ||
Germany | 15.8 | |
Japan | 13.9 | |
Switzerland | 13.6 | |
Britain | 9.6 | |
France | 8.5 | |
Sweden | 7.2 | |
Spain | 4.1 | |
United States of America | 4.0 | |
Hong Kong | 3.5 | |
Israel | 3.1 | |
Singapore | 3.0 | |
Canada | 3.0 | |
China | 2.2 | |
Taiwan | 1.4 | |
Republic of South Korea | 1.0 | |
Russia | 1.0 | |
India | 1.0 | |
Denmark | 1.0 | |
Brazil, Mexico, & South Africa | 1.3 | |
Short-term and other assets | 1.8 | |
Total | 100.0% |
Top 10 Equity Holdings | ||
% of Total Investments as of 12/31/19 | ||
Roche Holding AG REG | 4.6 | |
Nestlé SA ADR | 4.1 | |
SAP SE ADR | 3.9 | |
Allianz SE REG | 3.8 | |
Infineon Technologies AG | 3.7 | |
L’Oréal SA | 3.6 | |
Atlas Copco AB | 3.5 | |
AIA Group Ltd. | 3.5 | |
Check Point Software Technologies Ltd. | 3.1 | |
DBS Group Holdings Ltd. | 3.0 | |
Total | 36.8% |
Daily Income Fund | Beginning Account Value July 1, 2019 | Ending Account Value December 31, 2019 | Expenses Paid During the Perioda | Annualized Expense Ratio for the Period Ended December 31, 2019 |
Actual Return | $1,000.00 | $1,006.10 | $4.00 | 0.79% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.01 | $4.03 | 0.79% |
Short-Term Government Securities Fundb | ||||
Actual Return | $1,000.00 | $1,009.50 | $3.80 | 0.75% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.22 | $3.82 | 0.75% |
Short-Term Bond Fund | ||||
Actual Return | $1,000.00 | $1,010.50 | $4.10 | 0.81% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,020.92 | $4.13 | 0.81% |
Intermediate Bond Fundb | ||||
Actual Return | $1,000.00 | $1,021.00 | $4.05 | 0.80% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,020.99 | $4.05 | 0.80% |
Stock Index Fundc | ||||
Actual Return | $1,000.00 | $1,125.20 | $3.18 | 0.59% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,022.01 | $3.03 | 0.59% |
Value Fund | ||||
Actual Return | $1,000.00 | $1,115.20 | $3.68 | 0.69% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,021.52 | $3.52 | 0.69% |
Growth Fund | ||||
Actual Return | $1,000.00 | $1,102.30 | $5.18 | 0.98% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,020.07 | $4.98 | 0.98% |
Small-Company Stock Fund | ||||
Actual Return | $1,000.00 | $1,021.20 | $5.82 | 1.14% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,019.24 | $5.82 | 1.14% |
International Equity Fundb | ||||
Actual Return | $1,000.00 | $1,073.80 | $5.17 | 0.99% |
Hypothetical Return (5% return before expenses) | $1,000.00 | $1,020.01 | $5.04 | 0.99% |
a. | The dollar amounts shown as “Expenses Paid During the Period” are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period (184), then divided by 365. |
b. | Reflects fee waiver and/or expense limitation agreements in effect during the period. |
c. | The Stock Index Fund is a feeder fund that invests substantially all of its assets in a Master Portfolio. The example reflects the expenses of both the feeder fund and the Master Portfolio. |
Fund | Statement of Operations | Statement of change in net assets | Financial Highlights |
Daily Income Fund | For the year ended December 31, 2019 | For the years ended December 31, 2019 and 2018 | For the years ended December 31, 2019, 2018, 2017, 2016, and 2015 |
Short-Term Government Securities Fund | |||
Short-Term Bond Fund | |||
Stock Index Fund | |||
Value Fund | |||
Growth Fund | |||
Small-Company Stock Fund | |||
International Equity Fund | |||
Intermediate Bond Fund | For the period May 1, 2019 (inception) through December 31, 2019 | For the period May 1, 2019 (inception) through December 31, 2019 | For the period May 1, 2019 (inception) through December 31, 2019 |
U.S. Government & Agency Obligations | 89.7% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Agricultural Mortgage Corp. | 1.57% | 02/18/20 | $5,000,000 | $4,989,567 |
Federal Agricultural Mortgage Corp. | 1.59 | 03/25/20 | 5,000,000 | 4,981,567 |
Federal Home Loan Bank | 1.78 | 01/02/20 | 5,000,000 | 4,999,754 |
Federal Home Loan Bank | 1.55 | 01/03/20 | 5,000,000 | 4,999,569 |
Federal Home Loan Bank | 1.60 | 01/08/20 | 2,400,000 | 2,399,253 |
Federal Home Loan Bank | 1.60 | 01/23/20 | 1,000,000 | 999,022 |
Federal Home Loan Bank | 1.56 | 01/29/20 | 5,000,000 | 4,993,933 |
Federal Home Loan Bank | 1.56 | 01/31/20 | 2,460,000 | 2,456,822 |
Federal Home Loan Bank | 1.59 | 02/03/20 | 4,500,000 | 4,493,462 |
Federal Home Loan Bank | 1.55 | 02/05/20 | 4,200,000 | 4,193,712 |
Federal Home Loan Bank | 1.59 | 02/06/20 | 1,800,000 | 1,797,138 |
Federal Home Loan Bank | 1.59 | 02/10/20 | 1,231,000 | 1,228,839 |
Federal Home Loan Bank | 1.59 | 02/10/20 | 1,199,000 | 1,196,882 |
Federal Home Loan Bank | 1.59 | 02/12/20 | 3,300,000 | 3,293,917 |
Federal Home Loan Bank | 1.60 | 02/12/20 | 1,400,000 | 1,397,403 |
Federal Home Loan Bank | 1.55 | 02/26/20 | 7,000,000 | 6,983,177 |
Federal Home Loan Bank | 1.58 | 02/26/20 | 1,580,000 | 1,576,117 |
Federal Home Loan Bank | 1.58 | 03/05/20 | 6,000,000 | 5,983,200 |
Federal Home Loan Bank | 1.59 | 03/11/20 | 2,250,000 | 2,243,088 |
Federal Home Loan Bank | 1.58 | 03/13/20 | 3,538,000 | 3,526,855 |
Federal Home Loan Bank | 1.59 | 03/16/20 | 4,000,000 | 3,986,792 |
Federal Home Loan Bank | 1.58 | 03/18/20 | 5,000,000 | 4,983,156 |
Federal Home Loan Bank | 1.59 | 03/23/20 | 4,000,000 | 3,985,559 |
Federal Home Loan Bank | 1.59 | 03/30/20 | 5,000,000 | 4,980,408 |
Federal Home Loan Bank | 1.56 | 04/22/20 | 4,000,000 | 3,980,649 |
Federal Home Loan Bank | 1.56 | 04/24/20 | 4,000,000 | 3,980,303 |
Federal Home Loan Mortgage Corp. | 1.84 | 01/22/20 | 5,500,000 | 5,494,129 |
Tennessee Valley Authority | 1.55 | 01/08/20 | 5,000,000 | 4,998,493 |
U.S. Treasury Bill | 1.55 | 01/07/20 | 5,000,000 | 4,998,735 |
U.S. Treasury Bill | 1.61 | 01/21/20 | 10,000,000 | 9,991,211 |
U.S. Treasury Note | 1.38 | 02/15/20 | 2,500,000 | 2,498,524 |
U.S. Treasury Note | 1.38 | 02/15/20 | 5,000,000 | 4,998,488 |
U.S. Treasury Note | 1.38 | 02/29/20 | 6,000,000 | 5,997,514 |
U.S. Treasury Note | 1.25 | 02/29/20 | 4,500,000 | 4,497,456 |
U.S. Treasury Note | 2.25 | 03/31/20 | 3,500,000 | 3,505,823 |
U.S. Treasury Note | 1.38 | 03/31/20 | 4,500,000 | 4,497,518 |
Total U.S. Government & Agency Obligations | ||||
(Cost $146,108,035) | 146,108,035 |
Money Market Fund | 10.3% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 1.53(a) | 16,798,001 | 16,798,001 | |
Total Money Market Fund | ||||
(Cost $16,798,001) | 16,798,001 | |||
Total Investments in Securities | ||||
(Cost $162,906,036) | 100.0% | $162,906,036 |
(a) | 7-day yield at December 31, 2019. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
U.S. Government & Agency Obligations | 62.6% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Overseas Private Investment Corp. | 2.74%(a) | 04/23/21 | $1,000,000 | $1,026,026 |
Overseas Private Investment Corp. | 2.22(a) | 01/24/25 | 2,000,000 | 1,997,280 |
Private Export Funding Corp. | 1.75 | 11/15/24 | 1,000,000 | 992,044 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 20,000 | 20,073 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,035 |
U.S. Department of Housing & Urban Development | 5.77 | 08/01/26 | 94,000 | 94,278 |
U.S. Treasury Note | 1.50 | 10/31/21 | 94,000 | 93,846 |
U.S. Treasury Note | 1.50 | 11/30/21 | 300,000 | 299,512 |
U.S. Treasury Note | 2.63 | 12/15/21 | 11,500,000 | 11,724,937 |
U.S. Treasury Note | 2.50 | 01/15/22 | 2,950,000 | 3,002,437 |
U.S. Treasury Note | 1.38 | 10/15/22 | 13,691,000 | 13,600,256 |
U.S. Treasury Note | 1.63 | 12/15/22 | 6,490,000 | 6,492,575 |
U.S. Treasury Note | 1.75 | 12/31/24 | 5,477,000 | 5,488,890 |
Total U.S. Government & Agency Obligations | ||||
(Cost $44,609,249) | 44,842,189 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 27.5% of portfolio | ||||
Consumer Discretionary | 0.1% | ||||
Ethiopian Leasing (2012) LLC | 2.68 | 07/30/25 | 104,932 | 107,066 |
Total Consumer Discretionary | 107,066 | |||
Energy | 12.7% | ||||
Petroleos Mexicanos | 2.00 | 12/20/22 | 300,000 | 299,907 |
Petroleos Mexicanos | 1.95 | 12/20/22 | 751,800 | 750,393 |
Petroleos Mexicanos | 2.38 | 04/15/25 | 891,550 | 900,539 |
Petroleos Mexicanos | 2.46 | 12/15/25 | 600,000 | 592,837 |
Reliance Industries Ltd. | 2.06 | 01/15/26 | 3,352,700 | 3,362,699 |
Reliance Industries Ltd. | 1.87 | 01/15/26 | 1,792,632 | 1,787,566 |
Reliance Industries Ltd. | 2.44 | 01/15/26 | 1,368,421 | 1,390,389 |
Total Energy | 9,084,330 | |||
Financials | 14.6% | ||||
CES MU2 LLC | 1.99 | 05/13/27 | 2,117,982 | 2,115,637 |
Export Leasing 2009 LLC | 1.86 | 08/28/21 | 129,911 | 130,024 |
Lulwa Ltd. | 1.83 | 03/26/25 | 465,000 | 463,194 |
Mexican Aircraft Finance IV | 2.54 | 07/13/25 | 258,989 | 263,076 |
Mexican Aircraft Finance V | 2.33 | 01/14/27 | 326,250 | 330,385 |
MSN 41079 and 41084 Ltd. | 1.63 | 12/14/24 | 877,191 | 870,179 |
Penta Aircraft Leasing 2013 LLC | 1.69 | 04/29/25 | 952,560 | 943,339 |
Rimon LLC | 2.45 | 11/01/25 | 142,500 | 144,044 |
Safina Ltd. | 1.55 | 01/15/22 | 479,233 | 477,538 |
Safina Ltd. | 2.00 | 12/30/23 | 1,124,308 | 1,126,696 |
Salmon River Export LLC | 2.19 | 09/15/26 | 145,521 | 146,476 |
Sandalwood 2013 LLC | 2.82 | 02/12/26 | 364,511 | 373,646 |
Santa Rosa Leasing LLC | 1.69 | 08/15/24 | 41,259 | 41,018 |
Santa Rosa Leasing LLC | 1.47 | 11/03/24 | 440,241 | 434,928 |
Tagua Leasing LLC | 1.90 | 07/12/24 | 983,983 | 982,444 |
Tagua Leasing LLC | 1.73 | 09/18/24 | 422,495 | 419,824 |
Tagua Leasing LLC | 1.58 | 11/16/24 | 231,801 | 229,453 |
Union 11 Leasing LLC | 2.41 | 01/23/24 | 386,887 | 390,892 |
Union 16 Leasing LLC | 1.86 | 01/22/25 | 463,373 | 462,054 |
VCK Lease SA | 2.59 | 07/24/26 | 75,099 | 76,607 |
Total Financials | 10,421,454 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 27.5% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Industrials | 0.1% | ||||
Sayarra Ltd. | 2.77% | 10/29/21 | $110,830 | $111,845 |
Total Industrials | 111,845 | |||
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States | ||||
(Cost $19,678,038) | 19,724,695 |
Asset-Backed Securities | 4.3% of portfolio | ||||
Ally Master Owner Trust 17-3 | 2.20(b) | 06/15/22 | 250,000 | 250,296 |
Avid Automobile Receivables Trust 19-1 (c) | 2.62 | 02/15/24 | 233,636 | 233,557 |
Consumer Loan Underlying Bond 19-HP1 (c) | 2.59 | 12/15/26 | 200,000 | 200,067 |
Exeter Automobile Receivables Trust 18-3 (c) | 2.90 | 01/18/22 | 3,987 | 3,988 |
Exeter Automobile Receivables Trust 18-4 (c) | 3.05 | 12/15/21 | 39,492 | 39,512 |
Exeter Automobile Receivables Trust 19-4 (c) | 2.18 | 01/17/23 | 258,678 | 258,755 |
Foursight Capital Automobile Receivables Trust 17-1 (c) | 2.37 | 04/15/22 | 13,576 | 13,582 |
Foursight Capital Automobile Receivables Trust 18-2 (c) | 3.32 | 04/15/22 | 76,468 | 76,660 |
Foursight Capital Automobile Receivables Trust 19-1 (c) | 2.67 | 03/15/24 | 300,000 | 302,200 |
Freedom Financial 18-2 (c) | 3.99 | 10/20/25 | 88,860 | 89,472 |
GLS Auto Receivables Trust 18-3 (c) | 3.35 | 08/15/22 | 49,815 | 50,024 |
GLS Auto Receivables Trust 19-4 (c) | 2.47 | 11/15/23 | 482,528 | 482,608 |
Marlette Funding Trust 19-3 (c) | 2.69 | 09/17/29 | 187,723 | 188,216 |
Marlette Funding Trust 19-4 (c) | 2.39 | 12/17/29 | 232,955 | 233,107 |
Prosper Marketplace Issuance Trust 18-2 (c) | 3.35 | 10/15/24 | 48,031 | 48,124 |
Small Business Administration Pool # 503463 | 2.88(b) | 09/25/21 | 99 | 98 |
SoFi Consumer Loan Program Trust 19-4 (c) | 2.45 | 08/25/28 | 86,276 | 86,394 |
Upstart Securitization Trust 19-3 (c) | 2.68 | 01/21/30 | 500,000 | 499,799 |
Total Asset-Backed Securities | ||||
(Cost $3,054,188) | 3,056,459 |
Corporate Bonds–Other | 2.7% of portfolio | ||||
Consumer Staples | 0.2% | ||||
Walgreens Boots Alliance, Inc. | 3.80 | 11/18/24 | 100,000 | 103,951 |
Total Consumer Staples | 103,951 | |||
Financials | 1.6% | ||||
Citibank, N.A. | 2.84(b) | 05/20/22 | 250,000 | 253,009 |
Goldman Sachs Group, Inc. | 3.20 | 06/05/20 | 150,000 | 150,815 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 250,000 | 253,077 |
JP Morgan Chase Bank NA | 3.09(b) | 04/26/21 | 250,000 | 250,845 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 250,000 | 268,679 |
Total Financials | 1,176,425 | |||
Health Care | 0.3% | ||||
Cigna Corp. | 3.75 | 07/15/23 | 200,000 | 209,615 |
Total Health Care | 209,615 | |||
Real Estate | 0.4% | ||||
SBA Tower Trust (c) | 3.45 | 03/15/23 | 250,000 | 257,436 |
Total Real Estate | 257,436 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bonds–Other | 2.7% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Utilities | 0.2% | ||||
Duke Energy Florida Project Finance, LLC | 1.20% | 03/01/20 | $40,242 | $40,233 |
Southwest Gas Corp. | 4.45 | 12/01/20 | 125,000 | 126,546 |
Total Utilities | 166,779 | |||
Total Corporate Bonds–Other | ||||
(Cost $1,897,760) | 1,914,206 |
Mortgage-Backed Security | 0.1% of portfolio | ||||
FDIC Structured Sale Guaranteed Notes 2010-S3 (c) | 2.74 | 12/03/20 | 62,768 | 62,746 |
Total Mortgage-Backed Security | ||||
(Cost $62,760) | 62,746 |
Certificates of Deposit | 0.6% of portfolio | ||||
HSBC Bank USA NA | 3.10(b) | 11/17/20 | 246,000 | 248,907 |
JP Morgan Chase Bank, NA | 2.00(b) | 04/22/21 | 200,000 | 200,178 |
Total Certificates of Deposit | ||||
(Cost $446,380) | 449,085 |
Money Market Fund | 2.2% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 1.53(d) | 1,544,204 | 1,544,204 | |
Total Money Market Fund | ||||
(Cost $1,544,204) | 1,544,204 | |||
Total Investments in Securities | ||||
(Cost $71,292,579) | 100.0% | $71,593,584 |
(a) | Interest is paid at maturity. |
(b) | Variable coupon rate as of December 31, 2019. |
(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 $3,126,247 and represents 4.4% of total investments. |
(d) | 7-day yield at December 31, 2019. |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
U.S. Government & Agency Obligations | 61.4% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Federal Home Loan Bank | 2.55% | 05/06/22 | $10,060,000 | $10,082,294 |
Federal Home Loan Mortgage Corp. | 2.35 | 03/04/22 | 2,220,000 | 2,220,992 |
Overseas Private Investment Corp. | 2.52 | 09/15/22 | 1,232,955 | 1,241,582 |
Tennessee Valley Authority | 0.00(a) | 06/15/21 | 595,000 | 578,807 |
U.S. Department of Housing & Urban Development | 6.07 | 08/01/21 | 10,000 | 10,036 |
U.S. Department of Housing & Urban Development | 6.12 | 08/01/22 | 10,000 | 10,035 |
U.S. Treasury Note | 1.50 | 10/31/21 | 11,703,000 | 11,683,794 |
U.S. Treasury Note | 2.88 | 11/15/21 | 1,625,000 | 1,662,927 |
U.S. Treasury Note | 1.50 | 11/30/21 | 44,750,000 | 44,677,263 |
U.S. Treasury Note | 2.63 | 12/15/21 | 29,900,000 | 30,484,835 |
U.S. Treasury Note | 2.50 | 01/15/22 | 1,770,000 | 1,801,462 |
U.S. Treasury Note | 1.38 | 10/15/22 | 163,830,000 | 162,744,138 |
U.S. Treasury Note | 1.63 | 12/15/22 | 7,005,000 | 7,007,779 |
U.S. Treasury Note | 2.88 | 09/30/23 | 710,000 | 740,992 |
U.S. Treasury Note | 1.50 | 10/31/24 | 6,232,000 | 6,174,112 |
U.S. Treasury Note | 1.75 | 12/31/24 | 55,525,000 | 55,645,543 |
Total U.S. Government & Agency Obligations | ||||
(Cost $336,392,142) | 336,766,591 |
Corporate Bonds–Other | 19.6% of portfolio | ||||
Communication Services | 0.7% | ||||
Comcast Corp. | 3.45 | 10/01/21 | 1,010,000 | 1,039,383 |
Sprint Spectrum Co. LLC (b) | 3.36 | 03/20/23 | 1,082,813 | 1,092,450 |
Sprint Spectrum Co. LLC (b) | 4.74 | 03/20/25 | 1,560,000 | 1,652,009 |
Total Communication Services | 3,783,842 | |||
Consumer Discretionary | 2.0% | ||||
ABC Inc. | 8.75 | 08/15/21 | 810,000 | 890,542 |
Daimler Finance North America LLC (b) | 3.65 | 02/22/24 | 745,000 | 778,872 |
Ford Motor Credit Company LLC | 3.35 | 11/01/22 | 2,135,000 | 2,155,554 |
Ford Motor Credit Company LLC | 4.14 | 02/15/23 | 1,200,000 | 1,233,913 |
Ford Motor Credit Company LLC | 4.06 | 11/01/24 | 2,030,000 | 2,070,331 |
Harley-Davidson Financial Services, Inc. (b) | 3.35 | 02/15/23 | 420,000 | 429,398 |
Volkswagen Group of America, Inc. (b) | 2.50 | 09/24/21 | 1,270,000 | 1,280,772 |
Volkswagen Group of America, Inc. (b) | 2.70 | 09/26/22 | 2,120,000 | 2,143,091 |
Total Consumer Discretionary | 10,982,473 | |||
Consumer Staples | 1.4% | ||||
Altria Group Inc. | 3.80 | 02/14/24 | 1,300,000 | 1,367,269 |
Anheuser-Busch InBev Finance Inc. | 3.70 | 02/01/24 | 1,280,000 | 1,357,202 |
Mead Johnson Nutrition Co. | 3.00 | 11/15/20 | 4,125,000 | 4,161,014 |
Walgreens Boots Alliance, Inc. | 3.80 | 11/18/24 | 750,000 | 779,631 |
Total Consumer Staples | 7,665,116 | |||
Energy | 1.1% | ||||
BP Capital Markets America Inc. | 2.52 | 09/19/22 | 1,600,000 | 1,620,296 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 1,570,000 | 1,573,980 |
Midwest Connector Capital Company LLC (b) | 3.63 | 04/01/22 | 620,000 | 635,488 |
Midwest Connector Capital Company LLC (b) | 3.90 | 04/01/24 | 825,000 | 866,196 |
Pioneer Natural Resources Co. | 4.45 | 01/15/26 | 1,146,000 | 1,253,431 |
Total Energy | 5,949,391 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bonds–Other | 19.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 8.4% | ||||
AIG Global Funding Inc. (b) | 2.30% | 07/01/22 | $865,000 | $869,385 |
AMBAC Assurance Corp. (b) | 5.10 | 06/07/20 | 2,871 | 4,249 |
AMBAC LSNI LLC (b) | 6.94(c) | 02/12/23 | 11,293 | 11,434 |
Anthem, Inc. | 3.30 | 01/15/23 | 625,000 | 646,330 |
Anthem, Inc. | 2.38 | 01/15/25 | 2,130,000 | 2,130,937 |
Athene Global Funding (b) | 4.00 | 01/25/22 | 1,400,000 | 1,445,708 |
Athene Global Funding (b) | 2.75 | 06/25/24 | 1,931,000 | 1,948,950 |
Bank of America Corp. | 2.74(c) | 01/23/22 | 2,100,000 | 2,115,664 |
Bank of America Corp. | 4.00 | 01/22/25 | 1,210,000 | 1,290,030 |
Bank of America Corp. | 3.95 | 04/21/25 | 1,030,000 | 1,098,312 |
Bank of America Corp. | 2.46(c) | 10/22/25 | 2,200,000 | 2,212,643 |
Branch Banking and Trust Co. | 2.64(c) | 09/17/29 | 1,350,000 | 1,348,577 |
Capital One Financial Corp. | 3.90 | 01/29/24 | 1,440,000 | 1,526,195 |
CIT Bank, NA | 2.97(c) | 09/27/25 | 1,640,000 | 1,635,900 |
Citibank, N.A. | 2.84(c) | 05/20/22 | 4,275,000 | 4,326,451 |
Citibank, NA | 2.85 | 02/12/21 | 1,650,000 | 1,665,970 |
Citibank, NA | 3.40 | 07/23/21 | 875,000 | 893,662 |
Citibank, NA | 3.65 | 01/23/24 | 1,325,000 | 1,401,913 |
Discover Bank | 4.68(c) | 08/09/28 | 3,081,000 | 3,219,645 |
Goldman Sachs Group, Inc. | 3.00 | 04/26/22 | 5,330,000 | 5,395,592 |
J.P. Morgan Chase & Co. | 4.02(c) | 12/05/24 | 800,000 | 852,647 |
J.P. Morgan Chase & Co. | 2.30(c) | 10/15/25 | 2,130,000 | 2,125,937 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 2,750,000 | 2,955,473 |
Metropolitan Life Global Funding (b) | 3.38 | 01/11/22 | 450,000 | 462,479 |
Metropolitan Life Global Funding (b) | 3.60 | 01/11/24 | 450,000 | 475,780 |
Morgan Stanley | 3.15(c) | 01/20/22 | 1,277,000 | 1,288,632 |
Morgan Stanley | 2.72(c) | 07/22/25 | 1,220,000 | 1,234,774 |
Wells Fargo Bank NA | 3.33(c) | 07/23/21 | 1,025,000 | 1,033,029 |
Wells Fargo Bank NA | 3.63 | 10/22/21 | 625,000 | 643,209 |
Total Financials | 46,259,507 | |||
Health Care | 1.8% | ||||
AbbVie Inc. (b) | 2.30 | 11/21/22 | 850,000 | 854,032 |
AbbVie Inc. (b) | 2.60 | 11/21/24 | 910,000 | 915,210 |
Bristol-Myers Squibb Co. (b) | 2.90 | 07/26/24 | 1,475,000 | 1,521,795 |
Cigna Corp. | 3.75 | 07/15/23 | 6,510,000 | 6,822,974 |
Total Health Care | 10,114,011 | |||
Industrials | 0.8% | ||||
Burlington Northern & Santa Fe Railway Co. | 4.58 | 01/15/21 | 82,107 | 82,927 |
Burlington Northern & Santa Fe Railway Co. | 4.83 | 01/15/23 | 36,229 | 36,888 |
Caterpillar Financial Services Corp. | 3.15 | 09/07/21 | 875,000 | 894,175 |
Caterpillar Financial Services Corp. | 2.15 | 11/08/24 | 940,000 | 942,869 |
John Deere Capital Corp. | 3.13 | 09/10/21 | 220,000 | 225,017 |
Parker-Hannifin Corp. | 2.70 | 06/14/24 | 435,000 | 444,039 |
Ryder System Inc. | 2.88 | 06/01/22 | 435,000 | 441,493 |
Ryder System Inc. | 2.50 | 09/01/24 | 1,340,000 | 1,345,121 |
Ryder System, Inc. | 3.50 | 06/01/21 | 220,000 | 224,468 |
Total Industrials | 4,636,997 | |||
Information Technology | 1.2% | ||||
Apple Inc. | 2.50 | 02/09/22 | 975,000 | 989,316 |
Broadcom Inc. (b) | 3.63 | 10/15/24 | 1,890,000 | 1,964,304 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Corporate Bonds–Other | 19.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Information Technology | 1.2% (Continued) | ||||
International Business Machine Corp. | 3.00% | 05/15/24 | $2,200,000 | $2,278,090 |
Qualcomm Inc. | 3.45 | 05/20/25 | 1,250,000 | 1,320,818 |
Total Information Technology | 6,552,528 | |||
Materials | 0.1% | ||||
3M Co. | 1.63 | 09/19/21 | 450,000 | 448,876 |
Total Materials | 448,876 | |||
Real Estate | 0.6% | ||||
SBA Tower Trust (b) | 3.45 | 03/15/23 | 2,175,000 | 2,239,687 |
Service Properties Trust | 4.35 | 10/01/24 | 850,000 | 872,769 |
Total Real Estate | 3,112,456 | |||
Utilities | 1.5% | ||||
Duke Energy Florida Project Finance, LLC | 1.20 | 03/01/20 | 666,145 | 665,989 |
Oncor Electric Delivery Co. LLC | 5.75 | 09/30/20 | 660,000 | 678,301 |
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 1,775,740 | 1,769,141 |
Southern California Edison Co. | 3.88 | 06/01/21 | 1,050,000 | 1,072,759 |
Southern California Edison Co. | 1.85 | 02/01/22 | 2,925,000 | 2,888,959 |
Southwest Gas Corp. | 4.45 | 12/01/20 | 825,000 | 835,206 |
Toledo Edison Co. | 7.25 | 05/01/20 | 250,000 | 253,564 |
Total Utilities | 8,163,919 | |||
Total Corporate Bonds–Other | ||||
(Cost $106,203,669) | 107,669,116 |
Asset-Backed Securities | 12.2% of portfolio | ||||
ACC Trust 18-1 (b) | 3.70 | 12/21/20 | 36,388 | 36,412 |
Ally Master Owner Trust 17-3 | 2.20(c) | 06/15/22 | 750,000 | 750,884 |
Ally Master Owner Trust 17-3 | 2.04 | 06/15/22 | 900,000 | 899,854 |
American Airlines 13-2 | 4.95 | 07/15/24 | 1,092,540 | 1,138,601 |
American Credit Acceptance Receivables Trust 18-4 (b) | 3.38 | 12/13/21 | 524,301 | 524,827 |
American Credit Acceptance Receivables Trust 19-2 (b) | 2.85 | 07/12/22 | 1,083,234 | 1,085,406 |
Avant Loans Funding Trust 18-B (b) | 3.42 | 01/18/22 | 385,563 | 386,378 |
Avant Loans Funding Trust 19-A (b) | 3.48 | 07/15/22 | 498,459 | 500,269 |
Avant Loans Funding Trust 19-B (b) | 2.72 | 10/15/26 | 1,696,842 | 1,698,353 |
Avid Automobile Receivables Trust 19-1 (b) | 2.62 | 02/15/24 | 1,640,128 | 1,639,573 |
California Republic Auto Receivable Trust 15-3 | 2.13 | 05/17/21 | 101,634 | 101,622 |
Carvana Auto Receivables Trust 19-2 (b) | 2.60 | 01/18/22 | 2,592,206 | 2,595,976 |
CCR Inc. MT-100 Payment Rights Master Trust 12-C (b) | 4.75 | 07/10/22 | 645,833 | 652,039 |
Consumer Loan Underlying Bond 17-P2 (b) | 2.61 | 01/15/24 | 20,145 | 20,146 |
Consumer Loan Underlying Bond 18-P2 (b) | 3.47 | 10/15/25 | 463,803 | 466,383 |
Consumer Loan Underlying Bond 18-P3 (b) | 3.82 | 01/15/26 | 617,065 | 622,317 |
Consumer Loan Underlying Bond 19-HP1 (b) | 2.59 | 12/15/26 | 2,970,000 | 2,970,992 |
Consumer Loan Underlying Bond 19-P1 (b) | 2.94 | 07/15/26 | 697,702 | 700,291 |
CPS Auto Trust 19-A (b) | 3.18 | 06/15/22 | 494,207 | 496,002 |
Credit Acceptance Auto Loan Trust 17-1 (b) | 2.56 | 10/15/25 | 32,370 | 32,373 |
Credit Acceptance Auto Loan Trust 17-2 (b) | 2.55 | 02/17/26 | 692,234 | 693,003 |
Credit Acceptance Auto Loan Trust 17-3 (b) | 2.65 | 06/15/26 | 819,860 | 821,537 |
Credit Acceptance Auto Loan Trust 18-1 (b) | 3.01 | 02/16/27 | 1,525,000 | 1,530,655 |
Credit Acceptance Auto Loan Trust 18-2 (b) | 3.47 | 05/17/27 | 2,200,000 | 2,227,630 |
Credit Acceptance Auto Loan Trust 18-3 (b) | 3.55 | 08/15/27 | 1,100,000 | 1,117,299 |
Credit Acceptance Auto Loan Trust 19-1 (b) | 3.33 | 02/15/28 | 2,880,000 | 2,930,419 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Asset-Backed Securities | 12.2% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Drive Auto Receivables Trust 19-3 | 2.63% | 09/15/22 | $809,178 | $810,432 |
DT Auto Owner Trust 19-1 (b) | 3.08 | 09/15/22 | 813,244 | 816,166 |
Element Rail Leasing I LLC 14-1 (b) | 2.30 | 04/19/44 | 600,641 | 600,945 |
Entergy New Orleans Storm Recovery Fund 15-1 | 2.67 | 06/01/27 | 551,435 | 556,896 |
Exeter Automobile Receivables Trust 18-3 (b) | 2.90 | 01/18/22 | 23,920 | 23,926 |
Exeter Automobile Receivables Trust 18-4 (b) | 3.05 | 12/15/21 | 140,196 | 140,267 |
Exeter Automobile Receivables Trust 19-1 (b) | 3.20 | 04/15/22 | 501,150 | 502,156 |
Exeter Automobile Receivables Trust 19-4 (b) | 2.18 | 01/17/23 | 1,233,033 | 1,233,399 |
Foursight Capital Automobile Receivables Trust 16-1 (b) | 2.87 | 10/15/21 | 39,252 | 39,271 |
Foursight Capital Automobile Receivables Trust 17-1 (b) | 2.37 | 04/15/22 | 97,749 | 97,791 |
Foursight Capital Automobile Receivables Trust 18-2 (b) | 3.32 | 04/15/22 | 516,160 | 517,457 |
Foursight Capital Automobile Receivables Trust 19-1 (b) | 2.67 | 03/15/24 | 4,140,000 | 4,170,358 |
Freedom Financial 18-1 (b) | 3.61 | 07/18/24 | 669,083 | 671,994 |
Freedom Financial 18-2 (b) | 3.99 | 10/20/25 | 462,073 | 465,256 |
Freedom Financial 19-1 (b) | 3.42 | 06/18/26 | 455,403 | 457,264 |
GLS Auto Receivables Trust 18-1 (b) | 2.82 | 07/15/22 | 810,332 | 812,155 |
GLS Auto Receivables Trust 18-3 (b) | 3.35 | 08/15/22 | 348,706 | 350,164 |
GLS Auto Receivables Trust 19-1 (b) | 3.37 | 01/17/23 | 716,616 | 720,845 |
GLS Auto Receivables Trust 19-2 (b) | 3.06 | 04/17/23 | 1,126,988 | 1,132,871 |
GLS Auto Receivables Trust 19-4 (b) | 2.47 | 11/15/23 | 2,041,094 | 2,041,431 |
Longtrain Leasing III LLC 2015-1 (b) | 2.98 | 01/15/45 | 396,292 | 397,024 |
Marlette Funding Trust 18-2 (b) | 3.06 | 07/17/28 | 225,107 | 225,243 |
Marlette Funding Trust 18-3 (b) | 3.20 | 09/15/28 | 678,692 | 680,010 |
Marlette Funding Trust 18-4 (b) | 3.71 | 12/15/28 | 1,009,021 | 1,016,268 |
Marlette Funding Trust 19-1 (b) | 3.44 | 04/16/29 | 928,207 | 934,916 |
Marlette Funding Trust 19-3 (b) | 2.69 | 09/17/29 | 3,431,573 | 3,440,595 |
Marlette Funding Trust 19-4 (b) | 2.39 | 12/17/29 | 1,295,229 | 1,296,076 |
NP SPE II LLC 17-1 (b) | 3.37 | 10/21/47 | 435,972 | 439,972 |
Oscar US Funding Trust 17-2 (b) | 2.45 | 12/10/21 | 578,467 | 578,993 |
Oscar US Funding Trust 18-1 (b) | 2.91 | 04/12/21 | 258,453 | 258,658 |
Oscar US Funding Trust 18-2 (b) | 3.15 | 08/10/21 | 302,092 | 302,829 |
Oscar US Funding Trust 19-1 (b) | 3.10 | 04/11/22 | 800,362 | 803,815 |
Prosper Marketplace Issuance Trust 18-2 (b) | 3.35 | 10/15/24 | 902,979 | 904,737 |
Prosper Marketplace Issuance Trust 19-2 (b) | 3.20 | 09/15/25 | 487,052 | 488,649 |
Prosper Marketplace Issuance Trust 19-3 (b) | 3.19 | 07/15/25 | 938,697 | 943,411 |
SoFi Consumer Loan Program Trust 17-1 (b) | 3.28 | 01/26/26 | 255,028 | 255,811 |
SoFi Consumer Loan Program Trust 17-3 (b) | 2.77 | 05/25/26 | 386,304 | 387,637 |
SoFi Consumer Loan Program Trust 17-4 (b) | 2.50 | 05/26/26 | 316,169 | 316,667 |
SoFi Consumer Loan Program Trust 18-3 (b) | 3.20 | 08/25/27 | 88,851 | 88,987 |
SoFi Consumer Loan Program Trust 18-4 (b) | 3.54 | 11/26/27 | 1,006,922 | 1,014,991 |
SoFi Consumer Loan Program Trust 19-2 (b) | 3.01 | 04/25/28 | 726,015 | 730,651 |
SoFi Consumer Loan Program Trust 19-4 (b) | 2.45 | 08/25/28 | 1,164,719 | 1,166,324 |
United Auto Credit Securitization Trust 19-1 (b) | 2.82 | 07/12/21 | 1,225,981 | 1,228,017 |
Upgrade Receivables Trust 18-1 (b) | 3.76 | 11/15/24 | 370,922 | 371,735 |
Upgrade Receivables Trust 19-1 (b) | 3.48 | 03/15/25 | 726,200 | 728,125 |
Upstart Securitization Trust 19-3 (b) | 2.68 | 01/21/30 | 3,940,000 | 3,938,413 |
World Financial Network Credit Card Master Note Trust 18-B | 3.46 | 07/15/25 | 1,200,000 | 1,227,125 |
Total Asset-Backed Securities | ||||
(Cost $66,705,980) | 66,965,964 |
Yankee Bonds | 5.6% of portfolio | ||||
América Móvil SAB de CV | 5.00 | 03/30/20 | 646,000 | 649,954 |
Banco Santander SA | 3.85 | 04/12/23 | 1,200,000 | 1,251,057 |
Banco Santander SA | 2.71 | 06/27/24 | 1,400,000 | 1,418,697 |
BMO Financial Group | 2.90 | 03/26/22 | 900,000 | 917,227 |
BMO Financial Group | 4.34(c) | 10/05/28 | 1,300,000 | 1,370,980 |
Coca-Cola European Partners PLC | 3.50 | 09/15/20 | 825,000 | 832,468 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Yankee Bonds | 5.6% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Enel Finance International NV (b) | 2.65% | 09/10/24 | $1,275,000 | $1,278,136 |
HSBC Holdings PLC | 3.80(c) | 03/11/25 | 2,635,000 | 2,764,183 |
ING Groep NV | 3.55 | 04/09/24 | 720,000 | 753,493 |
Lloyds Banking Group PLC | 2.86(c) | 03/17/23 | 1,400,000 | 1,417,029 |
Lloyds Banking Group PLC | 2.91(c) | 11/07/23 | 1,400,000 | 1,420,311 |
Reckitt Benckiser Treasury Services PLC (b) | 2.75 | 06/26/24 | 1,100,000 | 1,121,023 |
Royal Bank of Scotland Group PLC | 4.52(c) | 06/25/24 | 1,325,000 | 1,406,701 |
Royal Bank of Scotland Group PLC | 4.27(c) | 03/22/25 | 1,330,000 | 1,411,971 |
Seagate HDD Cayman | 4.75 | 01/01/25 | 1,895,000 | 2,024,100 |
Shell International Finance BV | 2.00 | 11/07/24 | 1,650,000 | 1,645,574 |
Sinopec Group Overseas Development (2017) Ltd. (b) | 2.38 | 04/12/20 | 2,175,000 | 2,175,587 |
Sinopec Group Overseas Development (2020) Ltd. (b) | 2.25 | 09/13/20 | 2,200,000 | 2,199,648 |
Standard Chartered PLC (b) | 2.74(c) | 09/10/22 | 1,700,000 | 1,710,617 |
Syngenta Finance NV (b) | 3.70 | 04/24/20 | 1,300,000 | 1,304,087 |
Syngenta Finance NV (b) | 3.93 | 04/23/21 | 425,000 | 432,157 |
Syngenta Finance NV (b) | 4.44 | 04/24/23 | 400,000 | 417,485 |
Tencent Holdings Ltd. (b) | 3.28 | 04/11/24 | 960,000 | 987,110 |
Total Yankee Bonds | ||||
(Cost $30,244,096) | 30,909,595 |
Municipal Bond | 0.2% of portfolio | ||||
Wisconsin | 0.2% | ||||
Wisconsin, Public Finance Authority | 2.82 | 03/01/20 | 910,000 | 910,227 |
Total Wisconsin | 910,227 | |||
Total Municipal Bond | ||||
(Cost $910,000) | 910,227 |
Mortgage-Backed Securities | 0.1% of portfolio | ||||
ACE Securities Corp. 06-ASL1 | 2.07(c) | 02/25/36 | 189,213 | 78,475 |
Amresco Residential Securities 98-1 | 7.12(c) | 10/25/27 | 24,424 | 26,032 |
Bear Stearns Asset Backed Securities Trust 03-3 | 2.97(c) | 06/25/43 | 28,324 | 28,191 |
Bear Stearns Asset Backed Securities Trust 04-HE5 | 3.58(c) | 07/25/34 | 23,269 | 23,534 |
CDC Mortgage Capital Trust 02-HE1 | 2.33(c) | 01/25/33 | 153,007 | 152,054 |
CITICORP Mortgage Securities, Inc. 07-1 | 5.30(d) | 03/25/37 | 19,752 | 19,786 |
Cityscape Home Equity Loan Trust 96-2 | 8.10 | 08/25/26 | 44,133 | 44,090 |
Conseco Finance Securitizations Corp. 01-2 | 7.10 | 02/01/33 | 75,823 | 79,102 |
Countrywide Asset Backed Certificate 02-S2 (e) | 5.98 | 01/25/17 | 1,688 | 1,682 |
Countrywide Asset Backed Certificate 02-S4 (e) | 4.67(c) | 10/25/17 | 7,236 | 7,590 |
Countrywide Asset Backed Certificate 04-S1 | 5.12 | 02/25/35 | 6,610 | 6,595 |
FHLMC 780754 | 4.63(c) | 08/01/33 | 1,036 | 1,095 |
FNMA 813842 | 4.01(c) | 01/01/35 | 3,825 | 3,941 |
GMAC Mortgage Corp. Loan Trust 06-HE3 | 5.75 | 10/25/36 | 12,761 | 12,874 |
Green Tree Financial Corp. 98-5 | 6.22 | 03/01/30 | 22,483 | 23,172 |
Master Asset Backed Securities Trust 07-NCW (b) | 2.01(c) | 05/25/37 | 239,824 | 224,158 |
Option One Mortgage Loan Trust 07-FXD2 | 5.90 | 03/25/37 | 1,701 | 1,676 |
Salomon Brothers Mortgage Securities 97-LB6 | 6.82 | 12/25/27 | 3 | 3 |
Total Mortgage-Backed Securities | ||||
(Cost $837,525) | 734,050 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bond Guaranteed by Export-Import Bank of the United States | 0.1% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Energy | 0.1% | ||||
Petroleos Mexicanos | 2.46% | 12/15/25 | $263,400 | $260,255 |
Total Energy | 260,255 | |||
Total Corporate Bond Guaranteed by Export-Import Bank of the United States | ||||
(Cost $260,807) | 260,255 |
Money Market Fund | 0.8% of portfolio | ||||
Shares | ||||
State Street Institutional U.S. Government Money Market Fund | 1.53(f) | 4,191,510 | 4,191,510 | |
Total Money Market Fund | ||||
(Cost $4,191,510) | 4,191,510 | |||
Total Investments in Securities | ||||
(Cost $545,745,729) | 100.0% | $548,407,308 |
(a) | Zero coupon rate, purchased at a discount. |
(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 $94,921,847 and represents 17.3% of total investments. |
(c) | Variable coupon rate as of December 31, 2019. |
(d) | Step coupon security, the current rate may be adjusted upwards before maturity date. |
(e) | Security did not mature on maturity date. While additional principal and interest have been received past the maturity date, the amount and timing of future payments is uncertain. |
(f) | 7-day yield at December 31, 2019. |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
U.S. Government & Agency Obligations | 39.8% of portfolio | ||||
Interest Rate / Yield | Maturity Date | Face Amount | Value | |
Overseas Private Investment Corp. | 3.00% | 10/05/34 | $196,890 | $205,398 |
U.S. Treasury Note | 1.50 | 10/31/21 | 729,000 | 727,804 |
U.S. Treasury Note | 1.50 | 11/30/21 | 862,000 | 860,599 |
U.S. Treasury Note | 1.63 | 12/31/21 | 540,000 | 540,503 |
U.S. Treasury Note | 1.63 | 12/15/22 | 2,585,000 | 2,586,025 |
U.S. Treasury Note | 1.75 | 12/31/24 | 1,320,000 | 1,322,866 |
U.S. Treasury Note | 1.75 | 12/31/26 | 962,000 | 956,287 |
U.S. Treasury Note | 1.75 | 11/15/29 | 927,000 | 912,280 |
U.S. Treasury Note | 2.25 | 08/15/49 | 1,397,000 | 1,353,562 |
U.S. Treasury Note | 2.38 | 11/15/49 | 20,000 | 19,910 |
Total U.S. Government & Agency Obligations | ||||
(Cost $9,507,453) | 9,485,234 |
Corporate Bonds–Other | 25.5% of portfolio | ||||
Communication Services | 1.7% | ||||
Charter Communications Operating LLC | 5.38 | 04/01/38 | 135,000 | 154,462 |
Charter Communications Operating LLC | 5.75 | 04/01/48 | 10,000 | 11,647 |
Comcast Corporation | 3.25 | 11/01/39 | 110,000 | 111,445 |
Sprint Communications, Inc. | 6.00 | 11/15/22 | 15,000 | 15,731 |
Sprint Corp. | 7.63 | 03/01/26 | 110,000 | 121,308 |
Total Communication Services | 414,593 | |||
Consumer Discretionary | 1.2% | ||||
Ford Motor Credit Company LLC | 4.06 | 11/01/24 | 211,000 | 215,192 |
General Motors Co. | 5.15 | 04/01/38 | 66,000 | 67,370 |
Total Consumer Discretionary | 282,562 | |||
Consumer Staples | 1.2% | ||||
Anheuser-Busch InBev Worldwide Inc. | 5.45 | 01/23/39 | 50,000 | 62,774 |
Keurig Dr Pepper Inc. | 3.43 | 06/15/27 | 130,000 | 135,311 |
Molson Coors Brewing Co. | 3.00 | 07/15/26 | 30,000 | 30,343 |
Molson Coors Brewing Co. | 4.20 | 07/15/46 | 20,000 | 19,904 |
Walgreens Boots Alliance, Inc. | 3.80 | 11/18/24 | 30,000 | 31,185 |
Total Consumer Staples | 279,517 | |||
Energy | 2.5% | ||||
Cheniere Corpus Christi Holdings LLC (a) | 3.70 | 11/15/29 | 30,000 | 30,593 |
ConocoPhillips | 4.30 | 11/15/44 | 15,000 | 17,604 |
Energy Transfer Operating LP | 5.25 | 04/15/29 | 211,000 | 236,795 |
EQM Midstream Partners, LP | 4.75 | 07/15/23 | 110,000 | 110,279 |
National Oilwell Varco, Inc. | 3.60 | 12/01/29 | 80,000 | 80,102 |
Pioneer Natural Resources Co. | 4.45 | 01/15/26 | 32,000 | 35,000 |
Shell International Finance BV | 2.38 | 11/07/29 | 50,000 | 49,465 |
Shell International Finance BV | 3.13 | 11/07/49 | 50,000 | 49,211 |
Total Energy | 609,049 | |||
Financials | 8.7% | ||||
Anthem Inc. | 4.38 | 12/01/47 | 53,000 | 58,337 |
Athene Global Funding (a) | 2.95 | 11/12/26 | 35,000 | 34,921 |
Bank of America Corp. | 3.95 | 04/21/25 | 414,000 | 441,457 |
Citigroup Inc. | 4.30 | 11/20/26 | 411,000 | 447,033 |
Goldman Sachs Group Inc. | 3.81(b) | 04/23/29 | 98,000 | 104,972 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Corporate Bonds–Other | 25.5% of portfolio (Continued) | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
Financials | 8.7% (Continued) | ||||
JPMorgan Chase & Co. | 3.63% | 12/01/27 | $105,000 | $110,815 |
Main Street Capital Corp. | 5.20 | 05/01/24 | 587,000 | 630,859 |
Morgan Stanley | 2.72(b) | 07/22/25 | 149,000 | 150,804 |
Synchrony Financial | 3.95 | 12/01/27 | 103,000 | 108,133 |
Total Financials | 2,087,331 | |||
Health Care | 5.0% | ||||
AbbVie Inc. (a) | 2.95 | 11/21/26 | 70,000 | 71,047 |
AbbVie Inc. (a) | 4.05 | 11/21/39 | 130,000 | 137,385 |
Allergan Funding SCS | 3.45 | 03/15/22 | 142,000 | 145,203 |
Becton Dickinson and Co. | 2.92(b) | 06/06/22 | 268,000 | 269,973 |
Bristol-Myers Squibb Co. (a) | 4.63 | 05/15/44 | 44,000 | 53,192 |
Cigna Corp. | 3.75 | 07/15/23 | 100,000 | 104,808 |
CVS Health Corp. | 4.10 | 03/25/25 | 201,000 | 215,601 |
HCA Healthcare Inc. | 5.13 | 06/15/39 | 174,000 | 192,030 |
Total Health Care | 1,189,239 | |||
Industrials | 1.0% | ||||
Boeing Co. | 3.30 | 03/01/35 | 65,000 | 65,128 |
Caterpillar Financial Services Corp. | 2.15 | 11/08/24 | 30,000 | 30,092 |
Delta Air Lines, Inc. | 3.75 | 10/28/29 | 25,000 | 24,960 |
Parker-Hannifin Corp. | 3.25 | 06/14/29 | 112,000 | 116,847 |
Total Industrials | 237,027 | |||
Information Technology | 1.5% | ||||
Broadcom Inc. (a) | 4.25 | 04/15/26 | 100,000 | 106,248 |
International Business Machines Corp. | 4.15 | 05/15/39 | 100,000 | 112,513 |
Microsoft Corp. | 3.70 | 08/08/46 | 126,000 | 142,068 |
Total Information Technology | 360,829 | |||
Materials | 0.6% | ||||
International Paper Co. | 5.00 | 09/15/35 | 37,000 | 43,454 |
Mercer International Inc. | 5.50 | 01/15/26 | 33,000 | 33,577 |
Steel Dynamics, Inc. | 2.80 | 12/15/24 | 30,000 | 30,164 |
Steel Dynamics, Inc. | 3.45 | 04/15/30 | 25,000 | 25,259 |
Total Materials | 132,454 | |||
Real Estate | 0.3% | ||||
Service Properties Trust | 4.35 | 10/01/24 | 60,000 | 61,607 |
Total Real Estate | 61,607 | |||
Utilities | 1.8% | ||||
San Diego Gas & Electric Co. | 1.91 | 02/01/22 | 23,215 | 23,128 |
Southern California Edison Co. | 3.65 | 03/01/28 | 165,000 | 176,738 |
Southern California Edison Co. | 4.00 | 04/01/47 | 173,000 | 181,575 |
TerraForm Power Operating LLC (a) | 4.25 | 01/31/23 | 15,000 | 15,442 |
TerraForm Power Operating LLC (a) | 4.75 | 01/15/30 | 35,000 | 35,613 |
Total Utilities | 432,496 | |||
Total Corporate Bonds–Other | ||||
(Cost $5,987,479) | 6,086,704 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Mortgage-Backed Securities | 23.4% of portfolio | ||||
Interest Rate /Yield | Maturity Date | Face Amount | Value | |
FNMA BN5402 | 3.50% | 04/01/49 | $162,476 | $167,168 |
FNMA CA4016 | 3.00 | 08/01/49 | 258,488 | 263,343 |
FNMA FM1000 | 3.00 | 04/01/47 | 1,803,772 | 1,841,707 |
FNMA MA3745 | 3.50 | 08/01/49 | 2,442,201 | 2,509,968 |
FNMA MA3834 | 3.00 | 11/01/49 | 794,483 | 805,455 |
Total Mortgage-Backed Securities | ||||
(Cost $5,592,628) | 5,587,641 |
Asset-Backed Securities | 5.2% of portfolio | ||||
Avant Loans Funding Trust 19-B (a) | 2.72 | 10/15/26 | 166,357 | 166,505 |
Avid Automobile Receivables Trust 19-1 (a) | 2.62 | 02/15/24 | 93,455 | 93,423 |
Consumer Loan Underlying Bond 19-HP1 (a) | 2.59 | 12/15/26 | 100,000 | 100,033 |
CPS Auto Trust 19-A (a) | 3.18 | 06/15/22 | 73,904 | 74,173 |
Drive Auto Receivables Trust 19-3 | 2.63 | 09/15/22 | 63,715 | 63,814 |
Exeter Automobile Receivables Trust 19-4 (a) | 2.18 | 01/17/23 | 137,962 | 138,003 |
Foursight Capital Automobile Receivables Trust 19-1 (a) | 2.67 | 03/15/24 | 100,000 | 100,733 |
GLS Auto Receivables Trust 19-2 (a) | 3.06 | 04/17/23 | 6,830 | 6,866 |
Marlette Funding Trust 19-3 (a) | 2.69 | 09/17/29 | 75,089 | 75,286 |
Prosper Marketplace Issuance Trust 19-3 (a) | 3.19 | 07/15/25 | 68,269 | 68,612 |
SoFi Consumer Loan Program Trust 19-1 (a) | 3.24 | 02/25/28 | 84,008 | 84,591 |
SoFi Consumer Loan Program Trust 19-4 (a) | 2.45 | 08/25/28 | 86,276 | 86,394 |
United Auto Credit Securitization Trust 19-1 (a) | 2.82 | 07/12/21 | 35,365 | 35,424 |
Upstart Securitization Trust 19-3 (a) | 2.68 | 01/21/30 | 150,000 | 149,940 |
Total Asset-Backed Securities | ||||
(Cost $1,242,939) | 1,243,797 |
Yankee Bonds | 3.8% of portfolio | ||||
DH Europe Finance II SARL | 2.60 | 11/15/29 | 109,000 | 108,438 |
Imperial Brands PLC (a) | 3.88 | 07/26/29 | 211,000 | 212,558 |
Mexico City Airport Trust (a) | 3.88 | 04/30/28 | 200,000 | 204,252 |
Royal Bank of Scotland Group PLC | 4.27(b) | 03/22/25 | 210,000 | 222,943 |
Seagate HDD Cayman | 4.75 | 01/01/25 | 25,000 | 26,703 |
Teva Pharmaceutical Industries Ltd. | 2.80 | 07/21/23 | 70,000 | 64,925 |
Vodafone Group PLC | 4.25 | 09/17/50 | 55,000 | 57,222 |
Total Yankee Bonds | ||||
(Cost $885,981) | 897,041 |
Municipal Bond | 0.4% of portfolio | ||||
New Jersey | 0.4% | ||||
New Jersey Transportation Trust Fund Authority | 4.08 | 06/15/39 | 100,000 | 99,584 |
Total New Jersey | 99,584 | |||
Total Municipal Bond | ||||
(Cost $100,000) | 99,584 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Money Market Fund | 1.9% of portfolio | ||||
Interest Rate /Yield | Shares | Value | ||
State Street Institutional U.S. Government Money Market Fund | 1.53%(c) | 448,344 | $448,344 | |
Total Money Market Fund | ||||
(Cost $448,344) | 448,344 | |||
Total Investments in Securities | ||||
(Cost $23,764,824) | 100.0% | $23,848,345 |
(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 $2,081,234 and represents 8.7% of total investments. |
(b) | Variable coupon rate as of December 31, 2019. |
(c) | 7-day yield at December 31, 2019. |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Cost | Value | |
Investment | $48,051,235 | $171,146,429 |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 99.2% of portfolio | ||
Shares | Value | |
Communication Services | 6.0% | ||
Diversified Telecommunication Services | ||
Verizon Communications, Inc. | 229,971 | $14,120,219 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 33,489 | 44,775,463 |
Total Communication Services | 58,895,682 | |
Consumer Discretionary | 4.1% | ||
Distributors | ||
Genuine Parts Co. | 236,193 | 25,090,782 |
Hotels, Restaurants & Leisure | ||
Las Vegas Sands Corp. | 112,547 | 7,770,245 |
McDonald's Corp. | 37,129 | 7,337,062 |
Total Consumer Discretionary | 40,198,089 | |
Consumer Staples | 0.8% | ||
Beverages | ||
Anheuser-Busch InBev SA ADR | 96,812 | 7,942,457 |
Total Consumer Staples | 7,942,457 | |
Energy | 6.9% | ||
Oil, Gas & Consumable Fuels | ||
Chevron Corp. | 232,642 | 28,035,688 |
ConocoPhillips | 401,941 | 26,138,223 |
Royal Dutch Shell PLC ADR | 243,735 | 14,616,788 |
Total Energy | 68,790,699 | |
Financials | 17.5% | ||
Banks | ||
Bank of America Corp. | 737,331 | 25,968,798 |
Citigroup, Inc. | 290,921 | 23,241,679 |
JPMorgan Chase & Co. | 336,658 | 46,930,125 |
Wells Fargo & Co. | 217,128 | 11,681,486 |
Capital Markets | ||
Goldman Sachs Group, Inc. | 51,360 | 11,809,205 |
Insurance | ||
Allstate Corp. | 362,639 | 40,778,755 |
Chubb Ltd. | 83,935 | 13,065,322 |
Total Financials | 173,475,370 | |
Health Care | 22.0% | ||
Health Care Equipment & Supplies | ||
Abbott Laboratories | 392,076 | 34,055,722 |
Boston Scientific Corp. (a) | 348,113 | 15,741,670 |
Medtronic PLC | 143,994 | 16,336,119 |
Health Care Providers & Services | ||
Centene Corp. (a) | 228,236 | 14,349,197 |
Cigna Corp. | 88,522 | 18,101,864 |
Life Sciences Tools & Services | ||
Mettler-Toledo International, Inc. (a) | 27,029 | 21,441,565 |
Common Stocks | 99.2% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 22.0% (Continued) | ||
Pharmaceuticals | ||
Allergan PLC | 78,661 | $15,037,623 |
Bristol-Myers Squibb Co. | 268,230 | 17,217,684 |
Merck & Co., Inc. | 378,444 | 34,419,482 |
Pfizer, Inc. | 809,839 | 31,729,492 |
Total Health Care | 218,430,418 | |
Industrials | 12.7% | ||
Airlines | ||
Southwest Airlines Co. | 361,453 | 19,511,233 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 227,106 | 40,197,762 |
Machinery | ||
Parker-Hannifin Corp. | 216,536 | 44,567,440 |
Stanley Black & Decker, Inc. | 63,391 | 10,506,424 |
Road & Rail | ||
CSX Corp. | 157,563 | 11,401,258 |
Total Industrials | 126,184,117 | |
Information Technology | 21.4% | ||
Communications Equipment | ||
Cisco Systems, Inc. | 322,168 | 15,451,177 |
Electronic Equipment, Instruments & Components | ||
TE Connectivity Ltd. | 209,163 | 20,046,182 |
IT Services | ||
Leidos Holdings Inc. | 246,418 | 24,121,858 |
Visa Inc., Class A | 247,654 | 46,534,187 |
Semiconductors & Semiconductor Equipment | ||
NVIDIA Corp. | 87,782 | 20,655,105 |
NXP Semiconductors NV | 146,206 | 18,606,175 |
Software | ||
Microsoft Corp. | 337,843 | 53,277,841 |
Tyler Technologies, Inc. (a) | 13,831 | 4,149,577 |
VMware, Inc., Class A (a) | 64,372 | 9,771,026 |
Total Information Technology | 212,613,128 | |
Materials | 7.8% | ||
Chemicals | ||
Dow Inc. | 233,231 | 12,764,733 |
DuPont de Nemours, Inc. | 311,208 | 19,979,553 |
Containers & Packaging | ||
Avery Dennison Corp. | 343,969 | 44,998,025 |
Total Materials | 77,742,311 | |
Total Common Stocks | ||
(Cost $502,853,088) | 984,272,271 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Money Market Fund | 0.8% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund, 1.53% (b) | 8,030,578 | $8,030,578 |
Total Money Market Fund | ||
(Cost $8,030,578) | 8,030,578 | |
Total Investments in Securities | ||
(Cost $510,883,666) | 100.0% | $992,302,849 |
(a) | Non-income producing. |
(b) | 7-day yield at December 31, 2019. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 99.3% of portfolio | ||
Shares | Value | |
Communication Services | 19.2% | ||
Entertainment | ||
Netflix, Inc. (a) | 10,429 | $3,374,511 |
Spotify Technology SA (a) | 17,924 | 2,680,534 |
Tencent Music Entertainment Group ADR (a) | 86,221 | 1,012,235 |
Interactive Media & Services | ||
Alphabet, Inc., Class C (a) | 4,400 | 5,882,888 |
Alphabet, Inc., Class A (a) | 8,947 | 11,983,523 |
Facebook, Inc., Class A (a) | 66,825 | 13,715,831 |
IAC/InterActiveCorp (a) | 9,111 | 2,269,641 |
Tencent Holdings Ltd. ADR | 122,424 | 5,877,576 |
Total Communication Services | 46,796,739 | |
Consumer Discretionary | 19.3% | ||
Auto Components | ||
Aptiv PLC | 38,224 | 3,630,133 |
Hotels, Restaurants & Leisure | ||
Hilton Worldwide Holdings, Inc. | 18,771 | 2,081,892 |
Las Vegas Sands Corp. | 5,715 | 394,563 |
Restaurant Brands International Inc. | 18,766 | 1,196,708 |
Wynn Resorts, Ltd. | 4,822 | 669,631 |
Internet & Direct Marketing Retail | ||
Alibaba Group Holding Ltd. ADR (a) | 31,565 | 6,694,937 |
Amazon.com, Inc. (a) | 9,886 | 18,267,746 |
Booking Holdings, Inc. (a) | 1,382 | 2,838,255 |
Multiline Retail | ||
Dollar General Corp. | 23,013 | 3,589,568 |
Specialty Retail | ||
Carvana Co. (a) | 7,600 | 699,580 |
Ross Stores, Inc. | 25,481 | 2,966,498 |
Textiles, Apparel & Luxury Goods | ||
lululemon athletica Inc. (a) | 6,890 | 1,596,206 |
NIKE, Inc., Class B | 22,209 | 2,249,994 |
Total Consumer Discretionary | 46,875,711 | |
Consumer Staples | 0.4% | ||
Tobacco | ||
Philip Morris International, Inc. | 10,511 | 894,381 |
Total Consumer Staples | 894,381 | |
Energy | 0.6% | ||
Oil, Gas & Consumable Fuels | ||
Concho Resources Inc. | 16,234 | 1,421,612 |
Total Energy | 1,421,612 | |
Financials | 1.8% | ||
Capital Markets | ||
Charles Schwab Corp. | 33,514 | 1,593,926 |
Intercontinental Exchange, Inc. | 17,166 | 1,588,713 |
TD Ameritrade Holding Corp. | 19,167 | 952,600 |
Common Stocks | 99.3% of portfolio (Continued) | ||
Shares | Value | |
Financials | 1.8% (Continued) | ||
XP Inc., Class A (a) | 6,776 | $261,012 |
Total Financials | 4,396,251 | |
Health Care | 15.7% | ||
Biotechnology | ||
Alexion Pharmaceuticals, Inc. (a) | 9,645 | 1,043,107 |
Vertex Pharmaceuticals, Inc. (a) | 18,515 | 4,053,859 |
Health Care Equipment & Supplies | ||
Becton, Dickinson & Co. | 16,727 | 4,549,242 |
Intuitive Surgical, Inc. (a) | 8,352 | 4,937,285 |
Stryker Corp. | 26,188 | 5,497,909 |
Health Care Providers & Services | ||
Centene Corp. (a) | 28,434 | 1,787,646 |
Cigna Corp. | 24,015 | 4,910,827 |
HCA Healthcare, Inc. | 29,075 | 4,297,576 |
Humana Inc. | 3,800 | 1,392,776 |
UnitedHealth Group, Inc. | 14,338 | 4,215,085 |
Life Sciences Tools & Services | ||
Avantor, Inc. (a) | 79,578 | 1,444,340 |
Total Health Care | 38,129,652 | |
Industrials | 6.9% | ||
Aerospace & Defense | ||
Boeing Co. | 33,024 | 10,757,898 |
Industrial Conglomerates | ||
Honeywell International, Inc. | 6,613 | 1,170,501 |
Professional Services | ||
CoStar Group, Inc. (a) | 3,005 | 1,797,892 |
Road & Rail | ||
J.B. Hunt Transport Services, Inc. | 9,977 | 1,165,114 |
Norfolk Southern Corp. | 7,296 | 1,416,372 |
Uber Technologies, Inc. (a) | 16,881 | 502,041 |
Total Industrials | 16,809,818 | |
Information Technology | 33.3% | ||
IT Services | ||
Fidelity National Information Services, Inc. | 11,045 | 1,536,249 |
Global Payments, Inc. | 34,984 | 6,386,679 |
Okta, Inc. (a) | 4,923 | 567,967 |
PayPal Holdings, Inc. (a) | 30,895 | 3,341,912 |
Visa Inc., Class A | 67,661 | 12,713,502 |
Semiconductors & Semiconductor Equipment | ||
Advanced Micro Devices, Inc. (a) | 40,900 | 1,875,674 |
ASML Holding NV ADR | 11,611 | 3,436,159 |
Marvell Technology Group Ltd. | 81,123 | 2,154,627 |
Software | ||
Atlassian Corp. PLC, Class A (a) | 2,348 | 282,558 |
Intuit, Inc. | 19,723 | 5,166,045 |
Microsoft Corp. | 119,569 | 18,856,031 |
Paycom Software, Inc. (a) | 2,469 | 653,692 |
salesforce.com, Inc. (a) | 26,937 | 4,381,034 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 99.3% of portfolio (Continued) | ||
Shares | Value | |
Information Technology | 33.3% (Continued) | ||
ServiceNow, Inc. (a) | 9,660 | $2,727,211 |
Slack Technologies, Inc., Class A (a) | 33,635 | 756,115 |
Splunk Inc. (a) | 21,874 | 3,276,069 |
VMware, Inc., Class A (a) | 17,759 | 2,695,639 |
Workday, Inc., Class A (a) | 11,358 | 1,867,823 |
Zoom Video Communications, Inc. (a) | 590 | 40,144 |
Technology Hardware, Storage & Peripherals | ||
Apple, Inc. | 28,581 | 8,392,811 |
Total Information Technology | 81,107,941 | |
Utilities | 2.1% | ||
Electric Utilities | ||
NextEra Energy, Inc. | 13,690 | 3,315,170 |
Multi-Utilities | ||
Sempra Energy | 12,145 | 1,839,725 |
Total Utilities | 5,154,895 | |
Total Common Stocks | ||
(Cost $156,473,198) | 241,587,000 |
Money Market Fund | 0.7% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund, 1.53% (b) | 1,676,128 | $1,676,128 |
Total Money Market Fund | ||
(Cost $1,676,128) | 1,676,128 | |
Total Investments in Securities | ||
(Cost $158,149,326) | 100.0% | $243,263,128 |
(a) | Non-income producing. |
(b) | 7-day yield at December 31, 2019. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 98.5% of portfolio | ||
Shares | Value | |
Communication Services | 0.5% | ||
Wireless Telecommunication Services | ||
Shenandoah Telecommunications Co. | 38,257 | $1,591,874 |
Total Communication Services | 1,591,874 | |
Consumer Discretionary | 8.0% | ||
Distributors | ||
Core-Mark Holding Company, Inc. | 316,717 | 8,611,535 |
Hotels, Restaurants & Leisure | ||
BJ’s Restaurants, Inc. | 112,947 | 4,287,468 |
Cracker Barrel Old Country Store, Inc. | 64,488 | 9,914,385 |
Textiles, Apparel & Luxury Goods | ||
Carter's, Inc. | 35,708 | 3,904,313 |
Total Consumer Discretionary | 26,717,701 | |
Consumer Staples | 1.0% | ||
Food Products | ||
TreeHouse Foods, Inc. (a) | 65,802 | 3,191,397 |
Total Consumer Staples | 3,191,397 | |
Financials | 17.8% | ||
Banks | ||
Atlantic Union Bankshares Corp. | 145,743 | 5,472,650 |
CenterState Bank Corp. | 195,599 | 4,886,063 |
FB Financial Corp. | 156,991 | 6,215,274 |
Glacier Bancorp, Inc. | 257,263 | 11,831,525 |
Metropolitan Bank Holding Corp. (a) | 106,932 | 5,157,330 |
Texas Capital Bancshares, Inc. (a) | 49,885 | 2,831,971 |
Consumer Finance | ||
Encore Capital Group, Inc. (a) | 277,921 | 9,827,287 |
Insurance | ||
Kinsale Capital Group, Inc. | 131,468 | 13,365,037 |
Total Financials | 59,587,137 | |
Health Care | 18.0% | ||
Biotechnology | ||
Emergent BioSolutions Inc. (a) | 72,045 | 3,886,828 |
Health Care Equipment & Supplies | ||
STAAR Surgical Co. (a) | 184,246 | 6,479,932 |
STERIS PLC | 88,123 | 13,431,708 |
Health Care Providers & Services | ||
AMN Healthcare Services, Inc. (a) | 91,446 | 5,698,000 |
LHC Group, Inc. (a) | 50,492 | 6,955,778 |
Health Care Technology | ||
Inovalon Holdings, Inc. (a) | 294,995 | 5,551,806 |
Life Sciences Tools & Services | ||
Medpace Holdings, Inc. (a) | 73,479 | 6,176,645 |
NanoString Technologies, Inc. (a) | 384,197 | 10,688,360 |
Common Stocks | 98.5% of portfolio (Continued) | ||
Shares | Value | |
Health Care | 18.0% (Continued) | ||
Pharmaceuticals | ||
Aerie Pharmaceuticals, Inc. (a) | 51,308 | $1,240,114 |
Total Health Care | 60,109,171 | |
Industrials | 19.5% | ||
Aerospace & Defense | ||
BWX Technologies, Inc. | 38,864 | 2,412,677 |
Construction & Engineering | ||
Comfort Systems USA, Inc. | 65,006 | 3,240,549 |
Dycom Industries, Inc. (a) | 158,884 | 7,491,381 |
Primoris Services Corp. | 361,705 | 8,044,319 |
Electrical Equipment | ||
EnerSys | 43,905 | 3,285,411 |
Machinery | ||
Colfax Corp. (a) | 179,221 | 6,520,060 |
Welbilt, Inc. | 533,850 | 8,333,399 |
Road & Rail | ||
Knight-Swift Transportation Holdings Inc. | 149,283 | 5,350,303 |
Werner Enterprises, Inc. | 226,788 | 8,252,815 |
Trading Companies & Distributors | ||
Applied Industrial Technologies, Inc. | 184,655 | 12,314,642 |
Total Industrials | 65,245,556 | |
Information Technology | 23.1% | ||
Electronic Equipment, Instruments & Components | ||
Itron, Inc. (a) | 48,426 | 4,065,363 |
Knowles Corp. | 328,847 | 6,955,114 |
IT Services | ||
CACI International Inc., Class A���(a) | 25,051 | 6,262,500 |
Cass Information Systems, Inc. | 99,818 | 5,763,491 |
ManTech International Corp., Class A | 167,660 | 13,392,681 |
Semiconductors & Semiconductor Equipment | ||
Advanced Energy Industries, Inc. (a) | 60,428 | 4,302,473 |
Software | ||
Altair Engineering Inc. (a) | 103,927 | 3,732,019 |
Descartes Systems Group Inc. (The) (a) | 326,431 | 13,945,132 |
Five9, Inc. (a) | 98,132 | 6,435,496 |
j2 Global, Inc | 81,715 | 7,657,513 |
Verint Systems Inc. (a) | 81,514 | 4,512,615 |
Total Information Technology | 77,024,397 | |
Materials | 6.9% | ||
Chemicals | ||
Ingevity Corp. (a) | 38,865 | 3,396,024 |
PolyOne Corp. | 285,889 | 10,517,856 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 98.5% of portfolio (Continued) | ||
Shares | Value | |
Materials | 6.9% (Continued) | ||
Construction Materials | ||
Summit Materials, Inc., Class A (a) | 382,224 | $9,135,153 |
Total Materials | 23,049,033 | |
Real Estate | 3.7% | ||
Equity Real Estate Investment Trusts (REITs) | ||
Easterly Government Properties, Inc. | 109,997 | 2,610,229 |
Pebblebrook Hotel Trust | 137,378 | 3,683,104 |
QTS Realty Trust, Inc. Class A | 110,777 | 6,011,868 |
Total Real Estate | 12,305,201 | |
Total Common Stocks | ||
(Cost $240,848,801) | 328,821,467 |
Money Market Fund | 1.5% of portfolio | ||
Shares | Value | |
State Street Institutional U.S. Government Money Market Fund, 1.53% (b) | 5,156,460 | $5,156,460 |
Total Money Market Fund | ||
(Cost $5,156,460) | 5,156,460 | |
Total Investments in Securities | ||
(Cost $246,005,261) | 100.0% | $333,977,927 |
(a) | Non-income producing. |
(b) | 7-day yield at December 31, 2019. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Common Stocks | 96.5% of portfolio | ||
Shares | Value | |
Brazil | 0.5% | ||
Ambev SA ADR | 77,706 | $362,110 |
Total Brazil | 362,110 | |
Britain | 9.6% | ||
Diageo PLC | 43,608 | 1,837,495 |
HSBC Holdings PLC | 118,266 | 925,838 |
Rio Tinto PLC | 15,408 | 912,076 |
Royal Dutch Shell PLC, Class B | 42,426 | 1,259,359 |
Standard Chartered PLC | 117,248 | 1,104,838 |
Unilever PLC | 26,540 | 1,519,220 |
Total Britain | 7,558,826 | |
Canada | 3.0% | ||
Alimentation Couche-Tard Inc., Class B | 30,100 | 955,235 |
Canadian National Railway Co. | 15,337 | 1,387,232 |
Total Canada | 2,342,467 | |
China | 2.2% | ||
Baidu, Inc. ADR (a) | 4,213 | 532,523 |
China Moble Ltd. ADR | 9,452 | 399,536 |
Ping An Insurance Group Co. of China Ltd., Class H | 40,500 | 479,255 |
Tencent Holdings Ltd. | 6,600 | 317,963 |
Total China | 1,729,277 | |
Denmark | 1.0% | ||
Novozymes A/S, Class B | 15,400 | 753,604 |
Total Denmark | 753,604 | |
France | 8.5% | ||
Air Liquide SA | 6,726 | 953,550 |
Dassault Systèmes SE | 9,573 | 1,578,830 |
L’Oréal SA | 9,675 | 2,860,969 |
Schneider Electric SE | 12,890 | 1,324,315 |
Total France | 6,717,664 | |
Germany | 15.2% | ||
adidas AG | 5,087 | 1,653,624 |
Allianz SE REG | 11,991 | 2,938,128 |
Infineon Technologies AG | 129,548 | 2,927,053 |
SAP SE ADR | 22,994 | 3,080,966 |
Symrise AG | 12,659 | 1,330,573 |
Total Germany | 11,930,344 | |
Hong Kong | 3.5% | ||
AIA Group Ltd. | 259,200 | 2,726,255 |
Total Hong Kong | 2,726,255 |
Common Stocks | 96.5% of portfolio (Continued) | ||
Shares | Value | |
India | 1.0% | ||
HDFC Bank Ltd. ADR | 5,944 | $376,671 |
ICICI Bank Ltd. ADR | 27,078 | 408,607 |
Total India | 785,278 | |
Israel | 3.1% | ||
Check Point Software Technologies Ltd. (a) | 22,287 | 2,472,966 |
Total Israel | 2,472,966 | |
Japan | 13.9% | ||
Chugai Pharmaceutical Co., Ltd. | 19,000 | 1,749,809 |
Dentsu Inc. | 26,800 | 923,416 |
FANUC Corp. | 4,600 | 849,458 |
Keyence Corp. | 5,100 | 1,790,806 |
Komatsu Ltd. | 35,300 | 847,251 |
Kubota Corp. | 89,000 | 1,397,588 |
Nitori Holdings Co., Ltd. | 500 | 78,926 |
Shionogi & Co., Ltd. | 3,400 | 210,329 |
Sysmex Corp. | 16,100 | 1,096,167 |
Unicharm Corp. | 58,400 | 1,972,005 |
Total Japan | 10,915,755 | |
Mexico | 0.2% | ||
Fomento Economico Mexicano, SAB de CV ADR | 2,125 | 200,834 |
Total Mexico | 200,834 | |
Republic of South Korea | 0.3% | ||
Samsung Electronics Co., Ltd. GDR | 228 | 272,846 |
Total Republic of South Korea | 272,846 | |
Russia | 1.0% | ||
LUKOIL PJSC ADR | 4,424 | 436,693 |
Yandex NV, Class A (a) | 8,295 | 360,750 |
Total Russia | 797,443 | |
Singapore | 3.0% | ||
DBS Group Holdings Ltd. | 123,200 | 2,375,449 |
Total Singapore | 2,375,449 | |
South Africa | 0.2% | ||
Sasol Ltd. | 5,662 | 122,841 |
Total South Africa | 122,841 | |
Spain | 4.1% | ||
Amadeus IT Group SA | 17,521 | 1,434,913 |
Portfolio of Investments | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 96.5% of portfolio (Continued) | ||
Shares | Value | |
Spain | 4.1% (Continued) | ||
Banco Bilboa Vizcaya Argentaria SA | 322,022 | $1,807,936 |
Total Spain | 3,242,849 | |
Sweden | 7.2% | ||
Alfa Laval AB | 52,014 | 1,309,933 |
Atlas Copco AB, Class A | 69,429 | 2,771,305 |
Epiroc AB, Class A | 78,655 | 961,892 |
Skandinaviska Enskilda Banken AB, Class A | 65,703 | 617,863 |
Total Sweden | 5,660,993 | |
Switzerland | 13.6% | ||
Lonza Group AG REG | 4,569 | 1,666,804 |
Nestlé SA ADR | 29,816 | 3,228,035 |
Roche Holding AG REG | 10,976 | 3,567,229 |
SGS SA REG | 355 | 972,229 |
Sonova Holding AG REG | 5,436 | 1,242,716 |
Total Switzerland | 10,677,013 | |
Taiwan | 1.4% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 19,002 | 1,104,016 |
Total Taiwan | 1,104,016 | |
United States of America | 4.0% | ||
Linde PLC | 8,731 | 1,873,418 |
Schlumberger Ltd. | 31,841 | 1,280,008 |
Total United States of America | 3,153,426 | |
Total Common Stocks | ||
(Cost $59,331,525) | 75,902,256 |
Preferred Stocks | 1.7% of portfolio | ||
Shares | Value | |
Brazil | 0.4% | ||
Itaú Unibanco Holding SA ADR | 32,757 | $299,727 |
Total Brazil | 299,727 | |
Germany | 0.6% | ||
FUCHS PETROLUB SE | 9,378 | 465,931 |
Total Germany | 465,931 | |
Republic of South Korea | 0.7% | ||
Samsung Electronics Co., Ltd. REG GDR | 579 | 563,836 |
Total Republic of South Korea | 563,836 | |
Total Preferred Stocks | ||
(Cost $813,071) | 1,329,494 |
Money Market Fund | 1.8% of portfolio | ||
State Street Institutional U.S. Government Money Market Fund, 1.53% (b) | 1,392,961 | 1,392,961 |
Total Money Market Fund | ||
(Cost $1,392,961) | 1,392,961 | |
Total Investments in Securities | ||
(Cost $61,537,557) | 100.0% | $78,624,711 |
(a) | Non-income producing. |
(b) | 7-day yield at December 31, 2019. |
The accompanying notes are an integral part of these financial statements. | Portfolio of Investments |
Assets | Daily Income Fund | Short-Term Government Securities Fund | Short-Term Bond Fund |
Investments in securities, at value (cost: $162,906,036, $71,292,579, $545,745,729, $23,764,824, $48,051,235, $510,883,666, $158,149,326, $246,005,261 and $61,537,557, respectively) | $162,906,036 | $71,593,584 | $548,407,308 |
Foreign currency (cost $64) | — | — | — |
Investment securities sold | — | — | — |
Dividends, interest, and tax reclaims | 158,673 | 213,762 | 2,069,413 |
Capital shares sold | 107,600 | 15,595 | 31,465 |
Prepaid expenses | 19,356 | 9,687 | 42,103 |
Due from RE Advisers | — | — | — |
Total Assets | 163,191,665 | 71,832,628 | 550,550,289 |
Liabilities | |||
Investment securities purchased | — | 150,196 | 1,301,699 |
Accrued expenses | 68,860 | 54,268 | 242,408 |
Independent Director/Trustee's deferred compensation | 69,184 | 27,848 | 152,409 |
Due to RE Advisers | 90,254 | 33,577 | 344,687 |
Due to custodian | — | — | 218 |
Capital shares redeemed | 128,236 | 50,243 | 186,071 |
Dividends | 381 | 858 | 11,086 |
Total Liabilities | 356,915 | 316,990 | 2,238,578 |
Net Assets | $162,834,750 | $71,515,638 | $548,311,711 |
Net Assets Consist Of: | |||
Distributable earnings (losses) | (69,185) | 318,083 | 3,131,311 |
Paid-in-capital applicable to outstanding shares of 162,903,894, 13,738,149, 104,793,431, 4,649,873, 7,143,981, 19,262,145, 20,677,128, 12,665,386 and 8,762,743, respectively | 162,903,935 | 71,197,555 | 545,180,400 |
Net Assets | $162,834,750 | $71,515,638 | $548,311,711 |
Net Asset Value Per Share | $1.00 | $5.21 | $5.23 |
Statements of Assets and Liabilities | The accompanying notes are an integral part of these financial statements. |
Intermediate Bond Fund | Stock Index Fund | Value Fund | Growth Fund | Small-Company Stock Fund | International Equity Fund |
$23,848,345 | $171,146,429 | $992,302,849 | $243,263,128 | $333,977,927 | $78,624,711 |
— | — | — | — | — | 64 |
— | 23,027 | — | 462,101 | — | — |
96,989 | — | 873,811 | 66,004 | 184,636 | 317,867 |
149,820 | 20,603 | 279,506 | 113,557 | 46,918 | 2,157 |
22,940 | 18,181 | 66,367 | 26,881 | 40,439 | 14,923 |
1,140 | — | — | — | — | — |
24,119,234 | 171,208,240 | 993,522,533 | 243,931,671 | 334,249,920 | 78,959,722 |
236,259 | — | — | 39,121 | — | — |
37,445 | 125,312 | 392,609 | 124,318 | 216,107 | 82,459 |
942 | 31,356 | 254,075 | 26,463 | 172,076 | 50,433 |
— | 56,670 | 502,582 | 162,959 | 280,592 | 46,406 |
— | — | — | — | — | — |
— | 43,630 | 265,434 | 30,958 | 1,130,968 | 5,159 |
29 | — | — | — | — | — |
274,675 | 256,968 | 1,414,700 | 383,819 | 1,799,743 | 184,457 |
$23,844,559 | $170,951,272 | $992,107,833 | $243,547,852 | $332,450,177 | $78,775,265 |
2,852 | 122,744,323 | 496,047,410 | 87,398,001 | 91,156,387 | 15,232,312 |
23,841,707 | 48,206,949 | 496,060,423 | 156,149,851 | 241,293,790 | 63,542,953 |
$23,844,559 | $170,951,272 | $992,107,833 | $243,547,852 | $332,450,177 | $78,775,265 |
$5.13 | $23.93 | $51.51 | $11.78 | $26.25 | $8.99 |
The accompanying notes are an integral part of these financial statements. | Statements of Assets and Liabilities |
Investment Income | Daily Income Fund | Short-Term Government Securities Fund | Short-Term Bond Fund |
Interest | $3,641,292 | $1,686,533 | $14,801,016 |
Dividends | — | — | — |
Allocated from Master Portfolio | |||
Dividends | — | — | — |
Interest | — | — | — |
Total Investment Income | 3,641,292 | 1,686,533 | 14,801,016 |
Expenses | |||
Management fees | 827,809 | 333,625 | 3,339,856 |
Shareholder servicing fees | 150,529 | 80,541 | 188,611 |
Custodian and accounting fees | 82,779 | 75,779 | 192,638 |
Director, Trustee, and Board meeting expenses | 77,779 | 36,052 | 259,037 |
Legal and audit fees | 65,919 | 32,710 | 212,758 |
Printing and regulatory filings | 29,952 | 19,031 | 50,757 |
Registration fees | 28,552 | 26,072 | 36,165 |
Insurance | 8,204 | 3,911 | 27,649 |
Communication | 5,969 | 3,368 | 10,350 |
Other expenses | 8,749 | 21,611 | 71,971 |
Administration fees | — | — | — |
Allocated from Master Portfolio | — | — | — |
Total Expenses | 1,286,241 | 632,700 | 4,389,792 |
Less fees waived and/or expenses reimbursed by RE Advisers | — | (76,510) | — |
Net Expenses | 1,286,241 | 556,190 | 4,389,792 |
Net Investment Income (Loss) | 2,355,051 | 1,130,343 | 10,411,224 |
Realized and Unrealized Gain (Loss) on Investments | |||
Net realized gain on investments | — | 359,731 | 5,060,226 |
Net change in unrealized apprecation (depreciation) | — | 861,300 | 5,694,771 |
Net Gain (Loss) On Investments | — | 1,221,031 | 10,754,997 |
Net Increase In Net Assets From Operations | $2,355,051 | $2,351,374 | $21,166,221 |
* | For the period May 1, 2019 to December 31, 2019. |
(a) | Includes foreign tax withholding expense of $43,760 in Value Fund, $14,201 in Growth Fund, and $166,636 in International Equity Fund. |
(b) | Represents realized and unrealized gain on investments allocated from the Master Portfolio. |
Statements of Operations | The accompanying notes are an integral part of these financial statements. |
Intermediate Bond Fund* | Stock Index Fund | Value Fund | Growth Fund | Small-Company Stock Fund | International Equity Fund |
$204,129 | $— | $305,062 | $86,124 | $307,630 | $46,196 |
— | — | 20,254,903(a) | 1,697,478(a) | 6,400,030 | 1,620,447(a) |
— | 2,992,252 | — | — | — | — |
— | 38,739 | — | — | — | — |
204,129 | 3,030,991 | 20,559,965 | 1,783,602 | 6,707,660 | 1,666,643 |
49,608 | — | 4,461,016 | 1,465,706 | 3,362,908 | 548,474 |
24,256 | 179,150 | 414,933 | 204,299 | 322,712 | 137,031 |
42,565 | 60,315 | 195,158 | 99,606 | 118,983 | 119,055 |
3,401 | 76,711 | 461,403 | 112,582 | 216,253 | 35,149 |
34,306 | 66,263 | 377,187 | 94,547 | 181,609 | 31,531 |
3,794 | 43,833 | 118,307 | 51,519 | 108,262 | 36,430 |
38,241 | 26,364 | 40,605 | 31,810 | 36,206 | 24,146 |
96 | 7,627 | 46,838 | 11,086 | 25,811 | 3,550 |
177 | 9,311 | 24,451 | 10,921 | 17,033 | 7,685 |
8,037 | 11,111 | 43,698 | 13,955 | 30,617 | 7,701 |
— | 383,614 | — | — | — | — |
— | 35,950 | — | — | — | — |
204,481 | 900,249 | 6,183,596 | 2,096,031 | 4,420,394 | 950,752 |
(139,031) | — | — | — | — | (227,636) |
65,450 | 900,249 | 6,183,596 | 2,096,031 | 4,420,394 | 723,116 |
138,679 | 2,130,742 | 14,376,369 | (312,429) | 2,287,266 | 943,527 |
108,114 | 841,781(b) | 137,873,648 | 14,030,244 | 38,451,396 | 3,272,569 |
83,521 | 37,525,793(b) | 76,986,017 | 40,898,938 | 52,318,099 | 11,841,604 |
191,635 | 38,367,574 | 214,859,665 | 54,929,182 | 90,769,495 | 15,114,173 |
$330,314 | $40,498,316 | $229,236,034 | $54,616,753 | $93,056,761 | $16,057,700 |
The accompanying notes are an integral part of these financial statements. | Statements of Operations |
Daily Income Fund | ||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $2,355,051 | $1,781,962 |
Net realized gain on investments | — | — |
Net change in unrealized appreciation (depreciation) | — | — |
Increase (decrease) in net assets from operations | 2,355,051 | 1,781,962 |
Distributions to Shareholders | ||
Distributions to shareholders | (2,360,611) | (1,781,962) |
Total Distributions to shareholders | (2,360,611) | (1,781,962) |
Capital Share Transactions | ||
Net capital share transactions | (1,013,479) | (10,073,437) |
Total increase (decrease) in net assets from capital transactions | (1,013,479) | (10,073,437) |
Total Increase (Decrease) In Net Assets | (1,019,039) | (10,073,437) |
Net Assets | ||
Beginning of year | $163,853,789 | $173,927,226 |
End of year | $162,834,750 | $163,853,789 |
Statements of Changes in Net Assets | The accompanying notes are an integral part of these financial statements. |
Short-Term Government Securities Fund | Short-Term Bond Fund | Intermediate Bond Fund | ||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Since Inception December 31, 2019 |
$1,130,343 | $1,043,181 | $10,411,224 | $11,135,781 | $138,679 |
359,731 | 1,404 | 5,060,226 | 203,351 | 108,114 |
861,300 | (143,002) | 5,694,771 | (1,270,313) | 83,521 |
2,351,374 | 901,583 | 21,166,221 | 10,068,819 | 330,314 |
(1,441,910) | (1,059,685) | (14,850,051) | (11,376,055) | (327,462) |
(1,441,910) | (1,059,685) | (14,850,051) | (11,376,055) | (327,462) |
(6,312,013) | 1,651,517 | (20,036,998) | 13,097,696 | 23,841,707 |
(6,312,013) | 1,651,517 | (20,036,998) | 13,097,696 | 23,841,707 |
(5,402,549) | 1,493,415 | (13,720,828) | 11,790,460 | 23,844,559 |
$76,918,187 | $75,424,772 | $562,032,539 | $550,242,079 | $— |
$71,515,638 | $76,918,187 | $548,311,711 | $562,032,539 | $23,844,559 |
The accompanying notes are an integral part of these financial statements. | Statements of Changes in Net Assets |
Stock Index Fund | ||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $2,130,742 | $2,065,092 |
Net realized gain on investments | 841,781 | 1,283,303 |
Net change in unrealized appreciation (depreciation) | 37,525,793 | (10,109,545) |
Increase (decrease) in net assets from operations | 40,498,316 | (6,761,150) |
Distributions to Shareholders | ||
Distributions to shareholders | (3,333,711) | (2,625,112) |
Total Distributions to shareholders | (3,333,711) | (2,625,112) |
Capital Share Transactions | ||
Net capital share transactions | (147,519) | (1,773,979) |
Total increase (decrease) in net assets from capital transactions | (147,519) | (1,773,979) |
Total Increase (Decrease) In Net Assets | 37,017,086 | (11,160,241) |
Net Assets | ||
Beginning of year | $133,934,186 | $145,094,427 |
End of year | $170,951,272 | $133,934,186 |
Statements of Changes in Net Assets | The accompanying notes are an integral part of these financial statements. |
Value Fund | Growth Fund | Small-Company Stock Fund | |||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2019 | Year Ended December 31, 2018 |
$14,376,369 | $16,329,001 | $(312,429) | $294,109 | $2,287,266 | $2,568,725 |
137,873,648 | 81,100,003 | 14,030,244 | 19,033,343 | 38,451,396 | 217,695,361 |
76,986,017 | (156,332,971) | 40,898,938 | (13,337,473) | 52,318,099 | (433,694,859) |
229,236,034 | (58,903,967) | 54,616,753 | 5,989,979 | 93,056,761 | (213,430,773) |
(135,337,648) | (89,984,419) | (12,506,704) | (20,113,936) | (65,351,838) | (122,418,197) |
(135,337,648) | (89,984,419) | (12,506,704) | (20,113,936) | (65,351,838) | (122,418,197) |
22,943,471 | (94,554,235) | 6,970,674 | 30,570,695 | (182,247,316) | (454,592,108) |
22,943,471 | (94,554,235) | 6,970,674 | 30,570,695 | (182,247,316) | (454,592,108) |
116,841,857 | (243,442,621) | 49,080,723 | 16,446,738 | (154,542,393) | (790,441,078) |
$875,265,976 | $1,118,708,597 | $194,467,129 | $178,020,391 | $486,992,570 | $1,277,433,648 |
$992,107,833 | $875,265,976 | $243,547,852 | $194,467,129 | $332,450,177 | $486,992,570 |
The accompanying notes are an integral part of these financial statements. | Statements of Changes in Net Assets |
International Equity Fund | ||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $943,527 | $1,042,997 |
Net realized gain on investments | 3,272,569 | 1,091,500 |
Net change in unrealized appreciation (depreciation) | 11,841,604 | (11,742,258) |
Increase (decrease) in net assets from operations | 16,057,700 | (9,607,761) |
Distributions to Shareholders | ||
Distributions to shareholders | (841,645) | (1,151,141) |
Total Distributions to shareholders | (841,645) | (1,151,141) |
Capital Share Transactions | ||
Net capital share transactions | (2,522,666) | 2,702,686 |
Total increase (decrease) in net assets from capital transactions | (2,522,666) | 2,702,686 |
Total Increase (Decrease) In Net Assets | 12,693,389 | (8,056,216) |
Net Assets | ||
Beginning of year | $66,081,876 | $74,138,092 |
End of year | $78,775,265 | $66,081,876 |
Statements of Changes in Net Assets | The accompanying notes are an integral part of these financial statements. |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from investment operations | |||||
Net investment income | 0.01 | 0.01 | -—(a,b,c) | —(a,b,c) | —(a,b,c) |
Net realized and unrealized gain (loss) on investments | — | — | — | — | — |
Total from investment operations | 0.01 | 0.01 | — | — | — |
Distributions | |||||
Net investment income | (0.01) | (0.01) | —(c) | —(c) | —(c) |
Net realized gain | — | — | — | — | — |
Total distributions | (0.01) | (0.01) | — | — | — |
Net Asset Value, End of Year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return | 1.43% | 1.08% | 0.18% | 0.01% | 0.01% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $162,835 | $163,854 | $173,927 | $195,858 | $193,156 |
Ratio of net investment income to average net assets | 1.42% | 1.07% | 0.17%(a,b) | 0.00%(a,b,d) | 0.00%(a,b,d) |
Ratio of gross expenses before voluntary expense limitation to average net assets | 0.78% | 0.74% | 0.71% | 0.71% | 0.68% |
Ratio of expenses to average net assets | 0.78% | 0.74% | 0.66%(a,b) | 0.37%(a,b) | 0.14%(a,b) |
(a) | On January 27, 2009, RE Advisers voluntarily and temporarily reduced the amount of the expense limitation from 0.80% to 0.50%. Additionally, effective August 14, 2009, RE Advisers agreed to further waive fees or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. The temporary waiver continued through May 11, 2017. |
(b) | Excludes excess investment management fees and other expenses voluntarily waived and reimbursed by RE Advisers. |
(c) | Less than $0.01 per share. |
(d) | Less than 0.01%. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $5.14 | $5.15 | $5.16 | $5.18 | $5.20 |
Income from investment operations | |||||
Net investment income | 0.08 | 0.07 | 0.05 | 0.04 | 0.04 |
Net realized and unrealized gain (loss) on investments | 0.09 | (0.01) | (0.01) | (0.02) | (0.02) |
Total from investment operations | 0.17 | 0.06 | 0.04 | 0.02 | 0.02 |
Distributions | |||||
Net investment income | (0.08) | (0.07) | (0.05) | (0.04) | (0.04) |
Net realized gain | (0.02) | —(a) | —(a) | —(a) | —(a) |
Total distributions | (0.10) | (0.07) | (0.05) | (0.04) | (0.04) |
Net Asset Value, End of Year | $5.21 | $5.14 | $5.15 | $5.16 | $5.18 |
Total Return | 3.36% | 1.20% | 0.87% | 0.45% | 0.46% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $71,516 | $76,918 | $75,425 | $73,108 | $73,048 |
Ratio of net investment income to average net assets | 1.52%(b) | 1.37%(b) | 1.02%(b) | 0.81%(b) | 0.84% |
Ratio of gross expenses before expense limitation to average net assets | 0.85% | 0.82% | 0.81% | 0.78% | 0.77% |
Ratio of expenses to average net assets | 0.75%(b) | 0.75%(b) | 0.75%(b) | 0.75%(b) | 0.77% |
Portfolio turnover rate | 237%(c) | 40% | 33% | 26% | 32% |
(a) | Less than $0.01 per share. |
(b) | Excludes expenses in excess of a 0.75% contractual expense limitation with RE Advisers, in effect through April 30, 2020. |
(c) | The change in portfolio turnover from 2018 to 2019 is due to a repositioning of the Fund as a result of market activities. |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $5.17 | $5.19 | $5.19 | $5.18 | $5.23 |
Income from investment operations | |||||
Net investment income | 0.10 | 0.10 | 0.08 | 0.08 | 0.07 |
Net realized and unrealized gain (loss) on investments | 0.10 | (0.02) | —(a) | 0.01 | (0.05) |
Total from investment operations | 0.20 | 0.08 | 0.08 | 0.09 | 0.02 |
Distributions | |||||
Net investment income | (0.10) | (0.10) | (0.08) | (0.08) | (0.07) |
Net realized gain | (0.04) | —(a) | —(a) | — | — |
Total distributions | (0.14) | (0.10) | (0.08) | (0.08) | (0.07) |
Net Asset Value, End of Year | $5.23 | $5.17 | $5.19 | $5.19 | $5.18 |
Total Return | 3.90% | 1.69% | 1.65% | 1.75% | 0.43% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $548,312 | $562,033 | $550,242 | $541,014 | $542,251 |
Ratio of net investment income to average net assets | 1.87% | 2.02% | 1.59% | 1.49% | 1.38% |
Ratio of expenses to average net assets | 0.79% | 0.77% | 0.76% | 0.76% | 0.74% |
Portfolio turnover rate | 276%(b) | 39% | 32% | 31% | 20% |
(a) | Less than $0.01 per share. |
(b) | The change in portfolio turnover from 2018 to 2019 is due to a repositioning of the Fund as a result of market activities. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Since Inception May 1, 2019 to December 31 , | |
For a Share Outstanding Throughout the Period | 2019 |
Net Asset Value, Beginning of Period | $5.00 |
Income from investment operations | |
Net investment income | 0.06 |
Net realized and unrealized gain (loss) on investments | 0.17 |
Total from investment operations | 0.23 |
Distributions | |
Net investment income | (0.06) |
Net realized gain | (0.04) |
Total distributions | (0.10) |
Net Asset Value, End of Period | $5.13 |
Total Return | 4.69%(a) |
Ratios/Supplemental Data | |
Net assets, end of period (thousands) | $23,845 |
Ratio of net investment income to average net assets | 1.69%(b,c) |
Ratio of gross expenses before expense limitation to average net assets | 2.49%(b) |
Ratio of expenses to average net assets | 0.80%(b,c) |
Portfolio turnover rate | 395%(d) |
(a) | Aggregate total return for the period. |
(b) | Annualized. |
(c) | Excludes expenses in excess of a 0.80% contractual expense limitation with RE Advisers, in effect through April 30, 2021. |
(d) | Rate includes purchases and sales of long-term U.S. Treasury Bonds. |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $18.67 | $20.02 | $16.67 | $15.20 | $15.33 |
Income from investment operations | |||||
Net investment income | 0.34 | 0.32 | 0.27 | 0.25 | 0.25 |
Net realized and unrealized gain (loss) on investments | 5.39 | (1.30) | 3.26 | 1.47 | (0.13) |
Total from investment operations | 5.73 | (0.98) | 3.53 | 1.72 | 0.12 |
Distributions | |||||
Net investment income | (0.38) | (0.37) | (0.18) | (0.25) | (0.25) |
Net realized gain | (0.09) | — | — | — | — |
Total distributions | (0.47) | (0.37) | (0.18) | (0.25) | (0.25) |
Net Asset Value, End of Year | $23.93 | $18.67 | $20.02 | $16.67 | $15.20 |
Total Return | 30.77% | -4.95% | 21.16% | 11.33% | 0.79% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $170,951 | $133,934 | $145,094 | $123,039 | $114,436 |
Ratio of net investment income to average net assets | 1.39% | 1.39% | 1.42% | 1.57% | 1.49% |
Ratio of expenses to average net assets | 0.59% | 0.56% | 0.55% | 0.58% | 0.54% |
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $46.64 | $55.26 | $47.70 | $46.77 | $50.79 |
Income from investment operations | |||||
Net investment income | 0.83 | 0.91 | 1.00 | 1.10 | 0.94 |
Net realized and unrealized gain (loss) on investments | 11.93 | (4.39) | 9.52 | 4.60 | (1.59) |
Total from investment operations | 12.76 | (3.48) | 10.52 | 5.70 | (0.65) |
Distributions | |||||
Net investment income | (0.83) | (0.91) | (1.00) | (1.10) | (0.94) |
Net realized gain | (7.06) | (4.23) | (1.96) | (3.67) | (2.43) |
Total distributions | (7.89) | (5.14) | (2.96) | (4.77) | (3.37) |
Net Asset Value, End of Year | $51.51 | $46.64 | $55.26 | $47.70 | $46.77 |
Total Return | 27.69% | -6.36% | 22.17% | 12.26% | -1.28% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $992,108 | $875,266 | $1,118,709 | $955,828 | $899,158 |
Ratio of net investment income to average net assets | 1.53% | 1.55% | 1.92% | 2.26% | 1.85% |
Ratio of expenses to average net assets | 0.66% | 0.60% | 0.60% | 0.62% | 0.59% |
Portfolio turnover rate | 17%(a) | 1% | 7% | 9% | 8% |
(a) | The change in portfolio turnover from 2018 to 2019 is due to a repositioning of the Fund as a result of market activities. |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $9.68 | $10.36 | $8.07 | $8.00 | $7.79 |
Income from investment operations | |||||
Net investment income | -— | 0.02 | -— | — | — |
Net realized and unrealized gain (loss) on investments | 2.73 | 0.41 | 3.04 | 0.19 | 0.73 |
Total from investment operations | 2.73 | 0.43 | 3.04 | 0.19 | 0.73 |
Distributions | |||||
Net investment income | — | (0.02) | — | — | — |
Net realized gain | (0.63) | (1.09) | (0.75) | (0.12) | (0.52) |
Total distributions | (0.63) | (1.11) | (0.75) | (0.12) | (0.52) |
Net Asset Value, End of Year | $11.78 | $9.68 | $10.36 | $8.07 | $8.00 |
Total Return | 28.36% | 3.96% | 37.68% | 2.54% | 9.43% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $243,548 | $194,467 | $178,020 | $117,281 | $114,329 |
Ratio of net investment income (loss) to average net assets | (0.14)% | 0.14% | (0.12)% | (0.14)%(a) | (0.32)% |
Ratio of gross expenses before expense limitation to average net assets | 0.93% | 0.86% | 0.93% | 0.98% | 0.95% |
Ratio of expenses to average net assets | 0.93% | 0.86% | 0.93% | 0.95%(a) | 0.95% |
Portfolio turnover rate | 29% | 34% | 37% | 39% | 40% |
(a) | Excludes expenses in excess of a 0.95% contractual expense limitation with RE Advisers, in effect through April 30, 2020. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $25.57 | $44.11 | $41.13 | $35.45 | $39.28 |
Income from investment operations | |||||
Net investment income | 0.18 | 0.15 | 0.08 | 0.14 | 0.15 |
Net realized and unrealized gain (loss) on investments | 5.42 | (11.45) | 4.86 | 6.55 | (2.19) |
Total from investment operations | 5.60 | (11.30) | 4.94 | 6.69 | (2.04) |
Distributions | |||||
Net investment income | (0.18) | (0.15) | (0.08) | (0.14) | (0.15) |
Net realized gain | (4.74) | (7.09) | (1.88) | (0.87) | (1.64) |
Total distributions | (4.92) | (7.24) | (1.96) | (1.01) | (1.79) |
Net Asset Value, End of Year | $26.25 | $25.57 | $44.11 | $41.13 | $35.45 |
Total Return | 22.16% | -26.18% | 11.99% | 18.85% | -5.18% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $332,450 | $486,993 | $1,277,434 | $1,322,218 | $1,211,351 |
Ratio of net investment income to average net assets | 0.54% | 0.26% | 0.14% | 0.34% | 0.43% |
Ratio of expenses to average net assets | 1.05% | 0.90% | 0.88% | 0.89% | 0.86% |
Portfolio turnover rate | 38% | 5% | 7% | 14% | 16% |
Financial Highlights | The accompanying notes are an integral part of these financial statements. |
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Year | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Year | $7.28 | $8.49 | $6.69 | $6.44 | $7.17 |
Income from investment operations | |||||
Net investment income | 0.12 | 0.12 | 0.08 | 0.07 | 0.47 |
Net realized and unrealized gain (loss) on investments | 1.69 | (1.20) | 1.80 | 0.24 | (0.72) |
Total from investment operations | 1.81 | (1.08) | 1.88 | 0.31 | (0.25) |
Distributions | |||||
Net investment income | (0.10) | (0.13) | (0.08) | (0.06) | (0.48) |
Net realized gain | — | — | — | — | — |
Total distributions | (0.10) | (0.13) | (0.08) | (0.06) | (0.48) |
Net Asset Value, End of Year | $8.99 | $7.28 | $8.49 | $6.69 | $6.44 |
Total Return | 24.83% | -12.74% | 28.12% | 4.85% | -3.48% |
Ratios/Supplemental Data | |||||
Net assets, end of year (thousands) | $78,775 | $66,082 | $74,138 | $53,974 | $53,144 |
Ratio of net investment income to average net assets | 1.29%(a) | 1.39%(a) | 1.03%(a) | 1.22%(a,b) | 1.87%(a,b) |
Ratio of gross expenses before voluntary expense limitation to average net assets | 1.30% | 1.23% | 1.25% | 1.46% | 1.01% |
Ratio of expenses to average net assets | 0.99%(a) | 0.99%(a) | 0.99%(a) | 0.97%(a,b) | 0.87%(a,b) |
Portfolio turnover rate | 27% | 16% | 11% | 112%(c) | 62% |
(a) | Excludes expenses in excess of a 0.99% contractual expense limitation with RE Advisers, in effect through April 30, 2020. |
(b) | RE Advisers waived additional management fees equal to the difference between the fee that would have been paid to the previous subadviser, Mercator and the fee paid to SSgA Funds Management Inc., beginning September 7, 2015 through January 14, 2016, the period in which SSgA Funds Management Inc. was subadviser. |
(c) | Unusually high due to change in strategy and subadviser on January 15, 2016. |
The accompanying notes are an integral part of these financial statements. | Financial Highlights |
Notes to Financial Statements |
Notes to Financial Statements |
Daily Income Fund | Level 1 | Level 2 | Level 3 | Total |
U.S. Government & Agency Obligations | $ — | $146,108,035 | $ — | $146,108,035 |
Money Market Fund | 16,798,001 | — | — | 16,798,001 |
Total | $16,798,001 | $146,108,035 | $ — | $162,906,036 |
Short-Term Government Securities Fund | ||||
U.S. Government & Agency Obligations | $ — | $44,842,189 | $ — | $44,842,189 |
Corporate Bonds Guaranteed by Export-Import Bank of the United States | — | 19,724,695 | — | 19,724,695 |
Asset-Backed Securities | — | 3,056,459 | — | 3,056,459 |
Corporate Bonds–Other | — | 1,914,206 | — | 1,914,206 |
Mortgage-Backed Security | — | 62,746 | — | 62,746 |
Certificates of Deposit | — | 449,085 | — | 449,085 |
Money Market Fund | 1,544,204 | — | — | 1,544,204 |
Total | $1,544,204 | $70,049,380 | $ — | $71,593,584 |
Short-Term Bond Fund | ||||
U.S. Government & Agency Obligations | $ — | $336,766,591 | $ — | $336,766,591 |
Corporate Bonds–Other | — | 107,669,116 | — | 107,669,116 |
Asset-Backed Securities | — | 66,965,964 | — | 66,965,964 |
Yankee Bonds | — | 30,909,595 | — | 30,909,595 |
Municipal Bond | — | 910,227 | — | 910,227 |
Mortgage-Backed Securities | — | 734,050 | — | 734,050 |
Corporate Bond Guaranteed by Export-Import Bank of the United States | — | 260,255 | — | 260,255 |
Money Market Fund | 4,191,510 | — | — | 4,191,510 |
Total | $4,191,510 | $544,215,798 | $ — | $548,407,308 |
Intermediate Bond Fund | ||||
U.S. Government & Agency Obligations | $ — | $9,485,234 | $ — | $9,485,234 |
Corporate Bonds–Other | — | 6,086,704 | — | 6,086,704 |
Mortgage-Backed Securities | — | 5,587,641 | — | 5,587,641 |
Asset-Backed Securities | — | 1,243,797 | — | 1,243,797 |
Yankee Bonds | — | 897,041 | — | 897,041 |
Municipal Bond | — | 99,584 | — | 99,584 |
Money Market Fund | 448,344 | — | — | 448,344 |
Total | $448,344 | $23,400,001 | $ — | $23,848,345 |
Value Fund | ||||
Common Stocks | $984,272,271 | $ — | $ — | $984,272,271 |
Money Market Fund | 8,030,578 | — | — | 8,030,578 |
Total | $992,302,849 | $ — | $ — | $992,302,849 |
Growth Fund | ||||
Common Stocks | $241,587,000 | $ — | $ — | $241,587,000 |
Money Market Fund | 1,676,128 | — | — | 1,676,128 |
Total | $243,263,128 | $ — | $ — | $243,263,128 |
Small-Company Stock Fund | ||||
Common Stocks | $328,821,467 | $ — | $ — | $328,821,467 |
Money Market Fund | 5,156,460 | — | — | 5,156,460 |
Total | $333,977,927 | $ — | $ — | $333,977,927 |
Notes to Financial Statements |
International Equity Fund | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $13,358,147 | $62,544,109 | $ — | $75,902,256 |
Preferred Stocks | 299,727 | 1,029,767 | — | 1,329,494 |
Money Market Fund | 1,392,961 | — | — | 1,392,961 |
Total | $15,050,835 | $63,573,876 | $ — | $78,624,711 |
Notes to Financial Statements |
Undistributed Net Investment Income | Undistributed Capital Gains | Paid in Capital | |
Daily Income Fund | $— | $— | $— |
Short-Term Gov. Securities Fund | $4 | $(4) | $— |
Short-Term Bond Fund | $15,547 | $(15,547) | $— |
Intermediate Bond Fund | $3,525 | $(3,525) | $— |
Stock Index Fund | $277,732 | $(277,487) | $(245) |
Value Fund | $— | $(9,584,301) | $9,584,301 |
Growth Fund | $289,910 | $14,576 | $(304,486) |
Small-Company Stock Fund | $(58,224) | $(13,480,498) | $13,538,722 |
International Equity Fund | $111,824 | $5,600 | $(117,424) |
Ordinary Income | Long-Term Gain | Return of Capital | Total Distributions | |
Daily Income Fund | $2,360,611 | $— | $— | $2,360,611 |
Short-Term Gov. Securities Fund | $1,441,910 | $— | $— | $1,441,910 |
Short-Term Bond Fund | $14,850,051 | $— | $— | $14,850,051 |
Intermediate Bond Fund | $327,462 | $— | $— | $327,462 |
Stock Index Fund | $3,204,130 | $129,581 | $— | $3,333,711 |
Value Fund | $14,340,909 | $120,996,739 | $— | $135,337,648 |
Growth Fund | $— | $12,506,704 | $— | $12,506,704 |
Small-Company Stock Fund | $2,225,699 | $63,126,139 | $— | $65,351,838 |
International Equity Fund | $841,645 | $— | $— | $841,645 |
Ordinary Income | Long-Term Gain | Return of Capital | Total Distributions | |
Daily Income Fund | $1,781,962 | $— | $— | $1,781,962 |
Short-Term Gov. Securities Fund | $1,044,071 | $15,614 | $— | $1,059,685 |
Short-Term Bond Fund | $11,180,740 | $195,315 | $— | $11,376,055 |
Intermediate Bond Fund | $— | $— | $— | $— |
Stock Index Fund | $2,625,112 | $— | $— | $2,625,112 |
Value Fund | $16,389,345 | $73,595,074 | $— | $89,984,419 |
Growth Fund | $1,391,923 | $18,722,013 | $— | $20,113,936 |
Small-Company Stock Fund | $2,497,047 | $119,921,150 | $— | $122,418,197 |
International Equity Fund | $1,151,141 | $— | $— | $1,151,141 |
Notes to Financial Statements |
Undistributed Ordinary Income | Undistributed Long-Term Gain | Net Unrealized Appreciation/ Depreciation | Capital Loss Carryforward/ Late Year Loss Deferral | Other Book/Tax Differences | Total Distributable Earnings (Losses) | |
Daily Income Fund | $— | $— | $— | $— | $(69,185) | $(69,185) |
Short-Term Gov. Securities Fund | $46,156 | $— | $299,775 | $— | $(27,848) | $318,083 |
Short-Term Bond Fund | $650,130 | $— | $2,633,590 | $— | $(152,409) | $3,131,311 |
Intermediate Bond Fund | $— | $— | $79,616 | $(75,822) | $(942) | $2,852 |
Stock Index Fund | $— | $520,784 | $120,997,367 | $— | $1,226,172 | $122,744,323 |
Value Fund | $84,765 | $14,815,730 | $481,400,990 | $— | $(254,075) | $496,047,410 |
Growth Fund | $— | $2,602,688 | $84,821,776 | $— | $(26,463) | $87,398,001 |
Small-Company Stock Fund | $38,252 | $3,313,486 | $87,976,725 | $— | $(172,076) | $91,156,387 |
International Equity Fund | $95,090 | $— | $17,061,177 | $(1,873,522) | $(50,433) | $15,232,312 |
Tax Cost | Tax Appreciation | Tax Depreciation | Net Tax Appreciation (Depreciation) | |
Daily Income Fund | $162,906,036 | $— | $— | $— |
Short-Term Gov. Securities Fund | $71,293,809 | $374,338 | $(74,563) | $299,775 |
Short-Term Bond Fund | $545,773,718 | $3,121,029 | $(487,439) | $2,633,590 |
Intermediate Bond Fund | $23,768,729 | $125,439 | $(45,823) | $79,616 |
Value Fund | $510,901,859 | $483,493,944 | $(2,092,954) | $481,400,990 |
Growth Fund | $158,441,352 | $85,965,257 | $(1,143,481) | $84,821,776 |
Small-Company Stock Fund | $246,001,202 | $89,522,765 | $(1,546,040) | $87,976,725 |
International Equity Fund | $61,565,512 | $18,729,166 | $(1,669,967) | $17,059,199 |
Purchases | Proceeds from Sale | |
Short-Term Gov. Securities Fund | $11,525,738 | $16,437,768 |
Short-Term Bond Fund | $231,332,883 | $476,909,621 |
Intermediate Bond Fund | $30,760,364 | $17,024,914 |
Value Fund | $160,622,807 | $254,990,800 |
Growth Fund | $64,066,656 | $67,679,772 |
Small-Company Stock Fund | $154,540,906 | $375,015,881 |
International Equity Fund | $18,954,885 | $20,830,269 |
Notes to Financial Statements |
Purchases | Proceeds from Sale | |
Short-Term Gov. Securities Fund | $154,382,882 | $150,356,202 |
Short-Term Bond Fund | $1,262,176,133 | $1,005,832,163 |
Intermediate Bond Fund | $45,520,482 | $36,034,032 |
Notes to Financial Statements |
Shares Sold | Shares Issued In Reinvestment of Dividends | Total Shares Issued | Total Shares Redeemed | Net Increase (Decrease) | |
Year Ended December 31, 2019 | |||||
In Dollars | |||||
Daily Income Fund | $91,086,706 | $2,336,618 | $93,423,324 | $(94,436,803) | $(1,013,479) |
Short-Term Government Securities Fund | $4,833,516 | $1,424,511 | $6,258,027 | $(12,570,040) | $(6,312,013) |
Short-Term Bond Fund | $56,684,029 | $14,583,306 | $71,267,335 | $(91,304,333) | $(20,036,998) |
Intermediate Bond Fund | $23,899,853 | $327,117 | $24,226,970 | $(385,263) | $23,841,707 |
Stock Index Fund | $17,527,067 | $3,303,467 | $20,830,534 | $(20,978,053) | $(147,519) |
Value Fund | $48,837,566 | $131,515,248 | $180,352,814 | $(157,409,343) | $22,943,471 |
Growth Fund | $36,189,129 | $12,427,196 | $48,616,325 | $(41,645,651) | $6,970,674 |
Small-Company Stock Fund | $35,434,305 | $64,691,901 | $100,126,206 | $(282,373,522) | $(182,247,316) |
International Equity Fund | $5,229,301 | $831,804 | $6,061,105 | $(8,583,771) | $(2,522,666) |
In Shares | |||||
Daily Income Fund | 91,086,706 | 2,336,618 | 93,423,324 | (94,436,803) | (1,013,479) |
Short-Term Government Securities Fund | 930,893 | 273,974 | 1,204,867 | (2,420,838) | (1,215,971) |
Short-Term Bond Fund | 10,852,517 | 2,786,212 | 13,638,729 | (17,474,550) | (3,835,821) |
Intermediate Bond Fund | 4,660,754 | 63,669 | 4,724,423 | (74,550) | 4,649,873 |
Stock Index Fund | 807,251 | 140,575 | 947,826 | (976,297) | (28,471) |
Value Fund | 936,620 | 2,568,734 | 3,505,354 | (3,011,146) | 494,208 |
Growth Fund | 3,255,743 | 1,071,930 | 4,327,673 | (3,749,241) | 578,432 |
Small-Company Stock Fund | 1,258,845 | 2,385,961 | 3,644,806 | (10,027,693) | (6,382,887) |
International Equity Fund | 638,711 | 93,043 | 731,754 | (1,045,911) | (314,157) |
Notes to Financial Statements |
Shares Sold | Shares Issued In Reinvestment of Dividends | Total Shares Issued | Total Shares Redeemed | Net Increase (Decrease) | |
Year Ended December 31, 2018 | |||||
In Dollars | |||||
Daily Income Fund | $99,834,828 | $1,759,707 | $101,594,535 | $(111,667,972) | $(10,073,437) |
Short-Term Government Securities Fund | $13,050,967 | $1,047,397 | $14,098,364 | $(12,446,847) | $1,651,517 |
Short-Term Bond Fund | $92,746,007 | $11,174,708 | $103,920,715 | $(90,823,019) | $13,097,696 |
Stock Index Fund | $19,057,748 | $2,608,256 | $21,666,004 | $(23,439,983) | $(1,773,979) |
Value Fund | $92,336,077 | $87,189,015 | $179,525,092 | $(274,079,327) | $(94,554,235) |
Growth Fund | $51,575,108 | $19,984,976 | $71,560,084 | $(40,989,389) | $30,570,695 |
Small-Company Stock Fund | $96,766,231 | $120,348,694 | $217,114,925 | $(671,707,033) | $(454,592,108) |
International Equity Fund | $10,465,592 | $1,138,797 | $11,604,389 | $(8,901,703) | $2,702,686 |
In Shares | |||||
Daily Income Fund | 99,834,828 | 1,759,707 | 101,594,535 | (111,667,972) | (10,073,437) |
Short-Term Government Securities Fund | 2,546,237 | 204,330 | 2,750,567 | (2,428,212) | 322,355 |
Short-Term Bond Fund | 17,930,290 | 2,160,822 | 20,091,112 | (17,558,653) | 2,532,459 |
Stock Index Fund | 926,146 | 135,267 | 1,061,413 | (1,134,986) | (73,573) |
Value Fund | 1,675,097 | 1,843,395 | 3,518,492 | (4,996,418) | (1,477,926) |
Growth Fund | 4,553,819 | 2,027,070 | 6,580,889 | (3,662,673) | 2,918,216 |
Small-Company Stock Fund | 2,368,470 | 4,481,052 | 6,849,522 | (16,759,137) | (9,909,615) |
International Equity Fund | 1,233,468 | 156,000 | 1,389,468 | (1,049,807) | 339,661 |
Notes to Financial Statements |
Votes For | Votes Withheld | |
Julie H. Dellinger | 303,181,061.582 | 8,953,085.411 |
Judith H. McKinney | 303,441,664.942 | 8,692,482.051 |
Mark D. Santero | 302,667,784.912 | 9,466,362.081 |
Peter J. Tonetti | 303,456,363.323 | 8,677,783.670 |
Votes For | Votes Against | Abstentions | Broker Non- Votes | |
Daily Income Fund | 141,151,229.001 | 10,068,646.098 | 3,320,258.712 | 75,027.760 |
Short-Term Bond Fund | 79,383,080.036 | 3,324,639.165 | 1,836,953.091 | 4,322,240.122 |
Value Fund | 9,084,528.635 | 2,272,136.708 | 233,933.144 | 2,566,240.461 |
Short-Term Government Securities Fund | 11,044,431.996 | 717,913.770 | 241,248.074 | 11,481.206 |
Stock Index Fund | 5,157,867.472 | 192,415.900 | 24,331.274 | 153,614.778 |
Growth Fund | 14,099,682.584 | 510,747.354 | 269,710.629 | 1,803,849.813 |
International Equity Fund | 7,138,682.065 | 196,465.413 | 65,994.227 | 26,633.341 |
Votes For | Votes Against | Abstentions | Broker Non- Votes | |
Small-Company Stock Fund | 6,175,007.011 | 601,135.383 | 703,731.949 | 5,527,507.878 |
Independent | (Unaudited)
Name, Address and Date of Birth | Position(s) Held With Homestead Funds | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios Overseen by Director | Other Directorships Held by Director |
James F. Perna 12/01/47 | Director/Trustee, Chairman of the Board, Member of Audit Committee, Member of Compensation Committee | 1990-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | Solo Practitioner (attorney) (2008-present) | 9 | None |
Douglas W. Johnson 06/02/55 | Director/Trustee, Chairman of Audit Committee, Member of Compensation Committee | 2003-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | CEO, Blue Ridge Electric Membership Corporation (1989-present) | 9 | None |
Kenneth R. Meyer 08/11/44 | Director/Trustee, Member of Audit Committee, Chairman of Compensation Committee | 2005-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | Retired (2004-present) | 9 | None |
Anthony M. Marinello 04/13/46 | Director/Trustee, Member of Audit Committee, Member of Compensation Committee | 1990-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | Retired (2004-present) | 9 | None |
Sheldon C. Petersen 02/21/53 | Director/Trustee, Member of Audit Committee, Member of Compensation Committee | 2005-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | CEO, National Rural Utilities Cooperative Finance Corporation (1995-present) | 9 | None |
Mark Rose 04/19/53 | Director/Trustee, Member of Audit Committee, Member of Compensation Committee | 2005-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | Consultant, public affairs (2017-present (self-employed)); CEO and General Manager, Bluebonnet Electric Cooperative (2002-2017) | 9 | None |
Peter J. Tonetti 02/11/53 | Director/Trustee, Member of Audit Committee, Member of Compensation Committee | 2010-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | Retired (2015-present); Chief Investment Officer, Hamilton College (2008-2015) | 9 | None |
Judy H. McKinney 07/10/50 | Director/Trustee, Member of Audit Committee, Member of Compensation Committee | 2019-present (Homestead Funds, Inc.); 2019-present (Homestead Funds Trust) | Executive Vice President and Manager, Callan LLC (2007-2019) | 9 | None |
Independent | (Unaudited) (Continued)
Julie H. Dellinger 10/04/53 | Director/Trustee, Member of Audit Committee, Member of Compensation Committee | 2019-present (Homestead Funds, Inc.); 2019-present (Homestead Funds Trust) | Westminster Investment Consultants, CEO (2017- present); Managing Vice President of Investments, ICMARC and Manager, Vantagepoint Investment Advisers, LLC (1998-2017) | 9 | None |
Interested | (Unaudited)
Name, Address and Date of Birth | Position(s) Held With Homestead Funds | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios Overseen by Director | Other Directorships Held by Director |
Mark D. Santero (1) 4301 Wilson Boulevard Arlington, VA 22203 05/29/61 | Director/Trustee, President and Chief Executive Officer | 2018-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | RE Advisers Corporation, President, Chief Executive Officer and Director (2018- present); Chief Executive Officer, The Dreyfus Corporation (2016-2017); Chief Operating Officer, BNY Mellon Investment Management (2014- 2016) | 9 | Not Applicable |
Danielle C. Sieverling 4301 Wilson Boulevard Arlington, VA 22303 02/25/71 | Chief Compliance Officer | 2005-present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | Chief Compliance Officer, RE Advisers (2005-present); Vice President, Chief Risk and Compliance Officer, NRECA (2015-present); Chief Compliance Officer, RE Investment Corporation (2017- Present); Secretary, RE Advisers (2017- 2018); Chief Executive Officer and Director, RE Investment Corporation (2017- 2018); Director, RE Investment Corporation (2016); Vice President and Director, RE Investment Corporation (2015- 2016); Vice President and Chief Compliance Officer, Management Advisory Services, NRECA (2008-2015) | Not Applicable | Not Applicable |
Amy M. DiMauro 4301 Wilson Boulevard Arlington, VA 22203 07/29/71 | Treasurer | 2007-present (Homestead Funds, Inc,); since inception (Homestead Funds Trust) | Treasurer and Director, RE Investment Corporation (2006- present); Treasurer and Director, RE Advisers Corporation (2010- present); Senior Director, Finance & Accounting—Mutual Funds, NRECA (2014-present); Treasurer and Director, Electric Cooperative Life Insurance Co. (2013-present); Treasurer and Director, Cooperating Insurance Services Co. (2013- present) | Not Applicable | Not Applicable |
John (Jack) Delaney 4301 Wilson Boulevard Arlington, VA 22203 12/19/83 | Secretary | 2017-present (Homestead Funds, Inc,); since inception (Homestead Funds Trust) | Secretary, RE Advisers (2018-present); Counsel, Securities Compliance, NRECA (2017-Present); Senior Counsel, The Rock Creek Group, LP (2014-2017); Associate Attorney, Ruddy Law Office PLLC (2011-2014) | Not Applicable | Not Applicable |
Jennifer (Laurie) Webster 4301 Wilson Boulevard Arlington, VA 22203 06/14/63 | Chief Operations Officer | 2017-Present (Homestead Funds, Inc.); since inception (Homestead Funds Trust) | President and Director, RE Investment Corporation (2018- present); Chief Operations Officer, RE Investment Corporation (2017- present); Vice President of Operations and Client Services, RE Advisers (2017-present); Chief Operating Officer, Solomon Hess Capital Management (2017-2017); V.P. Investment Operations and Indexing, Calvert Investments (2014-2017) | Not Applicable | Not Applicable |
(1) | Mr. Santero is a director who is an “interested person” of Homestead Funds within the meaning of Section 2(a)(19) of the 1940 Act due to his affiliation with RE Advisers and its affiliates. |
Fund | Qualified Dividend Income for Individuals | Dividends Received Deduction for Corporations |
Daily Income Fund | 0% | 0% |
Short-Term Government Securities Fund | 0% | 0% |
Short-Term Bond Fund | 0% | 0% |
Stock Index Fund | 100% | 94% |
Value Fund | 100% | 98% |
Growth Fund | 0% | 0% |
Small-Company Stock Fund | 80% | 80% |
International Equity Fund | 100% | 98% |
Fund | Record Date | Distributions of Short-Term Capital Gains | Distributions of Long-Term Capital Gains |
Short-Term Government Securities Fund | 12/17/2019 | $0.0226 | $– |
Short-Term Bond Fund | 12/17/2019 | $0.0423 | $– |
Intermediate Bond Fund | 12/17/2019 | $0.0427 | $– |
Stock Index Fund | 12/17/2019 | $0.0022 | $0.0703 |
Value Fund | 6/27/2019 | $– | $0.4263 |
Value Fund | 12/17/2019 | $– | $6.6300 |
Growth Fund | 6/27/2019 | $– | $0.0947 |
Growth Fund | 12/17/2019 | $– | $0.5361 |
Small-Company Stock Fund | 6/27/2019 | $– | $2.9227 |
Small-Company Stock Fund | 12/17/2019 | $1.8135 |
Common Stocks | 98.6% of net assets | ||
Shares | Value | |
Aerospace & Defense | 2.4% | ||
Arconic, Inc. | 327,315 | $10,071,483 |
Boeing Co. | 457,205 | 148,939,101 |
General Dynamics Corp. | 200,393 | 35,339,305 |
Huntington Ingalls Industries, Inc. | 34,816 | 8,734,638 |
L3Harris Technologies, Inc. | 189,043 | 37,405,938 |
Lockheed Martin Corp. | 212,266 | 82,652,135 |
Northrop Grumman Corp. | 134,032 | 46,102,987 |
Raytheon Co. | 238,140 | 52,328,884 |
Textron, Inc. | 195,208 | 8,706,277 |
TransDigm Group, Inc. | 42,586 | 23,848,160 |
United Technologies Corp. | 693,790 | 103,901,990 |
Total Aerospace & Defense | 558,030,898 | |
Air Freight & Logistics | 0.5% | ||
C.H. Robinson Worldwide, Inc. | 115,658 | 9,044,455 |
Expeditors International of Washington, Inc. | 145,632 | 11,362,209 |
FedEx Corp. | 205,267 | 31,038,423 |
United Parcel Service, Inc., Class B | 599,247 | 70,147,854 |
Total Air Freight & Logistics | 121,592,941 | |
Airlines | 0.4% | ||
Alaska Air Group, Inc. | 104,278 | 7,064,834 |
American Airlines Group, Inc. | 333,289 | 9,558,729 |
Delta Air Lines, Inc. | 492,223 | 28,785,201 |
Southwest Airlines Co. | 405,266 | 21,876,259 |
United Airlines Holdings, Inc. (a) | 185,099 | 16,305,371 |
Total Airlines | 83,590,394 | |
Auto Components | 0.1% | ||
Aptiv PLC | 218,308 | 20,732,711 |
BorgWarner, Inc. | 176,581 | 7,660,084 |
Total Auto Components | 28,392,795 | |
Automobiles | 0.3% | ||
Ford Motor Co. | 3,329,973 | 30,968,749 |
General Motors Co. | 1,075,199 | 39,352,284 |
Harley-Davidson, Inc. | 133,402 | 4,961,220 |
Total Automobiles | 75,282,253 | |
Banks | 5.6% | ||
Bank of America Corp. | 6,922,909 | 243,824,855 |
Citigroup, Inc. | 1,866,948 | 149,150,476 |
Citizens Financial Group, Inc. | 374,540 | 15,210,070 |
Comerica, Inc. | 123,273 | 8,844,838 |
Fifth Third Bancorp | 611,953 | 18,811,435 |
First Republic Bank (b) | 144,111 | 16,925,837 |
Huntington Bancshares, Inc. | 884,212 | 13,333,917 |
JPMorgan Chase & Co. | 2,682,150 | 373,891,710 |
KeyCorp | 840,464 | 17,010,991 |
M&T Bank Corp. | 113,343 | 19,239,974 |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Banks | 5.6% (Continued) | ||
People's United Financial, Inc. | 379,790 | $6,418,451 |
PNC Financial Services Group, Inc. | 374,698 | 59,813,042 |
Regions Financial Corp. | 833,745 | 14,307,064 |
SVB Financial Group (a)(b) | 44,213 | 11,099,232 |
Truist Financial Corp. | 1,146,804 | 64,588,001 |
U.S. Bancorp | 1,215,411 | 72,061,718 |
Wells Fargo & Co. | 3,291,211 | 177,067,152 |
Zions Bancorp. NA | 145,771 | 7,568,430 |
Total Banks | 1,289,167,193 | |
Beverages | 1.8% | ||
Brown-Forman Corp., Class B (b) | 156,572 | 10,584,267 |
Coca-Cola Co. | 3,297,475 | 182,515,241 |
Constellation Brands, Inc., Class A | 143,235 | 27,178,841 |
Molson Coors Brewing Co., Class B | 161,725 | 8,716,978 |
Monster Beverage Corp. (a) | 324,637 | 20,630,681 |
PepsiCo, Inc. | 1,192,444 | 162,971,322 |
Total Beverages | 412,597,330 | |
Biotechnology | 2.0% | ||
AbbVie, Inc. | 1,264,606 | 111,968,215 |
Alexion Pharmaceuticals, Inc. (a) | 189,913 | 20,539,091 |
Amgen, Inc. | 508,114 | 122,491,042 |
Biogen, Inc. (a) | 154,517 | 45,849,830 |
Gilead Sciences, Inc. | 1,081,883 | 70,300,757 |
Incyte Corp. (a)(b) | 152,882 | 13,349,656 |
Regeneron Pharmaceuticals, Inc. (a)(b) | 68,310 | 25,649,039 |
Vertex Pharmaceuticals, Inc. (a) | 219,901 | 48,147,324 |
Total Biotechnology | 458,294,954 | |
Building Products | 0.3% | ||
Allegion PLC | 79,458 | 9,895,700 |
AO Smith Corp. | 116,550 | 5,552,442 |
Fortune Brands Home & Security, Inc. | 118,250 | 7,726,455 |
Johnson Controls International PLC | 659,676 | 26,855,410 |
Masco Corp. | 243,172 | 11,669,824 |
Total Building Products | 61,699,831 | |
Capital Markets | 2.6% | ||
Ameriprise Financial, Inc. | 108,343 | 18,047,777 |
Bank of New York Mellon Corp. | 718,627 | 36,168,497 |
BlackRock, Inc. (c) | 100,848 | 50,696,290 |
Cboe Global Markets, Inc. | 95,502 | 11,460,240 |
Charles Schwab Corp. | 979,258 | 46,573,510 |
CME Group, Inc. | 306,451 | 61,510,845 |
E*Trade Financial Corp. | 193,191 | 8,765,076 |
Franklin Resources, Inc. | 241,326 | 6,269,649 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Capital Markets | 2.6% (Continued) | ||
Goldman Sachs Group, Inc. | 272,516 | $62,659,604 |
Intercontinental Exchange, Inc. | 476,188 | 44,071,199 |
Invesco Ltd. | 327,515 | 5,888,720 |
MarketAxess Holdings, Inc. (b) | 32,431 | 12,294,916 |
Moody's Corp. | 138,848 | 32,963,904 |
Morgan Stanley | 1,052,280 | 53,792,554 |
MSCI, Inc. | 72,437 | 18,701,785 |
Nasdaq, Inc. | 97,151 | 10,404,872 |
Northern Trust Corp. | 181,190 | 19,249,626 |
Raymond James Financial, Inc. | 105,579 | 9,445,097 |
S&P Global, Inc. | 208,997 | 57,066,631 |
State Street Corp. | 312,123 | 24,688,929 |
T. Rowe Price Group, Inc. | 199,828 | 24,347,043 |
Total Capital Markets | 615,066,764 | |
Chemicals | 1.9% | ||
Air Products & Chemicals, Inc. | 188,503 | 44,296,320 |
Albemarle Corp. | 90,674 | 6,622,829 |
Celanese Corp. | 103,779 | 12,777,270 |
CF Industries Holdings, Inc. | 183,499 | 8,760,242 |
Corteva, Inc. (a) | 639,991 | 18,918,134 |
Dow Inc. | 634,087 | 34,703,582 |
DuPont de Nemours, Inc. | 633,497 | 40,670,507 |
Eastman Chemical Co. | 114,764 | 9,096,195 |
Ecolab, Inc. | 214,447 | 41,386,127 |
FMC Corp. | 109,532 | 10,933,484 |
International Flavors & Fragrances, Inc. | 91,710 | 11,832,424 |
Linde PLC | 459,363 | 97,798,383 |
LyondellBasell Industries NV, Class A | 219,538 | 20,741,950 |
Mosaic Co. (b) | 301,320 | 6,520,565 |
PPG Industries, Inc. | 202,210 | 26,993,013 |
Sherwin-Williams Co. | 70,254 | 40,996,019 |
Total Chemicals | 433,047,044 | |
Commercial Services & Supplies | 0.4% | ||
Cintas Corp. (b) | 71,691 | 19,290,614 |
Copart, Inc. (a)(b) | 174,928 | 15,907,952 |
Republic Services, Inc. | 180,124 | 16,144,514 |
Rollins, Inc. | 120,824 | 4,006,524 |
Waste Management, Inc. | 333,765 | 38,035,860 |
Total Commercial Services & Supplies | 93,385,464 | |
Communications Equipment | 1.0% | ||
Arista Networks, Inc. (a)(b) | 45,858 | 9,327,517 |
Cisco Systems, Inc. | 3,627,750 | 173,986,890 |
F5 Networks, Inc. (a) | 51,988 | 7,260,124 |
Juniper Networks, Inc. | 290,641 | 7,158,488 |
Motorola Solutions, Inc. | 146,517 | 23,609,750 |
Total Communications Equipment | 221,342,769 |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Construction & Engineering | 0.1% | ||
Jacobs Engineering Group, Inc. | 116,069 | $10,426,478 |
Quanta Services, Inc. | 121,753 | 4,956,565 |
Total Construction & Engineering | 15,383,043 | |
Construction Materials | 0.1% | ||
Martin Marietta Materials, Inc. (b) | 53,447 | 14,945,919 |
Vulcan Materials Co. | 113,183 | 16,297,220 |
Total Construction Materials | 31,243,139 | |
Consumer Finance | 0.7% | ||
American Express Co. | 573,787 | 71,430,744 |
Capital One Financial Corp. | 398,259 | 40,984,834 |
Discover Financial Services | 268,061 | 22,736,934 |
Synchrony Financial | 511,323 | 18,412,741 |
Total Consumer Finance | 153,565,253 | |
Containers & Packaging | 0.3% | ||
Amcor PLC (a) | 1,385,456 | 15,018,343 |
Avery Dennison Corp. | 70,531 | 9,226,865 |
Ball Corp. (b) | 278,130 | 17,986,667 |
International Paper Co. | 335,316 | 15,441,302 |
Packaging Corp. of America | 81,400 | 9,115,986 |
Sealed Air Corp. | 133,968 | 5,335,946 |
WestRock Co. | 221,545 | 9,506,496 |
Total Containers & Packaging | 81,631,605 | |
Distributors | 0.1% | ||
Genuine Parts Co. | 124,507 | 13,226,379 |
LKQ Corp. (a) | 263,623 | 9,411,341 |
Total Distributors | 22,637,720 | |
Diversified Consumer Services | 0.0% | ||
H&R Block, Inc. | 171,262 | 4,021,232 |
Total Diversified Consumer Services | 4,021,232 | |
Diversified Financial Services | 1.6% | ||
Berkshire Hathaway, Inc., Class B (a)(b) | 1,672,696 | 378,865,644 |
Total Diversified Financial Services | 378,865,644 | |
Diversified Telecommunication Services | 2.0% | ||
AT&T, Inc. | 6,246,835 | 244,126,312 |
CenturyLink, Inc. | 839,468 | 11,089,372 |
Verizon Communications, Inc. | 3,536,695 | 217,153,073 |
Total Diversified Telecommunication Services | 472,368,757 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Electric Utilities | 2.0% | ||
Alliant Energy Corp. | 205,536 | $11,246,930 |
American Electric Power Co., Inc. | 422,401 | 39,921,119 |
Duke Energy Corp. | 623,429 | 56,862,959 |
Edison International | 306,656 | 23,124,929 |
Entergy Corp. | 170,261 | 20,397,268 |
Evergy, Inc. | 194,890 | 12,685,390 |
Eversource Energy | 276,863 | 23,552,735 |
Exelon Corp. | 831,294 | 37,898,693 |
FirstEnergy Corp. | 462,045 | 22,455,387 |
NextEra Energy, Inc. | 417,974 | 101,216,584 |
Pinnacle West Capital Corp. | 96,814 | 8,706,483 |
PPL Corp. | 618,298 | 22,184,532 |
Southern Co. | 896,820 | 57,127,434 |
Xcel Energy, Inc. | 448,428 | 28,470,694 |
Total Electric Utilities | 465,851,137 | |
Electrical Equipment | 0.5% | ||
AMETEK, Inc. (b) | 195,480 | 19,497,175 |
Eaton Corp. PLC | 354,242 | 33,553,802 |
Emerson Electric Co. | 520,915 | 39,724,978 |
Rockwell Automation, Inc. | 99,131 | 20,090,880 |
Total Electrical Equipment | 112,866,835 | |
Electronic Equipment, Instruments & Components | 0.6% | ||
Amphenol Corp., Class A | 253,544 | 27,441,067 |
CDW Corp. | 122,868 | 17,550,465 |
Corning, Inc. | 654,158 | 19,042,539 |
FLIR Systems, Inc. | 113,633 | 5,916,870 |
IPG Photonics Corp. (a)(b) | 29,995 | 4,346,875 |
Keysight Technologies, Inc. (a)(b) | 160,406 | 16,462,468 |
TE Connectivity Ltd. | 286,025 | 27,412,636 |
Zebra Technologies Corp. (a) | 46,110 | 11,778,339 |
Total Electronic Equipment, Instruments & Components | 129,951,259 | |
Energy Equipment & Services | 0.4% | ||
Baker Hughes a GE Co. | 555,732 | 14,243,411 |
Halliburton Co. | 750,650 | 18,368,405 |
Helmerich & Payne, Inc. | 90,592 | 4,115,595 |
National Oilwell Varco, Inc. | 326,024 | 8,166,901 |
Schlumberger Ltd. | 1,183,853 | 47,590,891 |
TechnipFMC PLC | 362,703 | 7,776,352 |
Total Energy Equipment & Services | 100,261,555 | |
Entertainment | 0.9% | ||
Activision Blizzard, Inc. | 656,974 | 39,037,395 |
Electronic Arts Inc. (a) | 249,684 | 26,843,527 |
Live Nation Entertainment, Inc. (a) | 120,504 | 8,612,421 |
Netflix, Inc. (a) | 374,768 | 121,263,682 |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Entertainment | 0.9% (Continued) | ||
Take-Two Interactive Software, Inc. (a) | 96,784 | $11,849,265 |
Total Entertainment | 207,606,290 | |
Equity Real Estate Investment Trusts (REITs) | 2.8% | ||
Alexandria Real Estate Equities, Inc. | 98,471 | 15,910,944 |
American Tower Corp. | 378,778 | 87,050,760 |
Apartment Investment & Management Co., Class A | 128,731 | 6,648,956 |
AvalonBay Communities, Inc. | 119,431 | 25,044,681 |
Boston Properties, Inc. | 121,980 | 16,816,163 |
Crown Castle International Corp. | 355,542 | 50,540,295 |
Digital Realty Trust, Inc. | 178,486 | 21,371,914 |
Duke Realty Corp. | 314,327 | 10,897,717 |
Equinix, Inc. | 72,926 | 42,566,906 |
Equity Residential | 299,340 | 24,222,593 |
Essex Property Trust, Inc. | 56,510 | 17,001,598 |
Extra Space Storage, Inc. | 110,751 | 11,697,521 |
Federal Realty Investment Trust | 61,405 | 7,904,666 |
Healthpeak Properties, Inc. | 423,257 | 14,589,669 |
Host Hotels & Resorts, Inc. | 607,358 | 11,266,491 |
Iron Mountain, Inc. | 245,549 | 7,825,647 |
Kimco Realty Corp. | 361,070 | 7,477,760 |
Mid-America Apartment Communities, Inc. | 97,543 | 12,862,020 |
Prologis, Inc. | 540,236 | 48,156,637 |
Public Storage | 128,464 | 27,357,693 |
Realty Income Corp. | 278,708 | 20,521,270 |
Regency Centers Corp. | 143,993 | 9,084,518 |
SBA Communications Corp. | 96,290 | 23,204,927 |
Simon Property Group, Inc. | 262,411 | 39,088,742 |
SL Green Realty Corp. | 70,082 | 6,439,134 |
UDR, Inc. | 250,603 | 11,703,160 |
Ventas, Inc. | 318,743 | 18,404,221 |
Vornado Realty Trust | 135,460 | 9,008,090 |
Welltower, Inc. | 346,982 | 28,376,188 |
Weyerhaeuser Co. | 637,205 | 19,243,591 |
Total Equity Real Estate Investment Trusts (REITs) | 652,284,472 | |
Food & Staples Retailing | 1.5% | ||
Costco Wholesale Corp. | 377,789 | 111,039,743 |
Kroger Co. | 685,826 | 19,882,096 |
Sysco Corp. | 436,318 | 37,322,642 |
Walgreens Boots Alliance, Inc. | 641,132 | 37,801,142 |
Walmart, Inc. | 1,213,098 | 144,164,566 |
Total Food & Staples Retailing | 350,210,189 | |
Food Products | 1.1% | ||
Archer-Daniels-Midland Co. | 476,047 | 22,064,779 |
Campbell Soup Co. | 143,388 | 7,086,235 |
Conagra Brands, Inc. | 416,160 | 14,249,318 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Food Products | 1.1% (Continued) | ||
General Mills, Inc. | 516,845 | $27,682,218 |
Hershey Co. | 126,825 | 18,640,739 |
Hormel Foods Corp. | 237,784 | 10,726,436 |
J.M. Smucker Co. | 97,733 | 10,176,937 |
Kellogg Co. | 212,930 | 14,726,239 |
Kraft Heinz Co. | 532,578 | 17,111,731 |
Lamb Weston Holdings, Inc. | 124,905 | 10,745,577 |
McCormick & Co., Inc. | 105,670 | 17,935,369 |
Mondelez International, Inc., Class A | 1,231,258 | 67,817,691 |
Tyson Foods, Inc., Class A | 252,425 | 22,980,772 |
Total Food Products | 261,944,041 | |
Gas Utilities | 0.0% | ||
Atmos Energy Corp. | 102,056 | 11,415,984 |
Total Gas Utilities | 11,415,984 | |
Health Care Equipment & Supplies | 3.5% | ||
Abbott Laboratories | 1,511,382 | 131,278,641 |
ABIOMED, Inc. (a) | 38,162 | 6,510,056 |
Align Technology, Inc. (a) | 60,889 | 16,990,467 |
Baxter International, Inc. | 436,599 | 36,508,408 |
Becton, Dickinson & Co. | 231,283 | 62,902,037 |
Boston Scientific Corp. (a)(b) | 1,191,922 | 53,898,713 |
Cooper Cos., Inc. | 42,393 | 13,620,447 |
Danaher Corp. | 534,857 | 82,089,852 |
DENTSPLY SIRONA, Inc. | 191,806 | 10,854,302 |
Edwards Lifesciences Corp. (a) | 178,358 | 41,609,138 |
Hologic, Inc. (a) | 229,303 | 11,971,910 |
IDEXX Laboratories, Inc. (a) | 73,357 | 19,155,713 |
Intuitive Surgical, Inc. (a) | 98,833 | 58,425,128 |
Medtronic PLC | 1,146,218 | 130,038,432 |
ResMed, Inc. | 122,958 | 19,054,801 |
STERIS PLC | 72,502 | 11,050,755 |
Stryker Corp. | 275,343 | 57,805,509 |
Teleflex, Inc. (b) | 39,590 | 14,903,260 |
Varian Medical Systems, Inc. (a) | 77,926 | 11,066,271 |
Zimmer Biomet Holdings, Inc. | 175,890 | 26,327,215 |
Total Health Care Equipment & Supplies | 816,061,055 | |
Health Care Providers & Services | 2.8% | ||
AmerisourceBergen Corp. | 127,499 | 10,839,965 |
Anthem, Inc. | 216,834 | 65,490,373 |
Cardinal Health, Inc. | 249,757 | 12,632,709 |
Centene Corp. (a) | 353,856 | 22,246,927 |
Cigna Corp. | 319,333 | 65,300,405 |
CVS Health Corp. | 1,112,513 | 82,648,591 |
DaVita, Inc. (a)(b) | 76,688 | 5,753,901 |
HCA Healthcare, Inc. | 226,236 | 33,439,943 |
Henry Schein, Inc. (a)(b) | 124,314 | 8,294,230 |
Humana Inc. | 113,168 | 41,478,335 |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Health Care Providers & Services | 2.8% (Continued) | ||
Laboratory Corp. of America Holdings (a) | 83,386 | $14,106,410 |
McKesson Corp. | 154,900 | 21,425,768 |
Quest Diagnostics, Inc. | 115,185 | 12,300,606 |
UnitedHealth Group, Inc. | 810,177 | 238,175,834 |
Universal Health Services, Inc., Class B | 69,185 | 9,925,280 |
WellCare Health Plans, Inc. (a) | 43,014 | 14,203,653 |
Total Health Care Providers & Services | 658,262,930 | |
Health Care Technology | 0.1% | ||
Cerner Corp. | 266,769 | 19,578,177 |
Total Health Care Technology | 19,578,177 | |
Hotels, Restaurants & Leisure | 1.8% | ||
Carnival Corp. | 342,538 | 17,411,207 |
Chipotle Mexican Grill, Inc. (a) | 21,867 | 18,305,084 |
Darden Restaurants, Inc. | 104,842 | 11,428,826 |
Hilton Worldwide Holdings, Inc. | 241,409 | 26,774,672 |
Las Vegas Sands Corp. | 288,985 | 19,951,524 |
Marriott International, Inc., Class A | 232,050 | 35,139,332 |
McDonald's Corp. | 644,004 | 127,261,630 |
MGM Resorts International | 436,817 | 14,532,902 |
Norwegian Cruise Line Holdings Ltd. (a) | 182,061 | 10,634,183 |
Royal Caribbean Cruises Ltd. | 146,997 | 19,625,569 |
Starbucks Corp. | 1,009,926 | 88,792,694 |
Wynn Resorts, Ltd. | 81,809 | 11,360,816 |
Yum! Brands, Inc. | 258,649 | 26,053,714 |
Total Hotels, Restaurants & Leisure | 427,272,153 | |
Household Durables | 0.4% | ||
D.R. Horton, Inc. | 286,755 | 15,126,326 |
Garmin Ltd. | 123,550 | 12,053,538 |
Leggett & Platt, Inc. | 110,137 | 5,598,264 |
Lennar Corp., Class A | 238,254 | 13,292,191 |
Mohawk Industries, Inc. (a)(b) | 50,377 | 6,870,415 |
Newell Brands, Inc. | 319,095 | 6,133,006 |
NVR, Inc. (a) | 2,970 | 11,310,978 |
PulteGroup, Inc. | 215,939 | 8,378,433 |
Whirlpool Corp. | 53,219 | 7,851,399 |
Total Household Durables | 86,614,550 | |
Household Products | 1.7% | ||
Church & Dwight Co., Inc. | 210,296 | 14,792,221 |
Clorox Co. | 107,323 | 16,478,373 |
Colgate-Palmolive Co. | 732,897 | 50,452,629 |
Kimberly-Clark Corp. | 293,149 | 40,322,645 |
Procter & Gamble Co. | 2,132,571 | 266,358,118 |
Total Household Products | 388,403,986 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Independent Power and Renewable Electricity Producers | 0.1% | ||
AES Corp. | 568,095 | $11,305,090 |
NRG Energy, Inc. | 211,937 | 8,424,496 |
Total Independent Power and Renewable Electricity Producers | 19,729,586 | |
Industrial Conglomerates | 1.3% | ||
3M Co. | 491,752 | 86,754,888 |
General Electric Co. | 7,468,451 | 83,347,913 |
Honeywell International, Inc. | 611,029 | 108,152,133 |
Roper Technologies, Inc. | 88,985 | 31,521,157 |
Total Industrial Conglomerates | 309,776,091 | |
Insurance | 2.3% | ||
Aflac, Inc. | 627,692 | 33,204,907 |
Allstate Corp. | 275,775 | 31,010,899 |
American International Group, Inc. | 743,935 | 38,186,184 |
Aon PLC | 200,221 | 41,704,032 |
Arthur J Gallagher & Co. | 159,504 | 15,189,566 |
Assurant, Inc. | 52,112 | 6,830,841 |
Chubb Ltd. | 387,553 | 60,326,500 |
Cincinnati Financial Corp. | 129,928 | 13,661,929 |
Everest Re Group Ltd. | 34,875 | 9,654,795 |
Globe Life, Inc. | 85,194 | 8,966,668 |
Hartford Financial Services Group, Inc. | 308,212 | 18,730,043 |
Lincoln National Corp. | 169,602 | 10,008,214 |
Loews Corp. (b) | 219,232 | 11,507,488 |
Marsh & McLennan Cos., Inc. | 431,564 | 48,080,545 |
MetLife, Inc. | 666,820 | 33,987,815 |
Principal Financial Group, Inc. | 221,337 | 12,173,535 |
Progressive Corp. | 499,943 | 36,190,874 |
Prudential Financial, Inc. | 343,768 | 32,224,812 |
Travelers Cos., Inc. | 220,724 | 30,228,152 |
Unum Group | 173,973 | 5,073,053 |
W.R. Berkley Corp. | 124,448 | 8,599,357 |
Willis Towers Watson PLC | 109,948 | 22,202,899 |
Total Insurance | 527,743,108 | |
Interactive Media & Services | 4.9% | ||
Alphabet, Inc., Class C (a) | 255,594 | 341,734,290 |
Alphabet, Inc., Class A (a) | 256,225 | 343,185,203 |
Facebook, Inc., Class A (a) | 2,057,879 | 422,379,664 |
Twitter, Inc. (a) | 663,898 | 21,277,931 |
Total Interactive Media & Services | 1,128,577,088 | |
Internet & Direct Marketing Retail | 3.3% | ||
Amazon.com, Inc. (a) | 356,142 | 658,093,433 |
Booking Holdings, Inc. (a)(b) | 35,793 | 73,509,158 |
eBay, Inc. | 653,941 | 23,613,810 |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Internet & Direct Marketing Retail | 3.3% (Continued) | ||
Expedia Group, Inc. | 119,502 | $12,922,946 |
Total Internet & Direct Marketing Retail | 768,139,347 | |
IT Services | 5.3% | ||
Accenture PLC, Class A | 543,071 | 114,354,460 |
Akamai Technologies, Inc. (a)(b) | 138,211 | 11,938,666 |
Alliance Data Systems Corp. | 34,374 | 3,856,763 |
Automatic Data Processing, Inc. | 370,020 | 63,088,410 |
Broadridge Financial Solutions, Inc. | 98,039 | 12,111,738 |
Cognizant Technology Solutions Corp., Class A | 468,248 | 29,040,741 |
DXC Technology Co. | 220,706 | 8,296,339 |
Fidelity National Information Services, Inc. | 525,572 | 73,101,809 |
Fiserv, Inc. (a) | 488,383 | 56,471,726 |
FleetCor Technologies, Inc. (a) | 74,210 | 21,351,701 |
Gartner, Inc. (a)(b) | 76,998 | 11,865,392 |
Global Payments, Inc. | 257,012 | 46,920,111 |
International Business Machines Corp. | 757,348 | 101,514,926 |
Jack Henry & Associates, Inc. | 65,792 | 9,583,921 |
Leidos Holdings Inc. | 113,726 | 11,132,638 |
Mastercard, Inc., Class A | 759,138 | 226,671,015 |
Paychex, Inc. | 272,424 | 23,172,385 |
PayPal Holdings, Inc. (a) | 1,004,105 | 108,614,038 |
VeriSign, Inc. (a) | 88,454 | 17,043,317 |
Visa Inc., Class A | 1,463,870 | 275,061,173 |
Western Union Co. | 355,433 | 9,518,496 |
Total IT Services | 1,234,709,765 | |
Leisure Products | 0.0% | ||
Hasbro, Inc. | 108,821 | 11,492,586 |
Total Leisure Products | 11,492,586 | |
Life Sciences Tools & Services | 1.0% | ||
Agilent Technologies, Inc. | 264,640 | 22,576,438 |
Illumina, Inc. (a) | 125,706 | 41,701,709 |
IQVIA Holdings, Inc. (a) | 154,315 | 23,843,211 |
Mettler-Toledo International, Inc. (a) | 20,929 | 16,602,557 |
PerkinElmer, Inc. (b) | 95,779 | 9,300,141 |
Thermo Fisher Scientific, Inc. (b) | 342,905 | 111,399,547 |
Waters Corp. (a)(b) | 55,926 | 13,067,110 |
Total Life Sciences Tools & Services | 238,490,713 | |
Machinery | 1.6% | ||
Caterpillar, Inc. | 472,837 | 69,828,568 |
Cummins, Inc. | 132,183 | 23,655,470 |
Deere & Co. | 269,262 | 46,652,334 |
Dover Corp. | 124,224 | 14,318,058 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Machinery | 1.6% (Continued) | ||
Flowserve Corp. | 112,148 | $5,581,606 |
Fortive Corp. | 252,702 | 19,303,906 |
IDEX Corp. | 65,042 | 11,187,224 |
Illinois Tool Works, Inc. | 250,112 | 44,927,618 |
Ingersoll-Rand PLC | 204,890 | 27,233,979 |
PACCAR Inc. | 295,772 | 23,395,565 |
Parker-Hannifin Corp. | 109,856 | 22,610,562 |
Pentair PLC | 140,780 | 6,457,579 |
Snap-on, Inc. | 46,909 | 7,946,385 |
Stanley Black & Decker, Inc. | 129,992 | 21,544,874 |
Wabtec Corp. | 154,199 | 11,996,682 |
Xylem, Inc. | 153,994 | 12,133,187 |
Total Machinery | 368,773,597 | |
Media | 2.4% | ||
Charter Communications, Inc., Class A (a)(b) | 134,078 | 65,038,556 |
Comcast Corp., Class A | 3,882,193 | 174,582,219 |
Discovery, Inc., Class A (a)(b) | 134,754 | 4,411,846 |
Discovery, Inc., Class C (a)(b) | 286,831 | 8,745,477 |
DISH Network Corp., Class A (a) | 218,051 | 7,734,269 |
Fox Corp., Class A | 303,158 | 11,238,067 |
Fox Corp., Class B (a) | 133,124 | 4,845,714 |
Interpublic Group of Cos., Inc. | 327,050 | 7,554,855 |
News Corp., Class A | 332,273 | 4,698,340 |
News Corp., Class B | 95,128 | 1,380,307 |
Omnicom Group, Inc. | 186,192 | 15,085,276 |
ViacomCBS, Inc. | 462,120 | 19,395,176 |
Walt Disney Co. (b) | 1,541,312 | 222,919,955 |
Total Media | 547,630,057 | |
Metals & Mining | 0.3% | ||
Freeport-McMoRan, Inc. | 1,240,742 | 16,278,535 |
Newmont Mining Corp. | 701,081 | 30,461,969 |
Nucor Corp. | 259,293 | 14,593,010 |
Total Metals & Mining | 61,333,514 | |
Multi-Utilities | 1.0% | ||
Ameren Corp. | 210,391 | 16,158,029 |
CenterPoint Energy, Inc. | 429,490 | 11,712,192 |
CMS Energy Corp. | 242,726 | 15,252,902 |
Consolidated Edison, Inc. | 284,276 | 25,718,450 |
Dominion Energy, Inc. | 703,864 | 58,294,016 |
DTE Energy Co. | 164,278 | 21,334,784 |
NiSource, Inc. | 321,488 | 8,950,226 |
Public Service Enterprise Group, Inc. | 432,469 | 25,537,294 |
Sempra Energy | 241,062 | 36,516,072 |
WEC Energy Group, Inc. | 269,744 | 24,878,489 |
Total Multi-Utilities | 244,352,454 |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Multiline Retail | 0.5% | ||
Dollar General Corp. | 217,720 | $33,959,966 |
Dollar Tree, Inc. (a) | 202,380 | 19,033,839 |
Kohl's Corp. | 132,816 | 6,766,975 |
Macy's, Inc. | 267,347 | 4,544,899 |
Nordstrom, Inc. | 88,174 | 3,608,962 |
Target Corp. | 433,334 | 55,557,752 |
Total Multiline Retail | 123,472,393 | |
Oil, Gas & Consumable Fuels | 3.9% | ||
Apache Corp. | 317,469 | 8,124,032 |
Cabot Oil & Gas Corp. | 349,750 | 6,089,148 |
Chevron Corp. | 1,616,970 | 194,861,055 |
Cimarex Energy Co. | 87,062 | 4,569,884 |
Concho Resources Inc. | 171,909 | 15,054,071 |
ConocoPhillips | 938,324 | 61,019,210 |
Devon Energy Corp. | 330,941 | 8,594,538 |
Diamondback Energy, Inc. | 136,845 | 12,707,427 |
EOG Resources, Inc. | 497,493 | 41,670,014 |
Exxon Mobil Corp. | 3,618,209 | 252,478,624 |
Hess Corp. | 221,483 | 14,797,279 |
HollyFrontier Corp. | 129,331 | 6,558,375 |
Kinder Morgan, Inc. | 1,665,711 | 35,263,102 |
Marathon Oil Corp. | 684,055 | 9,289,467 |
Marathon Petroleum Corp. | 555,265 | 33,454,716 |
Noble Energy, Inc. | 412,314 | 10,241,880 |
Occidental Petroleum Corp. | 763,916 | 31,480,978 |
ONEOK, Inc. | 353,248 | 26,730,276 |
Phillips 66 | 379,991 | 42,334,797 |
Pioneer Natural Resources Co. | 141,652 | 21,441,863 |
Valero Energy Corp. | 351,168 | 32,886,883 |
Williams Cos., Inc. | 1,036,478 | 24,585,258 |
Total Oil, Gas & Consumable Fuels | 894,232,877 | |
Personal Products | 0.2% | ||
Coty, Inc., Class A | 246,388 | 2,771,865 |
Estee Lauder Cos., Inc., Class A (b) | 190,313 | 39,307,247 |
Total Personal Products | 42,079,112 | |
Pharmaceuticals | 4.6% | ||
Allergan PLC | 280,724 | 53,666,007 |
Bristol-Myers Squibb Co. | 2,004,618 | 128,676,429 |
Eli Lilly & Co. | 722,525 | 94,961,461 |
Johnson & Johnson | 2,250,632 | 328,299,690 |
Merck & Co., Inc. | 2,177,186 | 198,015,066 |
Mylan NV (a) | 441,369 | 8,871,517 |
Perrigo Co. PLC | 116,394 | 6,012,914 |
Pfizer, Inc. | 4,732,477 | 185,418,449 |
Zoetis, Inc. | 407,305 | 53,906,817 |
Total Pharmaceuticals | 1,057,828,350 | |
Professional Services | 0.3% | ||
Equifax, Inc. | 103,544 | 14,508,585 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Professional Services | 0.3% (Continued) | ||
IHS Markit Ltd. (a)(b) | 342,903 | $25,837,741 |
Nielsen Holdings PLC | 301,186 | 6,114,076 |
Robert Half International, Inc. | 98,758 | 6,236,568 |
Verisk Analytics, Inc. (b) | 140,133 | 20,927,462 |
Total Professional Services | 73,624,432 | |
Real Estate Management & Development | 0.1% | ||
CBRE Group, Inc., Class A (a) | 286,262 | 17,544,998 |
Total Real Estate Management & Development | 17,544,998 | |
Road & Rail | 1.0% | ||
CSX Corp. | 664,992 | 48,118,821 |
J.B. Hunt Transport Services, Inc. | 73,282 | 8,557,872 |
Kansas City Southern (b) | 84,265 | 12,906,027 |
Norfolk Southern Corp. | 222,977 | 43,286,525 |
Old Dominion Freight Line, Inc. | 54,811 | 10,402,032 |
Union Pacific Corp. | 593,642 | 107,324,537 |
Total Road & Rail | 230,595,814 | |
Semiconductors & Semiconductor Equipment | 4.2% | ||
Advanced Micro Devices, Inc. (a) | 952,313 | 43,673,074 |
Analog Devices, Inc. | 314,952 | 37,428,896 |
Applied Materials, Inc. | 789,944 | 48,218,182 |
Broadcom, Inc. | 339,211 | 107,197,460 |
Intel Corp. | 3,719,881 | 222,634,878 |
KLA-Tencor Corp. | 134,937 | 24,041,725 |
Lam Research Corp. | 124,064 | 36,276,314 |
Maxim Integrated Products, Inc. | 231,410 | 14,234,029 |
Microchip Technology, Inc. | 204,361 | 21,400,684 |
Micron Technology, Inc. (a) | 946,689 | 50,912,934 |
NVIDIA Corp. | 523,349 | 123,144,020 |
Qorvo, Inc. (a) | 99,482 | 11,562,793 |
QUALCOMM, Inc. | 976,443 | 86,151,566 |
Skyworks Solutions, Inc. | 145,792 | 17,623,337 |
Texas Instruments, Inc. | 799,368 | 102,550,921 |
Xilinx, Inc. | 215,041 | 21,024,558 |
Total Semiconductors & Semiconductor Equipment | 968,075,371 | |
Software | 7.0% | ||
Adobe, Inc. (a) | 413,958 | 136,527,488 |
ANSYS, Inc. (a)(b) | 73,184 | 18,838,294 |
Autodesk, Inc. (a) | 188,160 | 34,519,834 |
Cadence Design Systems, Inc. (a) | 239,948 | 16,642,793 |
Citrix Systems, Inc. | 104,676 | 11,608,568 |
Fortinet, Inc. (a) | 121,395 | 12,960,130 |
Intuit, Inc. | 222,600 | 58,305,618 |
Microsoft Corp. | 6,523,736 | 1,028,793,167 |
NortonLifeLock, Inc. | 490,329 | 12,513,196 |
Oracle Corp. | 1,852,639 | 98,152,814 |
salesforce.com, Inc. (a) | 758,514 | 123,364,717 |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Software | 7.0% (Continued) | ||
ServiceNow, Inc. (a)(b) | 161,280 | $45,532,570 |
Synopsys, Inc. (a) | 128,555 | 17,894,856 |
Total Software | 1,615,654,045 | |
Specialty Retail | 2.2% | ||
Advance Auto Parts, Inc. | 59,306 | 9,498,449 |
AutoZone, Inc. (a) | 20,549 | 24,480,229 |
Best Buy Co., Inc. | 194,308 | 17,060,242 |
CarMax, Inc. (a) | 141,009 | 12,362,259 |
Gap, Inc. | 180,058 | 3,183,425 |
Home Depot, Inc. | 932,819 | 203,709,013 |
L Brands, Inc. | 200,125 | 3,626,265 |
Lowe's Cos., Inc. | 655,447 | 78,496,333 |
O'Reilly Automotive, Inc. (a)(b) | 64,699 | 28,354,984 |
Ross Stores, Inc. | 309,332 | 36,012,432 |
Tiffany & Co. | 92,777 | 12,399,646 |
TJX Cos., Inc. | 1,037,007 | 63,319,647 |
Tractor Supply Co. | 101,563 | 9,490,047 |
Ulta Salon Cosmetics & Fragrance, Inc. (a)(b) | 49,300 | 12,479,802 |
Total Specialty Retail | 514,472,773 | |
Technology Hardware, Storage & Peripherals | 4.9% | ||
Apple, Inc. | 3,571,658 | 1,048,817,372 |
Hewlett Packard Enterprise Co. | 1,097,787 | 17,410,902 |
HP, Inc. | 1,267,251 | 26,042,008 |
NetApp, Inc. | 195,166 | 12,149,083 |
Seagate Technology PLC | 198,698 | 11,822,531 |
Western Digital Corp. | 254,324 | 16,141,944 |
Xerox Holdings Corp. (a) | 160,203 | 5,906,685 |
Total Technology Hardware, Storage & Peripherals | 1,138,290,525 | |
Textiles, Apparel & Luxury Goods | 0.7% | ||
Capri Holdings Ltd. (a)(b) | 130,344 | 4,972,623 |
Hanesbrands, Inc. | 313,302 | 4,652,535 |
NIKE, Inc., Class B | 1,065,535 | 107,949,351 |
PVH Corp. (a) | 63,061 | 6,630,864 |
Ralph Lauren Corp. | 42,619 | 4,995,799 |
Tapestry, Inc. | 237,843 | 6,414,626 |
Under Armour, Inc., Class A (a)(b) | 164,871 | 3,561,214 |
Under Armour, Inc., Class C (a)(b) | 169,421 | 3,249,495 |
VF Corp. | 280,049 | 27,909,683 |
Total Textiles, Apparel & Luxury Goods | 170,336,190 | |
Tobacco | 0.8% | ||
Altria Group, Inc. | 1,597,520 | 79,732,223 |
Philip Morris International, Inc. | 1,330,499 | 113,212,160 |
Total Tobacco | 192,944,383 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Common Stocks | 98.6% of net assets (Continued) | ||
Shares | Value | |
Trading Companies & Distributors | 0.2% | ||
Fastenal Co. | 490,449 | $18,122,090 |
United Rentals, Inc. (a)(b) | 64,479 | 10,753,163 |
W.W. Grainger, Inc. | 37,030 | 12,535,396 |
Total Trading Companies & Distributors | 41,410,649 | |
Water Utilities | 0.1% | ||
American Water Works Co., Inc. | 154,590 | 18,991,381 |
Total Water Utilities | 18,991,381 | |
Wireless Telecommunication Services | 0.1% | ||
T-Mobile US, Inc. (a) | 270,707 | 21,228,843 |
Total Wireless Telecommunication Services | 21,228,843 | |
Total Common Stocks | ||
(Cost $13,108,218,270) | 22,881,321,678 |
Investment Companies | 0.4% of net assets | ||
iShares Core S&P 500 ETF (c) | 292,674 | $94,603,944 |
Total Investment Companies | ||
(Cost $88,157,092) | 94,603,944 | |
Total Long-Term Investments | ||
(Cost $13,196,375,362) | 22,975,925,622 |
Short-Term Securities | 1.5% of net assets | ||
Shares | Value | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.84% (c)(d)(e) | 139,348,114 | $139,403,854 |
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (c)(d)(e) | 215,380,072 | 215,380,072 |
Total Short-Term Securities | ||
(Cost $354,767,438) | 354,783,926 | |
Total Investments | ||
(Cost $13,551,142,800) | 100.5% | 23,330,709,548 | |
Liabilities in Excess of Other Assets | (0.5)% | (122,751,203) | |
Net Assets | 100.0% | $23,207,958,345 |
(a) | Non-income producing. |
(b) | Security, or a portion of security, is on loan. |
(c) | During the period ended December 31, 2019, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Master Portfolio were as follows: |
Affiliate Persons and/or Related Parties | Shares Held at December 31, 2018 | Shares Purchased | Shares Sold | Shares Held at December 31, 2019 | Value at December 31, 2019 | Income | Realized Gain (Loss)1 | Change in Unrealized Appreciation (Depreciation) |
BlackRock Cash Funds: Institutional, SL Agency Shares2 | 118,748,723 | 20,599,391 | — | 139,348,114 | 139,403,854 | $679,4093 | $13,818 | $13,652 |
BlackRock Cash Funds: Treasury, SL Agency Shares2 | 479,801,017 | — | (264,420,945) | 215,380,072 | 215,380,072 | 5,105,161 | — | — |
BlackRock, Inc. | 98,827 | 4,735 | (2,714) | 100,848 | 50,696,290 | 1,290,152 | (361,626) | 11,125,951 |
iShares Core S&P 500 ETF | — | 292,674 | — | 292,674 | 94,603,944 | 647,089 | — | 6,446,852 |
Total | $500,084,160 | $7,721,811 | $(347,808) | $17,586,455 |
1 | Includes net capital gain distributions, if applicable. |
2 | Represents net shares purchased (sold). |
3 | Represents all or portion of securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and collateral investment expenses, and other payments to and from borrowers of securities. |
(d) | 7-day yield at December 31, 2019. |
The accompanying notes are an integral part of these financial statements. | Appendix |
(e) | All or a portion of security was purchased with the cash collateral from loaned securities. |
Derivative Financial Instruments Outstanding as of Period End - Futures Contracts | ||||
Contracts Long | Issue | Expiration | Notional Amount (000) | Unrealized Appreciation (Depreciation) |
1,479 | S&P 500 E-Mini Index | March 2020 | $238,940 | $2,345,486 |
Assets-Derivative Financial Instruments | Commodity Contracts | Credit Contract | Equity Contracts | Foriegn Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total |
Futures contracts net unrealized appreciation1 | — | — | $2,345,486 | — | — | — | $2,345,486 |
1 | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in net unrealized appreciation (depreciation). |
Commodity Contracts | Credit Contract | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) From: | |||||||
Futures contracts | — | — | $67,610,011 | — | — | — | $67,610,011 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | — | — | $1,968,163 | — | — | — | $1,968,163 |
Average Quarterly Balances on Outstanding Derivative Financial Instruments | |||||||
Futures contracts: Average notional value of contracts—long | $250,138,951 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Investments: | ||||
Long-Term Investments(a) | $22,975,925,622 | $— | $— | $22,975,925,622 |
Short-Term Securities: Money Market Funds | 354,783,926 | — | — | 354,783,926 |
$23,330,709,548 | $— | $— | $23,330,709,548 | |
Derivative Financial Instruments(b) | ||||
Assets: | ||||
Equity contracts | $2,345,486 | $— | $— | $2,345,486 |
(a) | See above Schedule of Investments for values in each industry. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The accompanying notes are an integral part of these financial statements. | Appendix |
Assets | |
Investments in securities, at value (including securities loaned of $137,214,328) (cost: $13,076,378,623) | $22,830,625,388 |
Investments at value—affiliated (cost—$474,764,177) | 500,084,160 |
Cash | 270,037 |
Cash pledged for futures contracts | 9,411,800 |
Dividends—unaffiliated | 22,795,533 |
Dividends—affiliated | 459,684 |
Securities lending income—affiliated | 186,784 |
Variation margin on futures contracts | 569,390 |
Prepaid expenses | 84,984 |
Total Assets | 23,364,487,760 |
Liabilities | |
Collateral on securities loaned at value | 139,392,096 |
Withdrawals to investors | 16,720,413 |
Investment advisory fees | 334,166 |
Trustees' fees | 82,740 |
Total Liabilities | 156,529,415 |
Net Assets | $23,207,958,345 |
Net Assets Consist Of: | |
Unrealized appreciation (depreciation) of investments | 9,781,912,234 |
Investors’ capital | 13,426,046,111 |
Net Assets | $23,207,958,345 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Investment Income | |
Dividends—unaffiliated | 392,078,121 |
Dividends—affiliated | 7,042,402 |
Securities lending—affiliated—net | 679,409 |
Foreign taxes withheld | (1,515,553) |
Total Investment Income | 398,284,379 |
Expenses | |
Investment advisory | 4,863,044 |
Director, Trustee, and Board meeting expenses | 310,692 |
Professional | 75,099 |
Total Expenses | 5,248,835 |
Less fees waived and/or reimbursed by the Manager | (563,865) |
Total Expenses After Fees Waived and/or Reimbursed | 4,684,970 |
Net Investment Income | 393,599,409 |
Realized And Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments—unaffiliated | (13,455,802) |
Investments—affiliated | (347,808) |
Futures contracts | 67,610,011 |
Net Realized Gain (Loss) | 53,806,401 |
Net change in unrealized appreciation (depreciation) on: | |
Investments—unaffiliated | 4,960,397,272 |
Investments—affiliated | 17,586,455 |
Futures contracts | 1,968,163 |
Net Change In Unrealized Appreciation (Depreciation) | 4,979,951,890 |
Net Realized And Unrealized Gain | $5,033,758,291 |
Net Increase In Net Assets From Operations | $5,427,357,700 |
The accompanying notes are an integral part of these financial statements. | Appendix |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |
Increase (Decrease) In Net Assets | ||
Operations | ||
Net investment income | $393,599,409 | $308,119,158 |
Net realized gain on investments | 53,806,401 | 68,976,788 |
Net change in unrealized appreciation (depreciation) | 4,979,951,890 | (1,302,602,820) |
Net Increase (decrease) in net assets from operations | 5,427,357,700 | (925,506,874) |
Capital Transactions | ||
Proceeds from contributions | 11,063,823,888 | 9,671,286,018 |
Value of withdrawals | (10,540,152,052) | (5,263,924,715) |
Total increase in net assets from capital transactions | 523,671,836 | 4,407,361,303 |
Total Increase In Net Assets | 5,951,029,536 | 3,481,854,429 |
Net Assets | ||
Beginning of year | $17,256,928,809 | $13,775,074,380 |
End of year | $23,207,958,345 | $17,256,928,809 |
Appendix | The accompanying notes are an integral part of these financial statements. |
Year Ended December 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | |
Total Return | 31.44% | -4.38% | 21.77% | 11.92% | 1.35% |
Ratio to Average Net Assets | |||||
Total expenses | 0.03% | 0.04% | 0.04% | 0.04% | 0.05% |
Total expenses after fees waived and/or reimbursed | 0.02% | 0.04% | 0.04% | 0.04% | 0.04% |
Net investment income | 1.95% | 1.92% | 1.93% | 2.11% | 2.00% |
Supplemental Data | |||||
Net assets, end of year (000) | $23,207,958 | $17,256,929 | $13,775,074 | $9,791,759 | $7,209,857 |
Portfolio turnover rate | 3% | 12% | 11% | 4% | 2% |
The accompanying notes are an integral part of these financial statements. | Appendix |
Target Fund | Fair Value of Invesments | Cost of Investments |
State Farm S&P 500 Index Fund | $1,473,476,973 | $726,300,157 |
Appendix | Notes to Financial Statements |
Notes to Financial Statements | Appendix |
Counterparty | Securities Loaned at Value | Cash Collateral Received1 | Net Amount |
Bank of America N.A. | $5,539,671 | $(5,539,671) | — |
Barclays Bank PLC | 3,843,919 | (3,843,919) | — |
Barclays Capital, Inc. | 50,783 | (50,783) | — |
BMO Capital Markets | 202,006 | (202,006) | — |
Citigroup Global Markets, Inc. | 53,451,965 | (53,451,965) | — |
Credit Suisse Securities (USA) LLC | 7,798,663 | (7,798,663) | — |
Goldman Sachs & Co. | 15,789,735 | (15,789,735) | — |
HSBC Bank PLC | 1,045,058 | (1,045,058) | — |
JP Morgan Securities LLC | 7,983,961 | (7,983,961) | — |
Nomura Securities International, Inc. | 174,471 | (174,471) | — |
Scotia Capital (USA), Inc. | 772,920 | (772,920) | — |
SG Americas Securities LLC | 16,396,672 | (16,396,672) | — |
UBS AG | 665,358 | (665,358) | — |
UBS Securities LLC | 22,906,558 | (22,906,558) | — |
Wells Fargo Securities LLC | 592,588 | (592,588) | — |
$137,214,328 | $(137,214,328) | $— | |
1Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio’s Statement of Assets and Liabilities. |
Appendix | Notes to Financial Statements |
Notes to Financial Statements | Appendix |
Purchases | Sales | Net Realized Gain (Loss) |
$656,292,770 | $60,145,540 | $(29,208,341) |
Appendix | Notes to Financial Statements |
Tax cost | $13,338,949,197 |
Gross unrealized appreciation | $10,452,081,189 |
Gross unrealized depreciation | $(460,320,838) |
Net unrealized appreciation | $9,991,760,351 |
Notes to Financial Statements | Appendix |
Appendix | Notes to Financial Statements |
S&P 500 Index Master Portfolio | Independent Trustees1
Name and Year of Birth2 | Position(s) Held | Length of Time Served3 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Investment Company Directorships During Past Five Years |
Mark Stalnecker 1951 | Chair of the Board and Trustee | Since 2019 (Chair of the Board); Since 2015 (Trustee) | Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. | 37 RICs consisting of 177 Portfolios | None |
Bruce R. Bond 1946 | Trustee | Since 2019 | Board Member, Amsphere Limited (software) since 2018; Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007. | 37 RICs consisting of 177 Portfolios | None |
S&P 500 Index Master Portfolio | Independent Trustees1 (Continued)
Name and Year of Birth2 | Position(s) Held | Length of Time Served3 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Investment Company Directorships During Past Five Years |
Susan J. Carter 1956 | Trustee | Since 2016 | Director, Pacific Pension Institute from 2014 to 2018; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Trustee, Financial Accounting Foundation since 2017; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017. | 37 RICs consisting of 177 Portfolios | None |
Collette Chilton 1958 | Trustee | Since 2015 | Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006. | 37 RICs consisting of 177 Portfolios | None |
Neil A. Cotty 1954 | Trustee | Since 2016 | Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. | 37 RICs consisting of 177 Portfolios | None |
S&P 500 Index Master Portfolio | Independent Trustees1 (Continued)
Name and Year of Birth2 | Position(s) Held | Length of Time Served3 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Investment Company Directorships During Past Five Years |
Lena G. Goldberg 1949 | Trustee | Since 2019 | Senior Lecturer, Harvard Business School, since 2008; Director, Charles Stark Draper Laboratory, Inc. since 2013; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President — Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. | 37 RICs consisting of 177 Portfolios | None |
Robert M. Hernandez 1944 | Trustee | Since 2019 | Director, Vice Chairman and Chief Financial Officer of USX Corporation (energy and steel business) from 1991 to 2001; Director and non-executive Chairman, RTI International Metals, Inc. from 1990 to 2015; Director, TE Connectivity (electronics) from 2006 to 2012. | 37 RICs consisting of 177 Portfolios | Chubb Limited (insurance company); Eastman Chemical Company |
Henry R. Keizer 1956 | Trustee | Since 2019 | Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010. | 37 RICs consisting of 177 Portfolios | Hertz Global Holdings (car rental); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 until 2015; Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) |
S&P 500 Index Master Portfolio | Independent Trustees1 (Continued)
Name and Year of Birth2 | Position(s) Held | Length of Time Served3 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Investment Company Directorships During Past Five Years |
Cynthia A. Montgomery 1952 | Trustee | Since 2009 | Professor, Harvard Business School since 1989. | 37 RICs consisting of 177 Portfolios | Newell Rubbermaid, Inc. (manufacturing) |
Donald C. Opatrny 1952 | Trustee | Since 2019 | Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University since 2004; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Director, Athena Capital Advisors LLC (investment management firm) since 2013; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2018; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018. | 37 RICs consisting of 177 Portfolios | None |
Joseph P. Platt 1947 | Trustee | Since 2009 | General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015. | 37 RICs consisting of 177 Portfolios | Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc. |
S&P 500 Index Master Portfolio | Independent Trustees1 (Continued)
Name and Year of Birth2 | Position(s) Held | Length of Time Served3 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Investment Company Directorships During Past Five Years |
Kenneth L. Urish 1951 | Trustee | Since 2009 | Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007. | 37 RICs consisting of 177 Portfolios | None |
Claire A. Walton 1957 | Trustee | Since 2016 | Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015. | 37 RICs consisting of 177 Portfolios | None |
1 The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. | |||||
2 Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. | |||||
3 In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent Trustees were elected to the Board. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds or legacy BlackRock funds as follows: Bruce R.Bond, 2005; Robert M. Hernandez, 1996; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. |
S&P 500 Index Master Portfolio | Interested Trustees1,4
Name and Year of Birth2 | Position(s) Held | Length of Time Served3 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Investment Company Directorships During Past Five Years |
Robert Fairbairn 1965 | Trustee | Since 2018 | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 123 RICs consisting of 287 Portfolios | None |
John M. Perlowski5 1964 | Trustee, President and Chief Executive Officer | Since 2015 (Trustee); Since 2010 (President and Chief Executive Officer) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 124 RICs consisting of 288 Portfolios | None |
1 The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055. | |||||
2 Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. | |||||
3 In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent Trustees were elected to the Board. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds or legacy BlackRock funds as follows: Bruce R. Bond, 2005; Robert M. Hernandez, 1996; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. | |||||
4 Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust/MIP based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. | |||||
5 Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund. |
S&P 500 Index Master Portfolio | Officers Who Are Not Trustees1
Name and Year of Birth2 | Position(s) Held | Length of Time Served3 | Principal Occupation(s) During Past Five Years | ||
Thomas Callahan 1968 | Vice President | Since 2016 | Managing Director of BlackRock, Inc. since 2013; Member of the Board of Managers of BlackRock Investments, LLC (principal underwriter) since 2019 and Managing Director thereof since 2017; Head of BlackRock’s Global Cash Management Business since 2016; Co-Head of the Global Cash Management Business from 2014 to 2016; Deputy Head of the Global Cash Management Business from 2013 to 2014; Member of the Cash Management Group Executive Committee since 2013; Chief Executive Officer of NYSE Liffe U.S. from 2008 to 2013. | ||
Jennifer McGovern 1977 | Vice President | Since 2014 | Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Product Development and Oversight for BlackRock’s Strategic Product Management Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019. | ||
Neal J. Andrews 1966 | Chief Financial Officer | Since 2009 | Chief Financial Officer of the iShares® exchange traded funds since 2019; Managing Director of BlackRock, Inc. since 2006. | ||
Jay M. Fife 1970 | Treasurer | Since 2009 | Managing Director of BlackRock, Inc. since 2007. | ||
Charles Park 1967 | Chief Compliance Officer | Since 2014 | Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. | ||
Lisa Belle 1968 | Anti-Money Laundering Compliance Officer | Since 2019 | Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012. | ||
Janey Ahn 1975 | Secretary | Since 2019 | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. | ||
1 The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055. | |||||
2 Officers of the Trust/MIP serve at the pleasure of the Board. |
Item 2. Code of Ethics.
Homestead Funds, Inc. has adopted a Senior Officer Code of Ethics, as defined in Item 2 of Form N-CSR, which applies to its principal executive officer, principal financial officer, principal accounting or controller, or persons performing similar functions. The Senior Officer Code of Ethics is available on Homestead Funds, Inc.’s website at www.homesteadfunds.com or without charge, upon request, by calling the Chief Compliance Officer at 1-800-258-3030. During the period covered by this report, no substantive amendments were approved or waivers were granted to the Senior Officer Code of Ethics.
Item 3. Audit Committee Financial Expert.
The Board of Directors of Homestead Funds, Inc. has determined that the Board's Audit Committee does not have an “audit committee financial expert” as the Securities and Exchange Commission has defined that term. After carefully considering all of the factors involved in the definition of “audit committee financial expert,” the Board determined that none of the members of the Audit Committee met all five qualifications in the definition, although each of the members of the Audit Committee met some of the qualifications. The Board also determined that because of the collective general financial expertise of the Audit Committee members, as well as the types of funds in Homestead Funds, Inc. and the nature of the accounting and valuation issues they have presented, it did not appear that the Audit Committee as a whole lacked any necessary skill to fulfill the functions of an Audit Committee.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees1 |
Fiscal Year 2018 | $230,000 |
Fiscal Year 2019 | $263,146 |
(b) | Audit-Related Fees |
Fiscal Year 2018 | $0 |
Fiscal Year 2019 | $0 |
(c) | Tax Fees |
Fiscal Year 2018 | $0 |
Fiscal Year 2019 | $0 |
(d) | All Other Fees |
Fiscal Year 2018 | $0 |
Fiscal Year 2019 | $0 |
____________________
1
| These fees were for professional services rendered for the audits of the financial statements of Daily Income Fund, Short-Term Government Securities Fund, Short-Term Bond Fund, Stock Index Fund, Value Fund, Small-Company Stock Fund, International Equity Fund, and Growth Fund, including services that are normally provided in connection with the Funds' statutory and regulatory filings. |
(e)(1) | The Registrant’s audit committee is directly responsible for approving the services to be provided by the principal accountant. |
(2) | None of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | The National Rural Electric Cooperative Association paid the Funds’ principal accountant $114,007 and $ 44,001 in 2019 and 2018 respectively, respectively, for consulting and tax services. The National Rural Electric Cooperative Association is the parent company, hence a controlling entity of RE Advisers Corporation, the investment adviser that provided ongoing services to Homestead Funds Inc. for each of its last two fiscal years. |
(h) | Homestead Funds Inc.'s Audit Committee considered the provision of non-audit services, which were not approved by the Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, that the principal accountant rendered to the National Rural Electric Cooperative Association, a controlling entity of RE Advisers Corporation, the investment adviser that provided ongoing services to Homestead Funds Inc. for each of its last two fiscal years. The Audit Committee determined that these services were compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | The Registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | Disclosure Controls and Procedures. The registrant's principal executive officer and principal financial officer concluded, based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the registrant's disclosure controls and procedures are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported by the filing date, including the registrant's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. |
(b) | Internal Control. There were no changes in registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not required with this filing. |
(a)(2) | A separate certification for the principal executive officer and principal financial officer of the registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940, is filed herewith. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | A certification by the registrant’s principal executive officer and principal financial officer, as required by Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, is filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
HOMESTEAD FUNDS, INC.
By: | /s/ Mark D. Santero |
| Mark D. Santero |
| President, Chief Executive Officer and Director |
Date: March 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mark D. Santero |
| Mark D. Santero |
| President, Chief Executive Officer and Director |
Date: March 6, 2020
By: | /s/ Amy M. DiMauro |
| Amy M. DiMauro |
| Treasurer |
Date: March 6, 2020