UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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 offices) (Zip code)

Kelly Whetstone, Esq.

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 the agent for service)

Registrant's telephone number, including area code: (703) 907-5953

Date of fiscal year end: December 31

Date of reporting period: March 31, 2016

DAILY INCOME FUND

Portfolio of Investments

Daily Income Fund |March 31, 2016 | (Unaudited)

Corporate Bonds | 0.3% of portfolio	Interest Rate / Yield			Maturity  Date	Face Amount		Value
Toyota Motor Credit Corp.		0.80	%	05/17/16	$	500,000	$	500,221
Total Corporate Bonds
(Cost $500,221)								500,221
Commercial Paper | 31.1% of portfolio
Air Products & Chemicals Inc. (a)		0.44		05/18/16		4,000,000		3,997,702
American Honda Finance Corp.		0.51		06/06/16		2,300,000		2,297,850
BMW US Capital LLC (a)		0.46		04/07/16		3,000,000		2,999,770
BMW US Capital LLC (a)		0.51		04/22/16		2,050,000		2,049,390
BMW US Capital LLC (a)		0.46		05/06/16		3,000,000		2,998,658
Chevron Corp. (a)		0.44		04/06/16		2,500,000		2,499,847
Chevron Corp. (a)		0.47		05/19/16		2,500,000		2,498,433
Chevron Corp. (a)		0.51		05/24/16		3,000,000		2,997,748
Chevron Corp. (a)		0.51		06/09/16		1,000,000		999,023
Emerson Electric Co. (a)		0.50		04/12/16		2,000,000		1,999,694
Emerson Electric Co. (a)		0.45		04/20/16		600,000		599,858
Emerson Electric Co. (a)		0.52		05/16/16		4,250,000		4,247,238
Essilor International SA (a)		0.51		05/03/16		2,000,000		1,999,093
Essilor International SA (a)		0.47		05/23/16		2,000,000		1,998,642
Essilor International SA (a)		0.50		05/26/16		1,000,000		999,236
Essilor International SA (a)		0.52		05/26/16		1,250,000		1,249,007
Essilor International SA (a)		0.56		06/08/16		2,000,000		1,997,884
Essilor International SA (a)		0.56		06/09/16		1,000,000		998,927
Nestle Capital Corp. (a)		0.54		07/21/16		2,000,000		1,996,670
Total Capital Canada Ltd. (a)		0.53		04/04/16		3,100,000		3,099,863
Total Capital Canada Ltd. (a)		0.56		04/14/16		2,500,000		2,499,494
Total Capital Canada Ltd. (a)		0.55		05/02/16		2,300,000		2,298,911
Total Capital Canada Ltd. (a)		0.58		06/21/16		1,500,000		1,498,043
Toyota Motor Credit Corp.		0.54		04/21/16		3,000,000		2,999,100
Toyota Motor Credit Corp.		0.48		04/26/16		2,000,000		1,999,333
Uniliver Capital Corp. (a)		0.53		05/12/16		3,000,000		2,998,189
Uniliver Capital Corp. (a)		0.53		06/13/16		1,250,000		1,248,657
Total Commercial Paper
(Cost $60,066,260)								60,066,260
U.S. Government & Agency Obligations | 58.9% of portfolio
Federal Agricultural Mortgage Corp.		0.37		04/01/16		3,500,000		3,500,000
Federal Agricultural Mortgage Corp.		0.39		04/25/16		4,700,000		4,698,778
Federal Agricultural Mortgage Corp.		2.41		04/29/16		1,000,000		1,001,499
Federal Agricultural Mortgage Corp.		0.41		05/11/16		5,000,000		4,997,722
Federal Agricultural Mortgage Corp.		0.40		05/25/16		2,285,000		2,283,629
Federal Home Loan Bank		0.34		04/06/16		3,000,000		2,999,858
Federal Home Loan Bank		0.37		04/08/16		2,000,000		1,999,856
Federal Home Loan Bank		0.37		04/18/16		3,000,000		2,999,483
Federal Home Loan Bank		0.37		04/20/16		2,750,000		2,749,470
Federal Home Loan Bank		0.38		04/27/16		2,000,000		1,999,458
Federal Home Loan Bank		0.39		05/04/16		4,000,000		3,998,570
Federal Home Loan Bank		0.38		05/13/16		5,000,000		4,997,816
Federal Home Loan Bank		0.40		05/20/16		460,000		459,750
Federal Home Loan Bank		0.39		05/27/16		2,900,000		2,898,241
Federal Home Loan Bank		0.38		06/01/16		1,762,000		1,760,866
Federal Home Loan Bank		0.38		06/02/16		2,000,000		1,998,691
Federal Home Loan Bank		0.39		06/07/16		3,000,000		2,997,823
Federal Home Loan Bank		0.39		06/10/16		2,505,000		2,513,262
Federal Home Loan Bank		0.39		06/16/16		4,250,000		4,246,546

1

DAILY INCOME FUND

Portfolio of Investments

Daily Income Fund |March 31, 2016 | (Unaudited)

U.S. Government & Agency Obligations | continued	Interest Rate / Yield			Maturity Date	Face Amount		Value
Federal Home Loan Bank		0.38	%	06/17/16	$	2,000,000	$	1,998,374
Federal Home Loan Bank		0.34		06/23/16		2,000,000		1,998,432
Federal Home Loan Bank		0.37		06/24/16		1,100,000		1,099,063
Federal Home Loan Bank		0.37		06/27/16		2,000,000		1,998,236
Federal Home Loan Bank		0.36		07/18/16		2,000,000		1,997,840
Federal Home Loan Mortgage Corp.		0.41		04/01/16		750,000		750,000
Federal Home Loan Mortgage Corp.		2.50		05/27/16		3,000,000		3,009,919
Federal Home Loan Mortgage Corp.		0.36		06/09/16		2,000,000		1,998,639
Federal Home Loan Mortgage Corp.		0.44		07/18/16		1,600,000		1,623,902
Federal National Mortgage Association		2.38		04/11/16		2,233,000		2,234,279
Federal National Mortgage Association		0.30		04/15/16		425,000		424,950
Federal National Mortgage Association		0.36		05/02/16		1,750,000		1,749,458
Federal National Mortgage Association		0.33		05/09/16		3,000,000		2,998,955
Federal National Mortgage Association		0.38		07/05/16		1,300,000		1,299,789
U.S. Treasury Note		0.25		04/15/16		4,000,000		4,000,013
U.S. Treasury Note		0.38		04/30/16		2,500,000		2,500,102
U.S. Treasury Note		2.63		04/30/16		1,500,000		1,502,750
U.S. Treasury Note		0.25		05/15/16		4,000,000		3,999,190
U.S. Treasury Note		1.75		05/31/16		2,000,000		2,004,551
U.S. Treasury Note		0.38		05/31/16		1,500,000		1,499,665
U.S. Treasury Note		0.50		06/15/16		2,000,000		2,000,501
U.S. Treasury Note		1.50		06/30/16		2,000,000		2,005,250
U.S. Treasury Note		0.50		06/30/16		1,500,000		1,500,469
U.S. Treasury Note		0.63		07/15/16		3,500,000		3,502,967
U.S. Treasury Note		1.50		07/31/16		4,000,000		4,014,002
U.S. Treasury Note		0.63		08/15/16		3,000,000		3,002,762
U.S. Treasury Note		1.00		08/31/16		2,000,000		2,005,278
Total U.S. Government Obligations
(Cost $113,820,654)								113,820,654
Money Market Fund | 9.7% of portfolio					Shares
State Street Institutional Liquid Reserves Fund (Premier Class)		0.44		(b)		18,839,284		18,839,284
Total Money Market Fund
(Cost $18,839,284)								18,839,284
Total Investments in Securities
(Cost $193,226,419) | 100%							$	193,226,419

(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 security has 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

$52,769,977 and represents 27.3% of total investments.

(b)  7-day yield at March 31, 2016.

LLC - Limited Liability Company

At March 31, 2016, the cost of investment securities for tax purposes was $193,226,419.  There were no unrealized gains or losses.

Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date.  These inputs are summarized into three broad levels as follows:
	• Level 1 - quoted prices in active markets for identical investments;
	• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
	• Level 3 - significant unobservable inputs (including the Fund’s own assumptions).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.  For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.

Category	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	-	$	113,820,654	$	-	$	113,820,654
Commercial Paper	$	-	$	60,066,260	$	-	$	60,066,260
Corporate Bonds	$	-	$	500,221	$	-	$	500,221
Cash Equivalents	$	18,839,284	$	-	$	-	$	18,839,284
	$	18,839,284	$	174,387,135	$	-	$	193,226,419
There were no transfers between levels during the period ended March 31, 2016.

2

 SHORT-TERM GOVERNMENT SECURITIES FUND

Portfolio of Investments

Short-Term Government Securities Fund | March 31, 2016| (Unaudited)

Corporate Bonds | 30.6% of portfolio
	Interest Rate			Maturity Date	Face Amount		Value
Ally Bank		1.25	%	08/21/17	$	248,000	$	248,827
Altitude Investments 17 LLC		2.68		11/08/25		831,645		855,788
American Express Bank FSB		1.55		10/23/17		250,000		252,035
American Express Centurion Bank		1.45		06/04/18		250,000		251,409
Banco Bilbao Vizcaya Argentaria Puerto Rico		1.50		04/20/17		150,000		150,066
Bank of Baroda NY		1.00		02/06/17		250,000		251,027
Capital One NA		1.60		07/16/18		250,000		251,575
Capital One Bank USA NA		1.65		07/09/18		250,000		251,582
Compass Bank		1.30		07/31/17		250,000		250,566
Discover Bank		1.05		09/26/16		250,000		250,121
Ethiopian Leasing (2012) LLC		2.68		07/30/25		165,120		171,147
GE Capital Bank		1.50		10/17/17		250,000		251,082
Goldman Sachs Bank USA		1.00		01/30/17		200,000		200,487
Lulwa Ltd.		1.83		03/26/25		770,473		769,033
Mexican Aircraft Finance IV		2.54		07/13/25		408,253		420,445
Mexican Aircraft Finance V		2.33		01/14/27		495,000		504,410
Micron Semiconductor Asia PTE LTD		1.26		01/15/19		3,924,600		3,913,556
Petroleos Mexicanos		2.00		12/20/22		700,000		707,351
Petroleos Mexicanos		1.95		12/20/22		700,000		706,176
Petroleos Mexicanos		2.46		12/15/25		1,000,000		1,026,114
Safina LTD		1.55		01/15/22		643,556		642,498
Safina LTD		2.00		12/30/23		1,398,674		1,410,856
Sallie Mae Bank		1.50		10/16/17		250,000		250,894
Salmon River Export LLC		2.19		09/15/26		225,040		228,004
Sandalwood 2013 LLC		2.82		02/12/26		554,031		578,551
Santa Rosa Leasing LLC		1.69		08/15/24		72,596		72,268
Sayarra LTD		2.77		10/29/21		28,268		29,204
Tagua Leasing LLC		1.90		07/12/24		731,438		734,321
Tagua Leasing LLC		1.73		09/18/24		730,842		727,788
Union 11 Leasing LLC		2.41		01/23/24		697,553		714,736
Union 16 Leasing LLC		1.86		01/22/25		769,289		769,906
VRG Linhas Aéreas SA		0.98		03/13/18		4,000,000		3,982,628
Wells Fargo Bank		1.12	(a)	04/29/16		100,000		99,000
Worlds Foremost Bank		1.50		06/11/18		200,000		200,218
Total Corporate Bonds
(Cost $21,975,278)								22,123,669
Mortgage-Backed Securities | 4.9% of portfolio
FDIC Structured Sale Guaranteed Notes 2010-S3 (b)		2.74		12/03/20		250,491		255,469
GNMA #2602		6.00		06/20/28		22,800		25,870
GNMA #8004		1.88	(a)	07/20/22		12,914		13,224
GNMA #8006		1.88	(a)	07/20/22		10,322		10,638
GNMA #8038		1.88	(a)	08/20/22		6,406		6,600
GNMA #8040		2.00	(a)	08/20/22		16,196		16,621
GNMA #8054		2.00	(a)	10/20/22		3,742		3,759
GNMA #8076		2.00	(a)	11/20/22		7,076		7,306
GNMA #8157		1.75	(a)	03/20/23		11,388		11,743
GNMA #8191		1.75	(a)	05/20/23		20,808		21,529
GNMA #8215		2.00	(a)	04/20/17		311		312
GNMA #8259		1.88	(a)	08/20/23		5,641		5,815
GNMA #8297		4.00	(a)	12/20/17		2,130		2,172
GNMA #8332		3.50	(a)	03/20/18		1,097		1,115
GNMA #8344		3.50	(a)	04/20/18		3,761		3,823
GNMA #8384		1.75	(a)	03/20/24		2,689		2,763
GNMA #8393		4.00	(a)	08/20/18		1,913		1,947
GNMA #8400		2.00	(a)	08/20/18		3,262		3,290
GNMA #8405		4.00	(a)	09/20/18		2,477		2,534

3

 SHORT-TERM GOVERNMENT SECURITIES FUND

Portfolio of Investments

Short-Term Government Securities Fund | March 31, 2016| (Unaudited)

Mortgage-Backed Securities | continued
	Interest Rate				Maturity Date	Face Amount		Value
GNMA #8423		1.75	(a)	%	05/20/24	$	4,142	$	4,278
GNMA #8429		4.00	(a)		11/20/18		3,148		3,214
GNMA #8459		1.88	(a)		07/20/24		6,318		6,545
GNMA #8499		3.00	(a)		05/20/19		3,523		3,543
GNMA #8518		2.00	(a)		10/20/24		6,843		7,002
GNMA #8532		2.50	(a)		10/20/24		7,940		8,262
GNMA #8591		1.75	(a)		02/20/25		15,408		15,659
GNMA #8638		1.75	(a)		06/20/25		8,437		8,692
GNMA #8648		1.88	(a)		07/20/25		15,832		15,816
GNMA #8663		2.00	(a)		07/20/25		10,349		10,756
GNMA #8680		3.50	(a)		08/20/20		6,031		6,177
GNMA #8687		2.50	(a)		08/20/25		2,950		3,044
GNMA #8702		3.00	(a)		10/20/20		3,068		3,152
GNMA #8747		2.00	(a)		11/20/25		6,588		6,801
GNMA #8807		1.88	(a)		07/20/21		6,135		6,310
GNMA #8836		1.88	(a)		09/20/21		6,636		6,814
GNMA #8847		1.75	(a)		04/20/26		8,883		9,154
GNMA #8869		2.00	(a)		11/20/21		20,217		20,978
GNMA #8873		2.50	(a)		11/20/21		10,425		10,695
GNMA #8877		1.75	(a)		05/20/26		2,116		2,164
GNMA #8883		2.00	(a)		12/20/21		6,803		6,981
GNMA #8915		1.75	(a)		02/20/22		6,530		6,727
GNMA #8934		1.75	(a)		03/20/22		11,590		11,953
GNMA #8978		1.75	(a)		05/20/22		26,696		27,697
GNMA #80053		1.75	(a)		03/20/27		1,922		1,983
GNMA #80058		1.75	(a)		04/20/27		1,838		1,891
GNMA #80185		1.75	(a)		04/20/28		17,332		17,851
GNMA #80264		1.75	(a)		03/20/29		13,765		14,093
GNMA #80283		1.75	(a)		05/20/29		12,631		12,942
GNMA #80300		1.88	(a)		07/20/29		10,789		11,180
GNMA #80309		1.88	(a)		08/20/29		5,290		5,489
GNMA #80363		1.75	(a)		01/20/30		37,078		38,407
GNMA #80426		1.88	(a)		07/20/30		1,450		1,505
GNMA #80452		1.88	(a)		09/20/30		10,996		11,391
GNMA #80475		2.00	(a)		12/20/30		7,547		7,671
GNMA #80577		1.75	(a)		02/20/32		1,982		2,044
GNMA #80684		1.75	(a)		04/20/33		8,416		8,604
GNMA #81129		2.50	(a)		10/20/34		194,269		198,816
GNMA #583189		4.50			02/20/17		5,502		5,680
GNMA #607494		5.00			04/15/19		5,883		6,186
GNMA #616274		5.00			02/15/19		5,966		6,249
GNMA 2002-20		4.50			03/20/32		12,401		13,613
GNMA 2003-11		4.00			10/17/29		17,190		18,295
GNMA 2003-26		0.89	(a)		04/16/33		4,650		4,675
GNMA 2003-97		4.50			03/20/33		13,592		14,124
GNMA 2004-17		4.50			12/20/33		41,083		43,836
GNMA 2004-102		5.50			04/20/34		28,399		29,893
GNMA 2010-113		2.50			02/16/40		269,292		273,312
GNMA 2012-143		1.50			12/16/27		638,994		636,282
GNMA 2013-131		0.79	(a)		09/16/43		307,293		307,100
GNMA #MA0668		2.00			12/20/27		196,801		199,826
NCUA Guaranteed Notes 2011-C1		0.96	(a)		03/09/21		1,004,902		1,000,514
Total Mortgage-Backed Securities
(Cost $3,451,111)									3,502,396

4

 SHORT-TERM GOVERNMENT SECURITIES FUND

Portfolio of Investments

Short-Term Government Securities Fund | March 31, 2016| (Unaudited)

Asset-Backed Securities | 0.2% of portfolio
	Interest Rate			Maturity Date	Face Amount		Value
Small Business Administration 98-20D		6.15	%	04/01/18	$	3,764	$	3,931
Small Business Administration 98-20E		6.30		05/01/18		3,693		3,882
Small Business Administration 98-20H		6.15		08/01/18		1,696		1,775
Small Business Administration 99-20D		6.15		04/01/19		5,497		5,698
Small Business Administration 04-20B		4.72		02/01/24		23,948		25,521
Small Business Administration 04-20C		4.34		03/01/24		37,302		39,439
Small Business Administration Pool # 100075		3.50		05/25/19		11,330		11,459
Small Business Administration Pool # 502261		1.63	(a)	10/25/17		3,567		3,553
Small Business Administration Pool # 502684		1.50	(a)	07/25/19		1,376		1,388
Small Business Administration Pool # 503278		1.13	(a)	02/25/21		13,380		13,454
Small Business Administration Pool # 503463		1.38	(a)	09/25/21		3,032		3,003
Small Business Investment Companies 02-20K		5.08		11/01/22		7,831		8,398
Small Business Investment Companies 07-10A		5.38		03/10/17		2,104		2,134
Total Asset-Backed Securities
(Cost $116,973)								123,635
Municipal Bonds | 1.0% of portfolio
Carmel, Indiana Redevelopment District		7.80		01/15/29		500,000		515,010
Illinois Housing Development Authority, Illinois		4.13		10/20/16		205,000		205,316
Total Municipal Bonds
(Cost $732,683)								720,326
U. S. Government and Agency Obligations | 59.8% of portfolio
National Archives Facility Trust		8.50		09/01/19		21,415		24,292
Overseas Private Investment Corp.		3.56	(d)	04/23/17		3,000,000		3,768,750
Overseas Private Investment Corp.		1.50	(e)	11/17/17		1,000,000		1,067,361
Overseas Private Investment Corp.		1.32	(d)	02/19/18		2,533,926		2,657,931
Overseas Private Investment Corp.		1.14	(e)	06/10/18		4,000,000		4,176,396
Overseas Private Investment Corp.		1.30		06/15/19		464,286		464,513
Overseas Private Investment Corp.		0.83	(e)	11/08/19		2,000,000		2,044,638
Overseas Private Investment Corp.		1.50	(e)	11/15/20		1,000,000		1,057,440
Overseas Private Investment Corp.		2.07		05/15/21		631,785		638,861
Overseas Private Investment Corp.		3.37		05/15/21		606,360		637,156
Overseas Private Investment Corp.		2.52		09/15/22		1,000,000		1,029,764
Overseas Private Investment Corp.		2.51		05/15/25		2,575,926		2,630,649
Philippine Power Trust I (b)		5.40		09/26/18		148,810		155,935
Private Export Funding Corp.		2.53		07/15/16		500,000		502,335
The Financing Corp.		0.00	(c)	10/06/17		500,000		493,878
The Financing Corp.		0.00	(c)	02/08/18		500,000		492,024
U.S. Department of Housing and Urban Development		5.77		08/01/17		120,000		120,515
U.S. Department of Housing and Urban Development		2.91		08/01/17		1,000,000		1,028,275
U.S. Department of Housing and Urban Development		7.91		08/01/17		10,000		10,006
U.S. Department of Housing and Urban Development		7.93		08/01/18		40,000		40,046
U.S. Department of Housing and Urban Development		5.45		08/01/19		800,000		813,359
U.S. Department of Housing and Urban Development		1.88		08/01/19		2,000,000		2,053,566
U.S. Department of Housing and Urban Development		6.07		08/01/21		50,000		50,476
U.S. Department of Housing and Urban Development		6.12		08/01/22		161,000		163,036
U.S. Department of Housing and Urban Development		5.77		08/01/26		500,000		506,829
United States Treasury Note		1.50		06/30/16		1,000,000		1,002,930
United States Treasury Note		1.00		08/31/16		1,000,000		1,002,500
United States Treasury Note		0.75		01/15/17		500,000		500,605
United States Treasury Note		0.75		03/15/17		1,000,000		1,001,133
United States Treasury Note		0.88		06/15/17		1,000,000		1,002,500
United States Treasury Note		1.88		08/31/17		1,500,000		1,524,843
United States Treasury Note		1.00		09/15/17		1,000,000		1,004,297
United States Treasury Note		0.88		01/15/18		1,000,000		1,002,578
United States Treasury Note		0.75		04/15/18		4,000,000		3,999,064

5

 SHORT-TERM GOVERNMENT SECURITIES FUND

Portfolio of Investments

Short-Term Government Securities Fund | March 31, 2016| (Unaudited)

U. S. Government and Agency Obligations | continued
	Interest Rate					Maturity Date	Face Amount		Value
United States Treasury Note		1.38	%			09/30/18	$	1,000,000	$	1,014,297
United States Treasury Note		0.88				10/15/18		2,000,000		2,003,438
United States Treasury Note		0.75				02/15/19		1,000,000		997,188
United States Treasury Note		1.63				04/30/19		500,000		510,957
Total U.S. Government and Agency Obligations
(Cost $42,716,108)										43,194,361
Money Market Fund | 3.5% of portfolio
							Shares
State Street Institutional Liquid Reserves Fund (Premier Class)		0.44		(f	)			2,547,446	$	2,547,446
Total Money Market Fund
(Cost $2,547,446)										2,547,446
Total Investment in Securities
(Cost $71,539,599) | 100%									$	72,211,833

(a)  Variable coupon rate as of March 31, 2016.

(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 security has 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 $411,404 and represents 0.6% of total investments.

 (c)  Zero coupon rate.

 (d)  Interest is paid at maturity.

 (e)  Interest is paid at put date.

 (f)  7-day yield at March 31, 2016.

At March 31, 2016, the cost of investment securities for tax purposes was $71,539,599.  Net unrealized appreciation of investment securities was $672,234 consisting of unrealized gains of $722,513 and unrealized losses of $50,279.   

Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date.  These inputs are summarized into three broad levels as follows:
	• Level 1 - quoted prices in active markets for identical investments;
	• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
	• Level 3 - significant unobservable inputs (including the Fund’s own assumptions).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.  For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.

Category	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	-	$	43,038,426	$	155,935	$	43,194,361
Corporate Bonds	$	-	$	22,123,669	$	-	$	22,123,669
Mortgage-Backed Securities	$	-	$	3,502,396	$	-	$	3,502,396
Municipal Bonds	$	-	$	720,326	$	-	$	720,326
Asset-Backed Securities	$	-	$	123,635	$	-	$	123,635
Cash Equivalents	$	2,547,446	$	-	$	-	$	2,547,446
	$	2,547,446	$	69,508,452	$	155,935	$	72,211,833

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	U.S. Government & Agency Obligations			Total
Balance as of December 31, 2015	$	186,606		$	186,606
Purchase at cost		-			-
Sales at proceeds		(29,762	)		(29,762	)
Realized gain/(loss)		24			24
Change in unrealized appreciation/(depreciation)		(946	)		(946	)
Accretion/(amortization)		13			13
Transfer into Level 3		-			-
Transfer out of Level 3		-			-
Balance as of March 31, 2016	$	155,935		$	155,935

There were no transfers between levels during the period ended March 31, 2016.

At March 31, 2016, the Short-Term Government Securities Fund held one security with a fair value of $155,935 classified as Level 3 in the fair value hierarchy. The security was valued by an external pricing service and observable inputs were not available.

6

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Corporate Bonds | 33.8% of portfolio	Interest			Maturity	Face
Consumer Discretionary | 0.3%	Rate			Date	Amount		Value
Household Durables
Stanley Black & Decker Inc.		2.45	%	11/17/18	$	250,000	$	253,902
Hotels, Restaurants, & Leisure
McDonald's Corp.		2.10		12/07/18		350,000		357,160
Media
ABC Inc.		8.75		08/15/21		810,000		1,063,047
Total Consumer Discretionary								1,674,109
Consumer Staples | 1.4%
Beverages
Anheuser-Busch InBev Fin. Inc.		1.90		02/01/19		800,000		811,573
PepsiCo Inc.		1.13		07/17/17		950,000		954,012
PepsiCo Inc.		1.50		02/22/19		350,000		354,408
Food and Staples Retailing
Wal-Mart Stores Inc.		1.95		12/15/18		1,175,000		1,206,311
Personal Products
Colgate-Palmolive Co.		0.90		05/01/18		550,000		549,835
Colgate-Palmolive Co.		1.75		03/15/19		1,025,000		1,047,544
Procter & Gamble Co. (The)		1.90		11/01/19		1,625,000		1,672,232
Procter & Gamble Co. (The)		1.85		02/02/21		350,000		355,657
Tobacco
Phillip Morris International Inc.		1.25		11/09/17		500,000		502,595
Total Consumer Staples								7,454,167
Energy | 4.8%
Energy Equipment & Services
Cameron International Corp.		1.15		12/15/16		1,580,000		1,579,382
Cameron International Corp.		3.60		04/30/22		800,000		812,568
Oil, Gas, & Consumable Fuels
ANR Pipeline Co.		9.63		11/01/21		3,175,000		4,092,353
Chevron Corp.		0.89		06/24/16		2,075,000		2,075,890
Chevron Corp.		1.35		11/15/17		500,000		503,052
Chevron Corp.		1.10		12/05/17		475,000		474,216
Chevron Corp.		1.37		03/02/18		1,400,000		1,405,148
Chevron Corp.		0.80	(a)	03/02/18		2,150,000		2,133,525
Chevron Corp.		1.72		06/24/18		975,000		984,690
Chevron Corp.		2.19		11/15/19		375,000		382,265
Chevron Corp.		1.03	(a)	11/15/19		2,175,000		2,125,582
Chevron Corp.		2.42		11/17/20		700,000		719,496
ConocoPhillips Co.		1.50		05/15/18		965,000		950,517
ConocoPhillips Co.		6.00		01/15/20		2,125,000		2,363,795
Colonial Pipeline Co. (b)		3.50		10/15/20		875,000		904,591
Exxon Mobil Corp.		1.82		03/15/19		1,050,000		1,066,252
Exxon Mobil Corp.		1.31		03/06/18		3,300,000		3,315,210
Marathon Oil Corp.		2.70		06/01/20		550,000		466,907
Total Energy								26,355,439
Financials |7.9%
Banks
Agricultural Bank of China NY		1.53	(a)	05/21/18		665,000		665,130
Agricultural Bank of China NY		2.00		05/21/18		915,000		918,456
American Express Bank FSB		1.65		07/09/18		250,000		251,582
American Express Centurion Bank		1.60		06/25/18		250,000		250,505
Bank of America NA		0.91	(a)	06/15/16		2,025,000		2,024,474

7

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Corporate Bonds | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
Bank of America NA		0.93	%(a)	06/15/17	$	1,550,000	$	1,539,913
Bank of America NA		1.75		06/05/18		1,250,000		1,249,866
Capital One Bank USA NA		1.65		07/09/18		250,000		251,582
Capital One NA		1.60		07/16/18		250,000		251,575
Comenity Capital Bank		1.75		08/10/18		250,000		252,704
Compass Bank		1.30		07/31/17		250,000		250,565
Credit Suisse New York		1.63	(a)	09/13/16		1,980,000		1,985,277
Discover Bank		1.65		07/09/18		250,000		251,582
Goldman Sachs Bank USA		1.65		07/16/18		250,000		251,573
Industrial & Commercial Bank of China NY		1.81	(a)	11/13/17		250,000		251,369
Industrial & Commercial Bank of China NY		2.35		11/13/17		250,000		252,058
JP Morgan Chase Bank NA		0.96	(a)	06/13/16		14,300,000		14,301,187
JP Morgan Chase Bank NA		6.00		10/01/17		900,000		955,562
Union Bank NA		5.95		05/11/16		525,000		527,594
Sallie Mae Bank		1.50		10/30/17		250,000		250,871
State Bank of India NY		1.60		12/05/17		250,000		250,678
UBS AG, Stamford CT		1.80		03/26/18		1,675,000		1,680,775
World's Foremost Bank		1.70		07/16/18		200,000		201,263
Capital Markets
Vesey Street Investment Trust I		4.40		09/01/16		2,275,000		2,304,368
Insurance
Athene Global Funding (b)		2.88		10/23/18		3,050,000		3,002,713
Berkshire Hathaway Finance Corp.		1.18	(a)	03/07/18		250,000		250,869
Berkshire Hathaway Finance Corp.		1.45		03/07/18		250,000		252,172
Jackson National Life Global Funding (b)		1.88		10/15/18		775,000		777,111
Pricoa Global Funding  I (b)		1.60		05/29/18		1,700,000		1,694,625
Diversified Financial Services
Fixed Income Trust for Wal-Mart Stores Inc. (b)		3.65	(a)	02/15/24		180,798		174,414
Xtra Finance Corp.		5.15		04/01/17		4,650,000		4,832,610
Real Estate Management & Development
Fishers Lane LLC (b)		2.03		04/05/17		560,000		560,034
Total Financials								42,915,057
Health Care | 1.3%
Health Care Equipment & Supplies
UnitedHealth Group Inc.		1.40		12/15/17		825,000		829,417
UnitedHealth Group Inc.		1.90		07/16/18		250,000		253,946
Pharmaceuticals
Bristol-Myers Squibb Co.		0.88		08/01/17		4,125,000		4,127,570
Johnson & Johnson		1.13		11/21/17		750,000		754,310
Johnson & Johnson		1.88		12/05/19		775,000		795,724
Merck & Co., Inc.		1.85		02/10/20		475,000		484,110
Total Health Care								7,245,077
Industrials | 2.1%
Aerospace & Defense
Parker Hannifin Corp.		5.50		05/15/18		1,475,000		1,608,433
Rockwell Collins Inc.		0.98	(a)	12/15/16		1,175,000		1,175,437
United Technologies Corp.		1.78		05/04/18		1,000,000		1,002,456
Industrial Conglomerates
General Electric Co.		5.25		12/06/17		3,900,000		4,181,794
General Electric Co.		1.14	(a)	12/07/17		1,300,000		1,294,610

8

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Corporate Bonds | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
General Electric Co.		1.43	%(a)	12/20/17	$	1,100,000	$	1,103,057
Machinery
Caterpillar Inc.		1.50		06/26/17		500,000		502,732
Road & Rail
Burlington Northern & Santa Fe Railway Co.		4.58		01/15/21		439,763		462,851
Burlington Northern & Santa Fe Railway Co.		4.83		01/15/23		83,156		89,118
Total Industrials								11,420,488
Information Technology | 4.8%
Communications Equipment
Cisco Systems Inc.		0.91	(a)	03/03/17		1,650,000		1,651,949
Cisco Systems Inc.		1.10		03/03/17		600,000		601,889
Cisco Systems Inc.		1.40		02/28/18		800,000		807,219
Software
Lender Processsing Services Inc.		5.75		04/15/23		1,175,000		1,216,712
Microsoft Corp.		0.88		11/15/17		250,000		250,161
Microsoft Corp.		1.00		05/01/18		900,000		902,625
Microsoft Corp.		1.63		12/06/18		675,000		687,941
Microsoft Corp.		2.00		11/03/20		950,000		973,737
Oracle Corp.		0.82	(a)	07/07/17		4,600,000		4,606,026
Technology Hardware, Storage & Peripherals
Intel Corp.		1.35		12/15/17		950,000		957,798
Apple Inc.		1.00		05/03/18		8,150,000		8,167,832
Apple Inc.		1.05		05/05/17		1,650,000		1,656,092
Apple Inc.		1.70		02/22/19		1,250,000		1,269,302
Apple Inc.		2.10		05/06/19		2,100,000		2,159,277
Total Information Technology								25,908,560
Materials | 1.8%
Chemicals
PetroLogistics LP		6.25		04/01/20		9,680,000		9,970,400
Total Materials								9,970,400
Utilities | 9.2%
Electric Utilities
Ameren Illinois Co.		6.25		04/01/18		1,525,000		1,651,333
Ameren Illinois Co.		6.20		06/15/16		5,000,000		5,050,445
Atlantic City Electric Co.		4.35		04/01/21		1,625,000		1,769,885
Connecticut Light & Power Co.		5.75		09/01/17		325,000		344,529
Duke Energy Indiana Inc.		0.97	(a)	07/11/16		1,450,000		1,450,441
Duke Energy Progress Inc.		0.82	(a)	11/20/17		225,000		222,113
Entergy Louisiana LLC		4.80		05/01/21		1,175,000		1,295,445
Georgia Power Co.		1.02	(a)	08/15/16		4,100,000		4,099,885
Gulf Power Co.		5.90		06/15/17		9,250,000		9,723,221
PacifiCorp		5.65		07/15/18		1,025,000		1,122,509
Public Service Co. of New Hampshire		4.50		12/01/19		2,575,000		2,793,463
San Diego Gas & Electric Co.		1.91		02/01/22		1,945,717		1,935,770
Southern California Edison Co.		1.13		05/01/17		325,000		325,039
Southern California Edison Co.		1.25		11/01/17		870,000		868,043
Southern California Edison Co.		1.85		02/01/22		6,278,571		6,202,117
Union Electric Co.		6.40		06/15/17		275,000		290,931
Union Electric Co.		5.10		08/01/18		975,000		1,045,261

9

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Corporate Bonds | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
Westar Energy Inc.		5.10	%	07/15/20	$	1,275,000		1,427,822
Gas Utillities
El Paso Natural Gas Co.		5.95		04/15/17		800,000		823,314
Northern Natural Gas Co. (b)		4.25		06/01/21		475,000		491,596
Northwest Natural Gas Co.		7.00		08/01/17		2,200,000		2,353,256
Southern Natural Gas Company, LLC		4.40		06/15/21		1,100,000		1,082,131
WGL Holdings Inc.		2.25		11/01/19		2,125,000		2,152,434
Water Utillities
California Water Service Co.		5.88		05/01/19		1,275,000		1,427,533
Total Utilities								49,948,516
Telecomunication Services | 0.2%
Wireless Telecommunication Services
Ameritech Capital Funding Corp.		6.45		01/15/18		1,200,000		1,292,489
Total Telecommunication Services								1,292,489
Total Corporate Bonds
(Cost $183,014,374)								184,184,302
Yankee Bonds | 8.4% of portfolio
Abbey National Treasury Services plc		2.50		03/14/19		250,000		252,888
Abbey National Treasury Services plc		2.11	(a)	03/14/19		250,000		251,260
Actavis Funding SCS		2.35		03/12/18		2,175,000		2,200,521
Alibaba Group Holding Ltd.		2.50		11/28/19		1,275,000		1,286,411
African Development Bank		8.80		09/01/19		250,000		305,699
Bayer US Finance LLC (b)		1.50		10/06/17		350,000		352,045
CNOOC Finance (2013) Ltd.		1.13		05/09/16		2,680,000		2,679,199
CNOOC Nexen Finance (2014) ULC		1.63		04/30/17		3,460,000		3,452,893
CNOOC Nexen Finance (2015) Australia Pty Ltd.		2.63		05/05/20		425,000		425,524
Commonwealth Bank of Australia (b)		1.88	(a)	03/31/17		800,000		805,823
Compagnie de Financement Foncier		0.58	(a)	03/22/17		2,100,000		2,083,242
Daimler Finance NA LLC (b)		1.38		08/01/17		400,000		401,122
Daimler Finance NA LLC (b)		0.96	(a)	08/01/17		775,000		770,402
Dexia Municipal Agency		5.25		02/16/17		1,100,000		1,137,320
Diageo Capital plc		0.63		04/29/16		1,375,000		1,374,957
Export-Import Bank of Korea		1.33	(a)	11/26/16		1,000,000		1,001,490
Glencore Funding LLC (b)		1.68	(a)	04/16/18		2,875,000		2,587,500
Hydro-Quebec		6.27		01/03/26		80,000		99,435
Hypothekenbank Frankfurt International SA		0.56	(a)	07/12/16		930,000		925,357
Landesbank Baden-Wuerttemberg		7.63		02/01/23		1,175,000		1,495,105
International Bank for Reconstruction and Development		0.00	(d)	05/01/18		295,000		285,326
Mizuho Bank Ltd. (b)		2.15		10/20/18		325,000		325,249
Nexen Energy ULC		5.65		05/15/17		220,000		228,941
Pentair Finance S.A.		2.90		09/15/18		950,000		952,862
Shell International Finance BV		1.90		08/10/18		3,175,000		3,209,217
Shell International Finance BV		1.63		11/10/18		2,125,000		2,134,764
Shell International Finance BV		2.13		05/11/20		665,000		671,607
Sinopec Group Overseas Development (2014) Ltd.(b)		1.75		04/10/17		1,075,000		1,077,516
Sinopec Group Overseas Development (2015) Ltd.(b)		2.50		04/28/20		1,075,000		1,079,889
Statoil ASA		1.25		11/09/17		2,500,000		2,498,215
Statoil ASA		1.95		11/08/18		325,000		327,800
Total Capital International SA		1.00		08/12/16		2,000,000		1,998,088

10

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Yankee Bonds | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
TransCanada PipeLines Ltd.		1.88	%	01/12/18	$	775,000	$	773,990
TransCanada PipeLines Ltd.		1.41	(a)	01/12/18		2,350,000		2,313,718
TransCanada PipeLines Ltd.		7.13		01/15/19		2,045,000		2,270,917
Volkswagen Group of America Finance LLC (b)		1.25		05/23/17		1,650,000		1,638,478
Total Yankee Bonds
(Cost $45,395,567)								45,674,770
Asset Backed Securities | 24.4% of portfolio
Access Group Inc. 01		0.99	(a)	05/25/29		1,016,906		943,611
Access Group Inc. 04-A		0.88	(a)	04/25/29		399,432		394,875
Access Group Inc. 05-B		0.99	(a)	07/25/35		2,075,000		1,896,549
Access Group Inc. 05-B		0.85	(a)	07/25/22		17,176		17,116
Ally Master Owner Trust 14-1		0.91	(a)	01/15/19		1,450,000		1,447,982
Ally Master Owner Trust 14-1		1.29		01/15/19		1,725,000		1,723,628
Ally Master Owner Trust 14-3		1.33		03/15/19		1,500,000		1,499,053
Ally Master Owner Trust 14-4		0.84	(a)	06/17/19		4,025,000		4,006,899
Ally Master Owner Trust 14-4		1.43		06/17/19		4,075,000		4,073,666
Ally Master Owner Trust 14-5		0.93	(a)	10/15/19		4,500,000		4,486,483
Ally Master Owner Trust 14-5		1.60		10/15/19		4,000,000		3,999,016
Ally Master Owner Trust 15-2		1.83		01/15/21		725,000		725,994
American Credit Acceptance Receivables Trust 16-A (b)		2.37		05/12/20		696,748		696,986
Avant Loans Funding Trust 16-A (b)		4.11		05/15/19		2,586,725		2,586,220
Axis Equipment Finance Receivables LLC 13-1 (b)		1.75		03/20/17		61,380		61,376
Axis Equipment Finance Receivables LLC 15-1 (b)		1.90		03/20/20		1,402,742		1,399,845
California Republic Auto Receivable Trust 15-3		2.13		05/17/21		2,100,000		2,108,261
Capital Auto Receivables Asset Trust 14-2		0.91		04/20/17		583,728		583,526
CCR Inc. MT-100 Payment Rights Master Trust 12-C (b)		4.75		07/10/22		1,583,333		1,594,326
College Loan Corp Trust 07-2		0.87	(a)	01/25/24		19,395,000		18,708,458
CPS Auto Trust 11-C (b)		4.21		03/15/19		74,676		74,712
CPS Auto Trust 12-A (b)		2.78		06/17/19		67,870		67,988
CPS Auto Trust 13-A (b)		1.31		06/15/20		611,310		604,494
CPS Auto Trust 13-B (b)		1.82		09/15/20		611,843		610,559
CPS Auto Trust 13-C (b)		1.64		04/16/18		463,531		463,313
CPS Auto Trust 13-D (b)		1.54		07/16/18		120,593		120,345
CPS Auto Trust 14-C (b)		1.31		02/15/19		1,439,121		1,431,288
CPS Auto Trust 15-A (b)		1.53		07/15/19		1,673,926		1,662,082
DT Auto Owner Trust 16-1 (b)		2.00		09/16/19		1,263,048		1,264,003
Edlinc Student Loan Funding Trust 12-A (b)		3.20	(a)	10/01/25		3,467,688		3,488,122
Education Loan Asset Backed Trust 13-1 (b)		1.44	(a)	11/25/33		5,749,544		5,223,506
Element Rail Leasing I LLC 14-1 (b)		2.30		04/19/44		2,661,947		2,579,702
Element Rail Leasing I LLC 15-1 (b)		2.71		02/19/45		955,344		926,034
Element Rail Leasing I LLC 16-1 (b)		3.97		03/19/46		500,000		500,000
Entergy New Orleans Storm Recovery Fund 15-1		2.67		06/01/27		1,000,000		1,042,298
Exeter Automobile Receivables Trust 15-3 (b)		2.00		03/16/20		1,399,906		1,398,264
Exeter Automobile Receivables Trust 16-1 (b)		2.35		07/15/20		238,049		238,082
Flagship Credit Auto Trust 13-2 (b)		1.94		01/15/19		322,150		322,108
Flagship Credit Auto Trust 15-3 (b)		2.38		10/15/20		1,057,391		1,054,760
Ford Credit Floorplan Master Owner Trust 13-5		1.50		09/15/18		3,325,000		3,330,647
Ford Credit Floorplan Master Owner Trust 13-5		0.91	(a)	09/15/18		3,325,000		3,325,185
Ford Credit Floorplan Master Owner Trust 14-1		1.20		02/15/19		1,750,000		1,748,118
Ford Credit Floorplan Master Owner Trust 14-1		0.84	(a)	02/15/19		1,750,000		1,746,861
Ford Credit Floorplan Master Owner Trust 16-1		1.76		02/15/21		1,250,000		1,253,784
Ford Credit Floorplan Master Owner Trust 16-1		1.33	(a)	02/15/21		1,250,000		1,251,317
FRS I LLC 13-1 (b)		1.80		04/15/43		190,737		187,151

11

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Asset Backed Securities | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
Goal Capital Funding Trust 06-1		0.51	%(a)	11/25/26	$	953,804	$	945,085
KeyCorp Student Loan Trust 00-A		0.71	(a)	05/25/29		715,277		688,557
KeyCorp Student Loan Trust 00-B		0.63	(a)	07/25/29		820,820		778,599
KeyCorp Student Loan Trust 04-A		0.62	(a)	10/28/41		503,823		500,540
KeyCorp Student Loan Trust 04-A		0.75	(a)	01/27/43		604,259		529,288
KeyCorp Student Loan Trust 05-A		1.00	(a)	09/27/40		498,062		434,470
KeyCorp Student Loan Trust 06-A		0.91	(a)	09/27/35		1,183,931		1,145,172
Longtrain Leasing III LLC 2015-1 (b)		2.98		01/15/45		703,704		679,351
National Collegiate Student Loan Trust 04-1		0.89	(a)	06/25/27		227,554		226,890
Ocwen Master Advance Receivables Trust 15-1 (b)		2.54		09/17/46		825,000		824,543
One Main Financial Issuance Trust 14-2 (b)		2.47		09/18/24		2,300,000		2,291,024
One Main Financial Issuance Trust 15-2 (b)		2.57		07/18/25		925,000		912,450
Skopos Auto Receivables Trust 15-2 (b)		3.55		02/15/20		669,417		668,673
SLC Student Loan Trust 05-1		0.56	(a)	02/15/45		1,350,339		1,130,207
SLC Student Loan Trust 06-A		0.62	(a)	07/15/36		3,275,000		3,162,157
SLC Student Loan Trust 06-A		0.77	(a)	07/15/36		6,250,000		5,416,706
SLM Student Loan Trust 03-A		1.07	(a)	09/15/20		1,343,597		1,331,860
SLM Student Loan Trust 03-B		1.03	(a)	03/15/22		2,656,292		2,612,930
SLM Student Loan Trust 03-11		1.28	(a)	12/15/38		694,946		592,514
SLM Student Loan Trust 04-A		0.91	(a)	06/15/33		3,150,608		2,904,333
SLM Student Loan Trust 04-B		0.71	(a)	06/15/21		265,658		263,629
SLM Student Loan Trust 04-B		0.84	(a)	03/15/24		5,275,000		4,815,766
SLM Student Loan Trust 05-A		0.71	(a)	06/15/23		2,840,366		2,680,155
SLM Student Loan Trust 06-A		0.70	(a)	12/15/23		3,668,735		3,617,381
SLM Student Loan Trust 07-A		0.75	(a)	09/15/25		941,323		926,155
Small Business Administration 02-20K		5.08		11/01/22		27,408		29,394
Springcastle Funding Asset-Backed Notes 14-A(b)		2.70		05/25/23		1,645,946		1,639,166
World Financial Network Credit Card Trust 13-B		0.91		03/16/20		2,075,000		2,074,975
Total Asset Backed Securities
(Cost $131,844,308)								132,690,563
Mortgage Backed Securities | 3.0% of portfolio
Accredited Mortgage Loan Trust 03-1		4.33	(a)	06/25/33		117,164		110,594
ACE Securities Corp. 06-ASL1		0.72	(a)	02/25/36		333,226		176,700
ACE Securities Corp. 06-GP1		0.69	(a)	02/25/31		23,879		23,279
ACE Securities Corp. 06-SL1		0.76	(a)	09/25/35		127,297		70,868
Adjustable Rate Mortgage Trust 05-10		2.92	(a)	01/25/36		77,461		65,572
American Business Financial Services 02-1		7.01		12/15/32		69,681		67,490
American Home Mortgage Investment Trust 05-01		2.88	(a)	06/25/45		123,762		120,635
American Home Mortgage Investment Trust 05-03		4.97		09/25/35		16,682		16,561
Amresco Residential Securities 98-1		7.57		10/25/27		48,080		54,499
Banc of America Alternative Loan Trust Inc. 07-2		5.75		06/25/37		116,850		91,183
Banc of America Funding Corp. 04-A		2.75	(a)	09/20/34		12,337		12,159
Banc of America Funding Corp. 05-G		2.87	(a)	10/20/35		238,192		220,716
Banc of America Funding Corp. 07-5		6.50		07/25/37		34,699		35,131
Banc of America Mortgage Securities  Inc. 02-J		3.74	(a)	09/25/32		2,784		2,593
Banc of America Mortgage Securities Inc. 05-1		5.00		02/25/20		8,869		9,007
Banc of America Mortgage Securities Inc. 05-C		2.85	(a)	04/25/35		26,727		24,530
Bayview Financial Acquisition Trust 06-D		5.93		12/28/36		4,450,000		4,312,255
Bayview Financial Asset Trust 07-SR1A (b)		0.88	(a)	03/25/37		181,745		152,632
Bear Stearns Adjustable Rate Mortgage Trust 04-10		2.89	(a)	01/25/35		243,136		220,623
Bear Stearns Adjustable Rate Mortgage Trust 05-12		3.12	(a)	02/25/36		30,148		28,184
Bear Stearns ALT-A Trust 04-11		2.86	(a)	11/25/34		15,258		13,240
Bear Stearns ALT-A Trust 05-4		3.01	(a)	05/25/35		94,777		90,550

12

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Mortgage Backed Securities | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
Bear Stearns ALT-A Trust 05-9		2.98	%(a)	11/25/35	$	46,737	$	34,061
Bear Stearns ALT-A Trust 06-6		2.95	(a)	11/25/36		180,837		135,136
Bear Stearns Asset Backed Securities Trust 03-3		1.62	(a)	06/25/43		52,199		49,404
Bear Stearns Asset Backed Securities Trust 04-HE5		2.31	(a)	07/25/34		150,916		146,843
Bear Stearns Structured Products Inc., 00-1 (b)		7.33	(a)	08/28/33		2,212		1,976
CDC Mortgage Capital Trust 02-HE1		1.06	(a)	01/25/33		303,364		276,062
Chase Mortgage Finance Corp. 05-A1		2.67	(a)	12/25/35		9,816		9,227
Chaseflex Trust 05-2		6.00		06/25/35		101,393		90,533
CITICORP Mortgage Securities, Inc. 07-1		5.50		01/25/22		14,087		14,067
CITICORP Mortgage Securities, Inc. 07-1		5.89	(c)	03/25/37		204,528		214,222
Citigroup Mortgage Loan Trust, Inc. 05-7		2.55	(a)	09/25/35		244,962		183,729
Cityscape Home Equity Loan Trust 96-2		8.10		08/25/26		61,368		61,419
CMO Trust 17		7.25		04/20/18		2		2
Conseco Finance Securitizations Corp. 01-2		6.60		02/01/33		132,212		137,367
Contimortgage Home Equity Loan Trust 95-2		8.10		08/15/25		22,929		18,489
Countrywide Alternative Loan Trust 04-24CB		6.00		11/25/34		48,776		49,312
Countrywide Alternative Loan Trust 05-11CB		5.50		06/25/35		109,293		107,070
Countrywide Alternative Loan Trust 05-43		2.65	(a)	10/25/35		29,773		26,067
Countrywide Asset Backed Certificate 02-S2		5.98		01/25/17		70,297		70,645
Countrywide Asset Backed Certificate 02-S4		5.22	(a)	10/25/17		102,239		101,806
Countrywide Asset Backed Certificate 04-S1		5.12		02/25/35		31,939		32,451
Countrywide Asset Backed Certificate 06-S7		5.71	(a)	11/25/35		82,523		80,597
Countrywide Asset Backed Certificate 07-S1		5.69		11/25/36		48,766		47,993
Countrywide Home Loans 03-49		2.65	(a)	12/19/33		26,642		26,942
Countrywide Home Loans 05-HYB8		2.82	(a)	12/20/35		90,818		79,627
Countrywide Home Loans 06-HYB5		2.60	(a)	09/20/36		58,803		50,401
Credit Suisse First Boston Mortgage 03-21		4.75		08/25/18		15,699		15,774
Credit Suisse First Boston Mortgage 03-AR24		2.73	(a)	10/25/33		196,635		192,592
Credit Suisse First Boston Mortgage 03-FFA		6.60	(a)	02/25/33		26,168		26,002
Credit Suisse First Boston Mortgage 04-AR3		2.86	(a)	04/25/34		54,008		54,880
Credit Suisse First Boston Mortgage 05-10		5.25		11/25/20		54,019		53,102
Credit Suisse First Boston Mortgage 06-2		5.91	(a)	07/25/36		1,120,000		98,038
DLJ Mortgage Acceptance Corp. 91-3		2.11	(a)	01/25/21		5,127		5,121
Encore Credit Receivables Trust 05-3		1.17	(a)	10/25/35		582,373		570,039
FHLMC 2649		4.50		07/15/18		48,408		49,699
FHLMC 780754		2.50	(a)	08/01/33		3,593		3,756
First Alliance Mortgage Loan Trust 94-1		5.85		04/25/25		14,190		14,211
First Horizon Mortgage Alternative Mortgage Securities 04-AA3		2.43	(a)	09/25/34		21,654		20,915
First Horizon Mortgage Pass-Through Trust 05-AR2		2.99	(a)	05/25/35		118,228		107,025
FNMA 03-38		5.00		03/25/23		5,606		5,670
FNMA 03-86		4.50		09/25/18		21,473		21,794
FNMA 813842		2.02	(a)	01/01/35		13,332		13,814
GMAC Mortgage Corp. Loan Trust 06-HE3		5.75		10/25/36		34,921		33,022
GMAC Mortgage Corp. Loan Trust 07-HE1		5.95		08/25/37		1,100,000		1,023,843
GNMA 03-11		4.00		10/17/29		89,256		94,993
GNMA 03-26		0.89	(a)	04/16/33		10,462		10,520
GNMA 04-17		4.50		12/20/33		17,212		18,365
GNMA 583189		4.50		02/20/17		3,301		3,408
Green Tree Financial Corp. 98-5		6.22		03/01/30		85,417		89,945
GS Mortgage Loan Trust 03-10		2.44	(a)	10/25/33		85,908		82,852
GS Mortgage Loan Trust 05-8F		5.50		10/25/20		21,297		21,630
GS Mortgage Loan Trust 05-AR3		2.87	(a)	05/25/35		63,302		58,180
GS Mortgage Loan Trust 05-AR6		2.97	(a)	09/25/35		40,126		39,855
Home Equity Mortgage Trust 06-1		5.80		05/25/36		998,853		735,600

13

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Mortgage Backed Securities | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
Home Savings of America 9		3.34	%(a)	11/25/17	$	23,810	$	23,781
Home Savings of America 11		4.82	(a)	01/25/18		19,034		18,994
IMPAC Secured Assets Corp. 03-3		5.00	(a)	08/25/33		112,596		115,867
Indymac Indx Mortgage Loan Trust 04-AR6		2.79	(a)	10/25/34		7,340		7,086
Indymac Indx Mortgage Loan Trust 05-AR15		2.79	(a)	09/25/35		31,829		26,600
Indymac Residential Mortgage-Backed Trust 05-L1 (g)		0.84	(a)	07/25/13		182,659		65,776
JP Morgan Mortgage Trust 05-A2		2.40	(a)	04/25/35		175,436		171,154
Lehman ABS Manufactured Housing Contract 01-B		4.35		04/15/40		41,858		42,455
Master Adjustable Rate Mortgages Trust 04-13		2.79	(a)	04/21/34		19,179		19,142
Master Adjustable Rate Mortgages Trust 05-1		2.71	(a)	01/25/35		16,466		15,907
Master Alternative Loans Trust 03-5		6.00		08/25/33		41,988		43,922
Master Asset Backed Securities Trust 07-NCW (b)		0.73	(a)	05/25/37		403,000		327,734
Master Asset Securitization Trust 03-6		5.00		07/25/18		3,385		3,378
Master Asset Securitization Trust 07-1		6.00		10/25/22		14,818		14,579
Merrill Lynch Mortgage Investors Trust 03-A2		2.37	(a)	02/25/33		30,961		29,611
Merrill Lynch Mortgage Investors Trust 06-SL1		0.80	(a)	09/25/36		90,786		88,015
Morgan Stanley Capital Inc. 04-1		5.00		11/25/18		10,673		10,755
Morgan Stanley Mortgage Loan Trust  05-5AR		2.89	(a)	09/25/35		34,129		24,250
Morgan Stanley Mortgage Loan Trust  06-1AR		2.90	(a)	02/25/36		114,157		86,950
Morgan Stanley Mortgage Loan Trust  07-10XS		6.00		07/25/47		611,578		176,187
New Century Home Equity Loan Trust 97-NC5		7.20	(a)	10/25/28		6		6
Nomura Asset Acceptance Corporation 06-AF2		0.54	(a)	08/25/36		169,401		57,518
Nomura Asset Acceptance Corporation 07-1		5.96		03/25/47		174,296		175,175
Oakwood Mortgage Investors, Inc. 99-D		7.84		11/15/29		239,963		240,043
Oakwood Mortgage Investors, Inc. 02-A (g)		0.25	(a)	09/15/14		114,899		100,469
Option One Mortgage Loan Trust 07-FXD2		5.90		03/25/37		13,911		12,631
Ownit Mortgage Loan Asset Backed Certificate 05-5		1.02	(a)	10/25/36		104,019		103,508
Prime Mortgage Trust 05-2		5.00		07/25/20		16,697		16,758
Residential Accredit Loans, Inc. 05-QS5		5.70		04/25/35		30,652		28,378
Residential Accredit Loans, Inc. 06-QS4		6.00		04/25/36		269,771		221,212
Residential Asset Mortgage Products Inc. 02-RS5		4.75		09/25/32		87,877		88,094
Residential Asset Mortgage Products Inc. 03-RZ3		4.62		06/25/33		99,130		95,097
Residential Asset Securitization Trust 04-A3		5.25		06/25/34		18,187		18,444
Residential Asset Securitization Trust 05-A14		5.50		12/25/35		125,784		109,938
Residential Funding Mortgage Securities 00-HI5		7.98		12/25/25		74,593		74,188
Residential Funding Mortgage Securities I 03-S15		4.50		08/25/18		8,618		8,701
Residential Funding Mortgage Securities I 05-SA2		2.81	(a)	06/25/35		32,876		27,265
Residential Funding Mortgage Securities I 06-SA1		3.88	(a)	02/25/36		35,805		31,946
Ryland Acceptance Corp. 64 E		3.50	(a)	04/01/18		11,436		11,445
Salomon Brothers Mortgage Securities 97-LB6		6.82		12/25/27		8		8
Structured Adjustable Rate Mortgage Loan Trust 04-3AC		2.70	(a)	03/25/34		16,023		15,890
Structured Adjustable Rate Mortgage Loan Trust 04-4		2.83	(a)	04/25/34		450,124		442,092
Structured Adjustable Rate Mortgage Loan Trust 04-11		2.69	(a)	08/25/34		32,750		32,350
Structured Adjustable Rate Mortgage Loan Trust 04-18		2.69	(a)	12/25/34		67,158		48,009
Structured Adjustable Rate Mortgage Loan Trust 05-11		2.69	(a)	05/25/35		269,791		247,012
Structured Adjustable Rate Mortgage Loan Trust 06-1		2.70	(a)	02/25/36		23,254		20,179
Structured Adjustable Rate Mortgage Loan Trust 06-4		3.39	(a)	05/25/36		64,700		48,696
Structured Adjustable Rate Mortgage Loan Trust 06-4		4.10	(a)	05/25/36		67,396		56,091
Structured Asset Mortgage Investments 04-AR5		2.40	(a)	10/19/34		23,026		22,463
Structured Asset Securities Corp. 98-RF1 (b)		6.31	(a)	04/15/27		22,292		22,125
Structured Asset Securities Corp. 03-37A		2.68	(a)	12/25/33		142,629		139,403
Structured Asset Securities Corp. 04-3		5.21	(a)	03/25/24		106,870		108,188
Terwin Mortgage Trust 04-5HE		1.32	(a)	06/25/35		471,910		444,501
Wachovia Mortgage Loan Trust 06-A		2.85	(a)	05/20/36		93,573		88,300

14

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Mortgage Backed Securities | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
Washington Mutual Mortgage Securities Corp. 04-AR3		2.51	%(a)	06/25/34	$	38,556	$	38,704
Washington Mutual Mortgage Securities Corp. 04-AR14		2.58	(a)	01/25/35		69,719		69,495
Washington Mutual MSC Mortgage Pass-Through
Certificates 03-MS2		5.00		03/25/18		8,378		8,468
Wells Fargo Mortgage Backed Securities Trust 04-B		2.72	(a)	02/25/34		12,355		12,229
Wells Fargo Mortgage Backed Securities Trust 04-E		2.77	(a)	05/25/34		16,147		16,058
Wells Fargo Mortgage Backed Securities Trust 04-EE		2.72	(a)	12/25/34		14,049		14,072
Wells Fargo Mortgage Backed Securities Trust 04-F		2.68	(a)	06/25/34		47,110		47,434
Wells Fargo Mortgage Backed Securities Trust 04-I		2.80	(a)	07/25/34		3,241		3,268
Wells Fargo Mortgage Backed Securities Trust 04-K		2.74	(a)	07/25/34		60,127		59,799
Wells Fargo Mortgage Backed Securities Trust 04-K		2.74	(a)	07/25/34		24,087		24,913
Wells Fargo Mortgage Backed Securities Trust 04-K		2.74	(a)	07/25/34		26,796		27,613
Wells Fargo Mortgage Backed Securities Trust 04-R		2.75	(a)	09/25/34		32,249		32,414
Wells Fargo Mortgage Backed Securities Trust 05-AR14		2.74	(a)	08/25/35		14,951		14,589
Wells Fargo Mortgage Backed Securities Trust 05-AR15		2.74	(a)	09/25/35		119,464		116,935
Wells Fargo Mortgage Backed Securities Trust 05-AR16		2.74	(a)	10/25/35		29,538		28,546
Wells Fargo Mortgage Backed Securities Trust 06-AR4		3.40	(a)	04/25/36		25,909		23,572
Wells Fargo Mortgage Backed Securities Trust 06-AR19		5.64	(a)	12/25/36		17,159		16,034
Total Mortgage Backed Securities
(Cost $18,358,164)								16,451,503
Municipal Bonds | 21.0% of portfolio
Alaska Housing Finance Corp.		2.80		12/01/26		195,000		198,414
Alaska Housing Finance Corp.		1.24	(a)	06/01/43		5,150,000		5,154,172
Alaska Student Loan Corp.		0.93	(a)	08/25/31		927,050		910,790
Atlantic City NJ		4.00		11/01/16		400,000		347,268
Austin TX		1.58		09/01/17		3,250,000		3,290,235
Colorado Housing & Finance Authority		1.17		05/01/17		1,350,000		1,357,047
Colorado Housing & Finance Authority		1.69		05/01/18		1,335,000		1,351,754
Colorado State Department of Corrections		2.26		09/01/17		3,375,000		3,433,523
Desert Sands California Unified School District		2.28		06/01/19		375,000		380,801
Energy Northwest, WA		2.15		07/01/18		850,000		870,060
Florida Hurricane Catastrophe Fund Finance Corp.		1.30		07/01/16		1,750,000		1,752,135
Florida State Board of Administration Finance Corp.		2.16		07/01/19		4,375,000		4,402,694
Illinois, State of Sales Tax Revenue		1.36		06/15/16		2,200,000		2,202,002
Illinois, State of Sales Tax Revenue		2.23		06/15/19		3,625,000		3,675,605
Indiana Bond Bank		1.48		01/15/17		1,285,000		1,292,671
Indiana Bond Bank		2.08		01/15/19		300,000		304,788
Indianapolis, Indiana Local Public Improvement Bond Bank		1.58		06/01/16		600,000		600,420
Jackson Tennessee Energy Authority		1.15		04/01/16		400,000		400,000
Jersey City, NJ		1.51		09/01/16		950,000		951,900
Jobsohio Beverage System, OH		1.57		01/01/17		925,000		931,401
Lehigh County Authority PA		3.44		12/01/18		3,825,000		3,956,695
Mississippi, State of		2.40		10/01/22		225,000		231,530
New Jersey Economic Development Authority		0.00	(d)	02/15/17		1,890,000		1,865,525
New Jersey Economic Development Authority		0.00	(d)	02/15/18		3,125,000		2,991,656
New Jersey Economic Development Authority		0.00	(d)	02/15/19		4,015,000		3,677,860
New Jersey Economic Development Authority		0.00	(d)	02/15/20		11,550,000		10,133,277
New Jersey Economic Development Authority		0.00	(d)	02/15/21		1,350,000		1,148,351
New Jersey Economic Development Authority		0.00	(d)	02/15/22		755,000		601,282
New Orleans Louisiana		2.12		09/01/17		825,000		831,517
New Orleans Louisiana		2.80		09/01/19		1,725,000		1,768,936
New York City, NY Transitional Finance Authority		1.80		08/01/18		1,475,000		1,493,496
New York City, NY Transitional Finance Authority		1.85		05/01/19		2,025,000		2,039,499

15

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

Municipal Bonds | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
New York City, NY Transitional Finance Authority		2.45	%	08/01/20	$	1,000,000	$	1,028,430
New York City, NY Transitional Finance Authority		2.75		11/01/20		2,695,000		2,790,942
New York City, NY Transitional Finance Authority		2.85		02/01/21		2,775,000		2,880,089
New York State Urban Development Corp.		2.35		03/15/20		4,350,000		4,470,843
North Carolina Housing Finance Agency		4.00		01/01/30		1,340,000		1,413,874
North Carolina State Education Assistance Authority		1.23	(a)	07/25/39		816,519		798,311
Oklahoma Student Loan Authority		0.93	(a)	02/25/32		732,688		700,377
Pennsylvania Higher Education Assistance Agency (b)		0.98	(a)	05/25/27		306,307		299,424
Philadelphia Pennsylvania Authority for Industrial Development		0.00	(d)	04/15/18		9,720,000		9,229,529
Philadelphia Pennsylvania Authority for Industrial Development		0.00	(d)	04/15/19		2,500,000		2,309,850
Philadelphia Pennsylvania Authority for Industrial Development		0.00	(d)	04/15/20		5,285,000		4,746,141
Puerto Rico, Commonwealth of		5.50		07/01/16		1,250,000		1,262,162
Puerto Rico, Commonwealth of		5.50		07/01/17		320,000		328,461
Puerto Rico, Commonwealth of		5.50		07/01/17		230,000		239,073
Puerto Rico, Commonwealth of		5.50		07/01/18		340,000		352,271
Puerto Rico, Commonwealth of		5.25		07/01/18		390,000		406,692
Puerto Rico, Commonwealth of		5.50		07/01/19		250,000		263,210
Puerto Rico Electric Power Authority		5.00		07/01/18		300,000		303,999
Puerto Rico Electric Power Authority		5.00		07/01/17		330,000		336,752
Puerto Rico Electric Power Authority		5.50		07/01/17		500,000		513,235
Puerto Rico Highway & Transportation Authority		5.50		07/01/16		875,000		883,514
Puerto Rico Highway & Transportation Authority		5.50		07/01/17		725,000		753,659
Puerto Rico Highway & Transportation Authority		6.00		07/01/18		420,000		444,721
Puerto Rico Highway & Transportation Authority		5.50		07/01/19		475,000		496,413
Puerto Rico Highway & Transportation Authority		6.25		07/01/21		2,400,000		2,626,848
Puerto Rico Sales Tax Financing Corp.		5.25		08/01/19		3,175,000		1,464,564
Puerto Rico Sales Tax Financing Corp.		4.38		08/01/20		905,000		398,200
Puerto Rico Sales Tax Financing Corp.		3.38		08/01/16		575,000		529,057
Stockton California Pension Obligation		5.14		09/01/17		790,000		797,592
Utah Infrastructure Agency		3.20		10/15/16		175,000		177,068
University of California		2.85		05/15/20		540,000		569,830
Utility Debt Securitization Authority, NY		2.04		06/15/21		250,000		253,562
Vermont Student Assistance Corp.		1.14	(a)	07/28/34		1,071,428		1,035,396
Village of Rosemont Illinois		2.14		12/01/16		1,375,000		1,383,291
Village of Rosemont Illinois		2.77		12/01/18		1,375,000		1,403,449
Virginia Housing Development Authority		1.11		10/01/16		550,000		551,331
Wayne County Michigan		4.25		12/01/16		325,000		327,402
Wayne County Michigan Building Authority		7.33		12/01/16		740,000		740,067
Total Municipal Bonds
(Cost $114,503,413)								114,056,933
U.S. Government and Agency Obligations | 7.0% of portfolio
Overseas Private Investment Corp.		3.56	(e)	04/23/17		1,000,000		1,256,250
Overseas Private Investment Corp.		1.50	(f)	11/17/17		1,100,000		1,174,097
Overseas Private Investment Corp.		1.30		06/15/19		557,143		557,415
Overseas Private Investment Corp.		0.83	(f)	11/08/19		1,375,000		1,405,689
Overseas Private Investment Corp.		1.50	(f)	11/15/20		1,075,000		1,136,748
Overseas Private Investment Corp.		2.52		09/15/22		1,750,000		1,802,087
Tennessee Valley Authority		0.00	(d)	06/15/21		595,000		537,776
U.S. Department of Housing & Urban Development		1.88		08/01/19		950,000		975,444
U.S. Department of Housing & Urban Development		6.07		08/01/21		12,000		12,114
U.S. Department of Housing & Urban Development		6.12		08/01/22		109,000		110,378
U.S. Treasury Notes		0.75		01/15/17		5,225,000		5,231,328
U.S. Treasury Notes		0.75		03/15/17		2,950,000		2,953,342

16

 

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

U.S. Government and Agency Obligations | continued	Interest			Maturity	Face
	Rate			Date	Amount		Value
U.S. Treasury Notes		1.00	%	03/31/17	$	10,000,000	$	10,036,330
U.S. Treasury Notes		0.88		06/15/17		2,900,000		2,907,250
U.S. Treasury Notes		1.88		08/31/17		1,925,000		1,956,882
U.S. Treasury Notes		1.00		09/15/17		1,700,000		1,707,305
U.S. Treasury Notes		1.63		04/30/19		1,975,000		2,018,280
U.S. Treasury Notes		1.38		10/31/20		2,175,000		2,193,181
Total U.S. Government and Agency Obligations
(Cost $37,665,794)								37,971,896
Commercial Paper | 2.4% of portfolio
Cofco Capital Corp.		0.75		04/05/16		11,338,000		11,337,055
TransCanada Power Marketing Ltd. (b)		0.83	(a)	04/07/16		1,561,000		1,560,784
Total Commercial Paper
(Cost $12,897,839)								12,897,839
Money Market | less than 0.1% of portfolio
					Shares
State Street Institutional Liquid Reserves Fund (Premier Class)		0.44	(h)			667		667
Total Money Market Account
(Cost $667)								667
Total Investment in Securities | 100%
(Cost $543,680,126)							$	543,928,473

(a)  Variable coupon rate as of March 31, 2016.

(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

       $54,578,256 and represents 10.0% of total investments.

(c)  Step coupon security, the current rate may be adjusted upwards before maturity date.

(d)  Zero coupon security, purchased at a discount.

(e)  Interest is paid at maturity.

(f)   Interest is paid at put date.

(g)  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.

(h)  7-day yield at March 31, 2016.

NA—National Association

LLC—Limited Liablity Company

SA—Sociedad Anónima or Société Anonyme

plc—Public Limited Company

BV—Besloten Vennootschap

ULC—Unlimited Liability Corporation

At March 31, 2016, the cost of investment securities for tax purposes was $543,680,126.  Net unrealized appreciation of investment securities was $248,347 consisting of unrealized gains of $6,685,786 and unrealized losses of $6,437,439.      

Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date.  These inputs are summarized into three broad levels as follows:
	• Level 1 - quoted prices in active markets for identical investments;
	• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
	• Level 3 - significant unobservable inputs (including the Fund’s own assumptions).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.  For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.

Category	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	184,184,302	$	-	$	184,184,302
Municipal Bonds	$	-	$	114,056,933	$	-	$	114,056,933
Asset-Backed Securities	$	-	$	132,690,563	$	-	$	132,690,563
Yankee Bonds	$	-	$	45,674,770	$	-	$	45,674,770
U.S. Government & Agency Obligations	$	-	$	37,971,896	$	-	$	37,971,896
Mortgage-Backed Securities	$	-	$	16,233,095	$	218,408	$	16,451,503
Commercial Paper	$	-	$	12,897,839	$	-	$	12,897,839
Cash Equivalents	$	667	$	-	$	-	$	667
	$	667	$	543,709,398	$	218,408	$	543,928,473

17

SHORT-TERM BOND FUND

Portfolio of Investments

Short-Term Bond Fund | March 31, 2016 | (Unaudited)

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Mortgage-Backed Securities			Total
Balance as of December 31, 2015	$	248,689		$	248,689
Purchase at cost		-			-
Sales at proceeds		(6,703	)		(6,703	)
Realized gain/(loss)		1,200			1,200
Change in unrealized appreciation/(depreciation)		(25,499	)		(25,499	)
Accretion/(amortization)		721			721
Transfer into Level 3		-			-
Transfer out of Level 3		-			-
Balance as of March 31, 2016	$	218,408		$	218,408

There were no other transfers between levels during the reporting period.

At March 31, 2016, the Short-Term Bond Fund held two securities with a fair value of $218,408 classified as Level 3 in the fair value hierarchy. Both securities were valued by external pricing services and observable inputs were not available.

18

STOCK INDEX FUND

Portfolio of Investments

March 31, 2016

(Unaudited)

	Cost		Value
Investment in S&P 500 Index Master Portfolio	$	52,497,200	$	116,343,556

Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Stock Index Master Portfolio managed by

BlackRock Fund Advisors. As of March 31, 2016, the Stock Index Fund's ownership interest in the S&P 500 Stock

Master Portfolio was 1.47%. See the Portfolio of Investments for the S&P 500 Stock Master Portfolio for holdings

information.

19

 VALUE FUND

Portfolio of Investments

Value Fund |March 31, 2016 | (Unaudited)

Common Stocks | 95.0% of portfolio
Consumer Discretionary | 5.3%	Shares		Value
Auto Components
Cooper Tire & Rubber Co.		440,000	$	16,288,800
Distributors
Genuine Parts Co.		315,400		31,338,144
LKQ Corp. (a)		17,000		542,810
Total Consumer Discretionary				48,169,754
Consumer Staples | 3.3%
Food Products
Dean Foods Co.		349,449		6,052,457
J.M. Smucker Co. (The)		148,853		19,327,074
WhiteWave Foods Co. (The) (Class A) (a)		113,627		4,617,801
Total Consumer Staples				29,997,332
Energy | 8.4%
Energy Equipment & Services
Baker Hughes Inc.		187,000		8,196,210
Helmerich & Payne, Inc.		110,000		6,459,200
Oil, Gas, & Consumable Fuels
Chevron Corp.		295,000		28,143,000
ConocoPhillips		452,400		18,218,148
Marathon Oil Corp.		663,100		7,386,934
QEP Resources, Inc.		552,400		7,794,364
Total Energy				76,197,856
Financials | 11.6%
Banks
Bank of America Corp.		600,200		8,114,704
JPMorgan Chase & Co.		517,600		30,652,272
Wells Fargo & Co.		221,000		10,687,560
Insurance
Allstate Corp. (The)		369,000		24,859,530
American International Group, Inc.		373,298		20,176,757
Chubb Limited		85,469		10,183,631
Total Financials				104,674,454
Health Care | 19.6%
Biotechnology
AbbVie Inc.		399,000		22,790,880
Health Care Equipment & Supplies
Abbott Laboratories		399,000		16,690,170
Medtronic, plc		198,465		14,884,875
Life Sciences Tools & Services
Mettler-Toledo International Inc. (a)		45,000		15,514,200
Pharmaceuticals
Bristol-Myers Squibb Co.		719,700		45,974,436
GlaxoSmithKline plc ADR		454,000		18,409,700
Merck & Co., Inc.		193,194		10,221,895
Pfizer, Inc.		1,107,000		32,811,480
Total Health Care				177,297,636

20

 

 VALUE FUND

Portfolio of Investments

Value Fund |March 31, 2016 | (Unaudited)

Common Stocks | continued
Industrials | 18.2%	Shares		Value
Aerospace & Defense
Honeywell International Inc.		281,100	$	31,497,255
Airlines
Southwest Airlines Co.		844,100		37,815,680
Commercial Services & Supplies
Tyco International plc		164,850		6,051,643
Industrial Conglomerates
General Electric Co.		1,364,000		43,361,560
Machinery
Flowserve Corp.		285,900		12,696,819
Parker-Hannifin Corp.		246,400		27,370,112
Trading Companies & Distributors
Applied Industrial Technologies, Inc.		130,500		5,663,700
Total Industrials				164,456,769
Information Technology | 17.4%
Communications Equipment
Cisco Systems, Inc.		1,343,500		38,249,445
Electronic Equipment, Instruments & Components
TE Connectivity Ltd.		262,850		16,275,672
Internet Software & Services
Alphabet Inc. (Class C) (a)		28,000		20,858,600
IT Services
Leidos Holdings Inc.		150,750		7,585,740
Visa Inc. (Class A)		356,000		27,226,880
Semiconductors & Semiconductor Equipment
Intel Corp.		1,185,000		38,334,750
Software
Microsoft Corp.		162,000		8,947,260
Total Information Technology				157,478,347
Materials | 10.7%
Chemicals
Dow Chemical Co. (The)		711,900		36,207,234
Containers & Packaging
Avery Dennison Corp.		520,000		37,497,200
Bemis Co., Inc.		433,600		22,451,808
Total Materials				96,156,242
Utilities | 0.5%
Gas Utilities
Questar Corp.		169,814		4,211,387
Total Utilities				4,211,387
Total Common Stocks
(Cost $511,521,284)				858,639,777
Commercial Paper | 5.0%	Face Amount
COFCO Capital Corp., 0.75%, 04/05/16		19,000,000		18,998,416
NiSource Finance Corp., 0.85%, 04/01/16 (b)		13,747,000		13,747,000
TransCanada Power Marketing Ltd., 0.80%, 04/04/16 (b)		12,304,000		12,303,180
Total Commercial Paper
(Cost $45,048,596)				45,048,596

21

 

 VALUE FUND

Portfolio of Investments

Value Fund |March 31, 2016 | (Unaudited)

Money Market Fund | Less than 0.1% of portfolio	Shares		Value
State Street Institutional Liquid Reserves Fund (Premier Class), 0.44% (c)		670	$	670
Total Money Market Fund
(Cost $670)				670
Total Investments in Securities
(Cost $556,570,550) | 100%			$	903,689,043

(a) Non-income producing.

(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has 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 $26,050,180 and represents 2.9% of total investments.

(c) 7-day yield at March 31, 2016.

plc - Public Limited Company

ADR - American Depositary Receipt

At March 31, 2016, the cost of investment securities for tax purposes was $556,570,550.  Net unrealized appreciation of investment securities was $347,118,493 consisting of unrealized gains of $362,365,745 and unrealized losses of $15,247,252.      

Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date.  These inputs are summarized into three broad levels as follows:
	• Level 1 - quoted prices in active markets for identical investments;
	• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
	• Level 3 - significant unobservable inputs (including the Fund’s own assumptions).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.  For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.

Category	Level 1		Level 2		Level 3		Total
Common Stocks	$	858,639,777	$	-	$	-	$	858,639,777
Commercial Paper	$	-	$	45,048,596	$	-	$	45,048,596
Cash Equivalents	$	670	$	-	$	-	$	670
	$	858,640,447	$	45,048,596	$	-	$	903,689,043
There were no transfers between levels during the period ended March 31, 2016.

22

 GROWTH FUND

Portfolio of Investments

Growth Fund |March 31, 2016 | (Unaudited)

Common Stocks | 97.6% of portfolio
Consumer Discretionary |  24.5%	Shares		Value
Automobiles
Ferrari NV (a)	$	13,270	$	553,359
Tesla Motors, Inc. (a)		5,440		1,249,949
Hotels, Restaurants & Leisure
Hilton Worldwide Holdings Inc.		93,213		2,099,157
MGM Resorts International (a)		76,497		1,640,096
Royal Caribbean Cruises Ltd.		6,800		558,620
Starbucks Corp.		13,800		823,860
Internet & Catalog Retail
Amazon.com, Inc. (a)		13,000		7,717,320
Netflix, Inc. (a)		9,800		1,001,854
Priceline Group, Inc. (The) (a)		3,950		5,091,392
Multiline Retail
Dollar General Corp.		12,200		1,044,320
Specialty Retail
CarMax, Inc. (a)		10,600		541,660
Lowe's Cos., Inc.		22,600		1,711,950
Tractor Supply Co.		14,000		1,266,440
Textiles, Apparel & Luxury Goods
Hanesbrands Inc.		33,700		955,058
NIKE, Inc. (Class B)		5,500		338,085
Total Consumer Discretionary				26,593,120
Consumer Staples| 0.7%
Tobacco
Philip Morris International Inc.		7,900		775,069
Total Consumer Staples				775,069
Financials | 6.1%
Capital Markets
Morgan Stanley		96,600		2,415,966
State Street Corp.		16,300		953,876
TD Ameritrade Holding Corp.		27,200		857,616
Diversified Financial Services
CME Group Inc.		7,200		691,560
Intercontinental Exchange, Inc.		6,840		1,608,357
Total Financials				6,527,375
Health Care | 22.2%
Biotechnology
Alexion Pharmaceuticals Inc. (a)		19,800		2,756,556
Biogen Inc. (a)		2,250		585,720
BioMarin Pharmaceutical Inc. (a)		5,500		453,640
Celgene Corp. (a)		9,900		990,891
Incyte Corp. (a)		5,500		398,585
Regeneron Pharmaceuticals, Inc. (a)		1,900		684,836
Vertex Pharmaceuticals, Inc. (a)		14,700		1,168,503
Health Care Equipment & Supplies
Intuitive Surgical, Inc. (a)		4,313		2,592,329
Stryker Corp.		6,800		729,572
Health Care Providers & Services
Aetna Inc.		7,700		865,095
Anthem, Inc.		14,100		1,959,759
Cigna Corp.		7,800		1,070,472

23

 GROWTH FUND

Portfolio of Investments

Growth Fund |March 31, 2016 | (Unaudited)

Common Stocks | continued
	Shares		Value
Humana Inc.		6,000	$	1,097,700
Unitedhealth Group Inc.		18,400		2,371,760
Life Sciences Tools & Services
Illumina, Inc. (a)		800		129,688
Pharmaceuticals
Allergan plc (a)		11,246		3,014,265
Bristol-Myers Squibb Co.		37,200		2,376,336
Eli Lilly and Co.		10,400		748,904
Total Health Care				23,994,611
Industrials | 15.7%
Aerospace & Defense
Boeing Co. (The)		30,400		3,858,976
Textron Inc.		20,800		758,368
Airlines
Alaska Air Group, Inc.		16,700		1,369,734
American Airlines Group Inc.		73,500		3,014,235
Air Freight & Logistics
FedEx Corp.		7,600		1,236,672
Machinery
Flowserve Corp.		16,710		742,091
Wabtec Corp.		12,900		1,022,841
Industrial Conglomerates
Danaher Corp.		42,300		4,012,578
Road & Rail
Canadian Pacific Railway Ltd.		6,100		809,409
Kansas City Southern		1,800		153,810
Total Industrials				16,978,714
Information Technology | 26.7%
Communications Equipment
Juniper Networks, Inc.		31,700		808,667
Palo Alto Networks, Inc. (a)		5,700		929,898
Internet Software & Services
Alphabet Inc. (Class A) (a)		5,900		4,501,110
Alphabet Inc. (Class C) (a)		3,412		2,541,769
Facebook, Inc.  (Class A) (a)		35,600		4,061,960
LinkedIn Corp. (Class A) (a)		3,000		343,050
Tencent Holdings Ltd. ADR		48,600		993,384
IT Services
PayPal Holdings, Inc. (a)		19,900		768,140
Visa Inc. (Class A)		48,400		3,701,632
Semiconductors & Semiconductor Equipment
ASML Holding NV ADR		10,900		1,094,251
NXP Semiconductors NV (a)		17,560		1,423,589
Software
Microsoft Corp.		43,300		2,391,459
Mobileye NV ADR (a)		15,200		566,808
NetSuite Inc. (a)		11,000		753,390
salesforce.com, Inc. (a)		26,400		1,949,112
ServiceNow, Inc. (a)		14,600		893,228
Workday, Inc. (Class A) (a)		4,300		330,412
Technology Hardware, Storage, & Peripherals
Apple Inc.		7,600		828,324
Total Information Technology				28,880,183

24

 GROWTH FUND

Portfolio of Investments

Growth Fund |March 31, 2016 | (Unaudited)

Common Stocks | continued
Materials | 1.1%	Shares		Value
Construction Materials
Vulcan Materials Co.		11,500	$	1,214,055
Total Materials				1,214,055
Telecommunication Services | 0.6%
Wireless Telecommunication Services | 0.6%
T-Mobile US, Inc. (a)		19,500		746,850
Total Telecommunication Services				746,850
Total Common Stocks
(Cost $89,905,066)				105,709,977
Money Market Fund | 2.4% of portfolio
State Street Institutional Liquid Reserves Fund (Premier Class), 0.44% (b)		2,559,977		2,559,977
Total Money Market Fund
(Cost $2,559,977)				2,559,977
Total Investments in Securities
(Cost $92,465,043) | 100%			$	108,269,954

(a) Non-income producing.

(b) 7-day yield at March 31, 2016.

NV - Naamloze Vennottschap

ADR - American Depositary Receipt

plc - Public Limited Company

At March 31, 2016, the cost of investment securities for tax purposes was $92,481,642.  Net unrealized appreciation of investment securities was $15,788,312 consisting of unrealized gains of $19,262,127 and unrealized losses of $3,473,815.

    

Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date.  These inputs are summarized into three broad levels as follows:
	• Level 1 - quoted prices in active markets for identical investments;
	• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
	• Level 3 - significant unobservable inputs (including the Fund’s own assumptions).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.  For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.

Category	Level 1		Level 2		Level 3		Total
Common Stocks	$	105,709,977	$	-	$	-	$	105,709,977
Cash Equivalents	$	2,559,977	$	-	$	-	$	2,559,977
	$	108,269,954	$	-	$	-	$	108,269,954
There were no transfers between levels during the period ended March 31, 2016.

25

SMALL-COMPANY STOCK FUND

Portfolio of Investments

Small-Company Stock Fund | March 31, 2016 | (Unaudited)

Common Stocks | 90.3% of portfolio
Consumer Discretionary |  20.4%	Shares		Value
Auto Components
Cooper Tire & Rubber Co.		985,350	$	36,477,657
Distributors
Core-Mark Holding Company, Inc.		369,796		30,160,562
Hotels, Restaurants, & Leisure
BJ's Restuarants, Inc. (a)		657,427		27,329,240
Brinker International, Inc.		200,000		9,190,000
Cracker Barrel Old Country Store, Inc.		210,209		32,092,608
Wendy's Co. (The)		2,040,260		22,218,431
Household Durables
Libbey Inc.		774,000		14,396,400
Multiline Retail
Fred's, Inc. (Class A)		1,685,683		25,133,533
Specialty Retail
Francesca's Holdings Corp. (a)		1,851,106		35,467,191
Sally Beauty Holdings, Inc. (a)		114,000		3,691,320
Textiles, Apparel, & Luxury Goods
G-III Apparel Group, Ltd. (a)		382,500		18,700,425
Total Consumer Discretionary				254,857,367
Consumer Staples | 3.2%
Food & Staples Retailing
United Natural Foods, Inc. (a)		633,100		25,513,930
Food Products
Dean Foods Co.		487,500		8,443,500
WhiteWave Foods Co. (The) (Class A) (a)		143,159		5,817,982
Total Consumer Staples				39,775,412
Energy | 0.6%
Energy Equipment & Services
Helmerich & Payne, Inc.		35,000		2,055,200
Oil, Gas, & Consumable Fuels
Cimarex Energy Co.		59,400		5,777,838
Total Energy				7,833,038
Financials | 14.4%
Banks
Burke & Herbert Bank & Trust Co.		2,369		4,619,550
Cardinal Financial Corp.		1,048,441		21,335,774
Glacier Bancorp, Inc.		454,000		11,540,680
Middleburg Financial Corp.		59,900		1,293,840
National Bankshares, Inc. (Virginia)		448,702		15,399,453
National Penn Bancshares, Inc.		2,290,015		24,365,760
State Bank Financial Corp.		1,231,700		24,338,392
Sterling Bancorp		865,100		13,781,043
Texas Capital Bancshares, Inc. (a)		513,417		19,704,944
Valley National Bancorp		1,225,799		11,694,122
Consumer Finance
Encore Capital Group, Inc. (a)		1,236,289		31,822,079
Total Financials				179,895,637

26

SMALL-COMPANY STOCK FUND

Portfolio of Investments

Small-Company Stock Fund | March 31, 2016 | (Unaudited)

Common Stocks | continued
Health Care | 2.1%	Shares		Value
Health Care Equipment & Supplies
STERIS plc		342,112	$	24,307,058
Life Sciences Tools & Services
NanoString Technologies, Inc. (a)		107,000		1,628,540
Total Health Care				25,935,598
Industrials | 31.2%
Aerospace & Defense
BWX Technologies, Inc.		626,200		21,015,272
Huntington Ingalls Industries, Inc.		157,208		21,528,063
Triumph Group, Inc.		737,800		23,225,944
Air Freight & Logistics
Radiant Logistics, Inc. (a)		1,444,100		5,155,437
Construction & Engineering
Dycom Industries, Inc. (a)		1,135,299		73,419,786
Orion Marine Group, Inc. (a)		1,853,794		9,602,653
Primoris Services Corp.		1,092,400		26,545,320
Electrical Equipment
Regal Beloit Corp.		58,500		3,690,765
Industrial Conglomerates
Carlisle Companies Inc.		125,600		12,497,200
Machinery
CLARCOR Inc.		87,100		5,033,509
Flowserve Corp.		43,500		1,931,835
Gorman-Rupp Co. (The)		644,775		16,719,016
Manitowoc Co., Inc. (The)		759,400		3,288,202
Manitowoc Foodservice, Inc. (a)		759,400		11,193,556
NN, Inc.		1,003,600		13,729,248
Standex International Corp.		328,244		25,540,666
Road & Rail
Covenant Transportation Group, Inc. (Class A) (a)		503,200		12,172,408
Knight Transportation, Inc.		1,382,732		36,158,442
Werner Enterprises, Inc.		1,304,181		35,421,556
Trading Companies & Distributors
Applied Industrial Technologies, Inc.		738,374		32,045,432
Total Industrials				389,914,310
Information Technology | 13.0%
Electronic Equipment, Instruments, & Components
Belden Inc.		292,585		17,958,867
Rofin-Sinar Technologies Inc. (a)		1,210,473		39,001,440
Internet Software & Services
comScore, Inc. (a)		585,862		17,599,294
IT Services
Cass Information Systems, Inc.		223,814		11,716,663
Computer Services, Inc.		585,362		22,243,756
ManTech International Corp. (Class A)		984,370		31,489,996
NeuStar, Inc. (Class A) (a)		793,000		19,507,800
Technology Hardware, Storage, & Peripherals
Western Digital Corp.		70,000		3,306,800
Total Information Technology				162,824,616

27

SMALL-COMPANY STOCK FUND

Portfolio of Investments

Small-Company Stock Fund | March 31, 2016 | (Unaudited)

Common Stocks | continued
Materials | 5.4%	Shares		Value
Chemicals
American Vanguard Corp.		883,165	$	13,936,344
PolyOne Corp.		773,100		23,386,275
Westlake Chemical Corp.		231,400		10,713,820
Construction Materials
Summit Materials, Inc. (Class A) (a)		446,270		8,679,952
Containers & Packaging
Myers Industries, Inc.		823,952		10,596,023
Total Materials				67,312,414
Total Common Stocks
(Cost $922,733,800)				1,128,348,392
Exchange Traded Funds | 2.0% of portfolio
iShares Russell 2000 Value		150,000		13,981,500
iShares Core S&P Small-Cap		100,000		11,257,000
Total Exchange Traded Funds
(Cost $24,572,642)				25,238,500
Commercial Paper | 7.7% of portfolio	Face Amount
Baxalta Inc., 1.05%, 04/05/16 (b)		16,500,000		16,498,075
COFCO Capital Corp., 0.75%, 04/05/16		16,101,000		16,099,658
COFCO Capital Corp., 0.75%, 04/07/16		5,050,000		5,049,369
NiSource Finance Corp., 0.85%, 04/01/16 (b)		26,253,000		26,253,000
Spectra Energy Capital LLC, 0.80%, 04/04/16 (b)		13,498,000		13,497,100
TransCanada Power Marketing Ltd., 0.80%, 04/04/16 (b)		18,946,000		18,944,737
Total Commercial Paper
(Cost $96,341,939)				96,341,939
Money Market Fund | Less than 0.1% of portfolio	Shares
State Street Institutional Liquid Reserves Fund (Premier Class), 0.44% (c)		318		318
Total Money Market Fund
(Cost $318)				318
Total Investments in Securities
(Cost $1,043,648,699) | 100%			$	1,249,929,149

(a)  Non-income producing.

(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration normally to qualified institutional buyers.  The security has 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 $75,192,912 and represents 6.0% of total investments.

(c) 7-day yield at March 31, 2016.

At March 31, 2016, the cost of investment securities for tax purposes was $1,043,648,699.  Net unrealized appreciation of investment securities was $206,280,450 consisting of unrealized gains of $280,402,213 and unrealized losses of $74,121,763.     

Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date.  These inputs are summarized into three broad levels as follows:
	• Level 1 - quoted prices in active markets for identical investments;
	• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
	• Level 3 - significant unobservable inputs (including the Fund’s own assumptions).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.  For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.

Category	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,128,348,392	$	-	$	-	$	1,128,348,392
Commercial Paper	$	-	$	96,341,939	$	-	$	96,341,939
Exchange Traded Funds	$	25,238,500	$	-	$	-	$	25,238,500
Cash Equivalents	$	318	$	-	$	-	$	318
	$	1,153,587,210	$	96,341,939	$	-	$	1,249,929,149
There were no transfers between levels during the period ended March 31, 2016.

28

 INTERNATIONAL EQUITY FUND

Portfolio of Investments

International Equity Fund | March 31, 2016 | (Unaudited)

Common Stocks | 97.0% of portfolio
Australia | 1.7%	Shares		Value
CSL Ltd.		11,677	$	907,436
Total Australia				907,436
Belgium | 2.1%
Anheuser-Busch InBev NV/SA ADR		9,000		1,121,940
Total Belgium				1,121,940
Brazil | 0.4%
Itaú Unibanco Holding SA ADR (Class A)		28,000		240,520
Total Brazil				240,520
Britain | 12.5%
ARM Holdings plc		118,779		1,729,574
Royal Dutch Shell plc (Class B)		74,076		1,802,629
Unilever plc		26,577		1,198,429
WPP plc		80,180		1,866,229
Total Britain				6,596,861
Canada | 2.3%
Canadian National Railway Co.		18,400		1,149,264
Imperial Oil Ltd.		2,228		74,415
Total Canada				1,223,679
China | 0.9%
Baidu, Inc. ADR (a)		2,400		458,112
Total China				458,112
Denmark | 1.2%
Coloplast AS (Class B)		8,157		617,265
Total Denmark				617,265
Finland | 1.5%
KONE Corp. (Class B) (a)		16,643		801,040
Total Finland				801,040
France | 11.4%
Air Liquide SA		15,925		1,786,638
Dassault Systèmes SA		27,501		2,178,945
L’Oréal SA		8,503		1,521,070
LVMH Moët Hennessy - Louis Vuitton		3,108		531,084
Total France				6,017,737
Germany | 14.3%
Allianz SE REG		10,073		1,635,905
Bayerische Motoren Werke AG		15,234		1,398,569
Fresenius Medical Care AG & Co. KGaA		10,064		887,905
FUCHS PETROLUB SE		4,127		159,695
FUCHS PETROLUB SE (Preferred)		8,989		400,542
Linde AG		5,801		842,875
SAP SE ADR		19,500		1,568,190
Symrise AG		10,336		692,015
Total Germany				7,585,696

29

 

 INTERNATIONAL EQUITY FUND

Portfolio of Investments

International Equity Fund | March 31, 2016 | (Unaudited)

Common Stocks | continued
Hong Kong | 4.1%	Shares		Value
AIA Group Ltd.		384,800	$	2,187,211
Total Hong Kong				2,187,211
Japan | 19.5%
FANUC Corp.		9,700		1,502,225
JGC Corp.		36,000		538,412
Keyence Corp.		4,400		2,399,637
M3, Inc.		33,200		834,939
MISUMI Group Inc.		60,400		863,544
Mitsubishi Estate Co., Ltd.		30,000		556,798
MonotaRO Co., Ltd.		25,200		749,084
Park24 Co., Ltd.		25,900		724,643
Sysmex Corp.		23,300		1,456,619
Unicharm Corp.		32,600		709,549
Total Japan				10,335,450
Portugal | Less than 0.1%
Banco Espirito Santo SA (a)		2,678,100		-
Total Portugal				-
Republic of South Korea | 0.9%
Samsung Electronics Co., Ltd. GDR		183		104,093
Samsung Electronics Co., Ltd. REG GDR		818		392,640
Total Republic of South Korea				496,733
Singapore | 2.4%
DBS Group Holdings Ltd.		111,089		1,265,523
Total Singapore				1,265,523
South Africa | 1.4%
MTN Group Ltd.		24,600		224,657
Naspers Ltd. (Class N)		2,870		400,077
Sasol Ltd.		4,100		121,665
Total South Africa				746,399
Spain | 2.6%
Banco Bilboa Vizcaya Argentaria SA		122,776		810,722
Grifols, SA		11,340		251,945
Grifols, SA ADR		18,800		290,836
Total Spain				1,353,503
Sweden | 3.7%
Alfa Laval AB		36,500		596,153
Atlas Copco AB (Class A)		30,788		772,697
Skandinaviska Enskilda Banken AB (Class A)		59,689		569,208
Total Sweden				1,938,058
Switzerland | 8.7%
Nestlé SA REG		27,496		2,051,772
Roche Holding AG REG		8,092		1,986,912
Sonova Holding AG		4,389		560,145
Total Switzerland				4,598,829

30

 INTERNATIONAL EQUITY FUND

Portfolio of Investments

International Equity Fund | March 31, 2016 | (Unaudited)

Common Stocks | continued
Taiwan | 0.8%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	15,600	$	408,720
Total Taiwan			408,720
Turkey | 0.4%
Türkiye Garanti Bankasi AS	76,900		224,548
Total Turkey			224,548
United States of America | 4.2%
Bunge Ltd.	11,900		674,373
Schlumberger Ltd.	20,800		1,534,000
Total United States of America			2,208,373
Total Common Stocks
(Cost $50,886,094)			51,333,633
Money Market Fund | 3.0% of portfolio
State Street Institutional Liquid Reserves Fund (Premier Class), 0.44% (b)	1,563,485		1,563,485
Total Money Market Fund
(Cost $1,563,485)			1,563,485
Total Investments in Securities
(Cost $52,449,579) | 100%		$	52,897,118

(a) Non-income producing.

(b) 7-day yield at March 31, 2016.

NV - Naamloze Vennottschap

SA - Société Anonyme or Sociedad Anónima

ADR - American Depositary Receipt

plc - Public Limited Company

AS -  Aktieselskab  or Anonim Şirketi

REG - Registered Shares

AG - Aktiengesellschaft

KGaA - Kommanditgesellschaft auf Aktien

SE - Societas Europaea

GDR - Global Depositary Receipt

AB - Aktiebolag

At March 31, 2016, the cost of investment securities for tax purposes was $52,588,956.  Net unrealized appreciation of investment securities was $308,162 consisting of unrealized gains of $3,493,508 and unrealized losses of $3,185,346.   

Accounting principles generally accepted in the United States (GAAP) establish a disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date.  These inputs are summarized into three broad levels as follows:
	• Level 1 - quoted prices in active markets for identical investments;
	• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
	• Level 3 - significant unobservable inputs (including the Fund’s own assumptions).
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.  For more information regarding the Fund’s valuation policies please refer to the Fund’s most recent financial report.

Category	Level 1		Level 2		Level 3		Total
Common Stocks
Foreign Equities	$	3,432,052	$	43,091,982	$	-	$	46,524,034
American Depository Receipts	$	4,705,506	$	104,093	$	-	$	4,809,599
Cash Equivalents	$	1,563,485	$	-	$	-	$	1,563,485
	$	9,701,043	$	43,196,075	$	-	$	52,897,118
There were no transfers between levels during the period ended March 31, 2016.

31

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | 95.9% of net assets
Aerospace & Defense | 2.4%	Shares		Value
Boeing Co.		260,711	$	33,094,654
General Dynamics Corp.		122,450		16,086,257
Honeywell International, Inc.		322,071		36,088,056
L-3 Communications Holdings, Inc.		32,579		3,860,612
Lockheed Martin Corp.		109,985		24,361,677
Northrop Grumman Corp.		75,751		14,991,123
Raytheon Co.		125,173		15,349,965
Rockwell Collins, Inc.		54,897		5,062,052
Textron, Inc.		113,524		4,139,085
United Technologies Corp.		325,654		32,597,965
Total Aerospace & Defense				185,631,446
Air Freight & Logistics | 0.7%
C.H. Robinson Worldwide, Inc.		59,968		4,451,425
Expeditors International of Washington, Inc.		76,236		3,721,079
FedEx Corp.		107,307		17,460,995
United Parcel Service, Inc., Class B		288,939		30,474,396
Total Air Freight & Logistics				56,107,895
Airlines | 0.6%
American Airlines Group, Inc.		252,449		10,352,933
Delta Air Lines, Inc.		325,917		15,865,640
Southwest Airlines Co.		267,123		11,967,110
United Continental Holdings, Inc. (a)		150,496		9,008,691
Total Airlines				47,194,374
Auto Components | 0.3%
BorgWarner, Inc.		91,532		3,514,829
Delphi Automotive PLC		116,188		8,716,424
Goodyear Tire & Rubber Co.		111,795		3,686,999
Johnson Controls, Inc.		271,378		10,575,600
Total Auto Components				26,493,852
Automobiles | 0.6%
Ford Motor Co.		1,632,141		22,033,903
General Motors Co.		588,396		18,493,286
Harley-Davidson, Inc.		77,041		3,954,515
Total Automobiles				44,481,704
Banks | 5.0%
Bank of America Corp.		4,322,736		58,443,391
BB&T Corp.		326,730		10,870,307
Citigroup, Inc.		1,234,205		51,528,059
Citizens Financial Group, Inc.		220,964		4,629,196
Comerica, Inc.		73,212		2,772,538
Fifth Third Bancorp		327,893		5,472,534
Huntington Bancshares, Inc.		333,456		3,181,170
JPMorgan Chase & Co.		1,536,525		90,993,011
KeyCorp		349,820		3,862,013
M&T Bank Corp.		66,604		7,393,044
PNC Financial Services Group, Inc. (b)		209,783		17,741,348
Regions Financial Corp.		539,138		4,232,233
SunTrust Banks, Inc.		211,414		7,627,817
US Bancorp		683,674		27,750,328
Wells Fargo & Co.		1,934,043		93,530,320
Zions Bancorporation		85,616		2,072,763
Total Banks				392,100,072
Beverages | 2.3%
Brown-Forman Corp., Class B		42,074		4,143,027
Coca-Cola Co.		1,631,256		75,673,966
Coca-Cola Enterprises, Inc.		87,560		4,442,794
Constellation Brands, Inc., Class A		73,634		11,125,361
Dr Pepper Snapple Group, Inc.		78,433		7,013,479
Molson Coors Brewing Co., Class B		76,958		7,401,821
Monster Beverage Corp. (a)		62,864		8,384,800
PepsiCo, Inc.		605,110		62,011,673
Total Beverages				180,196,921
Biotechnology | 3.0%
AbbVie, Inc.		674,531		38,529,211
Alexion Pharmaceuticals, Inc. (a)		94,317		13,130,813
Amgen, Inc.		314,857		47,206,510

32

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued	Shares		Value
Baxalta, Inc.		285,196	$	11,521,918
Biogen, Inc. (a)		91,546		23,831,255
Celgene Corp. (a)		327,238		32,753,251
Gilead Sciences, Inc.		572,219		52,564,037
Regeneron Pharmaceuticals, Inc. (a)(c)		32,687		11,781,702
Vertex Pharmaceuticals, Inc. (a)		103,150		8,199,394
Total Biotechnology				239,518,091
Building Products | 0.1%
Allegion PLC		40,558		2,583,950
Masco Corp.		139,798		4,396,647
Total Building Products				6,980,597
Capital Markets | 1.8%
Affiliated Managers Group, Inc. (a)		22,605		3,671,052
Ameriprise Financial, Inc.		70,739		6,650,173
Bank of New York Mellon Corp.		450,375		16,587,311
BlackRock, Inc. (b)		52,847		17,998,103
Charles Schwab Corp.		503,072		14,096,078
E*Trade Financial Corp. (a)		118,354		2,898,490
Franklin Resources, Inc.		156,307		6,103,788
Goldman Sachs Group, Inc.		164,437		25,813,320
Invesco Ltd.		174,329		5,364,103
Legg Mason, Inc.		45,092		1,563,791
Morgan Stanley		639,552		15,995,196
Northern Trust Corp.		90,111		5,872,534
State Street Corp.		167,464		9,799,993
T. Rowe Price Group, Inc.		103,898		7,632,347
Total Capital Markets				140,046,279
Chemicals | 2.0%
Air Products & Chemicals, Inc.		81,252		11,704,350
Airgas, Inc.		27,290		3,865,356
CF Industries Holdings, Inc.		97,770		3,064,112
Dow Chemical Co.		467,670		23,785,696
E.I. du Pont de Nemours & Co.		364,922		23,106,861
Eastman Chemical Co.		61,881		4,469,665
Ecolab, Inc.		111,527		12,437,491
FMC Corp.		55,954		2,258,863
International Flavors & Fragrances, Inc.		33,437		3,804,127
LyondellBasell Industries NV, Class A		144,750		12,387,705
Monsanto Co.		184,351		16,174,957
Mosaic Co.		147,578		3,984,606
PPG Industries, Inc.		111,680		12,451,203
Praxair, Inc.		119,245		13,647,590
Sherwin-Williams Co.		32,834		9,346,855
Total Chemicals				156,489,437
Commercial Services & Supplies | 0.5%
ADT Corp.		69,580		2,870,871
Cintas Corp.		36,761		3,301,505
Iron Mountain, Inc. (c)		81,146		2,751,661
Pitney Bowes, Inc.		80,513		1,734,250
Republic Services, Inc.		99,621		4,746,940
Stericycle, Inc. (a)(c)		35,579		4,489,714
Tyco International PLC		178,308		6,545,687
Waste Management, Inc.		173,509		10,237,031
Total Commercial Services & Supplies				36,677,659
Communications Equipment | 1.4%
Cisco Systems, Inc.		2,106,654		59,976,439
F5 Networks, Inc. (a)		28,784		3,046,787
Harris Corp.		52,186		4,063,202
Juniper Networks, Inc.		147,361		3,759,179
Motorola Solutions, Inc.		66,417		5,027,767
QUALCOMM, Inc.		625,822		32,004,537
Total Communications Equipment				107,877,911
Construction & Engineering | 0.1%
Fluor Corp.		58,157		3,123,031
Jacobs Engineering Group, Inc. (a)(c)		51,300		2,234,115

33

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued	Shares		Value
Quanta Services, Inc. (a)(c)		66,892	$	1,509,083
Total Construction & Engineering				6,866,229
Construction Materials | 0.1%
Martin Marietta Materials, Inc.		26,932		4,295,923
Vulcan Materials Co.		55,756		5,886,161
Total Construction Materials				10,182,084
Consumer Finance | 0.7%
American Express Co.		343,051		21,063,332
Capital One Financial Corp.		220,784		15,302,539
Discover Financial Services		173,402		8,829,630
Navient Corp.		143,530		1,718,054
Synchrony Financial (a)		349,076		10,004,518
Total Consumer Finance				56,918,073
Containers & Packaging | 0.2%
Avery Dennison Corp.		37,440		2,699,798
Ball Corp.		59,327		4,229,422
Owens-Illinois, Inc. (a)		64,902		1,035,836
Sealed Air Corp.		82,050		3,939,221
WestRock Co.		106,272		4,147,796
Total Containers & Packaging				16,052,073
Distributors | 0.1%
Genuine Parts Co.		62,594		6,219,340
Total Distributors				6,219,340
Diversified Consumer Services | 0.0%
H&R Block, Inc.		99,463		2,627,812
Total Diversified Consumer Services				2,627,812
Diversified Financial Services | 2.0%
Berkshire Hathaway, Inc., Class B (a)		784,345		111,282,868
CME Group, Inc.		141,674		13,607,788
Intercontinental Exchange, Inc.		49,772		11,703,388
Leucadia National Corp.		139,518		2,256,006
McGraw-Hill Financial, Inc.		111,066		10,993,313
Moody's Corp.		70,987		6,854,505
NASDAQ, Inc.		48,143		3,195,732
Total Diversified Financial Services				159,893,600
Diversified Telecommunication Services | 2.7%
AT&T, Inc.		2,575,150		100,868,626
CenturyLink, Inc.		227,680		7,276,653
Frontier Communications Corp.		493,180		2,756,876
Level 3 Communications, Inc. (a)		121,005		6,395,114
Verizon Communications, Inc.		1,705,478		92,232,250
Total Diversified Telecommunication Services				209,529,519
Electric Utilities | 1.9%
American Electric Power Co., Inc.		205,576		13,650,246
Duke Energy Corp.		288,185		23,250,766
Edison International		136,398		9,805,652
Entergy Corp.		74,725		5,924,198
Eversource Energy		132,790		7,746,969
Exelon Corp.		385,119		13,810,367
FirstEnergy Corp.		177,358		6,379,567
NextEra Energy, Inc.		192,827		22,819,147
Pinnacle West Capital Corp.		46,506		3,491,206
PPL Corp.		282,105		10,739,737
Southern Co.		382,156		19,768,930
Xcel Energy, Inc.		212,484		8,886,081
Total Electric Utilities				146,272,866
Electrical Equipment | 0.5%
AMETEK, Inc.		98,606		4,928,328

34

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued	Shares		Value
Eaton Corp. PLC		192,115	$	12,018,715
Emerson Electric Co.		269,235		14,640,999
Rockwell Automation, Inc.		55,020		6,258,525
Total Electrical Equipment				37,846,567
Electronic Equipment, Instruments & Components | 0.4%
Amphenol Corp., Class A		128,958		7,456,351
Corning, Inc.		465,880		9,732,233
FLIR Systems, Inc.		57,588		1,897,525
TE Connectivity Ltd.		154,763		9,582,925
Total Electronic Equipment, Instruments & Components				28,669,034
Energy Equipment & Services | 1.0%
Baker Hughes, Inc.		183,304		8,034,214
Cameron International Corp. (a)		80,212		5,378,215
Diamond Offshore Drilling, Inc.		26,988		586,449
FMC Technologies, Inc. (a)		94,993		2,599,009
Halliburton Co.		359,338		12,835,553
Helmerich & Payne, Inc.		45,561		2,675,342
National Oilwell Varco, Inc.		157,326		4,892,839
Schlumberger Ltd.		524,653		38,693,159
Transocean Ltd.		143,288		1,309,652
Total Energy Equipment & Services				77,004,432
Food & Staples Retailing | 2.3%
Costco Wholesale Corp.		184,109		29,011,896
CVS Health Corp.		459,874		47,702,730
Kroger Co.		408,060		15,608,295
Sysco Corp.		219,821		10,272,235
Wal-Mart Stores, Inc.		656,818		44,985,465
Walgreens Boots Alliance, Inc.		361,287		30,434,817
Whole Foods Market, Inc.		136,589		4,249,284
Total Food & Staples Retailing				182,264,722
Food Products | 1.6%
Archer-Daniels-Midland Co.		249,230		9,049,541
Campbell Soup Co.		75,280		4,802,111
ConAgra Foods, Inc.		181,745		8,109,462
General Mills, Inc.		248,399		15,736,077
Hershey Co.		60,045		5,529,544
Hormel Foods Corp.		113,142		4,892,260
J.M. Smucker Co.		49,813		6,467,720
Kellogg Co.		105,576		8,081,843
Kraft Heinz Co.		248,922		19,555,312
McCormick & Co., Inc.		48,299		4,804,785
Mead Johnson Nutrition Co.		77,564		6,590,613
Mondelez International, Inc., Class A		656,789		26,350,375
Tyson Foods, Inc., Class A		122,702		8,179,315
Total Food Products				128,148,958
Gas Utilities | 0.0%
AGL Resources, Inc.		50,500		3,289,570
Total Gas Utilities				3,289,570
Health Care Equipment & Supplies | 2.1%
Abbott Laboratories		616,760		25,799,071
Baxter International, Inc.		229,362		9,422,191
Becton Dickinson & Co.		88,676		13,462,790
Boston Scientific Corp. (a)		564,474		10,617,756
C.R. Bard, Inc.		30,869		6,256,220
DENTSPLY SIRONA, Inc.		101,008		6,225,123
Edwards Lifesciences Corp. (a)		89,840		7,924,786
Hologic, Inc. (a)		103,297		3,563,747
Intuitive Surgical, Inc. (a)		15,649		9,405,831
Medtronic PLC		588,675		44,150,625
St. Jude Medical, Inc.		118,954		6,542,470
Stryker Corp.		131,163		14,072,478
Varian Medical Systems, Inc. (a)		40,086		3,207,682
Zimmer Biomet Holdings, Inc.		74,917		7,988,400
Total Health Care Equipment & Supplies				168,639,170

35

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Health Care Providers & Services | 2.6%	Shares		Value
Aetna, Inc.		146,357	$	16,443,209
AmerisourceBergen Corp.		81,715		7,072,433
Anthem, Inc.		109,413		15,207,313
Cardinal Health, Inc.		137,872		11,298,611
Centene Corp. (a)		71,102		4,377,750
Cigna Corp.		107,075		14,694,973
DaVita HealthCare Partners, Inc. (a)		69,372		5,090,517
Express Scripts Holding Co. (a)		279,672		19,210,670
HCA Holdings, Inc. (a)		127,961		9,987,356
Henry Schein, Inc. (a)		34,305		5,922,072
Humana, Inc.		62,086		11,358,634
Laboratory Corp. of America Holdings (a)		42,576		4,986,927
McKesson Corp.		95,696		15,048,196
Patterson Cos., Inc.		34,966		1,626,968
Quest Diagnostics, Inc.		59,765		4,270,209
Tenet Healthcare Corp. (a)(c)		42,041		1,216,246
UnitedHealth Group, Inc.		397,992		51,301,169
Universal Health Services, Inc., Class B		37,839		4,719,280
Total Health Care Providers & Services				203,832,533
Health Care Technology | 0.1%
Cerner Corp. (a)		126,688		6,709,397
Total Health Care Technology				6,709,397
Hotels, Restaurants & Leisure | 1.8%
Carnival Corp.		188,657		9,955,430
Chipotle Mexican Grill, Inc. (a)(c)		12,578		5,923,861
Darden Restaurants, Inc.		48,416		3,209,981
Marriott International, Inc., Class A		79,589		5,665,145
McDonald's Corp.		377,451		47,438,042
Royal Caribbean Cruises Ltd.		70,993		5,832,075
Starbucks Corp.		618,794		36,942,002
Starwood Hotels & Resorts Worldwide, Inc.		70,650		5,894,330
Wyndham Worldwide Corp.		47,101		3,599,929
Wynn Resorts Ltd.		34,173		3,192,783
Yum! Brands, Inc.		171,104		14,004,862
Total Hotels, Restaurants & Leisure				141,658,440
Household Durables | 0.4%
D.R. Horton, Inc.		137,773		4,164,878
Garmin Ltd.		49,244		1,967,790
Harman International Industries, Inc.		29,783		2,651,878
Leggett & Platt, Inc.		56,808		2,749,507
Lennar Corp., Class A		75,431		3,647,843
Mohawk Industries, Inc. (a)(c)		26,627		5,083,094
Newell Rubbermaid, Inc.		111,861		4,954,324
PulteGroup, Inc.		134,343		2,513,558
Whirlpool Corp.		32,333		5,830,933
Total Household Durables				33,563,805
Household Products | 1.9%
Church & Dwight Co., Inc.		54,309		5,006,204
Clorox Co.		54,192		6,831,443
Colgate-Palmolive Co.		373,738		26,404,590
Kimberly-Clark Corp.		151,088		20,322,847
Procter & Gamble Co.		1,110,474		91,403,115
Total Household Products				149,968,199
Independent Power & Renewable Electricity Producers | 0.1%
AES Corp.		276,192		3,259,066
NRG Energy, Inc.		131,827		1,715,069
Total Independent Power & Renewable Electricity Producers				4,974,135
Industrial Conglomerates | 2.5%
3M Co.		253,294		42,206,379
Danaher Corp.		250,275		23,741,086
General Electric Co.		3,906,178		124,177,399
Roper Technologies, Inc.		42,310		7,732,999
Total Industrial Conglomerates				197,857,863

36

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued
Insurance | 2.5%	Shares		Value
Aflac, Inc.		175,830	$	11,101,906
Allstate Corp.		158,372		10,669,522
American International Group, Inc.		481,207		26,009,238
Aon PLC		113,068		11,809,953
Assurant, Inc.		27,119		2,092,231
Chubb Ltd.		192,930		22,987,610
Cincinnati Financial Corp.		61,920		4,047,091
Hartford Financial Services Group, Inc.		166,065		7,652,275
Lincoln National Corp.		100,875		3,954,300
Loews Corp.		112,116		4,289,558
Marsh & McLennan Cos., Inc.		218,208		13,264,864
MetLife, Inc.		459,111		20,173,337
Principal Financial Group, Inc.		113,541		4,479,193
Progressive Corp.		244,624		8,596,087
Prudential Financial, Inc.		186,715		13,484,557
Torchmark Corp.		47,213		2,557,056
Travelers Cos., Inc.		123,490		14,412,518
Unum Group		99,996		3,091,876
Willis Towers Watson PLC		57,845		6,863,888
XL Group PLC		122,158		4,495,415
Total Insurance				196,032,475
Internet & Catalog Retail | 1.9%
Amazon.com, Inc. (a)		161,634		95,952,408
Expedia, Inc.		49,606		5,348,519
Netflix, Inc. (a)(c)		179,212		18,320,843
Priceline Group, Inc. (a)		20,772		26,774,277
TripAdvisor, Inc. (a)(c)		47,893		3,184,884
Total Internet & Catalog Retail				149,580,931
Internet Software & Services | 4.3%
Akamai Technologies, Inc. (a)		73,995		4,111,902
Alphabet, Inc., Class A (a)		122,487		93,445,332
Alphabet, Inc., Class C (a)		124,405		92,675,505
eBay, Inc. (a)		453,979		10,831,939
Equinix, Inc.		28,845		9,539,330
Facebook, Inc., Class A (a)(c)		960,757		109,622,374
VeriSign, Inc. (a)(c)		40,329		3,570,730
Yahoo!, Inc. (a)		364,665		13,423,318
Total Internet Software & Services				337,220,430
IT Services | 3.6%
Accenture PLC, Class A		262,871		30,335,313
Alliance Data Systems Corp. (a)		24,810		5,458,200
Automatic Data Processing, Inc.		191,508		17,180,183
Cognizant Technology Solutions Corp., Class A (a)		255,003		15,988,688
CSRA, Inc.		58,004		1,560,308
Fidelity National Information Services, Inc.		115,585		7,317,686
Fiserv, Inc. (a)		93,331		9,573,894
International Business Machines Corp.		370,084		56,049,222
Mastercard, Inc., Class A		410,492		38,791,494
Paychex, Inc.		134,486		7,263,589
PayPal Holdings, Inc. (a)		465,796		17,979,726
Teradata Corp. (a)(c)		55,832		1,465,032
Total System Services, Inc.		70,677		3,362,812
Visa, Inc., Class A		803,428		61,446,173
Western Union Co.		210,122		4,053,253
Xerox Corp.		398,600		4,448,376
Total IT Services				282,273,949
Leisure Products | 0.1%
Hasbro, Inc.		47,020		3,766,302
Mattel, Inc.		142,341		4,785,504
Total Leisure Products				8,551,806
Life Sciences Tools & Services | 0.6%
Agilent Technologies, Inc.		137,219		5,468,177
Illumina, Inc. (a)		61,541		9,976,412
PerkinElmer, Inc.		45,963		2,273,330
Thermo Fisher Scientific, Inc.		165,892		23,488,648
Waters Corp. (a)		34,017		4,487,523
Total Life Sciences Tools & Services				45,694,090

37

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued
Machinery | 1.2%	Shares		Value
Caterpillar, Inc.		243,785	$	18,659,304
Cummins, Inc.		67,870		7,461,628
Deere & Co.		125,409		9,655,239
Dover Corp.		64,894		4,174,631
Flowserve Corp.		54,453		2,418,258
Illinois Tool Works, Inc.		137,060		14,040,426
Ingersoll-Rand PLC		107,528		6,667,811
PACCAR, Inc.		147,094		8,044,571
Parker Hannifin Corp.		56,560		6,282,685
Pentair PLC		76,378		4,144,270
Snap-on, Inc.		24,320		3,817,997
Stanley Black & Decker, Inc.		63,345		6,664,528
Xylem, Inc.		75,027		3,068,604
Total Machinery				95,099,952
Media | 3.0%
Cablevision Systems Corp., New York Group, Class A		93,477		3,084,741
CBS Corp., Class B		176,589		9,728,288
Comcast Corp., Class A		1,018,535		62,212,118
Discovery Communications, Inc., Class A (a)(c)		61,524		1,761,432
Discovery Communications, Inc., Class C (a)(c)		100,331		2,708,937
Interpublic Group of Cos., Inc.		168,349		3,863,610
News Corp., Class A		159,077		2,031,413
News Corp., Class B		45,530		603,273
Omnicom Group, Inc.		100,303		8,348,219
Scripps Networks Interactive, Inc., Class A		40,063		2,624,126
TEGNA, Inc.		91,984		2,157,945
Time Warner Cable, Inc.		118,589		24,265,681
Time Warner, Inc.		330,792		23,998,960
Twenty-First Century Fox, Inc., Class A		468,647		13,065,878
Twenty-First Century Fox, Inc., Class B		180,519		5,090,636
Viacom, Inc., Class B		145,041		5,987,292
Walt Disney Co.		628,400		62,406,404
Total Media				233,938,953
Metals & Mining | 0.3%
Alcoa, Inc.		550,449		5,273,301
Freeport-McMoRan, Inc. (c)		519,516		5,371,796
Newmont Mining Corp.		221,530		5,888,267
Nucor Corp.		133,104		6,295,819
Total Metals & Mining				22,829,183
Multi-Utilities | 1.3%
Ameren Corp.		101,578		5,089,058
CenterPoint Energy, Inc.		180,130		3,768,320
CMS Energy Corp.		116,034		4,924,483
Consolidated Edison, Inc.		122,909		9,417,287
Dominion Resources, Inc.		249,686		18,756,412
DTE Energy Co.		75,137		6,811,920
NiSource, Inc.		134,235		3,162,577
PG&E Corp.		206,319		12,321,371
Public Service Enterprise Group, Inc.		212,015		9,994,387
SCANA Corp.		59,831		4,197,145
Sempra Energy		98,715		10,271,296
TECO Energy, Inc.		99,223		2,731,609
WEC Energy Group, Inc.		132,145		7,937,950
Total Multi-Utilities				99,383,815
Multiline Retail | 0.7%
Dollar General Corp.		121,798		10,425,909
Dollar Tree, Inc. (a)		98,296		8,105,488
Kohl's Corp.		79,467		3,703,957
Macy's, Inc.		129,905		5,727,511
Nordstrom, Inc. (c)		53,112		3,038,538
Target Corp.		252,118		20,744,269
Total Multiline Retail				51,745,672

38

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued
Oil, Gas & Consumable Fuels | 5.5%	Shares		Value
Anadarko Petroleum Corp.		212,854	$	9,912,611
Apache Corp.		158,372		7,730,137
Cabot Oil & Gas Corp.		189,648		4,306,906
Chesapeake Energy Corp. (c)		216,614		892,450
Chevron Corp.		788,367		75,210,212
Cimarex Energy Co.		39,696		3,861,230
Columbia Pipeline Group, Inc.		167,390		4,201,489
Concho Resources, Inc. (a)(c)		54,063		5,462,526
ConocoPhillips		517,526		20,840,772
Devon Energy Corp.		212,833		5,840,138
EOG Resources, Inc.		230,204		16,708,206
EQT Corp.		66,846		4,496,062
Exxon Mobil Corp.		1,738,516		145,322,552
Hess Corp.		110,858		5,836,674
Kinder Morgan, Inc.		766,062		13,681,867
Marathon Oil Corp.		353,182		3,934,447
Marathon Petroleum Corp.		221,557		8,237,489
Murphy Oil Corp.		67,700		1,705,363
Newfield Exploration Co. (a)		83,117		2,763,640
Noble Energy, Inc.		179,532		5,639,100
Occidental Petroleum Corp.		319,778		21,882,409
ONEOK, Inc.		88,681		2,648,015
Phillips 66		196,527		17,017,273
Pioneer Natural Resources Co.		68,351		9,619,720
Range Resources Corp. (c)		70,996		2,298,850
Southwestern Energy Co. (a)(c)		163,130		1,316,459
Spectra Energy Corp.		281,118		8,602,211
Tesoro Corp.		49,944		4,295,683
Valero Energy Corp.		196,926		12,630,834
Williams Cos., Inc.		285,748		4,591,970
Total Oil, Gas & Consumable Fuels				431,487,295
Paper & Forest Products | 0.1%
International Paper Co.		172,128		7,064,133
Total Paper & Forest Products				7,064,133
Personal Products | 0.1%
Estee Lauder Cos., Inc., Class A		92,904		8,761,776
Total Personal Products				8,761,776
Pharmaceuticals | 5.2%
Allergan PLC (a)		165,233		44,287,401
Bristol-Myers Squibb Co.		698,905		44,646,051
Eli Lilly & Co.		407,490		29,343,355
Endo International PLC (a)		85,582		2,409,133
Johnson & Johnson		1,155,182		124,990,693
Mallinckrodt PLC (a)		46,853		2,871,152
Merck & Co., Inc.		1,161,838		61,472,849
Mylan NV (a)		172,555		7,997,924
Perrigo Co. PLC		61,290		7,840,830
Pfizer, Inc.		2,532,002		75,048,539
Zoetis, Inc.		191,482		8,488,397
Total Pharmaceuticals				409,396,324
Professional Services | 0.3%
Dun & Bradstreet Corp.		15,161		1,562,796
Equifax, Inc.		49,696		5,679,756
Nielsen Holdings PLC		151,670		7,986,942
Robert Half International, Inc.		54,908		2,557,615
Verisk Analytics, Inc. (a)		64,719		5,172,342
Total Professional Services				22,959,451
Real Estate Investment Trusts (REITs) | 2.7%
American Tower Corp.		177,462		18,166,785
Apartment Investment & Management Co., Class A		66,034		2,761,542
AvalonBay Communities, Inc.		57,356		10,909,111
Boston Properties, Inc. (c)		64,300		8,171,244
Crown Castle International Corp.		139,730		12,086,645
Equity Residential		152,863		11,469,311
Essex Property Trust, Inc.		27,385		6,404,256

39

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued	Shares		Value
Extra Space Storage, Inc.		52,353	$	4,892,911
Federal Realty Investment Trust		29,167		4,551,510
General Growth Properties, Inc.		244,255		7,261,701
HCP, Inc. (c)		194,891		6,349,549
Host Hotels & Resorts, Inc. (c)		314,935		5,259,415
Kimco Realty Corp.		173,197		4,984,610
Macerich Co.		52,952		4,195,917
Prologis, Inc.		219,693		9,706,037
Public Storage		61,657		17,006,850
Realty Income Corp. (c)		104,835		6,553,236
Simon Property Group, Inc. (c)		129,534		26,902,916
SL Green Realty Corp.		41,888		4,058,109
UDR, Inc. (c)		111,833		4,308,926
Ventas, Inc. (c)		140,693		8,858,031
Vornado Realty Trust		74,210		7,007,650
Welltower, Inc.		148,677		10,309,263
Weyerhaeuser Co.		330,473		10,238,054
Total Real Estate Investment Trusts (REITs)				212,413,579
Real Estate Management & Development | 0.0%
CBRE Group, Inc., Class A (a)		121,792		3,510,045
Total Real Estate Management & Development				3,510,045
Road & Rail | 0.7%
CSX Corp.		403,215		10,382,786
JB Hunt Transport Services, Inc.		37,298		3,141,984
Kansas City Southern		45,423		3,881,395
Norfolk Southern Corp.		124,839		10,392,847
Ryder System, Inc.		22,631		1,466,036
Union Pacific Corp.		354,344		28,188,065
Total Road & Rail				57,453,113
Semiconductors & Semiconductor Equipment | 2.3%
Analog Devices, Inc.		129,787		7,682,093
Applied Materials, Inc.		473,369		10,025,955
Broadcom Ltd.		155,233		23,983,499
First Solar, Inc. (a)		31,273		2,141,262
Intel Corp.		1,977,662		63,977,366
KLA-Tencor Corp.		65,168		4,744,882
Lam Research Corp.		66,520		5,494,552
Linear Technology Corp.		100,201		4,464,957
Microchip Technology, Inc.		85,194		4,106,351
Micron Technology, Inc. (a)		434,322		4,547,351
NVIDIA Corp.		214,278		7,634,725
Qorvo, Inc. (a)(c)		54,422		2,743,413
Skyworks Solutions, Inc.		80,241		6,250,774
Texas Instruments, Inc.		420,843		24,164,805
Xilinx, Inc.		106,980		5,074,061
Total Semiconductors & Semiconductor Equipment				177,036,046
Software | 4.2%
Activision Blizzard, Inc.		212,314		7,184,706
Adobe Systems, Inc. (a)		208,622		19,568,744
Autodesk, Inc. (a)		94,330		5,500,382
CA, Inc.		122,565		3,773,776
Citrix Systems, Inc. (a)		64,463		5,065,503
Electronic Arts, Inc. (a)		129,490		8,560,584
Intuit, Inc.		107,516		11,182,739
Microsoft Corp.		3,311,161		182,875,422
Oracle Corp.		1,319,104		53,964,545
Red Hat, Inc. (a)		76,455		5,696,662
salesforce.com, Inc. (a)		264,015		19,492,227
Symantec Corp.		273,048		5,018,622
Total Software				327,883,912

40

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

Common Stocks | continued
Specialty Retail | 2.6%	Shares		Value
Advance Auto Parts, Inc.		30,696	$	4,921,797
AutoNation, Inc. (a)(c)		29,995		1,400,167
AutoZone, Inc. (a)		12,647		10,075,738
Bed Bath & Beyond, Inc. (a)(c)		68,485		3,399,595
Best Buy Co., Inc.		117,316		3,805,731
CarMax, Inc. (a)(c)		81,941		4,187,185
GameStop Corp., Class A		43,820		1,390,409
Gap, Inc.		94,735		2,785,209
Home Depot, Inc.		530,788		70,823,043
L Brands, Inc.		106,629		9,363,092
Lowe's Cos., Inc.		383,101		29,019,901
O'Reilly Automotive, Inc. (a)		40,688		11,134,678
Ross Stores, Inc.		169,552		9,817,061
Signet Jewelers Ltd.		33,296		4,129,703
Staples, Inc.		272,009		3,000,259
Tiffany & Co.		46,739		3,429,708
TJX Cos., Inc.		280,293		21,960,957
Tractor Supply Co.		55,990		5,064,855
Urban Outfitters, Inc. (a)		35,003		1,158,249
Total Specialty Retail				200,867,337
Technology Hardware, Storage & Peripherals | 4.0%
Apple, Inc.		2,321,192		252,986,716
EMC Corp.		815,115		21,722,815
Hewlett Packard Enterprise Co.		718,625		12,741,221
HP, Inc.		722,851		8,905,524
NetApp, Inc.		121,307		3,310,468
SanDisk Corp.		84,153		6,402,360
Seagate Technology PLC		124,095		4,275,073
Western Digital Corp.		97,448		4,603,444
Total Technology Hardware, Storage & Peripherals				314,947,621
Textiles, Apparel & Luxury Goods | 0.9%
Coach, Inc.		116,256		4,660,703
Hanesbrands, Inc.		163,970		4,646,910
Michael Kors Holdings Ltd. (a)		75,118		4,278,721
NIKE, Inc., Class B		565,123		34,738,111
PVH Corp.		34,306		3,398,352
Ralph Lauren Corp.		24,337		2,342,680
Under Armour, Inc., Class A (a)(c)		76,047		6,451,067
VF Corp.		142,163		9,206,476
Total Textiles, Apparel & Luxury Goods				69,723,020
Thrifts & Mortgage Finance | 0.0%
People's United Financial, Inc.		129,963		2,070,311
Total Thrifts & Mortgage Finance				2,070,311
Tobacco | 1.7%
Altria Group, Inc.		819,672		51,360,647
Philip Morris International, Inc.		648,621		63,636,206
Reynolds American, Inc.		346,576		17,436,239
Total Tobacco				132,433,092
Trading Companies & Distributors | 0.2%
Fastenal Co.		120,788		5,918,612
United Rentals, Inc. (a)		38,084		2,368,444
W.W. Grainger, Inc.		23,775		5,549,798
Total Trading Companies & Distributors				13,836,854
Water Utilities | 0.1%
American Water Works Co., Inc.		74,522		5,136,801
Total Water Utilities				5,136,801
Total Long-Term Investments (Cost - $4,919,545,427)				7,518,116,625
Short-Term Securities | 3.8% of net assets
BlackRock Cash Funds:
Institutional, SL Agency Shares, 0.46% (b)(d)(e)		265,004,540		265,004,540
Prime, SL Agency Shares, 0.46% (b)(d)(e)		31,666,793		31,666,793
Total Short-Term Securities (Cost $296,671,333)				296,671,333
Total Investments (Cost $5,216,216,760*) | 99.7%				7,814,787,958
Other Assets Less Liabilities | 0.3%				25,633,337
Net Assets | 100.0%			$	7,840,421,295
* As of March 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	4,883,827,094
Gross unrealized appreciation			$	3,432,202,741
Gross unrealized depreciation				(501,241,877	)
Net unrealized appreciation			$	2,930,960,864

41

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

(a) Non-income producing security.

(b) During the period ended March 31, 2016, 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, were as follows:

Affiliate	Shares Held at December 31, 2015		Shares Purchased			Shares Sold				Shares Held at March 31, 2016		Value at March 31, 2016		Income			Realized Loss
BlackRock, Inc………………………….		48,211		4,636			-				52,847	$	17,998,103	$	117,832			-
BlackRock Cash Funds: Institutional, SL Agency Shares……………………………………………		374,887,021		-			(109,882,481	)	1		265,004,540	$	265,004,540	$	411,454	2		-
BlackRock Cash Funds: Prime, SL Agency Shares…………………………………………….		26,986,879		4,679,914	3		-				31,666,793	$	31,666,793	$	40,827	2		-
PNC Financial Services Group, Inc…………		193,874		17,505			(1,596	)			209,783	$	17,741,348	$	101,898		$	(17,491	)

¹ Represents net shares sold.

² Represents all or a 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.

³ Represents net shares purchased.

(c) Security, or a portion of security, is on loan.

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

(e) Current yield as of period end.

Portfolio Abbreviations

CME       Chicago Mercantile Exchange

S&P        Standard and Poor's

Derivative Financial Instrument Outstanding as of Period End - Financial Futures Contracts
Contracts Long	Issue	Expiration	Notional Value	Unrealized Appreciation
2,162	S&P 500 E-Mini Index	June 2016	$  221,767,150	$    6,816,567

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

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

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

· Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Master Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks1……………………..…………….	$	7,518,116,625		-		-	$	7,518,116,625
Short-Term Securities:
Money Market Funds…………………....……….		296,671,333		-		-		296,671,333
Total	$	7,814,787,958		-		-	$	7,814,787,958
1See above Schedule of Investments for values in each industry.
	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments2
Assets:
Equity contracts…………………………….………	$	6,816,567		-		-	$	6,816,567

²Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

42

 

S&P 500 STOCK MASTER PORTFOLIO

Portfolio of Investments

S&P 500 Index Master Portfolio | March 31, 2016 | (Unaudited)

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1	Level 2	Level 3	Total
Assets:
Cash…………………………….………	$          8,150	-	-	$             8,150
Cash pledged for financial futures contracts…………………………….………	10,269,800	-	-	10,269,800
Liabilities:
Collateral on securities loaned at value…………………………….………	-	$  (82,947,561)	-	(82,947,561)
Total	$ 10,277,950	$  (82,947,561)	$                 -	$   (72,669,611)
During the period ended March 31, 2016, there were no transfers between levels.

43

ITEM 2. CONTROLS AND PROCEDURES.

(a)	Disclosure Controls and Procedures. The registrant’s principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.
(b)	Internal Control. There were no changes in registrant’s internal control over financial reporting that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS

A separate certification for each 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.

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.

Registrant:	HOMESTEAD FUNDS, INC.
By:	/s/ Stephen J. Kaszynski
Name:	Stephen J. Kaszynski
Title:	President, Chief Executive Officer and Director
Date:	May 27, 2016

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/ Stephen J. Kaszynski
Name:	Stephen J. Kaszynski
Title:	President, Chief Executive Officer and Director
Date:	May 27, 2016
By:	/s/ Amy DiMauro
Name:	Amy DiMauro
Title:	Treasurer
Date:	May 27, 2016