# EDGAR Filing Document

**Accession Number:** 0000865733
**File Stem:** 0001193125-26-095429
**Filing Date:** 2026-3
**Character Count:** 479007
**Document Hash:** 1d27918e38c538f74228d8682f1b0b5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095429.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095429

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOMESTEAD FUNDS INC
- **CENTRAL INDEX KEY:** 0000865733

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06136
- **FILM NUMBER:** 26729110

**BUSINESS ADDRESS:**
- **STREET 1:** 4301 WILSON BLVD
- **STREET 2:** C/O NATIONAL RURAL ELEC COOPERATIVE ASSO
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22203
- **BUSINESS PHONE:** 8002583030

**MAIL ADDRESS:**
- **STREET 1:** 4301 WILSON BLVD
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22203

## Series and Classes Contracts Data

### Daily Income Fund (Series ID: S000010524)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000029057 | Daily Income Fund | HDIXX           |

### Short-Term Government Securities Fund (Series ID: S000010525)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000029058 | Short-Term Government Securities Fund | HOSGX           |

### Short-Term Bond Fund (Series ID: S000010526)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000029059 | Short-Term Bond Fund | HOSBX           |

### Stock Index Fund (Series ID: S000010527)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000029060 | Stock Index Fund | HSTIX           |

### Value Fund (Series ID: S000010528)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029061 | Value Fund   | HOVLX           |

### Small-Company Stock Fund (Series ID: S000010529)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000029062 | Small-Company Stock Fund | HSCSX           |

### International Equity Fund (Series ID: S000010530)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000029063 | International Equity Fund | HISIX           |

### Growth Fund (Series ID: S000010531)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029064 | Growth Fund  | HNASX           |

?xml version='1.0' encoding='ASCII'? Homestead Funds, Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06136

#### HOMESTEAD FUNDS, INC.
(Exact name of registrant as specified in charter)

4301 Wilson Boulevard

Arlington, VA 22203

(Address of principal executive offices - Zip code)

Danielle Sieverling

Homestead Funds, Inc.

4301 Wilson Boulevard

Arlington, VA 22203

(Name and address of agent for service)

Copies To:

Amy Ward Pershkow, Esq.

Vedder Price, P.C.

1401 New York Avenue

Washington, D.C. 20005

(Name and addresses of agent for service)

Registrant's telephone number, including area code: 800-258-3030

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

------

#### Item 1. Report to Stockholders.
(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended.

![Image](g12129g75b74.jpg)

# Daily Income Fund

#### HDIXX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Daily Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Daily Income Fund | $59 | 0.58% |

---

#### Fund Performance

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Daily Income Fund** | **3.77%** | **2.83%** | **1.70%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025.

* Fund Net Assets$216,772,791

* Total Number of Portfolio Holdings84

* Management Fees$884,114

* 7-Day Yield3.20%

* Weighted Average Maturity (Days)25

## Graphical Representation of Holdings
The table below reflects the investment diversification of the Fund shown as a percentage of total net assets of the Fund.

### SECURITY DIVERSIFICATION

---

| | |
|:---|:---|
| **Repurchase Agreements** | **55.4%** |
| **U.S. Government and Agency Obligations** | **43.9%** |
| **Money Market Fund<sup>Footnote Reference\*</sup>** | **0.5%** |
| **Other Assets less Liabilities** | **0.2%** |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Represents investment in an unaffiliated U.S. government money market fund.* |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769102

\| 1

![Image](g12129g75b74.jpg)

# Short-Term Government Securities Fund

#### HOSGX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Short-Term Government Securities Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Short-Term Government Securities Fund | $77 | 0.75% |

---

## Management's Discussion of Fund Performance
The Fund returned 5.34% for the one-year period ended December 31, 2025, trailing its performance benchmark, the ICE BofA 1-5 Year U.S. Treasury Index, which returned 5.74%.

Contributors to the Fund's performance included its overweight allocations to collateralized mortgage obligations (CMOs), agency securities, and mortgage-backed securities (MBS), which represent off-benchmark allocations relative to the Fund's Treasury-only performance benchmark. These securities are backed by the full faith and credit of the U.S. government and provided incremental yield relative to U.S. Treasuries, contributing positively to income generation during the period.

Detracting from performance was the Fund's underweight position in U.S. Treasuries, which served as the primary funding source for allocations to other government-related sectors and resulted in relative underperformance during periods when Treasury returns outpaced those sectors.

The team continued its active management of the Fund's duration relative to the performance benchmark, maintaining duration near the benchmark while emphasizing active yield-curve positioning during a period in which the Federal Reserve reduced policy rates in the second half of the year. The Fund also maintained overweight allocations to CMOs, agency securities, and MBS, consistent with its objective of enhancing income through government-related sectors.

## Fund Performance
The following graph compares the account values at December 31 of each of the most recent 10 years of a $10,000 initial investment in 1) the Fund, 2) a regulatory benchmark, and 3) a performance benchmark.

### Growth of $10,000
![Growth of 10K Chart](g12129g49w85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term Government Securities Fund** | **Regulatory Benchmark - Bloomberg U.S. Aggregate Index** | **Performance Benchmark - ICE BofA 1-5 Year U.S. Treasury Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $10084 | $10138 | $10107 |
| **2/16** | $10091 | $10210 | $10133 |
| **3/16** | $10117 | $10303 | $10157 |
| **4/16** | $10104 | $10343 | $10156 |
| **5/16** | $10090 | $10345 | $10141 |
| **6/16** | $10154 | $10531 | $10239 |
| **7/16** | $10140 | $10598 | $10234 |
| **8/16** | $10127 | $10586 | $10203 |
| **9/16** | $10154 | $10580 | $10220 |
| **10/16** | $10141 | $10499 | $10200 |
| **11/16** | $10070 | $10250 | $10106 |
| **12/16** | $10045 | $10265 | $10108 |
| **1/17** | $10059 | $10285 | $10126 |
| **2/17** | $10084 | $10354 | $10141 |
| **3/17** | $10093 | $10349 | $10146 |
| **4/17** | $10102 | $10428 | $10177 |
| **5/17** | $10129 | $10509 | $10200 |
| **6/17** | $10118 | $10498 | $10185 |
| **7/17** | $10146 | $10543 | $10213 |
| **8/17** | $10193 | $10638 | $10248 |
| **9/17** | $10162 | $10587 | $10213 |
| **10/17** | $10150 | $10593 | $10204 |
| **11/17** | $10139 | $10580 | $10175 |
| **12/17** | $10133 | $10628 | $10174 |
| **1/18** | $10122 | $10506 | $10117 |
| **2/18** | $10112 | $10406 | $10104 |
| **3/18** | $10142 | $10473 | $10135 |
| **4/18** | $10113 | $10395 | $10101 |
| **5/18** | $10144 | $10469 | $10150 |
| **6/18** | $10137 | $10456 | $10148 |
| **7/18** | $10148 | $10459 | $10140 |
| **8/18** | $10163 | $10526 | $10183 |
| **9/18** | $10176 | $10458 | $10153 |
| **10/18** | $10188 | $10376 | $10167 |
| **11/18** | $10201 | $10438 | $10216 |
| **12/18** | $10254 | $10630 | $10329 |
| **1/19** | $10288 | $10742 | $10362 |
| **2/19** | $10285 | $10736 | $10366 |
| **3/19** | $10359 | $10942 | $10453 |
| **4/19** | $10373 | $10945 | $10471 |
| **5/19** | $10447 | $11139 | $10576 |
| **6/19** | $10501 | $11279 | $10644 |
| **7/19** | $10495 | $11304 | $10626 |
| **8/19** | $10608 | $11597 | $10751 |
| **9/19** | $10579 | $11535 | $10725 |
| **10/19** | $10610 | $11570 | $10759 |
| **11/19** | $10581 | $11564 | $10748 |
| **12/19** | $10599 | $11556 | $10763 |
| **1/20** | $10671 | $11778 | $10857 |
| **2/20** | $10803 | $11990 | $10983 |
| **3/20** | $10871 | $11920 | $11172 |
| **4/20** | $10917 | $12132 | $11181 |
| **5/20** | $10966 | $12188 | $11196 |
| **6/20** | $10976 | $12265 | $11204 |
| **7/20** | $11000 | $12448 | $11222 |
| **8/20** | $11023 | $12348 | $11216 |
| **9/20** | $11026 | $12341 | $11218 |
| **10/20** | $11009 | $12286 | $11204 |
| **11/20** | $10992 | $12406 | $11212 |
| **12/20** | $11036 | $12424 | $11220 |
| **1/21** | $11039 | $12334 | $11214 |
| **2/21** | $11001 | $12156 | $11172 |
| **3/21** | $10983 | $12005 | $11162 |
| **4/21** | $10986 | $12099 | $11180 |
| **5/21** | $11009 | $12139 | $11199 |
| **6/21** | $10991 | $12224 | $11174 |
| **7/21** | $11015 | $12361 | $11212 |
| **8/21** | $10996 | $12337 | $11206 |
| **9/21** | $10978 | $12231 | $11174 |
| **10/21** | $10918 | $12227 | $11121 |
| **11/21** | $10922 | $12263 | $11128 |
| **12/21** | $10906 | $12232 | $11097 |
| **1/22** | $10805 | $11968 | $10998 |
| **2/22** | $10768 | $11835 | $10950 |
| **3/22** | $10586 | $11506 | $10746 |
| **4/22** | $10490 | $11069 | $10656 |
| **5/22** | $10541 | $11141 | $10721 |
| **6/22** | $10466 | $10966 | $10659 |
| **7/22** | $10540 | $11234 | $10730 |
| **8/22** | $10405 | $10917 | $10597 |
| **9/22** | $10249 | $10445 | $10416 |
| **10/22** | $10222 | $10310 | $10396 |
| **11/22** | $10321 | $10689 | $10508 |
| **12/22** | $10316 | $10641 | $10514 |
| **1/23** | $10459 | $10968 | $10625 |
| **2/23** | $10348 | $10684 | $10498 |
| **3/23** | $10518 | $10956 | $10706 |
| **4/23** | $10560 | $11022 | $10750 |
| **5/23** | $10516 | $10902 | $10693 |
| **6/23** | $10431 | $10863 | $10613 |
| **7/23** | $10455 | $10856 | $10645 |
| **8/23** | $10479 | $10786 | $10674 |
| **9/23** | $10461 | $10512 | $10637 |
| **10/23** | $10465 | $10346 | $10648 |
| **11/23** | $10642 | $10815 | $10806 |
| **12/23** | $10798 | $11229 | $10967 |
| **1/24** | $10824 | $11198 | $11006 |
| **2/24** | $10763 | $11040 | $10926 |
| **3/24** | $10813 | $11142 | $10965 |
| **4/24** | $10734 | $10860 | $10882 |
| **5/24** | $10829 | $11044 | $10978 |
| **6/24** | $10904 | $11149 | $11055 |
| **7/24** | $11047 | $11409 | $11218 |
| **8/24** | $11144 | $11573 | $11330 |
| **9/24** | $11219 | $11728 | $11429 |
| **10/24** | $11115 | $11437 | $11307 |
| **11/24** | $11166 | $11558 | $11349 |
| **12/24** | $11130 | $11369 | $11341 |
| **1/25** | $11184 | $11430 | $11397 |
| **2/25** | $11304 | $11681 | $11508 |
| **3/25** | $11358 | $11685 | $11569 |
| **4/25** | $11455 | $11731 | $11682 |
| **5/25** | $11418 | $11647 | $11640 |
| **6/25** | $11494 | $11826 | $11726 |
| **7/25** | $11479 | $11795 | $11709 |
| **8/25** | $11603 | $11936 | $11832 |
| **9/25** | $11611 | $12067 | $11860 |
| **10/25** | $11642 | $12142 | $11904 |
| **11/25** | $11718 | $12217 | $11969 |
| **12/25** | $11724 | $12199 | $11992 |

---

437769409

\| 1

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Short-Term Government Securities Fund** | **5.34%** | **1.22%** | **1.60%** |
| **Regulatory Benchmark - Bloomberg U.S. Aggregate Index** | **7.30%** | **(0.36%)** | **2.01%** |
| **Performance Benchmark - ICE BofA 1-5 Year U.S. Treasury Index** | **5.74%** | **1.34%** | **1.83%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025.

* Fund Net Assets$61,072,006

* Total Number of Portfolio Holdings94

* Portfolio Turnover501%

* Management Fees$263,844

* Weighted Average Maturity (Years)2.74

## Graphical Representation of Holdings
The table below reflects the investment diversification of the Fund shown as a percentage of total net assets of the Fund.

### SECURITY DIVERSIFICATION

---

| | |
|:---|:---|
| **U.S. Government & Agency Obligations** | **64.1%** |
| **Mortgage-Backed Securities** | **23.3%** |
| **Corporate Bonds** | **6.0%** |
| **Asset-Backed Securities** | **4.2%** |
| **Money Market Fund<sup>Footnote Reference\*</sup>** | **2.0%** |
| **Other Assets less Liabilities** | **0.4%** |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Represents investment in an unaffiliated U.S. government money market fund.* |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769409

\| 2

![Image](g12129g75b74.jpg)

# Short-Term Bond Fund

#### HOSBX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Short-Term Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Short-Term Bond Fund | $78 | 0.76% |

---

## Management's Discussion of Fund Performance
The Fund returned 5.85% for the one-year period ended December 31, 2025, trailing its performance benchmark, the ICE BofA 1-5 Year U.S. Corporate/Government Index, which returned 6.06%.

Key contributors to the Fund's relative performance included allocations to asset-backed securities, financials, and collateralized mortgage obligations. In a short-duration environment, income from coupon payments was a critical driver of returns, and the Fund's overweight positioning in these higher-income-generating sectors contributed positively to performance.

Detracting from performance were the Fund's underweight position in U.S. Treasuries as well as its lack of exposure to supranational securities, which lagged the Fund's benchmark exposures during the period.

The team continued its active management of duration and sector allocation relative to the performance benchmark. The portfolio maintained a neutral duration allocation, emphasizing front-end rate exposures within its short-term maturity profile. From a sector standpoint, the team reduced exposure to corporate bonds during the year, reflecting tighter credit spreads and positioning ahead of the anticipated new-issue calendar in 2026, while maintaining a focus on income generation and risk management.

## Fund Performance
The following graph compares the account values at December 31 of each of the most recent 10 years of a $10,000 initial investment in 1) the Fund, 2) a regulatory benchmark, and 3) a performance benchmark.

### Growth of $10,000
![Growth of 10K Chart](g12129g87o36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term Bond Fund** | **Regulatory Benchmark - Bloomberg U.S. Aggregate Index** | **Performance Benchmark - ICE BofA 1-5 Year Corp./Gov. Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $10050 | $10138 | $10092 |
| **2/16** | $10043 | $10210 | $10109 |
| **3/16** | $10076 | $10303 | $10161 |
| **4/16** | $10108 | $10343 | $10176 |
| **5/16** | $10121 | $10345 | $10166 |
| **6/16** | $10173 | $10531 | $10261 |
| **7/16** | $10205 | $10598 | $10270 |
| **8/16** | $10197 | $10586 | $10251 |
| **9/16** | $10211 | $10580 | $10266 |
| **10/16** | $10223 | $10499 | $10249 |
| **11/16** | $10176 | $10250 | $10155 |
| **12/16** | $10175 | $10265 | $10161 |
| **1/17** | $10207 | $10285 | $10185 |
| **2/17** | $10240 | $10354 | $10211 |
| **3/17** | $10254 | $10349 | $10218 |
| **4/17** | $10268 | $10428 | $10254 |
| **5/17** | $10282 | $10509 | $10285 |
| **6/17** | $10297 | $10498 | $10275 |
| **7/17** | $10310 | $10543 | $10311 |
| **8/17** | $10343 | $10638 | $10347 |
| **9/17** | $10338 | $10587 | $10319 |
| **10/17** | $10332 | $10593 | $10317 |
| **11/17** | $10326 | $10580 | $10288 |
| **12/17** | $10343 | $10628 | $10291 |
| **1/18** | $10338 | $10506 | $10239 |
| **2/18** | $10333 | $10406 | $10218 |
| **3/18** | $10349 | $10473 | $10240 |
| **4/18** | $10368 | $10395 | $10214 |
| **5/18** | $10385 | $10469 | $10261 |
| **6/18** | $10404 | $10456 | $10258 |
| **7/18** | $10423 | $10459 | $10262 |
| **8/18** | $10461 | $10526 | $10308 |
| **9/18** | $10460 | $10458 | $10286 |
| **10/18** | $10478 | $10376 | $10293 |
| **11/18** | $10495 | $10438 | $10329 |
| **12/18** | $10517 | $10630 | $10435 |
| **1/19** | $10557 | $10742 | $10492 |
| **2/19** | $10576 | $10736 | $10509 |
| **3/19** | $10658 | $10942 | $10605 |
| **4/19** | $10677 | $10945 | $10631 |
| **5/19** | $10758 | $11139 | $10728 |
| **6/19** | $10817 | $11279 | $10808 |
| **7/19** | $10814 | $11304 | $10802 |
| **8/19** | $10912 | $11597 | $10925 |
| **9/19** | $10906 | $11535 | $10907 |
| **10/19** | $10940 | $11570 | $10947 |
| **11/19** | $10911 | $11564 | $10942 |
| **12/19** | $10928 | $11556 | $10966 |
| **1/20** | $11024 | $11778 | $11061 |
| **2/20** | $11120 | $11990 | $11174 |
| **3/20** | $11066 | $11920 | $11180 |
| **4/20** | $11201 | $12132 | $11280 |
| **5/20** | $11295 | $12188 | $11340 |
| **6/20** | $11381 | $12265 | $11385 |
| **7/20** | $11432 | $12448 | $11427 |
| **8/20** | $11440 | $12348 | $11434 |
| **9/20** | $11426 | $12341 | $11433 |
| **10/20** | $11433 | $12286 | $11429 |
| **11/20** | $11481 | $12406 | $11456 |
| **12/20** | $11520 | $12424 | $11475 |
| **1/21** | $11525 | $12334 | $11471 |
| **2/21** | $11487 | $12156 | $11429 |
| **3/21** | $11448 | $12005 | $11416 |
| **4/21** | $11496 | $12099 | $11443 |
| **5/21** | $11521 | $12139 | $11470 |
| **6/21** | $11506 | $12224 | $11450 |
| **7/21** | $11531 | $12361 | $11490 |
| **8/21** | $11512 | $12337 | $11485 |
| **9/21** | $11494 | $12231 | $11454 |
| **10/21** | $11433 | $12227 | $11400 |
| **11/21** | $11416 | $12263 | $11399 |
| **12/21** | $11393 | $12232 | $11376 |
| **1/22** | $11288 | $11968 | $11265 |
| **2/22** | $11231 | $11835 | $11197 |
| **3/22** | $11020 | $11506 | $10978 |
| **4/22** | $10899 | $11069 | $10870 |
| **5/22** | $10935 | $11141 | $10937 |
| **6/22** | $10838 | $10966 | $10856 |
| **7/22** | $10943 | $11234 | $10946 |
| **8/22** | $10828 | $10917 | $10816 |
| **9/22** | $10626 | $10445 | $10616 |
| **10/22** | $10604 | $10310 | $10590 |
| **11/22** | $10740 | $10689 | $10733 |
| **12/22** | $10742 | $10641 | $10745 |
| **1/23** | $10900 | $10968 | $10873 |
| **2/23** | $10790 | $10684 | $10746 |
| **3/23** | $10976 | $10956 | $10937 |
| **4/23** | $11026 | $11022 | $10992 |
| **5/23** | $10986 | $10902 | $10940 |
| **6/23** | $10924 | $10863 | $10875 |
| **7/23** | $10976 | $10856 | $10920 |
| **8/23** | $11007 | $10786 | $10947 |
| **9/23** | $10948 | $10512 | $10906 |
| **10/23** | $10957 | $10346 | $10912 |
| **11/23** | $11128 | $10815 | $11096 |
| **12/23** | $11321 | $11229 | $11271 |
| **1/24** | $11377 | $11198 | $11315 |
| **2/24** | $11319 | $11040 | $11243 |
| **3/24** | $11377 | $11142 | $11293 |
| **4/24** | $11297 | $10860 | $11213 |
| **5/24** | $11403 | $11044 | $11317 |
| **6/24** | $11464 | $11149 | $11393 |
| **7/24** | $11644 | $11409 | $11563 |
| **8/24** | $11729 | $11573 | $11682 |
| **9/24** | $11838 | $11728 | $11789 |
| **10/24** | $11733 | $11437 | $11671 |
| **11/24** | $11794 | $11558 | $11721 |
| **12/24** | $11784 | $11369 | $11712 |
| **1/25** | $11848 | $11430 | $11773 |
| **2/25** | $11959 | $11681 | $11888 |
| **3/25** | $11999 | $11685 | $11946 |
| **4/25** | $12086 | $11731 | $12053 |
| **5/25** | $12077 | $11647 | $12028 |
| **6/25** | $12165 | $11826 | $12124 |
| **7/25** | $12180 | $11795 | $12117 |
| **8/25** | $12294 | $11936 | $12245 |
| **9/25** | $12334 | $12067 | $12281 |
| **10/25** | $12373 | $12142 | $12328 |
| **11/25** | $12436 | $12217 | $12394 |
| **12/25** | $12474 | $12199 | $12422 |

---

437769300

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---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Short-Term Bond Fund** | **5.85%** | **1.60%** | **2.24%** |
| **Regulatory Benchmark - Bloomberg U.S. Aggregate Index** | **7.30%** | **(0.36%)** | **2.01%** |
| **Performance Benchmark - ICE BofA 1-5 Year Corp./Gov. Index** | **6.06%** | **1.60%** | **2.19%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025.

* Fund Net Assets$426,884,568

* Total Number of Portfolio Holdings228

* Portfolio Turnover265%

* Management Fees$2,573,876

* Weighted Average Maturity (Years)2.75

## Graphical Representation of Holdings
The table below reflects the investment diversification of the Fund shown as a percentage of total net assets of the Fund.

### SECURITY DIVERSIFICATION

---

| | |
|:---|:---|
| **Corporate Bonds** | **38.8%** |
| **U.S Government & Agency Obligations** | **34.5%** |
| **Mortgage-Backed Securities** | **13.0%** |
| **Asset-Backed Securities** | **11.2%** |
| **Foreign Government Obligations** | **0.6%** |
| **Money Market Fund<sup>Footnote Reference\*</sup>** | **1.1%** |
| **Other Assets less Liabilities** | **0.8%** |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Represents investment in an unaffiliated U.S. government money market fund.* |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769300

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![Image](g12129g75b74.jpg)

# Stock Index Fund

#### HSTIX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Stock Index Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Stock Index Fund | $48 | 0.44% |

---

Stock Index Fund operates as a feeder fund with all of its assets invested in the BlackRock S&P 500 Index Master Portfolio ("Master Portfolio"). The expense table reflects the expenses of both the feeder fund and the Master Portfolio.

## Management's Discussion of Fund Performance
The Fund returned 17.36% for the one-year period ending December 31, 2025, underperforming the U.S. equity market as represented by the Fund's benchmark, the Standard & Poor's 500 Index (S&P 500), which returned 17.88%.

United States (U.S.) equities ended the first quarter in negative territory as the U.S. administration introduced broad shifts in global trade policy, including reciprocal tariffs that elevated economic uncertainty and pushed the S&P 500 briefly into correction territory. U.S. equities rebounded in the second quarter and finished in positive territory as volatility eased following an early April 2025 spike that drove the Chicago Board Options Exchange Volatility Index (VIX) to multi year highs. U.S. equities continued to advance through the third quarter, supported by solid earnings momentum and receding market volatility. The Federal Open Market Committee maintained its data driven approach, holding rates steady in July 2025 and delivering the first rate cut of the year in September 2025, lowering the target range to 4.00%–4.25%. Equity markets posted modest gains in the fourth quarter amid elevated volatility driven by concerns about an emerging AI bubble. Fears escalated throughout the quarter with investors worrying about lofty valuations and heavy capital expenditures, weighing on sentiment before stabilizing on signs of real revenue growth.

From a Global Industry Classification Standard sector perspective, communication services (33.55%), information technology (24.04%), and industrials (19.42%) were the best performers, whereas real estate (3.46%), consumer staples (3.90%), and consumer discretionary (6.01%) were among the worst performers.

## Fund Performance
The following graph compares the account values at December 31 of each of the most recent 10 years of a $10,000 initial investment in the Fund and a broad-based securites market index.

### Growth of $10,000
![Growth of 10K Chart](g12129g28s41.jpg)

---

| | | |
|:---|:---|:---|
| | **Stock Index Fund** | **S&P 500 Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9500 | $9504 |
| **2/16** | $9487 | $9491 |
| **3/16** | $10125 | $10135 |
| **4/16** | $10158 | $10174 |
| **5/16** | $10336 | $10357 |
| **6/16** | $10355 | $10384 |
| **7/16** | $10737 | $10766 |
| **8/16** | $10743 | $10782 |
| **9/16** | $10743 | $10784 |
| **10/16** | $10540 | $10587 |
| **11/16** | $10928 | $10979 |
| **12/16** | $11133 | $11196 |
| **1/17** | $11340 | $11408 |
| **2/17** | $11787 | $11861 |
| **3/17** | $11794 | $11875 |
| **4/17** | $11907 | $11997 |
| **5/17** | $12068 | $12166 |
| **6/17** | $12141 | $12242 |
| **7/17** | $12382 | $12494 |
| **8/17** | $12415 | $12532 |
| **9/17** | $12669 | $12790 |
| **10/17** | $12956 | $13089 |
| **11/17** | $13350 | $13490 |
| **12/17** | $13489 | $13640 |
| **1/18** | $14257 | $14421 |
| **2/18** | $13725 | $13890 |
| **3/18** | $13374 | $13537 |
| **4/18** | $13415 | $13589 |
| **5/18** | $13731 | $13916 |
| **6/18** | $13811 | $14002 |
| **7/18** | $14318 | $14523 |
| **8/18** | $14779 | $14996 |
| **9/18** | $14860 | $15081 |
| **10/18** | $13831 | $14050 |
| **11/18** | $14102 | $14337 |
| **12/18** | $12821 | $13042 |
| **1/19** | $13844 | $14087 |
| **2/19** | $14284 | $14540 |
| **3/19** | $14551 | $14822 |
| **4/19** | $15135 | $15422 |
| **5/19** | $14167 | $14442 |
| **6/19** | $15160 | $15460 |
| **7/19** | $15374 | $15682 |
| **8/19** | $15119 | $15434 |
| **9/19** | $15394 | $15723 |
| **10/19** | $15718 | $16063 |
| **11/19** | $16282 | $16646 |
| **12/19** | $16766 | $17149 |
| **1/20** | $16752 | $17142 |
| **2/20** | $15364 | $15731 |
| **3/20** | $13466 | $13788 |
| **4/20** | $15189 | $15555 |
| **5/20** | $15904 | $16296 |
| **6/20** | $16208 | $16620 |
| **7/20** | $17115 | $17558 |
| **8/20** | $18338 | $18820 |
| **9/20** | $17635 | $18105 |
| **10/20** | $17157 | $17623 |
| **11/20** | $19027 | $19552 |
| **12/20** | $19750 | $20304 |
| **1/21** | $19543 | $20099 |
| **2/21** | $20077 | $20653 |
| **3/21** | $20944 | $21558 |
| **4/21** | $22053 | $22708 |
| **5/21** | $22195 | $22867 |
| **6/21** | $22708 | $23401 |
| **7/21** | $23235 | $23956 |
| **8/21** | $23934 | $24685 |
| **9/21** | $22808 | $23537 |
| **10/21** | $24397 | $25186 |
| **11/21** | $24219 | $25011 |
| **12/21** | $25298 | $26132 |
| **1/22** | $23976 | $24780 |
| **2/22** | $23249 | $24038 |
| **3/22** | $24099 | $24931 |
| **4/22** | $21992 | $22757 |
| **5/22** | $22021 | $22798 |
| **6/22** | $20200 | $20916 |
| **7/22** | $22052 | $22845 |
| **8/22** | $21141 | $21913 |
| **9/22** | $19194 | $19895 |
| **10/22** | $20740 | $21506 |
| **11/22** | $21885 | $22708 |
| **12/22** | $20618 | $21399 |
| **1/23** | $21906 | $22744 |
| **2/23** | $21365 | $22189 |
| **3/23** | $22135 | $23004 |
| **4/23** | $22476 | $23363 |
| **5/23** | $22565 | $23464 |
| **6/23** | $24044 | $25015 |
| **7/23** | $24807 | $25818 |
| **8/23** | $24407 | $25407 |
| **9/23** | $23237 | $24196 |
| **10/23** | $22733 | $23687 |
| **11/23** | $24807 | $25850 |
| **12/23** | $25921 | $27025 |
| **1/24** | $26349 | $27479 |
| **2/24** | $27746 | $28946 |
| **3/24** | $28631 | $29878 |
| **4/24** | $27445 | $28657 |
| **5/24** | $28797 | $30078 |
| **6/24** | $29817 | $31157 |
| **7/24** | $30171 | $31537 |
| **8/24** | $30885 | $32302 |
| **9/24** | $31532 | $32992 |
| **10/24** | $31231 | $32692 |
| **11/24** | $33051 | $34611 |
| **12/24** | $32244 | $33786 |
| **1/25** | $33132 | $34727 |
| **2/25** | $32684 | $34274 |
| **3/25** | $30833 | $32343 |
| **4/25** | $30621 | $32124 |
| **5/25** | $32532 | $34146 |
| **6/25** | $34176 | $35882 |
| **7/25** | $34929 | $36687 |
| **8/25** | $35621 | $37431 |
| **9/25** | $36914 | $38797 |
| **10/25** | $37751 | $39706 |
| **11/25** | $37834 | $39803 |
| **12/25** | $37841 | $39827 |

---

437769607

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---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Stock Index Fund** | **17.36%** | **13.89%** | **14.23%** |
| **S&P 500 Index** | **17.88%** | **14.42%** | **14.82%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025. Both the number of portfolio holdings and portfolio turnover represent the holdings and portfolio turnover of the Master Portfolio in which the Stock Index Fund is fully invested.

* Fund Net Assets$297,261,589

* Total Number of Portfolio Holdings507

* Portfolio Turnover14%

* Management Fees$27,398

## Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Master Portfolio, shown as a percentage of total net assets of the Master Portfolio.

### SECTOR DIVERSIFICATION

---

| | |
|:---|:---|
| **Information Technology** | **34.0%** |
| **Financials** | **13.3%** |
| **Communication Services** | **10.5%** |
| **Consumer Discretionary** | **10.3%** |
| **Health Care** | **9.5%** |
| **Industrials** | **8.1%** |
| **Consumer Staples** | **4.7%** |
| **Energy** | **2.8%** |
| **Utilities** | **2.2%** |
| **Materials** | **1.8%** |
| **Other Sectors** | **2.5%** |
| **Short-Term Securities** | **0.8%** |
| **Liabilities in Excess of Other Assets** | **(0.5%)** |
| **Total** | **100.0%** |

---

### TOP 10 HOLDINGS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | **7.7%** |
| **Apple, Inc.** | **6.8%** |
| **Microsoft Corp.** | **6.1%** |
| **Amazon.com, Inc.** | **3.8%** |
| **Alphabet, Inc., Class A** | **3.1%** |
| **Broadcom, Inc.** | **2.8%** |
| **Alphabet, Inc., Class C** | **2.5%** |
| **Meta Platforms, Inc., Class A** | **2.4%** |
| **Tesla, Inc.** | **2.1%** |
| **Berkshire Hathaway, Inc., Class B** | **1.5%** |
| **Total** | **38.8%** |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769607

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![Image](g12129g75b74.jpg)

# Value Fund

#### HOVLX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Value Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Value Fund | $65 | 0.61% |

---

## Management's Discussion of Fund Performance
The Fund returned 14.54% for the one-year period ended December 31, 2025, trailing its performance benchmark, the Russell 1000 Value Index, which returned 15.91%.

Negative stock selection was the key driver of the Fund's underperformance. Communication services was the weakest sector, largely reflecting our underweight in **Alphabet, Inc. (Class C)** — the largest holding in the benchmark — which gained on artificial intelligence (AI) momentum. Health care also weighed on results, as an unfavorable regulatory and macro backdrop pressured two of our holdings, **Merck & Co., Inc.** and **Centene Corp.**

Offsetting these headwinds, the Fund benefited from strong stock selection in information technology, led by **Lam Research Corp.** within semiconductor equipment and **Oracle Corp.** within cloud computing. Both companies advanced amid accelerating AI-related capital expenditure spending. Financials also contributed, with holdings such as **Goldman Sachs Group, Inc.** supported by a strengthening environment for mergers and acquisitions activity and a steepening yield curve.

## Fund Performance
The following graph compares the account values at December 31 of each of the most recent 10 years of a $10,000 initial investment in 1) the Fund, 2) a regulatory benchmark, and 3) a performance benchmark.

### Growth of $10,000
![Growth of 10K Chart](g12129g97t90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Value Fund** | **Regulatory Benchmark - S&P 500 Index** | **Performance Benchmark - Russell 1000 Value Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9361 | $9504 | $9483 |
| **2/16** | $9427 | $9491 | $9481 |
| **3/16** | $10058 | $10135 | $10164 |
| **4/16** | $10278 | $10174 | $10377 |
| **5/16** | $10408 | $10357 | $10539 |
| **6/16** | $10399 | $10384 | $10630 |
| **7/16** | $10729 | $10766 | $10938 |
| **8/16** | $10717 | $10782 | $11023 |
| **9/16** | $10736 | $10784 | $11000 |
| **10/16** | $10414 | $10587 | $10829 |
| **11/16** | $11004 | $10979 | $11448 |
| **12/16** | $11226 | $11196 | $11734 |
| **1/17** | $11287 | $11408 | $11818 |
| **2/17** | $11824 | $11861 | $12242 |
| **3/17** | $11739 | $11875 | $12118 |
| **4/17** | $11796 | $11997 | $12095 |
| **5/17** | $11843 | $12166 | $12083 |
| **6/17** | $11974 | $12242 | $12281 |
| **7/17** | $12048 | $12494 | $12444 |
| **8/17** | $12055 | $12532 | $12299 |
| **9/17** | $12698 | $12790 | $12663 |
| **10/17** | $13052 | $13089 | $12755 |
| **11/17** | $13458 | $13490 | $13146 |
| **12/17** | $13715 | $13640 | $13337 |
| **1/18** | $14380 | $14421 | $13853 |
| **2/18** | $13762 | $13890 | $13192 |
| **3/18** | $13394 | $13537 | $12960 |
| **4/18** | $13357 | $13589 | $13002 |
| **5/18** | $13489 | $13916 | $13080 |
| **6/18** | $13417 | $14002 | $13112 |
| **7/18** | $14218 | $14523 | $13631 |
| **8/18** | $14520 | $14996 | $13832 |
| **9/18** | $14685 | $15081 | $13860 |
| **10/18** | $13359 | $14050 | $13142 |
| **11/18** | $13950 | $14337 | $13534 |
| **12/18** | $12842 | $13042 | $12235 |
| **1/19** | $13610 | $14087 | $13187 |
| **2/19** | $14255 | $14540 | $13608 |
| **3/19** | $14384 | $14822 | $13695 |
| **4/19** | $14814 | $15422 | $14181 |
| **5/19** | $13902 | $14442 | $13269 |
| **6/19** | $14918 | $15460 | $14221 |
| **7/19** | $14997 | $15682 | $14339 |
| **8/19** | $14457 | $15434 | $13918 |
| **9/19** | $14874 | $15723 | $14414 |
| **10/19** | $15299 | $16063 | $14616 |
| **11/19** | $15861 | $16646 | $15068 |
| **12/19** | $16399 | $17149 | $15482 |
| **1/20** | $16061 | $17142 | $15149 |
| **2/20** | $14555 | $15731 | $13682 |
| **3/20** | $12476 | $13788 | $11344 |
| **4/20** | $13941 | $15555 | $12619 |
| **5/20** | $14565 | $16296 | $13051 |
| **6/20** | $14509 | $16620 | $12965 |
| **7/20** | $14881 | $17558 | $13477 |
| **8/20** | $15828 | $18820 | $14035 |
| **9/20** | $15374 | $18105 | $13690 |
| **10/20** | $15182 | $17623 | $13510 |
| **11/20** | $17171 | $19552 | $15327 |
| **12/20** | $17646 | $20304 | $15915 |
| **1/21** | $17460 | $20099 | $15769 |
| **2/21** | $18482 | $20653 | $16722 |
| **3/21** | $19423 | $21558 | $17706 |
| **4/21** | $20438 | $22708 | $18414 |
| **5/21** | $20964 | $22867 | $18844 |
| **6/21** | $20684 | $23401 | $18628 |
| **7/21** | $20944 | $23956 | $18777 |
| **8/21** | $21498 | $24685 | $19150 |
| **9/21** | $20340 | $23537 | $18483 |
| **10/21** | $21524 | $25186 | $19422 |
| **11/21** | $20944 | $25011 | $18737 |
| **12/21** | $22071 | $26132 | $19919 |
| **1/22** | $21421 | $24780 | $19455 |
| **2/22** | $21022 | $24038 | $19229 |
| **3/22** | $21384 | $24931 | $19772 |
| **4/22** | $20206 | $22757 | $18657 |
| **5/22** | $20693 | $22798 | $19020 |
| **6/22** | $18957 | $20916 | $17358 |
| **7/22** | $20226 | $22845 | $18509 |
| **8/22** | $19604 | $21913 | $17957 |
| **9/22** | $18058 | $19895 | $16383 |
| **10/22** | $20125 | $21506 | $18063 |
| **11/22** | $21613 | $22708 | $19191 |
| **12/22** | $20856 | $21399 | $18418 |
| **1/23** | $21414 | $22744 | $19372 |
| **2/23** | $20802 | $22189 | $18689 |
| **3/23** | $20603 | $23004 | $18603 |
| **4/23** | $21018 | $23363 | $18883 |
| **5/23** | $20275 | $23464 | $18155 |
| **6/23** | $21582 | $25015 | $19361 |
| **7/23** | $22430 | $25818 | $20042 |
| **8/23** | $21846 | $25407 | $19501 |
| **9/23** | $21277 | $24196 | $18748 |
| **10/23** | $20757 | $23687 | $18087 |
| **11/23** | $22334 | $25850 | $19451 |
| **12/23** | $23538 | $27025 | $20529 |
| **1/24** | $23841 | $27479 | $20550 |
| **2/24** | $25303 | $28946 | $21308 |
| **3/24** | $26442 | $29878 | $22373 |
| **4/24** | $25365 | $28657 | $21418 |
| **5/24** | $25841 | $30078 | $22097 |
| **6/24** | $25864 | $31157 | $21889 |
| **7/24** | $26429 | $31537 | $23008 |
| **8/24** | $27004 | $32302 | $23625 |
| **9/24** | $27303 | $32992 | $23953 |
| **10/24** | $27014 | $32692 | $23689 |
| **11/24** | $28511 | $34611 | $25202 |
| **12/24** | $26907 | $33786 | $23478 |
| **1/25** | $28288 | $34727 | $24565 |
| **2/25** | $28219 | $34274 | $24665 |
| **3/25** | $27223 | $32343 | $23980 |
| **4/25** | $26322 | $32124 | $23249 |
| **5/25** | $27276 | $34146 | $24065 |
| **6/25** | $28657 | $35882 | $24888 |
| **7/25** | $28673 | $36687 | $25031 |
| **8/25** | $29394 | $37431 | $25829 |
| **9/25** | $30066 | $38797 | $26215 |
| **10/25** | $29649 | $39706 | $26330 |
| **11/25** | $30245 | $39803 | $27030 |
| **12/25** | $30820 | $39827 | $27213 |

---

437769201

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---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Value Fund** | **14.54%** | **11.80%** | **11.91%** |
| **Regulatory Benchmark - S&P 500 Index** | **17.88%** | **14.42%** | **14.82%** |
| **Performance Benchmark - Russell 1000 Value Index** | **15.91%** | **11.33%** | **10.53%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025.

* Fund Net Assets$1,072,930,154

* Total Number of Portfolio Holdings53

* Portfolio Turnover14%

* Management Fees$4,812,190

## Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total

net assets of the Fund.

### SECTOR DIVERSIFICATION

---

| | |
|:---|:---|
| **Financials** | **22.3%** |
| **Industrials** | **18.1%** |
| **Health Care** | **15.9%** |
| **Communication Services** | **9.5%** |
| **Information Technology** | **8.8%** |
| **Consumer Discretionary** | **7.1%** |
| **Energy** | **4.8%** |
| **Materials** | **4.3%** |
| **Consumer Staples** | **3.6%** |
| **Real Estate** | **2.2%** |
| **Utilities** | **1.7%** |
| **Other Assets less Liabilities<sup>Footnote Reference\*</sup>** | **1.7%** |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Represents investment in an unaffiliated U.S. government money market fund.* |

---

### TOP 10 HOLDINGS

---

| | |
|:---|:---|
| **JPMorgan Chase & Co.** | **4.9%** |
| **Goldman Sachs Group, Inc.** | **4.1%** |
| **Alphabet, Inc., Class C** | **3.7%** |
| **Parker-Hannifin Corp.** | **3.4%** |
| **AbbVie, Inc.** | **3.3%** |
| **Lam Research Corp.** | **3.3%** |
| **Citigroup, Inc.** | **3.0%** |
| **Bank of America Corp.** | **2.9%** |
| **Meta Platforms, Inc., Class A** | **2.9%** |
| **Abbott Laboratories** | **2.7%** |
| **Total** | **34.2%** |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769201

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![Image](g12129g75b74.jpg)

# Growth Fund

#### HNASX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Growth Fund | $86 | 0.79% |

---

## Management's Discussion of Fund Performance
The Fund returned 17.09% for the one-year period ended December 31, 2025, trailing its benchmark, the Russell 1000 Growth Index, which returned 18.56%.

Stock selection in the health care sector detracted from relative performance. Shares of **UnitedHealth Group Inc**. traded lower in response to multiple negative developments throughout the year, including several worse-than-expected earnings releases, the company's suspension of its 2025 guidance, and an announcement that its chief executive officer would be stepping down.

The financials sector detracted due to an overweight allocation and unfavorable stock selection. Shares of **Fiserve**, Inc. fell on weaker-than-expected earnings that revealed compressing margins and slowing payment volume growth for Clover.

The consumer discretionary sector detracted from relative performance due to unfavorable stock selection. Shares of **Chipotle Mexican Grill, Inc.** sold off in the second half of the period.

In contrast, the communication services sector was the primary contributor to relative results, due to favorable stock picks.

A lack of exposure to consumer staples sector aided relative results. The segment underperformed the broader market due to several headwinds, including concerns around margin pressures and weakening consumer demand trends amid elevated economic uncertainty, global trade tensions, and supply chain disruptions.

## Fund Performance
The following graph compares the account values at December 31 of each of the most recent 10 years of a $10,000 initial investment in 1) the Fund, 2) a regulatory benchmark, and 3) a performance benchmark.

### Growth of $10,000
![Growth of 10K Chart](g12129g05t82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Growth Fund** | **Regulatory Benchmark - S&P 500 Index** | **Performance Benchmark - Russell 1000 Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9013 | $9504 | $9442 |
| **2/16** | $8900 | $9491 | $9438 |
| **3/16** | $9350 | $10135 | $10074 |
| **4/16** | $9413 | $10174 | $9982 |
| **5/16** | $9613 | $10357 | $10176 |
| **6/16** | $9349 | $10384 | $10136 |
| **7/16** | $9982 | $10766 | $10615 |
| **8/16** | $9944 | $10782 | $10562 |
| **9/16** | $10083 | $10784 | $10600 |
| **10/16** | $9994 | $10587 | $10351 |
| **11/16** | $10209 | $10979 | $10577 |
| **12/16** | $10254 | $11196 | $10708 |
| **1/17** | $10787 | $11408 | $11068 |
| **2/17** | $11181 | $11861 | $11528 |
| **3/17** | $11346 | $11875 | $11662 |
| **4/17** | $11791 | $11997 | $11928 |
| **5/17** | $12223 | $12166 | $12238 |
| **6/17** | $12265 | $12242 | $12206 |
| **7/17** | $12803 | $12494 | $12531 |
| **8/17** | $13034 | $12532 | $12760 |
| **9/17** | $13162 | $12790 | $12926 |
| **10/17** | $13803 | $13089 | $13427 |
| **11/17** | $14136 | $13490 | $13835 |
| **12/17** | $14117 | $13640 | $13943 |
| **1/18** | $15575 | $14421 | $14930 |
| **2/18** | $15357 | $13890 | $14539 |
| **3/18** | $14812 | $13537 | $14140 |
| **4/18** | $15112 | $13589 | $14189 |
| **5/18** | $15630 | $13916 | $14811 |
| **6/18** | $15813 | $14002 | $14954 |
| **7/18** | $16143 | $14523 | $15393 |
| **8/18** | $16775 | $14996 | $16235 |
| **9/18** | $16858 | $15081 | $16325 |
| **10/18** | $15539 | $14050 | $14865 |
| **11/18** | $15951 | $14337 | $15023 |
| **12/18** | $14676 | $13042 | $13732 |
| **1/19** | $16238 | $14087 | $14966 |
| **2/19** | $16663 | $14540 | $15501 |
| **3/19** | $16829 | $14822 | $15943 |
| **4/19** | $17390 | $15422 | $16663 |
| **5/19** | $16344 | $14442 | $15610 |
| **6/19** | $17337 | $15460 | $16682 |
| **7/19** | $17612 | $15682 | $17059 |
| **8/19** | $17245 | $15434 | $16928 |
| **9/19** | $17123 | $15723 | $16930 |
| **10/19** | $17536 | $16063 | $17408 |
| **11/19** | $18438 | $16646 | $18180 |
| **12/19** | $18839 | $17149 | $18729 |
| **1/20** | $19255 | $17142 | $19147 |
| **2/20** | $18071 | $15731 | $17843 |
| **3/20** | $16216 | $13788 | $16088 |
| **4/20** | $18807 | $15555 | $18468 |
| **5/20** | $20102 | $16296 | $19708 |
| **6/20** | $20937 | $16620 | $20567 |
| **7/20** | $22407 | $17558 | $22149 |
| **8/20** | $24475 | $18820 | $24434 |
| **9/20** | $23296 | $18105 | $23285 |
| **10/20** | $22860 | $17623 | $22494 |
| **11/20** | $25202 | $19552 | $24797 |
| **12/20** | $26120 | $20304 | $25938 |
| **1/21** | $25885 | $20099 | $25746 |
| **2/21** | $26522 | $20653 | $25740 |
| **3/21** | $26573 | $21558 | $26182 |
| **4/21** | $28537 | $22708 | $27963 |
| **5/21** | $28067 | $22867 | $27577 |
| **6/21** | $29508 | $23401 | $29307 |
| **7/21** | $30206 | $23956 | $30273 |
| **8/21** | $30904 | $24685 | $31404 |
| **9/21** | $29287 | $23537 | $29646 |
| **10/21** | $30990 | $25186 | $32213 |
| **11/21** | $29951 | $25011 | $32410 |
| **12/21** | $30594 | $26132 | $33096 |
| **1/22** | $27748 | $24780 | $30255 |
| **2/22** | $26554 | $24038 | $28970 |
| **3/22** | $27123 | $24931 | $30103 |
| **4/22** | $23469 | $22757 | $26468 |
| **5/22** | $22698 | $22798 | $25853 |
| **6/22** | $20987 | $20916 | $23805 |
| **7/22** | $23454 | $22845 | $26662 |
| **8/22** | $22296 | $21913 | $25420 |
| **9/22** | $20247 | $19895 | $22949 |
| **10/22** | $21348 | $21506 | $24290 |
| **11/22** | $22088 | $22708 | $25397 |
| **12/22** | $20360 | $21399 | $23453 |
| **1/23** | $22122 | $22744 | $25407 |
| **2/23** | $21652 | $22189 | $25106 |
| **3/23** | $23335 | $23004 | $26822 |
| **4/23** | $23981 | $23363 | $27086 |
| **5/23** | $25254 | $23464 | $28321 |
| **6/23** | $26761 | $25015 | $30258 |
| **7/23** | $27720 | $25818 | $31277 |
| **8/23** | $27662 | $25407 | $30996 |
| **9/23** | $26272 | $24196 | $29310 |
| **10/23** | $26311 | $23687 | $28893 |
| **11/23** | $28875 | $25850 | $32043 |
| **12/23** | $30094 | $27025 | $33462 |
| **1/24** | $31319 | $27479 | $34296 |
| **2/24** | $33368 | $28946 | $36636 |
| **3/24** | $34132 | $29878 | $37281 |
| **4/24** | $32685 | $28657 | $35700 |
| **5/24** | $34453 | $30078 | $37837 |
| **6/24** | $36646 | $31157 | $40388 |
| **7/24** | $36099 | $31537 | $39701 |
| **8/24** | $36951 | $32302 | $40528 |
| **9/24** | $37559 | $32992 | $41677 |
| **10/24** | $37559 | $32692 | $41539 |
| **11/24** | $40054 | $34611 | $44233 |
| **12/24** | $39392 | $33786 | $44623 |
| **1/25** | $40565 | $34727 | $45506 |
| **2/25** | $39477 | $34274 | $43871 |
| **3/25** | $36321 | $32343 | $40175 |
| **4/25** | $36982 | $32124 | $40887 |
| **5/25** | $40074 | $34146 | $44505 |
| **6/25** | $42589 | $35882 | $47342 |
| **7/25** | $43504 | $36687 | $49129 |
| **8/25** | $44114 | $37431 | $49679 |
| **9/25** | $45443 | $38797 | $52318 |
| **10/25** | $47316 | $39706 | $54218 |
| **11/25** | $46336 | $39803 | $53236 |
| **12/25** | $46125 | $39827 | $52906 |

---

437769706

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---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Growth Fund** | **17.09%** | **12.05%** | **16.52%** |
| **Regulatory Benchmark - S&P 500 Index** | **17.88%** | **14.42%** | **14.82%** |
| **Performance Benchmark - Russell 1000 Growth Index** | **18.56%** | **15.32%** | **18.13%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025.

* Fund Net Assets$442,785,908

* Total Number of Portfolio Holdings48

* Portfolio Turnover35%

* Management Fees$2,586,620

## Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total

net assets of the Fund.

### SECTOR DIVERSIFICATION

---

| | |
|:---|:---|
| **Information Technology** | **52.4%** |
| **Communication Services** | **12.9%** |
| **Financials** | **10.8%** |
| **Health Care** | **10.7%** |
| **Consumer Discretionary** | **9.1%** |
| **Industrials** | **3.3%** |
| **Other Assets less Liabilities<sup>Footnote Reference\*</sup>** | **0.8%** |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Represents investment in an unaffiliated U.S. government money market fund.* |

---

### TOP 10 HOLDINGS

---

| | |
|:---|:---|
| **Microsoft Corp.** | **11.8%** |
| **NVIDIA Corp.** | **10.8%** |
| **Alphabet, Inc., Class A** | **7.7%** |
| **Apple, Inc.** | **7.2%** |
| **Broadcom, Inc.** | **5.0%** |
| **Amazon.com, Inc.** | **4.5%** |
| **Meta Platforms, Inc., Class A** | **4.0%** |
| **Mastercard, Inc., Class A** | **3.3%** |
| **Visa, Inc., Class A** | **2.8%** |
| **Intuit, Inc.** | **2.7%** |
| **Total** | **59.8%** |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769706

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![Image](g12129g75b74.jpg)

# International Equity Fund

#### HISIX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| International Equity Fund | $129 | 1.16% |

---

## Management's Discussion of Fund Performance
The Fund returned 22.21% for the one-year period ending December 31, 2025, trailing its benchmark, the MSCI EAFE Index, which returned 31.22%.

Shares of lower-quality companies significantly outperformed the broad market during the period. The portfolio's overweight in stocks of high-quality companies (and underweight in the lower-quality cohort) thus hurt relative returns. By sector, poor stock selection in materials, industrials, and health care hurt relative performance. The portfolio's overweight in this health care also detracted from returns. In industrials, Swedish multinationals **Atlas Copco AB** and **Alfa Laval AB,** along with France's **Schneider Electric SE** detracted from performance, with growth that has wobbled amid uncertainty for capital investment outside of artificial intelligence (AI). Health care stocks faced headwinds from a more hostile political and regulatory environment and valuation compression for faster-growing equipment and services companies such as **Sysmex Corp.** 

Positive stock selection in information technology and our underweight in consumer discretionary boosted relative returns. Information technology performance was led by **Samsung Electronics Co., Ltd.,** whose shares surged on recovering memory chip prices and the announcement that it qualified to supply high-bandwidth memory to NVIDIA for its AI chips.

Viewed by geography, lagging holdings in Japan and Canada detracted from performance. Japan was the biggest detractors for the year due to the drag from more richly priced, higher-quality companies including **Keyence Corp.** and **Unicharm Corp.** Good stock selection in Pacific ex Japan and the portfolio's modest off-benchmark investments in Emerging Markets contributed to performance.

## Fund Performance
The following graph compares the account values at December 31 of each of the most recent 10 years of a $10,000 initial investment in the Fund and a broad-based securites market index.

### Growth of $10,000
![Growth of 10K Chart](g12129g66e78.jpg)

---

| | | |
|:---|:---|:---|
| | **International Equity Fund** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9472 | $9277 |
| **2/16** | $9332 | $9107 |
| **3/16** | $9969 | $9699 |
| **4/16** | $10140 | $9980 |
| **5/16** | $10217 | $9890 |
| **6/16** | $10311 | $9558 |
| **7/16** | $10761 | $10042 |
| **8/16** | $10714 | $10049 |
| **9/16** | $10963 | $10173 |
| **10/16** | $10621 | $9965 |
| **11/16** | $10295 | $9766 |
| **12/16** | $10485 | $10100 |
| **1/17** | $10987 | $10393 |
| **2/17** | $11097 | $10542 |
| **3/17** | $11488 | $10832 |
| **4/17** | $11802 | $11107 |
| **5/17** | $12319 | $11515 |
| **6/17** | $12228 | $11495 |
| **7/17** | $12510 | $11826 |
| **8/17** | $12495 | $11822 |
| **9/17** | $12887 | $12116 |
| **10/17** | $13138 | $12300 |
| **11/17** | $13310 | $12429 |
| **12/17** | $13433 | $12628 |
| **1/18** | $14098 | $13262 |
| **2/18** | $13513 | $12663 |
| **3/18** | $13608 | $12435 |
| **4/18** | $13718 | $12719 |
| **5/18** | $13718 | $12433 |
| **6/18** | $13544 | $12281 |
| **7/18** | $14003 | $12584 |
| **8/18** | $13892 | $12341 |
| **9/18** | $13861 | $12448 |
| **10/18** | $12437 | $11457 |
| **11/18** | $12405 | $11442 |
| **12/18** | $11722 | $10887 |
| **1/19** | $12495 | $11602 |
| **2/19** | $12914 | $11898 |
| **3/19** | $13059 | $11973 |
| **4/19** | $13574 | $12310 |
| **5/19** | $12946 | $11719 |
| **6/19** | $13767 | $12414 |
| **7/19** | $13445 | $12256 |
| **8/19** | $13107 | $11939 |
| **9/19** | $13429 | $12281 |
| **10/19** | $13896 | $12722 |
| **11/19** | $14106 | $12866 |
| **12/19** | $14633 | $13284 |
| **1/20** | $14324 | $13006 |
| **2/20** | $13461 | $11831 |
| **3/20** | $11947 | $10252 |
| **4/20** | $12712 | $10914 |
| **5/20** | $13640 | $11389 |
| **6/20** | $14391 | $11777 |
| **7/20** | $15157 | $12051 |
| **8/20** | $15580 | $12671 |
| **9/20** | $15531 | $12342 |
| **10/20** | $14765 | $11849 |
| **11/20** | $16705 | $13686 |
| **12/20** | $17756 | $14322 |
| **1/21** | $17477 | $14169 |
| **2/21** | $17723 | $14487 |
| **3/21** | $17821 | $14820 |
| **4/21** | $18329 | $15266 |
| **5/21** | $18869 | $15764 |
| **6/21** | $18845 | $15587 |
| **7/21** | $19369 | $15704 |
| **8/21** | $19713 | $15981 |
| **9/21** | $18730 | $15517 |
| **10/21** | $19582 | $15899 |
| **11/21** | $18845 | $15159 |
| **12/21** | $19725 | $15935 |
| **1/22** | $18407 | $15165 |
| **2/22** | $17636 | $14897 |
| **3/22** | $17859 | $14993 |
| **4/22** | $16438 | $14023 |
| **5/22** | $16420 | $14128 |
| **6/22** | $15030 | $12817 |
| **7/22** | $16016 | $13456 |
| **8/22** | $14874 | $12817 |
| **9/22** | $13750 | $11618 |
| **10/22** | $14252 | $12242 |
| **11/22** | $16448 | $13621 |
| **12/22** | $15951 | $13632 |
| **1/23** | $17338 | $14736 |
| **2/23** | $16780 | $14429 |
| **3/23** | $17302 | $14786 |
| **4/23** | $17698 | $15204 |
| **5/23** | $17014 | $14560 |
| **6/23** | $17708 | $15223 |
| **7/23** | $18052 | $15715 |
| **8/23** | $17018 | $15113 |
| **9/23** | $16365 | $14597 |
| **10/23** | $15857 | $14005 |
| **11/23** | $17490 | $15305 |
| **12/23** | $18475 | $16118 |
| **1/24** | $17826 | $16211 |
| **2/24** | $18379 | $16508 |
| **3/24** | $18703 | $17051 |
| **4/24** | $18074 | $16614 |
| **5/24** | $18989 | $17258 |
| **6/24** | $18633 | $16979 |
| **7/24** | $19228 | $17477 |
| **8/24** | $20111 | $18046 |
| **9/24** | $20437 | $18212 |
| **10/24** | $19305 | $17222 |
| **11/24** | $19151 | $17124 |
| **12/24** | $18662 | $16735 |
| **1/25** | $19367 | $17614 |
| **2/25** | $20032 | $17956 |
| **3/25** | $19935 | $17883 |
| **4/25** | $20542 | $18702 |
| **5/25** | $21090 | $19558 |
| **6/25** | $21366 | $19989 |
| **7/25** | $20875 | $19708 |
| **8/25** | $21405 | $20549 |
| **9/25** | $21916 | $20942 |
| **10/25** | $22034 | $21188 |
| **11/25** | $22309 | $21320 |
| **12/25** | $22807 | $21959 |

---

437769805

\| 1

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **International Equity Fund** | **22.21%** | **5.13%** | **8.59%** |
| **MSCI EAFE Index** | **31.22%** | **8.92%** | **8.18%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025.

* Fund Net Assets$101,077,125

* Total Number of Portfolio Holdings51

* Portfolio Turnover27%

* Management Fees$711,949

## Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total

net assets of the Fund.

### COUNTRY DIVERSIFICATION

---

| | |
|:---|:---|
| **Japan** | **17.4%** |
| **Britain** | **13.4%** |
| **Sweden** | **9.4%** |
| **France** | **8.1%** |
| **Switzerland** | **7.0%** |
| **Canada** | **5.7%** |
| **Netherlands** | **5.5%** |
| **Singapore** | **5.0%** |
| **Hong Kong** | **4.9%** |
| **Other Countries** | **20.8%** |
| **Other Assets less Liabilities<sup>Footnote Reference\*</sup>** | **2.8%** |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Represents investment in an unaffiliated U.S. government money market fund.* |

---

### TOP 10 HOLDINGS

---

| | |
|:---|:---|
| **DBS Group Holdings Ltd.** | **4.0%** |
| **ASML Holding NV** | **3.9%** |
| **AIA Group Ltd.** | **3.7%** |
| **Shell PLC** | **3.7%** |
| **Allianz SE, Registered Shares** | **3.5%** |
| **Taiwan Semiconductor Manufacturing Co. Ltd. ADR** | **3.5%** |
| **Banco Bilbao Vizcaya Argentaria SA** | **3.1%** |
| **Chugai Pharmaceutical Co. Ltd.** | **3.0%** |
| **Roche Holding AG** | **2.9%** |
| **Sony Group Corp.** | **2.9%** |
| **Total** | **34.2%** |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769805

\| 2

![Image](g12129g75b74.jpg)

# Small-Company Stock Fund

#### HSCSX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Small-Company Stock Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

## What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Company Stock Fund | $109 | 1.09% |

---

## Management's Discussion of Fund Performance
The Fund returned 0.56% for the one-year period ended December 31, 2025, trailing its performance benchmark, the Russell 2000 Index, which returned 12.81%.

Negative stock selection was the key driver of the Fund's underperformance, particularly within the healthcare sector. The overweight to value-oriented companies like **Integer Holdings Corp., Lantheus Holdings, Inc.,** and **Enovis Corp.** negatively impacted performance. An underweight to the higher growth biotechnology segment also led to underperformance within the sector. Additional detractors included **Descartes Systems Group, Inc.** and **Avient Corp.**

Sector allocation overall was a positive contributor to Fund performance, with an overweight in industrials, one of the year's top-performing sectors, offsetting an overweight position in the energy sector early in the year which detracted from performance. The top performers were **Advanced Energy Industrials, Inc.** and **Comfort Systems USA, Inc.,** both of which benefited from artificial intelligence momentum.

## Fund Performance
The following graph compares the account values at December 31 of each of the most recent 10 years of a $10,000 initial investment in 1) the Fund, 2) a regulatory benchmark, and 3) a performance benchmark.

### Growth of $10,000
![Growth of 10K Chart](g12129g62l52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Small-Company Stock Fund** | **Regulatory Benchmark - S&P 500 Index** | **Performance Benchmark - Russell 2000 Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9399 | $9504 | $9121 |
| **2/16** | $9368 | $9491 | $9120 |
| **3/16** | $10042 | $10135 | $9848 |
| **4/16** | $10262 | $10174 | $10003 |
| **5/16** | $10384 | $10357 | $10228 |
| **6/16** | $10327 | $10384 | $10222 |
| **7/16** | $10717 | $10766 | $10832 |
| **8/16** | $10480 | $10782 | $11023 |
| **9/16** | $10384 | $10784 | $11146 |
| **10/16** | $10144 | $10587 | $10616 |
| **11/16** | $11312 | $10979 | $11800 |
| **12/16** | $11885 | $11196 | $12131 |
| **1/17** | $11810 | $11408 | $12179 |
| **2/17** | $11945 | $11861 | $12414 |
| **3/17** | $11830 | $11875 | $12430 |
| **4/17** | $12223 | $11997 | $12566 |
| **5/17** | $11813 | $12166 | $12311 |
| **6/17** | $12032 | $12242 | $12736 |
| **7/17** | $11983 | $12494 | $12831 |
| **8/17** | $11801 | $12532 | $12668 |
| **9/17** | $12731 | $12790 | $13458 |
| **10/17** | $12876 | $13089 | $13573 |
| **11/17** | $13396 | $13490 | $13964 |
| **12/17** | $13310 | $13640 | $13908 |
| **1/18** | $13609 | $14421 | $14271 |
| **2/18** | $12858 | $13890 | $13718 |
| **3/18** | $12999 | $13537 | $13896 |
| **4/18** | $12818 | $13589 | $14016 |
| **5/18** | $13006 | $13916 | $14867 |
| **6/18** | $13080 | $14002 | $14973 |
| **7/18** | $13156 | $14523 | $15234 |
| **8/18** | $13403 | $14996 | $15891 |
| **9/18** | $13010 | $15081 | $15509 |
| **10/18** | $11390 | $14050 | $13824 |
| **11/18** | $11363 | $14337 | $14044 |
| **12/18** | $9826 | $13042 | $12376 |
| **1/19** | $10914 | $14087 | $13768 |
| **2/19** | $11467 | $14540 | $14484 |
| **3/19** | $11075 | $14822 | $14181 |
| **4/19** | $11671 | $15422 | $14662 |
| **5/19** | $10814 | $14442 | $13522 |
| **6/19** | $11796 | $15460 | $14478 |
| **7/19** | $11604 | $15682 | $14561 |
| **8/19** | $10950 | $15434 | $13842 |
| **9/19** | $11307 | $15723 | $14130 |
| **10/19** | $11477 | $16063 | $14502 |
| **11/19** | $11830 | $16646 | $15099 |
| **12/19** | $12003 | $17149 | $15535 |
| **1/20** | $11784 | $17142 | $15037 |
| **2/20** | $11061 | $15731 | $13771 |
| **3/20** | $9196 | $13788 | $10779 |
| **4/20** | $10188 | $15555 | $12259 |
| **5/20** | $10979 | $16296 | $13057 |
| **6/20** | $11075 | $16620 | $13519 |
| **7/20** | $11766 | $17558 | $13893 |
| **8/20** | $12424 | $18820 | $14676 |
| **9/20** | $11993 | $18105 | $14185 |
| **10/20** | $11946 | $17623 | $14482 |
| **11/20** | $13569 | $19552 | $17152 |
| **12/20** | $14654 | $20304 | $18636 |
| **1/21** | $14943 | $20099 | $19573 |
| **2/21** | $15987 | $20653 | $20793 |
| **3/21** | $16550 | $21558 | $21002 |
| **4/21** | $17268 | $22708 | $21443 |
| **5/21** | $17336 | $22867 | $21487 |
| **6/21** | $17440 | $23401 | $21904 |
| **7/21** | $17286 | $23956 | $21113 |
| **8/21** | $17392 | $24685 | $21585 |
| **9/21** | $16672 | $23537 | $20949 |
| **10/21** | $17466 | $25186 | $21840 |
| **11/21** | $16836 | $25011 | $20930 |
| **12/21** | $17685 | $26132 | $21397 |
| **1/22** | $16416 | $24780 | $19337 |
| **2/22** | $16601 | $24038 | $19544 |
| **3/22** | $16490 | $24931 | $19787 |
| **4/22** | $14951 | $22757 | $17826 |
| **5/22** | $15240 | $22798 | $17853 |
| **6/22** | $14138 | $20916 | $16385 |
| **7/22** | $15621 | $22845 | $18095 |
| **8/22** | $14739 | $21913 | $17725 |
| **9/22** | $13375 | $19895 | $16026 |
| **10/22** | $15014 | $21506 | $17790 |
| **11/22** | $15703 | $22708 | $18206 |
| **12/22** | $14695 | $21399 | $17024 |
| **1/23** | $16191 | $22744 | $18684 |
| **2/23** | $16010 | $22189 | $18368 |
| **3/23** | $15420 | $23004 | $17491 |
| **4/23** | $15064 | $23363 | $17176 |
| **5/23** | $14404 | $23464 | $17017 |
| **6/23** | $16155 | $25015 | $18401 |
| **7/23** | $16873 | $25818 | $19526 |
| **8/23** | $16208 | $25407 | $18549 |
| **9/23** | $15196 | $24196 | $17457 |
| **10/23** | $14342 | $23687 | $16267 |
| **11/23** | $15307 | $25850 | $17739 |
| **12/23** | $17206 | $27025 | $19906 |
| **1/24** | $16641 | $27479 | $19132 |
| **2/24** | $17725 | $28946 | $20214 |
| **3/24** | $18479 | $29878 | $20938 |
| **4/24** | $17260 | $28657 | $19464 |
| **5/24** | $17792 | $30078 | $20440 |
| **6/24** | $17462 | $31157 | $20251 |
| **7/24** | $18890 | $31537 | $22309 |
| **8/24** | $18247 | $32302 | $21976 |
| **9/24** | $18179 | $32992 | $22129 |
| **10/24** | $18342 | $32692 | $21810 |
| **11/24** | $20136 | $34611 | $24202 |
| **12/24** | $18672 | $33786 | $22203 |
| **1/25** | $19062 | $34727 | $22785 |
| **2/25** | $17751 | $34274 | $21567 |
| **3/25** | $16425 | $32343 | $20099 |
| **4/25** | $16050 | $32124 | $19634 |
| **5/25** | $16829 | $34146 | $20683 |
| **6/25** | $17510 | $35882 | $21807 |
| **7/25** | $17828 | $36687 | $22185 |
| **8/25** | $18665 | $37431 | $23770 |
| **9/25** | $18506 | $38797 | $24510 |
| **10/25** | $18254 | $39706 | $24953 |
| **11/25** | $18788 | $39803 | $25193 |
| **12/25** | $18777 | $39827 | $25047 |

---

437769508

\| 1

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Small-Company Stock Fund** | **0.56%** | **5.08%** | **6.50%** |
| **Regulatory Benchmark - S&P 500 Index** | **17.88%** | **14.42%** | **14.82%** |
| **Performance Benchmark - Russell 2000 Index** | **12.81%** | **6.09%** | **9.62%** |

---

The returns reflected in the above table and chart represent past performance, which is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

To obtain the most recent month-end returns, please visit <u>https://www.homesteadadvisers.com/homestead-funds/performance-prices/</u> or call 800.258.3030.

## Key Fund Statistics
The following table reflects important key statistics as of December 31, 2025.

* Fund Net Assets$204,170,607

* Total Number of Portfolio Holdings57

* Portfolio Turnover37%

* Management Fees$1,794,701

## Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total

net assets of the Fund.

### SECTOR DIVERSIFICATION

---

| | |
|:---|:---|
| **Industrials** | **27.1%** |
| **Financials** | **19.1%** |
| **Health Care** | **16.9%** |
| **Information Technology** | **14.0%** |
| **Consumer Discretionary** | **12.0%** |
| **Materials** | **2.8%** |
| **Energy** | **2.7%** |
| **Real Estate** | **2.5%** |
| **Communication Services** | **0.4%** |
| **Other Assets less Liabilities<sup>Footnote Reference\*</sup>** | **2.5%** |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Represents investment in an unaffiliated U.S. government money market fund.* |

---

### TOP 10 HOLDINGS

---

| | |
|:---|:---|
| **Gildan Activewear, Inc.** | **3.6%** |
| **Applied Industrial Technologies, Inc.** | **3.4%** |
| **Advanced Energy Industries, Inc.** | **3.4%** |
| **Globus Medical, Inc., Class A** | **3.3%** |
| **Federal Signal Corp.** | **3.1%** |
| **Kinsale Capital Group, Inc.** | **3.1%** |
| **Descartes Systems Group, Inc.** | **3.0%** |
| **Plexus Corp.** | **2.9%** |
| **Esab Corp.** | **2.7%** |
| **FB Financial Corp.** | **2.7%** |
| **Total** | **31.2%** |

---

#### Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at <u>https://www.homesteadadvisers.com/fund-literature/</u>. You can also request this information free of charge by contacting us at 800.258.3030.

437769508

\| 2

------

(b) Not Applicable.

#### Item 2. Code of Ethics.
The Registrant has adopted a Senior Officer Code of Ethics, as defined in Item 2 of Form N-CSR, which applies to its principal executive officer, principal financial officer, principal accounting or controller, or persons performing similar functions. The Senior Officer Code of Ethics is available on the Registrant's website at www.homesteadadvisers.com or without charge, upon request, by calling 1-800-258-3030. During the period covered by this report, no substantive amendments were approved or waivers were granted to the Senior Officer Code of Ethics.

#### Item 3. Audit Committee Financial Expert.
The Registrant's board of directors has determined that Julie H. Dellinger, member of the Registrant's audit committee, qualifies as an audit committee financial expert, as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Ms. Dellinger is "independent" as such term is defined in paragraph (a)(2) of ltem 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) <u>Audit Fees.</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fiscal Year 2024 | $337240 |
| &nbsp;&nbsp;&nbsp;Fiscal Year 2025 | $349384 |

---

(b) <u>Audit-Related Fees.</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fiscal Year 2024 | $0 |
| &nbsp;&nbsp;&nbsp;Fiscal Year 2025 | $0 |

---

(c) <u>Tax Fees.</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fiscal Year 2024 | $0 |
| &nbsp;&nbsp;&nbsp;Fiscal Year 2025 | $0 |

---

(d) <u>All Other Fees.</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fiscal Year 2024 | $0 |
| &nbsp;&nbsp;&nbsp;Fiscal Year 2025 | $0 |

---

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures.</u>

The Registrant's audit committee is directly responsible for approving the services to be provided by the principal accountant.

------

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of Services.</u>  |

---

None of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2- 01 of Regulation S-X.

(f) Not applicable.

(g) <u>Total Fees Paid By Adviser and Certain Affiliates.</u> 

The National Rural Electric Cooperative Association paid the Funds' principal accountant $0 and $0 in 2025 and 2024, respectively, for consulting services. The National Rural Electric Cooperative Association is the parent company, hence a controlling entity of Homestead Advisers Corp., the investment adviser that provided ongoing services to the Registrant for each of its last two fiscal years.

(h) The Registrant's Audit Committee considered the provision of non-audit services, which were not approved by the Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, that the principal accountant rendered to the National Rural Electric Cooperative Association, a controlling entity of Homestead Advisers Corp., the investment adviser that provided ongoing services to the Registrant for each of its last two fiscal years. The Audit Committee determined that these services were compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7(a) of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant's Financial Statements are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

------

![](g12129imgcff559f51.gif)

**Financial Statements and** 

**Other Information**

December 31, 2025

**Our Funds**

Daily Income Fund (HDIXX)

Short-Term Government Securities Fund (HOSGX)

Short-Term Bond Fund (HOSBX)

Intermediate Bond Fund (HOIBX)

Stock Index Fund (HSTIX)

Value Fund (HOVLX)

Growth Fund (HNASX)

International Equity Fund (HISIX)

Small-Company Stock Fund (HSCSX)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Report of Independent Registered](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_AL-Continued-1069_1) <br>[Public Accounting Firm](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_AL-Continued-1069_1)<br>| 1 |
| **[Portfolio of Investments](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_1)** |  |
| [Daily Income Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_1) | 2 |
| [Short-Term Government Securities Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_4) | 5 |
| [Short-Term Bond Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_8) | 9 |
| [Intermediate Bond Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_15) | 16 |
| [Stock Index Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_22) | 23 |
| [Value Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_23) | 24 |
| [Growth Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_25) | 26 |
| [International Equity Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_27) | 28 |
| [Small-Company Stock Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOI-Continued_29) | 30 |
| [Statements of Assets and Liabilities](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SAL-Continued_1) | 32 |
| [Statements of Operations](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOP-Continued_1) | 34 |
| [Statements of Changes in Net Assets](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_SOC-Continued_1) | 36 |
| **[Financial Highlights](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_1)** |  |
| [Daily Income Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_1) | 41 |
| [Short-Term Government Securities Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_2) | 42 |
| [Short-Term Bond Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_3) | 43 |
| [Intermediate Bond Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_4) | 44 |
| [Stock Index Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_5) | 45 |
| [Value Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_6) | 46 |
| [Growth Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_7) | 47 |
| [International Equity Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_8) | 48 |
| [Small-Company Stock Fund](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_FIHI-Continued_9) | 49 |

---

---

| | |
|:---|:---|
| [Notes to Financial Statements](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_NTF-Continued-1069_1) | 50 |
| [Other Tax Information](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_OTI-Continued-1069_1) | 62 |
| [Changes In and Disagreements with Accountants](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_CID-Continued-1069_1) | 63 |
| [Proxy Disclosures](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_PD-Continued-1068_1) | 64 |
| [Renumeration Paid to Directors, Officers, and](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_RPD-Continued-1069_1)<br> [Others](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_RPD-Continued-1069_1)<br>| 65 |
| [Basis for the Board's Approval of Investment](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_BBA-Continued-1069_1)<br> [Advisory Contract](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_BBA-Continued-1069_1)<br>| 66 |
| [Appendix — S&P 500 Index Master Portfolio](#xx_9b979d34-ee70-434e-9ea7-0673e4a8785c_APP-Continued-1069_1) | 72 |

---

------

**Past performance does not guarantee future results.**

Investors are advised to consider fund objectives, risks, charges and expenses before investing. The prospectus contains this and other information and should be read carefully before you invest. To obtain a prospectus, call 800.258.3030 or download a PDF at homesteadadvisers.com.

------

**Report of Independent Registered Public Accounting Firm**

------

To the Board of Directors of Homestead Funds, Inc. and the Board of Trustees of Homestead Funds Trust and Shareholders of Daily Income Fund, Short-Term Government Securities Fund, Short-Term Bond Fund, Stock Index Fund, Value Fund, Growth Fund, International Equity Fund, Small-Company Stock Fund, and Intermediate Bond Fund.

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting Homestead Funds, Inc, and Homestead Funds Trust respectively) (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025, and the financial highlights for each of the five years in the period ended December 31, 2025 in

conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| **Fund** |
| Daily Income Fund |
| Short-Term Government Securities Fund |
| Short-Term Bond Fund |
| Stock Index Fund |
| Value Fund |
| Growth Fund |
| International Equity Fund |
| Small-Company Stock Fund |
| Intermediate Bond Fund |

---

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, accounting agent and brokers. We believe that our audits provide a reasonable basis for

our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 25, 2026

We have served as the auditor of one or more investment companies in the Homestead Funds group of investment companies since 2001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1

------

**Portfolio of Investments**

**Daily Income Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 43.9%** | **U.S. Government & Agency Obligations \| 43.9%** | **U.S. Government & Agency Obligations \| 43.9%** | **U.S. Government & Agency Obligations \| 43.9%** | **U.S. Government & Agency Obligations \| 43.9%** |
|  | **Interest Rate /** <br>**Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Federal Farm Credit Banks Funding Corp. (a) | 3.86<br> %<br>| &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.80 | &nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.80 | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.80 | &nbsp;&nbsp; 05/21/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.81 | &nbsp;&nbsp; 06/03/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.80 | &nbsp;&nbsp; 08/07/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.85 | &nbsp;&nbsp; 08/26/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.85 | &nbsp;&nbsp; 09/09/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.85 | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.85 | &nbsp;&nbsp; 12/02/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.78 | &nbsp;&nbsp; 12/07/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.85 | &nbsp;&nbsp; 12/09/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.85 | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.84 | &nbsp;&nbsp; 01/27/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.84 | &nbsp;&nbsp; 02/03/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.83 | &nbsp;&nbsp; 02/10/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.79 | &nbsp;&nbsp; 03/11/27 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.78 | &nbsp;&nbsp; 03/24/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.82 | &nbsp;&nbsp; 05/13/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.82 | &nbsp;&nbsp; 05/14/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.84 | &nbsp;&nbsp; 09/02/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.84 | &nbsp;&nbsp; 09/22/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.80 | &nbsp;&nbsp; 09/28/27 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.85 | &nbsp;&nbsp; 10/01/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.79 | &nbsp;&nbsp; 10/08/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.84 | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.79 | &nbsp;&nbsp; 11/23/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp. (a) | 3.81 | &nbsp;&nbsp; 12/01/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp., Series 1 (a) | 3.69 | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp., Series 1 (a) | 3.81 | &nbsp;&nbsp; 05/27/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Banks Funding Corp., Series 1 (a) | 3.84 | &nbsp;&nbsp; 09/10/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Bank Discount Notes (b) | 0.00 | &nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996160 |
| Federal Home Loan Banks (a) | 3.84 | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Banks (a) | 3.73 | &nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Federal Home Loan Banks (a) | 3.85 | &nbsp;&nbsp; 09/24/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Home Loan Banks (a) | 3.82 | &nbsp;&nbsp; 07/16/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Home Loan Banks (a) | 3.83 | &nbsp;&nbsp; 07/29/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Home Loan Mortgage Corp. (a) | 3.81 | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Federal Home Loan Mortgage Corp. (a) | 3.85 | &nbsp;&nbsp; 09/04/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Mortgage Corp. (a) | 3.85 | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Mortgage Corp. (a) | 3.84 | &nbsp;&nbsp; 04/23/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Home Loan Mortgage Corp. (a) | 3.85 | &nbsp;&nbsp; 10/14/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Federal National Mortgage Association (a) | 3.81 | &nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal National Mortgage Association (a) | 3.85 | &nbsp;&nbsp; 08/21/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Federal National Mortgage Association (a) | 3.85 | &nbsp;&nbsp; 09/11/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal National Mortgage Association (a) | 3.85 | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Federal National Mortgage Association (a) | 3.85 | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Federal National Mortgage Association (a) | 3.97 | &nbsp;&nbsp; 11/05/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002503 |
| Federal National Mortgage Association (a) | 3.79 | &nbsp;&nbsp; 12/22/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| U.S. Treasury Bills | 3.94 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; 758000 | &nbsp;&nbsp; 757433 |
| U.S. Treasury Bills | 3.97 | &nbsp;&nbsp; 01/13/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1498069 |
| U.S. Treasury Bills | 3.91 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997252 |
| U.S. Treasury Bills | 3.69 | &nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1994361 |

---

The accompanying notes are an integral part of these financial statements.

2 Portfolio of Investments

------

**Portfolio of Investments \| Daily Income Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 43.9% (Continued)** | **U.S. Government & Agency Obligations \| 43.9% (Continued)** | **U.S. Government & Agency Obligations \| 43.9% (Continued)** | **U.S. Government & Agency Obligations \| 43.9% (Continued)** | **U.S. Government & Agency Obligations \| 43.9% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| U.S. Treasury Bills | 2.80<br> %<br>| &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; $4000000 | &nbsp;&nbsp; $3986424 |
| U.S. Treasury Bills | 4.24 | &nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1494196 |
| U.S. Treasury Bills | 4.11 | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3981473 |
| U.S. Treasury Bills | 2.49 | &nbsp;&nbsp; 02/19/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1989567 |
| U.S. Treasury Bills | 4.05 | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1987829 |
| U.S. Treasury Bills | 3.30 | &nbsp;&nbsp; 03/05/26 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2980006 |
| U.S. Treasury Bills | 4.17 | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 495781 |
| U.S. Treasury Bills | 3.83 | &nbsp;&nbsp; 03/26/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1982719 |
| U.S. Treasury Bills | 3.82 | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1981617 |
| U.S. Treasury Bills | 3.74 | &nbsp;&nbsp; 04/07/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1980547 |
| U.S. Treasury Bills | 3.70 | &nbsp;&nbsp; 04/14/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1979343 |
| U.S. Treasury Bills | 4.15 | &nbsp;&nbsp; 04/16/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 494254 |
| U.S. Treasury Bills | 3.65 | &nbsp;&nbsp; 04/28/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 988441 |
| U.S. Treasury Bills | 3.69 | &nbsp;&nbsp; 06/04/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984701 |
| U.S. Treasury Bills | 3.10 | &nbsp;&nbsp; 06/11/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1966567 |
| U.S. Treasury Bills | 4.14 | &nbsp;&nbsp; 07/09/26 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2937971 |
| U.S. Treasury Bills | 3.94 | &nbsp;&nbsp; 08/06/26 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2198954 |
| U.S. Treasury Floating Rate Notes (a) | 3.76 | &nbsp;&nbsp; 04/30/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000185 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1484514 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 06/15/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000409 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2505374 |
| U.S. Treasury Notes | 4.50 | &nbsp;&nbsp; 07/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501546 |
| U.S. Treasury Notes | 4.38 | &nbsp;&nbsp; 07/31/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002931 |
| **Total U.S. Government & Agency Obligations** <br>**(Cost $95,151,127)**<br>|  |  |  | &nbsp;&nbsp; **95151127** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Money Market Fund \| 0.5%** | **Money Market Fund \| 0.5%** | **Money Market Fund \| 0.5%** | **Money Market Fund \| 0.5%** |
|  |  | **Shares** |  |
| State Street Institutional U.S. Government Money Market Fund, <br> Premier Class (c)<br>| 3.74 | &nbsp;&nbsp; 1112887 | &nbsp;&nbsp; 1112887 |
| **Total Money Market Fund** <br>**(Cost $1,112,887)**<br>|  |  | &nbsp;&nbsp; **1112887** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Repurchase Agreements \| 55.4%** | **Repurchase Agreements \| 55.4%** | **Repurchase Agreements \| 55.4%** | **Repurchase Agreements \| 55.4%** |
|  |  |  | **Face Amount** |
| Banco Santander SA, dated 12/31/2025, repurchase value <br> $20,014,700, (collateralized by agency collateralized mortgage <br> obligation, agency debentures and agency strips, agency <br> mortgage-backed securities and U.S. Treasury obligation at <br> $20,404,296, 1.25%-7.00%, 09/30/2028-03/15/2067)<br>| 3.78 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 20000000 |
| BNP Paribas Fortis SA, dated 12/31/2025, repurchase value <br> $20,010,500, (collateralized by agency collateralized mortgage <br> obligation, agency debentures and agency strips and agency <br> mortgage-backed securities at $20,404,284, 1.50%-7.50%, <br> 04/01/2029-12/25/2055)<br>| 3.78 | &nbsp;&nbsp; 01/05/26 | &nbsp;&nbsp; 20000000 |
| Credit Agricole Corporate & Investment Bank SA, dated 12/31/2025, <br> repurchase value $20,014,581, (collateralized by agency <br> mortgage-backed securities at $20,404,251, 4.28%-4.29%, <br> 10/01/2032-11/01/2032)<br>| 3.75 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 20000000 |
| ING Financial Market LLC, dated 12/26/2025, repurchase value <br> $20,014,623, (collateralized by U.S. Treasury obligation at <br> $20,400,005, 0.00%-5.00%, 01/08/2026-02/15/2055)<br>| 3.76 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 20000000 |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 3

------

**Portfolio of Investments \| Daily Income Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Agreements \| 55.4% (Continued)** | **Repurchase Agreements \| 55.4% (Continued)** | **Repurchase Agreements \| 55.4% (Continued)** | **Repurchase Agreements \| 55.4% (Continued)** | **Repurchase Agreements \| 55.4% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| RBC Dominion Securities, Inc., dated 08/28/2025, repurchase value <br> $2,070,950, (collateralized by U.S. Treasury obligation at <br> $2,067,899, 0.13%-4.63%, 07/15/2027-05/15/2052)<br>| 3.87<br> %<br>| &nbsp;&nbsp; 07/24/26 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2000000 |
| RBC Dominion Securities, Inc., dated 12/29/2025, repurchase value <br> $18,013,230, (collateralized by agency collateralized mortgage <br> obligation, agency debentures and agency strips, agency <br> mortgage-backed securities and U.S. Treasury obligation at <br> $18,367,712, 1.25%-7.00%, 09/30/2028-02/20/2065)<br>| 3.78 | &nbsp;&nbsp; 01/05/26 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 18000000 |
| Toronto-Dominion Bank, dated 12/31/2025, repurchase value <br> $20,014,700, (collateralized by agency collateralized mortgage <br> obligation at $20,414,994, 1.60%-3.51%, 10/25/2026-06/25/2029)<br>| 3.78 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| **Total Repurchase Agreements (Cost $120,000,000)** |  |  |  | &nbsp;&nbsp; **120000000** |
| **Total Investments in Securities** <br>**(Cost $216,264,014) \| 99.8%**<br>|  |  |  | &nbsp;&nbsp; **$216264014** |
| **Other Assets less Liabilities 0.2%** |  |  |  | &nbsp;&nbsp; **508777** |
| **Net Assets 100.0%** |  |  |  | &nbsp;&nbsp; **$216772791** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable coupon rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Zero coupon rate, purchased at a discount.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 7-day yield at December 31, 2025.

The accompanying notes are an integral part of these financial statements.

4 Portfolio of Investments

------

**Portfolio of Investments**

**Short-Term Government Securities Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 64.1%** | **U.S. Government & Agency Obligations \| 64.1%** | **U.S. Government & Agency Obligations \| 64.1%** | **U.S. Government & Agency Obligations \| 64.1%** | **U.S. Government & Agency Obligations \| 64.1%** |
|  | **Interest Rate /** <br>**Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Export-Import Bank of the U.S. | 2.63<br> %<br>| &nbsp;&nbsp; 04/29/26 | &nbsp;&nbsp; $20833 | &nbsp;&nbsp; $20764 |
| Export-Import Bank of the U.S. | 2.33 | &nbsp;&nbsp; 01/14/27 | &nbsp;&nbsp; 56250 | &nbsp;&nbsp; 54982 |
| Export-Import Bank of the U.S. | 2.37 | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; 149699 | &nbsp;&nbsp; 147674 |
| Federal Farm Credit Banks Funding Corp. | 2.25 | &nbsp;&nbsp; 01/14/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141463 |
| U.S. Department of Housing & Urban Development, Series 0620 | 5.77 | &nbsp;&nbsp; 08/01/26 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp; 46070 |
| U.S. International Development Finance Corp., Series AA-1 (a) | 0.00 | &nbsp;&nbsp; 01/17/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 804681 |
| U.S. International Development Finance Corp., Series 1 | 1.11 | &nbsp;&nbsp; 05/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 474024 |
| U.S. International Development Finance Corp., Series 1 | 2.36 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1002754 | &nbsp;&nbsp; 972268 |
| U.S. International Development Finance Corp., Series 3 | 1.05 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1002754 | &nbsp;&nbsp; 948558 |
| U.S. International Development Finance Corp., Series 3 | 1.24 | &nbsp;&nbsp; 08/15/31 | &nbsp;&nbsp; 932432 | &nbsp;&nbsp; 859595 |
| U.S. Treasury Floating Rate Notes (b) | 3.73 | &nbsp;&nbsp; 07/31/27 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 650375 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 03/31/27 | &nbsp;&nbsp; 5945000 | &nbsp;&nbsp; 5970777 |
| U.S. Treasury Notes | 3.38 | &nbsp;&nbsp; 11/30/27 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3742822 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 17836000 | &nbsp;&nbsp; 17816492 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 6280000 | &nbsp;&nbsp; 6253506 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 227682 |
| **Total U.S. Government & Agency Obligations** <br>**(Cost $39,229,242)**<br>|  |  |  | &nbsp;&nbsp; **39131733** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 23.3%** | **Mortgage-Backed Securities \| 23.3%** | **Mortgage-Backed Securities \| 23.3%** | **Mortgage-Backed Securities \| 23.3%** | **Mortgage-Backed Securities \| 23.3%** |
| Federal Home Loan Mortgage Corp., Series 2025-HQA1, Class A1 (b)(c) | 4.82 | &nbsp;&nbsp; 02/25/45 | &nbsp;&nbsp; 58750 | &nbsp;&nbsp; 58712 |
| Government National Mortgage Association, Pool 786428 | 4.00 | &nbsp;&nbsp; 06/20/52 | &nbsp;&nbsp; 841952 | &nbsp;&nbsp; 794131 |
| Government National Mortgage Association, Pool 786576 | 4.50 | &nbsp;&nbsp; 09/20/52 | &nbsp;&nbsp; 172099 | &nbsp;&nbsp; 168558 |
| Government National Mortgage Association, Pool 786948 | 7.00 | &nbsp;&nbsp; 09/20/53 | &nbsp;&nbsp; 77924 | &nbsp;&nbsp; 80306 |
| Government National Mortgage Association, Pool 787194 | 7.50 | &nbsp;&nbsp; 12/20/53 | &nbsp;&nbsp; 36452 | &nbsp;&nbsp; 37206 |
| Government National Mortgage Association, Pool 787238 | 7.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 85438 | &nbsp;&nbsp; 88457 |
| Government National Mortgage Association, Pool 787291 | 7.50 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 286338 | &nbsp;&nbsp; 296455 |
| Government National Mortgage Association, Pool 787343 | 7.50 | &nbsp;&nbsp; 04/20/54 | &nbsp;&nbsp; 132250 | &nbsp;&nbsp; 136923 |
| Government National Mortgage Association, Pool CK0445 | 4.00 | &nbsp;&nbsp; 02/15/52 | &nbsp;&nbsp; 265746 | &nbsp;&nbsp; 252733 |
| Government National Mortgage Association, Pool CV1215 | 7.00 | &nbsp;&nbsp; 07/20/53 | &nbsp;&nbsp; 18771 | &nbsp;&nbsp; 19334 |
| Government National Mortgage Association, Pool CW8493 | 8.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 18547 | &nbsp;&nbsp; 19576 |
| Government National Mortgage Association, Pool CW8495 | 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 24113 | &nbsp;&nbsp; 24966 |
| Government National Mortgage Association, Pool CZ5438 | 7.00 | &nbsp;&nbsp; 01/20/54 | &nbsp;&nbsp; 61715 | &nbsp;&nbsp; 63601 |
| Government National Mortgage Association, Pool MA8017 | 2.50 | &nbsp;&nbsp; 05/20/37 | &nbsp;&nbsp; 446262 | &nbsp;&nbsp; 419220 |
| Government National Mortgage Association, Pool MA8880 | 6.00 | &nbsp;&nbsp; 05/20/53 | &nbsp;&nbsp; 56333 | &nbsp;&nbsp; 57757 |
| Government National Mortgage Association, Pool MA8917 | 5.00 | &nbsp;&nbsp; 06/20/38 | &nbsp;&nbsp; 308400 | &nbsp;&nbsp; 313109 |
| Government National Mortgage Association REMICS, Series 2014-125, <br> Class B (b)<br>| 2.90 | &nbsp;&nbsp; 11/16/54 | &nbsp;&nbsp; 704546 | &nbsp;&nbsp; 656227 |
| Government National Mortgage Association REMICS, Series 2021-8, <br> Class CT<br>| 1.00 | &nbsp;&nbsp; 01/20/50 | &nbsp;&nbsp; 410224 | &nbsp;&nbsp; 322522 |
| Government National Mortgage Association REMICS, Series 2022-177, <br> Class JA<br>| 5.00 | &nbsp;&nbsp; 05/20/48 | &nbsp;&nbsp; 906443 | &nbsp;&nbsp; 909901 |
| Government National Mortgage Association REMICS, Series 2023-128, <br> Class BA<br>| 5.75 | &nbsp;&nbsp; 08/20/47 | &nbsp;&nbsp; 335004 | &nbsp;&nbsp; 337456 |
| Government National Mortgage Association REMICS, Series 2023-22, <br> Class EA<br>| 5.00 | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp; 338146 | &nbsp;&nbsp; 338082 |
| Government National Mortgage Association REMICS, Series 2023-22, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 308623 | &nbsp;&nbsp; 309430 |
| Government National Mortgage Association REMICS, Series 2023-4, <br> Class GA<br>| 5.00 | &nbsp;&nbsp; 07/20/49 | &nbsp;&nbsp; 251731 | &nbsp;&nbsp; 252536 |
| Government National Mortgage Association REMICS, Series 2023-59, <br> Class KA<br>| 5.00 | &nbsp;&nbsp; 11/20/41 | &nbsp;&nbsp; 239217 | &nbsp;&nbsp; 238946 |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 5

------

**Portfolio of Investments \| Short-Term Government Securities Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 23.3% (Continued)** | **Mortgage-Backed Securities \| 23.3% (Continued)** | **Mortgage-Backed Securities \| 23.3% (Continued)** | **Mortgage-Backed Securities \| 23.3% (Continued)** | **Mortgage-Backed Securities \| 23.3% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Government National Mortgage Association REMICS, Series 2023-84, <br> Class KA<br>| 5.50<br> %<br>| &nbsp;&nbsp; 06/20/42 | &nbsp;&nbsp; $141375 | &nbsp;&nbsp; $142161 |
| Government National Mortgage Association REMICS, Series 2024-1, <br> Class TA<br>| 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 302933 | &nbsp;&nbsp; 303982 |
| Government National Mortgage Association REMICS, Series 2024-103, <br> Class CH<br>| 4.50 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; 676199 | &nbsp;&nbsp; 670958 |
| Government National Mortgage Association REMICS, Series 2024-11, <br> Class AB<br>| 5.00 | &nbsp;&nbsp; 09/20/50 | &nbsp;&nbsp; 215343 | &nbsp;&nbsp; 215118 |
| Government National Mortgage Association REMICS, Series 2024-110, <br> Class QA<br>| 4.50 | &nbsp;&nbsp; 07/20/50 | &nbsp;&nbsp; 681360 | &nbsp;&nbsp; 680327 |
| Government National Mortgage Association REMICS, Series 2024-114, <br> Class BA<br>| 5.00 | &nbsp;&nbsp; 08/20/51 | &nbsp;&nbsp; 406130 | &nbsp;&nbsp; 408189 |
| Government National Mortgage Association REMICS, Series 2024-43, <br> Class CE<br>| 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 430696 | &nbsp;&nbsp; 431172 |
| Government National Mortgage Association REMICS, Series 2024-51, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 04/20/62 | &nbsp;&nbsp; 62932 | &nbsp;&nbsp; 62972 |
| Government National Mortgage Association REMICS, Series 2024-59, <br> Class E<br>| 5.50 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 446847 | &nbsp;&nbsp; 451356 |
| Government National Mortgage Association REMICS, Series 2024-79, <br> Class GA<br>| 4.00 | &nbsp;&nbsp; 01/20/49 | &nbsp;&nbsp; 771740 | &nbsp;&nbsp; 765590 |
| Government National Mortgage Association REMICS, Series 2025-139, <br> Class EJ<br>| 4.75 | &nbsp;&nbsp; 08/20/55 | &nbsp;&nbsp; 545740 | &nbsp;&nbsp; 544682 |
| Government National Mortgage Association REMICS, Series 2025-25, <br> Class PJ<br>| 4.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 600728 | &nbsp;&nbsp; 593058 |
| Government National Mortgage Association REMICS, Series 2025-28, <br> Class N<br>| 5.00 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 729590 | &nbsp;&nbsp; 734028 |
| Government National Mortgage Association REMICS, Series 2025-29, <br> Class CG<br>| 5.00 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 472792 | &nbsp;&nbsp; 477236 |
| Government National Mortgage Association REMICS, Series 2025-89, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 590965 | &nbsp;&nbsp; 595992 |
| Government National Mortgage Association REMICS, Series 2025-89, <br> Class QE<br>| 5.25 | &nbsp;&nbsp; 05/20/55 | &nbsp;&nbsp; 975006 | &nbsp;&nbsp; 992761 |
| **Total Mortgage-Backed Securities** <br>**(Cost $14,188,171)**<br>|  |  |  | &nbsp;&nbsp; **14265726** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 6.0%** | **Corporate Bonds \| 6.0%** | **Corporate Bonds \| 6.0%** | **Corporate Bonds \| 6.0%** | **Corporate Bonds \| 6.0%** |
| **Consumer, Cyclical \| 0.2%** | **Consumer, Cyclical \| 0.2%** | **Consumer, Cyclical \| 0.2%** | **Consumer, Cyclical \| 0.2%** | **Consumer, Cyclical \| 0.2%** |
| United Airlines Pass-Through Trust, Series 2019-2, Class AA | 2.70 | &nbsp;&nbsp; 11/01/33 | &nbsp;&nbsp; 146273 | &nbsp;&nbsp; 134246 |
| **Energy \| 1.2%** | **Energy \| 1.2%** | **Energy \| 1.2%** | **Energy \| 1.2%** | **Energy \| 1.2%** |
| Reliance Industries Ltd. (d) | 1.87 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 348421 | &nbsp;&nbsp; 348069 |
| Reliance Industries Ltd. (d) | 2.06 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 270400 | &nbsp;&nbsp; 270140 |
| Reliance Industries Ltd., Series 16-3 (d) | 2.44 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 109474 | &nbsp;&nbsp; 109391 |
| **Total Energy** |  |  |  | &nbsp;&nbsp; **727600** |
| **Financials \| 3.4%** | **Financials \| 3.4%** | **Financials \| 3.4%** | **Financials \| 3.4%** | **Financials \| 3.4%** |
| American Express Co. (b) | 5.10 | &nbsp;&nbsp; 02/16/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202323 |
| Athene Global Funding (c) | 5.58 | &nbsp;&nbsp; 01/09/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205445 |
| Capital One NA | 4.65 | &nbsp;&nbsp; 09/13/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253688 |
| CES MU2 LLC (d) | 1.99 | &nbsp;&nbsp; 05/13/27 | &nbsp;&nbsp; 509815 | &nbsp;&nbsp; 501332 |
| Goldman Sachs Group, Inc. (b) | 5.22 | &nbsp;&nbsp; 04/23/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206569 |
| HNA 2015 LLC (d) | 2.29 | &nbsp;&nbsp; 06/30/27 | &nbsp;&nbsp; 75023 | &nbsp;&nbsp; 73689 |
| HNA 2015 LLC (d) | 2.37 | &nbsp;&nbsp; 09/18/27 | &nbsp;&nbsp; 48975 | &nbsp;&nbsp; 47826 |

---

The accompanying notes are an integral part of these financial statements.

6 Portfolio of Investments

------

**Portfolio of Investments \| Short-Term Government Securities Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 6.0% (Continued)** | **Corporate Bonds \| 6.0% (Continued)** | **Corporate Bonds \| 6.0% (Continued)** | **Corporate Bonds \| 6.0% (Continued)** | **Corporate Bonds \| 6.0% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| **Financials \| 3.4% (Continued)** | **Financials \| 3.4% (Continued)** | **Financials \| 3.4% (Continued)** | **Financials \| 3.4% (Continued)** | **Financials \| 3.4% (Continued)** |
| Morgan Stanley (b) | 5.16<br> %<br>| &nbsp;&nbsp; 04/20/29 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $255627 |
| Salmon River Export LLC (d) | 2.19 | &nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp; 91098 | &nbsp;&nbsp; 90017 |
| Sandalwood LLC (d) | 2.82 | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; 21960 | &nbsp;&nbsp; 21935 |
| Wells Fargo & Co. (b) | 5.57 | &nbsp;&nbsp; 07/25/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207175 |
| **Total Financials** |  |  |  | &nbsp;&nbsp; **2065626** |
| **Utilities \| 1.2%** | **Utilities \| 1.2%** | **Utilities \| 1.2%** | **Utilities \| 1.2%** | **Utilities \| 1.2%** |
| American Water Capital Corp. | 2.80 | &nbsp;&nbsp; 05/01/30 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 189586 |
| FirstEnergy Pennsylvania Electric Co. (c) | 5.20 | &nbsp;&nbsp; 04/01/28 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153143 |
| PacifiCorp | 5.10 | &nbsp;&nbsp; 02/15/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204093 |
| Southern California Edison Co., Series B | 3.65 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197692 |
| **Total Utilities** |  |  |  | &nbsp;&nbsp; **744514** |
| **Total Corporate Bonds** <br>**(Cost $3,634,826)**<br>|  |  |  | &nbsp;&nbsp; **3671986** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 4.2%** | **Asset-Backed Securities \| 4.2%** | **Asset-Backed Securities \| 4.2%** | **Asset-Backed Securities \| 4.2%** | **Asset-Backed Securities \| 4.2%** |
| Affirm Master Trust, Series 2025-1A, Class A (c) | 4.99 | &nbsp;&nbsp; 02/15/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201990 |
| Avant Loans Funding Trust, Series 2025-REV1, Class A (c) | 5.12 | &nbsp;&nbsp; 05/15/34 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150721 |
| Chase Auto Owner Trust, Series 2024-2A, Class A3 (c) | 5.52 | &nbsp;&nbsp; 06/25/29 | &nbsp;&nbsp; 134121 | &nbsp;&nbsp; 135988 |
| Consumer Portfolio Services Auto Trust, Series 2025-A, Class B (c) | 5.02 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120775 |
| Frontier Issuer LLC, Series 2023-1, Class A2 (c) | 6.60 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 454123 |
| GLS Auto Select Receivables Trust, Series 2024-1A, Class A2 (c) | 5.24 | &nbsp;&nbsp; 03/15/30 | &nbsp;&nbsp; 92714 | &nbsp;&nbsp; 93331 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2 (c) | 4.71 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp; 114755 | &nbsp;&nbsp; 115604 |
| Gracie Point International Funding LLC, Series 2023-2A, Class A (b)(c) | 6.45 | &nbsp;&nbsp; 03/01/27 | &nbsp;&nbsp; 8371 | &nbsp;&nbsp; 8379 |
| Gracie Point International Funding LLC, Series 2025-1A, Class B (b)(c) | 6.02 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150006 |
| Progress Residential Trust, Series 2025-SFR1, Class B (c) | 3.65 | &nbsp;&nbsp; 02/17/42 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95777 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3 | 5.25 | &nbsp;&nbsp; 04/17/28 | &nbsp;&nbsp; 15858 | &nbsp;&nbsp; 15869 |
| SoFi Consumer Loan Program Trust, Series 2025-1, Class B (c) | 5.12 | &nbsp;&nbsp; 02/27/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202210 |
| Subway Funding LLC, Series 2024-1A, Class A2I (c) | 6.03 | &nbsp;&nbsp; 07/30/54 | &nbsp;&nbsp; 148500 | &nbsp;&nbsp; 150541 |
| Toyota Lease Owner Trust, Series 2025-A, Class A3 (c) | 4.75 | &nbsp;&nbsp; 02/22/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252390 |
| Tricon Residential Trust, Series 2024-SFR4, Class A (c) | 4.30 | &nbsp;&nbsp; 11/17/41 | &nbsp;&nbsp; 99217 | &nbsp;&nbsp; 98598 |
| Verizon Master Trust, Series 2025-1, Class B | 4.94 | &nbsp;&nbsp; 01/21/31 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp; 123891 |
| Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A3 | 4.63 | &nbsp;&nbsp; 07/20/29 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151859 |
| Westgate Resorts LLC, Series 2022-1A, Class B (c) | 2.29 | &nbsp;&nbsp; 08/20/36 | &nbsp;&nbsp; 28330 | &nbsp;&nbsp; 28119 |
| **Total Asset-Backed Securities** <br>**(Cost $2,505,460)**<br>|  |  |  | &nbsp;&nbsp; **2550171** |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 7

------

**Portfolio of Investments \| Short-Term Government Securities Fund \| December 31, 2025 \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Money Market Fund \| 2.0%** | **Money Market Fund \| 2.0%** | **Money Market Fund \| 2.0%** | **Money Market Fund \| 2.0%** |
|  | **Interest Rate /**<br> **Yield**<br>| **Shares** | **Value** |
| State Street Institutional U.S. Government Money Market Fund, <br> Premier Class (e)<br>| 3.74<br> %<br>| &nbsp;&nbsp; 1199358 | &nbsp;&nbsp; $1199358 |
| **Total Money Market Fund** <br>**(Cost $1,199,358)**<br>|  |  | &nbsp;&nbsp; **1199358** |
| **Total Investments in Securities** <br>**(Cost $60,757,057) \| 99.6%**<br>|  |  | &nbsp;&nbsp; **$60818974** |
| **Other Assets less Liabilities 0.4%** |  |  | &nbsp;&nbsp; **253032** |
| **Net Assets 100.0%** |  |  | &nbsp;&nbsp; **$61072006** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Zero coupon rate, purchased at a discount.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable coupon rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $2,675,852 and represents 4.4% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Guaranteed by Export-Import Bank of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 7-day yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REMICS - Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

8 Portfolio of Investments

------

**Portfolio of Investments**

**Short-Term Bond Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 38.8%** | **Corporate Bonds \| 38.8%** | **Corporate Bonds \| 38.8%** | **Corporate Bonds \| 38.8%** | **Corporate Bonds \| 38.8%** |
|  | **Interest Rate /** <br>**Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| **Basic Materials \| 0.3%** | **Basic Materials \| 0.3%** | **Basic Materials \| 0.3%** | **Basic Materials \| 0.3%** | **Basic Materials \| 0.3%** |
| Glencore Funding LLC (a) | 4.91<br> %<br>| &nbsp;&nbsp; 04/01/28 | &nbsp;&nbsp; $1325000 | &nbsp;&nbsp; $1347058 |
| **Communications \| 0.1%** | **Communications \| 0.1%** | **Communications \| 0.1%** | **Communications \| 0.1%** | **Communications \| 0.1%** |
| Comcast Corp. | 4.55 | &nbsp;&nbsp; 01/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507357 |
| **Consumer, Cyclical \| 8.4%** | **Consumer, Cyclical \| 8.4%** | **Consumer, Cyclical \| 8.4%** | **Consumer, Cyclical \| 8.4%** | **Consumer, Cyclical \| 8.4%** |
| American Airlines Pass-Through Trust, Series 2015-2, Class AA | 3.60 | &nbsp;&nbsp; 03/22/29 | &nbsp;&nbsp; 2147417 | &nbsp;&nbsp; 2126515 |
| American Airlines Pass-Through Trust, Series 2021-1, Class B | 3.95 | &nbsp;&nbsp; 01/11/32 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 704073 |
| Daimler Truck Finance North America LLC (a) | 5.13 | &nbsp;&nbsp; 09/25/27 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1127788 |
| Daimler Truck Finance North America LLC (a) | 4.95 | &nbsp;&nbsp; 01/13/28 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3145708 |
| Daimler Truck Finance North America LLC (a) | 5.13 | &nbsp;&nbsp; 09/25/29 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 913009 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (a) | 4.75 | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3018219 |
| Ford Motor Credit Co. LLC | 2.90 | &nbsp;&nbsp; 02/10/29 | &nbsp;&nbsp; 883000 | &nbsp;&nbsp; 829798 |
| General Motors Financial Co., Inc. | 5.35 | &nbsp;&nbsp; 01/07/30 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3200976 |
| Hyundai Capital America (a) | 5.30 | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 755492 |
| Hyundai Capital America (a) | 4.30 | &nbsp;&nbsp; 09/24/27 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1163293 |
| Hyundai Capital America (a) | 5.00 | &nbsp;&nbsp; 01/07/28 | &nbsp;&nbsp; 2210000 | &nbsp;&nbsp; 2243682 |
| Hyundai Capital America (a) | 5.60 | &nbsp;&nbsp; 03/30/28 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1064443 |
| Hyundai Capital America (a) | 5.35 | &nbsp;&nbsp; 03/19/29 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 478380 |
| Hyundai Capital America (a) | 5.80 | &nbsp;&nbsp; 04/01/30 | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 1425049 |
| Hyundai Capital Services, Inc. (a) | 5.13 | &nbsp;&nbsp; 02/05/27 | &nbsp;&nbsp; 2305000 | &nbsp;&nbsp; 2327613 |
| Hyundai Capital Services, Inc. (a) | 5.25 | &nbsp;&nbsp; 01/22/28 | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp; 1571901 |
| LG Energy Solution Ltd. (a) | 5.25 | &nbsp;&nbsp; 04/02/28 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1349762 |
| Magna International, Inc. | 5.05 | &nbsp;&nbsp; 03/14/29 | &nbsp;&nbsp; 2215000 | &nbsp;&nbsp; 2275610 |
| Toyota Motor Credit Corp. | 4.55 | &nbsp;&nbsp; 08/09/29 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 447145 |
| United Airlines Pass-Through Trust, Series 2019-2, Class AA | 2.70 | &nbsp;&nbsp; 11/01/33 | &nbsp;&nbsp; 2874255 | &nbsp;&nbsp; 2637933 |
| Volkswagen Group of America Finance LLC (a) | 5.30 | &nbsp;&nbsp; 03/22/27 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 941416 |
| Volkswagen Group of America Finance LLC (a) | 4.85 | &nbsp;&nbsp; 08/15/27 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 444185 |
| Volkswagen Group of America Finance LLC (a) | 5.25 | &nbsp;&nbsp; 03/22/29 | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp; 1424688 |
| **Total Consumer, Cyclical** |  |  |  | &nbsp;&nbsp; **35616678** |
| **Consumer, Non-cyclical \| 3.0%** | **Consumer, Non-cyclical \| 3.0%** | **Consumer, Non-cyclical \| 3.0%** | **Consumer, Non-cyclical \| 3.0%** | **Consumer, Non-cyclical \| 3.0%** |
| AbbVie, Inc. | 4.80 | &nbsp;&nbsp; 03/15/29 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 466161 |
| Astrazeneca Finance LLC | 4.85 | &nbsp;&nbsp; 02/26/29 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1401466 |
| Bayer U.S. Finance LLC (a) | 6.25 | &nbsp;&nbsp; 01/21/29 | &nbsp;&nbsp; 1144000 | &nbsp;&nbsp; 1202573 |
| Bimbo Bakeries USA, Inc. (a) | 6.05 | &nbsp;&nbsp; 01/15/29 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp; 726607 |
| ERAC USA Finance LLC (a) | 4.60 | &nbsp;&nbsp; 05/01/28 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp; 937104 |
| HCA, Inc. | 5.00 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 453294 |
| Pfizer Investment Enterprises Pte. Ltd. | 4.45 | &nbsp;&nbsp; 05/19/28 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp; 896734 |
| Philip Morris International, Inc. | 5.13 | &nbsp;&nbsp; 11/17/27 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 822406 |
| Philip Morris International, Inc. | 4.88 | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1080347 |
| Philip Morris International, Inc. | 1.75 | &nbsp;&nbsp; 11/01/30 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 1621455 |
| Roche Holdings, Inc. (a) | 5.34 | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 2536000 | &nbsp;&nbsp; 2635119 |
| Solventum Corp. | 5.40 | &nbsp;&nbsp; 03/01/29 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 367666 |
| **Total Consumer, Non-cyclical** |  |  |  | &nbsp;&nbsp; **12610932** |
| **Energy \| 2.5%** | **Energy \| 2.5%** | **Energy \| 2.5%** | **Energy \| 2.5%** | **Energy \| 2.5%** |
| Energy Transfer LP | 5.20 | &nbsp;&nbsp; 04/01/30 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1369932 |
| Enterprise Products Operating LLC | 4.30 | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1346452 |
| Phillips 66 Co. | 4.95 | &nbsp;&nbsp; 12/01/27 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp; 1808373 |
| Plains All American Pipeline LP/PAA Finance Corp. | 4.70 | &nbsp;&nbsp; 01/15/31 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1332471 |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 9

------

**Portfolio of Investments \| Short-Term Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| **Energy \| 2.5% (Continued)** | **Energy \| 2.5% (Continued)** | **Energy \| 2.5% (Continued)** | **Energy \| 2.5% (Continued)** | **Energy \| 2.5% (Continued)** |
| Reliance Industries Ltd. (b) | 1.87<br> %<br>| &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; $158474 | &nbsp;&nbsp; $158314 |
| Saudi Arabian Oil Co. (a) | 4.75 | &nbsp;&nbsp; 06/02/30 | &nbsp;&nbsp; 2235000 | &nbsp;&nbsp; 2264176 |
| Targa Resources Corp. | 4.90 | &nbsp;&nbsp; 09/15/30 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 448309 |
| Valero Energy Corp. | 5.15 | &nbsp;&nbsp; 02/15/30 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1126896 |
| Var Energi ASA (a) | 7.50 | &nbsp;&nbsp; 01/15/28 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp; 630087 |
| **Total Energy** |  |  |  | &nbsp;&nbsp; **10485010** |
| **Financials \| 17.4%** | **Financials \| 17.4%** | **Financials \| 17.4%** | **Financials \| 17.4%** | **Financials \| 17.4%** |
| American Express Co. (c) | 5.10 | &nbsp;&nbsp; 02/16/28 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1770327 |
| Athene Global Funding (a) | 5.58 | &nbsp;&nbsp; 01/09/29 | &nbsp;&nbsp; 2765000 | &nbsp;&nbsp; 2840275 |
| Athene Global Funding (a) | 5.38 | &nbsp;&nbsp; 01/07/30 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 838398 |
| Avolon Holdings Funding Ltd. (a) | 2.75 | &nbsp;&nbsp; 02/21/28 | &nbsp;&nbsp; 1832000 | &nbsp;&nbsp; 1774164 |
| Banco Bilbao Vizcaya Argentaria SA | 5.38 | &nbsp;&nbsp; 03/13/29 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1451148 |
| Bank of America Corp. (c) | 4.98 | &nbsp;&nbsp; 01/24/29 | &nbsp;&nbsp; 1455000 | &nbsp;&nbsp; 1482228 |
| Bank of Montreal (c) | 5.00 | &nbsp;&nbsp; 01/27/29 | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp; 1370483 |
| Bank of New Zealand (a)(c) | 5.70 | &nbsp;&nbsp; 01/28/35 | &nbsp;&nbsp; 2245000 | &nbsp;&nbsp; 2316130 |
| Barclays PLC (c) | 5.67 | &nbsp;&nbsp; 03/12/28 | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 1384219 |
| Barclays PLC (c) | 5.09 | &nbsp;&nbsp; 02/25/29 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2206329 |
| Barclays PLC (c) | 5.37 | &nbsp;&nbsp; 02/25/31 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1369479 |
| Capital One Financial Corp. (c) | 4.49 | &nbsp;&nbsp; 09/11/31 | &nbsp;&nbsp; 1765000 | &nbsp;&nbsp; 1762411 |
| Capital One NA (c) | 5.97 | &nbsp;&nbsp; 08/09/28 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1122106 |
| Capital One NA | 4.65 | &nbsp;&nbsp; 09/13/28 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1126373 |
| Citigroup, Inc. (c) | 5.17 | &nbsp;&nbsp; 02/13/30 | &nbsp;&nbsp; 4505000 | &nbsp;&nbsp; 4622811 |
| Corebridge Global Funding (a) | 4.90 | &nbsp;&nbsp; 01/07/28 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 447161 |
| Danske Bank AS (a)(c) | 5.02 | &nbsp;&nbsp; 03/04/31 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp; 1348050 |
| Fifth Third Bancorp (c) | 6.34 | &nbsp;&nbsp; 07/27/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1053122 |
| Goldman Sachs Group, Inc. (c) | 4.22 | &nbsp;&nbsp; 05/01/29 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3757802 |
| Goldman Sachs Group, Inc. (c) | 5.73 | &nbsp;&nbsp; 04/25/30 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp; 1399927 |
| Goldman Sachs Group, Inc. (c) | 5.21 | &nbsp;&nbsp; 01/28/31 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp; 913892 |
| Goldman Sachs Group, Inc. (c) | 5.22 | &nbsp;&nbsp; 04/23/31 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 821114 |
| HSBC Holdings PLC (c) | 5.24 | &nbsp;&nbsp; 05/13/31 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1112699 |
| Huntington National Bank (c) | 4.87 | &nbsp;&nbsp; 04/12/28 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 897344 |
| ING Groep NV (c) | 5.34 | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1098565 |
| JPMorgan Chase & Co. (c) | 6.09 | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 863706 |
| JPMorgan Chase & Co. (c) | 5.14 | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1131785 |
| JPMorgan Chase & Co. (c) | 5.10 | &nbsp;&nbsp; 04/22/31 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 454290 |
| M&T Bank Corp. (c) | 4.83 | &nbsp;&nbsp; 01/16/29 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 446994 |
| M&T Bank Corp. (c) | 7.41 | &nbsp;&nbsp; 10/30/29 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1952846 |
| M&T Bank Corp. (c) | 5.18 | &nbsp;&nbsp; 07/08/31 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 451715 |
| Manufacturers & Traders Trust Co. (c) | 4.76 | &nbsp;&nbsp; 07/06/28 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp; 1331984 |
| Morgan Stanley (c) | 5.16 | &nbsp;&nbsp; 04/20/29 | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp; 2392672 |
| Morgan Stanley (c) | 5.23 | &nbsp;&nbsp; 01/15/31 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 680782 |
| Nationwide Building Society (a)(c) | 2.97 | &nbsp;&nbsp; 02/16/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1481760 |
| PNC Financial Services Group, Inc. (c) | 5.58 | &nbsp;&nbsp; 06/12/29 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 482261 |
| PNC Financial Services Group, Inc. (c) | 5.22 | &nbsp;&nbsp; 01/29/31 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp; 915689 |
| Principal Life Global Funding II (a) | 4.25 | &nbsp;&nbsp; 08/18/28 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 883102 |
| Regions Financial Corp. (c) | 5.72 | &nbsp;&nbsp; 06/06/30 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; 1136354 |
| RGA Global Funding (a) | 6.00 | &nbsp;&nbsp; 11/21/28 | &nbsp;&nbsp; 1136000 | &nbsp;&nbsp; 1191339 |
| Santander Holdings USA, Inc. (c) | 5.47 | &nbsp;&nbsp; 03/20/29 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 894197 |
| Santander U.K. Group Holdings PLC (c) | 6.53 | &nbsp;&nbsp; 01/10/29 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 1049998 |
| Societe Generale SA (a)(c) | 5.52 | &nbsp;&nbsp; 01/19/28 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1169652 |

---

The accompanying notes are an integral part of these financial statements.

10 Portfolio of Investments

------

**Portfolio of Investments \| Short-Term Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** | **Corporate Bonds \| 38.8% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| **Financials \| 17.4% (Continued)** | **Financials \| 17.4% (Continued)** | **Financials \| 17.4% (Continued)** | **Financials \| 17.4% (Continued)** | **Financials \| 17.4% (Continued)** |
| Societe Generale SA (a)(c) | 5.25<br> %<br>| &nbsp;&nbsp; 05/22/29 | &nbsp;&nbsp; $445000 | &nbsp;&nbsp; $453957 |
| Societe Generale SA (a)(c) | 5.63 | &nbsp;&nbsp; 01/19/30 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 469374 |
| Standard Chartered PLC (a)(c) | 5.55 | &nbsp;&nbsp; 01/21/29 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 451475 |
| Toronto-Dominion Bank (c) | 5.15 | &nbsp;&nbsp; 09/10/34 | &nbsp;&nbsp; 2220000 | &nbsp;&nbsp; 2256517 |
| Truist Financial Corp. (c) | 5.44 | &nbsp;&nbsp; 01/24/30 | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp; 2526210 |
| Wells Fargo & Co. (c) | 4.97 | &nbsp;&nbsp; 04/23/29 | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 1095010 |
| Wells Fargo & Co. (c) | 5.57 | &nbsp;&nbsp; 07/25/29 | &nbsp;&nbsp; 5090000 | &nbsp;&nbsp; 5272613 |
| Wells Fargo & Co. (c) | 6.30 | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 491316 |
| Wells Fargo & Co. (c) | 5.24 | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 906080 |
| Wells Fargo & Co. (c) | 2.57 | &nbsp;&nbsp; 02/11/31 | &nbsp;&nbsp; 1421000 | &nbsp;&nbsp; 1327192 |
| **Total Financials** |  |  |  | &nbsp;&nbsp; **74447427** |
| **Industrials \| 1.1%** | **Industrials \| 1.1%** | **Industrials \| 1.1%** | **Industrials \| 1.1%** | **Industrials \| 1.1%** |
| Avnet, Inc. | 6.25 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 631776 |
| BNSF Railway Co. Pass-Through Trust, Series 2015-1 (a) | 3.44 | &nbsp;&nbsp; 06/16/28 | &nbsp;&nbsp; 663505 | &nbsp;&nbsp; 650874 |
| Boeing Co. | 6.26 | &nbsp;&nbsp; 05/01/27 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 230854 |
| Boeing Co. | 6.30 | &nbsp;&nbsp; 05/01/29 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 238826 |
| Federal Express Corp. Pass-Through Trust, Series 2020-1 | 1.88 | &nbsp;&nbsp; 08/20/35 | &nbsp;&nbsp; 1860165 | &nbsp;&nbsp; 1622966 |
| John Deere Capital Corp. | 4.95 | &nbsp;&nbsp; 07/14/28 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 939639 |
| Regal Rexnord Corp. | 6.05 | &nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 475853 |
| **Total Industrial** |  |  |  | &nbsp;&nbsp; **4790788** |
| **Technology \| 0.6%** | **Technology \| 0.6%** | **Technology \| 0.6%** | **Technology \| 0.6%** | **Technology \| 0.6%** |
| Micron Technology, Inc. | 5.33 | &nbsp;&nbsp; 02/06/29 | &nbsp;&nbsp; 2210000 | &nbsp;&nbsp; 2278708 |
| Oracle Corp. | 4.80 | &nbsp;&nbsp; 08/03/28 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 442190 |
| **Total Technology** |  |  |  | &nbsp;&nbsp; **2720898** |
| **Utilities \| 5.4%** | **Utilities \| 5.4%** | **Utilities \| 5.4%** | **Utilities \| 5.4%** | **Utilities \| 5.4%** |
| American Water Capital Corp. | 2.80 | &nbsp;&nbsp; 05/01/30 | &nbsp;&nbsp; 2830000 | &nbsp;&nbsp; 2682638 |
| CenterPoint Energy Houston Electric LLC | 5.20 | &nbsp;&nbsp; 10/01/28 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1910021 |
| Consumers Energy Co. | 4.60 | &nbsp;&nbsp; 05/30/29 | &nbsp;&nbsp; 456000 | &nbsp;&nbsp; 463406 |
| Electricite de France SA (a) | 5.70 | &nbsp;&nbsp; 05/23/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516655 |
| Electricite de France SA (a) | 5.65 | &nbsp;&nbsp; 04/22/29 | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 2321800 |
| Enel Finance International NV (a) | 5.13 | &nbsp;&nbsp; 06/26/29 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 456350 |
| FirstEnergy Pennsylvania Electric Co. (a) | 5.20 | &nbsp;&nbsp; 04/01/28 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1357870 |
| NextEra Energy Capital Holdings, Inc. | 4.85 | &nbsp;&nbsp; 02/04/28 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 448060 |
| OGE Energy Corp. | 5.45 | &nbsp;&nbsp; 05/15/29 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 460890 |
| Pacific Gas & Electric Co. | 4.55 | &nbsp;&nbsp; 07/01/30 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1384028 |
| PacifiCorp | 5.10 | &nbsp;&nbsp; 02/15/29 | &nbsp;&nbsp; 2305000 | &nbsp;&nbsp; 2352168 |
| PSEG Power LLC (a) | 5.20 | &nbsp;&nbsp; 05/15/30 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2326708 |
| San Diego Gas & Electric Co. | 4.95 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1434799 |
| Snam SpA (a) | 5.00 | &nbsp;&nbsp; 05/28/30 | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp; 1807877 |
| Southern California Edison Co. | 5.30 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 449266 |
| Southern California Edison Co., Series B | 3.65 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2135079 |
| Wisconsin Electric Power Co. | 5.00 | &nbsp;&nbsp; 05/15/29 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 458671 |
| **Total Utilities** |  |  |  | &nbsp;&nbsp; **22966286** |
| **Total Corporate Bonds** <br>**(Cost $161,648,122)**<br>|  |  |  | &nbsp;&nbsp; **165492434** |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 11

------

**Portfolio of Investments \| Short-Term Bond Fund \| December 31, 2025 \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 34.5%** | **U.S. Government & Agency Obligations \| 34.5%** | **U.S. Government & Agency Obligations \| 34.5%** | **U.S. Government & Agency Obligations \| 34.5%** | **U.S. Government & Agency Obligations \| 34.5%** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Federal Farm Credit Banks Funding Corp. | 2.25<br> %<br>| &nbsp;&nbsp; 01/14/30 | &nbsp;&nbsp; $1423000 | &nbsp;&nbsp; $1342015 |
| U.S. International Development Finance Corp., Series 1 | 2.36 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 423664 | &nbsp;&nbsp; 410783 |
| U.S. International Development Finance Corp., Series 3 | 1.05 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 609173 | &nbsp;&nbsp; 576249 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 03/31/27 | &nbsp;&nbsp; 6554000 | &nbsp;&nbsp; 6582418 |
| U.S. Treasury Notes | 3.38 | &nbsp;&nbsp; 11/30/27 | &nbsp;&nbsp; 40589000 | &nbsp;&nbsp; 40511310 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 72094000 | &nbsp;&nbsp; 72015147 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 23750000 | &nbsp;&nbsp; 23649805 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 2030000 | &nbsp;&nbsp; 2009542 |
| **Total U.S. Government & Agency Obligations** <br>**(Cost $147,211,791)**<br>|  |  |  | &nbsp;&nbsp; **147097269** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 13.0%** | **Mortgage-Backed Securities \| 13.0%** | **Mortgage-Backed Securities \| 13.0%** | **Mortgage-Backed Securities \| 13.0%** | **Mortgage-Backed Securities \| 13.0%** |
| Federal Home Loan Mortgage Corp., Pool 780754 (c) | 6.25 | &nbsp;&nbsp; 08/01/33 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 144 |
| Federal Home Loan Mortgage Corp., Series 2025-HQA1, <br> Class A1 (a)(c)<br>| 4.82 | &nbsp;&nbsp; 02/25/45 | &nbsp;&nbsp; 508188 | &nbsp;&nbsp; 507861 |
| Federal National Mortgage Association, Pool 813842 (c) | 6.09 | &nbsp;&nbsp; 01/01/35 | &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 1242 |
| Government National Mortgage Association, Pool 786576 | 4.50 | &nbsp;&nbsp; 09/20/52 | &nbsp;&nbsp; 843287 | &nbsp;&nbsp; 825932 |
| Government National Mortgage Association, Pool 787194 | 7.50 | &nbsp;&nbsp; 12/20/53 | &nbsp;&nbsp; 150911 | &nbsp;&nbsp; 154035 |
| Government National Mortgage Association, Pool 787238 | 7.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 194372 | &nbsp;&nbsp; 201240 |
| Government National Mortgage Association, Pool 787291 | 7.50 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 660867 | &nbsp;&nbsp; 684217 |
| Government National Mortgage Association, Pool 787343 | 7.50 | &nbsp;&nbsp; 04/20/54 | &nbsp;&nbsp; 255683 | &nbsp;&nbsp; 264717 |
| Government National Mortgage Association, Pool CK0445 | 4.00 | &nbsp;&nbsp; 02/15/52 | &nbsp;&nbsp; 1863542 | &nbsp;&nbsp; 1772287 |
| Government National Mortgage Association, Pool CV1215 | 7.00 | &nbsp;&nbsp; 07/20/53 | &nbsp;&nbsp; 128315 | &nbsp;&nbsp; 132163 |
| Government National Mortgage Association, Pool CW8493 | 8.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 46136 | &nbsp;&nbsp; 48695 |
| Government National Mortgage Association, Pool CW8494 | 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 104320 | &nbsp;&nbsp; 108012 |
| Government National Mortgage Association, Pool CW8495 | 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 57389 | &nbsp;&nbsp; 59420 |
| Government National Mortgage Association, Pool CZ5438 | 7.00 | &nbsp;&nbsp; 01/20/54 | &nbsp;&nbsp; 123477 | &nbsp;&nbsp; 127251 |
| Government National Mortgage Association, Pool MA8017 | 2.50 | &nbsp;&nbsp; 05/20/37 | &nbsp;&nbsp; 1103755 | &nbsp;&nbsp; 1036871 |
| Government National Mortgage Association, Pool MA8917 | 5.00 | &nbsp;&nbsp; 06/20/38 | &nbsp;&nbsp; 689394 | &nbsp;&nbsp; 699921 |
| Government National Mortgage Association REMICS, Series 2014-125, <br> Class B (c)<br>| 2.90 | &nbsp;&nbsp; 11/16/54 | &nbsp;&nbsp; 3405305 | &nbsp;&nbsp; 3171762 |
| Government National Mortgage Association REMICS, Series 2021-8, <br> Class CT<br>| 1.00 | &nbsp;&nbsp; 01/20/50 | &nbsp;&nbsp; 1548730 | &nbsp;&nbsp; 1217627 |
| Government National Mortgage Association REMICS, Series 2022-177, <br> Class JA<br>| 5.00 | &nbsp;&nbsp; 05/20/48 | &nbsp;&nbsp; 3732043 | &nbsp;&nbsp; 3746282 |
| Government National Mortgage Association REMICS, Series 2023-128, <br> Class BA<br>| 5.75 | &nbsp;&nbsp; 08/20/47 | &nbsp;&nbsp; 1197639 | &nbsp;&nbsp; 1206404 |
| Government National Mortgage Association REMICS, Series 2023-22, <br> Class EA<br>| 5.00 | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp; 1291324 | &nbsp;&nbsp; 1291083 |
| Government National Mortgage Association REMICS, Series 2023-22, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 763327 | &nbsp;&nbsp; 765324 |
| Government National Mortgage Association REMICS, Series 2023-4, <br> Class GA<br>| 5.00 | &nbsp;&nbsp; 07/20/49 | &nbsp;&nbsp; 460668 | &nbsp;&nbsp; 462140 |
| Government National Mortgage Association REMICS, Series 2023-59, <br> Class KA<br>| 5.00 | &nbsp;&nbsp; 11/20/41 | &nbsp;&nbsp; 743565 | &nbsp;&nbsp; 742724 |
| Government National Mortgage Association REMICS, Series 2023-84, <br> Class KA<br>| 5.50 | &nbsp;&nbsp; 06/20/42 | &nbsp;&nbsp; 942499 | &nbsp;&nbsp; 947740 |
| Government National Mortgage Association REMICS, Series 2024-1, <br> Class TA<br>| 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 2050857 | &nbsp;&nbsp; 2057958 |
| Government National Mortgage Association REMICS, Series 2024-103, <br> Class CH<br>| 4.50 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; 3263787 | &nbsp;&nbsp; 3238492 |
| Government National Mortgage Association REMICS, Series 2024-11, <br> Class AB<br>| 5.00 | &nbsp;&nbsp; 09/20/50 | &nbsp;&nbsp; 947509 | &nbsp;&nbsp; 946518 |

---

The accompanying notes are an integral part of these financial statements.

12 Portfolio of Investments

------

**Portfolio of Investments \| Short-Term Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 13.0% (Continued)** | **Mortgage-Backed Securities \| 13.0% (Continued)** | **Mortgage-Backed Securities \| 13.0% (Continued)** | **Mortgage-Backed Securities \| 13.0% (Continued)** | **Mortgage-Backed Securities \| 13.0% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Government National Mortgage Association REMICS, Series 2024-110, <br> Class QA<br>| 4.50<br> %<br>| &nbsp;&nbsp; 07/20/50 | &nbsp;&nbsp; $1694315 | &nbsp;&nbsp; $1691746 |
| Government National Mortgage Association REMICS, Series 2024-114, <br> Class BA<br>| 5.00 | &nbsp;&nbsp; 08/20/51 | &nbsp;&nbsp; 1072183 | &nbsp;&nbsp; 1077619 |
| Government National Mortgage Association REMICS, Series 2024-43, <br> Class CE<br>| 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 1076741 | &nbsp;&nbsp; 1077931 |
| Government National Mortgage Association REMICS, Series 2024-51, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 04/20/62 | &nbsp;&nbsp; 388379 | &nbsp;&nbsp; 388629 |
| Government National Mortgage Association REMICS, Series 2024-59, <br> Class E<br>| 5.50 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 3266800 | &nbsp;&nbsp; 3299762 |
| Government National Mortgage Association REMICS, Series 2024-79, <br> Class GA<br>| 4.00 | &nbsp;&nbsp; 01/20/49 | &nbsp;&nbsp; 1354403 | &nbsp;&nbsp; 1343610 |
| Government National Mortgage Association REMICS, Series 2025-139, <br> Class EJ<br>| 4.75 | &nbsp;&nbsp; 08/20/55 | &nbsp;&nbsp; 2491851 | &nbsp;&nbsp; 2487020 |
| Government National Mortgage Association REMICS, Series 2025-25, <br> Class PJ<br>| 4.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 4440885 | &nbsp;&nbsp; 4384189 |
| Government National Mortgage Association REMICS, Series 2025-28, <br> Class N<br>| 5.00 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 2896472 | &nbsp;&nbsp; 2914091 |
| Government National Mortgage Association REMICS, Series 2025-29, <br> Class CG<br>| 5.00 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 1876984 | &nbsp;&nbsp; 1894626 |
| Government National Mortgage Association REMICS, Series 2025-34, <br> Class AP<br>| 5.00 | &nbsp;&nbsp; 06/20/53 | &nbsp;&nbsp; 2090357 | &nbsp;&nbsp; 2104242 |
| Government National Mortgage Association REMICS, Series 2025-89, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 4385836 | &nbsp;&nbsp; 4423144 |
| Government National Mortgage Association REMICS, Series 2025-89, <br> Class QE<br>| 5.25 | &nbsp;&nbsp; 05/20/55 | &nbsp;&nbsp; 2081638 | &nbsp;&nbsp; 2119545 |
| **Total Mortgage-Backed Securities** <br>**(Cost $55,310,699)**<br>|  |  |  | &nbsp;&nbsp; **55624216** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 11.2%** | **Asset-Backed Securities \| 11.2%** | **Asset-Backed Securities \| 11.2%** | **Asset-Backed Securities \| 11.2%** | **Asset-Backed Securities \| 11.2%** |
| Affirm Master Trust, Series 2025-1A, Class A (a) | 4.99 | &nbsp;&nbsp; 02/15/33 | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp; 1196790 |
| Avant Loans Funding Trust, Series 2024-REV1, Class A (a) | 5.92 | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1336836 |
| Avant Loans Funding Trust, Series 2025-REV1, Class A (a) | 5.12 | &nbsp;&nbsp; 05/15/34 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1065096 |
| Capital One Prime Auto Receivables Trust, Series 2024-1, Class A3 | 4.62 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 605734 |
| Carvana Auto Receivables Trust, Series 2024-P1, Class A3 (a) | 5.05 | &nbsp;&nbsp; 04/10/29 | &nbsp;&nbsp; 936790 | &nbsp;&nbsp; 941147 |
| Chase Auto Owner Trust, Series 2024-2A, Class A3 (a) | 5.52 | &nbsp;&nbsp; 06/25/29 | &nbsp;&nbsp; 849432 | &nbsp;&nbsp; 861256 |
| Consumer Portfolio Services Auto Trust, Series 2025-A, Class B (a) | 5.02 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 805169 |
| CoreVest American Finance Trust, Series 2021-1, Class A (a) | 1.57 | &nbsp;&nbsp; 04/15/53 | &nbsp;&nbsp; 568141 | &nbsp;&nbsp; 561605 |
| CoreVest American Finance Trust, Series 2021-2, Class A (a) | 1.41 | &nbsp;&nbsp; 07/15/54 | &nbsp;&nbsp; 430740 | &nbsp;&nbsp; 419116 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A4 | 5.56 | &nbsp;&nbsp; 07/15/31 | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp; 1705276 |
| Exeter Select Automobile Receivables Trust, Series 2025-1, Class A3 | 4.69 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1117191 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A (a) | 4.25 | &nbsp;&nbsp; 07/17/39 | &nbsp;&nbsp; 813153 | &nbsp;&nbsp; 812836 |
| Ford Credit Auto Lease Trust, Series 2024-A, Class A3 | 5.06 | &nbsp;&nbsp; 05/15/27 | &nbsp;&nbsp; 325143 | &nbsp;&nbsp; 325752 |
| Ford Credit Auto Owner Trust, Series 2024-D, Class A3 | 4.61 | &nbsp;&nbsp; 08/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505500 |
| Frontier Issuer LLC, Series 2023-1, Class A2 (a) | 6.60 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; 3431151 |
| FRTKL Group, Inc., Series 2021-SFR1, Class A (a) | 1.57 | &nbsp;&nbsp; 09/17/38 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 950243 |
| GLS Auto Receivables Issuer Trust, Series 2025-1A, Class B (a) | 4.98 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1116068 |
| GLS Auto Select Receivables Trust, Series 2024-1A, Class A2 (a) | 5.24 | &nbsp;&nbsp; 03/15/30 | &nbsp;&nbsp; 343041 | &nbsp;&nbsp; 345324 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2 (a) | 4.71 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp; 1086346 | &nbsp;&nbsp; 1094386 |
| GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | 5.09 | &nbsp;&nbsp; 03/22/27 | &nbsp;&nbsp; 889359 | &nbsp;&nbsp; 891368 |
| Gracie Point International Funding LLC, Series 2023-2A, <br> Class A (a)(c)<br>| 5.89 | &nbsp;&nbsp; 03/01/27 | &nbsp;&nbsp; 74081 | &nbsp;&nbsp; 74152 |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 13

------

**Portfolio of Investments \| Short-Term Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 11.2% (Continued)** | **Asset-Backed Securities \| 11.2% (Continued)** | **Asset-Backed Securities \| 11.2% (Continued)** | **Asset-Backed Securities \| 11.2% (Continued)** | **Asset-Backed Securities \| 11.2% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Gracie Point International Funding LLC, Series 2024-1A, <br> Class A (a)(c)<br>| 6.44<br> %<br>| &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; $2045000 | &nbsp;&nbsp; $2046544 |
| Gracie Point International Funding LLC, Series 2025-1A, <br> Class A (a)(c)<br>| 5.42 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1071739 |
| Gracie Point International Funding LLC, Series 2025-1A, <br> Class B (a)(c)<br>| 5.42 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220009 |
| Honda Auto Receivables Owner Trust, Series 2024-1, Class A3 | 5.21 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 2593805 | &nbsp;&nbsp; 2616350 |
| John Deere Owner Trust, Series 2023-A, Class A3 | 5.01 | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 347358 | &nbsp;&nbsp; 348956 |
| John Deere Owner Trust, Series 2023-B, Class A3 | 5.18 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; 361127 | &nbsp;&nbsp; 363348 |
| NP SPE II LLC, Series 2017-1A, Class A1 (a) | 3.37 | &nbsp;&nbsp; 10/21/47 | &nbsp;&nbsp; 170800 | &nbsp;&nbsp; 165592 |
| Oportun Issuance Trust, Series 2021-B, Class A (a) | 1.47 | &nbsp;&nbsp; 05/08/31 | &nbsp;&nbsp; 436814 | &nbsp;&nbsp; 428728 |
| Oscar U.S. Funding XVI LLC, Series 2024-1A, Class A3 (a) | 5.54 | &nbsp;&nbsp; 02/10/28 | &nbsp;&nbsp; 1885000 | &nbsp;&nbsp; 1894194 |
| Progress Residential Trust, Series 2021-SFR8, Class A (a) | 1.51 | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 1287760 | &nbsp;&nbsp; 1267817 |
| Progress Residential Trust, Series 2022-SFR3, Class A (a) | 3.20 | &nbsp;&nbsp; 04/17/39 | &nbsp;&nbsp; 880265 | &nbsp;&nbsp; 868233 |
| Progress Residential Trust, Series 2025-SFR1, Class B (a) | 3.65 | &nbsp;&nbsp; 02/17/42 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 804527 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3 | 5.25 | &nbsp;&nbsp; 04/17/28 | &nbsp;&nbsp; 83256 | &nbsp;&nbsp; 83309 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class B | 5.23 | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 688044 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3 | 5.63 | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 356233 | &nbsp;&nbsp; 357462 |
| SBA Tower Trust (a) | 6.60 | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 793577 |
| SCE Recovery Funding LLC, Series A-1 | 0.86 | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1081488 | &nbsp;&nbsp; 977633 |
| SoFi Consumer Loan Program Trust, Series 2025-1, Class B (a) | 5.12 | &nbsp;&nbsp; 02/27/34 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1344696 |
| Subway Funding LLC, Series 2024-1A, Class A2I (a) | 6.03 | &nbsp;&nbsp; 07/30/54 | &nbsp;&nbsp; 485100 | &nbsp;&nbsp; 491767 |
| SVC ABS LLC, Series 2023-1A, Class A (a) | 5.15 | &nbsp;&nbsp; 02/20/53 | &nbsp;&nbsp; 453483 | &nbsp;&nbsp; 448128 |
| Switch ABS Issuer LLC, Series 2025-1A, Class A2 (a) | 5.04 | &nbsp;&nbsp; 03/25/55 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; 1071472 |
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A2 (a) | 5.08 | &nbsp;&nbsp; 06/21/50 | &nbsp;&nbsp; 1244202 | &nbsp;&nbsp; 1249110 |
| Toyota Lease Owner Trust, Series 2025-A, Class A3 (a) | 4.75 | &nbsp;&nbsp; 02/22/28 | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp; 2109978 |
| Tricon Residential Trust, Series 2024-SFR4, Class A (a) | 4.30 | &nbsp;&nbsp; 11/17/41 | &nbsp;&nbsp; 704440 | &nbsp;&nbsp; 700047 |
| Verizon Master Trust, Series 2025-1, Class B | 4.94 | &nbsp;&nbsp; 01/21/31 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1827903 |
| Volkswagen Auto Lease Trust, Series 2024-A, Class A3 | 5.21 | &nbsp;&nbsp; 06/21/27 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp; 789171 |
| Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A3 | 4.63 | &nbsp;&nbsp; 07/20/29 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp; 951649 |
| Westgate Resorts LLC, Series 2022-1A, Class B (a) | 2.29 | &nbsp;&nbsp; 08/20/36 | &nbsp;&nbsp; 132208 | &nbsp;&nbsp; 131223 |
| Westgate Resorts LLC, Series 2024-1A, Class A (a) | 6.06 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp; 812120 | &nbsp;&nbsp; 825399 |
| Westgate Resorts LLC, Series 2024-1A, Class B (a) | 6.56 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp; 674684 | &nbsp;&nbsp; 685925 |
| **Total Asset-Backed Securities** <br>**(Cost $47,362,088)**<br>|  |  |  | &nbsp;&nbsp; **47784526** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations \| 0.6%** | **Foreign Government Obligations \| 0.6%** | **Foreign Government Obligations \| 0.6%** | **Foreign Government Obligations \| 0.6%** | **Foreign Government Obligations \| 0.6%** |
| Korea Expressway Corp. (a) | 5.00 | &nbsp;&nbsp; 05/14/27 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2197952 |
| Korea National Oil Corp. (a) | 4.75 | &nbsp;&nbsp; 04/03/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500804 |
| **Total Foreign Government Obligations** <br>**(Cost $2,658,550)**<br>|  |  |  | &nbsp;&nbsp; **2698756** |

---

The accompanying notes are an integral part of these financial statements.

14 Portfolio of Investments

------

**Portfolio of Investments \| Short-Term Bond Fund \| December 31, 2025 \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Money Market Fund \| 1.1%** | **Money Market Fund \| 1.1%** | **Money Market Fund \| 1.1%** | **Money Market Fund \| 1.1%** |
|  | **Interest Rate /**<br> **Yield**<br>| **Shares** | **Value** |
| State Street Institutional U.S. Government Money Market Fund, <br> Premier Class (d)<br>| 3.74<br> %<br>| &nbsp;&nbsp; 4637046 | &nbsp;&nbsp; $4637046 |
| **Total Money Market Fund** <br>**(Cost $4,637,046)**<br>|  |  | &nbsp;&nbsp; **4637046** |
| **Total Investments in Securities** <br>**(Cost $418,828,296) \| 99.2%**<br>|  |  | &nbsp;&nbsp; **$423334247** |
| **Other Assets less Liabilities 0.8%** |  |  | &nbsp;&nbsp; **3550321** |
| **Net Assets 100.0%** |  |  | &nbsp;&nbsp; **$426884568** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $95,076,820 and represents 22.3% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Guaranteed by Export-Import Bank of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable coupon rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 7-day yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REMICS - Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 15

------

**Portfolio of Investments**

**Intermediate Bond Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 30.8%** | **U.S. Government & Agency Obligations \| 30.8%** | **U.S. Government & Agency Obligations \| 30.8%** | **U.S. Government & Agency Obligations \| 30.8%** | **U.S. Government & Agency Obligations \| 30.8%** |
|  | **Interest Rate /** <br>**Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| U.S. International Development Finance Corp., Series 3 | 1.05<br> %<br>| &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; $75207 | &nbsp;&nbsp; $71142 |
| U.S. Treasury Bonds | 2.38 | &nbsp;&nbsp; 02/15/42 | &nbsp;&nbsp; 4717000 | &nbsp;&nbsp; 3472154 |
| U.S. Treasury Bonds | 3.25 | &nbsp;&nbsp; 05/15/42 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 408652 |
| U.S. Treasury Bonds | 3.38 | &nbsp;&nbsp; 08/15/42 | &nbsp;&nbsp; 4195000 | &nbsp;&nbsp; 3544775 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 3619000 | &nbsp;&nbsp; 3536442 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 08/15/55 | &nbsp;&nbsp; 5346000 | &nbsp;&nbsp; 5255786 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 03/31/27 | &nbsp;&nbsp; 472000 | &nbsp;&nbsp; 474047 |
| U.S. Treasury Notes | 3.38 | &nbsp;&nbsp; 11/30/27 | &nbsp;&nbsp; 3565000 | &nbsp;&nbsp; 3558176 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 4927000 | &nbsp;&nbsp; 4921611 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 6160000 | &nbsp;&nbsp; 6134013 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 311826 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 10/31/32 | &nbsp;&nbsp; 8085000 | &nbsp;&nbsp; 7995307 |
| U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 4423000 | &nbsp;&nbsp; 4359419 |
| **Total U.S. Government & Agency Obligations** <br>**(Cost $45,708,557)**<br>|  |  |  | &nbsp;&nbsp; **44043350** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 30.5%** | **Mortgage-Backed Securities \| 30.5%** | **Mortgage-Backed Securities \| 30.5%** | **Mortgage-Backed Securities \| 30.5%** | **Mortgage-Backed Securities \| 30.5%** |
| FARM Mortgage Trust, Series 2021-1, Class A (a)(b) | 2.18 | &nbsp;&nbsp; 01/25/51 | &nbsp;&nbsp; 188864 | &nbsp;&nbsp; 153362 |
| Federal Home Loan Mortgage Corp., Pool QA7479 | 3.00 | &nbsp;&nbsp; 03/01/50 | &nbsp;&nbsp; 178766 | &nbsp;&nbsp; 160628 |
| Federal Home Loan Mortgage Corp., Pool QE2363 | 3.50 | &nbsp;&nbsp; 05/01/52 | &nbsp;&nbsp; 1132842 | &nbsp;&nbsp; 1049880 |
| Federal Home Loan Mortgage Corp., Pool RA8249 | 5.50 | &nbsp;&nbsp; 11/01/52 | &nbsp;&nbsp; 569507 | &nbsp;&nbsp; 580664 |
| Federal Home Loan Mortgage Corp., Pool SD1188 | 3.50 | &nbsp;&nbsp; 06/01/52 | &nbsp;&nbsp; 618159 | &nbsp;&nbsp; 572890 |
| Federal Home Loan Mortgage Corp., Pool SD1495 | 5.00 | &nbsp;&nbsp; 08/01/52 | &nbsp;&nbsp; 682348 | &nbsp;&nbsp; 689139 |
| Federal Home Loan Mortgage Corp., Pool SD2605 | 5.50 | &nbsp;&nbsp; 04/01/53 | &nbsp;&nbsp; 410167 | &nbsp;&nbsp; 418057 |
| Federal Home Loan Mortgage Corp., Pool SD7555 | 3.00 | &nbsp;&nbsp; 08/01/52 | &nbsp;&nbsp; 700972 | &nbsp;&nbsp; 631835 |
| Federal Home Loan Mortgage Corp., Pool SD8068 | 3.00 | &nbsp;&nbsp; 06/01/50 | &nbsp;&nbsp; 164786 | &nbsp;&nbsp; 146508 |
| Federal Home Loan Mortgage Corp., Pool SD8113 | 2.00 | &nbsp;&nbsp; 12/01/50 | &nbsp;&nbsp; 2126721 | &nbsp;&nbsp; 1734935 |
| Federal Home Loan Mortgage Corp., Pool SD8193 | 2.00 | &nbsp;&nbsp; 02/01/52 | &nbsp;&nbsp; 5273780 | &nbsp;&nbsp; 4277235 |
| Federal Home Loan Mortgage Corp., Pool SD8237 | 4.00 | &nbsp;&nbsp; 08/01/52 | &nbsp;&nbsp; 1132107 | &nbsp;&nbsp; 1080431 |
| Federal Home Loan Mortgage Corp., Series 2025-HQA1, Class A1 (a)(b) | 4.82 | &nbsp;&nbsp; 02/25/45 | &nbsp;&nbsp; 161563 | &nbsp;&nbsp; 161459 |
| Federal National Mortgage Association, Pool BN7662 | 3.50 | &nbsp;&nbsp; 07/01/49 | &nbsp;&nbsp; 65923 | &nbsp;&nbsp; 61621 |
| Federal National Mortgage Association, Pool CA4016 | 3.00 | &nbsp;&nbsp; 08/01/49 | &nbsp;&nbsp; 377429 | &nbsp;&nbsp; 339733 |
| Federal National Mortgage Association, Pool FM1000 | 3.00 | &nbsp;&nbsp; 04/01/47 | &nbsp;&nbsp; 712255 | &nbsp;&nbsp; 646191 |
| Federal National Mortgage Association, Pool FM4231 | 2.50 | &nbsp;&nbsp; 09/01/50 | &nbsp;&nbsp; 191895 | &nbsp;&nbsp; 164061 |
| Federal National Mortgage Association, Pool MA3691 | 3.00 | &nbsp;&nbsp; 07/01/49 | &nbsp;&nbsp; 110105 | &nbsp;&nbsp; 98849 |
| Federal National Mortgage Association, Pool MA3834 | 3.00 | &nbsp;&nbsp; 11/01/49 | &nbsp;&nbsp; 233931 | &nbsp;&nbsp; 209722 |
| Federal National Mortgage Association, Pool MA3960 | 3.00 | &nbsp;&nbsp; 03/01/50 | &nbsp;&nbsp; 110027 | &nbsp;&nbsp; 98252 |
| Federal National Mortgage Association, Pool MA3992 | 3.50 | &nbsp;&nbsp; 04/01/50 | &nbsp;&nbsp; 105431 | &nbsp;&nbsp; 98429 |
| Federal National Mortgage Association, Pool MA4048 | 3.00 | &nbsp;&nbsp; 06/01/50 | &nbsp;&nbsp; 492256 | &nbsp;&nbsp; 440240 |
| Federal National Mortgage Association, Pool MA4124 | 2.50 | &nbsp;&nbsp; 09/01/35 | &nbsp;&nbsp; 779872 | &nbsp;&nbsp; 740542 |
| Federal National Mortgage Association, Pool MA4179 | 2.00 | &nbsp;&nbsp; 11/01/35 | &nbsp;&nbsp; 2616345 | &nbsp;&nbsp; 2426111 |
| Federal National Mortgage Association, Pool MA4254 | 1.50 | &nbsp;&nbsp; 02/01/51 | &nbsp;&nbsp; 2271979 | &nbsp;&nbsp; 1753592 |
| Federal National Mortgage Association, Pool MA4303 | 2.00 | &nbsp;&nbsp; 04/01/36 | &nbsp;&nbsp; 1063931 | &nbsp;&nbsp; 985509 |
| Federal National Mortgage Association, Pool MA4418 | 2.00 | &nbsp;&nbsp; 09/01/36 | &nbsp;&nbsp; 1781106 | &nbsp;&nbsp; 1649765 |
| Federal National Mortgage Association, Pool MA4437 | 2.00 | &nbsp;&nbsp; 10/01/51 | &nbsp;&nbsp; 3416434 | &nbsp;&nbsp; 2774612 |
| Federal National Mortgage Association, Pool MA4579 | 3.00 | &nbsp;&nbsp; 04/01/52 | &nbsp;&nbsp; 592949 | &nbsp;&nbsp; 525931 |
| Government National Mortgage Association, Pool 786247 | 4.00 | &nbsp;&nbsp; 07/20/52 | &nbsp;&nbsp; 488137 | &nbsp;&nbsp; 461379 |
| Government National Mortgage Association, Pool 786428 | 4.00 | &nbsp;&nbsp; 06/20/52 | &nbsp;&nbsp; 870151 | &nbsp;&nbsp; 820729 |
| Government National Mortgage Association, Pool 786576 | 4.50 | &nbsp;&nbsp; 09/20/52 | &nbsp;&nbsp; 232334 | &nbsp;&nbsp; 227553 |
| Government National Mortgage Association, Pool 787291 | 7.50 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 62994 | &nbsp;&nbsp; 65220 |
| Government National Mortgage Association, Pool 787343 | 7.50 | &nbsp;&nbsp; 04/20/54 | &nbsp;&nbsp; 68770 | &nbsp;&nbsp; 71200 |
| Government National Mortgage Association, Pool CK0445 | 4.00 | &nbsp;&nbsp; 02/15/52 | &nbsp;&nbsp; 969972 | &nbsp;&nbsp; 922474 |

---

The accompanying notes are an integral part of these financial statements.

16 Portfolio of Investments

------

**Portfolio of Investments \| Intermediate Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 30.5% (Continued)** | **Mortgage-Backed Securities \| 30.5% (Continued)** | **Mortgage-Backed Securities \| 30.5% (Continued)** | **Mortgage-Backed Securities \| 30.5% (Continued)** | **Mortgage-Backed Securities \| 30.5% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Government National Mortgage Association, Pool CV1215 | 7.00<br> %<br>| &nbsp;&nbsp; 07/20/53 | &nbsp;&nbsp; $39783 | &nbsp;&nbsp; $40976 |
| Government National Mortgage Association, Pool CW8493 | 8.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 13215 | &nbsp;&nbsp; 13948 |
| Government National Mortgage Association, Pool CW8495 | 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 15432 | &nbsp;&nbsp; 15979 |
| Government National Mortgage Association, Pool MA8346 | 4.00 | &nbsp;&nbsp; 10/20/52 | &nbsp;&nbsp; 2784093 | &nbsp;&nbsp; 2648408 |
| Government National Mortgage Association, Pool MA8880 | 6.00 | &nbsp;&nbsp; 05/20/53 | &nbsp;&nbsp; 340813 | &nbsp;&nbsp; 349430 |
| Government National Mortgage Association, Pool MB0305 | 4.00 | &nbsp;&nbsp; 04/20/55 | &nbsp;&nbsp; 1479495 | &nbsp;&nbsp; 1398199 |
| Government National Mortgage Association, Pool MB0812 | 4.50 | &nbsp;&nbsp; 12/20/55 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1461688 |
| Government National Mortgage Association REMICS, Series 2021-8, <br> Class CT<br>| 1.00 | &nbsp;&nbsp; 01/20/50 | &nbsp;&nbsp; 397574 | &nbsp;&nbsp; 312576 |
| Government National Mortgage Association REMICS, Series 2022-177, <br> Class JA<br>| 5.00 | &nbsp;&nbsp; 05/20/48 | &nbsp;&nbsp; 978958 | &nbsp;&nbsp; 982693 |
| Government National Mortgage Association REMICS, Series 2023-128, <br> Class BA<br>| 5.75 | &nbsp;&nbsp; 08/20/47 | &nbsp;&nbsp; 326629 | &nbsp;&nbsp; 329019 |
| Government National Mortgage Association REMICS, Series 2023-22, <br> Class EA<br>| 5.00 | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp; 365086 | &nbsp;&nbsp; 365018 |
| Government National Mortgage Association REMICS, Series 2023-22, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 211921 | &nbsp;&nbsp; 212475 |
| Government National Mortgage Association REMICS, Series 2023-4, <br> Class GA<br>| 5.00 | &nbsp;&nbsp; 07/20/49 | &nbsp;&nbsp; 130900 | &nbsp;&nbsp; 131318 |
| Government National Mortgage Association REMICS, Series 2023-59, <br> Class KA<br>| 5.00 | &nbsp;&nbsp; 11/20/41 | &nbsp;&nbsp; 205328 | &nbsp;&nbsp; 205095 |
| Government National Mortgage Association REMICS, Series 2023-76, <br> Class BT<br>| 5.00 | &nbsp;&nbsp; 05/20/53 | &nbsp;&nbsp; 1153050 | &nbsp;&nbsp; 1155639 |
| Government National Mortgage Association REMICS, Series 2023-84, <br> Class KA<br>| 5.50 | &nbsp;&nbsp; 06/20/42 | &nbsp;&nbsp; 297092 | &nbsp;&nbsp; 298744 |
| Government National Mortgage Association REMICS, Series 2024-103, <br> Class CH<br>| 4.50 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; 1045855 | &nbsp;&nbsp; 1037749 |
| Government National Mortgage Association REMICS, Series 2024-51, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 04/20/62 | &nbsp;&nbsp; 133955 | &nbsp;&nbsp; 134041 |
| Government National Mortgage Association REMICS, Series 2024-92, <br> Class NE<br>| 5.00 | &nbsp;&nbsp; 05/20/54 | &nbsp;&nbsp; 550285 | &nbsp;&nbsp; 555271 |
| Government National Mortgage Association REMICS, Series 2025-139, <br> Class EJ<br>| 4.75 | &nbsp;&nbsp; 08/20/55 | &nbsp;&nbsp; 824038 | &nbsp;&nbsp; 822440 |
| Government National Mortgage Association REMICS, Series 2025-25, <br> Class PJ<br>| 4.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 1439203 | &nbsp;&nbsp; 1420829 |
| Government National Mortgage Association REMICS, Series 2025-28, <br> Class N<br>| 5.00 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 496121 | &nbsp;&nbsp; 499139 |
| Government National Mortgage Association REMICS, Series 2025-89, <br> Class EC<br>| 5.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 1416361 | &nbsp;&nbsp; 1428410 |
| Government National Mortgage Association REMICS, Series 2025-89, <br> Class QE<br>| 5.25 | &nbsp;&nbsp; 05/20/55 | &nbsp;&nbsp; 507003 | &nbsp;&nbsp; 516236 |
| **Total Mortgage-Backed Securities** <br>**(Cost $44,716,206)**<br>|  |  |  | &nbsp;&nbsp; **43574058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 28.2%** | **Corporate Bonds \| 28.2%** | **Corporate Bonds \| 28.2%** | **Corporate Bonds \| 28.2%** | **Corporate Bonds \| 28.2%** |
| **Basic Materials \| 0.1%** | **Basic Materials \| 0.1%** | **Basic Materials \| 0.1%** | **Basic Materials \| 0.1%** | **Basic Materials \| 0.1%** |
| Glencore Funding LLC (a) | 3.38 | &nbsp;&nbsp; 09/23/51 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 114405 |
| **Communications \| 0.1%** | **Communications \| 0.1%** | **Communications \| 0.1%** | **Communications \| 0.1%** | **Communications \| 0.1%** |
| T-Mobile USA, Inc. | 3.00 | &nbsp;&nbsp; 02/15/41 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 149030 |
| **Consumer, Cyclical \| 3.9%** | **Consumer, Cyclical \| 3.9%** | **Consumer, Cyclical \| 3.9%** | **Consumer, Cyclical \| 3.9%** | **Consumer, Cyclical \| 3.9%** |
| 7-Eleven, Inc. (a) | 1.30 | &nbsp;&nbsp; 02/10/28 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 56625 |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 17

------

**Portfolio of Investments \| Intermediate Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| **Consumer, Cyclical \| 3.9% (Continued)** | **Consumer, Cyclical \| 3.9% (Continued)** | **Consumer, Cyclical \| 3.9% (Continued)** | **Consumer, Cyclical \| 3.9% (Continued)** | **Consumer, Cyclical \| 3.9% (Continued)** |
| 7-Eleven, Inc. (a) | 1.80<br> %<br>| &nbsp;&nbsp; 02/10/31 | &nbsp;&nbsp; $60000 | &nbsp;&nbsp; $52541 |
| 7-Eleven, Inc. (a) | 2.80 | &nbsp;&nbsp; 02/10/51 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 81906 |
| Aptiv Swiss Holdings Ltd. | 3.10 | &nbsp;&nbsp; 12/01/51 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 179845 |
| Daimler Truck Finance North America LLC (a) | 5.25 | &nbsp;&nbsp; 01/13/30 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 288246 |
| Daimler Truck Finance North America LLC (a) | 5.38 | &nbsp;&nbsp; 01/13/32 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 262799 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (a) | 4.75 | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 804858 |
| Ford Motor Credit Co. LLC | 2.90 | &nbsp;&nbsp; 02/10/29 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 211443 |
| Hyundai Capital America (a) | 5.60 | &nbsp;&nbsp; 03/30/28 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 298250 |
| Hyundai Capital America (a) | 4.55 | &nbsp;&nbsp; 09/26/29 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135672 |
| Hyundai Capital America (a) | 5.80 | &nbsp;&nbsp; 04/01/30 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 513437 |
| Hyundai Capital America (a) | 4.75 | &nbsp;&nbsp; 09/26/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135492 |
| Hyundai Capital Services, Inc. (a) | 5.13 | &nbsp;&nbsp; 02/05/27 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 555396 |
| Hyundai Capital Services, Inc. (a) | 5.25 | &nbsp;&nbsp; 01/22/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510358 |
| Lowe's Cos., Inc. | 5.85 | &nbsp;&nbsp; 04/01/63 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 200572 |
| Magna International, Inc. | 5.88 | &nbsp;&nbsp; 06/01/35 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 143119 |
| Tractor Supply Co. | 1.75 | &nbsp;&nbsp; 11/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88568 |
| United Airlines Pass-Through Trust, Series 2019-2, Class AA | 2.70 | &nbsp;&nbsp; 11/01/33 | &nbsp;&nbsp; 767931 | &nbsp;&nbsp; 704791 |
| Volkswagen Group of America Finance LLC (a) | 5.60 | &nbsp;&nbsp; 03/22/34 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 334115 |
| **Total Consumer, Cyclical** |  |  |  | &nbsp;&nbsp; **5558033** |
| **Consumer, Non-cyclical \| 3.1%** | **Consumer, Non-cyclical \| 3.1%** | **Consumer, Non-cyclical \| 3.1%** | **Consumer, Non-cyclical \| 3.1%** | **Consumer, Non-cyclical \| 3.1%** |
| AbbVie, Inc. | 4.95 | &nbsp;&nbsp; 03/15/31 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108569 |
| AbbVie, Inc. | 5.35 | &nbsp;&nbsp; 03/15/44 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 64234 |
| AbbVie, Inc. | 5.40 | &nbsp;&nbsp; 03/15/54 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 126382 |
| Amgen, Inc. | 5.75 | &nbsp;&nbsp; 03/02/63 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 209772 |
| Ashtead Capital, Inc. (a) | 4.25 | &nbsp;&nbsp; 11/01/29 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp; 304260 |
| Ashtead Capital, Inc. (a) | 2.45 | &nbsp;&nbsp; 08/12/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178396 |
| BAT Capital Corp. | 5.83 | &nbsp;&nbsp; 02/20/31 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 334192 |
| Bayer U.S. Finance LLC (a) | 6.25 | &nbsp;&nbsp; 01/21/29 | &nbsp;&nbsp; 331000 | &nbsp;&nbsp; 347947 |
| Bayer U.S. Finance LLC (a) | 6.88 | &nbsp;&nbsp; 11/21/53 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 329231 |
| Block Financial LLC | 2.50 | &nbsp;&nbsp; 07/15/28 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 138319 |
| Campbell's Co. | 2.38 | &nbsp;&nbsp; 04/24/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229901 |
| HCA, Inc. | 5.90 | &nbsp;&nbsp; 06/01/53 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 308404 |
| Kenvue, Inc. | 5.20 | &nbsp;&nbsp; 03/22/63 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 77092 |
| Pfizer Investment Enterprises Pte. Ltd. | 4.65 | &nbsp;&nbsp; 05/19/30 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 198851 |
| Pfizer Investment Enterprises Pte. Ltd. | 5.11 | &nbsp;&nbsp; 05/19/43 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 91418 |
| Pfizer Investment Enterprises Pte. Ltd. | 5.30 | &nbsp;&nbsp; 05/19/53 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 241454 |
| Philip Morris International, Inc. | 4.88 | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 234415 |
| Philip Morris International, Inc. | 5.13 | &nbsp;&nbsp; 02/15/30 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 268756 |
| Philip Morris International, Inc. | 5.13 | &nbsp;&nbsp; 02/13/31 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 393757 |
| Smithfield Foods, Inc. (a) | 2.63 | &nbsp;&nbsp; 09/13/31 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 300907 |
| **Total Consumer, Non-cyclical** |  |  |  | &nbsp;&nbsp; **4486257** |
| **Energy \| 3.9%** | **Energy \| 3.9%** | **Energy \| 3.9%** | **Energy \| 3.9%** | **Energy \| 3.9%** |
| Boardwalk Pipelines LP | 5.63 | &nbsp;&nbsp; 08/01/34 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 135823 |
| BP Capital Markets America, Inc. | 4.81 | &nbsp;&nbsp; 02/13/33 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111400 |
| BP Capital Markets America, Inc. | 2.77 | &nbsp;&nbsp; 11/10/50 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 129290 |
| Cenovus Energy, Inc. | 5.25 | &nbsp;&nbsp; 06/15/37 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 383516 |
| Cheniere Corpus Christi Holdings LLC | 3.70 | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 38087 |
| Cheniere Corpus Christi Holdings LLC | 2.74 | &nbsp;&nbsp; 12/31/39 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 144952 |
| Cheniere Energy Partners LP | 5.95 | &nbsp;&nbsp; 06/30/33 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 111339 |

---

The accompanying notes are an integral part of these financial statements.

18 Portfolio of Investments

------

**Portfolio of Investments \| Intermediate Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| **Energy \| 3.9% (Continued)** | **Energy \| 3.9% (Continued)** | **Energy \| 3.9% (Continued)** | **Energy \| 3.9% (Continued)** | **Energy \| 3.9% (Continued)** |
| Cheniere Energy, Inc. | 5.65<br> %<br>| &nbsp;&nbsp; 04/15/34 | &nbsp;&nbsp; $130000 | &nbsp;&nbsp; $134859 |
| Enbridge, Inc. | 5.70 | &nbsp;&nbsp; 03/08/33 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 337052 |
| Energy Transfer LP | 3.75 | &nbsp;&nbsp; 05/15/30 | &nbsp;&nbsp; 318000 | &nbsp;&nbsp; 309467 |
| Energy Transfer LP | 6.20 | &nbsp;&nbsp; 04/01/55 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 646911 |
| Enterprise Products Operating LLC | 4.60 | &nbsp;&nbsp; 01/15/31 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 278379 |
| HF Sinclair Corp. | 5.50 | &nbsp;&nbsp; 09/01/32 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 268597 |
| Midwest Connector Capital Co. LLC (a) | 4.63 | &nbsp;&nbsp; 04/01/29 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205256 |
| MPLX LP | 2.65 | &nbsp;&nbsp; 08/15/30 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 226914 |
| NOV, Inc. | 3.60 | &nbsp;&nbsp; 12/01/29 | &nbsp;&nbsp; 112000 | &nbsp;&nbsp; 109198 |
| Petronas Capital Ltd. (a) | 3.40 | &nbsp;&nbsp; 04/28/61 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 244605 |
| Phillips 66 | 2.15 | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 233165 |
| Phillips 66 Co. | 5.30 | &nbsp;&nbsp; 06/30/33 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309379 |
| Targa Resources Corp. | 6.50 | &nbsp;&nbsp; 02/15/53 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 317848 |
| Valero Energy Corp. | 5.15 | &nbsp;&nbsp; 02/15/30 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 355050 |
| Var Energi ASA (a) | 7.50 | &nbsp;&nbsp; 01/15/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211794 |
| Western Midstream Operating LP | 5.50 | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 129309 |
| Western Midstream Operating LP | 5.30 | &nbsp;&nbsp; 03/01/48 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 219870 |
| **Total Energy** |  |  |  | &nbsp;&nbsp; **5592060** |
| **Financials \| 11.9%** | **Financials \| 11.9%** | **Financials \| 11.9%** | **Financials \| 11.9%** | **Financials \| 11.9%** |
| Athene Holding Ltd. | 3.95 | &nbsp;&nbsp; 05/25/51 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 209610 |
| Avolon Holdings Funding Ltd. (a) | 2.75 | &nbsp;&nbsp; 02/21/28 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 731165 |
| Bank of America Corp. (b) | 4.98 | &nbsp;&nbsp; 01/24/29 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 336175 |
| Bank of America Corp. (b) | 5.16 | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258089 |
| Bank of America Corp. (b) | 5.02 | &nbsp;&nbsp; 07/22/33 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 453745 |
| Bank of New Zealand (a)(b) | 5.70 | &nbsp;&nbsp; 01/28/35 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 417832 |
| Barclays PLC (b) | 5.79 | &nbsp;&nbsp; 02/25/36 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 434416 |
| Barclays PLC (b) | 6.04 | &nbsp;&nbsp; 03/12/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210160 |
| Capital One Financial Corp. (b) | 5.20 | &nbsp;&nbsp; 09/11/36 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 263663 |
| Capital One NA (b) | 5.97 | &nbsp;&nbsp; 08/09/28 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 358450 |
| Capital One NA | 4.65 | &nbsp;&nbsp; 09/13/28 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 334868 |
| Citigroup, Inc. (b) | 5.17 | &nbsp;&nbsp; 02/13/30 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 400199 |
| Citigroup, Inc. (b) | 2.57 | &nbsp;&nbsp; 06/03/31 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 806083 |
| Fifth Third Bancorp (b) | 6.34 | &nbsp;&nbsp; 07/27/29 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 352796 |
| Goldman Sachs Group, Inc. (b) | 4.94 | &nbsp;&nbsp; 04/23/28 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 273084 |
| Goldman Sachs Group, Inc. (b) | 4.22 | &nbsp;&nbsp; 05/01/29 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400832 |
| Goldman Sachs Group, Inc. (b) | 2.38 | &nbsp;&nbsp; 07/21/32 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 326898 |
| Goldman Sachs Group, Inc. (b) | 2.91 | &nbsp;&nbsp; 07/21/42 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 168673 |
| Goldman Sachs Group, Inc. (b) | 3.44 | &nbsp;&nbsp; 02/24/43 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 199735 |
| Healthpeak OP LLC | 5.25 | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128126 |
| HSBC Holdings PLC (b) | 5.24 | &nbsp;&nbsp; 05/13/31 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 355445 |
| ING Groep NV (b) | 5.34 | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 330085 |
| JPMorgan Chase & Co. (b) | 5.30 | &nbsp;&nbsp; 07/24/29 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 200957 |
| JPMorgan Chase & Co. (b) | 5.58 | &nbsp;&nbsp; 04/22/30 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 683314 |
| JPMorgan Chase & Co. (b) | 4.91 | &nbsp;&nbsp; 07/25/33 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 188461 |
| M&T Bank Corp. (b) | 7.41 | &nbsp;&nbsp; 10/30/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 542457 |
| M&T Bank Corp. (b) | 5.39 | &nbsp;&nbsp; 01/16/36 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 137181 |
| Morgan Stanley (b) | 5.16 | &nbsp;&nbsp; 04/20/29 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 633956 |
| Morgan Stanley (b) | 5.23 | &nbsp;&nbsp; 01/15/31 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 598263 |
| Morgan Stanley (b) | 1.79 | &nbsp;&nbsp; 02/13/32 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 447908 |
| Morgan Stanley (b) | 4.89 | &nbsp;&nbsp; 07/20/33 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 172448 |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 19

------

**Portfolio of Investments \| Intermediate Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** | **Corporate Bonds \| 28.2% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| **Financials \| 11.9% (Continued)** | **Financials \| 11.9% (Continued)** | **Financials \| 11.9% (Continued)** | **Financials \| 11.9% (Continued)** | **Financials \| 11.9% (Continued)** |
| Omega Healthcare Investors, Inc. | 5.20<br> %<br>| &nbsp;&nbsp; 07/01/30 | &nbsp;&nbsp; $270000 | &nbsp;&nbsp; $274774 |
| Regions Financial Corp. (b) | 5.72 | &nbsp;&nbsp; 06/06/30 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 354459 |
| Santander Holdings USA, Inc. (b) | 5.47 | &nbsp;&nbsp; 03/20/29 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 454763 |
| Santander U.K. Group Holdings PLC (b) | 6.53 | &nbsp;&nbsp; 01/10/29 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287313 |
| Societe Generale SA (a)(b) | 5.52 | &nbsp;&nbsp; 01/19/28 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 329123 |
| Toronto-Dominion Bank (b) | 5.15 | &nbsp;&nbsp; 09/10/34 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 360839 |
| Truist Financial Corp. (b) | 5.44 | &nbsp;&nbsp; 01/24/30 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 326130 |
| VICI Properties LP | 4.75 | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 181758 |
| Wells Fargo & Co. (b) | 4.97 | &nbsp;&nbsp; 04/23/29 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 346329 |
| Wells Fargo & Co. (b) | 5.57 | &nbsp;&nbsp; 07/25/29 | &nbsp;&nbsp; 1695000 | &nbsp;&nbsp; 1755811 |
| Wells Fargo & Co. (b) | 5.24 | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 300301 |
| Wells Fargo & Co. (b) | 6.49 | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 243528 |
| Wells Fargo & Co. (b) | 3.07 | &nbsp;&nbsp; 04/30/41 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 341260 |
| **Total Financials** |  |  |  | &nbsp;&nbsp; **16911462** |
| **Industrials \| 0.3%** | **Industrials \| 0.3%** | **Industrials \| 0.3%** | **Industrials \| 0.3%** | **Industrials \| 0.3%** |
| Avnet, Inc. | 6.25 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 176069 |
| BNSF Railway Co. Pass-Through Trust, Series 2015-1 (a) | 3.44 | &nbsp;&nbsp; 06/16/28 | &nbsp;&nbsp; 301867 | &nbsp;&nbsp; 296121 |
| **Total Industrial** |  |  |  | &nbsp;&nbsp; **472190** |
| **Technology \| 0.1%** | **Technology \| 0.1%** | **Technology \| 0.1%** | **Technology \| 0.1%** | **Technology \| 0.1%** |
| VMware LLC | 2.20 | &nbsp;&nbsp; 08/15/31 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 137726 |
| **Utilities \| 4.8%** | **Utilities \| 4.8%** | **Utilities \| 4.8%** | **Utilities \| 4.8%** | **Utilities \| 4.8%** |
| Ameren Illinois Co. | 5.90 | &nbsp;&nbsp; 12/01/52 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181200 |
| American Water Capital Corp. | 2.80 | &nbsp;&nbsp; 05/01/30 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp; 872094 |
| American Water Capital Corp. | 5.45 | &nbsp;&nbsp; 03/01/54 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 353881 |
| Electricite de France SA (a) | 6.00 | &nbsp;&nbsp; 04/22/64 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 363882 |
| Entergy Arkansas LLC | 5.15 | &nbsp;&nbsp; 01/15/33 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 211946 |
| Evergy Kansas Central, Inc. | 3.45 | &nbsp;&nbsp; 04/15/50 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 616848 |
| Indiana Michigan Power Co. | 5.63 | &nbsp;&nbsp; 04/01/53 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 212738 |
| Indianapolis Power & Light Co. (a) | 5.65 | &nbsp;&nbsp; 12/01/32 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 271364 |
| Oklahoma Gas & Electric Co. | 5.60 | &nbsp;&nbsp; 04/01/53 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp; 104801 |
| Pacific Gas & Electric Co. | 3.00 | &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 218169 |
| Pacific Gas & Electric Co. | 4.55 | &nbsp;&nbsp; 07/01/30 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 129442 |
| Pacific Gas & Electric Co. | 4.25 | &nbsp;&nbsp; 03/15/46 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 602749 |
| PacifiCorp | 5.30 | &nbsp;&nbsp; 02/15/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514334 |
| PSEG Power LLC (a) | 5.75 | &nbsp;&nbsp; 05/15/35 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 368443 |
| Snam SpA (a) | 5.75 | &nbsp;&nbsp; 05/28/35 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 720786 |
| Southern California Edison Co. | 5.30 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117422 |
| Southern California Edison Co. | 2.25 | &nbsp;&nbsp; 06/01/30 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 49890 |
| Southern California Edison Co. | 5.45 | &nbsp;&nbsp; 06/01/31 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 413626 |
| Southern California Edison Co. | 4.50 | &nbsp;&nbsp; 09/01/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 174895 |
| Southern California Edison Co. | 4.00 | &nbsp;&nbsp; 04/01/47 | &nbsp;&nbsp; 164000 | &nbsp;&nbsp; 122983 |
| Southern California Edison Co. | 3.65 | &nbsp;&nbsp; 02/01/50 | &nbsp;&nbsp; 214000 | &nbsp;&nbsp; 149637 |
| **Total Utilities** |  |  |  | &nbsp;&nbsp; **6771130** |
| **Total Corporate Bonds** <br>**(Cost $40,824,549)**<br>|  |  |  | &nbsp;&nbsp; **40192293** |

---

The accompanying notes are an integral part of these financial statements.

20 Portfolio of Investments

------

**Portfolio of Investments \| Intermediate Bond Fund \| December 31, 2025 \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 7.2%** | **Asset-Backed Securities \| 7.2%** | **Asset-Backed Securities \| 7.2%** | **Asset-Backed Securities \| 7.2%** | **Asset-Backed Securities \| 7.2%** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| Avant Loans Funding Trust, Series 2025-REV1, Class A (a) | 5.12<br> %<br>| &nbsp;&nbsp; 05/15/34 | &nbsp;&nbsp; $340000 | &nbsp;&nbsp; $341635 |
| Capital One Prime Auto Receivables Trust, Series 2024-1, Class A3 | 4.62 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201911 |
| Carvana Auto Receivables Trust, Series 2024-P1, Class A3 (a) | 5.05 | &nbsp;&nbsp; 04/10/29 | &nbsp;&nbsp; 269431 | &nbsp;&nbsp; 270684 |
| Chase Auto Owner Trust, Series 2024-2A, Class A3 (a) | 5.52 | &nbsp;&nbsp; 06/25/29 | &nbsp;&nbsp; 250359 | &nbsp;&nbsp; 253844 |
| CoreVest American Finance Trust, Series 2021-1, Class A (a) | 1.57 | &nbsp;&nbsp; 04/15/53 | &nbsp;&nbsp; 397301 | &nbsp;&nbsp; 392731 |
| CoreVest American Finance Trust, Series 2021-2, Class A (a) | 1.41 | &nbsp;&nbsp; 07/15/54 | &nbsp;&nbsp; 99401 | &nbsp;&nbsp; 96719 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3 | 5.49 | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 240357 | &nbsp;&nbsp; 242356 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A (a) | 4.25 | &nbsp;&nbsp; 07/17/39 | &nbsp;&nbsp; 271051 | &nbsp;&nbsp; 270945 |
| Ford Credit Auto Lease Trust, Series 2024-A, Class A3 | 5.06 | &nbsp;&nbsp; 05/15/27 | &nbsp;&nbsp; 90900 | &nbsp;&nbsp; 91070 |
| Ford Credit Auto Owner Trust, Series 2024-D, Class A3 | 4.61 | &nbsp;&nbsp; 08/15/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202200 |
| Frontier Issuer LLC, Series 2023-1, Class A2 (a) | 6.60 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009162 |
| Frontier Issuer LLC, Series 2024-1, Class A2 (a) | 6.19 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 407254 |
| FRTKL Group, Inc., Series 2021-SFR1, Class A (a) | 1.57 | &nbsp;&nbsp; 09/17/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244908 |
| GLS Auto Select Receivables Trust, Series 2024-1A, Class A2 (a) | 5.24 | &nbsp;&nbsp; 03/15/30 | &nbsp;&nbsp; 98276 | &nbsp;&nbsp; 98931 |
| GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | 5.09 | &nbsp;&nbsp; 03/22/27 | &nbsp;&nbsp; 257963 | &nbsp;&nbsp; 258546 |
| Gracie Point International Funding LLC, Series 2023-2A, <br> Class A (a)(b)<br>| 6.45 | &nbsp;&nbsp; 03/01/27 | &nbsp;&nbsp; 18834 | &nbsp;&nbsp; 18852 |
| Gracie Point International Funding LLC, Series 2025-1A, <br> Class A (a)(b)<br>| 5.52 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 340553 |
| Honda Auto Receivables Owner Trust, Series 2024-1, Class A3 | 5.21 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 473084 | &nbsp;&nbsp; 477196 |
| John Deere Owner Trust, Series 2023-B, Class A3 | 5.18 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; 102782 | &nbsp;&nbsp; 103414 |
| Oportun Issuance Trust, Series 2021-B, Class A (a) | 1.47 | &nbsp;&nbsp; 05/08/31 | &nbsp;&nbsp; 196321 | &nbsp;&nbsp; 192687 |
| Progress Residential Trust, Series 2021-SFR8, Class A (a) | 1.51 | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 330220 | &nbsp;&nbsp; 325106 |
| Progress Residential Trust, Series 2022-SFR3, Class A (a) | 3.20 | &nbsp;&nbsp; 04/17/39 | &nbsp;&nbsp; 237909 | &nbsp;&nbsp; 234657 |
| Progress Residential Trust, Series 2022-SFR3, Class B (a) | 3.60 | &nbsp;&nbsp; 04/17/39 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 163068 |
| Progress Residential Trust, Series 2025-SFR1, Class B (a) | 3.65 | &nbsp;&nbsp; 02/17/42 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 258598 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3 | 5.63 | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 105550 | &nbsp;&nbsp; 105915 |
| SBA Small Business Investment Cos., Series 2023-10B, Class 1 | 5.69 | &nbsp;&nbsp; 09/10/33 | &nbsp;&nbsp; 295848 | &nbsp;&nbsp; 304100 |
| SBA Tower Trust (a) | 1.88 | &nbsp;&nbsp; 07/15/50 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19978 |
| SBA Tower Trust (a) | 1.63 | &nbsp;&nbsp; 05/15/51 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 156542 |
| SBA Tower Trust (a) | 6.60 | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 215034 |
| SBA Tower Trust (a) | 2.59 | &nbsp;&nbsp; 10/15/56 | &nbsp;&nbsp; 309877 | &nbsp;&nbsp; 279573 |
| SCE Recovery Funding LLC, Series A-3 | 2.51 | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 129747 |
| Subway Funding LLC, Series 2024-1A, Class A2II (a) | 6.27 | &nbsp;&nbsp; 07/30/54 | &nbsp;&nbsp; 133650 | &nbsp;&nbsp; 136461 |
| Switch ABS Issuer LLC, Series 2025-1A, Class A2 (a) | 5.04 | &nbsp;&nbsp; 03/25/55 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 334221 |
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A3 (a) | 5.29 | &nbsp;&nbsp; 06/20/50 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 170504 |
| Toyota Lease Owner Trust, Series 2025-A, Class A3 (a) | 4.75 | &nbsp;&nbsp; 02/22/28 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 661261 |
| Tricon Residential Trust, Series 2024-SFR4, Class A (a) | 4.30 | &nbsp;&nbsp; 11/17/41 | &nbsp;&nbsp; 223238 | &nbsp;&nbsp; 221846 |
| Volkswagen Auto Lease Trust, Series 2024-A, Class A3 | 5.21 | &nbsp;&nbsp; 06/21/27 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 231222 |
| Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A3 | 4.63 | &nbsp;&nbsp; 07/20/29 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303718 |
| Westgate Resorts LLC, Series 2022-1A, Class B (a) | 2.29 | &nbsp;&nbsp; 08/20/36 | &nbsp;&nbsp; 37774 | &nbsp;&nbsp; 37492 |
| Westgate Resorts LLC, Series 2024-1A, Class A (a) | 6.06 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp; 249883 | &nbsp;&nbsp; 253969 |
| Westgate Resorts LLC, Series 2024-1A, Class B (a) | 6.56 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp; 209277 | &nbsp;&nbsp; 212764 |
| **Total Asset-Backed Securities** <br>**(Cost $10,229,964)**<br>|  |  |  | &nbsp;&nbsp; **10271374** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Bonds \| 1.1%** | **Municipal Bonds \| 1.1%** | **Municipal Bonds \| 1.1%** | **Municipal Bonds \| 1.1%** | **Municipal Bonds \| 1.1%** |
| **Arizona \| 0.1%** | **Arizona \| 0.1%** | **Arizona \| 0.1%** | **Arizona \| 0.1%** | **Arizona \| 0.1%** |
| City of Yuma, AZ, Revenue | 2.63 | &nbsp;&nbsp; 07/15/38 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 111212 |
| **California \| 0.9%** | **California \| 0.9%** | **California \| 0.9%** | **California \| 0.9%** | **California \| 0.9%** |
| City of Chula Vista, CA, Revenue | 2.91 | &nbsp;&nbsp; 06/01/45 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 175252 |
| City of Huntington Beach, CA, Revenue | 1.68 | &nbsp;&nbsp; 06/15/27 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 150657 |

---

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 21

------

**Portfolio of Investments \| Intermediate Bond Fund \| December 31, 2025 \| (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Bonds \| 1.1% (Continued)** | **Municipal Bonds \| 1.1% (Continued)** | **Municipal Bonds \| 1.1% (Continued)** | **Municipal Bonds \| 1.1% (Continued)** | **Municipal Bonds \| 1.1% (Continued)** |
|  | **Interest Rate /**<br> **Yield**<br>| **Maturity Date** | **Face Amount** | **Value** |
| City of Monterey Park, CA, Revenue, Series A | 1.89<br> %<br>| &nbsp;&nbsp; 06/01/30 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $903830 |
| San Francisco City & County Airport Comm-San Francisco <br> International Airport, CA, Revenue, Series C<br>| 3.35 | &nbsp;&nbsp; 05/01/51 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 69808 |
| **Total California** |  |  |  | &nbsp;&nbsp; **1299547** |
| **West Virginia \| 0.1%** | **West Virginia \| 0.1%** | **West Virginia \| 0.1%** | **West Virginia \| 0.1%** | **West Virginia \| 0.1%** |
| West Virginia University, WV, Revenue, Series B | 3.01 | &nbsp;&nbsp; 10/01/41 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 119119 |
| **Total Municipal Bonds** <br>**(Cost $1,795,000)**<br>|  |  |  | &nbsp;&nbsp; **1529878** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations \| 0.5%** | **Foreign Government Obligations \| 0.5%** | **Foreign Government Obligations \| 0.5%** | **Foreign Government Obligations \| 0.5%** | **Foreign Government Obligations \| 0.5%** |
| Korea Expressway Corp. (a) | 5.00 | &nbsp;&nbsp; 05/14/27 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 670045 |
| **Total Foreign Government Obligations** <br>**(Cost $658,108)**<br>|  |  |  | &nbsp;&nbsp; **670045** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Money Market Fund \| 1.0%** | **Money Market Fund \| 1.0%** | **Money Market Fund \| 1.0%** | **Money Market Fund \| 1.0%** |
|  |  | **Shares** |  |
| State Street Institutional U.S. Government Money Market Fund, <br> Premier Class (c)<br>| 3.74 | &nbsp;&nbsp; 1397913 | &nbsp;&nbsp; 1397913 |
| **Total Money Market Fund** <br>**(Cost $1,397,913)**<br>|  |  | &nbsp;&nbsp; **1397913** |
| **Total Investments in Securities** <br>**(Cost $145,330,297) \| 99.3%**<br>|  |  | &nbsp;&nbsp; **$141678911** |
| **Other Assets less Liabilities 0.7%** |  |  | &nbsp;&nbsp; **1053438** |
| **Net Assets 100.0%** |  |  | &nbsp;&nbsp; **$142732349** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Trustees. The total of such securities at period-end amounts to $18,370,057 and represents 12.9% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable coupon rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 7-day yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REMICS - Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

22 Portfolio of Investments

------

**Portfolio of Investments**

**Stock Index Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Value** |
| Investment | $11711429 | &nbsp;&nbsp; $297391704 |

---

Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors. As of December 31, 2025, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.55%. See the Appendix for the S&P 500 Index Master Portfolio for holdings information.

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 23

------

**Portfolio of Investments**

**Value Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 98.3%** | **Common Stocks \| 98.3%** | **Common Stocks \| 98.3%** |
|  | **Shares** | **Value** |
| **Communication Services \| 9.5%** | **Communication Services \| 9.5%** | **Communication Services \| 9.5%** |
| **Entertainment** |  |  |
| Walt Disney Co. | 214500 | &nbsp;&nbsp; $24403665 |
| **Interactive Media & Services** |  |  |
| Alphabet, Inc., Class C | 126220 | &nbsp;&nbsp; 39607836 |
| Meta Platforms, Inc., Class A | 46400 | &nbsp;&nbsp; 30628176 |
| **Wireless Telecommunication** <br> **Services**<br>|  |  |
| T-Mobile U.S., Inc. | 34800 | &nbsp;&nbsp; 7065792 |
| **Total Communication Services** |  | &nbsp;&nbsp; **101705469** |
| **Consumer Discretionary \| 7.1%** | **Consumer Discretionary \| 7.1%** | **Consumer Discretionary \| 7.1%** |
| **Distributors** |  |  |
| LKQ Corp. | 169500 | &nbsp;&nbsp; 5118900 |
| **Hotels, Restaurants & Leisure** |  |  |
| McDonald's Corp. | 74097 | &nbsp;&nbsp; 22646266 |
| **Household Durables** |  |  |
| PulteGroup, Inc. | 120100 | &nbsp;&nbsp; 14082926 |
| **Specialty Retail** |  |  |
| Home Depot, Inc. | 36918 | &nbsp;&nbsp; 12703484 |
| TJX Cos., Inc. | 143200 | &nbsp;&nbsp; 21996952 |
| **Total Consumer Discretionary** |  | &nbsp;&nbsp; **76548528** |
| **Consumer Staples \| 3.6%** | **Consumer Staples \| 3.6%** | **Consumer Staples \| 3.6%** |
| **Consumer Staples Distribution** <br> **& Retail**<br>|  |  |
| Walmart, Inc. | 251600 | &nbsp;&nbsp; 28030756 |
| **Household Products** |  |  |
| Procter & Gamble Co. | 73500 | &nbsp;&nbsp; 10533285 |
| **Total Consumer Staples** |  | &nbsp;&nbsp; **38564041** |
| **Energy \| 4.8%** | **Energy \| 4.8%** | **Energy \| 4.8%** |
| **Oil, Gas & Consumable Fuels** |  |  |
| ConocoPhillips | 168600 | &nbsp;&nbsp; 15782646 |
| Diamondback Energy, Inc. | 50200 | &nbsp;&nbsp; 7546566 |
| Exxon Mobil Corp. | 232000 | &nbsp;&nbsp; 27918880 |
| **Total Energy** |  | &nbsp;&nbsp; **51248092** |
| **Financials \| 22.3%** | **Financials \| 22.3%** | **Financials \| 22.3%** |
| **Banks** |  |  |
| Bank of America Corp. | 557102 | &nbsp;&nbsp; 30640610 |
| Citigroup, Inc. | 272039 | &nbsp;&nbsp; 31744231 |
| JPMorgan Chase & Co. | 163991 | &nbsp;&nbsp; 52841180 |
| Truist Financial Corp. | 210900 | &nbsp;&nbsp; 10378389 |
| **Capital Markets** |  |  |
| Goldman Sachs Group, Inc. | 50374 | &nbsp;&nbsp; 44278746 |
| **Financial Services** |  |  |
| Visa, Inc., Class A | 74898 | &nbsp;&nbsp; 26267478 |
| **Insurance** |  |  |
| Allstate Corp. | 86984 | &nbsp;&nbsp; 18105720 |
| Chubb Ltd. | 78938 | &nbsp;&nbsp; 24638128 |
| **Total Financials** |  | &nbsp;&nbsp; **238894482** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 98.3% (Continued)** | **Common Stocks \| 98.3% (Continued)** | **Common Stocks \| 98.3% (Continued)** |
|  | **Shares** | **Value** |
| **Health Care \| 15.9%** | **Health Care \| 15.9%** | **Health Care \| 15.9%** |
| **Biotechnology** |  |  |
| AbbVie, Inc. | 155463 | &nbsp;&nbsp; $35521741 |
| **Health Care Equipment &** <br> **Supplies**<br>|  |  |
| Abbott Laboratories | 233156 | &nbsp;&nbsp; 29212115 |
| Boston Scientific Corp. (a) | 160196 | &nbsp;&nbsp; 15274689 |
| GE HealthCare Technologies, <br> Inc.<br>| 261300 | &nbsp;&nbsp; 21431826 |
| **Health Care Providers &** <br> **Services**<br>|  |  |
| Cigna Group | 55714 | &nbsp;&nbsp; 15334164 |
| UnitedHealth Group, Inc. | 62500 | &nbsp;&nbsp; 20631875 |
| **Pharmaceuticals** |  |  |
| Bristol-Myers Squibb Co. | 115001 | &nbsp;&nbsp; 6203154 |
| Merck & Co., Inc. | 76282 | &nbsp;&nbsp; 8029443 |
| Royalty Pharma PLC, Class A | 483484 | &nbsp;&nbsp; 18681822 |
| **Total Health Care** |  | &nbsp;&nbsp; **170320829** |
| **Industrials \| 18.1%** | **Industrials \| 18.1%** | **Industrials \| 18.1%** |
| **Aerospace & Defense** |  |  |
| Boeing Co. (a) | 117300 | &nbsp;&nbsp; 25468176 |
| Northrop Grumman Corp. | 47031 | &nbsp;&nbsp; 26817547 |
| **Electrical Equipment** |  |  |
| Eaton Corp. PLC | 67787 | &nbsp;&nbsp; 21590837 |
| **Ground Transportation** |  |  |
| CSX Corp. | 383882 | &nbsp;&nbsp; 13915722 |
| **Industrial Conglomerates** |  |  |
| Honeywell International, Inc. | 107873 | &nbsp;&nbsp; 21044944 |
| **Machinery** |  |  |
| Deere & Co. | 54600 | &nbsp;&nbsp; 25420122 |
| Parker-Hannifin Corp. | 41922 | &nbsp;&nbsp; 36847761 |
| **Professional Services** |  |  |
| CACI International, Inc., <br> Class A (a)<br>| 26400 | &nbsp;&nbsp; 14066184 |
| TransUnion | 100900 | &nbsp;&nbsp; 8652175 |
| **Total Industrials** |  | &nbsp;&nbsp; **193823468** |
| **Information Technology \| 8.8%** | **Information Technology \| 8.8%** | **Information Technology \| 8.8%** |
| **Semiconductors &** <br> **Semiconductor Equipment**<br>|  |  |
| Lam Research Corp. | 206700 | &nbsp;&nbsp; 35382906 |
| NXP Semiconductors NV | 82963 | &nbsp;&nbsp; 18007949 |
| Qnity Electronics, Inc., <br> Class WI<br>| 113139 | &nbsp;&nbsp; 9237799 |
| **Software** |  |  |
| Adobe, Inc. (a) | 9200 | &nbsp;&nbsp; 3219908 |
| Microsoft Corp. | 59514 | &nbsp;&nbsp; 28782161 |
| **Total Information Technology** |  | &nbsp;&nbsp; **94630723** |
| **Materials \| 4.3%** | **Materials \| 4.3%** | **Materials \| 4.3%** |
| **Chemicals** |  |  |
| DuPont de Nemours, Inc. | 226278 | &nbsp;&nbsp; 9096376 |

---

The accompanying notes are an integral part of these financial statements.

24 Portfolio of Investments

------

**Portfolio of Investments \| Value Fund \| December 31, 2025 \| (Continued)**

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 98.3% (Continued)** | **Common Stocks \| 98.3% (Continued)** | **Common Stocks \| 98.3% (Continued)** |
|  | **Shares** | **Value** |
| **Materials \| 4.3% (Continued)** | **Materials \| 4.3% (Continued)** | **Materials \| 4.3% (Continued)** |
| Solstice Advanced Materials, <br> Inc. (a)<br>| 26968 | &nbsp;&nbsp; $1310105 |
| **Containers & Packaging** |  |  |
| Avery Dennison Corp. | 92687 | &nbsp;&nbsp; 16857911 |
| **Metals & Mining** |  |  |
| Freeport-McMoRan, Inc. | 375000 | &nbsp;&nbsp; 19046250 |
| **Total Materials** |  | &nbsp;&nbsp; **46310642** |
| **Real Estate \| 2.2%** | **Real Estate \| 2.2%** | **Real Estate \| 2.2%** |
| **Specialized REITs** |  |  |
| Crown Castle, Inc. | 149400 | &nbsp;&nbsp; 13277178 |
| Digital Realty Trust, Inc. | 64901 | &nbsp;&nbsp; 10040834 |
| **Total Real Estate** |  | &nbsp;&nbsp; **23318012** |
| **Utilities \| 1.7%** | **Utilities \| 1.7%** | **Utilities \| 1.7%** |
| **Multi-Utilities** |  |  |
| Ameren Corp. | 188598 | &nbsp;&nbsp; 18833396 |
| **Total Utilities** |  | &nbsp;&nbsp; **18833396** |
| **Total Common Stocks** <br>**(Cost $575,280,750)**<br>|  | &nbsp;&nbsp; **1054197682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund \| 1.7%** | **Money Market Fund \| 1.7%** | **Money Market Fund \| 1.7%** |
|  | **Shares** | **Value** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Premier <br> Class, 3.74% (b)<br>| 18644281 | &nbsp;&nbsp; $18644281 |
| **Total Money Market Fund** <br>**(Cost $18,644,281)**<br>|  | &nbsp;&nbsp; **18644281** |
| **Total Investments in Securities** <br> **(Cost $593,925,031) \| 100.0%** | **Total Investments in Securities** <br> **(Cost $593,925,031) \| 100.0%** | &nbsp;&nbsp; **$1072841963** |
| **Other Assets less Liabilities 0.0%** | **Other Assets less Liabilities 0.0%** | &nbsp;&nbsp; **88191** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$1072930154** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 7-day yield at December 31, 2025.

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 25

------

**Portfolio of Investments**

**Growth Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 99.2%** | **Common Stocks \| 99.2%** | **Common Stocks \| 99.2%** |
|  | **Shares** | **Value** |
| **Communication Services \| 12.9%** | **Communication Services \| 12.9%** | **Communication Services \| 12.9%** |
| **Entertainment** |  |  |
| Netflix, Inc. (a) | 56730 | &nbsp;&nbsp; $5319005 |
| **Interactive Media & Services** |  |  |
| Alphabet, Inc., Class A | 109077 | &nbsp;&nbsp; 34141101 |
| Meta Platforms, Inc., Class A | 26846 | &nbsp;&nbsp; 17720776 |
| **Total Communication Services** |  | &nbsp;&nbsp; **57180882** |
| **Consumer Discretionary \| 9.1%** | **Consumer Discretionary \| 9.1%** | **Consumer Discretionary \| 9.1%** |
| **Broadline Retail** |  |  |
| Amazon.com, Inc. (a) | 86884 | &nbsp;&nbsp; 20054565 |
| Coupang, Inc. (a) | 114023 | &nbsp;&nbsp; 2689802 |
| MercadoLibre, Inc. (a) | 2477 | &nbsp;&nbsp; 4989322 |
| **Hotels, Restaurants & Leisure** |  |  |
| Booking Holdings, Inc. | 1062 | &nbsp;&nbsp; 5687361 |
| Chipotle Mexican Grill, <br> Inc. (a)<br>| 83755 | &nbsp;&nbsp; 3098935 |
| DoorDash, Inc., Class A (a) | 16380 | &nbsp;&nbsp; 3709742 |
| **Total Consumer Discretionary** |  | &nbsp;&nbsp; **40229727** |
| **Financials \| 10.8%** | **Financials \| 10.8%** | **Financials \| 10.8%** |
| **Capital Markets** |  |  |
| ARES Management Corp., <br> Class A<br>| 6053 | &nbsp;&nbsp; 978346 |
| Tradeweb Markets, Inc., <br> Class A<br>| 35105 | &nbsp;&nbsp; 3775192 |
| **Financial Services** |  |  |
| Adyen NV, ADR (a) | 189300 | &nbsp;&nbsp; 3023121 |
| Block, Inc. (a) | 179248 | &nbsp;&nbsp; 11667252 |
| Mastercard, Inc., Class A | 25836 | &nbsp;&nbsp; 14749256 |
| Rocket Cos., Inc., Class A | 67167 | &nbsp;&nbsp; 1300353 |
| Visa, Inc., Class A | 35356 | &nbsp;&nbsp; 12399703 |
| **Total Financials** |  | &nbsp;&nbsp; **47893223** |
| **Health Care \| 10.7%** | **Health Care \| 10.7%** | **Health Care \| 10.7%** |
| **Biotechnology** |  |  |
| Argenx SE, ADR (a) | 4575 | &nbsp;&nbsp; 3847346 |
| Natera, Inc. (a) | 20393 | &nbsp;&nbsp; 4671833 |
| **Health Care Equipment &** <br> **Supplies**<br>|  |  |
| Intuitive Surgical, Inc. (a) | 18378 | &nbsp;&nbsp; 10408564 |
| Stryker Corp. | 16450 | &nbsp;&nbsp; 5781682 |
| **Health Care Providers &** <br> **Services**<br>|  |  |
| Cigna Group | 7993 | &nbsp;&nbsp; 2199913 |
| UnitedHealth Group, Inc. | 20099 | &nbsp;&nbsp; 6634881 |
| **Life Sciences Tools & Services** |  |  |
| Danaher Corp. | 12157 | &nbsp;&nbsp; 2782980 |
| **Pharmaceuticals** |  |  |
| Eli Lilly & Co. | 10019 | &nbsp;&nbsp; 10767219 |
| **Total Health Care** |  | &nbsp;&nbsp; **47094418** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 99.2% (Continued)** | **Common Stocks \| 99.2% (Continued)** | **Common Stocks \| 99.2% (Continued)** |
|  | **Shares** | **Value** |
| **Industrials \| 3.3%** | **Industrials \| 3.3%** | **Industrials \| 3.3%** |
| **Aerospace & Defense** |  |  |
| Boeing Co. (a) | 18701 | &nbsp;&nbsp; $4060361 |
| Howmet Aerospace, Inc. | 33687 | &nbsp;&nbsp; 6906509 |
| **Machinery** |  |  |
| Ingersoll Rand, Inc. | 30651 | &nbsp;&nbsp; 2428172 |
| **Professional Services** |  |  |
| Equifax, Inc. | 5878 | &nbsp;&nbsp; 1275408 |
| **Total Industrials** |  | &nbsp;&nbsp; **14670450** |
| **Information Technology \| 52.4%** | **Information Technology \| 52.4%** | **Information Technology \| 52.4%** |
| **Communications Equipment** |  |  |
| Arista Networks, Inc. (a) | 57395 | &nbsp;&nbsp; 7520467 |
| Ciena Corp. (a) | 11379 | &nbsp;&nbsp; 2661207 |
| **Electronic Equipment,** <br> **Instruments & Components**<br>|  |  |
| Amphenol Corp., Class A | 87329 | &nbsp;&nbsp; 11801641 |
| Fabrinet (a) | 6433 | &nbsp;&nbsp; 2928816 |
| **IT Services** |  |  |
| MongoDB, Inc. (a) | 8860 | &nbsp;&nbsp; 3718453 |
| Shopify, Inc., Class A (a) | 20342 | &nbsp;&nbsp; 3274452 |
| **Semiconductors &** <br> **Semiconductor Equipment**<br>|  |  |
| Advanced Micro Devices, <br> Inc. (a)<br>| 2204 | &nbsp;&nbsp; 472009 |
| Broadcom, Inc. | 64296 | &nbsp;&nbsp; 22252845 |
| Entegris, Inc. | 53867 | &nbsp;&nbsp; 4538295 |
| Lattice Semiconductor <br> Corp. (a)<br>| 51567 | &nbsp;&nbsp; 3794300 |
| NVIDIA Corp. | 255790 | &nbsp;&nbsp; 47704835 |
| Tower Semiconductor Ltd. (a) | 19317 | &nbsp;&nbsp; 2268202 |
| **Software** |  |  |
| AppLovin Corp., Class A (a) | 6995 | &nbsp;&nbsp; 4713371 |
| Datadog, Inc., Class A (a) | 26196 | &nbsp;&nbsp; 3562394 |
| HubSpot, Inc. (a) | 18960 | &nbsp;&nbsp; 7608648 |
| Intuit, Inc. | 18150 | &nbsp;&nbsp; 12022923 |
| Microsoft Corp. | 108199 | &nbsp;&nbsp; 52327200 |
| ServiceNow, Inc. (a) | 46030 | &nbsp;&nbsp; 7051336 |
| **Technology Hardware, Storage** <br> **& Peripherals**<br>|  |  |
| Apple, Inc. | 117522 | &nbsp;&nbsp; 31949531 |
| **Total Information Technology** |  | &nbsp;&nbsp; **232170925** |
| **Total Common Stocks** <br>**(Cost $221,053,249)**<br>|  | &nbsp;&nbsp; **439239625** |

---

The accompanying notes are an integral part of these financial statements.

26 Portfolio of Investments

------

**Portfolio of Investments \| Growth Fund \| December 31, 2025 \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund \| 0.9%** | **Money Market Fund \| 0.9%** | **Money Market Fund \| 0.9%** |
|  | **Shares** | **Value** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Premier <br> Class, 3.74% (b)<br>| 4050643 | &nbsp;&nbsp; $4050643 |
| **Total Money Market Fund** <br>**(Cost $4,050,643)**<br>|  | &nbsp;&nbsp; **4050643** |
| **Total Investments in Securities** <br> **(Cost $225,103,892) \| 100.1%** | **Total Investments in Securities** <br> **(Cost $225,103,892) \| 100.1%** | &nbsp;&nbsp; **$443290268** |
| **Other Assets less Liabilities (0.1)%** | **Other Assets less Liabilities (0.1)%** | &nbsp;&nbsp; **(504360)**<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$442785908** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 7-day yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR - American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 27

------

**Portfolio of Investments**

**International Equity Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.2%** | **Common Stocks \| 97.2%** | **Common Stocks \| 97.2%** |
|  | **Shares** | **Value** |
| **Britain \| 13.4%** | **Britain \| 13.4%** | **Britain \| 13.4%** |
| BAE Systems PLC | 119542 | &nbsp;&nbsp; $2751266 |
| Compass Group PLC | 46794 | &nbsp;&nbsp; 1482671 |
| Haleon PLC | 545317 | &nbsp;&nbsp; 2755695 |
| Rio Tinto PLC | 34551 | &nbsp;&nbsp; 2783118 |
| Shell PLC | 101314 | &nbsp;&nbsp; 3733650 |
| **Total Britain** |  | &nbsp;&nbsp; **13506400** |
| **Canada \| 5.7%** | **Canada \| 5.7%** | **Canada \| 5.7%** |
| Alimentation Couche-Tard, <br> Inc.<br>| 36463 | &nbsp;&nbsp; 1991379 |
| Canadian National Railway <br> Co.<br>| 10407 | &nbsp;&nbsp; 1028732 |
| Manulife Financial Corp. | 75106 | &nbsp;&nbsp; 2727247 |
| **Total Canada** |  | &nbsp;&nbsp; **5747358** |
| **Denmark \| 3.5%** | **Denmark \| 3.5%** | **Denmark \| 3.5%** |
| Coloplast AS, Class B | 9001 | &nbsp;&nbsp; 771703 |
| Genmab AS (a) | 5747 | &nbsp;&nbsp; 1781477 |
| Novonesis Novozymes B, <br> Class B<br>| 15086 | &nbsp;&nbsp; 965210 |
| **Total Denmark** |  | &nbsp;&nbsp; **3518390** |
| **France \| 8.1%** | **France \| 8.1%** | **France \| 8.1%** |
| Air Liquide SA | 7349 | &nbsp;&nbsp; 1381273 |
| Dassault Systemes SE | 40043 | &nbsp;&nbsp; 1118731 |
| L'Oreal SA | 5543 | &nbsp;&nbsp; 2379696 |
| Safran SA | 4342 | &nbsp;&nbsp; 1512392 |
| Schneider Electric SE | 6557 | &nbsp;&nbsp; 1793833 |
| **Total France** |  | &nbsp;&nbsp; **8185925** |
| **Germany \| 4.5%** | **Germany \| 4.5%** | **Germany \| 4.5%** |
| Allianz SE, Registered Shares | 7751 | &nbsp;&nbsp; 3583885 |
| Symrise AG | 11835 | &nbsp;&nbsp; 958890 |
| **Total Germany** |  | &nbsp;&nbsp; **4542775** |
| **Hong Kong \| 4.9%** | **Hong Kong \| 4.9%** | **Hong Kong \| 4.9%** |
| AIA Group Ltd. | 365200 | &nbsp;&nbsp; 3759038 |
| Techtronic Industries Co. Ltd. | 107000 | &nbsp;&nbsp; 1230834 |
| **Total Hong Kong** |  | &nbsp;&nbsp; **4989872** |
| **India \| 0.9%** | **India \| 0.9%** | **India \| 0.9%** |
| HDFC Bank Ltd., ADR | 25406 | &nbsp;&nbsp; 928335 |
| **Total India** |  | &nbsp;&nbsp; **928335** |
| **Ireland \| 1.6%** | **Ireland \| 1.6%** | **Ireland \| 1.6%** |
| Ryanair Holdings PLC, ADR | 22393 | &nbsp;&nbsp; 1616551 |
| **Total Ireland** |  | &nbsp;&nbsp; **1616551** |
| **Israel \| 1.1%** | **Israel \| 1.1%** | **Israel \| 1.1%** |
| NICE Ltd., ADR (a) | 9778 | &nbsp;&nbsp; 1105305 |
| **Total Israel** |  | &nbsp;&nbsp; **1105305** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.2% (Continued)** | **Common Stocks \| 97.2% (Continued)** | **Common Stocks \| 97.2% (Continued)** |
|  | **Shares** | **Value** |
| **Japan \| 17.4%** | **Japan \| 17.4%** | **Japan \| 17.4%** |
| Chugai Pharmaceutical Co. <br> Ltd.<br>| 57000 | &nbsp;&nbsp; $2990309 |
| Daifuku Co. Ltd. | 48400 | &nbsp;&nbsp; 1523423 |
| Disco Corp. | 4900 | &nbsp;&nbsp; 1492844 |
| Keyence Corp. | 2800 | &nbsp;&nbsp; 1012829 |
| Lasertec Corp. | 9700 | &nbsp;&nbsp; 1848263 |
| M3, Inc. | 80900 | &nbsp;&nbsp; 1088333 |
| Obic Co. Ltd. | 35500 | &nbsp;&nbsp; 1114297 |
| Shionogi & Co. Ltd. | 83900 | &nbsp;&nbsp; 1518575 |
| Sony Group Corp. | 115300 | &nbsp;&nbsp; 2957557 |
| Sysmex Corp. | 109500 | &nbsp;&nbsp; 1075311 |
| Unicharm Corp. | 163900 | &nbsp;&nbsp; 936482 |
| **Total Japan** |  | &nbsp;&nbsp; **17558223** |
| **Netherlands \| 5.5%** | **Netherlands \| 5.5%** | **Netherlands \| 5.5%** |
| Adyen NV (a)(b) | 997 | &nbsp;&nbsp; 1607737 |
| ASML Holding NV | 3676 | &nbsp;&nbsp; 3960964 |
| **Total Netherlands** |  | &nbsp;&nbsp; **5568701** |
| **Republic of South Korea \| 2.6%** | **Republic of South Korea \| 2.6%** | **Republic of South Korea \| 2.6%** |
| Samsung Electronics Co. Ltd., <br> GDR<br>| 1283 | &nbsp;&nbsp; 2636004 |
| **Total Republic of South Korea** |  | &nbsp;&nbsp; **2636004** |
| **Singapore \| 5.0%** | **Singapore \| 5.0%** | **Singapore \| 5.0%** |
| DBS Group Holdings Ltd. | 92526 | &nbsp;&nbsp; 4053066 |
| Sea Ltd., ADR (a) | 7463 | &nbsp;&nbsp; 952055 |
| **Total Singapore** |  | &nbsp;&nbsp; **5005121** |
| **Spain \| 3.1%** | **Spain \| 3.1%** | **Spain \| 3.1%** |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 133651 | &nbsp;&nbsp; 3135078 |
| **Total Spain** |  | &nbsp;&nbsp; **3135078** |
| **Sweden \| 9.4%** | **Sweden \| 9.4%** | **Sweden \| 9.4%** |
| Alfa Laval AB | 45700 | &nbsp;&nbsp; 2291458 |
| Assa Abloy AB, Class B | 39857 | &nbsp;&nbsp; 1539710 |
| Atlas Copco AB, Class A | 68089 | &nbsp;&nbsp; 1212159 |
| Epiroc AB, Class A | 73930 | &nbsp;&nbsp; 1666520 |
| Skandinaviska Enskilda <br> Banken AB, Class A<br>| 131755 | &nbsp;&nbsp; 2777881 |
| **Total Sweden** |  | &nbsp;&nbsp; **9487728** |
| **Switzerland \| 7.0%** | **Switzerland \| 7.0%** | **Switzerland \| 7.0%** |
| Alcon AG | 20879 | &nbsp;&nbsp; 1645474 |
| Novartis AG, Registered <br> Shares<br>| 11715 | &nbsp;&nbsp; 1614279 |
| Roche Holding AG | 7220 | &nbsp;&nbsp; 2981644 |
| Sonova Holding AG, <br> Registered Shares<br>| 3392 | &nbsp;&nbsp; 877397 |
| **Total Switzerland** |  | &nbsp;&nbsp; **7118794** |

---

The accompanying notes are an integral part of these financial statements.

28 Portfolio of Investments

------

**Portfolio of Investments \| International Equity Fund \| December 31, 2025 \| (Continued)**

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.2% (Continued)** | **Common Stocks \| 97.2% (Continued)** | **Common Stocks \| 97.2% (Continued)** |
|  | **Shares** | **Value** |
| **Taiwan \| 3.5%** | **Taiwan \| 3.5%** | **Taiwan \| 3.5%** |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd., <br> ADR<br>| 11790 | &nbsp;&nbsp; $3582863 |
| **Total Taiwan** |  | &nbsp;&nbsp; **3582863** |
| **Total Common Stocks** <br> **(Cost $72,030,106)**<br>|  | &nbsp;&nbsp; **98233423** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund \| 2.5%** | **Money Market Fund \| 2.5%** | **Money Market Fund \| 2.5%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Premier <br> Class, 3.74% (c)<br>| 2563984 | &nbsp;&nbsp; 2563984 |
| **Total Money Market Fund** <br> **(Cost $2,563,984)**<br>|  | &nbsp;&nbsp; **2563984** |
| **Total Investments in Securities** <br> **(Cost $74,594,090) \| 99.7%** | **Total Investments in Securities** <br> **(Cost $74,594,090) \| 99.7%** | &nbsp;&nbsp; **$100797407** |
| **Other Assets less Liabilities 0.3%** | **Other Assets less Liabilities 0.3%** | &nbsp;&nbsp; **279718** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$101077125** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(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 security at period-end amounts to $1,607,737 and represents 1.6% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 7-day yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR - American Depositary Receipt <br> GDR - Global Depositary Receipt

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 29

------

**Portfolio of Investments**

**Small-Company Stock Fund \|** December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.5%** | **Common Stocks \| 97.5%** | **Common Stocks \| 97.5%** |
|  | **Shares** | **Value** |
| **Communication Services \| 0.4%** | **Communication Services \| 0.4%** | **Communication Services \| 0.4%** |
| **Media** |  |  |
| Magnite, Inc. (a) | 43900 | &nbsp;&nbsp; $712497 |
| **Total Communication Services** |  | &nbsp;&nbsp; **712497** |
| **Consumer Discretionary \| 12.0%** | **Consumer Discretionary \| 12.0%** | **Consumer Discretionary \| 12.0%** |
| **Broadline Retail** |  |  |
| Savers Value Village, Inc. (a) | 187106 | &nbsp;&nbsp; 1747570 |
| **Hotels, Restaurants & Leisure** |  |  |
| Hilton Grand Vacations, <br> Inc. (a)<br>| 30000 | &nbsp;&nbsp; 1342500 |
| **Household Durables** |  |  |
| KB Home | 43200 | &nbsp;&nbsp; 2436912 |
| **Leisure Equipment & Products** |  |  |
| Malibu Boats, Inc., Class A (a) | 48200 | &nbsp;&nbsp; 1359722 |
| YETI Holdings, Inc. (a) | 81200 | &nbsp;&nbsp; 3586604 |
| **Specialty Retail** |  |  |
| National Vision Holdings, <br> Inc. (a)<br>| 119300 | &nbsp;&nbsp; 3080326 |
| Valvoline, Inc. (a) | 67700 | &nbsp;&nbsp; 1967362 |
| **Textiles, Apparel & Luxury** <br> **Goods**<br>|  |  |
| Gildan Activewear, Inc. | 118300 | &nbsp;&nbsp; 7389018 |
| Kontoor Brands, Inc. | 26400 | &nbsp;&nbsp; 1612776 |
| **Total Consumer Discretionary** |  | &nbsp;&nbsp; **24522790** |
| **Energy \| 2.7%** | **Energy \| 2.7%** | **Energy \| 2.7%** |
| **Oil, Gas & Consumable Fuels** |  |  |
| Matador Resources Co. | 37000 | &nbsp;&nbsp; 1570280 |
| Northern Oil & Gas, Inc. | 88500 | &nbsp;&nbsp; 1900095 |
| Permian Resources Corp. | 141200 | &nbsp;&nbsp; 1981036 |
| **Total Energy** |  | &nbsp;&nbsp; **5451411** |
| **Financials \| 19.1%** | **Financials \| 19.1%** | **Financials \| 19.1%** |
| **Banks** |  |  |
| Atlantic Union Bankshares <br> Corp.<br>| 139492 | &nbsp;&nbsp; 4924068 |
| Cullen/Frost Bankers, Inc. | 25400 | &nbsp;&nbsp; 3216402 |
| Eastern Bankshares, Inc. | 66800 | &nbsp;&nbsp; 1231124 |
| FB Financial Corp. | 97959 | &nbsp;&nbsp; 5466112 |
| Glacier Bancorp, Inc. | 112416 | &nbsp;&nbsp; 4951925 |
| Live Oak Bancshares, Inc. | 34100 | &nbsp;&nbsp; 1171335 |
| Old National Bancorp | 166700 | &nbsp;&nbsp; 3719077 |
| Valley National Bancorp | 148200 | &nbsp;&nbsp; 1730976 |
| **Capital Markets** |  |  |
| DigitalBridge Group, Inc. | 336600 | &nbsp;&nbsp; 5163444 |
| **Consumer Finance** |  |  |
| Encore Capital Group, Inc. (a) | 20283 | &nbsp;&nbsp; 1102381 |
| **Insurance** |  |  |
| Kinsale Capital Group, Inc. | 16326 | &nbsp;&nbsp; 6385425 |
| **Total Financials** |  | &nbsp;&nbsp; **39062269** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.5% (Continued)** | **Common Stocks \| 97.5% (Continued)** | **Common Stocks \| 97.5% (Continued)** |
|  | **Shares** | **Value** |
| **Health Care \| 16.9%** | **Health Care \| 16.9%** | **Health Care \| 16.9%** |
| **Biotechnology** |  |  |
| ADMA Biologics, Inc. (a) | 220600 | &nbsp;&nbsp; $4023744 |
| **Health Care Equipment &** <br> **Supplies**<br>|  |  |
| Enovis Corp. (a) | 106576 | &nbsp;&nbsp; 2839184 |
| Envista Holdings Corp. (a) | 223000 | &nbsp;&nbsp; 4841330 |
| Globus Medical, Inc., <br> Class A (a)<br>| 76325 | &nbsp;&nbsp; 6663936 |
| Integer Holdings Corp. (a) | 40670 | &nbsp;&nbsp; 3189748 |
| iRhythm Technologies, <br> Inc. (a)<br>| 27400 | &nbsp;&nbsp; 4861856 |
| Lantheus Holdings, Inc. (a) | 29300 | &nbsp;&nbsp; 1949915 |
| **Health Care Providers &** <br> **Services**<br>|  |  |
| HealthEquity, Inc. (a) | 32800 | &nbsp;&nbsp; 3004808 |
| **Life Sciences Tools & Services** |  |  |
| Medpace Holdings, Inc. (a) | 5750 | &nbsp;&nbsp; 3229488 |
| **Total Health Care** |  | &nbsp;&nbsp; **34604009** |
| **Industrials \| 27.1%** | **Industrials \| 27.1%** | **Industrials \| 27.1%** |
| **Building Products** |  |  |
| Hayward Holdings, Inc. (a) | 280900 | &nbsp;&nbsp; 4339905 |
| Modine Manufacturing Co. (a) | 26500 | &nbsp;&nbsp; 3538015 |
| **Commercial Services &** <br> **Supplies**<br>|  |  |
| Casella Waste Systems, Inc., <br> Class A (a)<br>| 31600 | &nbsp;&nbsp; 3094904 |
| OPENLANE, Inc. (a) | 175600 | &nbsp;&nbsp; 5229368 |
| **Construction & Engineering** |  |  |
| Comfort Systems USA, Inc. | 1588 | &nbsp;&nbsp; 1482065 |
| Sterling Infrastructure, <br> Inc. (a)<br>| 10600 | &nbsp;&nbsp; 3246038 |
| **Machinery** |  |  |
| ESAB Corp. | 49376 | &nbsp;&nbsp; 5516287 |
| Federal Signal Corp. | 58994 | &nbsp;&nbsp; 6406158 |
| JBT Marel Corp. | 27500 | &nbsp;&nbsp; 4143425 |
| **Marine Transportation** |  |  |
| Kirby Corp. (a) | 36000 | &nbsp;&nbsp; 3966480 |
| **Professional Services** |  |  |
| CACI International, Inc., <br> Class A (a)<br>| 9471 | &nbsp;&nbsp; 5046243 |
| Verra Mobility Corp. (a) | 109200 | &nbsp;&nbsp; 2447172 |
| **Trading Companies &** <br> **Distributors**<br>|  |  |
| Applied Industrial <br> Technologies, Inc.<br>| 26726 | &nbsp;&nbsp; 6862435 |
| **Total Industrials** |  | &nbsp;&nbsp; **55318495** |
| **Information Technology \| 14.0%** | **Information Technology \| 14.0%** | **Information Technology \| 14.0%** |
| **Electronic Equipment,** <br> **Instruments & Components**<br>|  |  |
| Advanced Energy Industries, <br> Inc.<br>| 32762 | &nbsp;&nbsp; 6859380 |

---

The accompanying notes are an integral part of these financial statements.

30 Portfolio of Investments

------

**Portfolio of Investments \| Small-Company Stock Fund \| December 31, 2025 \| (Continued)**

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.5% (Continued)** | **Common Stocks \| 97.5% (Continued)** | **Common Stocks \| 97.5% (Continued)** |
|  | **Shares** | **Value** |
| **Information Technology \| 14.0% (Continued)** | **Information Technology \| 14.0% (Continued)** | **Information Technology \| 14.0% (Continued)** |
| Itron, Inc. (a) | 13300 | &nbsp;&nbsp; $1235038 |
| Plexus Corp. (a) | 40800 | &nbsp;&nbsp; 5997600 |
| **Semiconductors &** <br> **Semiconductor Equipment**<br>|  |  |
| Axcelis Technologies, Inc. (a) | 12500 | &nbsp;&nbsp; 1004250 |
| **Software** |  |  |
| CCC Intelligent Solutions <br> Holdings, Inc. (a)<br>| 374000 | &nbsp;&nbsp; 2973300 |
| Descartes Systems Group, <br> Inc. (a)<br>| 69370 | &nbsp;&nbsp; 6080974 |
| Q2 Holdings, Inc. (a) | 62300 | &nbsp;&nbsp; 4495568 |
| **Total Information Technology** |  | &nbsp;&nbsp; **28646110** |
| **Materials \| 2.8%** | **Materials \| 2.8%** | **Materials \| 2.8%** |
| **Chemicals** |  |  |
| Avient Corp. | 55127 | &nbsp;&nbsp; 1722167 |
| Element Solutions, Inc. | 156600 | &nbsp;&nbsp; 3913434 |
| **Total Materials** |  | &nbsp;&nbsp; **5635601** |
| **Real Estate \| 2.5%** | **Real Estate \| 2.5%** | **Real Estate \| 2.5%** |
| **Real Estate Management &** <br> **Development**<br>|  |  |
| Cushman & Wakefield Ltd. (a) | 319800 | &nbsp;&nbsp; 5177562 |
| **Total Real Estate** |  | &nbsp;&nbsp; **5177562** |
| **Total Common Stocks** <br>**(Cost $158,174,744)**<br>|  | &nbsp;&nbsp; **199130744** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund \| 2.6%** | **Money Market Fund \| 2.6%** | **Money Market Fund \| 2.6%** |
|  | **Shares** | **Value** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund, Premier <br> Class, 3.74% (b)<br>| 5222715 | &nbsp;&nbsp; $5222715 |
| **Total Money Market Fund** <br>**(Cost $5,222,715)**<br>|  | &nbsp;&nbsp; **5222715** |
| **Total Investments in Securities** <br> **(Cost $163,397,459) \| 100.1%** | **Total Investments in Securities** <br> **(Cost $163,397,459) \| 100.1%** | &nbsp;&nbsp; **$204353459** |
| **Other Assets less Liabilities (0.1)%** | **Other Assets less Liabilities (0.1)%** | &nbsp;&nbsp; **(182852)**<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$204170607** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 7-day yield at December 31, 2025.

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments 31

------

**Statements of Assets and Liabilities**

**December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Daily Income** <br>**Fund**<br>| **Short-Term** <br>**Government** <br>**Securities Fund**<br>| **Short-Term Bond** <br>**Fund**<br>|
| Investments in securities, excluding repurchase agreements, at value <br> (cost:$96,264,014, $60,757,057, $418,828,296, $145,330,297, $11,711,429, <br> $593,925,031, $225,103,892, $74,594,090 and $163,397,459, respectively)<br>| $96264014 | $60818974 | $423334247 |
| Repurchase Agreements, at value and cost | 120000000 |  |  |
| Foreign currency (cost $4) |  |  |  |
| Investment securities sold receivable |  |  |  |
| Dividends, interest, and tax reclaims receivable | 296311 | 313211 | 3543081 |
| Capital shares sold receivable | 601781 | 34583 | 456822 |
| Prepaid expenses | 12454 | 6147 | 19580 |
| **Total Assets** | **217174560** | **61172915** | **427353730** |
| **Liabilities** |  |  |  |
| Accrued expenses payable | 63324 | 39283 | 111480 |
| Independent Director's/Trustee's deferred compensation payable | 1739 | 647 | 3953 |
| Capital shares redeemed payable | 246178 | 25748 | 73520 |
| Dividends payable | 1926 | 13579 | 33332 |
| Due to Homestead Advisers | 88602 | 21652 | 246877 |
| **Total Liabilities** | **401769** | **100909** | **469162** |
| **Net Assets** | **$216772791** | **$61072006** | **$426884568** |
| **Net Assets Consist Of:** |  |  |  |
| Distributable earnings (losses) | (3666)<br>| (2765499)<br>| (25061511)<br>|
| Paid-in-capital applicable to outstanding shares of 216,777,119, 12,060,789, <br> 85,287,757, 30,771,507, 6,070,716, 20,331,281, 23,689,452, 9,633,561 <br> and 8,544,029, respectively<br>| 216776457 | 63837505 | 451946079 |
| **Net Assets** | **$216772791** | **$61072006** | **$426884568** |
| **Net Asset Value Per Share** | **$1.00** | **$5.06** | **$5.01** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents investment in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors.

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Assets and Liabilities</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Intermediate** <br>**Bond Fund**<br>| **Stock Index Fund** | **Value Fund** | **Growth Fund** | &nbsp;&nbsp;&nbsp; **International** <br>**Equity Fund**<br>| &nbsp;&nbsp;&nbsp; **Small-Company** <br>**Stock Fund**<br>|
| $141678911 | &nbsp;&nbsp;&nbsp; $297,391,704 <br>(a)<br>| &nbsp;&nbsp;&nbsp; $1072841963 | &nbsp;&nbsp;&nbsp; $443290268 | &nbsp;&nbsp;&nbsp; $100797407 | &nbsp;&nbsp;&nbsp; $204353459 |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 643768 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 1102695 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 846068 | &nbsp;&nbsp;&nbsp; 59796 | &nbsp;&nbsp;&nbsp; 437375 | &nbsp;&nbsp;&nbsp; 100988 |
| 125915 | &nbsp;&nbsp;&nbsp; 87936 | &nbsp;&nbsp;&nbsp; 246638 | &nbsp;&nbsp;&nbsp; 100240 | &nbsp;&nbsp;&nbsp; 19001 | &nbsp;&nbsp;&nbsp; 32426 |
| 8746 | &nbsp;&nbsp;&nbsp; 27488 | &nbsp;&nbsp;&nbsp; 30934 | &nbsp;&nbsp;&nbsp; 22441 | &nbsp;&nbsp;&nbsp; 12949 | &nbsp;&nbsp;&nbsp; 8925 |
| **142916267** | &nbsp;&nbsp;&nbsp; **298150896** | &nbsp;&nbsp;&nbsp; **1073965603** | &nbsp;&nbsp;&nbsp; **443472745** | &nbsp;&nbsp;&nbsp; **101266736** | &nbsp;&nbsp;&nbsp; **204495798** |
| 53877 | &nbsp;&nbsp;&nbsp; 69654 | &nbsp;&nbsp;&nbsp; 246241 | &nbsp;&nbsp;&nbsp; 109606 | &nbsp;&nbsp;&nbsp; 56213 | &nbsp;&nbsp;&nbsp; 93430 |
| 705 | &nbsp;&nbsp;&nbsp; 1262 | &nbsp;&nbsp;&nbsp; 7171 | &nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp; 3503 |
| 45454 | &nbsp;&nbsp;&nbsp; 731704 | &nbsp;&nbsp;&nbsp; 273436 | &nbsp;&nbsp;&nbsp; 304312 | &nbsp;&nbsp;&nbsp; 61528 | &nbsp;&nbsp;&nbsp; 56833 |
| 2274 | &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 81608 | &nbsp;&nbsp;&nbsp; 86372 | &nbsp;&nbsp;&nbsp; 508601 | &nbsp;&nbsp;&nbsp; 271602 | &nbsp;&nbsp;&nbsp; 70800 | &nbsp;&nbsp;&nbsp; 171425 |
| **183918** | &nbsp;&nbsp;&nbsp; **889307** | &nbsp;&nbsp;&nbsp; **1035449** | &nbsp;&nbsp;&nbsp; **686837** | &nbsp;&nbsp;&nbsp; **189611** | &nbsp;&nbsp;&nbsp; **325191** |
| **$142732349** | &nbsp;&nbsp;&nbsp; **$297261589** | &nbsp;&nbsp;&nbsp; **$1072930154** | &nbsp;&nbsp;&nbsp; **$442785908** | &nbsp;&nbsp;&nbsp; **$101077125** | &nbsp;&nbsp;&nbsp; **$204170607** |
| (19458682)<br>| &nbsp;&nbsp;&nbsp; 283930059 | &nbsp;&nbsp;&nbsp; 488873931 | &nbsp;&nbsp;&nbsp; 223974441 | &nbsp;&nbsp;&nbsp; 27721548 | &nbsp;&nbsp;&nbsp; 49528823 |
| 162191031 | &nbsp;&nbsp;&nbsp; 13331530 | &nbsp;&nbsp;&nbsp; 584056223 | &nbsp;&nbsp;&nbsp; 218811467 | &nbsp;&nbsp;&nbsp; 73355577 | &nbsp;&nbsp;&nbsp; 154641784 |
| **$142732349** | &nbsp;&nbsp;&nbsp; **$297261589** | &nbsp;&nbsp;&nbsp; **$1072930154** | &nbsp;&nbsp;&nbsp; **$442785908** | &nbsp;&nbsp;&nbsp; **$101077125** | &nbsp;&nbsp;&nbsp; **$204170607** |
| **$4.64** | &nbsp;&nbsp;&nbsp; **$48.97** | &nbsp;&nbsp;&nbsp; **$52.77** | &nbsp;&nbsp;&nbsp; **$18.69** | &nbsp;&nbsp;&nbsp; **$10.49** | &nbsp;&nbsp;&nbsp; **$23.90** |

---

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Assets and Liabilities</sup>

------

**Statements of Operations**

**For the Period Ended December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Investment Income** | **Daily Income** <br>**Fund**<br>| **Short-Term** <br>**Government** <br>**Securities Fund**<br>| **Short-Term Bond** <br>**Fund**<br>|
| Interest | $9498481 | $2335305 | $19905521 |
| Dividends\* |  |  |  |
| Allocated from Master Portfolio |  |  |  |
| Dividends\* |  |  |  |
| Interest |  |  |  |
| **Total Investment Income** | **9498481** | **2335305** | **19905521** |
| **Expenses** |  |  |  |
| Management fees | 884114 | 263844 | 2573876 |
| Custodian, accounting, and administrative services | 112094 | 95914 | 135121 |
| Shareholder servicing fees | 103306 | 75380 | 127401 |
| Director, Trustee, and Board meeting expenses | 65113 | 18355 | 120310 |
| Legal and audit fees | 60439 | 20201 | 108363 |
| Registration fees | 32799 | 24848 | 31122 |
| Printing and regulatory filings | 15282 | 8896 | 32494 |
| Insurance | 9044 | 2297 | 17499 |
| Communication | 625 | 363 | 905 |
| Sub-transfer agency fees | 363 | 1453 | 10022 |
| Other expenses | 9508 | 16450 | 103321 |
| Administration fees |  |  |  |
| Allocated from Master Portfolio |  |  |  |
| **Total Expenses** | **1292687** | **528001** | **3260434** |
| Less fees waived by Homestead Advisers |  | (88171)<br>|  |
| **Net Expenses** | **1292687** | **439830** | **3260434** |
| **Net Investment Income (Loss)** | **8205794** | **1895475** | **16645087** |
| **Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss): |  |  |  |
| Unaffiliated securities | 10421 | 422100 | 1834819 |
| Foreign currencies |  |  |  |
| **Net realized gain (loss) on investments** | **10421** | **422100** | **1834819** |
| Net change in unrealized appreciation (depreciation): |  |  |  |
| Unaffiliated securities |  | 720840 | 5603350 |
| Foreign currencies |  |  |  |
| **Net change in unrealized appreciation (depreciation)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| **—**<br>| **720840**<br>| **5603350**<br>|
| **Net Gain (Loss) on Investments** | **10421** | **1142940** | **7438169** |
| **Net Increase (Decrease) in Net Assets From Operations** | **$8216215** | **$3038415** | **$24083256** |
| \* Includes foreign tax withholding expense of $18,800 in Stock Index Fund, $52,269 in Value Fund, $8,063 in Growth Fund, $241,239 in <br> International Equity Fund and $16,041 in Small-Company Stock Fund. | \* Includes foreign tax withholding expense of $18,800 in Stock Index Fund, $52,269 in Value Fund, $8,063 in Growth Fund, $241,239 in <br> International Equity Fund and $16,041 in Small-Company Stock Fund. | \* Includes foreign tax withholding expense of $18,800 in Stock Index Fund, $52,269 in Value Fund, $8,063 in Growth Fund, $241,239 in <br> International Equity Fund and $16,041 in Small-Company Stock Fund. | \* Includes foreign tax withholding expense of $18,800 in Stock Index Fund, $52,269 in Value Fund, $8,063 in Growth Fund, $241,239 in <br> International Equity Fund and $16,041 in Small-Company Stock Fund. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents expenses allocated to the Fund by the S&P 500 Master Portfolio after expense reimbursements of $1,920.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents realized and unrealized gains on investments allocated from the Master Portfolio.

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Operations</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Intermediate** <br>**Bond Fund**<br>| **Stock Index Fund** | **Value Fund** | **Growth Fund** | &nbsp;&nbsp;&nbsp; **International** <br>**Equity Fund**<br>| &nbsp;&nbsp;&nbsp; **Small-Company** <br>**Stock Fund**<br>|
| $6224490 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $726384 | &nbsp;&nbsp;&nbsp; $107481 | &nbsp;&nbsp;&nbsp; $117341 | &nbsp;&nbsp;&nbsp; $243773 |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18013609 | &nbsp;&nbsp;&nbsp; 1848063 | &nbsp;&nbsp;&nbsp; 2301967 | &nbsp;&nbsp;&nbsp; 1644563 |
|  | &nbsp;&nbsp;&nbsp; 3403175 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 40982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **6224490** | &nbsp;&nbsp;&nbsp; **3444157** | &nbsp;&nbsp;&nbsp; **18739993** | &nbsp;&nbsp;&nbsp; **1955544** | &nbsp;&nbsp;&nbsp; **2419308** | &nbsp;&nbsp;&nbsp; **1888336** |
| 831124 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4812190 | &nbsp;&nbsp;&nbsp; 2586620 | &nbsp;&nbsp;&nbsp; 711949 | &nbsp;&nbsp;&nbsp; 1794701 |
| 118765 | &nbsp;&nbsp;&nbsp; 87951 | &nbsp;&nbsp;&nbsp; 183255 | &nbsp;&nbsp;&nbsp; 129838 | &nbsp;&nbsp;&nbsp; 133059 | &nbsp;&nbsp;&nbsp; 72020 |
| 69510 | &nbsp;&nbsp;&nbsp; 151877 | &nbsp;&nbsp;&nbsp; 266687 | &nbsp;&nbsp;&nbsp; 172356 | &nbsp;&nbsp;&nbsp; 134419 | &nbsp;&nbsp;&nbsp; 172256 |
| 40078 | &nbsp;&nbsp;&nbsp; 82585 | &nbsp;&nbsp;&nbsp; 304724 | &nbsp;&nbsp;&nbsp; 120530 | &nbsp;&nbsp;&nbsp; 30347 | &nbsp;&nbsp;&nbsp; 60040 |
| 37246 | &nbsp;&nbsp;&nbsp; 68410 | &nbsp;&nbsp;&nbsp; 257678 | &nbsp;&nbsp;&nbsp; 104212 | &nbsp;&nbsp;&nbsp; 29522 | &nbsp;&nbsp;&nbsp; 64367 |
| 36652 | &nbsp;&nbsp;&nbsp; 28931 | &nbsp;&nbsp;&nbsp; 33666 | &nbsp;&nbsp;&nbsp; 33295 | &nbsp;&nbsp;&nbsp; 32447 | &nbsp;&nbsp;&nbsp; 30497 |
| 11549 | &nbsp;&nbsp;&nbsp; 24191 | &nbsp;&nbsp;&nbsp; 82756 | &nbsp;&nbsp;&nbsp; 37806 | &nbsp;&nbsp;&nbsp; 18411 | &nbsp;&nbsp;&nbsp; 29898 |
| 5648 | &nbsp;&nbsp;&nbsp; 7063 | &nbsp;&nbsp;&nbsp; 40859 | &nbsp;&nbsp;&nbsp; 15870 | &nbsp;&nbsp;&nbsp; 3488 | &nbsp;&nbsp;&nbsp; 9599 |
| 343 | &nbsp;&nbsp;&nbsp; 1309 | &nbsp;&nbsp;&nbsp; 2052 | &nbsp;&nbsp;&nbsp; 1196 | &nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp; 1249 |
| 7 | &nbsp;&nbsp;&nbsp; 27565 | &nbsp;&nbsp;&nbsp; 211940 | &nbsp;&nbsp;&nbsp; 32897 | &nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp; 67719 |
| 36626 | &nbsp;&nbsp;&nbsp; 10382 | &nbsp;&nbsp;&nbsp; 36653 | &nbsp;&nbsp;&nbsp; 15420 | &nbsp;&nbsp;&nbsp; 5023 | &nbsp;&nbsp;&nbsp; 8012 |
|  | &nbsp;&nbsp;&nbsp; 684788 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 27,178 <br>(a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **1187548** | &nbsp;&nbsp;&nbsp; **1202230** | &nbsp;&nbsp;&nbsp; **6232460** | &nbsp;&nbsp;&nbsp; **3250040** | &nbsp;&nbsp;&nbsp; **1102264** | &nbsp;&nbsp;&nbsp; **2310358** |
| (78869)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **1108679** | &nbsp;&nbsp;&nbsp; **1202230** | &nbsp;&nbsp;&nbsp; **6232460** | &nbsp;&nbsp;&nbsp; **3250040** | &nbsp;&nbsp;&nbsp; **1102264** | &nbsp;&nbsp;&nbsp; **2310358** |
| **5115811** | &nbsp;&nbsp;&nbsp; **2241927** | &nbsp;&nbsp;&nbsp; **12507533** | &nbsp;&nbsp;&nbsp; **(1294496)**<br>| &nbsp;&nbsp;&nbsp; **1317044** | &nbsp;&nbsp;&nbsp; **(422022)**<br>|
| (417648)<br>| &nbsp;&nbsp;&nbsp; 3,079,749(b)<br>| &nbsp;&nbsp;&nbsp; 87981608 | &nbsp;&nbsp;&nbsp; 59485780 | &nbsp;&nbsp;&nbsp; 9902744 | &nbsp;&nbsp;&nbsp; 26960474 |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18980 | &nbsp;&nbsp;&nbsp; — |
| **(417648)**<br>| &nbsp;&nbsp;&nbsp; **3079749** | &nbsp;&nbsp;&nbsp; **87981608** | &nbsp;&nbsp;&nbsp; **59485780** | &nbsp;&nbsp;&nbsp; **9921724** | &nbsp;&nbsp;&nbsp; **26960474** |
| 3894313 | &nbsp;&nbsp;&nbsp; 39,495,290(b)<br>| &nbsp;&nbsp;&nbsp; 39940820 | &nbsp;&nbsp;&nbsp; 7284050 | &nbsp;&nbsp;&nbsp; 7514227 | &nbsp;&nbsp;&nbsp; (26552844)<br>|
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25820 | &nbsp;&nbsp;&nbsp; — |
| **3894313**<br>| &nbsp;&nbsp;&nbsp; **39495290**<br>| &nbsp;&nbsp;&nbsp; **39940820**<br>| &nbsp;&nbsp;&nbsp; **7284050**<br>| &nbsp;&nbsp;&nbsp; **7540047**<br>| &nbsp;&nbsp;&nbsp; **(26552844)**<br>|
| **3476665** | &nbsp;&nbsp;&nbsp; **42575039** | &nbsp;&nbsp;&nbsp; **127922428** | &nbsp;&nbsp;&nbsp; **66769830** | &nbsp;&nbsp;&nbsp; **17461771** | &nbsp;&nbsp;&nbsp; **407630** |
| **$8592476** | &nbsp;&nbsp;&nbsp; **$44816966** | &nbsp;&nbsp;&nbsp; **$140429961** | &nbsp;&nbsp;&nbsp; **$65475334** | &nbsp;&nbsp;&nbsp; **$18778815** | &nbsp;&nbsp;&nbsp; **$(14392)**<br>|

---

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Operations</sup>

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Daily Income Fund** | **Daily Income Fund** |
|  | **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>|
| **Increase (Decrease) In Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income | &nbsp;&nbsp; $8205794 | &nbsp;&nbsp; $10121919 |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 10421 | &nbsp;&nbsp; 5918 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Increase in net assets from operations** | &nbsp;&nbsp; **8216215** | &nbsp;&nbsp; **10127837** |
| **Distributions to Shareholders** |  |  |
| Distributions to shareholders | &nbsp;&nbsp; (8205800)<br>| &nbsp;&nbsp; (10057835)<br>|
| **Total distributions to shareholders** | &nbsp;&nbsp; **(8205800)**<br>| &nbsp;&nbsp; **(10057835)**<br>|
| **Capital Share Transactions** |  |  |
| Net capital share transactions | &nbsp;&nbsp; (7593536)<br>| &nbsp;&nbsp; 5834131 |
| **Total increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; **(7593536)**<br>| &nbsp;&nbsp; **5834131** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **(7583121)**<br>| &nbsp;&nbsp; **5904133** |
| **Net Assets** |  |  |
| Beginning of year | &nbsp;&nbsp; $224355912 | &nbsp;&nbsp; $218451779 |
| End of year | &nbsp;&nbsp; $216772791 | &nbsp;&nbsp; $224355912 |

---

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Changes in Net Assets</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short-Term Government Securities Fund** | **Short-Term Government Securities Fund** | **Short-Term Bond Fund** | **Short-Term Bond Fund** | **Intermediate Bond Fund** | **Intermediate Bond Fund** |
| **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>| **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>| **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>|
| $1895475 | &nbsp;&nbsp; $1789643 | &nbsp;&nbsp; $16645087 | &nbsp;&nbsp; $16587134 | &nbsp;&nbsp; $5115811 | &nbsp;&nbsp; $4857196 |
| 422100 | &nbsp;&nbsp; 70753 | &nbsp;&nbsp; 1834819 | &nbsp;&nbsp; (1908856)<br>| &nbsp;&nbsp; (417648)<br>| &nbsp;&nbsp; (301531)<br>|
| 720840 | &nbsp;&nbsp; (74097)<br>| &nbsp;&nbsp; 5603350 | &nbsp;&nbsp; 2994624 | &nbsp;&nbsp; 3894313 | &nbsp;&nbsp; (2070728)<br>|
| **3038415** | &nbsp;&nbsp; **1786299** | &nbsp;&nbsp; **24083256** | &nbsp;&nbsp; **17672902** | &nbsp;&nbsp; **8592476** | &nbsp;&nbsp; **2484937** |
| (1886770)<br>| &nbsp;&nbsp; (1848507)<br>| &nbsp;&nbsp; (16686937)<br>| &nbsp;&nbsp; (16703009)<br>| &nbsp;&nbsp; (5161018)<br>| &nbsp;&nbsp; (4927834)<br>|
| **(1886770)**<br>| &nbsp;&nbsp; **(1848507)**<br>| &nbsp;&nbsp; **(16686937)**<br>| &nbsp;&nbsp; **(16703009)**<br>| &nbsp;&nbsp; **(5161018)**<br>| &nbsp;&nbsp; **(4927834)**<br>|
| 2726271 | &nbsp;&nbsp; (181096)<br>| &nbsp;&nbsp; (15575113)<br>| &nbsp;&nbsp; (13167189)<br>| &nbsp;&nbsp; (1304025)<br>| &nbsp;&nbsp; 14228621 |
| **2726271** | &nbsp;&nbsp; **(181096)**<br>| &nbsp;&nbsp; **(15575113)**<br>| &nbsp;&nbsp; **(13167189)**<br>| &nbsp;&nbsp; **(1304025)**<br>| &nbsp;&nbsp; **14228621** |
| **3877916** | &nbsp;&nbsp; **(243304)**<br>| &nbsp;&nbsp; **(8178794)**<br>| &nbsp;&nbsp; **(12197296)**<br>| &nbsp;&nbsp; **2127433** | &nbsp;&nbsp; **11785724** |
| $57194090 | &nbsp;&nbsp; $57437394 | &nbsp;&nbsp; $435063362 | &nbsp;&nbsp; $447260658 | &nbsp;&nbsp; $140604916 | &nbsp;&nbsp; $128819192 |
| $61072006 | &nbsp;&nbsp; $57194090 | &nbsp;&nbsp; $426884568 | &nbsp;&nbsp; $435063362 | &nbsp;&nbsp; $142732349 | &nbsp;&nbsp; $140604916 |

---

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Changes in Net Assets</sup>

------

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Stock Index Fund** | **Stock Index Fund** |
|  | **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>|
| **Increase (Decrease) In Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income | &nbsp;&nbsp; $2241927 | &nbsp;&nbsp; $2210234 |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 3079749 | &nbsp;&nbsp; 727001 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 39495290 | &nbsp;&nbsp; 50322952 |
| **Increase in net assets from operations** | &nbsp;&nbsp; **44816966** | &nbsp;&nbsp; **53260187** |
| **Distributions to Shareholders** |  |  |
| Distributions to shareholders | &nbsp;&nbsp; (5359849)<br>| &nbsp;&nbsp; (2817984)<br>|
| **Total distributions to shareholders** | &nbsp;&nbsp; **(5359849)**<br>| &nbsp;&nbsp; **(2817984)**<br>|
| **Capital Share Transactions** |  |  |
| Net capital share transactions | &nbsp;&nbsp; (3537891)<br>| &nbsp;&nbsp; (13126847)<br>|
| **Total increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; **(3537891)**<br>| &nbsp;&nbsp; **(13126847)**<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **35919226** | &nbsp;&nbsp; **37315356** |
| **Net Assets** |  |  |
| Beginning of year | &nbsp;&nbsp; $261342363 | &nbsp;&nbsp; $224027007 |
| End of year | &nbsp;&nbsp; $297261589 | &nbsp;&nbsp; $261342363 |

---

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Changes in Net Assets</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Value Fund** | **Value Fund** | **Growth Fund** | **Growth Fund** | **International Equity Fund** | **International Equity Fund** |
| **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>| **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>| **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>|
| $12507533 | &nbsp;&nbsp; $13208202 | &nbsp;&nbsp; $(1294496)<br>| &nbsp;&nbsp; $(1146262)<br>| &nbsp;&nbsp; $1317044 | &nbsp;&nbsp; $1103876 |
| 87981608 | &nbsp;&nbsp; 90893410 | &nbsp;&nbsp; 59485780 | &nbsp;&nbsp; 28724231 | &nbsp;&nbsp; 9921724 | &nbsp;&nbsp; 1067103 |
| 39940820 | &nbsp;&nbsp; 29468688 | &nbsp;&nbsp; 7284050 | &nbsp;&nbsp; 67779800 | &nbsp;&nbsp; 7540047 | &nbsp;&nbsp; (1227957)<br>|
| **140429961** | &nbsp;&nbsp; **133570300** | &nbsp;&nbsp; **65475334** | &nbsp;&nbsp; **95357769** | &nbsp;&nbsp; **18778815** | &nbsp;&nbsp; **943022** |
| (106415327)<br>| &nbsp;&nbsp; (92287765)<br>| &nbsp;&nbsp; (59944075)<br>| &nbsp;&nbsp; (23481037)<br>| &nbsp;&nbsp; (10038967)<br>| &nbsp;&nbsp; (2337192)<br>|
| **(106415327)**<br>| &nbsp;&nbsp; **(92287765)**<br>| &nbsp;&nbsp; **(59944075)**<br>| &nbsp;&nbsp; **(23481037)**<br>| &nbsp;&nbsp; **(10038967)**<br>| &nbsp;&nbsp; **(2337192)**<br>|
| 29457125 | &nbsp;&nbsp; 19382227 | &nbsp;&nbsp; 46210813 | &nbsp;&nbsp; (840941)<br>| &nbsp;&nbsp; 5986799 | &nbsp;&nbsp; 837726 |
| **29457125** | &nbsp;&nbsp; **19382227** | &nbsp;&nbsp; **46210813** | &nbsp;&nbsp; **(840941)**<br>| &nbsp;&nbsp; **5986799** | &nbsp;&nbsp; **837726** |
| **63471759** | &nbsp;&nbsp; **60664762** | &nbsp;&nbsp; **51742072** | &nbsp;&nbsp; **71035791** | &nbsp;&nbsp; **14726647** | &nbsp;&nbsp; **(556444)**<br>|
| $1009458395 | &nbsp;&nbsp; $948793633 | &nbsp;&nbsp; $391043836 | &nbsp;&nbsp; $320008045 | &nbsp;&nbsp; $86350478 | &nbsp;&nbsp; $86906922 |
| $1072930154 | &nbsp;&nbsp; $1009458395 | &nbsp;&nbsp; $442785908 | &nbsp;&nbsp; $391043836 | &nbsp;&nbsp; $101077125 | &nbsp;&nbsp; $86350478 |

---

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Changes in Net Assets</sup>

------

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Small-Company Stock Fund** | **Small-Company Stock Fund** |
|  | **Year Ended** <br>**December 31, 2025** <br>| **Year Ended** <br>**December 31, 2024** <br>|
| **Increase (Decrease) In Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income | &nbsp;&nbsp; $(422022)<br>| &nbsp;&nbsp; $(314099)<br>|
| Net realized gain (loss) on investments | &nbsp;&nbsp; 26960474 | &nbsp;&nbsp; 15763481 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (26552844)<br>| &nbsp;&nbsp; 4238054 |
| **Increase in net assets from operations** | &nbsp;&nbsp; **(14392)**<br>| &nbsp;&nbsp; **19687436** |
| **Distributions to Shareholders** |  |  |
| Distributions to shareholders | &nbsp;&nbsp; (21016624)<br>| &nbsp;&nbsp; (12490919)<br>|
| **Total distributions to shareholders** | &nbsp;&nbsp; **(21016624)**<br>| &nbsp;&nbsp; **(12490919)**<br>|
| **Capital Share Transactions** |  |  |
| Net capital share transactions | &nbsp;&nbsp; (13089425)<br>| &nbsp;&nbsp; (15914236)<br>|
| **Total increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; **(13089425)**<br>| &nbsp;&nbsp; **(15914236)**<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **(34120441)**<br>| &nbsp;&nbsp; **(8717719)**<br>|
| **Net Assets** |  |  |
| Beginning of year | &nbsp;&nbsp; $238291048 | &nbsp;&nbsp; $247008767 |
| End of year | &nbsp;&nbsp; $204170607 | &nbsp;&nbsp; $238291048 |

---

The accompanying notes are an integral part of these financial statements.

<sup>Statements of Changes in Net Assets</sup>

------

**Financial Highlights**

**Daily Income Fund**

------

The financial highlights tables are intended to help you understand the Fund's financial performance for the past 5 years or, if shorter, the period of a Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income | 0.04 | 0.05 | 0.04 | 0.01 <br>(a,b)<br>| — <br>(a,b,c)<br>|
| Net realized and unrealized gain (loss) on <br> investments<br>| — <br>(c)<br>| — <br>(c)<br>| — <br>(c)<br>| — <br>(c)<br>| — <br>(c)<br>|
| Total from investment operations | 0.04 | 0.05 | 0.04 | 0.01 <br>(a)<br>| — <br>(a,c)<br>|
| **Distributions** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| — <br>(c)<br>|
| Net realized gain |  |  |  |  |  |
| Total distributions | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| — <br>(a,c)<br>|
| Net Asset Value, End of Year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return | **3.77%** | **4.68%** | **4.58%** | **1.20%** | **0.01%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $216773 | $224356 | $218452 | $204560 | $179589 |
| Ratio of net investment income to average net <br> assets<br>| 3.71% | 4.61% | 4.48% | 1.24%(a,b) <br>| 0.01%(a,b) <br>|
| Ratio of gross expenses before voluntary expense <br> limitation to average net assets<br>| 0.58% | 0.59% | 0.59% | 0.59% | 0.70% |
| Ratio of expenses to average net assets | 0.58% | 0.59% | 0.59% | 0.48%(a,b) <br>| 0.04%(a,b) <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective August 14, 2009, Homestead Advisers agreed to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. The temporary waiver continued through May 11, 2017 and April 20, 2020 through May 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Excludes excess investment management fees and other expenses voluntarily waived and reimbursed by Homestead Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**Short-Term Government Securities Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $4.96 | $4.97 | $4.87 | $5.21 | $5.29 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income | 0.16 | 0.16 | 0.12 | 0.06 | 0.02 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.10 | (0.01)<br>| 0.10 | (0.34)<br>| (0.08)<br>|
| Total from investment operations | 0.26 | 0.15 | 0.22 | (0.28)<br>| (0.06)<br>|
| **Distributions** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.16)<br>| (0.12)<br>| (0.06)<br>| (0.02)<br>|
| Net realized gain |  |  |  |  |  |
| Total distributions | (0.16)<br>| (0.16)<br>| (0.12)<br>| (0.06)<br>| (0.02)<br>|
| Net Asset Value, End of Year | $5.06 | $4.96 | $4.97 | $4.87 | $5.21 |
| Total Return | **5.34%** | **3.07%** | **4.68%** | **-5.41%** | **-1.18%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $61072 | $57194 | $57437 | $67671 | $77512 |
| Ratio of net investment income to average net <br> assets<br>| 3.23%(a) <br>| 3.12%(a) <br>| 2.51%(a) <br>| 1.16%(a) <br>| 0.32%(a) <br>|
| Ratio of gross expenses before voluntary expense <br> limitation to average net assets<br>| 0.90% | 0.88% | 0.84% | 0.80% | 0.79% |
| Ratio of expenses to average net assets | 0.75%(a) <br>| 0.75%(a) <br>| 0.75%(a) <br>| 0.75%(a) <br>| 0.75%(a) <br>|
| Portfolio turnover rate | 501%(b) <br>| 463%(b) <br>| 442%(b,c) <br>| 202%(b) <br>| 155%(b) <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes expenses in excess of a 0.75% contractual expense limitation with Homestead Advisers, in effect through April 30, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate includes purchases and sales of long-term U.S. Treasury Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The change in the portfolio turnover rate from 2022 to 2023, is due to an increase in trading of U.S. Treasury bonds, due to market events.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**Short-Term Bond Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $4.92 | $4.91 | $4.81 | $5.19 | $5.32 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income | 0.19 | 0.19 | 0.16 | 0.08 | 0.02 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.09 | 0.01 | 0.10 | (0.38)<br>| (0.08)<br>|
| Total from investment operations | 0.28 | 0.20 | 0.26 | (0.30)<br>| (0.06)<br>|
| **Distributions** |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.19)<br>| (0.16)<br>| (0.08)<br>| (0.02)<br>|
| Net realized gain |  |  |  |  | (0.05)<br>|
| Total distributions | (0.19)<br>| (0.19)<br>| (0.16)<br>| (0.08)<br>| (0.07)<br>|
| Net Asset Value, End of Year | $5.01 | $4.92 | $4.91 | $4.81 | $5.19 |
| Total Return | **5.85%** | **4.09%** | **5.40%** | **-5.72%** | **-1.11%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $426885 | $435063 | $447261 | $480809 | $565306 |
| Ratio of net investment income to average net <br> assets<br>| 3.88% | 3.78% | 3.20% | 1.66% | 0.40% |
| Ratio of expenses to average net assets | 0.76% | 0.77% | 0.76% | 0.76% | 0.79% |
| Portfolio turnover rate | 265%(a) <br>| 322%(a) <br>| 395%(a) <br>| 328%(a) <br>| 355%(a) <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate includes purchases and sales of long-term U.S. Treasury Bonds.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**Intermediate Bond Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $4.52 | $4.61 | $4.48 | $5.28 | $5.41 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income | 0.17 | 0.17 | 0.15 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.12 | (0.09)<br>| 0.13 | (0.80)<br>| (0.13)<br>|
| Total from investment operations | 0.29 | 0.08 | 0.28 | (0.70)<br>| (0.06)<br>|
| **Distributions** |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.17)<br>| (0.15)<br>| (0.10)<br>| (0.07)<br>|
| Net realized gain |  |  |  |  |  |
| Total distributions | (0.17)<br>| (0.17)<br>| (0.15)<br>| (0.10)<br>| (0.07)<br>|
| Net Asset Value, End of Year | $4.64 | $4.52 | $4.61 | $4.48 | $5.28 |
| Total Return | **6.53%** | **1.68%** | **6.35%** | **-13.38%** | **-1.12%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $142732 | $140605 | $128819 | $130758 | $151336 |
| Ratio of net investment income to average net <br> assets<br>| 3.69%(a) <br>| 3.59%(a) <br>| 3.24%(a) <br>| 1.93%(a) <br>| 1.03%(a) <br>|
| Ratio of gross expenses before voluntary expense <br> limitation to average net assets<br>| 0.86% | 0.86% | 0.89% | 0.87% | 0.91% |
| Ratio of expenses to average net assets | 0.80%(a) <br>| 0.80%(a) <br>| 0.80%(a) <br>| 0.80%(a) <br>| 0.80%(a) <br>|
| Portfolio turnover rate | 183%(b) <br>| 131%(b) <br>| 189%(b) <br>| 258%(b) <br>| 249%(b) <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes expenses in excess of a 0.80% contractual expense limitation with Homestead Advisers, in effect through April 30, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate includes purchases and sales of long-term U.S. Treasury Bonds.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**Stock Index Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $42.50 | $34.53 | $27.85 | $34.82 | $27.78 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income | 0.37 | 0.37 | 0.39 | 0.34 | 0.29 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 6.99 | 8.06 | 6.77 | (6.78)<br>| 7.50 |
| Total from investment operations | 7.36 | 8.43 | 7.16 | (6.44)<br>| 7.79 |
| **Distributions** |  |  |  |  |  |
| Net investment income | (0.39)<br>| (0.35)<br>| (0.36)<br>| (0.34)<br>| (0.30)<br>|
| Net realized gain | (0.50)<br>| (0.11)<br>| (0.12)<br>| (0.19)<br>| (0.45)<br>|
| Total distributions | (0.89)<br>| (0.46)<br>| (0.48)<br>| (0.53)<br>| (0.75)<br>|
| Net Asset Value, End of Year | $48.97 | $42.50 | $34.53 | $27.85 | $34.82 |
| Total Return | **17.36%** | **24.39%** | **25.73%** | **-18.50%** | **28.09%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $297262 | $261342 | $224027 | $191640 | $241756 |
| Ratio of net investment income to average net <br> assets<br>| 0.82% | 0.89% | 1.20% | 1.12% | 0.91% |
| Ratio of expenses to average net assets | 0.44% | 0.48% | 0.44% | 0.48% | 0.50% |
| Portfolio turnover rate (a) <br>| N/A | N/A | N/A | N/A | N/A |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Substantially all of the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors. Please refer to the financial highlights in the Appendix for the portfolio turnover rate of the S&P 500 Index Master Portfolio.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**Value Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $51.05 | $48.96 | $46.29 | $54.33 | $47.28 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income | 0.63 | 0.67 | 0.72 | 0.68 | 0.63 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 6.69 | 6.38 | 5.14 | (3.84)<br>| 11.12 |
| Total from investment operations | 7.32 | 7.05 | 5.86 | (3.16)<br>| 11.75 |
| **Distributions** |  |  |  |  |  |
| Net investment income | (0.69)<br>| (0.66)<br>| (0.72)<br>| (0.68)<br>| (0.64)<br>|
| Net realized gain | (4.91)<br>| (4.30)<br>| (2.47)<br>| (4.20)<br>| (4.06)<br>|
| Total distributions | (5.60)<br>| (4.96)<br>| (3.19)<br>| (4.88)<br>| (4.70)<br>|
| Net Asset Value, End of Year | $52.77 | $51.05 | $48.96 | $46.29 | $54.33 |
| Total Return | **14.54%** | **14.31%** | **12.86%** | **-5.50%** | **25.07%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $1072930 | $1009458 | $948794 | $925133 | $1048264 |
| Ratio of net investment income to average net <br> assets<br>| 1.22% | 1.30% | 1.50% | 1.42% | 1.14% |
| Ratio of expenses to average net assets | 0.61% | 0.62% | 0.64% | 0.62% | 0.63% |
| Portfolio turnover rate | 14% | 14% | 10% | 10% | 9% |

---

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**Growth Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $18.47 | $14.98 | $10.40 | $16.66 | $15.56 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment loss | — <br>(a)<br>| — <br>(a)<br>| (—)<br>|  | (0.08)<br>|
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.08 | 4.65 | 4.96 | (5.55)<br>| 2.70 |
| Total from investment operations | 3.08 | 4.65 | 4.96 | (5.55)<br>| 2.62 |
| **Distributions** |  |  |  |  |  |
| Net investment income |  |  |  |  |  |
| Net realized gain | (2.86)<br>| (1.16)<br>| (0.38)<br>| (0.71)<br>| (1.52)<br>|
| Total distributions | (2.86)<br>| (1.16)<br>| (0.38)<br>| (0.71)<br>| (1.52)<br>|
| Net Asset Value, End of Year | $18.69 | $18.47 | $14.98 | $10.40 | $16.66 |
| Total Return | **17.09%** | **30.90%** | **47.81%** | **-33.45%** | **17.13%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $442786 | $391044 | $320008 | $234678 | $379264 |
| Ratio of net investment income to average net <br> assets<br>| (0.32)% | (0.32)% | (0.28)% | (0.35)% | (0.50)% |
| Ratio of expenses to average net assets | 0.79% | 0.82% | 0.84% | 0.83% | 0.84% |
| Portfolio turnover rate | 35% | 20% | 19% | 23% | 26% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**International Equity Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $9.53 | $9.69 | $8.86 | $11.52 | $10.84 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income | 0.15 | 0.12 | 0.14 | 0.19 | 0.13 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.95 | (0.02)<br>| 1.25 | (2.40)<br>| 1.07 |
| Total from investment operations | 2.10 | 0.10 | 1.39 | (2.21)<br>| 1.20 |
| **Distributions** |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.11)<br>| (0.15)<br>| (0.18)<br>| (0.12)<br>|
| Net realized gain | (0.97)<br>| (0.15)<br>| (0.41)<br>| (0.27)<br>| (0.40)<br>|
| Total distributions | (1.14)<br>| (0.26)<br>| (0.56)<br>| (0.45)<br>| (0.52)<br>|
| Net Asset Value, End of Year | $10.49 | $9.53 | $9.69 | $8.86 | $11.52 |
| Total Return | **22.21%** | **1.01%** | **15.82%** | **-19.13%** | **11.09%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $101077 | $86350 | $86907 | $82091 | $103285 |
| Ratio of net investment income to average net <br> assets<br>| 1.39% | 1.25% | 1.45%(a) <br>| 1.97%(a) <br>| 1.07%(a) <br>|
| Ratio of gross expenses before voluntary expense <br> limitation to average net assets<br>| 1.16% | 1.15% | 1.14% | 1.16% | 1.19% |
| Ratio of expenses to average net assets | 1.16% | 1.15% | 1.04%(a) <br>| 1.00%(a) <br>| 1.00%(a) <br>|
| Portfolio turnover rate | 27%(b) <br>| 12% | 20% | 13% | 13% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes expenses in excess of a 0.99% contractual expense limitation with Homestead Advisers prior to May 1, 2021 and a 1.00% contractual expense limitation with Homestead Advisers, in effect from May 1, 2021 through September 23, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The change in portfolio turnover from 2024 to 2025 is due to a repositioning of the portfolio due to market opportunities.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Financial Highlights**

**Small-Company Stock Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, | **Year Ended** December 31, |
| **For a Share Outstanding Throughout Each Year** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $26.35 | $25.55 | $22.69 | $28.72 | $28.36 |
| **Income from investment operations** |  |  |  |  |  |
| Net investment income (loss) | 0.01 | 0.01 | 0.02 | (—)<br>| 0.12 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.14 | 2.22 | 3.83 | (4.87)<br>| 5.53 |
| Total from investment operations | 0.15 | 2.23 | 3.85 | (4.87)<br>| 5.65 |
| **Distributions** |  |  |  |  |  |
| Net investment income |  |  | (0.02)<br>| — <br>(a)<br>| (0.12)<br>|
| Net realized gain | (2.60)<br>| (1.43)<br>| (0.97)<br>| (1.16)<br>| (5.17)<br>|
| Total distributions | (2.60)<br>| (1.43)<br>| (0.99)<br>| (1.16)<br>| (5.29)<br>|
| Net Asset Value, End of Year | $23.90 | $26.35 | $25.55 | $22.69 | $28.72 |
| Total Return | **0.56%** | **8.52%** | **17.09%** | **-16.91%** | **20.68%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (thousands) | $204171 | $238291 | $247009 | $240345 | $314019 |
| Ratio of net investment income to average net <br> assets<br>| (0.20)% | (0.13)% | 0.13% | 0.01% | 0.36% |
| Ratio of expenses to average net assets | 1.09% | 1.14% | 1.07% | 1.05% | 1.06% |
| Portfolio turnover rate | 37%(b) <br>| 17% | 15% | 16% | 24% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The change in portfolio turnover from 2024 to 2025 is due to a repositioning of the portfolio due to market volatility.

The accompanying notes are an integral part of these financial statements.

<sup>Financial Highlights</sup>

------

**Notes to Financial Statements**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **Organization**

Homestead Funds, Inc. (the "Corporation") is a Maryland corporation organized on June 29, 1990. Homestead Funds Trust (the "Trust") is a Massachusetts business trust organized on February 15, 2019. The Corporation and the Trust are each registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Corporation currently consists of eight portfolios, Daily Income Fund, Short-Term Government Securities Fund, Short-Term Bond Fund, Stock Index Fund, Value Fund, Growth Fund, International Equity Fund, and Small-Company Stock Fund, and the Trust currently consists of the Intermediate Bond Fund (each individually a "Fund" and collectively, the "Homestead Funds" or "Funds"). The Board of Directors of the Corporation and the Board of Trustees of the Trust are referred to collectively as the "Board".

Each Fund is a separate investment portfolio with distinct investment objectives, investment programs, policies and restrictions. The investment objectives of the Funds, as well as the nature and risks of the investment activities of each Fund, are set forth more fully in Homestead Funds' Prospectus and Statement of Additional Information. All of the Funds are diversified for purposes of the Act.

The Stock Index Fund pursues its investment objective by seeking to replicate the total return performance of the S&P 500 Index, which is composed of 500 selected common stocks, most of which are listed on the New York Stock Exchange. At December 31, 2025, the Stock Index Fund was operating as a feeder fund, whereby substantially all of its assets are invested in the S&P 500 Index Master Portfolio (the "Master Portfolio"), an open-end investment company managed by BlackRock Fund Advisors. At December 31, 2025, the Stock Index Fund's investment constituted 0.55% of the Master Portfolio. The financial statements of the Master Portfolio are contained in the Appendix of this report and should be read in conjunction with the

financial statements for the Stock Index Fund.

**2.** **Summary of Significant Accounting Policies**

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Homestead Funds is considered an Investment Company under GAAP and follows the accounting and reporting guidance set forth in ASC Topic 946 Financial Services—Investment Companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and

the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Security Valuation** Each Fund's net asset value per share is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. ET), ("Valuation Time"). Net asset values per share normally are calculated every day the NYSE is open for regular trading. The NYSE is closed on weekends and major holidays. On any day that regular trading on the NYSE closes earlier than scheduled, the Fund will advance the time as of which the NAV is calculated and, therefore, also the time by which purchase and redemption orders must be received in order to receive that day's NAV. The Board has designated Homestead Advisers Corp. (the "Adviser" or "Homestead Advisers") as the Funds' valuation designee pursuant to Rule 2a-5 under the 1940 Act effective September 8, 2022. Homestead Advisers and the Board have each adopted policies and procedures for the valuation of portfolio securities ("Valuation Procedures"). Portfolio securities for which market quotations are readily available are valued at current market value as of the Valuation Time in accordance with the Valuation Procedures. Market value is generally determined on the basis of official closing prices or the last reported sales prices and/or may be based on quotes or prices (including evaluated prices) supplied by the Funds' approved independent pricing services. Homestead Advisers will fair value a security in accordance with the Valuation Procedures if: (i) readily available market quotations are not available; (ii) in the opinion of the Homestead Advisers, the market value does not constitute a readily available market

quotation or does not reflect fair value; or (iii) a significant event has occurred that would impact a security's valuation.

The Board has delegated day-to-day responsibility for determining the fair value of securities to the Adviser. Homestead Advisers has chartered an internal Valuation Committee to oversee the implementation of the Valuation Procedures, monitor the valuation process, and provide quarterly reports to the Board. The Valuation Committee reports all instances of fair valuation to the Board at each quarterly Board meeting, as applicable.

A disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date has been established under GAAP. These inputs are summarized into three broad levels as follows:

● Level 1—quoted prices in active markets for identical investments;

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

Notes to Financial Statements

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**Notes to Financial Statements \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair valuation of investments).

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy during the period.

The Funds use the following valuation techniques to value securities by major category:

Registered investment company shares (other than shares of exchange-traded funds and closed-end fund shares that trade on an exchange) are valued at the net asset value determined by the registered investment company after the close of the NYSE. The Funds invest in regulated investment companies that seek to maintain a share price of $1.00 and are categorized as Level 1 in the hierarchy.

Domestic equity securities and shares of exchange traded funds that are traded on a national securities exchange are valued at the closing price as reported by an independent pricing service from the primary market in which the securities trade and are categorized as Level 1. Securities not traded or dealt in upon a national securities exchange for which over-the-counter market quotations are readily available generally are valued (i) at the last quoted sales price (if adequate trading volume is present) or, (ii) otherwise at the last bid price.

Foreign equity securities that are traded on a foreign exchange are valued based on the closing price as reported by an independent pricing service from the primary market in which such securities are normally traded. An independent pricing service is utilized to fair value foreign equity securities based on the impact of market events between the close of the foreign exchange and the time the net asset value is calculated. Foreign equity securities that are fair valued are categorized as Level 2 in the hierarchy and foreign equity securities not fair valued are categorized as Level 1.

Fixed-income securities, including corporate, government, municipal, mortgage-backed and asset-backed securities are (1) valued by an independent pricing service based on market prices or broker/dealer quotations or other appropriate measures, or (2) valued at market value generated by Homestead Advisers using a pricing matrix or model based on benchmark yields, issuer, spreads,monthly payment information or other available market information for securities of similar characteristics. For purposes of the Valuation Procedures, the process described in (2) is deemed to be a fair valuation of such portfolio securities, solely for the purpose of the applicability of the fair valuation determinations set forth in the Valuation Procedures. For fixed-income securities, the security is valued following the sequence above and flows to the next method only if the prior method is not available.

Fixed income securities utilizing these methods are generally categorized as Level 2. Fixed income securities that are valued using only a broker quote, absent corroborating observable inputs are categorized as Level 3.

Fixed income securities and commercial paper held in the Daily Income Fund are valued at amortized cost and are categorized as Level 2 in the hierarchy. The amortized cost method does not take into account unrealized gains or losses on the portfolio securities. Amortized cost valuation involves initially valuing a security at its cost, and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. While this method provides certainty in valuation, it may result in periods during which the value of a security, as determined by amortized cost, may be higher or lower than the price the Daily Income Fund would receive if it sold the security.

If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would impact a security's valuation, the security will be fair valued as determined in good faith by the Fund's Adviser as the Valuation Designee. The determination of a security's fair value price often involves the consideration of a number of subjective factors, and therefore, is subject to the risk that the value that is assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security were readily available. Such securities are generally categorized as Level 3 in the hierarchy.

The Stock Index Fund records its investment in the Master Portfolio at the market value of its proportionate interest in the net assets of the Master Portfolio. For purposes of determining the net asset value of the Stock Index Fund, the securities of the Master Portfolio are priced by the investment advisor to the Master Portfolio under the direction of the Board of Trustees of the Master Portfolio. The policies and procedures are discussed in the notes to the Master Portfolio's financial statements, included in the Appendix of this report.

Notes to Financial Statements

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**Notes to Financial Statements \| (Continued)**

The following table summarizes each Fund's investments, based on the inputs used to determine their values on December 31, 2025 (other than Stock Index Fund). The level classifications of the Master Portfolio as of December 31, 2025 are included in

the Appendix.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Daily Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120000000 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 95151127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95151127 |
| Money Market Fund | &nbsp;&nbsp; 1112887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1112887 |
| **Total** | &nbsp;&nbsp; **$1112887** | &nbsp;&nbsp; **$215151127** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$216264014** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Government Securities Fund** |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39131733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39131733 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 14265726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14265726 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3671986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3671986 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2550171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2550171 |
| Money Market Fund | &nbsp;&nbsp; 1199358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1199358 |
| **Total** | &nbsp;&nbsp; **$1199358** | &nbsp;&nbsp; **$59619616** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$60818974** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Bond Fund** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165492434 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165492434 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 147097269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 147097269 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 55624216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55624216 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 47784526 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47784526 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2698756 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2698756 |
| Money Market Fund | &nbsp;&nbsp; 4637046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4637046 |
| **Total** | &nbsp;&nbsp; **$4637046** | &nbsp;&nbsp; **$418697201** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$423334247** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Bond Fund** |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44043350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44043350 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 43574058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43574058 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 40192293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40192293 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 10271374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10271374 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1529878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1529878 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 670045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 670045 |
| Money Market Fund | &nbsp;&nbsp; 1397913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1397913 |
| **Total** | &nbsp;&nbsp; **$1397913** | &nbsp;&nbsp; **$140280998** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$141678911** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Value Fund** |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1054197682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1054197682 |
| Money Market Fund | &nbsp;&nbsp; 18644281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18644281 |
| **Total** | &nbsp;&nbsp; **$1072841963** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1072841963** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Growth Fund** |  |  |  |
| Common Stocks | &nbsp;&nbsp; $439239625 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $439239625 |
| Money Market Fund | &nbsp;&nbsp; 4050643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4050643 |
| **Total** | &nbsp;&nbsp; **$443290268** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$443290268** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $15577941 | &nbsp;&nbsp; $82655482 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98233423 |
| Money Market Fund | &nbsp;&nbsp; 2563984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2563984 |
| **Total** | &nbsp;&nbsp; **$18141925** | &nbsp;&nbsp; **$82655482** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$100797407** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Small-Company Stock Fund** |  |  |  |
| Common Stocks | &nbsp;&nbsp; $199130744 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199130744 |
| Money Market Fund | &nbsp;&nbsp; 5222715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5222715 |
| **Total** | &nbsp;&nbsp; **$204353459** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$204353459** |

---

Notes to Financial Statements

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**Notes to Financial Statements \| (Continued)**

**Foreign currency** The International Equity Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contract's terms. Foreign-denominated assets, including investment securities and liabilities are translated into U.S. dollars at the exchange rate at the end of the period. Purchases and sales of investment securities and income and dividends received are translated into U.S. dollars at the exchange rate in effect on the transaction date. Currency gains and losses and the effects of exchange rate fluctuations on investments are included with the realized

and unrealized gain (loss) on investment securities.

**To-be-announced securities** The Intermediate Bond Fund purchases securities on a to-be-announced (TBA) basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. The Fund maintains liquid assets

sufficient to settle its commitment to purchase a TBA security.

**Repurchase Agreements** The Daily Income Fund may enter into repurchase agreements. Collateral on repurchase agreements is taken into possession by the Daily Income Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is a least 102% of the sales price of the repurchase agreement. The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Daily Income Fund might incur expenses in enforcing its rights, and could experience losses,

including a decline in the value of the collateral and loss of income.

**Distributions to shareholders** Dividends to shareholders are recorded on the ex-dividend date. Ordinary income dividends for the Daily Income Fund, Short-Term Government Securities Fund, Short-Term Bond Fund, and Intermediate Bond Fund are declared daily and paid monthly. Ordinary income dividends for Value Fund are declared and paid semi-annually. Ordinary income dividends for Stock Index Fund, Growth Fund, International Equity Fund, and Small-Company Stock Fund are declared and paid annually. Capital gains dividends, if any, are declared and paid at the end of each fiscal year. Any unpaid ordinary income or capital gains will be paid in June of the subsequent year, but no later than the extended due date of the federal tax

return.

**Other** Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount, and expenses are recorded on the accrual basis. Investment transactions are recorded as of the trade date. Realized gains and losses from investment transactions are reported on the identified cost basis.

The Stock Index Fund records a pro rata share of the Master Portfolio's income, expenses, and realized and unrealized gains and losses in addition to the Fund's own expenses, which are accrued daily.

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future and therefore cannot be estimated; however, the Funds have not had prior claims or losses pursuant to these contracts.

General expenses of the Trust are allocated to each fund of the Trust and general expenses of the Corporation are allocated to each fund of the Corporation, in each case based upon relative net assets or other expense allocation methodologies

determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund.

**3.** **Income Tax Information**

The Funds' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and will distribute all net investment income to its shareholders. Therefore, no provision for Federal income taxes is required.

Management has analyzed the Funds' tax positions and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to new tax laws, regulations and administrative interpretations.

Each Fund files U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after filing of the tax return but could be longer in certain circumstances.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of the following: futures and options transactions,

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

foreign currency transactions, losses deferred due to wash sales, losses deferred due to post-October losses, unused capital losses, partnership investments, deferred Director's fees, passive foreign investment company transactions, and REIT transactions, which are reflected as book/tax differences in the following tables.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Reclassifications recorded in 2025 include paydown losses for Short-Term Government Securities Fund, Short-Term Bond Fund, and Intermediate Bond Fund; prior year excise tax and partnership adjustments for Stock Index Fund; REIT transactions, deemed distribution due to equalization, redesignations, and prior year adjustments for Value Fund; ordinary losses and prior year adjustments for Growth Fund; foreign currency transactions for International Equity Fund; and dividend redesignations, REIT transactions, deemed distributions due to equalization, ordinary losses, prior year excise tax, and prior year adjustments

for Small-Company Stock Fund. The tax reclassifications for 2025 are reflected below.

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Losses)**<br>| **Paid in** <br>**Capital**<br>|
| Daily Income Fund | &nbsp;&nbsp; $309 | &nbsp;&nbsp; $(309)<br>|
| Short-Term Gov. Securities Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Short-Term Bond Fund | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $1 |
| Intermediate Bond Fund | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $(38)<br>|
| Stock Index Fund | &nbsp;&nbsp; $10945 | &nbsp;&nbsp; $(10945)<br>|
| Value Fund | &nbsp;&nbsp; $(5388998)<br>| &nbsp;&nbsp; $5388998 |
| Growth Fund | &nbsp;&nbsp; $4144 | &nbsp;&nbsp; $(4144)<br>|
| International Equity Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Small-Company Stock Fund | &nbsp;&nbsp; $(1378516)<br>| &nbsp;&nbsp; $1378516 |

---

Tax character of distributions paid in 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Gain**<br>| **Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| Daily Income Fund | &nbsp;&nbsp; $8205800 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8205800 |
| Short-Term Gov. Securities Fund | &nbsp;&nbsp; $1886770 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1886770 |
| Short-Term Bond Fund | &nbsp;&nbsp; $16686937 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16686937 |
| Intermediate Bond Fund | &nbsp;&nbsp; $5161018 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5161018 |
| Stock Index Fund | &nbsp;&nbsp; $3933259 | &nbsp;&nbsp; $1426590 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5359849 |
| Value Fund | &nbsp;&nbsp; $13133290 | &nbsp;&nbsp; $93282037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106415327 |
| Growth Fund | &nbsp;&nbsp; $254012 | &nbsp;&nbsp; $59690063 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59944075 |
| International Equity Fund | &nbsp;&nbsp; $1482541 | &nbsp;&nbsp; $8556426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10038967 |
| Small-Company Stock Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21016624 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21016624 |

---

Tax character of distributions paid in 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Gain**<br>| **Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| Daily Income Fund | &nbsp;&nbsp; $10057835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10057835 |
| Short-Term Gov. Securities Fund | &nbsp;&nbsp; $1848507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1848507 |
| Short-Term Bond Fund | &nbsp;&nbsp; $16703009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16703009 |
| Intermediate Bond Fund | &nbsp;&nbsp; $4927834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4927834 |
| Stock Index Fund | &nbsp;&nbsp; $2693985 | &nbsp;&nbsp; $123999 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2817984 |
| Value Fund | &nbsp;&nbsp; $12306418 | &nbsp;&nbsp; $79981347 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92287765 |
| Growth Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23481037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23481037 |
| International Equity Fund | &nbsp;&nbsp; $975357 | &nbsp;&nbsp; $1361835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2337192 |
| Small-Company Stock Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12490919 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12490919 |

---

Amounts reflected in ordinary income include short-term gain distributions.

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

The tax character of distributable earnings/(accumulated losses) at December 31, 2025 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Gain**<br>| **Net** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Capital Loss** <br>**Carryforward/** <br>**Late Year** <br>**Loss** <br>**Deferral**<br>| **Other** <br>**Book/Tax** <br>**Differences**<br>| **Total** <br>**Distributable** <br>**Earnings** <br>**(Losses)**<br>|
| Daily Income Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3666)<br>| &nbsp;&nbsp; $(3666)<br>|
| Short-Term Gov. Securities Fund | &nbsp;&nbsp; $34634 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61919 | &nbsp;&nbsp; $(2861405)<br>| &nbsp;&nbsp; $(647)<br>| &nbsp;&nbsp; $(2765499)<br>|
| Short-Term Bond Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4505951 | &nbsp;&nbsp; $(29555375)<br>| &nbsp;&nbsp; $(12087)<br>| &nbsp;&nbsp; $(25061511)<br>|
| Intermediate Bond Fund | &nbsp;&nbsp; $4237 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3754572)<br>| &nbsp;&nbsp; $(15705368)<br>| &nbsp;&nbsp; $(2979)<br>| &nbsp;&nbsp; $(19458682)<br>|
| Stock Index Fund | &nbsp;&nbsp; $250065 | &nbsp;&nbsp; $373331 | &nbsp;&nbsp; $285680273 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2373610)<br>| &nbsp;&nbsp; $283930059 |
| Value Fund | &nbsp;&nbsp; $272273 | &nbsp;&nbsp; $11493821 | &nbsp;&nbsp; $477115009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7172)<br>| &nbsp;&nbsp; $488873931 |
| Growth Fund | &nbsp;&nbsp; $2268182 | &nbsp;&nbsp; $4427405 | &nbsp;&nbsp; $217279844 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(990)<br>| &nbsp;&nbsp; $223974441 |
| International Equity Fund | &nbsp;&nbsp; $25741 | &nbsp;&nbsp; $1486440 | &nbsp;&nbsp; $26210436 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1069)<br>| &nbsp;&nbsp; $27721548 |
| Small-Company Stock Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9482511 | &nbsp;&nbsp; $40049814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3502)<br>| &nbsp;&nbsp; $49528823 |

---

The amounts reflected in the capital loss carryforward/late year loss deferral column in the table above represent capital loss carryforwards with no expiration for Short-Term Government Securities Fund, Short-Term Bond Fund, and Intermediate Bond Fund.

At December 31, 2025, the cost of securities for federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for

which there was an excess of tax cost over value was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Tax Appreciation** | **Tax Depreciation** | **Net Tax** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Daily Income Fund | &nbsp;&nbsp; $216264014 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Short-Term Gov. Securities Fund | &nbsp;&nbsp; $60757057 | &nbsp;&nbsp; $397281 | &nbsp;&nbsp; $(335362)<br>| &nbsp;&nbsp; $61919 |
| Short-Term Bond Fund | &nbsp;&nbsp; $418828296 | &nbsp;&nbsp; $5279348 | &nbsp;&nbsp; $(773397)<br>| &nbsp;&nbsp; $4505951 |
| Intermediate Bond Fund | &nbsp;&nbsp; $145433483 | &nbsp;&nbsp; $1262549 | &nbsp;&nbsp; $(5017121)<br>| &nbsp;&nbsp; $(3754572)<br>|
| Value Fund | &nbsp;&nbsp; $595726954 | &nbsp;&nbsp; $496135587 | &nbsp;&nbsp; $(19020578)<br>| &nbsp;&nbsp; $477115009 |
| Growth Fund | &nbsp;&nbsp; $226010422 | &nbsp;&nbsp; $222963121 | &nbsp;&nbsp; $(5683277)<br>| &nbsp;&nbsp; $217279844 |
| International Equity Fund | &nbsp;&nbsp; $74608477 | &nbsp;&nbsp; $30328925 | &nbsp;&nbsp; $(4139995)<br>| &nbsp;&nbsp; $26188930 |
| Small-Company Stock Fund | &nbsp;&nbsp; $164303645 | &nbsp;&nbsp; $51457921 | &nbsp;&nbsp; $(11408107)<br>| &nbsp;&nbsp; $40049814 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of losses on wash sales. Net unrealized appreciation/(depreciation) of Stock Index Fund in the Master Portfolio consists of an allocated portion of the portfolio's unrealized appreciation/(depreciation). For information pertaining to the

unrealized appreciation/(depreciation) for the Master Portfolio, please refer to the Appendix of this report.

**4.** **Investment Transactions**

Purchases and proceeds from sales of securities, other than short-term and U.S. Government securities, for the period ended

December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Proceeds** <br>**from Sale**<br>|
| Short-Term Gov. Securities Fund | &nbsp;&nbsp; $3784385 | &nbsp;&nbsp; $3352951 |
| Short-Term Bond Fund | &nbsp;&nbsp; $142992307 | &nbsp;&nbsp; $175866250 |
| Intermediate Bond Fund | &nbsp;&nbsp; $27722030 | &nbsp;&nbsp; $43677442 |
| Value Fund | &nbsp;&nbsp; $139788539 | &nbsp;&nbsp; $210140169 |
| Growth Fund | &nbsp;&nbsp; $143332419 | &nbsp;&nbsp; $159173975 |
| International Equity Fund | &nbsp;&nbsp; $24504178 | &nbsp;&nbsp; $27980332 |
| Small-Company Stock Fund | &nbsp;&nbsp; $77340594 | &nbsp;&nbsp; $111762055 |

---

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

Purchases and proceeds from sales of long-term U.S. Government securities, for the period ended December 31, 2025, were as

follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Proceeds** <br>**from Sale**<br>|
| Short-Term Gov. Securities Fund | &nbsp;&nbsp; $283838501 | &nbsp;&nbsp; $281459298 |
| Short-Term Bond Fund | &nbsp;&nbsp; $971959175 | &nbsp;&nbsp; $952816768 |
| Intermediate Bond Fund | &nbsp;&nbsp; $219868869 | &nbsp;&nbsp; $204252294 |

---

**5.** **Related Parties**

The investment management agreements between Homestead Funds, with respect to each Fund (other than the Stock Index Fund), and Homestead Advisers, an indirect, wholly-owned subsidiary of the National Rural Electric Cooperative Association ("NRECA"), provide for an annual investment management fee, that also provides for certain administrative services to the Funds, which is computed daily and paid monthly, based on each Fund's average daily net assets, at the following annualized

rates:

---

| | |
|:---|:---|
|  | **Management Fee** |
| Daily Income Fund | 0.40% of average daily net assets |
| Short-Term Gov. Securities Fund | 0.45% of average daily net assets |
| Short-Term Bond Fund | 0.60% of average daily net assets up to $500 million |
|  | 0.50% of average daily net assets up to next $500 million |
|  | 0.40% of average daily net assets in excess of $1 billion |
| Intermediate Bond Fund | 0.60% of average daily net assets up to $500 million |
|  | 0.50% of average daily net assets up to next $500 million |
|  | 0.45% of average daily net assets in excess of $1 billion |
| Value Fund | 0.65% of average daily net assets up to $200 million |
|  | 0.50% of average daily net assets up to next $200 million |
|  | 0.40% of average daily net assets in excess of $400 million |
| Growth Fund | 0.65% of average daily net assets up to $250 million |
|  | 0.60% of average daily net assets in excess of $250 million |
| International Equity Fund | 0.75% of average daily net assets up to $300 million |
|  | 0.65% of average daily net assets up to next $100 million |
|  | 0.55% of average daily net assets up to next $100 million |
|  | 0.50% of average daily net assets in excess of $500 million |
| Small-Company Stock Fund | 0.85% of average daily net assets up to $200 million |
|  | 0.75% of average daily net assets in excess of $200 million |

---

Homestead Financial Services Corp., a wholly-owned, indirect subsidiary of NRECA, is the distributor and principal underwriter for Homestead Funds and does not receive any commissions or other compensation for the services it provides.

Invesco Advisers, Inc. ("Invesco") is the sub-advisor of the Daily Income Fund. T. Rowe Price Associates, Inc. ("T. Rowe") is the sub-advisor for the Growth Fund and Harding Loevner LP ("Harding") is the sub-advisor for the International Equity Fund. The sub-advisors select, buy, and sell securities under the supervision and oversight of Homestead Advisers and the Board of Directors. Homestead Advisers pays the sub-advisors from the fees it receives from the Funds.

Homestead Advisers serves as the administrator for the Stock Index Fund pursuant to an Administrative Services Agreement with the Fund, under which Homestead Advisers provides certain administrative services to the Fund. Pursuant to this agreement, Homestead Advisers receives a fee of 0.25% of the Fund's average daily net assets. In addition, the Stock Index Fund is allocated a fee from the Master Portfolio, calculated daily at an annual rate of 0.01% of its average daily net assets. This fee includes advisory, custody, and administrative fees provided by the Master Portfolio on behalf of its investors. The financial information for the Master Portfolio is included in the Appendix.

Homestead Advisers has agreed, as part of the Expense Limitation Agreement entered into with Homestead Funds with respect to each Fund, except for the International Equity Fund, to waive its management fee and/or reimburse all Fund operating expenses, excluding certain non-recurring expenses, such as interest, taxes, brokerage commissions, other expenditures that

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

are capitalized in accordance with generally accepted accounting principles, expenses not incurred in the ordinary course of business, or, in the case of each Fund other than the Stock Index Fund, fees and expenses associated with an investment in another investment company or any company that would be an investment company under Section 3(a) of the Act, but for the exceptions to that definition provided for in Sections 3(c)(1) and 3(c)(7) of the Act, which in any year exceed 0.60% of the average daily net assets of the Daily Income Fund, 0.75% of the average daily net assets of the Short-Term Government Securities Fund and Stock Index Fund; 0.80% of the average daily net assets of the Short-Term Bond Fund and Intermediate Bond Fund; 1.00% of the average daily net assets of the Growth Fund; 1.25% of the average daily net assets of Value Fund, and 1.50% of the average daily net assets of Small-Company Stock Fund. The Expense Limitation Agreements were renewed for the

period of May 1, 2026 through April 30, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Pursuant to the Expense Limitation Agreement, management fees waived for the period ended December 31, 2025 amounted <br> to $88,171 in Short-Term Government Securities Fund and $78,869 in Intermediate Bond Fund.<br>

Under a Deferred Compensation Plan (the "Plan"), Independent Directors or Trustees of the Funds may elect to defer receipt of all or a specified portion of their compensation. Deferred amounts are credited with the earnings and losses equal to those made as if the deferred amounts were invested in one or more of the Funds, as designated by each participating Independent Director / Trustee. Deferred amounts remain in the Funds until distributed in accordance with the Plan. The liability is reflected as Independent Director's / Trustee's deferred compensation on the Statement of Assets and Liabilities and the expense is included in Director, Trustee and Board meeting expenses on the Statement of Operations.

As of December 31, 2025, one shareholder of record, an omnibus account, held approximately 11% of the net assets of the Small-Company Stock Fund. No other shareholders, including omnibus accounts, held more than 10% of the outstanding shares

of any of the Funds.

**6.** **Segment Reporting**

The Chief Executive Officer acts as each Fund's Chief Operation Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM assesses the operating results of each Fund as a whole and each Fund has a single investment strategy as disclosed in its prospectus, therefore, each Fund represent a single operating segment. Each Fund generates revenue from investments in portfolio securities. The CODM uses the Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights, which is consistent with that presented in the Funds' financial statements, along with each Fund's benchmark index, to assesses performance and reallocate resources. The net income and significant segment expenses for each Fund are reflected in the Statement of Operations. Segment assets are total

assets of each Fund, which are disclosed in the Statement of Assets and Liabilities.

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **Capital Share Transactions**

As of December 31, 2025, unlimited shares of $.01 par value capital shares are authorized for Intermediate Bond Fund; 500 million shares are authorized for Daily Income Fund, 200 million shares for Short-Term Bond Fund, and 100 million shares for Short-Term Government Securities Fund, Stock Index Fund, Value Fund, Growth Fund, International Equity Fund, and Small-

Company Stock Fund. Transactions in capital shares were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** <br>**Sold**<br>| **Shares Issued** <br>**In** <br>**Reinvestment** <br>**of Dividends**<br>| **Total Shares** <br>**Issued**<br>| **Total Shares** <br>**Redeemed**<br>| **Net Increase** <br>**(Decrease)**<br>|
| Year Ended December 31, 2025 |  |  |  |  |  |
| In Dollars |  |  |  |  |  |
| Daily Income Fund | &nbsp;&nbsp; $75741511 | &nbsp;&nbsp; $8149083 | &nbsp;&nbsp; $83890594 | &nbsp;&nbsp; $(91484130)<br>| &nbsp;&nbsp; $(7593536)<br>|
| Short-Term Government Securities Fund | &nbsp;&nbsp; $11499878 | &nbsp;&nbsp; $1845391 | &nbsp;&nbsp; $13345269 | &nbsp;&nbsp; $(10618998)<br>| &nbsp;&nbsp; $2726271 |
| Short-Term Bond Fund | &nbsp;&nbsp; $31843108 | &nbsp;&nbsp; $16220528 | &nbsp;&nbsp; $48063636 | &nbsp;&nbsp; $(63638749)<br>| &nbsp;&nbsp; $(15575113)<br>|
| Intermediate Bond Fund | &nbsp;&nbsp; $19312322 | &nbsp;&nbsp; $5122951 | &nbsp;&nbsp; $24435273 | &nbsp;&nbsp; $(25739298)<br>| &nbsp;&nbsp; $(1304025)<br>|
| Stock Index Fund | &nbsp;&nbsp; $27706907 | &nbsp;&nbsp; $5179700 | &nbsp;&nbsp; $32886607 | &nbsp;&nbsp; $(36424498)<br>| &nbsp;&nbsp; $(3537891)<br>|
| Value Fund | &nbsp;&nbsp; $58408076 | &nbsp;&nbsp; $104133021 | &nbsp;&nbsp; $162541097 | &nbsp;&nbsp; $(133083972)<br>| &nbsp;&nbsp; $29457125 |
| Growth Fund | &nbsp;&nbsp; $41190728 | &nbsp;&nbsp; $59232135 | &nbsp;&nbsp; $100422863 | &nbsp;&nbsp; $(54212050)<br>| &nbsp;&nbsp; $46210813 |
| International Equity Fund | &nbsp;&nbsp; $8815856 | &nbsp;&nbsp; $9486775 | &nbsp;&nbsp; $18302631 | &nbsp;&nbsp; $(12315832)<br>| &nbsp;&nbsp; $5986799 |
| Small-Company Stock Fund | &nbsp;&nbsp; $11475230 | &nbsp;&nbsp; $20233260 | &nbsp;&nbsp; $31708490 | &nbsp;&nbsp; $(44797915)<br>| &nbsp;&nbsp; $(13089425)<br>|
| In Shares |  |  |  |  |  |
| Daily Income Fund | &nbsp;&nbsp; 75741513 | &nbsp;&nbsp; 8149083 | &nbsp;&nbsp; 83890596 | &nbsp;&nbsp; (91484130)<br>| &nbsp;&nbsp; (7593534)<br>|
| Short-Term Government Securities Fund | &nbsp;&nbsp; 2288637 | &nbsp;&nbsp; 366495 | &nbsp;&nbsp; 2655132 | &nbsp;&nbsp; (2117530)<br>| &nbsp;&nbsp; 537602 |
| Short-Term Bond Fund | &nbsp;&nbsp; 6403783 | &nbsp;&nbsp; 3257598 | &nbsp;&nbsp; 9661381 | &nbsp;&nbsp; (12817637)<br>| &nbsp;&nbsp; (3156256)<br>|
| Intermediate Bond Fund | &nbsp;&nbsp; 4206199 | &nbsp;&nbsp; 1113485 | &nbsp;&nbsp; 5319684 | &nbsp;&nbsp; (5637656)<br>| &nbsp;&nbsp; (317972)<br>|
| Stock Index Fund | &nbsp;&nbsp; 630730 | &nbsp;&nbsp; 107361 | &nbsp;&nbsp; 738091 | &nbsp;&nbsp; (816207)<br>| &nbsp;&nbsp; (78116)<br>|
| Value Fund | &nbsp;&nbsp; 1108708 | &nbsp;&nbsp; 1968249 | &nbsp;&nbsp; 3076957 | &nbsp;&nbsp; (2520500)<br>| &nbsp;&nbsp; 556457 |
| Growth Fund | &nbsp;&nbsp; 2154017 | &nbsp;&nbsp; 3194729 | &nbsp;&nbsp; 5348746 | &nbsp;&nbsp; (2832540)<br>| &nbsp;&nbsp; 2516206 |
| International Equity Fund | &nbsp;&nbsp; 827000 | &nbsp;&nbsp; 913316 | &nbsp;&nbsp; 1740316 | &nbsp;&nbsp; (1164133)<br>| &nbsp;&nbsp; 576183 |
| Small-Company Stock Fund | &nbsp;&nbsp; 466022 | &nbsp;&nbsp; 833175 | &nbsp;&nbsp; 1299197 | &nbsp;&nbsp; (1797783)<br>| &nbsp;&nbsp; (498586)<br>|

---

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** <br>**Sold**<br>| **Shares Issued** <br>**In** <br>**Reinvestment** <br>**of Dividends**<br>| **Total Shares** <br>**Issued**<br>| **Total Shares** <br>**Redeemed**<br>| **Net Increase** <br>**(Decrease)**<br>|
| Year Ended December 31, 2024 |  |  |  |  |  |
| In Dollars |  |  |  |  |  |
| Daily Income Fund | &nbsp;&nbsp; $71456053 | &nbsp;&nbsp; $10001239 | &nbsp;&nbsp; $81457292 | &nbsp;&nbsp; $(75623161)<br>| &nbsp;&nbsp; $5834131 |
| Short-Term Government Securities Fund | &nbsp;&nbsp; $8481965 | &nbsp;&nbsp; $1822069 | &nbsp;&nbsp; $10304034 | &nbsp;&nbsp; $(10485130)<br>| &nbsp;&nbsp; $(181096)<br>|
| Short-Term Bond Fund | &nbsp;&nbsp; $35049539 | &nbsp;&nbsp; $16201844 | &nbsp;&nbsp; $51251383 | &nbsp;&nbsp; $(64418572)<br>| &nbsp;&nbsp; $(13167189)<br>|
| Intermediate Bond Fund | &nbsp;&nbsp; $25010542 | &nbsp;&nbsp; $4905576 | &nbsp;&nbsp; $29916118 | &nbsp;&nbsp; $(15687497)<br>| &nbsp;&nbsp; $14228621 |
| Stock Index Fund | &nbsp;&nbsp; $28047569 | &nbsp;&nbsp; $2716347 | &nbsp;&nbsp; $30763916 | &nbsp;&nbsp; $(43890763)<br>| &nbsp;&nbsp; $(13126847)<br>|
| Value Fund | &nbsp;&nbsp; $51387298 | &nbsp;&nbsp; $90018814 | &nbsp;&nbsp; $141406112 | &nbsp;&nbsp; $(122023885)<br>| &nbsp;&nbsp; $19382227 |
| Growth Fund | &nbsp;&nbsp; $29660949 | &nbsp;&nbsp; $23215845 | &nbsp;&nbsp; $52876794 | &nbsp;&nbsp; $(53717735)<br>| &nbsp;&nbsp; $(840941)<br>|
| International Equity Fund | &nbsp;&nbsp; $7884447 | &nbsp;&nbsp; $2201759 | &nbsp;&nbsp; $10086206 | &nbsp;&nbsp; $(9248480)<br>| &nbsp;&nbsp; $837726 |
| Small-Company Stock Fund | &nbsp;&nbsp; $12376099 | &nbsp;&nbsp; $12003645 | &nbsp;&nbsp; $24379744 | &nbsp;&nbsp; $(40293980)<br>| &nbsp;&nbsp; $(15914236)<br>|
| In Shares |  |  |  |  |  |
| Daily Income Fund | &nbsp;&nbsp; 71456053 | &nbsp;&nbsp; 10001239 | &nbsp;&nbsp; 81457292 | &nbsp;&nbsp; (75623161)<br>| &nbsp;&nbsp; 5834131 |
| Short-Term Government Securities Fund | &nbsp;&nbsp; 1708419 | &nbsp;&nbsp; 367037 | &nbsp;&nbsp; 2075456 | &nbsp;&nbsp; (2113817)<br>| &nbsp;&nbsp; (38361)<br>|
| Short-Term Bond Fund | &nbsp;&nbsp; 7124497 | &nbsp;&nbsp; 3297407 | &nbsp;&nbsp; 10421904 | &nbsp;&nbsp; (13122123)<br>| &nbsp;&nbsp; (2700219)<br>|
| Intermediate Bond Fund | &nbsp;&nbsp; 5490613 | &nbsp;&nbsp; 1075143 | &nbsp;&nbsp; 6565756 | &nbsp;&nbsp; (3443421)<br>| &nbsp;&nbsp; 3122335 |
| Stock Index Fund | &nbsp;&nbsp; 713509 | &nbsp;&nbsp; 62918 | &nbsp;&nbsp; 776427 | &nbsp;&nbsp; (1115124)<br>| &nbsp;&nbsp; (338697)<br>|
| Value Fund | &nbsp;&nbsp; 960236 | &nbsp;&nbsp; 1719943 | &nbsp;&nbsp; 2680179 | &nbsp;&nbsp; (2285414)<br>| &nbsp;&nbsp; 394765 |
| Growth Fund | &nbsp;&nbsp; 1676319 | &nbsp;&nbsp; 1222651 | &nbsp;&nbsp; 2898970 | &nbsp;&nbsp; (3090688)<br>| &nbsp;&nbsp; (191718)<br>|
| International Equity Fund | &nbsp;&nbsp; 807165 | &nbsp;&nbsp; 225873 | &nbsp;&nbsp; 1033038 | &nbsp;&nbsp; (944511)<br>| &nbsp;&nbsp; 88527 |
| Small-Company Stock Fund | &nbsp;&nbsp; 462519 | &nbsp;&nbsp; 437300 | &nbsp;&nbsp; 899819 | &nbsp;&nbsp; (1524592)<br>| &nbsp;&nbsp; (624773)<br>|

---

**8.** **Principal Risks**

Investing in the Funds involves risks which include, but are not limited to, those listed below. The below risks, and other risks

applicable to the Funds are further described in the Funds' Prospectus and Statement of Additional Information.

**Asset-Backed and Mortgage-Backed Securities Risk** The risk that defaults, or perceived increases in the risk of defaults, on the obligations underlying asset-backed and mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations ("CMOs"), significant credit downgrades and illiquidity may impair the value of the securities. These securities also present a higher degree of prepayment risk (when repayment of principal occurs before scheduled maturity resulting in the Fund having to reinvest proceeds at a lower interest rate) and extension risk (when rates of repayment of principal are slower than expected, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security) than do other types of fixed income securities. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer

defaults.

**Debt Securities Risk--Credit Risk** The risk that an issuer or counterparty will fail to pay its obligations to the Fund when they are due. As a result, the Fund's income might be reduced, the value of the Fund's investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability to pay

interest and principal when due.

**Debt Securities Risk--Interest Rate Risk** The risk that debt instruments will change in value because of actual or expected changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration, which means the value of the debt instrument will generally decline if interest rates increase. The value of debt instruments will also generally decline if inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Inflation rates may change

frequently and significantly as a result of changes in the domestic or global economy or changes in fiscal or monetary policies.

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

**Currency Risk** Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar or other currencies, adversely affecting the value of the Fund's investments. The value of the Fund's assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. Because the Fund's net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the

Fund's holdings rise.

**Equity Securities Risk** Equity securities generally have greater price volatility than fixed-income securities. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting the issuer, equity securities markets generally, particular industries represented in those

markets or the issuer itself.

**Foreign Risk** A fixed-income Fund may invest in U.S. dollar-denominated debt securities of foreign issuers. These securities (also known as Yankee Bonds) may respond negatively to adverse foreign political or economic developments. Certain countries have recently experienced (or currently are expected to experience) negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity. An equity Fund may invest in foreign equity securities. Foreign securities may exhibit more extreme changes in value than securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.

Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments and may exhibit more extreme changes in value than securities of U.S. companies. In the case of foreign companies not registered in the U.S., there is generally less publicly available information regarding the issuer. These conditions may have an impact on rating organizations' and a Fund manager's ability to accurately assess and monitor an issuer's financial condition.

In addition, foreign companies often are not subject to the same degree of regulation as U.S. companies. Reporting, legal, accounting and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. The securities of some non-U.S. entities are less liquid and at times more volatile than securities of comparable U.S. entities, and could become subject to sanctions or embargoes that adversely affect the Fund's investment. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments could adversely affect the Fund's investments in a foreign country. In the event of nationalization, expropriation or other confiscation, the Fund could lose its entire investment. Investments in emerging market countries are likely to involve significant risks. These countries are generally more likely to experience political and economic instability.

Because non-U.S. securities are typically denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets, to the extent they are non-U.S. dollar denominated, may be affected favorably or unfavorably by currency

exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies.

**Growth Style Risk** The risk that returns on stocks within the growth style in which the Fund invests will trail returns of stocks representing other styles or the market overall over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. Growth stocks can be volatile, as these companies usually invest a high portion of earnings in their business and therefore may lack the dividends of value stocks that can cushion stock prices in a falling market. Also, earnings disappointments often lead to sharply falling prices because

investors buy growth stocks in anticipation of superior earnings growth.

**Index Fund Risk** An index fund has operating and other expenses while an index does not. As a result, while an index fund will attempt to track its underlying index as closely as possible, it will tend to underperform the index to some degree over time.

If an index fund is properly correlated to its stated index, the Fund will perform poorly when the index performs poorly.

**Investments in Small- and Mid-Sized Companies Risk** Investment in smaller and medium-sized companies may involve greater risk than investment in larger, more established companies. Their common stock and other securities may trade less frequently and in limited volume. Some securities of smaller issuers may be illiquid or may be restricted as to resale. Accordingly, the prices of such securities are generally more sensitive to purchase and sale transactions and tend to be more volatile than the prices of securities of companies with larger market capitalizations. Because of this, if a Fund wishes to sell a large quantity of a small or medium-sized company's shares, it may have to sell at a lower price than it believes is reflective of the value of the shares, or it may have to sell in smaller quantities than desired and over a period of time. These companies may face greater business risks because they lack the management depth or experience, financial resources, product diversification or

Notes to Financial Statements

------

**Notes to Financial Statements \| (Continued)**

competitive strengths of larger companies, and they may be more adversely affected by poor economic conditions. There may be less publicly available information about smaller companies than larger companies. In addition, these companies may have been recently organized and may have little or no track record of success. Small company stocks, as a group, tend to go in and out of favor based on economic conditions and market sentiment, and during certain periods will perform poorly relative to other types of investments, including larger company stocks. Generally, the smaller the company size, the greater these risks

become.

**Market Risk** The risk that markets will perform poorly or that the returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of investments. Markets may experience periods of high volatility and reduced liquidity in response to governmental policies, actions or intervention, political, economic or market developments such as tariffs, or other external factors, such as outbreaks of infectious illnesses or other widespread public health issues, outbreaks of war or sanctions in response to military incursions and natural disasters such as floods, droughts, fires, extreme storms, earthquakes or volcanic eruptions. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. These risks may be

heightened for fixed income securities in low interest rate environments.

**Money Market Fund Risk** Although the Daily Income Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund's $1.00 share price at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Directors may implement procedures to impose a fee upon the sale of your shares if the

Board determines it is in the best interest of the Fund, the Board has not elected to do so at this time.

**Value Style Risk** The risk that returns on stocks within the value style in which the Fund invests will trail returns of stocks representing other styles or the market overall over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. Investments in value securities may be subject to risks that (1) the issuer's potential business prospects will not be realized; (2) their potential values will never be recognized by the market; and (3) their value was appropriately priced when acquired and they do not perform as

anticipated.

**9.** **Recent Accounting Pronouncement**

The Funds have adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures including income taxes paid. The adoption of the new standard did not impact the Funds' financial position or results of operations and did not

have a material impact on financial statement disclosures.

**10.** **Subsequent Events**

Management has evaluated the impact of all subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in these financial statements.

Notes to Financial Statements

------

**Other Tax Information (Unaudited)**

------

The following information for the year ended December 31, 2025, is provided pursuant to provisions of the Internal Revenue

Code.

The Funds designate the following percentages of dividends declared from net investment income as qualified dividend income

for individuals, as dividends received deduction for corporations, and from Real Estate Investment Trusts (REITs):

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Qualified Dividend** <br>**Income for Individuals**<br>| **Dividends Received** <br>**Deduction for** <br>**Corporations**<br>| **REIT income** |
| Daily Income Fund | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Short-Term Government Securities Fund | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Short-Term Bond Fund | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Intermediate Bond Fund | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Stock Index Fund | &nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|
| Value Fund | &nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|
| Growth Fund | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| International Equity Fund | &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Small-Company Stock Fund | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

The Funds designate the following amounts as short-term and long-term capital gains distributed during the year ended

December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Record Date** | **Distributions of** <br>**Short-Term Capital** <br>**Gains**<br>| **Distributions of** <br>**Long-Term Capital** <br>**Gains**<br>|
| Stock Index Fund | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp; $0.0148 | &nbsp;&nbsp; $0.0453 |
| Stock Index Fund | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp; $0.2470 | &nbsp;&nbsp; $0.1919 |
| Value Fund | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1.1661 |
| Value Fund | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3.7449 |
| Growth Fund | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp; $0.0121 | &nbsp;&nbsp; $0.4190 |
| Growth Fund | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2.4302 |
| International Equity Fund | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0.0201 |
| International Equity Fund | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0.9527 |
| Small-Company Stock Fund | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0.4508 |
| Small-Company Stock Fund | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2.1494 |

---

The International Equity Fund designates $0.02743 per share as foreign taxes paid and $0.1479 per share as income earned from foreign sources.

62 Other Tax Information

------

**Changes In and Disagreements With Accountants (Unaudited)**

------

There were no changes in or disagreements with accountants during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63

------

**Proxy Disclosures (Unaudited)**

------

There were no matters submitted to a vote of shareholders during the period.

------

**Renumeration Paid to Directors, Officers, and Others (Unaudited)**

------

See Directors, Officers, and Board meeting expenses in the statement of operations in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65

------

**Basis For the Board's Approval of Investment Advisory Contracts (Unaudited)**

------

Board Considerations in Approving the Investment Management and Sub-Advisory Agreements

Homestead Funds, Inc. (the "Corporation") and Homestead Funds Trust (the "Trust", and together with the Corporation, "Homestead") have each entered into investment management agreements (the "Investment Management Agreements") with Homestead Advisers Corp. ("Homestead Advisers"), pursuant to which Homestead Advisers is responsible for the day-to-day management of the following series of the Corporation: the Daily Income Fund, the Short-Term Government Securities Fund, the Short-Term Bond Fund, the Value Fund, the Growth Fund, the International Equity Fund and the Small-Company Stock Fund and the following series of the Trust: the Intermediate Bond Fund (each series, a "Fund" and, collectively, the "Funds"). (Homestead Advisers serves as an administrator to the Stock Index Fund pursuant to an administrative services agreement with that Fund and does not currently serve as the Fund's investment adviser.) Homestead Advisers has entered into subadvisory agreements (the "Sub-advisory Agreements" and, together with the Investment Management Agreements, the "Agreements") with T. Rowe Price Associates, Inc. ("T. Rowe Price"), Harding Loevner LP ("Harding Loevner") and Invesco Advisers, Inc. ("Invesco"), on behalf of the Growth Fund, the International Equity Fund, and the Daily Income Fund, respectively, pursuant to which T. Rowe Price, Harding Loevner, and Invesco are responsible for the day-to-day management of the assets of such Funds. Each of Homestead Advisers, T. Rowe Price, Harding Loevner, and Invesco is an "Adviser" and are collectively referred to as the "Advisers."

The Board of Directors of the Corporation and the Board of Trustees of the Trust (together, the "Board" and their members, "Directors") held a joint video conference meeting on August 12, 2025 (the "August Meeting"), at which they gave preliminary consideration to information bearing on the consideration of the Agreements. The Independent Directors, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Funds (the "Independent Directors"), and their independent legal counsel had previously met separately in an executive session held via video conference on August 5, 2025 (the "August Executive Session"), to discuss the materials received. During the August Executive Session, the Independent Directors also reviewed and discussed with their independent legal counsel various key aspects of the Independent Directors' legal responsibilities relating to the proposed continuation of the Agreements, as addressed in a memorandum prepared by independent legal counsel and provided in advance of the meeting. Following the August Executive Session and the August 12, 2025, Meeting (the "August Meeting"), the Independent Directors requested certain supplemental information from each Adviser. At its regularly scheduled quarterly meeting held in person on September 30 and October 1, 2025 (the "October Meeting"), following the receipt of additional information and discussion at an executive session of the Independent Directors and

independent counsel to the Independent Directors, at which no representative of the Advisers were present initially, but joined subsequently by invitation, the Board, with the Independent Directors voting separately, approved the continuation of the Agreements with respect to the Funds for an additional one-year period.

Prior to the August Meeting, the Independent Directors requested that the Advisers provide the Board information they deemed reasonably necessary for their consideration of the Agreements. Pursuant to this request, the Advisers provided the Board with, and the Board, including the Independent Directors, considered and discussed, information regarding, among other things:

• The level of the advisory fees that Homestead Advisers charges a Fund compared with the fees charged to comparable mutual funds and compared with those of Homestead Advisers' non-investment company clients and the level of subadvisory fees that T. Rowe Price, Harding Loevner and Invesco receive with respect to the Growth Fund, the International Equity Fund and the Daily Income Fund, respectively, and compared with the advisory and/or subadvisory fees charged by T. Rowe Price, Harding Loevner and Invesco to other clients;

• Each Fund's overall fees and operating expenses compared with similar mutual funds;

• Each Fund's performance compared with similar mutual funds;

• The investment management and other services the Advisers provide the Funds, including each Adviser's compliance program;

• The Advisers' investment management personnel; and

• Homestead Advisers' financial condition and profitability in connection with managing the Funds.

The Board also reviewed information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an information service provider unaffiliated with the Advisers, comparing each Fund's advisory fee rate, net total expenses, operating expenses and performance to those of other similar open-end funds selected by Broadridge.

The Board also met over the course of the year with investment advisory personnel from Homestead Advisers and regularly reviewed detailed information, presented both orally and in writing, regarding the investment program, performance and operations of each Fund. The Advisers also presented additional information to the Board regarding the Funds. The Board then considered whether any further discussion or review was necessary, concluding that the information reviewed by the Board and the Independent Directors and their independent counsel prior to and at the October Meeting provided a sufficient basis for taking action on the continuation of the Agreements with respect to each Fund for an additional year.

------

**Basis For the Board's Approval of Investment Advisory Contracts (Unaudited) (Continued)**

Accordingly, the Board's determination to approve the continuance of the Agreements was made on the basis of each Director's business judgment after an evaluation of the information provided to the Board, both at the August and October Meetings and at prior meetings. In reaching their determinations relating to the continuation of the Agreements, the Board, including the Independent Directors, considered all factors they believed relevant, including the factors discussed below. Individual Directors may have attributed different weights to the various factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive. In particular, the Board focused on the following:

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of the services the Advisers provide to the applicable Funds and the resources the Advisers dedicate to the Funds. In this regard, the Board evaluated, among other things, each Adviser's personnel, experience, track record, compliance program and, with respect to Homestead Advisers, oversight of the Funds' other service providers, including T. Rowe Price, Harding Loevner and Invesco in their capacity as subadvisers to the Growth Fund, the International Equity Fund and the Daily Income Fund, respectively. The Board considered information concerning the investment philosophy and investment processes used by the Advisers in managing the Funds. In this context, the Board also considered the managerial and financial resources available to the Advisers, and concluded that they would be sufficient to meet any reasonably foreseeable obligations under the current Agreements. The Board considered each Adviser's assessment of its ability to attract and retain capable personnel and succession planning processes with respect to the leadership of the Funds' portfolio management teams. The Board considered the quality of the services provided by the Advisers and the quality of the resources available to the Funds. The Board further considered each Adviser's experience and reputation and the professional qualifications of its personnel. The Board noted, in particular, that Homestead Advisers had made significant enhancements to its investment team in recent years and had made additional investments in personnel and technology to service existing shareholders in recent years.

The Board also considered that the Investment Management Agreements require Homestead Advisers to oversee the administration of all aspects of the Funds' business and affairs and to provide certain services required for effective administration of the Funds.

On the basis of these considerations as well as others and in the exercise of their business judgment, the Board concluded that the nature, extent and quality of services provided by the Advisers to the Funds supported the continuation of the

Agreements for an additional one-year period.

<u>Investment Performance of the Funds</u>

The Board reviewed reports provided by Broadridge that compared each Fund's performance record (trailing annualized net total returns) for the one-, three-, five- and ten-year periods ended March 31, 2025, as applicable, against a group of funds within a category as assigned by Morningstar, Inc. (a "Peer Group") and the Fund's relevant benchmark index for the same time periods. The Board also considered Homestead Advisers' and the Subadvisers' performance and reputation generally, and Homestead Advisers' evaluation of the Subadvisers' contribution to each Fund's broader investment mandate.

In the case of each Fund that had performance that lagged that of its Peer Group or benchmark for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported continuation of the advisory arrangements. These factors included, among other factors, that the Fund's more recent or long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups. The Board also noted that there had been meetings with members of each Fund's portfolio management team on a regular basis during the prior year to discuss each Fund's performance and related matters.

With respect to each Fund, the Board concluded that the Fund's performance (including absolute performance and, where applicable, outperformance of peers and relevant benchmarks over long-term periods) and/or other relevant factors supported continuation of the Agreements.

Among other information, the Board took into account the following information regarding each individual Fund's performance:

Daily Income Fund

The Board noted that the Fund underperformed its benchmark index for the one-, three-, five- and ten-year periods ended March 31, 2025. (The Daily Income Fund does not have an official benchmark index as it is a money-market fund. For comparison purposes, the Broadridge Report for this Fund includes performance of a three-month treasury bill index, which Homestead Advisers believes provides a useful comparison for the Fund.) The Board considered that the Fund underperformed the median of the Fund's Peer Group for the one-, three-, five- and ten-year periods ended March 31, 2025. The Board observed Homestead Advisers' statement that the Fund's net performance disparity is reasonable in light of differences in the Fund's size, composition and expenses relative to peers, including funds in its Morningstar Money Market-Taxable category that are not government money-market funds that invest in securities other than government securities that often have higher potential yield than government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67

------

**Basis For the Board's Approval of Investment Advisory Contracts (Unaudited) (Continued)**

Short-Term Government Securities Fund

The Board noted that the Fund underperformed its benchmark index for the one-, three- and ten-year periods and outperformed its benchmark index for the five-year period ended March 31, 2025. The Board considered that the Fund underperformed the median of the Fund's Peer Group for the one- and three-year periods, performed equal to the median for the five-year period and outperformed the median for the ten-year period ended March 31, 2025. The Board also considered that Homestead Advisers was currently evaluating this Fund and considering whether there are any potential changes that should be made to the Fund.

Short-Term Bond Fund

The Board noted that the Fund underperformed its benchmark index for the one-year period and outperformed its benchmark index for the three-, five- and ten-year periods ended March 31, 2025. The Board considered that the Fund underperformed the median of the Fund's Peer Group for the one-, three-, five- and ten-year periods ended March 31, 2025.

Intermediate Bond Fund

The Board noted that the Fund underperformed its benchmark index for the one-year period and outperformed its benchmark index for the three- and five-year periods ended March 31, 2025. The Board considered that the Fund underperformed the median of the Fund's Peer Group for the one-year period and outperformed the median for the three- and five-year periods ended March 31, 2025.

Value Fund

The Board noted that the Fund underperformed its benchmark index for the one-year period and outperformed its benchmark index for the three-, five- and ten-year periods ended March 31, 2025. The Board considered that the Fund underperformed the median of the Fund's Peer Group for the one-year period and outperformed the median for the three-, five- and ten-year periods ended March 31, 2025.

Growth Fund

The Board noted that the Fund underperformed its benchmark index for the one-, five- and ten-year periods and outperformed its benchmark index for the three-year period ended March 31, 2025. The Board considered that the Fund outperformed the median of the Fund's Peer Group for the one-, three-, five- and ten-year periods ended March 31, 2025.

International Equity Fund

The Board noted that the Fund outperformed its benchmark index for the one- and ten-year periods and underperformed its benchmark index for the three- and five-year periods ended March 31, 2025. The Board considered that the Fund outperformed the median of the Fund's Peer Group for the

one- and ten-year periods and underperformed the median for the three- and five-year periods ended March 31, 2025.

Small-Company Stock Fund

The Board noted that the Fund underperformed its benchmark index for the one-, three-, five- and ten-year periods ended March 31, 2025. The Board considered that the Fund underperformed the median of the Fund's Peer Group for the one-, three-, five- and ten-year periods ended March 31, 2025. The Board considered its discussion with Homestead Advisers' investment advisory personnel regarding the Small-Company Stock Fund's performance and Homestead Advisers' efforts to consider potential

enhancements to the Fund in order to improve performance.

<u>Comparative Fees and Expense Ratios</u>

The Board reviewed comparative fees and the costs of services provided under each of the Agreements. The Board considered the net total expense ratio, contractual advisory fees, net operating expense ratio and other expense information for each Fund provided by Broadridge as compared against a group of funds selected by Broadridge within a category as assigned by Morningstar, Inc. ("Expense Group"). The Board noted that the Funds are not currently subject to Rule 12b-1 fees and that the expense information provided by Broadridge included comparisons of the Funds' net total expense ratios with those of their Expense Group peers both inclusive and exclusive of 12b-1 fees. The Board concluded that the fees payable by the Funds to Homestead Advisers are reasonable in relation to the nature and quality of the services provided. In reaching this conclusion, the Board compared the fees payable by the Funds to the fees paid by other mutual funds that are in the same Expense Group. The Board also considered the fees Homestead Advisers receives from, and the scope of services it provides to, other clients of Homestead Advisers, including its separate account clients, noting the significantly broader scope of services that Homestead Advisers provides to the Funds as compared to the other types of clients. In reaching their conclusion, the Board also took into account the costs and risks assumed by Homestead Advisers in connection with launching and maintaining publicly-offered mutual funds, and how those costs and risks differ from those associated with other components of Homestead Advisers' business. The Board also considered the high level of customer service Homestead Advisers provides to shareholders at no additional cost including through its offered asset allocation, financial planning tools, model portfolio offerings and related services. The Board further considered the financial wellness resources including a workbook, a financial wellness calculator and topical explanatory videos that Homestead Advisers produces for shareholders of the Homestead Funds and Homestead Advisers' plans for deployment of its mobile application in the near future. With respect to the total net expense ratios for certain of the Funds, the Board noted that the current net asset levels impacted the expense ratios for

------

**Basis For the Board's Approval of Investment Advisory Contracts (Unaudited) (Continued)**

the Funds, and that expense ratios would be expected to decline as assets increase.

Among other information, the Board took into account the following information regarding particular Fund expense information:

Daily Income Fund

The Board noted that the Fund's contractual management fee as of December 31, 2024 was above the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 5th quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board considered the effect of peer funds' fee waivers on those funds' fee levels as compared to the Fund's. The Board considered Homestead Advisers' implementation of contractual fee caps (subject to certain excluded expenses).

The Board considered the fees paid to Invesco under the current Sub-advisory Agreement. This information included comparison of the Daily Income Fund's subadvisory fee to that charged by Invesco to other accounts with a similar investment objective to the Fund, as well as the current management fee paid to Homestead Advisers under the existing Investment Management Agreement. The Board also took into account the anticipated demands, complexity and quality of the investment management of the Fund. The Board noted that Homestead Advisers, and not the Fund, is responsible for paying the fees charged by Invesco. The Board noted Homestead Advisers' and Invesco's representations about the services each provide to the Daily Income Fund. Based on these and other considerations, the Board concluded that the subadvisory fee payable by Homestead Advisers to Invesco is reasonable in relation to the nature and quality of the services provided.

Short-Term Government Securities Fund

The Board noted that the Fund's contractual management fee as of December 31, 2024 was below the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 4th quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board considered Homestead Advisers' implementation of contractual fee caps and fee waivers (subject to certain excluded expenses).

Short-Term Bond Fund

The Board noted that the Fund's contractual management fee as of December 31, 2024 was above the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 5th quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board also noted the Fund's breakpoint fee schedule and considered Homestead Advisers' implementation of contractual fee caps (subject to certain excluded expenses).

Intermediate Bond Fund

The Board noted that the Fund's contractual management fee as of December 31, 2024 was above the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 5th quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board also noted the Fund's breakpoint fee schedule and considered Homestead Advisers' implementation of contractual fee caps and fee waivers (subject to certain excluded expenses).

Value Fund

The Board noted that the Fund's contractual management fee as of December 31, 2024 was below the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 1st quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board also noted the Fund's breakpoint fee schedule and considered Homestead Advisers' implementation of contractual fee caps (subject to certain excluded expenses).

Growth Fund

The Board noted that the Fund's contractual management fee as of December 31, 2023 was below the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 3rd quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board also noted the Fund's breakpoint fee schedule and considered Homestead Advisers' implementation of contractual fee caps (subject to certain excluded expenses). The Board further noted that as of April 1, 2023 the subadvisory fee paid by Homestead Advisers to T. Rowe Price was amended to include additional breakpoints which reduced the fees owed due to the asset levels in the Fund.

The Board considered the fees paid to T. Rowe Price under the current Sub-advisory Agreement. This information included comparison of the Growth Fund's subadvisory fee to that charged by T. Rowe Price to other accounts with a similar investment objective to the Fund, as well as the current management fee paid to Homestead Advisers under the existing Investment Management Agreement. The Board also took into account the anticipated demands, complexity and quality of the investment management of the Fund. The Board noted that Homestead Advisers, and not the Fund, is responsible for paying the fees charged by T. Rowe Price. The Board noted Homestead Advisers' and T. Rowe Price's representations about the services each provide to the Growth Fund. Based on these and other considerations, the Board concluded that the subadvisory fee payable by Homestead Advisers to T. Rowe Price is reasonable in relation to the nature and quality of the services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69

------

**Basis For the Board's Approval of Investment Advisory Contracts (Unaudited) (Continued)**

International Equity Fund

The Board noted that the Fund's contractual management fee as of December 31, 2024 was below the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 5th quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board also noted the Fund's breakpoint fee schedule. The Board further noted that as of April 1, 2023, the subadvisory fee paid by Homestead Advisers to Harding Loevner was reduced by 5 basis points to a flat fee of 0.50%.

The Board considered the fees paid to Harding Loevner under the current Sub-advisory Agreement. This information included a representation from Harding Loevner that the subadvisory fees for its other clients are not materially different from the Fund's subadvisory fee and are each individually negotiated. The Board also took into account the anticipated demands, complexity and quality of the investment management of the Fund. The Board noted that Homestead Advisers, and not the Fund, is responsible for paying the fees charged by Harding Loevner. The Board noted Homestead Advisers' and Harding Loevner's representations regarding the services each provides to the International Equity Fund. Based on these and other considerations, the Board concluded that the subadvisory fee payable by Homestead Advisers to Harding Loevner is reasonable in relation to the nature and quality of the services provided.

Small-Company Stock Fund

The Board noted that the Fund's contractual management fee as of December 31, 2024 was above the median contractual management fee of the Expense Group and its total net expense ratio as of December 31, 2024 ranked in the 5th quintile of the Fund's Expense Group (excluding Rule 12b-1/non-12b-1 service fees). The Board considered the Fund's lower net asset level in recent years, relative to previous years, which resulted in certain expenses being allocated across a smaller asset base. The Board also noted the Fund's breakpoint fee schedule and considered Homestead Advisers' implementation of contractual fee caps (subject to certain excluded expenses).

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions regarding the Agreements, that the fees to be charged to each Fund were fair and reasonable, and that the anticipated costs of these services supported the approval of the Agreements.

<u>Cost of Services and Profits Realized by the Advisers</u>

The Board considered the cost of the services provided by Homestead Advisers. The Board reviewed the information provided by Homestead Advisers concerning its profitability from the fees received from and the services provided to the Funds and the financial condition of Homestead Advisers for various past periods. The Board considered the profit margin

information for Homestead Advisers' investment company business as a whole, as well as Homestead Advisers' profitability data for the Funds. The Board reviewed Homestead Advisers' assumptions and methods of cost allocation used in preparing Fund-specific profitability data. The Board also considered the basis for Homestead Advisers' belief that its methods of allocation were reasonable.

The Board considered their discussion with representatives of Homestead Advisers about the fees being charged to the Funds and considered the other administrative, compliance and shareholder services provided by Homestead Advisers to the Funds. The Board considered the Funds' increased regulatory requirements. The Board noted and discussed the additional services provided by Homestead Advisers to the Funds compared to other investment products managed by Homestead Advisers, and noted that, in the cases of the Growth Fund, the International Equity Fund and the Daily Income Fund, Homestead Advisers, and not the Fund, would pay the subadvisory fees to the subadvisers. The Board determined that Homestead Advisers should be entitled to earn a reasonable level of profits for the services it provides to the Funds. In light of the foregoing, the Board, including the Independent Directors, determined that the management fees were reasonable in relation to the wide array of services provided to the Funds.

The Board considered the compensation to be received by T. Rowe Price, Harding Loevner and Invesco from their relationship with the Growth Fund, the International Equity Fund and the Daily Income Fund, respectively, and considered the information on profitability provided by T. Rowe Price and Invesco. The Board noted that Homestead Advisers would continue to pay each subadviser from the management fees received from the Funds, and that the agreements were negotiated at arm's length between Homestead Advisers and the subadvisers.

<u>Economies of Scale</u>

The Board considered the extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale for the benefit of each Fund's shareholders. The Board also considered whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by Homestead Advisers in investment, trading, compliance and other resources. The Board noted that the Intermediate Bond Fund, Value Fund, Growth Fund, Small-Company Stock Fund, International Equity Fund and the Short-Term Bond Fund, include breakpoints in their fee schedules, though some Fund assets have not yet reached the necessary levels to qualify for a lower fee rate. The Board was satisfied that the current fee structure was appropriate at this time.

<u>Fall-Out Benefits</u>

------

**Basis For the Board's Approval of Investment Advisory Contracts (Unaudited) (Continued)**

Additionally, the Board considered "fall-out benefits" to the Advisers, such as research, soft dollar arrangements, as applicable, and reduced portfolio record keeping fees paid to a third party based on aggregate total assets firm wide.

<u>CONCLUSION</u>

On the basis of these considerations as well as others and in the exercise of their business judgment, on October 1, 2025, the Board, including the Independent Directors, voted unanimously to approve the continuation of the Agreements for an additional one-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71

------

Appendix

S&P 500 Index Master Portfolio

------

![](g12129img618dcd932.gif)

**homesteadfunds.com** \| 800.258.3030 \| 4301 Wilson Blvd. \| Arlington, VA \| 22203

This report is authorized for distribution to shareholders and others who have received a copy of the prospectus.

Distributor: Homestead Financial Services Corp.

------

Schedule of Investments

December 31, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |  |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> | 71291 | $40488298 |
| Boeing Co.<sup>(a)</sup> | 714398 | 155110094 |
| General Dynamics Corp. | 232131 | 78149222 |
| General Electric Co. | 963697 | 296847587 |
| Howmet Aerospace, Inc. | 367331 | 75310201 |
| Huntington Ingalls Industries, Inc. | 36487 | 12408134 |
| L3Harris Technologies, Inc. | 169665 | 49808554 |
| Lockheed Martin Corp. | 186040 | 89981967 |
| Northrop Grumman Corp. | 122568 | 69889499 |
| RTX Corp. | 1224953 | 224656380 |
| Textron, Inc. | 163640 | 14264499 |
| TransDigm Group, Inc. | 51909 | 69031184 |
|  |  | 1175945619 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |  |
| CH Robinson Worldwide, Inc. | 108788 | 17488759 |
| Expeditors International of Washington, Inc.<sup>(b)</sup> | 119616 | 17823980 |
| FedEx Corp. | 198921 | 57460320 |
| United Parcel Service, Inc., Class B | 671630 | 66618980 |
|  |  | 159392039 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |  |
| Aptiv PLC<sup>(a)</sup> | 201151 | 15305580 |
| **Automobiles — 2.4%** | **Automobiles — 2.4%** |  |
| Ford Motor Co. | 3612415 | 47394885 |
| General Motors Co. | 852279 | 69307328 |
| Tesla, Inc.<sup>(a)</sup> | 2567214 | 1154527480 |
|  |  | 1271229693 |
| **Banks — 3.6%** | **Banks — 3.6%** |  |
| Bank of America Corp. | 6137956 | 337587580 |
| Citigroup, Inc. | 1634737 | 190757460 |
| Citizens Financial Group, Inc. | 397412 | 23212835 |
| Fifth Third Bancorp | 597646 | 27975809 |
| Huntington Bancshares, Inc. | 1457655 | 25290314 |
| JPMorgan Chase & Co. | 2487107 | 801395618 |
| KeyCorp | 851967 | 17584599 |
| M&T Bank Corp. | 137646 | 27732916 |
| PNC Financial Services Group, Inc. | 358283 | 74784411 |
| Regions Financial Corp. | 795973 | 21570868 |
| Truist Financial Corp. | 1179752 | 58055596 |
| U.S. Bancorp | 1420159 | 75779684 |
| Wells Fargo & Co. | 2867924 | 267290517 |
|  |  | 1949018207 |
| **Beverages — 1.0%** | **Beverages — 1.0%** |  |
| Brown-Forman Corp., Class B | 171896 | 4479610 |
| Coca-Cola Co. | 3537024 | 247273348 |
| Constellation Brands, Inc., Class A | 130510 | 18005160 |
| Keurig Dr. Pepper, Inc. | 1243512 | 34830771 |
| Molson Coors Beverage Co., Class B | 161542 | 7540781 |
| Monster Beverage Corp.<sup>(a)</sup> | 646596 | 49574515 |
| PepsiCo, Inc. | 1249226 | 179288915 |
|  |  | 540993100 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |  |
| AbbVie, Inc. | 1614715 | 368946230 |
| Amgen, Inc. | 491966 | 161025391 |
| Biogen, Inc.<sup>(a)</sup> | 134491 | 23669071 |
| Gilead Sciences, Inc. | 1132142 | 138959109 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Incyte Corp.<sup>(a)</sup> | 148392 | $14656678 |
| Moderna, Inc.<sup>(a)</sup> | 316532 | 9334529 |
| Regeneron Pharmaceuticals, Inc. | 92076 | 71070702 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 231802 | 105089755 |
|  |  | 892751465 |
| **Broadline Retail — 3.9%** | **Broadline Retail — 3.9%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 8887763 | 2051473456 |
| eBay, Inc. | 410106 | 35720232 |
|  |  | 2087193688 |
| **Building Products — 0.4%** | **Building Products — 0.4%** |  |
| A O Smith Corp. | 105329 | 7044403 |
| Allegion PLC | 80857 | 12874051 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 101737 | 10467720 |
| Carrier Global Corp. | 713839 | 37719253 |
| Johnson Controls International PLC | 558345 | 66861814 |
| Lennox International, Inc. | 29620 | 14382880 |
| Masco Corp. | 193016 | 12248795 |
| Trane Technologies PLC | 202585 | 78846082 |
|  |  | 240444998 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |  |
| Ameriprise Financial, Inc. | 86026 | 42181989 |
| Ares Management Corp., Class A | 189412 | 30614662 |
| Bank of New York Mellon Corp. | 637111 | 73962216 |
| BlackRock, Inc.<sup>(c)</sup> | 131642 | 140901698 |
| Blackstone, Inc., Class A | 674662 | 103992401 |
| Cboe Global Markets, Inc. | 96312 | 24174312 |
| Charles Schwab Corp. | 1526035 | 152466157 |
| CME Group, Inc., Class A | 327954 | 89557678 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 209758 | 47434674 |
| FactSet Research Systems, Inc. | 34333 | 9963093 |
| Franklin Resources, Inc. | 275817 | 6589268 |
| Goldman Sachs Group, Inc. | 274021 | 240864459 |
| Interactive Brokers Group, Inc., Class A | 402295 | 25871591 |
| Intercontinental Exchange, Inc. | 520926 | 84369175 |
| Invesco Ltd. | 420219 | 11039153 |
| KKR & Co., Inc., Class A | 627054 | 79936844 |
| Moody's Corp. | 140171 | 71606355 |
| Morgan Stanley | 1103536 | 195910746 |
| MSCI, Inc., Class A | 68649 | 39385991 |
| Nasdaq, Inc. | 414627 | 40272720 |
| Northern Trust Corp. | 172978 | 23627065 |
| Raymond James Financial, Inc. | 160866 | 25833471 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 717376 | 81135226 |
| S&P Global, Inc. | 283222 | 148008985 |
| State Street Corp. | 255184 | 32921288 |
| T. Rowe Price Group, Inc. | 194073 | 19869194 |
|  |  | 1842490411 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** |  |
| Air Products and Chemicals, Inc. | 204384 | 50486936 |
| Albemarle Corp. | 108311 | 15319508 |
| CF Industries Holdings, Inc. | 136176 | 10531852 |
| Corteva, Inc. | 617361 | 41381708 |
| Dow, Inc. | 659194 | 15411956 |
| DuPont de Nemours, Inc. | 386723 | 15546264 |
| Ecolab, Inc. | 232511 | 61038788 |
| International Flavors & Fragrances, Inc. | 235123 | 15844939 |
| Linde PLC | 426613 | 181903517 |
| LyondellBasell Industries NV, Class A | 240310 | 10405423 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** |  |
| Mosaic Co. | 295160 | $7110404 |
| PPG Industries, Inc. | 208203 | 21332479 |
| Sherwin-Williams Co. | 212079 | 68719958 |
|  |  | 515033732 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |  |
| Cintas Corp. | 309764 | 58257316 |
| Copart, Inc.<sup>(a)</sup> | 806763 | 31584772 |
| Republic Services, Inc. | 186609 | 39548045 |
| Rollins, Inc. | 257202 | 15437264 |
| Veralto Corp. | 230462 | 22995498 |
| Waste Management, Inc. | 338621 | 74398420 |
|  |  | 242221315 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
| Arista Networks, Inc.<sup>(a)</sup> | 947016 | 124087506 |
| Cisco Systems, Inc. | 3600317 | 277332419 |
| F5, Inc.<sup>(a)</sup> | 52820 | 13482833 |
| Motorola Solutions, Inc. | 151507 | 58075663 |
|  |  | 472978421 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
| Comfort Systems USA, Inc. | 32153 | 30008073 |
| EMCOR Group, Inc. | 40918 | 25033223 |
| Quanta Services, Inc. | 136173 | 57473177 |
|  |  | 112514473 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |  |
| CRH PLC | 612372 | 76424026 |
| Martin Marietta Materials, Inc. | 55520 | 34570083 |
| Vulcan Materials Co. | 121949 | 34782294 |
|  |  | 145776403 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |  |
| American Express Co. | 490891 | 181605125 |
| Capital One Financial Corp. | 580818 | 140767051 |
| Synchrony Financial | 324626 | 27083547 |
|  |  | 349455723 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |  |
| Costco Wholesale Corp. | 404896 | 349158017 |
| Dollar General Corp. | 201488 | 26751562 |
| Dollar Tree, Inc.<sup>(a)</sup> | 175980 | 21647300 |
| Kroger Co. | 547798 | 34226419 |
| Sysco Corp. | 433683 | 31958100 |
| Target Corp. | 419689 | 41024600 |
| Walmart, Inc. | 4006277 | 446339320 |
|  |  | 951105318 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |  |
| Amcor PLC | 2084304 | 17383095 |
| Avery Dennison Corp. | 72987 | 13274876 |
| Ball Corp. | 236150 | 12508865 |
| International Paper Co. | 486245 | 19153191 |
| Packaging Corp. of America | 81722 | 16853528 |
| Smurfit WestRock PLC | 486648 | 18818678 |
|  |  | 97992233 |
| **Distributors — 0.0%** | **Distributors — 0.0%** |  |
| Genuine Parts Co. | 127142 | 15633381 |
| Pool Corp. | 30019 | 6866846 |
|  |  | 22500227 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |  |
| AT&T, Inc. | 6477048 | $160889872 |
| Verizon Communications, Inc. | 3852201 | 156900147 |
|  |  | 317790019 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |  |
| Alliant Energy Corp. | 237994 | 15471990 |
| American Electric Power Co., Inc. | 491693 | 56697120 |
| Constellation Energy Corp. | 285314 | 100792877 |
| Duke Energy Corp. | 715056 | 83811714 |
| Edison International | 354532 | 21279011 |
| Entergy Corp. | 407732 | 37686669 |
| Evergy, Inc. | 211153 | 15306481 |
| Eversource Energy | 337491 | 22723269 |
| Exelon Corp. | 932811 | 40661231 |
| FirstEnergy Corp. | 478825 | 21436995 |
| NextEra Energy, Inc. | 1895565 | 152175958 |
| NRG Energy, Inc. | 173623 | 27647726 |
| PG&E Corp. | 2028414 | 32596613 |
| Pinnacle West Capital Corp. | 110533 | 9804277 |
| PPL Corp. | 681022 | 23849390 |
| Southern Co. | 1005989 | 87722241 |
| Xcel Energy, Inc. | 533796 | 39426173 |
|  |  | 789089735 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |  |
| AMETEK, Inc. | 211744 | 43473161 |
| Eaton Corp. PLC | 354499 | 112911476 |
| Emerson Electric Co. | 513271 | 68121327 |
| GE Vernova, Inc. | 247883 | 162008892 |
| Generac Holdings, Inc.<sup>(a)</sup> | 54235 | 7396027 |
| Hubbell, Inc. | 49639 | 22045176 |
| Rockwell Automation, Inc. | 101965 | 39671523 |
|  |  | 455627582 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |  |
| Amphenol Corp., Class A | 1115148 | 150701101 |
| CDW Corp./DE | 121738 | 16580716 |
| Corning, Inc. | 710234 | 62188089 |
| Jabil, Inc. | 99325 | 22648087 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 158813 | 32269213 |
| TE Connectivity PLC | 267508 | 60860745 |
| Teledyne Technologies, Inc.<sup>(a)(b)</sup> | 43733 | 22335755 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 47132 | 11444592 |
|  |  | 379028298 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |  |
| Baker Hughes Co., Class A | 909150 | 41402691 |
| Halliburton Co. | 759108 | 21452392 |
| SLB Ltd. | 1360898 | 52231265 |
|  |  | 115086348 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** |  |
| Electronic Arts, Inc. | 205636 | 42017604 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 145018 | 20665065 |
| Netflix, Inc.<sup>(a)</sup> | 3871294 | 362972526 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 160724 | 41150166 |
| TKO Group Holdings, Inc., Class A | 62222 | 13004398 |
| Walt Disney Co. | 1631072 | 185567061 |
| Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 2268883 | 65389208 |
|  |  | 730766028 |
| **Financial Services — 3.8%** | **Financial Services — 3.8%** |  |
| Apollo Global Management, Inc. | 426507 | 61741153 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1675333 | 842106132 |
| Block, Inc., Class A<sup>(a)</sup> | 496536 | 32319528 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| Corpay, Inc.<sup>(a)</sup> | 65175 | $19613113 |
| Fidelity National Information Services, Inc. | 468824 | 31158043 |
| Fiserv, Inc.<sup>(a)</sup> | 489803 | 32900067 |
| Global Payments, Inc. | 211962 | 16405859 |
| Jack Henry & Associates, Inc. | 65638 | 11977622 |
| Mastercard, Inc., Class A | 749128 | 427662193 |
| PayPal Holdings, Inc. | 854828 | 49904859 |
| Visa, Inc., Class A | 1541849 | 540741863 |
|  |  | 2066530432 |
| **Food Products — 0.4%** | **Food Products — 0.4%** |  |
| Archer-Daniels-Midland Co. | 439711 | 25278985 |
| Bunge Global SA | 120893 | 10769148 |
| Conagra Brands, Inc. | 428805 | 7422615 |
| General Mills, Inc. | 483356 | 22476054 |
| Hershey Co. | 137089 | 24947456 |
| Hormel Foods Corp. | 265222 | 6285761 |
| J.M. Smucker Co. | 96634 | 9451772 |
| Kraft Heinz Co. | 758265 | 18387926 |
| Lamb Weston Holdings, Inc. | 132939 | 5568815 |
| McCormick & Co., Inc. | 233198 | 15883116 |
| Mondelez International, Inc., Class A | 1178894 | 63459864 |
| The Campbell's Co. | 184501 | 5142043 |
| Tyson Foods, Inc., Class A | 249587 | 14630790 |
|  |  | 229704345 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |  |
| Atmos Energy Corp. | 145768 | 24435090 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |  |
| CSX Corp. | 1699143 | 61593934 |
| JB Hunt Transport Services, Inc. | 71067 | 13811161 |
| Norfolk Southern Corp. | 205268 | 59264977 |
| Old Dominion Freight Line, Inc. | 170546 | 26741613 |
| Uber Technologies, Inc.<sup>(a)</sup> | 1898343 | 155113606 |
| Union Pacific Corp. | 540526 | 125034474 |
|  |  | 441559765 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |  |
| Abbott Laboratories | 1588665 | 199043838 |
| Align Technology, Inc.<sup>(a)</sup> | 58222 | 9091365 |
| Baxter International, Inc. | 484238 | 9253788 |
| Becton Dickinson & Co. | 264380 | 51308227 |
| Boston Scientific Corp.<sup>(a)</sup> | 1350485 | 128768745 |
| Cooper Cos., Inc.<sup>(a)</sup> | 182897 | 14990238 |
| Dexcom, Inc.<sup>(a)</sup> | 362174 | 24037488 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 528879 | 45086935 |
| GE HealthCare Technologies, Inc.<sup>(a)</sup> | 421182 | 34545348 |
| Hologic, Inc.<sup>(a)</sup> | 204261 | 15215402 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 72624 | 49132315 |
| Insulet Corp.<sup>(a)</sup> | 64441 | 18316710 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 323874 | 183429279 |
| Medtronic PLC | 1177338 | 113095088 |
| ResMed, Inc. | 130853 | 31518562 |
| Solventum Corp.<sup>(a)</sup> | 131883 | 10450409 |
| STERIS PLC | 91043 | 23081221 |
| Stryker Corp. | 315875 | 111020586 |
| Zimmer Biomet Holdings, Inc. | 182436 | 16404645 |
|  |  | 1087790189 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |  |
| Cardinal Health, Inc. | 214714 | 44123727 |
| Cencora, Inc. | 177524 | 59958731 |
| Centene Corp.<sup>(a)</sup> | 426493 | 17550187 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |
| Cigna Group | 243570 | $67037771 |
| CVS Health Corp. | 1164783 | 92437179 |
| DaVita, Inc.<sup>(a)</sup> | 30788 | 3497825 |
| Elevance Health, Inc. | 203042 | 71176373 |
| HCA Healthcare, Inc. | 145937 | 68132148 |
| Henry Schein, Inc.<sup>(a)</sup> | 94222 | 7121299 |
| Humana, Inc. | 110981 | 28425563 |
| Labcorp Holdings, Inc. | 76981 | 19312993 |
| McKesson Corp. | 112765 | 92500002 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 44622 | 7743702 |
| Quest Diagnostics, Inc. | 102406 | 17770513 |
| UnitedHealth Group, Inc. | 827591 | 273196065 |
| Universal Health Services, Inc., Class B | 47889 | 10440760 |
|  |  | 880424838 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |  |
| Alexandria Real Estate Equities, Inc. | 143991 | 7046920 |
| Healthpeak Properties, Inc. | 628417 | 10104945 |
| Ventas, Inc. | 417414 | 32299495 |
| Welltower, Inc. | 614741 | 114102077 |
|  |  | 163553437 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |  |
| Host Hotels & Resorts, Inc. | 570462 | 10114291 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 388556 | 52734820 |
| Booking Holdings, Inc. | 29450 | 157714469 |
| Carnival Corp.<sup>(a)</sup> | 971892 | 29681582 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1208057 | 44698109 |
| Darden Restaurants, Inc. | 107582 | 19797240 |
| Domino's Pizza, Inc. | 28550 | 11900211 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 343107 | 77706873 |
| Expedia Group, Inc. | 107074 | 30335135 |
| Hilton Worldwide Holdings, Inc. | 212357 | 60999548 |
| Las Vegas Sands Corp. | 282357 | 18378617 |
| Marriott International, Inc., Class A | 203492 | 63131358 |
| McDonald's Corp. | 650637 | 198854186 |
| MGM Resorts International<sup>(a)(b)</sup> | 184318 | 6725764 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 409414 | 9138121 |
| Royal Caribbean Cruises Ltd. | 230375 | 64256195 |
| Starbucks Corp. | 1038692 | 87468253 |
| Wynn Resorts Ltd. | 73056 | 8790828 |
| Yum! Brands, Inc. | 255961 | 38721780 |
|  |  | 981033089 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** |  |
| D.R. Horton, Inc. | 247192 | 35603064 |
| Garmin Ltd. | 151657 | 30763622 |
| Lennar Corp., Class A | 193432 | 19884810 |
| NVR, Inc.<sup>(a)</sup> | 2602 | 18975788 |
| PulteGroup, Inc. | 177820 | 20851173 |
|  |  | 126078457 |
| **Household Products — 0.8%** | **Household Products — 0.8%** |  |
| Church & Dwight Co., Inc. | 212419 | 17811333 |
| Clorox Co. | 114557 | 11550782 |
| Colgate-Palmolive Co. | 735691 | 58134303 |
| Kimberly-Clark Corp. | 306850 | 30958097 |
| Procter & Gamble Co. | 2134882 | 305949939 |
|  |  | 424404454 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
| AES Corp. | 654933 | $9391739 |
| Vistra Corp. | 290344 | 46841198 |
|  |  | 56232937 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |  |
| 3M Co. | 485337 | 77702454 |
| Honeywell International, Inc. | 583078 | 113752687 |
|  |  | 191455141 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |  |
| Prologis, Inc. | 851820 | 108743341 |
| **Insurance — 1.8%** | **Insurance — 1.8%** |  |
| Aflac, Inc. | 430542 | 47475866 |
| Allstate Corp. | 239077 | 49763878 |
| American International Group, Inc. | 492967 | 42173327 |
| Aon PLC, Class A | 195620 | 69030386 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 329905 | 31644488 |
| Arthur J Gallagher & Co. | 236297 | 61151301 |
| Assurant, Inc. | 45724 | 11012625 |
| Brown & Brown, Inc. | 271576 | 21644607 |
| Chubb Ltd. | 334386 | 104368558 |
| Cincinnati Financial Corp. | 142568 | 23284206 |
| Erie Indemnity Co., Class A | 22524 | 6456505 |
| Everest Group Ltd. | 39262 | 13323560 |
| Globe Life, Inc. | 69712 | 9749920 |
| Hartford Insurance Group, Inc. | 254580 | 35081124 |
| Loews Corp. | 159174 | 16762614 |
| Marsh & McLennan Cos., Inc. | 447591 | 83037082 |
| MetLife, Inc. | 505659 | 39916721 |
| Principal Financial Group, Inc. | 178649 | 15758628 |
| Progressive Corp. | 534052 | 121614321 |
| Prudential Financial, Inc. | 317015 | 35784653 |
| Travelers Cos., Inc. | 202423 | 58714815 |
| W.R. Berkley Corp. | 277622 | 19466855 |
| Willis Towers Watson PLC | 87478 | 28745271 |
|  |  | 945961311 |
| **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** |  |
| Alphabet, Inc., Class A | 5315429 | 1663729277 |
| Alphabet, Inc., Class C | 4248342 | 1333129720 |
| Match Group, Inc. | 205659 | 6640729 |
| Meta Platforms, Inc., Class A | 1989758 | 1313419358 |
|  |  | 4316919084 |
| **IT Services — 0.9%** | **IT Services — 0.9%** |  |
| Accenture PLC, Class A | 566570 | 152010731 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 127054 | 11085462 |
| Cognizant Technology Solutions Corp., Class A | 444358 | 36881714 |
| EPAM Systems, Inc.<sup>(a)</sup> | 52558 | 10768083 |
| Gartner, Inc.<sup>(a)</sup> | 65851 | 16612890 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 123327 | 15302414 |
| International Business Machines Corp. | 853991 | 252960674 |
| VeriSign, Inc. | 74670 | 18141077 |
|  |  | 513763045 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |  |
| Hasbro, Inc. | 122350 | 10032700 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |  |
| Agilent Technologies, Inc. | 255252 | 34732140 |
| Bio-Techne Corp.<sup>(b)</sup> | 141448 | 8318557 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 45617 | 9099679 |
| Danaher Corp. | 574347 | 131479515 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 157731 | 35554145 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 18522 | $25823187 |
| Revvity, Inc. | 107107 | 10362602 |
| Thermo Fisher Scientific, Inc. | 343254 | 198898531 |
| Waters Corp.<sup>(a)</sup> | 55028 | 20901285 |
| West Pharmaceutical Services, Inc. | 66235 | 18223898 |
|  |  | 493393539 |
| **Machinery — 1.6%** | **Machinery — 1.6%** |  |
| Caterpillar, Inc. | 427555 | 244933433 |
| Cummins, Inc. | 125650 | 64138043 |
| Deere & Co. | 229063 | 106644861 |
| Dover Corp. | 126158 | 24631088 |
| Fortive Corp. | 290176 | 16020617 |
| IDEX Corp. | 68305 | 12154192 |
| Illinois Tool Works, Inc. | 241187 | 59404358 |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 330610 | 26190924 |
| Nordson Corp. | 49068 | 11797419 |
| Otis Worldwide Corp. | 351718 | 30722567 |
| PACCAR, Inc. | 483040 | 52897710 |
| Parker-Hannifin Corp. | 115287 | 101332662 |
| Pentair PLC | 150906 | 15715351 |
| Snap-on, Inc. | 48128 | 16584909 |
| Stanley Black & Decker, Inc. | 142291 | 10569375 |
| Westinghouse Air Brake Technologies Corp. | 157421 | 33601512 |
| Xylem, Inc. | 224816 | 30615443 |
|  |  | 857954464 |
| **Media — 0.4%** | **Media — 0.4%** |  |
| Charter Communications, Inc., Class A<sup>(a)</sup> | 80397 | 16782874 |
| Comcast Corp., Class A | 3320499 | 99249715 |
| Fox Corp., Class A | 196747 | 14376303 |
| Fox Corp., Class B | 127857 | 8301755 |
| News Corp., Class A | 352059 | 9195781 |
| News Corp., Class B<sup>(b)</sup> | 99007 | 2933578 |
| Omnicom Group, Inc. | 295801 | 23885931 |
| Paramount Skydance Corp., Class B | 287123 | 3847448 |
| Trade Desk, Inc., Class A<sup>(a)</sup> | 410022 | 15564435 |
|  |  | 194137820 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |  |
| Freeport-McMoRan, Inc. | 1318925 | 66988201 |
| Newmont Corp. | 996997 | 99550150 |
| Nucor Corp. | 205917 | 33587122 |
| Steel Dynamics, Inc. | 126338 | 21407974 |
|  |  | 221533447 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |  |
| Ameren Corp. | 247902 | 24755494 |
| CenterPoint Energy, Inc. | 603809 | 23150037 |
| CMS Energy Corp. | 273405 | 19119212 |
| Consolidated Edison, Inc. | 329364 | 32712433 |
| Dominion Energy, Inc. | 789781 | 46273269 |
| DTE Energy Co. | 193135 | 24910552 |
| NiSource, Inc. | 429563 | 17938551 |
| Public Service Enterprise Group, Inc. | 450448 | 36170974 |
| Sempra | 590969 | 52176653 |
| WEC Energy Group, Inc. | 293390 | 30940909 |
|  |  | 308148084 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** |  |
| BXP, Inc. | 134395 | 9068975 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |  |
| APA Corp. | 324572 | 7939031 |
| Chevron Corp. | 1729214 | 263549506 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
| ConocoPhillips | 1128974 | $105683256 |
| Coterra Energy, Inc. | 705210 | 18561127 |
| Devon Energy Corp. | 573615 | 21011517 |
| Diamondback Energy, Inc. | 172285 | 25899604 |
| EOG Resources, Inc. | 492416 | 51708604 |
| EQT Corp. | 578429 | 31003794 |
| Expand Energy Corp. | 220734 | 24360204 |
| Exxon Mobil Corp. | 3852878 | 463655339 |
| Kinder Morgan, Inc. | 1783298 | 49022862 |
| Marathon Petroleum Corp. | 277804 | 45179265 |
| Occidental Petroleum Corp. | 645906 | 26559655 |
| ONEOK, Inc. | 576231 | 42352978 |
| Phillips 66 | 367995 | 47486075 |
| Targa Resources Corp. | 193151 | 35636360 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 51045 | 14661145 |
| Valero Energy Corp. | 278663 | 45363550 |
| Williams Cos., Inc. | 1123019 | 67504672 |
|  |  | 1387138544 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |  |
| Delta Air Lines, Inc. | 589546 | 40914492 |
| Southwest Airlines Co. | 480069 | 19841252 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 293674 | 32838627 |
|  |  | 93594371 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |  |
| Estee Lauder Cos., Inc., Class A | 213842 | 22393534 |
| Kenvue, Inc. | 1780477 | 30713229 |
|  |  | 53106763 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |  |
| Bristol-Myers Squibb Co. | 1855734 | 100098292 |
| Eli Lilly & Co. | 725525 | 779707207 |
| Johnson & Johnson | 2201175 | 455533166 |
| Merck & Co., Inc. | 2267621 | 238689786 |
| Pfizer, Inc. | 5186374 | 129140713 |
| Viatris, Inc. | 1077378 | 13413356 |
| Zoetis, Inc., Class A | 400423 | 50381222 |
|  |  | 1766963742 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** |  |
| Automatic Data Processing, Inc. | 369512 | 95049572 |
| Broadridge Financial Solutions, Inc. | 104938 | 23419013 |
| Dayforce, Inc.<sup>(a)</sup> | 149647 | 10349587 |
| Equifax, Inc. | 113878 | 24709248 |
| Jacobs Solutions, Inc. | 110662 | 14658288 |
| Leidos Holdings, Inc. | 113462 | 20468545 |
| Paychex, Inc. | 293403 | 32913949 |
| Paycom Software, Inc. | 44828 | 7143790 |
| Verisk Analytics, Inc. | 129074 | 28872563 |
|  |  | 257584555 |
| **Real Estate Management & Development**<sup>(a)</sup> **— 0.1%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.1%** |  |
| CBRE Group, Inc., Class A | 269354 | 43309430 |
| CoStar Group, Inc. | 389138 | 26165639 |
|  |  | 69475069 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |  |
| AvalonBay Communities, Inc. | 129937 | 23558877 |
| Camden Property Trust | 98209 | 10810847 |
| Equity Residential | 317431 | 20010850 |
| Essex Property Trust, Inc. | 59973 | 15693735 |
| Invitation Homes, Inc. | 519096 | 14425678 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** |  |
| Mid-America Apartment Communities, Inc. | 107620 | $14949494 |
| UDR, Inc. | 278417 | 10212336 |
|  |  | 109661817 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |  |
| Federal Realty Investment Trust | 70241 | 7080293 |
| Kimco Realty Corp. | 633005 | 12831011 |
| Realty Income Corp. | 849977 | 47913204 |
| Regency Centers Corp. | 151604 | 10465224 |
| Simon Property Group, Inc. | 298674 | 55287544 |
|  |  | 133577276 |
| **Semiconductors & Semiconductor Equipment — 14.0%** | **Semiconductors & Semiconductor Equipment — 14.0%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1487408 | 318543297 |
| Analog Devices, Inc. | 449459 | 121893281 |
| Applied Materials, Inc. | 727826 | 187044004 |
| Broadcom, Inc. | 4314437 | 1493226646 |
| First Solar, Inc.<sup>(a)</sup> | 98251 | 25666109 |
| Intel Corp.<sup>(a)</sup> | 4028287 | 148643790 |
| KLA Corp. | 120042 | 145860633 |
| Lam Research Corp. | 1147532 | 196434528 |
| Microchip Technology, Inc. | 489834 | 31212222 |
| Micron Technology, Inc. | 1025505 | 292689382 |
| Monolithic Power Systems, Inc. | 43974 | 39856274 |
| NVIDIA Corp. | 22200916 | 4140470834 |
| NXP Semiconductors NV | 229563 | 49828945 |
| ON Semiconductor Corp.<sup>(a)</sup> | 368571 | 19958120 |
| Qnity Electronics, Inc. | 193361 | 15787926 |
| QUALCOMM, Inc. | 978485 | 167369859 |
| Skyworks Solutions, Inc. | 136217 | 8637520 |
| Teradyne, Inc. | 141211 | 27332801 |
| Texas Instruments, Inc. | 830134 | 144019948 |
|  |  | 7574476119 |
| **Software — 10.2%** | **Software — 10.2%** |  |
| Adobe, Inc.<sup>(a)</sup> | 382440 | 133850176 |
| AppLovin Corp., Class A<sup>(a)</sup> | 247303 | 166637707 |
| Autodesk, Inc.<sup>(a)</sup> | 196440 | 58148204 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 248688 | 77734895 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 228833 | 107267757 |
| Datadog, Inc., Class A<sup>(a)</sup> | 299858 | 40777689 |
| Fair Isaac Corp.<sup>(a)</sup> | 21897 | 37019506 |
| Fortinet, Inc.<sup>(a)</sup> | 577499 | 45859196 |
| Gen Digital, Inc. | 500346 | 13604408 |
| Intuit, Inc. | 254721 | 168732285 |
| Microsoft Corp. | 6790354 | 3283951002 |
| Oracle Corp. | 1530534 | 298316382 |
| Palantir Technologies, Inc., Class A<sup>(a)(b)</sup> | 2087008 | 370965672 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 613378 | 112984228 |
| PTC, Inc.<sup>(a)</sup> | 110124 | 19184702 |
| Roper Technologies, Inc. | 98783 | 43971277 |
| Salesforce, Inc. | 869764 | 230409181 |
| ServiceNow, Inc.<sup>(a)</sup> | 957315 | 146651085 |
| Synopsys, Inc.<sup>(a)</sup> | 170438 | 80058137 |
| Trimble, Inc.<sup>(a)</sup> | 220982 | 17313940 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 39833 | 18082190 |
| Workday, Inc., Class A<sup>(a)</sup> | 200303 | 43021078 |
|  |  | 5514540697 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |  |
| American Tower Corp. | 430928 | 75658029 |
| Crown Castle, Inc. | 399309 | 35486591 |
| Digital Realty Trust, Inc. | 297959 | 46097237 |
| Equinix, Inc. | 89309 | 68424983 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| Extra Space Storage, Inc. | 195314 | $25433789 |
| Iron Mountain, Inc. | 274407 | 22762061 |
| Public Storage | 144303 | 37446628 |
| SBA Communications Corp. | 94521 | 18283197 |
| VICI Properties, Inc. | 968814 | 27243050 |
| Weyerhaeuser Co. | 672914 | 15941333 |
|  |  | 372776898 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |  |
| AutoZone, Inc.<sup>(a)</sup> | 15062 | 51082773 |
| Best Buy Co., Inc. | 172937 | 11574673 |
| Carvana Co., Class A<sup>(a)</sup> | 129207 | 54527938 |
| Home Depot, Inc. | 909403 | 312925572 |
| Lowe's Cos., Inc. | 510707 | 123162100 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 771189 | 70340149 |
| Ross Stores, Inc. | 296208 | 53358909 |
| TJX Cos., Inc. | 1016801 | 156190802 |
| Tractor Supply Co. | 491033 | 24556560 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 41191 | 24920967 |
| Williams-Sonoma, Inc. | 109437 | 19544354 |
|  |  | 902184797 |
| **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** |  |
| Apple, Inc. | 13499941 | 3670093960 |
| Dell Technologies, Inc., Class C | 273177 | 34387521 |
| Hewlett Packard Enterprise Co. | 1215797 | 29203444 |
| HP, Inc. | 868302 | 19345769 |
| NetApp, Inc. | 179032 | 19172537 |
| Sandisk Corp.<sup>(a)</sup> | 127869 | 30353543 |
| Seagate Technology Holdings PLC | 194790 | 53643218 |
| Super Micro Computer, Inc.<sup>(a)</sup> | 455834 | 13342261 |
| Western Digital Corp. | 312365 | 53811118 |
|  |  | 3923353371 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 129396 | 13414483 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 97502 | 20261891 |
| NIKE, Inc., Class B | 1088438 | 69344385 |
| Ralph Lauren Corp., Class A | 33989 | 12018850 |
| Tapestry, Inc. | 189456 | 24206793 |
|  |  | 139246402 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** |  |
| Altria Group, Inc. | 1533665 | 88431124 |
| Philip Morris International, Inc. | 1422173 | 228116549 |
|  |  | 316547673 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |  |
| Fastenal Co. | 1057601 | $42441528 |
| United Rentals, Inc. | 58681 | 47491707 |
| WW Grainger, Inc. | 40282 | 40646552 |
|  |  | 130579787 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |  |
| American Water Works Co., Inc. | 178241 | 23260451 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |  |
| T-Mobile U.S., Inc. | 439412 | 89218212 |
| **Total Common Stocks — 98.9%** <br>**(Cost: $16,305,525,849)** | **Total Common Stocks — 98.9%** <br>**(Cost: $16,305,525,849)** | 53391989474 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |  |
| iShares Core S&P 500 ETF<sup>(c)</sup> | 584671 | 400464555 |
| **Total Investment Companies — 0.8%** <br>**(Cost: $388,731,238)** | **Total Investment Companies — 0.8%** <br>**(Cost: $388,731,238)** | 400464555 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $16,694,257,087)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $16,694,257,087)** | 53792454029 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(c)(d)(e)</sup><br>| 123349275 | 123410950 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.72%<sup>(c)(d)</sup><br>| 320214713 | 320214713 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $443,596,102)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $443,596,102)** | 443625663 |
| **Total Investments — 100.5%** <br>**(Cost: $17,137,853,189)** | **Total Investments — 100.5%** <br>**(Cost: $17,137,853,189)** | 54236079692 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (249796869)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $53986282823 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Master Portfolio.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**S&P 500 Index Master Portfolio**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $196905512 | $— | &nbsp;&nbsp; $(73460340 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(2008)<br>| $(32214)<br>| $123410950 | 123349275 | $1333734 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 120252759 | 199961954 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 320214713 | 320214713 | 6895321 | &nbsp;&nbsp; — |
| BlackRock, Inc. | 138023886 | 5410155 | &nbsp;&nbsp; (9698479)<br>| &nbsp;&nbsp; 720188 | 6445948 | 140901698 | 131642 | 2810863 | &nbsp;&nbsp; — |
| iShares Core S&P 500 ETF | 299532746 | 3054654407 | &nbsp;&nbsp; (2975375127)<br>| &nbsp;&nbsp; 72498552 | (50846023)<br>| 400464555 | 584671 | 2014967 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $73216732 | $(44432289)<br>| $984991916 |  | $13054885 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 854 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $294310 | &nbsp;&nbsp;&nbsp;&nbsp; $(397470)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $397470 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $397470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in net unrealized appreciation (depreciation). 

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32348823 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32348823 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1283064 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1283064 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $187852063 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**S&P 500 Index Master Portfolio**

For more information about the Master Portfolio's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $53391989474 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $53391989474 |
| Investment Companies | &nbsp;&nbsp; 400464555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 400464555 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 443625663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 443625663 |
|  | &nbsp;&nbsp; $54236079692 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $54236079692 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(397470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(397470)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | S&P 500 Index <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $53251087776 |
| Investments, at value — affiliated<sup>(c)</sup> | 984991916 |
| Cash | 1360589 |
| Cash pledged for futures contracts | 21255000 |
| Receivables: |  |
| Securities lending income — affiliated | 26611 |
| Dividends — unaffiliated | 27083115 |
| Dividends — affiliated | 393831 |
| Prepaid expenses | 67081 |
| Total assets | 54286265919 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 123377658 |
| Payables: |  |
| Investments purchased | 53465121 |
| Withdrawals to investors | 120368449 |
| Investment advisory fees | 452139 |
| Trustees' fees | 62733 |
| Professional fees | 47258 |
| Variation margin on futures contracts | 2209738 |
| Total liabilities | 299983096 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $53986282823 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $16888453790 |
| Net unrealized appreciation (depreciation) | 37097829033 |
| NET ASSETS | $53986282823 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $16255867575 |
| <sup>(b)</sup> Securities loaned, at value | $118957146 |
| <sup>(c)</sup> Investments, at cost—affiliated | $881985614 |

---

*See notes to financial statements.*

Master Portfolio Statement of Assets and Liabilities

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | S&P 500 Index <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $605891098 |
| Dividends — affiliated | &nbsp;&nbsp; 11721151 |
| Interest — unaffiliated | &nbsp;&nbsp; 7398528 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 1333734 |
| Foreign taxes withheld | &nbsp;&nbsp; (3397673)<br>|
| Total investment income | &nbsp;&nbsp; 622946838 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 4952451 |
| Trustees | &nbsp;&nbsp; 287062 |
| Professional | &nbsp;&nbsp; 60261 |
| Total expenses | &nbsp;&nbsp; 5299774 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (487040)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 4812734 |
| Net investment income | &nbsp;&nbsp; 618134104 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 279081615 |
| Investments — affiliated | &nbsp;&nbsp; 73216732 |
| Futures contracts | &nbsp;&nbsp; 32348823 |
|  | &nbsp;&nbsp; 384647170 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 7476876403 |
| Investments — affiliated | &nbsp;&nbsp; (44432289)<br>|
| Futures contracts | &nbsp;&nbsp; 1283064 |
|  | &nbsp;&nbsp; 7433727178 |
| Net realized and unrealized gain | &nbsp;&nbsp; 7818374348 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $8436508452 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $618134104 | &nbsp;&nbsp;&nbsp; $575273596 |
| Net realized gain | &nbsp;&nbsp; 384647170 | &nbsp;&nbsp;&nbsp; 85066881 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7433727178 | &nbsp;&nbsp;&nbsp; 8536342561 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 8436508452 | &nbsp;&nbsp;&nbsp; 9196683038 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 12025654213 | &nbsp;&nbsp;&nbsp; 10050282417 |
| Value of withdrawals | &nbsp;&nbsp; (12927785073)<br>| &nbsp;&nbsp;&nbsp; (8821440872)<br>|
| Net increase (decrease) in net assets derived from capital transactions | &nbsp;&nbsp; (902130860)<br>| &nbsp;&nbsp;&nbsp; 1228841545 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 7534377592 | &nbsp;&nbsp;&nbsp; 10425524583 |
| Beginning of year | &nbsp;&nbsp; 46451905231 | &nbsp;&nbsp;&nbsp; 36026380648 |
| End of year | &nbsp;&nbsp; $53986282823 | &nbsp;&nbsp;&nbsp; $46451905231 |

---

*See notes to financial statements.*

Master Portfolio Statements of Changes in Net Assets

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Total Return** |  |  |  |  |  |
| Total return | 17.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.24<br> %<br>| &nbsp;&nbsp;&nbsp; (18.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.65<br> %<br>|
| **Ratios to Average Net Assets**<sup>(a)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Net investment income | 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $53986283 | &nbsp;&nbsp;&nbsp; $46451905 | &nbsp;&nbsp;&nbsp; $36026381 | &nbsp;&nbsp;&nbsp; $29544845 | &nbsp;&nbsp;&nbsp; $34489286 |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. S&P 500 Index Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as a diversified fund under the 1940 Act. Effective November 20, 2025, the Master Portfolio intends to be diversified in approximately the same proportion as the S&P 500 Index (the "Underlying Index") is diversified. The Master Portfolio may become "non-diversified," as defined in the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Indemnifications:** In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

**Recent Accounting Standard:** The Master Portfolio adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Master Portfolio's adoption of the new standard did not have a material impact on financial statement disclosures and did not affect the Master Portfolio's financial position or results of operations.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the Master

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Barclays Bank PLC | &nbsp;&nbsp; $666675 | &nbsp;&nbsp; $(666675)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 8106220 | &nbsp;&nbsp; (8106220)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 6035230 | &nbsp;&nbsp; (6035230)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 88875000 | &nbsp;&nbsp; (88875000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 14661145 | &nbsp;&nbsp; (14661145)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 612876 | &nbsp;&nbsp; (612876)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $118957146 | &nbsp;&nbsp; $(118957146)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio's Statement of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Master Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, majority-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.01% of the average daily value of the Master Portfolio's net assets.

**Administration:** MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL"), BAL has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio. BAL may delegate certain of its administration duties to sub-administrators.

BAL is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolio.

The fees and expenses of the Master Portfolio's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to the independent expenses through June 30, 2026. If the Master Portfolio does not pay administration fees, BAL agrees to cap the expenses of the Master Portfolio at the rate at which it pays an investment advisory fee to BFA. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the amount waived was $347,323.

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the amounts waived were $114,736.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the Manager waived $24,981 in investment advisory fees pursuant to this arrangement.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended December 31, 2025, the Master Portfolio paid BTC $402,378 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Master Portfolio are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| S&P 500 Index Master Portfolio | &nbsp;&nbsp; $539905471 | $647147554 | $17268243 |

---

***7.*** ***PURCHASES AND SALES*** 

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term securities, were $6,710,076,644 and $7,053,702,303, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of December 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Master Portfolio's NAV.

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| S&P 500 Index Master Portfolio | &nbsp;&nbsp; $17006277646 | &nbsp;&nbsp;&nbsp; $38040400853 | &nbsp;&nbsp;&nbsp; $(810598807) | &nbsp;&nbsp;&nbsp; $37229802046 |

---

***9.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2025, the Master Portfolio did not borrow under the credit agreement.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

The Manager uses an indexing approach to try to achieve the Master Portfolio's investment objective. The Master Portfolio is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Master Portfolio may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Master Portfolio's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Master Portfolio since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Master Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Master Portfolio and could affect the income from, or the value or liquidity of, the Master Portfolio's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***11.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Master Portfolio Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Master Investment Portfolio and Investors of S&P 500 Index Master Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of S&P 500 Index Master Portfolio (one of the series constituting Master Investment Portfolio, referred to hereafter as the "Master Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Master Portfolio as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Master Portfolio's management. Our responsibility is to express an opinion on the Master Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Master Portfolio in accordance with the relevant ethical requirements relating to our audit, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 13, 2026

We have served as the auditor of one or more BlackRock investment companies since 2000.

2025 BlackRock Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |

---

Glossary of Terms Used in these Financial Statements

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

------

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors implemented after the Registrant last provided disclosure in response to this Item.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of the filing date of this Form N-CSR and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable.

(b) Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99CERT.](d12129dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) A certification by the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, is attached as Ex99.906CERT.](d12129dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### HOMESTEAD FUNDS, INC.

---

| | |
|:---|:---|
| By: | <u>/s/ Mark D. Santero</u>  |

---

Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

Date: March 6, 2026

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: | <u>/s/ Mark D. Santero</u>  |

---

Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

Date: March 6, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Amy M. DiMauro</u>  |

---

Amy M. DiMauro

Treasurer (Principal Financial and Accounting Officer)

Date: March 6, 2026

## Ex-99.Cert

**EX-99. CERT** 

**Exhibit 19(a)(3)** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Mark D. Santero, certify that:

1. I have reviewed this report on Form N-CSR of Homestead Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 6, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Mark D. Santero</u>  |

---

Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

------

**EX-99. CERT** 

**Exhibit 19(a)(3)** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Amy M. DiMauro, certify that:

1. I have reviewed this report on Form N-CSR of Homestead Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 6, 2026

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| | |
|:---|:---|
| By: | <u>/s/ Amy M. DiMauro</u>  |

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Amy M. DiMauro

Treasurer (Principal Financial and Accounting Officer)

## Exhibit 99.906

**EX-99.906 CERT 2 HFI_906Cert.htm 906 CERTIFICATION** 

**Exhibit 19(b)**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)** 

In connection with the attached Report of Homestead Funds, Inc. (the "Registrant") on Form N-CSR, for the period ended December 31, 2025, to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

Dated: March 6, 2026

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| | |
|:---|:---|
| By: | <u>/s/ Mark D. Santero</u>  |

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Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

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| | |
|:---|:---|
| By: | <u>/s/ Amy M. DiMauro</u>  |

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Amy M. DiMauro

Treasurer (Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.