# EDGAR Filing Document

**Accession Number:** 0001768447
**File Stem:** 0001193125-26-095487
**Filing Date:** 2026-3
**Character Count:** 314517
**Document Hash:** 9d63984a9c2e6a2b26110aa72aa8cb27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095487.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095487

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**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 Trust
- **CENTRAL INDEX KEY:** 0001768447

**ORGANIZATION NAME:**
- **EIN:** 833576764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23429
- **FILM NUMBER:** 26729119

**BUSINESS ADDRESS:**
- **STREET 1:** 4301 WILSON BOULEVARD
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22203
- **BUSINESS PHONE:** 703-907-5993

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

## Series and Classes Contracts Data

### Intermediate Bond Fund (Series ID: S000065469)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000211759 | Intermediate Bond Fund | HOIBX           |

?xml version='1.0' encoding='ASCII'? Homestead Funds Trust

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: 811-23429

#### HOMESTEAD FUNDS TRUST
(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 Trust

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](g41869g72w85.jpg)

# Intermediate Bond Fund

#### HOIBX

#### Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Intermediate 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** |
| Intermediate Bond Fund | $83 | 0.80% |

---

## Management's Discussion of Fund Performance
The Fund returned 6.53% for the one-year period ended December 31, 2025, trailing its benchmark, the Bloomberg U.S. Aggregate Index, which returned 7.30%.

Key contributors to the Fund's relative performance were its overweight allocations to financials as well as its exposure to asset-backed securities and collateralized mortgage obligations. In a year marked by heightened market volatility, income from coupon payments played a significant role in returns, and the Fund's positioning in higher-income-generating sectors contributed positively to performance.

Detracting from performance were the Fund's underweight positions in U.S. Treasuries, mortgage-backed securities, and sovereign securities, which lagged the Fund's benchmark exposures during the period.

The team continued to actively manage the Fund's duration and sector allocation relative to the benchmark. Duration positioning remained relatively neutral versus the benchmark, with targeted exposures across key rate durations in a year in which inflation remained above the Federal Reserve's long-term target though continued to moderate. During the second half of the year, Federal Reserve rate cuts contributed to a steepening of the yield curve. From a sector perspective, the team reduced exposure to corporate bonds in the second half of the year as credit spreads tightened while also positioning the portfolio more defensively heading into 2026.

## Fund Performance
The following graph compares the account values on December 31 of each year since the Fund's Inception on May 1, 2019 of a $10,000 initial investment in the Fund and a broad-based securites market index.

### Growth of $10,000
![Growth of 10K Chart](g41869g76a39.jpg)

---

| | | |
|:---|:---|:---|
| | **Intermediate Bond Fund** | **Bloomberg U.S. Aggregate Index** |
| **5/1/19** | $10000 | $10000 |
| **5/31/19** | $10117 | $10178 |
| **6/30/19** | $10254 | $10305 |
| **7/31/19** | $10290 | $10328 |
| **8/31/19** | $10505 | $10596 |
| **9/30/19** | $10459 | $10539 |
| **10/31/19** | $10473 | $10571 |
| **11/30/19** | $10468 | $10566 |
| **12/31/19** | $10469 | $10558 |
| **1/31/20** | $10669 | $10761 |
| **2/29/20** | $10827 | $10955 |
| **3/31/20** | $10697 | $10891 |
| **4/30/20** | $10915 | $11084 |
| **5/31/20** | $11010 | $11136 |
| **6/30/20** | $11127 | $11206 |
| **7/31/20** | $11305 | $11373 |
| **8/31/20** | $11237 | $11282 |
| **9/30/20** | $11210 | $11275 |
| **10/31/20** | $11162 | $11225 |
| **11/30/20** | $11342 | $11335 |
| **12/31/20** | $11379 | $11351 |
| **1/31/21** | $11308 | $11269 |
| **2/28/21** | $11173 | $11107 |
| **3/31/21** | $11039 | $10968 |
| **4/30/21** | $11136 | $11055 |
| **5/31/21** | $11169 | $11091 |
| **6/30/21** | $11287 | $11169 |
| **7/31/21** | $11383 | $11294 |
| **8/31/21** | $11373 | $11272 |
| **9/30/21** | $11278 | $11174 |
| **10/31/21** | $11268 | $11171 |
| **11/30/21** | $11281 | $11204 |
| **12/31/21** | $11251 | $11176 |
| **1/31/22** | $11028 | $10935 |
| **2/28/22** | $10892 | $10813 |
| **3/31/22** | $10586 | $10513 |
| **4/30/22** | $10194 | $10114 |
| **5/31/22** | $10210 | $10179 |
| **6/30/22** | $10055 | $10019 |
| **7/31/22** | $10265 | $10264 |
| **8/31/22** | $10004 | $9974 |
| **9/30/22** | $9613 | $9543 |
| **10/31/22** | $9482 | $9419 |
| **11/30/22** | $9809 | $9766 |
| **12/31/22** | $9746 | $9722 |
| **1/31/23** | $10074 | $10021 |
| **2/28/23** | $9836 | $9762 |
| **3/31/23** | $10080 | $10010 |
| **4/30/23** | $10150 | $10070 |
| **5/31/23** | $10044 | $9961 |
| **6/30/23** | $10005 | $9925 |
| **7/31/23** | $10011 | $9918 |
| **8/31/23** | $9951 | $9855 |
| **9/30/23** | $9714 | $9604 |
| **10/31/23** | $9543 | $9453 |
| **11/30/23** | $9976 | $9881 |
| **12/31/23** | $10364 | $10259 |
| **1/31/24** | $10372 | $10231 |
| **2/29/24** | $10221 | $10087 |
| **3/31/24** | $10320 | $10180 |
| **4/30/24** | $10079 | $9923 |
| **5/31/24** | $10247 | $10091 |
| **6/30/24** | $10325 | $10186 |
| **7/31/24** | $10564 | $10424 |
| **8/31/24** | $10711 | $10574 |
| **9/30/24** | $10859 | $10716 |
| **10/31/24** | $10614 | $10450 |
| **11/30/24** | $10715 | $10560 |
| **12/31/24** | $10539 | $10387 |
| **1/31/25** | $10595 | $10443 |
| **2/28/25** | $10815 | $10672 |
| **3/31/25** | $10802 | $10676 |
| **4/30/25** | $10813 | $10718 |
| **5/31/25** | $10752 | $10642 |
| **6/30/25** | $10905 | $10805 |
| **7/31/25** | $10892 | $10777 |
| **8/31/25** | $11022 | $10906 |
| **9/30/25** | $11128 | $11025 |
| **10/31/25** | $11186 | $11093 |
| **11/30/25** | $11267 | $11162 |
| **12/31/25** | $11227 | $11146 |

---

437771108

\| 1

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Intermediate Bond Fund** | **6.53%** | **(0.27%)** | **1.75%** |
| **Bloomberg U.S. Aggregate Index** | **7.30%** | **(0.36%)** | **1.64%** |

---

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$142,732,349

* Total Number of Portfolio Holdings254

* Portfolio Turnover183%

* Management Fees$831,124

* Weighted Average Maturity (Years)8.26

## 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** | **30.8%** |
| **Mortgage-Backed Securities** | **30.5%** |
| **Corporate Bonds** | **28.2%** |
| **Asset-Backed Securities** | **7.2%** |
| **Municipal Bonds** | **1.1%** |
| **Foreign Government Obligations** | **0.5%** |
| **Money Market Fund<sup>Footnote Reference\*</sup>** | **1.0%** |
| **Other Assets less Liabilities** | **0.7%** |
| **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.

437771108

\| 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 trustees 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 | $22760 |
| &nbsp;&nbsp;&nbsp;Fiscal Year 2025 | $17616 |

---

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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

------

**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

------

**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

------

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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):

---

| | | | |
|:---|:---|:---|:---|
| **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.

------

#### 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 trustees 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.](d41869dex99cert.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.](d41869dex99906cert.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.

------

#### 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 TRUST** | **HOMESTEAD FUNDS TRUST** |
| By: | <u>/s/ Mark D. Santero</u> |
|  | Mark D. Santero |
|  | President, Chief Executive Officer and Trustee (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 Trustee (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 Trust;

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 trustees (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 Trustee (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 Trust;

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 trustees (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/ Amy M. DiMauro</u> |
|  | Amy M. DiMauro |
|  | Treasurer (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

**EX-99.906 CERT 2 HFT_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 Trust (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 |
| By: | <u>/s/ Mark D. Santero</u> |
|  | Mark D. Santero |
|  | President, Chief Executive Officer and Trustee (Principal Executive Officer) |
| By: | <u>/s/ Amy M. DiMauro</u> |
|  | 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.